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No trade agreements have taken place with Chinese companies since the signing of a currency swap agreement with the People’s Bank of China, banking sources told Al Borsa. The agreement is expected to facilitate trade between the two countries and is renewable after three years. A government source added that the central bank is considering […]
Author Archives: enterpriseam admin
Posted inEnergy
BNP Paribas leads syndicate funding EUR 200 mn power transmission stations
A syndicate led by BNP Paribas has signed an EPC-plus-finance funding agreement with the Egyptian Electricity Transmission Company for six new power transmission stations worth EUR 200 mn, Al Borsa reported. Siemens and El Sewedy Electric will be jointly constructing the stations as part of an MoU the Electricity Ministry had signed with Siemens at […]
Posted inEnergy
Shell completes repayment of Idku liquefaction plant loan in December 2017
Royal Dutch Shell will complete repayment by December 2017 of the second tranche of a USD 2 bn loan issued to BG to build the Idku liquefaction plant, sources told Al Borsa. EGPC agreed to pay USD 480 mn of the first installment due to the Idku plant halting operations in 2012. The Idku plant […]
Posted inEnergy
Two oil companies reach agreements to pay suppliers in EGP
Oil and gas companies SDX Energy and Merlon International have reportedly reached agreements with their suppliers and contractors in Egypt to repay them in EGP, sources told Al Mal. The initial agreements allowed companies to pay 40% of their receivables in EGP, but the fall in international oil prices, delays in payments from EGPC, and […]
Posted inInfrastructure
DP World studies building dry port near Cairo
DP World could build a dry port near Cairo, Hellenic Shipping News reports. A delegation from the group is expected in Egypt soon, said Trade and Industry Minister Tarek Kabil. A dry port on Cairo’s borders should reduce traffic jams by preventing heavy trucks from entering the city, said Chairman and CEO of DP World […]
Posted inBasic Materials + Commodities
New gold E&P tender during 2017 -Oil Minister
The government will issue a gold E&P tender in seven concession areas in the Eastern Desert in 2017, Oil Minister Tarek El Molla told Amwal Al Ghad. The ministry had previously announced in November 2016 that it would be issuing its first gold exploration tender since 2009. Additionally, GANOPE will begin a USD 750 project […]
Posted inBasic Materials + Commodities
Juhayna raising prices for the third time
Dairy products manufacturer Juhayna could raise the price of juice and dairy products for a third time in as many months, citing increasing production costs, Al Mal reported. Juhayna joins its FMCG counterparts, who have reportedly increased their prices by 10-40% with the start of 2017. Juhayna had already raised its prices by 10% two […]
Posted inReal Estate + Housing
Session to review Haram City settlement postponed indefinitely
The ministerial committee tasked with resolving settlement disputes has postponed reviewing Orascom Housing Communities’ flagship project Haram City, Orascom Hotels and Development (OHD) Chairman Samih Sawiris told Al Mal. OHD had agreed to buy out its US partner’s 15% share following an international arbitration case against the government, but this scenario now seems “unlikely,” he […]
Posted inTourism
Tourism Ministry looking to amend terms of contract with JWT
The Tourism Development Authority has formed a legal committee to review a contract with JWT dating to 2015 to promote tourism in Egypt, Al Mal reported. The contract stipulated payments for activities including photoshoots and design work to be in USD-equivalent at the set FX rate of EGP 7.77 per USD 1 and did not […]
Posted inTelecoms + ICT
Orange to appeal rerouting fine
Orange Egypt said it will appeal the court decision imposing a fine of EGP 49.1 mn on it to Telecom Egypt for rerouting calls in North Sinai. Orange Egypt told the EGX it is certain of its legal position and is moving forward with its appeal.