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Italy’s Eni plans to begin producing 200 mcf/d of natural gas from the Shorouk offshore concession’s Zohr gas field by October, sourcestell Al Borsa.
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Egyptian stone fruit season to kick off end of March
Egypt‘s stone fruit season will begin at the end of March, two weeks before the Spanish season, giving Egypt an advantage for the UK market, writes Yzza Ibrahim for FreshPlaza. Good weather has enabled fruit producer Evagro to increase its production by 20% in the past couple of years. But Egypt has not capitalized on […]
Posted inManufacturing
In & Out Furniture to establish four new factories worth EUR 92 mn
In & Out Furniture is going to invest EUR 92 mn in building four new furniture manufacturing factories, after the furniture store received supply orders from the United States, Chairman Mohamed El Akshar told Al Mal. El Akshar says In & Out had tapped a local bank open LCs for it to be able to […]
Posted inAutomotive + Transportation
GB Auto assessing tire plant, technical negotiations to begin in 2018
GB Auto is restarting negotiations with a number of international partners to assess implementing an expansion plan that includes building a tire factory in Egypt, Chief Investment Officer Menatalla Sadek told Al Mal. Sadek expects technical negotiations to begin in 2018 and says preliminary estimates suggest that the factory would cost USD 600 mn and […]
Posted inBanking + Finance
Banque Misr receives USD 80 mn from Credit Suisse
Banque Misr has received an USD 80 mn tranche in funding from Credit Suisse, Banque Misr Vice Chairman Akef El Maghraby told Al Mal. Banque Misr had announced it is borrowing a total of USD 350 mn from Credit Suisse to support liquidity and meet clients’ USD requirements. The central bank has also recently issued […]
Posted inBanking + Finance
Naguib Sawiris, other Beltone Financial execs get seats on Auerbach Grayson’s board
OTMT Chairman Naguib Sawiris, Beltone Financial’s CEO Bassem Azab, and board member Ayman Suleiman have been added the Auerbach Grayson’s board of directors, according to a Beltone Financial regulatory disclosure. Beltone Financial, a subsidiary of OTMT, owns 60% of Auerbach Grayson’s shares. The board reshuffle now also includes David Grayson, one of the founders of […]
Posted inBanking + Finance
FX bureaus want the CBE to allow them to supply more than one bank at a time
FX bureaus want the CBE to allow them to supply FX to more than one bank at a time to have alternative outlets for their excess currency and avoid sustaining heavy losses as has been the case in recent weeks, Al Borsa says. FX bureaus have reportedly lost much revenue in recent weeks, as the […]
Posted inEgypt Politics + Economics
MP proposes constitutional amendments that would extend presidential term and award president vaster powers
MP Ismail Nasr El Din said he would begin circulating a petition to amend the constitution and extend the president’s term in office from four to six years, “to give him more time to accomplish his goals,” and award him vaster powers “to allow him to perform his duties,” Youm7 says. The MP said that […]
Posted inEgypt Politics + Economics
Court of Cassation acquits Mubarak-era chief of staff Zakaria Azmy on corruption case
The Court of Cassation acquitted Hosni Mubarak’s chief of staff Zakria Azmi on Saturday from all charges of graft and corruption brought against him in 2011, Al Borsa reports. The decision reverses a seven-year sentence and EGP 36 mn fine issued by the Cairo Criminal Court in 2012. Azmi’s brother in-law Gamal Halawa was also […]
Posted inNational Security
IOMAX holds emergency talks with Egypt to sell armed turboprop aircrafts
Signals intelligence and airborne system solutions provider IOMAX has held “emergency” talks with Egypt’s Defense Ministry “to safeguard an expected sale of armed turboprop aircraft from being poached by its Air Tractor and L3 Technologies competitors,” IHS Jane’s 360 reported. IOMAX has for some months reportedly been in negotiations with Egypt “to support and upgrade […]