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The Edfu and Kom Ombo sugar plants will restart production today after the cabinet approved increasing the price paid for sugarcane inputs to EGP 620 per tonne from EGP 450, Al Shorouk reported. The two factories had put operations on hold for seven days as farmers refused to deliver sugarcane, calling for increasing prices. The […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Five months’ worth of wheat, new contracts for one mn tonne -gov’t
Strategic wheat reserves are enough last for five months, Supply Minister Mohamed Ali El Sheikh told Al Shorouk. Additionally, the ministry has contracted another one mn tonne of wheat that will arrive within weeks, he said in meeting with a delegation from the US Wheat Association led by Regional VP for European, MENA, and Eastern […]
Posted inBasic Materials + Commodities
Fertilizer companies increase rate of exports after boycotting agriculture ministry
Fertilizer producers are now exporting 60% of their monthly output, according to Al Borsa, after they suspended dealings with the agriculture ministry last month. The ministry used to purchase around 55% of locally-produced fertilizers but companies had decided to freeze shipments to the ministry until the cabinet agrees to raise regulated fertilizer prices by EGP […]
Posted inHealth + Education
Egyptian Arab Land Bank arranging EGP 500 mn for cancer vaccine factory
The Egyptian Arab Land Bank is arranging an EGP 500 mn syndicated loan to finance a cancer vaccine factory built by Pharco Pharma and the ministries of health and military production, bank VP Adnan El Sharkawy told Amwal Al Ghad. The estimated total cost of the production line is EGP 1 bn, he added. The […]
Posted inReal Estate + Housing
MNHD reports record contracted sales in 2016
Madinet Nasr for Housing & Development (MNHD) issued guidance (pdf) noting that its contracted sales for 2016 stood at EGP 3.8 bn, exceeding the budgeted figure of EGP 2.0 bn and coming 4.3x higher than 2015’s figure. The record sales were achieved primarily through the company’s flagship project Taj City, in which sales grew to […]
Posted inTourism
Hotel occupancy rates in Hurghada at 35% during NYE
Hotel occupancy rates in Hurghada didn’t break the 35% barrier over the New Year’s Eve vacation weekend due to the continued Russian and UK flight bans on Egypt, Red Sea Investors Association member Mohamed Samir Abdel Fattah told Amwal Al Ghad. He says 50 of 275 hotels have shut down in the governorate due to […]
Posted inTelecoms + ICT
First locally produced Egyptian smartphone to hit markets in 2H2017
The first locally assembled smartphone is currently being produced by Sico Misr, with domestic content at about 58% of the device, Youm7 reports. The device should hit the market in the second half of this year. The company’s CEO says the phone will retail from EGP 200 to EGP 2,000, while 4G-compatible products will have […]
Posted inBanking + Finance
Rasmala acquires controlling stake in UK serviced apartments company
Asset management outfit Rasmala announced it acquired a 68% of Orchard Apartments, an owner, operator and developer of boutique corporate serviced apartments in the UK. The exact value of the transaction has not been disclosed.
Posted inOther Business News of Note
McKinsey & Co completes SCZone studies in four months
McKinsey & Co will begin conducting detailed studies on the SCZone on 9 January, and will complete the studies within four months, SCZone Chairman Ahmed Darwish told Al Mal. The SCZone has completed preparing the master plan and project charter, he added. The studies, conducted by McKinsey & Co aim to increase the competitiveness of […]
Posted inLegislation + Policy
El Sisi signs off on Media Syndicate law
President Abdelfattah El Sisi has officially signed off on a legislation that establishes a new Media Syndicate on Tuesday, Youm7 reports.