Egypt is set to officially open the first line of its three-line high-speed train network

Newsletter

06 Sep 2022

Egypt is set to officially open the first line of its three-line high-speed train network – the country’s first-ever electric railway – on 7 November The 22-station line will serve “as a new Suez Canal, as it will link the city of Ain Sokhna on the Red Sea and the cities of Alexandria, Alamein and Matrouh on the Mediterranean with a total length of 660 kilometres,” the statement quoted Transport Minister Kamel El-Wazir as saying.El-Wazir made the remarks during an inspection tour of the project, which includes the construction of sidewalks and railway bridges at the Ain Sokhna station, according to the statement. El-Wazir also inspected the work progress at the New Administrative Capital (NAC) station, which will serve as an interchange station with the electric light rail transit (LRT), another ongoing eco-friendly transport project. (Al Ahram)

Recent meetings of the Egyptian Cabinet with new Governor of the Central Bank of Egypt (CBE) Hassan Abdallah focused on acquiring funding for strategic and basic goods as well as production materials for factories.
Madbouly chaired the first meeting of the Coordinating Council for Monetary and Financial Policies to review the coordination and cooperation mechanisms between the government and the CBE. During the meeting, Madbouly said the Cabinet is coordinating fully with the CBE on financial and monetary policies to address the current challenges, a Cabinet statement read. (Al Ahram)
President Abdel-Fattah El-Sisi discussed with Saudi Foreign Minister Prince Faisal bin Farhan bilateral cooperation and a number of regional and international issues of common interest in a meeting in Cairo on Sunday.
During the meeting, El-Sisi asserted the “specialness” of Egyptian-Saudi relations, which he said represent a pillar of stability for the entire Arab region, particularly in light of the challenges that Arab countries are facing. The meeting was attended by Egyptian Foreign Minister Sameh Shoukry and Saudi Ambassador in Cairo Osama Naqli. For his part, the Saudi FM said his country is keen to strengthen the strategic cooperation between the two countries on various levels and to continue the joint work and intensive coordination with Egypt on various regional and international issues. (Al Ahram)
Americana Group plans to add new production lines with investments worth $26 million.
The step comes as the group aims to strengthen its footprint in Egypt’s food industries sector while targeting new external markets, Ahram Gate reported on Monday.The statement was made during a meeting held between GAFI’s Abd El Wahab and Senior Vice President of Americana Group, Ihab Haggag, during which they discussed the most prominent investment opportunities as well as the available investment systems aligning with various private sector trends. Additionally, they discussed the best investment systems through which the projects can be implemented to derive the maximum benefit to the Egyptian economy and tackled the best alternatives available for the group across all operating levels, given that it aims to export its products abroad, particularly to GCC states. (Bloomberg Elsharq)
Head of the Egyptian Coptic Orthodox Church Pope Tawadros II said he hopes talks between Egypt, Sudan, and Ethiopia about the Grand Ethiopian Renaissance Dam (GERD) go well, as he received a delegation from the Ethiopian Orthodox Tewahedo Church on Sunday.
The Egyptian pope received Abune Yosef of Bale of the Tewahedo Church and a number of Ethiopian heads of monasteries, deacons, monks, and nuns currently touring Egypt’s historic and religious destinations, a statement by the Egyptian Coptic Orthodox Church read. “We pray for the Nile water and for the rain that falls in Ethiopia as it brings good to many countries,” Pope Tawadros said. “In Egypt, we consider the Nile our father and the land around it our mother. ”The pope stressed that Egypt and Ethiopia are bound with firm relations, as they belong to the African continent and are linked by the Nile River. (Al Ahram)
Telecom Egypt (ETEL) denied receiving any official purchase offer for a share of its stake in Vodafone Egypt from the Qatari sovereign investment fund Qatar Investment Authority, according to a filing to the Egyptian Exchange (EGX) on September 5th.
The company noted that in case of receiving an offer for its stake in Vodafone Egypt, it will be considered and assessed in cooperation with its financial and legal advisors according to applied procedures and in a way that achieves the greatest benefits to shareholders. Telecom Egypt stated that it would disclose any relevant updates immediately.Telecom Egypt is the first integrated telecom operator in Egypt and is one of the region’s largest operators of subsea cables. The Cairo-based company is listed on the EGX and it operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services. (Arab Finance)
Now to EGX and Company News ,MENA's first enterprise e-commerce technology startup el-dokan has successfully raised a $550,000 pre-seed round.
The round was led by a cluster of local and regional investors, including EFG EV and Flat6Labs, 500 Global, and Hala Ventures, according to a press release on Monday. Launched in 2020, el-dokan mainly targets large retailers and chain stores seeking to expand their e-commerce market share, increase sales and operation automation. Besides, it targets software firms and developers that work directly with enterprises looking to build their e-commerce stores in a fast and cost-efficient way. Utilising headless e-commerce technology, the Egypt-based startup provides optimal technology infrastructure that enables tech teams to develop highly customizable e-commerce with maximum flexibility (Mubasher)
Ghabbour Auto (GB Auto) has spent EGP 147.35 million of its capital raise subscription proceeds listed in June 2015 amounting to EGP 958.67 million.
The remaining amount of the subscription proceeds stands at EGP 811.31 million, according to a bourse disclosure on Monday. During the six-month period ended 30 June 2022, GB Auto achieved a net profit of EGP 1.09 billion, a yearly jump of 34.80% when compared to EGP 811.60 million, including minority shareholders’ rights. Revenues for the January-June period in 2022 increased by 11.20% to EGP 15.67 billion, compared to EGP 14.09 billion in the year-ago period. (Arab Finance)
The extraordinary general meeting (EGM) of Al Tawfeek for Financial Lease (AT Lease) approved the board’s recommendation to raise the company’s authorised capital to EGP 1 billion from EGP 400 million.
Additionally, it agreed to increase the company’s issued and paid-up capital by EGP 150 million to EGP 437.32 million, according to a stock exchange disclosure on Monday. The capital hike will be distributed over 60 million ordinary shares at a nominal value of EGP 2.50 per share. (Mubasher,EGX)
Two shareholders sell entire stakes in National Real Estate Bank for Devalopment totalling 8.96%.
The shareholder sold 206,795 shares for a total value of EGP 4.51 million or an average price of EGP 21.85 per share, according to a recent bourse disclosure. The shares were sold to Hesham Ibrahim Abdelmoniem El Nahas, whose current ownership in NRPD stands at 5.91%. In a separate filing, Mubasher for Securities announced that shareholder Rany Mohamed Mohamed Hassan El Balony sold his entire stake, amounting to 4.99% or 260,000 shares, in NRPD for EGP 5.68 million or an average price of EGP 21.85 per share. The shares were sold to Haitham Ibrahim Abdelmoniem El Nahas, who currently owns a stake of 4.99% in NRPD. It is worth noting that in the first half (H1) of 2020, the net losses of the EGX-listed firm widened to EGP 4.36 million, compared to EGP 1.51 million in the year-ago period. (Mubasher, EGX)