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Hotels, tourist companies, restaurants and bazaars will have to pay additional fees into the government’s tourism support fund under a Tourism Ministry decision published in the Official Gazette yesterday. Hotels will be charged a percentage of their room rates: Hotels will have to pay 1% of revenues made from room bookings to the ministry. The […]
Author Archives: enterpriseam admin
Posted inLEGISLATION WATCH
MPs approve changes to expat car import scheme
MPs give final nod to expat car import scheme changes: The House of Representatives yesterday gave its final approval to a raft of changes to the expat car import initiative designed to boost demand for the flagging scheme. Under the amendments, the scheme will be extended for another two months to finish on 14 May […]
Posted inEARNINGS WATCH
It was a record year for snack food giant Edita
Snack food maker Edita Food Industries reported record net income and revenues in 2022 on the back of stronger sales and higher prices, according to its earnings release (pdf). The company’s net income more than doubled during the year to EGP 959.4 mn, while revenues rose almost 50% to EGP 7.7 bn. The snack maker […]
Posted inLAST NIGHT’S TALK SHOWS
Madbouly seeks to assure Qatari investors on a near end of exchange rate fluctuations
It was a packed night on talk shows yesterday, with PM Madbouly’s sitdown with Qatari investors in Doha leading the conversation (for more, see this morning’s What We’re Tracking Today and Investment Watch sections, above). Kelma Akhira (watch, runtime: 4:36), Ala Mas’ouleety (watch, runtime: 11:13) and Al Hayah Al Youm (watch, runtime: 6:30) all had […]
Posted inEGYPT IN THE NEWS
Historic mosque reopens following six-year renovation
It’s a blissfully quiet morning in the international press: The sole piece of note comes to us from Reuters, which reports that the historic mosque of al-Hakim bi-Amr Allah in old Cairo has been reopened following a EGP 85 mn renovation. The mosque, named after the sixth Fatimid caliph, is the second-largest and fourth-largest in […]
Posted inAlso on our Radar
Supply Ministry could import more chicken, rice ahead of Ramadan. Plus: Egypt-Saudi interconnector and news from EgyptAir and CIB
COMMODITIES- The Supply Ministry is stocking up on imported poultry + rice ahead of Ramadan: The Supply Ministry is planning to import fresh quantities of frozen poultry over the coming few days, and rice over the next few weeks, as it prepares for spike in demand during Ramadan, Al Mal quotes Supply Minister Ali El […]
Posted inPLANET FINANCE
US stocks finish February in the red on rate worries
Wall Street ends February in the red: US stocks resumed their decline yesterday, capping a nervy month for stock traders concerned about rising borrowing costs. The Dow Jones shed more than 200 points yesterday to end 0.7% in the red while the S&P 500 lost 0.3%, leaving it down 2.6% during the month. Shares on […]