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Ties between Egypt and Saudi Arabia run deep and there is no need for mediation between the two countries, Foreign Minister Sameh Shoukry said in a press conference with Jordanian counterpart Ayman El Safadi, Al Shorouk reported. Shoukry is in Amman, Jordan for talks with Jordanian King Abdullah II and Prime Minister Hany Mulki on […]
Author Archives: enterpriseam admin
Posted inEnergy
Electricity Ministry faces serious liquidity issues, looks to collect EGP 1.2 bn in overdue power bills owed by public sector
The Electricity Ministry is looking to collect the EGP 1.2 bn in overdue power bills owed by public sector companies as its liquidity shortages have been hindering its ability to follow through on existing commitments and finance new projects, unnamed government officials tell Al Borsa. On Wednesday, the ministry finalized talks with El Sewedy Electric […]
Posted inEnergy
Sandvik announces expansion in Egypt, secures USD 107 mn in contracts
Sweden’s Sandvik Group says it secured “a number of strategic projects offshore Egypt to provide a comprehensive scope of Sandvik oil and gas solutions for the ongoing giant gas field developments in the region.” It says the contract values are in excess of USD 107 mn. “As part of the contracts, Sandvik will be providing […]
Posted inEnergy
Bapetco increases Obayed field production to 140k boepd
Production from the Obayed natural gas field in the Western Desert increased to140k boepd the Oil Ministry told Al Masry Al Youm. Natural gas production increased to 515 mcf/d and crude and condensates output to 47.4k b/d. The Obayed field is operated by Royal Dutch Shell JV Bapetco.
Posted inBasic Materials + Commodities
Price controls in effect for vegetable and fruit wholesalers in Obour, Sixth of October
The Supply Ministry has sent a notice forcing vegetable and fruit wholesalers in Al Obour and Sixth of October City to comply with their regularly issued guided prices, Al Mal reports. While the move, in effect, amounts to price control, the ministry has issued this notice before, but has repeatedly failed to enforce it or […]
Posted inBasic Materials + Commodities
Egyptian market slowdown forces Australia to reconsider faba bean exports
The Egyptian market slowdown is forcing Australia to reevaluate its faba bean crop exports, Grain Central reported. Egypt is one of Australia’s major markets, but the currency float slashed the buying power of importers, farm consultant Chris Heinjus said.
Posted inHealth + Education
AstraZeneca investing USD 5 mn into expansions
AstraZeneca is investing USD 5 mn into the expansion of its Six of October factory, country President Khaled Atef told Al Borsa. The expansion will increase the company’s annual output by 33%, he added. We had previously reported that AstraZeneca were investing EGP 400 mn in the domestic market this year.
Posted inHealth + Education
Health Ministry allows pharma companies to sell old meds at new prices for 6 weeks
The Health Ministry has decided to allow pharma companies to sell old meds at the new prices agreed upon last month for a six-week period to ensure medications in short supply remain available, ministry spokesman Khaled Megahed tells Al Shorouk. The decision to hike on medication prices, issued last month, was originally meant to apply […]
Posted inAutomotive + Transportation
Ride sharing app Kalax looking to increase its fleet to 15K cars by year’s end
Ride-sharing app Kalax is looking to increase its fleet to reach 15K cars by the end of this year, according to a project manager at e Smart Press, which owns the app, Al Borsa reports. The platform, which was launched this month for Android, currently allows users to order a car, microbus, white taxi, tuk […]
Posted inOther Business News of Note
CPA wants to crack down on the minimum charge policy
Did you know minimum charges are illegal? Consumer Protection Agency (CPA) head Atef Yacoub wants to crack down on the minimum charge policy, and is encouraging citizens to report any café, restaurant, or other venue that implements the illegal policy, Al Shorouk reports. Well, we never thought we’d see the day when we would agree […]