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The House Health Committee has requested that Health Minister Ahmed Rady submit a report on the ministry’s expenditures for 1H2016-17 to determine whether its budget is in line with the compromise reached last on meeting the constitutional requirements on health spending, Al Borsa reports. A committee member said that, if the report were to reveal […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Al Hefda Egypt Kuwait investing EGP 1 bn this year
Real estate developer Al Hefda Egypt Kuwait is investing EGP 1 bn into projects this year, Chairman Al Hussein Mohamed Eissa told Al Borsa. The company will apply for land plots in the first phase of the Administrative Capital, he added. Al Hefda recently partnered with Kuwaiti investors to build a residential project in Haram […]
Posted inReal Estate + Housing
Developers are asking consultants to reexamine cost studies
A number of real estate developers have asked consultancy offices to revisit cost studies to reflect the increasing cost of raw materials, Al Borsa reported. Developers want to reevaluate the cost of growth, said Inter-Consult Chairman Aly Raafat. Construction costs grew by 25-30% following the EGP float, which even the most conservative of feasibility studies […]
Posted inReal Estate + Housing
Porto, Amer to build EGP 340 mn Santorini compound
Sister companies Amer Group and Porto Group signed a EGP 340 mn agreement to build 500 homes for the Santorini compound in Ain Al Sokhna, Al Borsa reported.
Posted inReal Estate + Housing
Land tenders for New Capital’s phase one to be issued within three weeks
The government will begin issuing tenders for land in phase one of the new administrative capital within the next three weeks and at discounts of up to 25%, according to Al Shorouk. Phase one stretches across some 10.5k feddans and will include 170k residential units developed by the New Urban Communities Authority.
Posted inTourism
Joint US-Egyptian project to restore hundreds of pharaonic coffins
Egypt is set to restore over 600 pharaonic wooden coffins under a joint US-Egyptian project, Reuters reported. The project is funded through a USD 130k conservation grant given by the US to Egypt in December 2015. That project is part of a larger U.S.-Egypt treaty signed in 2016 to curtail illicit trafficking of antiquities. "There […]
Posted inTourism
UK Minister of State for Security inspects Terminal 2 of Cairo Airport, discusses restoring flights to Sharm El Sheikh
Civil Aviation Minister Sherif Fathy met with the United Kingdom’s Minister of State for Security Robert Ben Wallace to inspect Terminal 2 of Cairo Airport and discuss restoring British flights to Sharm El Sheikh, Al Borsa reports. Wallace also met with Interior Minister Magdy Abdel Ghaffar to discuss the recent developments in Egypt’s security situation, […]
Posted inTourism
Tourism Ministry looks to boost tourism from Kazakhstan, India, China
The Tourism Ministry is looking to attract greater tourism flows from Kazakhstan, India, and China to Sharm El Sheikh, and is looking into establishing flights from seven Kazakh cities, said Tourism Minister Mohamed Rashed, according to Al Masry Al Youm.
Posted inTelecoms + ICT
ICT Ministry signs MoU with China’s Development and Reform Commission
A delegation from China’s National Development and Reform Commission met with ICT Minister Yasser El Kady, the ministry said in a statement. El Kady signed an MoU that aims to enhance cooperation and exchange experiences in the ICT field, and improving the commercial and industrial technological projects between the two countries for the development of […]
Posted inBanking + Finance
CBE approves EGP 2.5 bn capital increase for United Bank of Egypt
The central bank has approved an EGP 2.5 bn capital increase for the United Bank of Egypt, ahead of its impending sale to a strategic investor scheduled for this year, Chairman Ashraf El Kady told Al Mal. The bank’s capital increase, which increases its capital to EGP 3.5 bn, is financed through a 2013 subordinated […]