Business news wrap-up

RiseUp concludes, entrepreneurs get more corporate attention

housands of entrepreneurs were gathered for the fifth year in row at the heart of Downtown Cairo, Egypt, to attend the leading entrepreneurship event in the Middle East and North Africa (MENA) region, RiseUp Summit.

Over three days, RiseUp Summit attracted 150 startups, 500 investors, 150 speakers, 50 startups in the pitching phase and 5,000 attendees.

What you need to know about Egypt’s first smart phone ‘SICO’

Manufactured by the Ministry of Communication-affiliated SICO Technology, the smart phone was made with LE 400 million in investment in the company’s factory in Assiut. Having five production lines spread over 4,520 square meters, the factory has a capacity of producing 1.8 million devices per year.

Egypt launches new photovoltaic power project

n a conference on Sunday, Egypt has launched a new energy project entitled “Grid-connected Photovoltaic Power Systems – Egypt PV”, which is executed by the Industrial Modernization Center (IMC) and the United Nations Development Program (UNDP), the Trade Ministry said in a Sunday statement.

Egypt to boost its petrol production to 28.5M tons annually

Egypt’s Petroleum Ministry aims to increase its annual production of gasoline, diesel, butane gas and jet fuel by 11.6 million tons in the next four years, at an investment of $8.3 billion, boosting total production to around 28.5 million tons, up from the current 16.9 million tons.

E-visa to increase tourist arrivals: Sisi

Electronic visas launched Sunday will help attract more tourists to Egypt, President Abdel Fatah al-Sisi said during his speech at the events of Cairo ICT 2017 conference.

Sisi launched the works of the first phase of Egypt’s e-visa online portal to become effective in passport, immigration and nationality offices.

Date for ENPPI stock listing still undetermined

Listing the shares of the Engineering Company for the Petroleum and Process Industries (ENPPI) in the Egyptian Exchange (EGX) will not take place in the first quarter of 2018," Executive Director of NI Capital Ashraf Ghazaly said Sunday.

Egypt exports LE 7.7B in petroleum products to 7 Asian countries

Egypt exported petroleum products worth LE 7.7 billion in 2016 to seven Asian countries, namely India, China, Malaysia, Japan, Singapore, South Korea and Bangladesh, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Sunday.

Industry Ministry to offer incentives for textile sector

Egypt will offer incentives for investors to attract new projects in the textile sector, Minister of Industry and Foreign Trade Tarek Kabil said Sunday.