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Signature of management agreement for two hotels in Tehran


The new hotels – Novotel IKIA and ibis IKIA – are connected to the main terminal of Imam Khomeini International Airport and scheduled to open in October 2015. AccorHotels is the first international hotel group to launch its brands in Iran. Sébastien Bazin, AccorHotels’ Chairman and CEO, said at a press conference in Tehran today: “We are very excited about signing this partnership with Aria Ziggurat in Iran. We are certain that Novotel and ibis will fit perfectly into the growth momentum that Iran’s hospitality sector is enjoying. Our brands... Read More »

AXA accelerates its development in Egypt through a partnership with Commercial International Bank


AXA to enter into a 10-year Life & Savings exclusive bancassurance agreement with CIB, the #1 private-sector bank in Egypt AXA to acquire 100% of Commercial International Life ("CIL"), the Life & Savings joint-venture between CIB and Legal & General in Egypt, which is the #3 Life & Savings player in the country, for a consideration of approximately Euro 88 million As part of the transaction, AXA will acquire 100% of Commercial International Life Insurance Company (“CIL”), a leading Egyptian Life insurance player, jointly ow... Read More »

ArcelorMittal continues to support the traditional reconciliation project within children’s camp


This year’s volunteering programme has gathered ArcelorMittal’s employees from Argentina, Brazil, Egypt, Former Yugoslav Republic of Macedonia, Germany, Mexico, Russia, Spain, Ukraine, and the USA. The project aims to develop children’s multicultural skills and teach them to understand and appreciate their ethnically-diverse community which is still healing from the consequences of the conflicts that occurred more than 20 years ago. As well as school activities, adapted to the outdoor surrounding, they also gain useful skills through interac... Read More »

Egypt and Siemens to massively increase power generation capacity


Increase by up to one third of current generation capacity Agreement on 4.4 gigawatt (GW) Beni Suef power plant in Southern Egypt Building of 2 GW wind power generation capacity and wind rotor blade factory agreed Agreement signed for Siemens to develop concepts for a further 6.6 GW of combined cycle power plants and ten substations "Egypt needs a powerful and reliable energy system to support its long-term, sustainable economic development, and experienced partners who understand the specific challenges facing the country", said Joe K... Read More »

BP makes second significant gas discovery in Egypt’s East Mediterranean Sea


Bob Dudley, BP Group Chief Executive, commented: “Success in Atoll further increases our confidence in the quality of the Nile Delta as a world class gas basin. This is the second significant discovery in the licence after Salamat. The estimated potential in the concession exceeds 5 trillion cubic feet (tcf) and we now have a positive starting point for the next possible major project in Egypt after BP’s West Nile Delta project.” Commenting on the discovery, Hesham Mekawi, BP North Africa Regional President said: “The Atoll discovery is a gr... Read More »

AXA to acquire 7% of Africa Re, the leading reinsurer in Africa


Africa Re is the #1 reinsurer in Africa, operating across the continent. It was founded in 1976 by the member states of the African Union and the African Development Bank (ADB). Africa Re’s current shareholding comprises 41 member states, the ADB and more than 100 African insurance and reinsurance companies, together holding a 75% stake in the company, as well as other development finance institutions and strategic partners. Africa Re is a growing and profitable company, with gross written premiums of Euro 505 million and net income of Euro 64 ... Read More »

New success in Egypt for DCNS


Hervé Guillou, Chairman and Chief Executive Officer of DCNS, declared: “I would like to thank the Egyptian authorities for the trust they have once again placed in us, for the participation in the modernization of their defence system. DCNS will be keen to demonstrate that this trust is justified. The Group will do its utmost to ensure that this program is completed successfully.” The frigate, the current Normandie, will be delivered mid-2015 after some outfitting work, and the first phase of the training programme. The logistics and support... Read More »

Mott MacDonald to study climate resilience in buildings in five countries


Residential, commercial and public buildings in these highly urbanised countries account for significant levels of energy and water use and are directly affected by climate change. They are often poorly adapted to cope with existing climatic conditions and current building codes and standards do not take into account anticipated increases in heat and water stress. The study will identify commercially viable technologies and practices to improve climate resilience and resource efficiency of these buildings. It will also assess the scope for f... Read More »

Egypt – Opening of the 9th Carrefour Hypermarket


The “Alexandria City of Light” Carrefour has a sales area of 5500 m² and is part of a shopping centre which has 300 stores and a car park with space for 500 cars. The Majid Al Futtaim Group currently runs 128 stores – 61 Carrefour hypermarkets, 66 Carrefour Markets and one web store, in 14 different countries. ... Read More »

CNH Industrial brand Iveco Bus wins an important contract for 300 Eurorider chassis in Egypt


Iveco Bus, a brand of CNH Industrial, will manufacture the 300 Eurorider chassis at its plant in Annonay, France. The chassis will be bodied by GB Polo, a joint venture between the Ghabbour Group and the Brazilian bodybuilder Marcopolo, at its plant in the Cairo suburbs. The two-axle Eurorider chassis will be fitted with the Iveco Tector 6 Euro 3 engine with a rated power of 270hp and an automatic gearbox. These buses will enter operation at the end of 2014 and will be part of an extension of the Cairo fleet, which currently numbers some 2,0... Read More »

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