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China’s CHINT Group opened its first low-voltage switchgear manufacturing factory in Cairo on Sunday, the company announced yesterday in a statement. “Production of the first switchgear is expected to be completed on 1 March and the factory is estimated to produce goods worth an approximate [USD 5 mn],” the statement read. The factory will be […]
Author Archives: enterpriseam admin
Posted inInfrastructure
EBRD to provide financing for Fayoum wastewater expansion program
The European Bank for Reconstruction and Development (EBRD) has reviewed the concept for a EUR 400 mn investment programme to fund an integrated wastewater treatment program in Fayoum. The program includes constructing eight new wastewater treatment plants, expanding the sewage network in the area, purchasing equipment for wastewater facilities and evacuation trucks.
Posted inBasic Materials + Commodities
Aton begins diamond drilling at Hamama deposit
Aton Resources has launched diamond drilling operations (deep-drilling that leaves rocks intact) at its Hamama gold deposit at the Abu Marawat concession, the company announced ina statement. The move is part of the company’s plan to expand drilling operations at the site which were announced last month.
Posted inManufacturing
Jotun to open new EGP 1.2 bn factory in 2Q17
Norway’s Jotun Paints Company will launch a new EGP 1.2 bn paints factory in 10th of Ramadan City in 2Q17, a senior company official tells Daily News Egypt. He made a point to mention that the company had supplied the paint for the three Siemens power plants.
Posted inTourism
Aswan Museum’s annex inaugurated
Antiquities Minister Khaled El Enany inaugurated a 220 sqm annex of the Aswan Museum on Elephantine Island which has been shut down for five years for security reasons, Al Borsa reported.
Posted inAutomotive + Transportation
VW reportedly looking to reopen rep office in Egypt
Volkswagen (VW) is considering reopening a rep office in Egypt, Karim Naggar, Chairman of the Egyptian Automotive & Trading Company told Al Mal. VW had withdrawn from Egypt in 2011 but is now reconsidering opening an office in Egypt that would supply domestic feeder industries and spare parts.
Posted inAutomotive + Transportation
MCV wins tender to export buses to the Philippines
Egypt’s Manufacturing Commercial Vehicles Company (MCV) won a tender to supply 100 buses to the Philippines, General Manager Amr Nassar tells Al Mal. We had noted last August the company was planning to enter the Philippines market with an export order of 60 buses. Egyptian bus and truck manufacturing firm MCV, which manufactures Mercedes’ buses, […]
Posted inBanking + Finance
Al-Futtaim chooses banking consortium for EGP 1.2 bn facility
Al-Futtaim Group Real Estate tapped four banks for a EGP 1.2 bn syndicated loan to be used for debt restructuring, sources tell Al Mal. CIB, the Arab African International Bank, the National Bank of Abu Dhabi, and the Arab Bank form the consortium. EFG Hermes was Al-Futtaim’s financial advisor. The loan will be repaid over […]
Posted inOther Business News of Note
Careem inks agreement with Fawry that will allow customers to pay for rides in advance
Fawry and Careem have closed an agreement that will allow customers to pay for their cab rides in advance using any of Fawry’s 60k e-payment outlets across the country, Al Borsa reports.
Posted inOther Business News of Note
Contractors threaten to suspend work if Contractor’s Compensation Act does not pass swiftly
Contractors are threatening to suspend projects for the government if it does not speed up passing the Contractor’s Compensation Act, Egyptian Federation for Construction and Building Contractors head Hassan Abdel Aziz tells Al Borsa. The bill — which would compensate suppliers for the FX losses they have incurred after the float — is currently being […]