Back to the complete issue
Thursday, 21 January 2021

Also on our radar on 21 January 2021

Canada’s Bombardier will supply our monorail cars with a little help from the UK government after the country’s export fund agreed to hand the company a GBP 1.7 bn (USD 2.3 bn) subsidy to manufacture them in the UK — the largest amount of funding it has ever given to an overseas infrastructure project, the Department for International Trade said yesterday. In 2019 Egypt awarded Bombardier — along with Orascom Construction and Arab Contractors — a 30-year contract to design, build, supply and operate the monorail lines, which will connect Sixth of October City to Giza and the new administrative capital to Nasr City. The company will start manufacturing the rolling stock under the USD 4.5 bn contract this quarter.

Other things we’re keeping an eye on this morning:

  • Gold production from Centamin’s Sukari mine fell 46% in 4Q2020 from the previous quarter due to activity at part of the mine being put on hold over safety concerns, the company confirmed in its earnings release (pdf).
  • An economic court has acquitted Prime Holding CEO Mohmed Maher of misdemeanor charges, according to an EGX disclosure (pdf).
  • A new app could soon see all Housing Ministry and NUCA licensing procedures go digital as part of the government’s wider efforts to digitize, said Housing Minister Assem El Gazzar in a statement.
  • Downtown Cairo’s Arcadia Mall will house Egypt’s first wholesale and imported mobile accessories and electronics hub, with 60 shops set to be opened before 29 January as a first phase and 60 other shops to follow in the next three months.
  • A new Red Sea oil and gas exploration and production tender could be launched in the near future as seismic surveys in the area are due to begin soon, Oil Minister Tarek El Molla said yesterday.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.