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Italy has established a EUR 200 mn fund to assist African countries in curbing illegal migration, with Libya, Niger, and Tunisia tapped as the three “major partners” of the fund. Egypt, Nigeria, Senegal, and Ethiopia could be added to the lot in the future, Reuters reported. Italy’s foreign minister announced the fund two days ahead […]
Author Archives: enterpriseam admin
Posted inEnergy
No Aramco fuel shipments coming this month (shocking, we know)
Saudi Aramco has not notified the EGPC that it will resume fuel shipments in February, an unnamed official tells Al Mal. Aramco has halted a five-year USD 23 bn fuel agreement to supply 700k tonnes of petroleum products every month with Egypt for five consecutive months.
Posted inEnergy
Energy companies suspend work, threaten to withdraw from FiT phase one if Electricity Ministry does not respond to their offers soon
More energy companies could be withdrawing from phase one of the feed-in tariff (FiT) program if the Electricity Ministry doesn’t respond to their financial and technical offers soon, Al Borsa reported. The Egyptian Electricity Transmission Company (EETC) had signed power purchase agreements and received offers for the project over four months ago. The Ismail cabinet […]
Posted inBasic Materials + Commodities
Centamin expects to pay Egypt around USD 100 mn in 2017
Centamin expects to pay Egypt around USD 100 mn in 2017 in its first full year of profit sharing with the government from the Sukari gold mine after recovering its costs, CEO Andrew Pardey told Reuters. Centamin produced over 551k ounces of gold in 2016, up 26% from 2015. The company was one of the […]
Posted inManufacturing
Obour Land targets 12% net profit growth in 2017
Obour Land is targeting net profit growth of 12% in 2017, CEO Ashraf Sherif told Reuters. “We will distribute no less than 50 % of this year’s ]2017’s] net profits in dividends to shareholders,” he said. The company forecasts a 6% increase in net profit in 2016 from EGP 92 mn in 2015. Obour Land […]
Posted inHealth + Education
Nile Transport Authority asks Cleopatra Group’s Nile Badrawi hospital to pay EGP 43 mn for using its land
The Nile Transport Authority continues to press a claim against Cleopatra Hospital Company’s Nile Badrawi Hospital, asking it to pay EGP 43 mn for the land upon which the hospital is built, Al Borsa reports.
Posted inLegislation + Policy
Council of State rejects proposed law to give president power to appoint judicial council heads
The Egyptian Council of State (Maglis El Dowla) rejected a draft law from the House of Representatives’ Constitutional and Legislative Committee that sought to grant the president the power to appoint the heads of the State Lawsuits Authority, the Court of Cassation, and the Maglis itself, Ahram Online reported. The Judges Club — made up […]
Posted inEgypt Politics + Economics
House sanctions KWD 50 mn loan for Sinai development projects
The House of Representatives approved a KWD 50 mn (USD 164 mn) loan from the Arab Fund for Social and Economic Development on Tuesday meant to finance water exploration and agricultural projects in Sinai, Ahram Gate reported. The projects are part of a tripartite development plan for the area that will focus on improving healthcare […]
Posted inEgypt Politics + Economics
The softer side of the Interior Ministry?
Following reports this week about a shakeup in the Interior Ministry that more than 100 mid-level police officials be reassigned, as will 11 assistant and deputy ministers, the ministry announced the formation of committees to evaluate policemen on ethics, behavior and psychological condition. The decree, published yesterday on the Official Gazette, comes two weeks after […]
Posted inEgypt Politics + Economics
Foreign policy conversations between President, Foreign Minister leaks show no substance
Ikhwan-affiliated channel Mukmileen aired a series of what it claims to be leaked excerpts of called between Foreign Minister Sameh Shoukry and President Abdel Fattah El Sisi. The recordings appear to confirm reports that Iran insisted on Egypt’s inclusion in the Syria peace talks of Lausanne last October, according to statements attributed to Shoukry. Other […]