Back to the complete issue
Thursday, 4 March 2021

Also on our radar on 4 March 2021

Egypt wants international companies to help it reclaim a 500k-acre area in the Western Desert as part of the Toshka Project, Al Mal reports. Sources tell the newspaper that the government is deciding which area it wants to cultivate and working out the costs of the project before officially announcing it to investors. It is also in the process of digging a new canal in the area, which will allow the reclamation of more land. Since its launch in 1997, the Toshka project has so far reclaimed over 30.5k acres of land out of the planned 540k acres in the Western Desert.

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

  • Ikea opened its full-scale store at Marakez’s Mall of Arabia yesterday, after the Swedish furniture retailer had opened another, smaller branch at the mall until the full store opened.
  • Samsung signed the contracts to set up a USD 30 mn factory in Beni Suef to manufacture educational tablets for public school students in Egypt.
  • AirCairo and Turkish-German airline SunExpress are running 30 weekly flights between Hurghada and 14 German, Swiss, and Austrian airports as of May.

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.