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The Health Ministry’s decision to raise the prices of meds has driven India’s SunPharma to reconsider their Egypt exit strategy, head of SunPharma Egypt Hany Meshaal told Al Borsa. The company recently launched its own factory in Six of October with an annual capacity of 500 mn, he said, with sales expected to grow to […]
Author Archives: enterpriseam admin
Posted inHealth + Education
Reserves of subsidized infant formula can last seven months
Reserves of subsidized infant formula can last seven months, an unnamed sources at the Egyptian Pharma Trading Company told Al Borsa, denying any rumors of shortages. The Armed Forces imported 30 mn packs of infant formula at 50% of imported price during a shortage last year. Meanwhile, privately imported infant formula, unshackled by the Health […]
Posted inAutomotive + Transportation
Careem reminds white taxi drivers it provides the opportunity for 42k of them to use its platform
Ride-hailing app Careem has had to remind taxi drivers still suing it for basically existing in Egypt and providing better services than them that it currently provides the opportunity for 42K white taxi drivers to use its app — an initiative the company had announced last September. The case was launched a year ago, back […]
Posted inAutomotive + Transportation
Automech struggles with industry slump
The Automech Formula car expo, set to run 15-19 March, is reportedly seeing limited participation from local industry players who are backing out due to declining sales and worsening economic conditions, Al Mal
Posted inBanking + Finance
Banque du Caire arranging EGP 2 bn loan for EGAS
Banque du Caire is arranging an EGP 2 bn loan for EGAS, Al Mal reported. The loan will be paid back over a period of seven years, including a two-year grace period over which the loan will be completely issued and spent. We had earlier reported EGAS was looking to borrow EGP 2 bn to […]
Posted inBanking + Finance
Dubai’s Mubasher Holding acquires 36% stake in Egypt’s Mubasher Securities
Dubai’s Mubasher Holding Ltd. acquired a 36% stake in Egypt’s Mubasher Securities for EGP 1.8 mn through one of its local subsidiaries, Al Borsa reports. The move is part of Mubasher Holdings’ major subsidiary overhaul. Mubasher Securities aims to grow its AUM to EGP 2 bn over the next three years and is already in […]
Posted inOther Business News of Note
Orascom Construction cancels 1 mn treasury stocks
Orascom Construction has announced it has completed procedures to cancel the 1 mn treasury stocks following its share buyback in a regulatory filing on Wednesday.
Posted inEgypt Politics + Economics
Unemployment drops to 12.4% in 4Q2016
Unemployment dropped to 12.4% from 12.6% of the workforce in 4Q2016 from the previous quarter, a recent Central Agency for Public Mobilization and Statistics (CAPMAS) report showed. The drop is attributed to a new wave of graduates joining the labor force, the report says. CAPMAS estimates the total labor force at 29.08 mn people, up […]
Posted inEgypt Politics + Economics
Khairat El Shater’s son and son-in-law arrested in Nasr City
The son and son-in-law of one-time Ikhwan honcho Khairat Al Shater were arrested in an apartment in Nasr City on charges of incitement against the state, Al Masry Al Youm reports.
Posted inON YOUR WAY OUT
Modern Art section of Christie’s Dubai March auction to be led by Saïd’s work
The Modern Art section of Christie’s Dubai March auction will be led by artwork from the late “father of Egyptian modern art” Mahmoud Saïd. Saïd “represents a particular Alexandrian attitude towards painting that depicted a cosmopolitan Mediterranean community and eschewed the more overt nationalist imagery of its Cairene peers. The strangeness in his works continues […]