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Posted inEnterprise+: Last Night’s Talk Shows
SIS accuses Amnesty International of acting politically, gov’t to announce fuel prices for 3Q2019
It was a mixed bag on the airwaves last night. The State Information Service (SIS) struck back against Amnesty International accusations that the state restricted people’s right to freedom of movement on Friday, Al Hayah Al Youm’s Khaled Abu Bakr highlighted (watch, runtime: 10:52). The SIS accused the human rights organization of acting politically. No […]
Posted inSpeed Round
Current account deficit widens to USD 8.2 bn in FY 2018-2019
Egypt’s current account deficit widened to USD 8.2 bn in FY 2018-2019, up from USD 6 bn the previous year, according to central bank figures (pdf). Rising imports and a dip in remittances caused the current account to fall further into the red, despite the oil balance turning a surplus and a pick up in […]
Posted inSpeed Round
CBE easing cuts gov’t interest bill by a fifth -Kouchouk
CBE easing cuts gov’t interest bill by a fifth -Kouchouk: The Central Bank of Egypt’s (CBE) interest rate cuts in August and September will slash the government’s interest bill by a fifth, Vice Finance Minister Ahmed Kouchouk said yesterday, Reuters reported citing MENA. The government’s interest bill will fall by as much as 20% to […]
Posted inSpeed Round
Egypt’s tourism sector expected to grow 30% in 2019, says Al Mashat
Egypt's tourism sector should claw its way back to its pre-crisis high-water mark by the end of this year, Tourism Minister Rania Al Mashat said during a Bloomberg TV interview yesterday (watch, runtime: 3:43). Al Mashat attributed the “quite steep” rebound in the industry to the legislative and administrative reforms implemented under Egypt’s Tourism Reform […]
Posted inSpeed Round
Listed Egyptian companies yet to IPO have until 31 March to hit the exchange
IPO WATCH- BdC and three other companies have six months to complete their IPOs: The Financial Regulatory Authority (FRA) has reportedly given four companies, including state-owned Banque du Caire, a six-month grace period to complete their initial public offerings, according to a copy of the decision picked up by the local press. BdC, City Trade […]
Posted inSpeed Round
Egypt’s education outfit CIRA inks EUR 25 mn EBRD funding agreement
CIRA closes EUR 25 mn EBRD funding agreement: Cairo for Investment and Real Estate Development (CIRA) signed yesterday an agreement with the European Bank for Reconstruction and Development (EBRD) for a EGP-denominated facility worth EUR 25 mn to set up a university in Assiut’s Nasser City, CIRA said in a press release (pdf). The EBRD […]
Posted inSpeed Round
Majid Al Futtaim opens EGP 6.8 bn City Center Almaza in Heliopolis
INVESTMENT WATCH- Majid Al Futtaim opens EGP 6.8 bn Heliopolis mall: UAE-based real estate developer and retail giant Majid Al Futtaim (MAF) opened yesterday its EGP 6.8 bn City Center Almaza shopping mall in Heliopolis, Al Mal reported. The mall includes 260 retail shops, a cinema and a Carrefour hypermarket. “Egypt is today the fastest […]
Posted inSpeed Round
Sodic attracts EGP 1 bn in presales for The Estates
Sodic reeled in EGP 1 bn in presales on the first day of the launch of its new compound, “The Estates,” according to a statement (pdf). Located in New Zayed, 5 km north of Sodic West, the 630k sqm all-villa compound will include a clubhouse and a spa. The Estates is the upscale developer’s first […]
Posted inSpeed Round
Algebra Ventures, Glint Consulting invest EGP 20 mn in FilKhedma
STARTUP WATCH- Algebra Ventures and Glint Consulting have invested EGP 20 mn in home services marketplace FilKhedma, founder Omar Ramadan announced at a press conference yesterday. The new investment will be used to develop the application, launch new marketing campaigns and hire employees, he said. In addition to Algebra and Glint, FilKhedma’s current shareholders include […]