Author Archives: enterpriseam admin

Al Futtaim Real Estate has allocated EGP 4 bn towards investments into Cairo Festival City in 2017, Managing Director Mohamed El Mikawi tells Al Mal. The company is beginning construction on one of the two hotels planned for the project and to complete a number of hotel apartments onsite, he added. Al Futtaim Group was […]

This comes as Nestlé Egypt will be allocating EGP 1 bn in investments over the next five years to increasing output across the board, Al Borsa reported. In addition to expanding its range of products for infants, Nestlé — fresh of its EGP 400-500 mn bid to acquire Caravan Marketing Company — is also looking […]

“We never comment on speculation, but I believe Souq is a great company. I’ve got a lot of respect for what they’ve done,” said Majid Al Futtaim CEO Alain Bejjani at the WEF in Davos, The National reported. While Bejjani declined to comment specifically on a potential acquisition of Souq.com, he did state that his […]

On step closer to deregulating the gas market: We have inched one step closer to seeing the gas market privatized as the Egyptian Natural Gas Holding Company (EGAS) has set a preliminary price of USD 0.4 per mbtu for private companies looking to use the national gas grid, unnamed sources tell Al Shorouk. EGAS appears […]

The Egyptian Mineral Resources Authority (EMRA) is not doing Egypt any favors with the terms and conditions it laid down for its latest bid round, Patrick Werr writes for The National. He echoes a similar sentiment to Aton Resources’ CEO Mark Campbell, who wrote for us last week urging EMRA to seize Egypt’s “golden opportunity.” […]

The Alexandria Minerals and Oils Co. (AMOC) could be offering an additional 10-20% of its shares in its IPO this year, Chairman Amr Moustafa tells CNBC ( runtime 26:27) in an interview last Thursday. The government has yet to notify the company or its board of its timetable for the issuance, but Moustafa said he […]

Prime Minister Sherif Ismail issued a decree granting the Military Production Ministry a license to operate in the pharma industry and establish a company,Al Shorouk reports. Reuters has also taken note of the story as part of the military’s ongoing assistance “in major infrastructure projects and distribution of subsidized commodities to keep a lid on […]

“Soon” could mean a month on restoring Russian tourism: Restoring flights of Russian tourists to Egypt should take another month, said the newly appointed consul general at the opening of Russia’s third consulate in Egypt in Hurghada, Al Masry Al Youm reported. Based on reports from the Russian security teams who have been visiting, these […]

Abu Dhabi creates a USD 125 bn fund: The government of Abu Dhabi merged Mubadala Development Co and International Petroleum Investment Co to create the USD 125 bn Mubadala Investment Co, Reuters reported. Using 2015 valuations and data from the Sovereign Wealth Fund Institute, Mubadala Investment would be the world’s 14th largest investment fund. The […]

At least five army soldiers were shot and killed by unknown militants in Central Sinai’s Al Hosna area, AMAY reports. Witnesses said the soldiers were in a taxi, headed back from a break, when assailants stopped them and opened fire. Attacks on Egyptian security forces intensified in recent weeks, ahead of the sixth anniversary of […]