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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 […]
Author Archives: enterpriseam admin
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.
Posted inAutomotive + Transportation
GB Auto could be raising passenger car prices by up to EGP 20,000 -sources
Top Egyptian automotive player GB Auto is reportedly planning to raise sticker prices on its Hyundai and Geely brands (but not Mazda), according to Al Mal, citing unnamed sources as saying prices will rise between EGP 7,500 and EGP 20,000. The newspaper says it requested a clarification from GB Auto on the matter but has […]
Posted inBanking + Finance
Arab African International Bank signs cooperation agreement with SCZone
The Arab African International Bank (AAIB) has signed a cooperation protocol with the SCZone, Al Masry Al Youm reported. The agreement will allow AAIB to provide credit facilities to investors, in addition to reviewing feasibility studies and development plans for projects planned for the Suez Canal economic zone.
Posted inLegislation + Policy
Cabinet rejects draft law to strip terrorists of nationality
Cabinet rejected a draft law proposed by MP Mostafa Bakry that aimed to strip convicted Egyptian terrorists of their nationality after with Justice Ministry spokesman Haitham Al-Baqli argued that the law would be unconstitutional, according to Ahram Online. According to Al-Baqli, article 53 of the 2014 constitution stipulates that all citizens are equal before the […]
Posted inLegislation + Policy
House committee pushes for stronger penalties for harassment
The House of Representatives is pushing for stricter punishments for [redacted] harassment offenses, Ahram Online reported. The House’s legislative committee approved draft amendments to the anti-[redacted] harassment law on Monday that include a clear definition of harassment that did not exist previously, extended prison terms from six months to one year and fines ranging between […]
Posted inEgypt Politics + Economics
State considers adding more public enterprises to IPO program
The government might be including more public sector companies in its IPO program, Al Borsa reports, including subsidiaries of the Public Enterprises Ministry. The government intends to list a number of petchem companies on the EGX in the first phase of the program, including AMOC and Sidpec, as well as banks including Banque du Caire. […]