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The EGX30 rose 0.5% at today’s close on turnover of EGP 911.58 mn (46.5% below the 90-day average). Local investors were net sellers. The index is up 10.1% YTD. In the green: Palm Hills Development (+9.2%), Heliopolis Housing (+6.7%) and Cleopatra Hospitals (+3.9%). In the red: e-Finance (-4.2%), Orascom Construction (-2.0%) and EFG Hermes (-1.9%).
Author Archives: enterpriseam admin
Posted inCALENDAR
JANUARY January: Fuel pricing committee meets to decide quarterly fuel prices. January: Infinity + Africa Finance Corporation to close acquisition of Lekela Power. January: Global Auto to restart BMW assembly in Egypt. 16-20 January (Monday-Friday): Davos 2023. 25 January (Wednesday): 25 January revolution anniversary / Police Day. 26 January-6 February (Thursday-Monday): Cairo International Book Fair, […]
Posted inWhat We're Tracking Today
THIS MORNING: In Davos, El Said talks up privatization and investor appetite in Egypt. PLUS: Hurghada solar tender pushed
Good morning, friends, and happy THURSDAY to you all. We have an absolutely packed issue for you this morning before you slide into what we hope will be a wonderful weekend. Speaking of weekends: Next Thursday, 26 January will be a paid holiday for public and private sector workers to mark Police Day and the […]
Posted inUncategorized
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Posted inCabinet watch
PM Madbouly talks all things econ as cabinet approves subsidized loans to industry, bumps state wheat procurement price
Prime Minister Moustafa Madbouly has good news for manufacturers and growers: In a press conference following yesterday’s weekly cabinet meeting, the PM announced the approval of new 11% subsidized loans for industry and agriculture as well as a 40% y-o-y increase in the price the state will pay local farmers for wheat this season. IMPORTS […]
Posted inEconomy
Fitch Ratings is positive on IMF agreement, EGP float, but…
IMF pact, EGP flexibility get the thumbs up from Fitch: Our USD 3 bn loan agreement with the IMF and the move to a permanently flexible exchange rate regime have garnered praise in a note from Fitch Ratings. The catch: Our sovereign debt remains at risk of a downgrade if our external position continues to […]
Posted inTourism
Tourism revenues projected to hit record high in 2023
Egypt’s tourism revenues will rise almost 20% in 2023 as more people visit the country on the back of a weaker EGP and the easing of covid-era travel curbs. Fitch Solutions forecasts revenues to reach a record high USD 13.6 bn this year, up 17.7% from 2022, according to a forecast picked up by Bloomberg […]
Posted inReal estate
Real estate developers want more help overcoming the economic crisis
Real estate associations call on authorities for support: Some in the real estate industry are asking for state support as they battle the economic headwinds that the rest of the business community is presently facing. In a list of demands submitted earlier this week, the real estate divisions of the Federation of Egyptian Industries (FEI) […]
Posted inStartup watch
GBarena to acquire Tunisian gaming startup Galactech for USD 15 mn
The Company plans to make more acquisitions in tech and gaming this year