Company Insights Orascom Construction Construction Orascom Construction News Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024 Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024 Analysis Markets Hopes high for Egypt’s shariah-compliant index The Egyptian stock exchange has announced the launch of a long-awaited shariah-compliant index, a move observers say is likely to attract new investors and boost the North African country’s latent Islamic banking sector. Gulf investors are said to be particularly interested. The chairman of the Egyptian Exchange (EGX), Ahmed el Sheikh, announced that the new […] June 13, 2024 Banking and Finance Egypt to open first digital bank later this year Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […] May 3, 2024 People & Lifestyle Cairo has most billionaires in Africa, but wealthy are leaving Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […] April 25, 2024 Infrastructure Egypt chooses British Steel for Green Line rail track British Steel, the UK steel products producer, has secured a multi-million-pound deal to supply parts for a new rail route stretching across Egypt. In total 9,500 tonnes of track will be delivered for Egypt’s Green Line, its first fully electrified mainline and freight network from the Red Sea to the Mediterranean. The exact value of […] April 4, 2024 Construction Egyptian builder blames currency turmoil for revenue slump Egyptian construction giant Orascom has reported a 19 percent decline in revenue to about $3.4 billion last year, attributing most of the drop to the devaluation of the Egyptian pound. Orascom said that without the country’s foreign exchange issues, it would have reported a 5.5 percent increase in revenue compared to 2022, after completing a […] March 25, 2024 Finance Egyptian billionaire moves family office to Abu Dhabi Egyptian billionaire Nassef Sawiris is moving his family office to Abu Dhabi, as global investors choose the emirate as a key hub for their operations, Bloomberg reported. Sawiris intends to re-domicile NNS Group in the Abu Dhabi Global Market (ADGM), an international financial centre, subject to regulatory approval, Bloomberg reported. Sawiris, Egypt’s wealthiest man, has […] December 6, 2023 Transport Orascom wins deals as Egypt steps up transport ambitions Orascom Construction has signed new contracts to work on two major transport projects in Egypt. The National Authority for Tunnels has hired the Cairo-based builder to carry out all civil works for a package of the Greater Cairo Metro Line 4 expansion. Orascom said in a filing to Nasdaq Dubai – where its share price […] November 7, 2023 Infrastructure Orascom ‘treading water’ in Egypt but remains bullish The value of Orascom Development’s strong growth in Egypt has been almost wiped out as a result of continued currency devaluations. But group CEO Omar El Hamamsy remains bullish on the future of the North African country. The conglomerate, that is based in Switzerland and develops infrastructure at scale, has grown 60 percent in Egypt […] October 20, 2023 Posts navigation Previous 1 2 3 Next
Sustainability Fertiglobe to supply renewable ammonia to Europe Abu Dhabi-listed fertiliser maker Fertiglobe has won the first global bid to supply renewable ammonia to the European Union (EU) as the trade bloc ramps up decarbonisation efforts. The company, a partnership between UAE oil giant Adnoc and Netherlands-based OCI, will supply 19,500 tonnes of renewable ammonia in 2027, with volumes potentially rising to 397,000 tonnes by 2033 […] July 12, 2024
Analysis Renewable Energy Austerity threatens Egypt’s green energy progress Sprawling over 37 sq km of desert north of Egyptian city of Aswan, the Benban Solar Park is one of the largest photovoltaic power plants in the world. Made up of 41 individual solar plants, the park’s investors boast it can be seen from space. Launched in 2018 and now at 1.8 gigawatt capacity, in […] July 9, 2024
Analysis Markets Hopes high for Egypt’s shariah-compliant index The Egyptian stock exchange has announced the launch of a long-awaited shariah-compliant index, a move observers say is likely to attract new investors and boost the North African country’s latent Islamic banking sector. Gulf investors are said to be particularly interested. The chairman of the Egyptian Exchange (EGX), Ahmed el Sheikh, announced that the new […] June 13, 2024
Banking and Finance Egypt to open first digital bank later this year Misr Digital Innovation will open Egypt’s first digital bank towards the end of the year, as it looks to appeal to the North African’s country’s younger and unbanked demographic. MTI, a subsidiary of Banque Misr, is the first bank to have received approval to establish a digital bank by the Central Bank of Egypt (CBE) […] May 3, 2024
People & Lifestyle Cairo has most billionaires in Africa, but wealthy are leaving Cairo is home to more billionaires than any other African city, but Egypt is facing an exodus of its wealthiest citizens. The international wealth advisory firm Henley & Partners said Cairo is home to four billionaires, and 30 centi-millionaires – those worth $100 million or more. Most reside in affluent parts of Greater Cairo, including […] April 25, 2024
Infrastructure Egypt chooses British Steel for Green Line rail track British Steel, the UK steel products producer, has secured a multi-million-pound deal to supply parts for a new rail route stretching across Egypt. In total 9,500 tonnes of track will be delivered for Egypt’s Green Line, its first fully electrified mainline and freight network from the Red Sea to the Mediterranean. The exact value of […] April 4, 2024
Construction Egyptian builder blames currency turmoil for revenue slump Egyptian construction giant Orascom has reported a 19 percent decline in revenue to about $3.4 billion last year, attributing most of the drop to the devaluation of the Egyptian pound. Orascom said that without the country’s foreign exchange issues, it would have reported a 5.5 percent increase in revenue compared to 2022, after completing a […] March 25, 2024
Finance Egyptian billionaire moves family office to Abu Dhabi Egyptian billionaire Nassef Sawiris is moving his family office to Abu Dhabi, as global investors choose the emirate as a key hub for their operations, Bloomberg reported. Sawiris intends to re-domicile NNS Group in the Abu Dhabi Global Market (ADGM), an international financial centre, subject to regulatory approval, Bloomberg reported. Sawiris, Egypt’s wealthiest man, has […] December 6, 2023
Transport Orascom wins deals as Egypt steps up transport ambitions Orascom Construction has signed new contracts to work on two major transport projects in Egypt. The National Authority for Tunnels has hired the Cairo-based builder to carry out all civil works for a package of the Greater Cairo Metro Line 4 expansion. Orascom said in a filing to Nasdaq Dubai – where its share price […] November 7, 2023
Infrastructure Orascom ‘treading water’ in Egypt but remains bullish The value of Orascom Development’s strong growth in Egypt has been almost wiped out as a result of continued currency devaluations. But group CEO Omar El Hamamsy remains bullish on the future of the North African country. The conglomerate, that is based in Switzerland and develops infrastructure at scale, has grown 60 percent in Egypt […] October 20, 2023
