Back to the complete issue
Monday, 16 August 2021

Russia triples flights to Hurghada, Sharm El Sheikh

Russia will triple the number of weekly flights from Moscow to Sharm El Sheikh and Hurghada starting 27 August, RT reports, citing a statement from Russia’s covid advisory panel. The committee named Egypt as one of five countries to see an increase in Russian passenger flights, with each of the two Red Sea resorts now set to welcome 15 planes carrying Russian tourists weekly.

The news comes just a week after Egypt welcomed the first direct flights between Moscow and its Red Sea resorts in six years as Russia’s flight ban finally came to an end. Russia completed health checks on Red Sea airports and hotels at the start of August, and now appears to be making good on its promise that if the checks went well, weekly flights to the tourist hotspots would increase.


ADVISOR WATCH: HC Securities and UK financial services firm Nomura International advised MAC Beverages in the recent sale of its 52.7% stake in Coca-Cola Bottling Company of Egypt (CCBCE) to Coca-Cola Hellenic Bottling Company (HBC), Enterprise learned today. Coca-Cola HBC last week agreed to buy approximately 94.7% of the company for USD 427 mn. Matouk Bassiouny & Hennawy and Clifford Chance LLP acted as legal counsel to CCBCE, while Zulficar and Partners, Mena Associates – Amereller, and Sullivan & Cromwell LLP acted as counsel to the buyer.

Odin Investments is studying the potential launch of an EGP 200 mn fund in partnership with Eastern Company and EgyptAir next year, Odin senior financial analyst Karim Hashem confirmed to us. The fund would make consumer finance and microfinance loans available to Eastern Company and EgyptAir employees. New Odin acquisition Alpha Capital would manage the fund, which is targeting AUM of EGP 500 mn by the end of next year.

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.