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Plastic producers in Egypt say their sales have been affected amid an increase in the prices of polypropylene and polyethylene after last week’s attacks on Saudi Aramco facilities, Youm7 reported. Amr Abdel Aziz, an Alexandria-based trader, said large companies have turned to hoarding amid uncertainty over supply, which has exacerbated the situation.
Author Archives: enterpriseam admin
Posted inHealth + Education
Egypt’s Education Ministry open to discuss foreign ownership limit with schools
The Education Ministry’s recent decision to implement a 20% cap on foreign investor ownership in international schools will not be applied retroactively, according to a ministry official. The ministry is also open to discussing the decision and its implications of the decision with school management bodies, the official said, while maintaining the move is “in […]
Posted inAutomotive + Transportation
AOI in talks with France’s Thales to upgrade Egypt’s train networks
The Arab Organization for Industrialization (AOI) is in talks with France-based transportation and defense giant Thales Group to upgrade the signaling system for Egypt’s railway and metro, as well as trains’ communication networks, the AOI said in a statement seen by Al Shorouk.
Posted inBanking + Finance
Orascom Construction to build EGP 636 mn HDB HQ in new capital
Orascom Construction signed an agreement with the Housing & Development Bank (HDB) on Sunday to construct the bank’s headquarters in the new administrative capital, the local press reports. The building is estimated to cost EGP 636 mn, and will be financed by the bank’s equity, which exceeds EGP 5 bn. The new building is due […]
Posted inEgypt Politics + Economics
Lawyer files request to strip Mohamed Ali of Egyptian citizenship
Egyptian lawyer Leila Maklad has filed a request to the Egyptian Prosecutor General to withdraw Mohamed Ali’s Egyptian citizenship on the grounds that his viral videos “spread rumors” and “broadcast obscenity” about President Abdel Fattah El Sisi and the Egyptian army, according to RT Arabic. Maklad also accused Ali of threatening national security after calling […]
Posted inON YOUR WAY OUT
EgyptAir lovejacker handed lifetime jail sentence
Court condemns lovejacker for life: The Alexandria Criminal Court handed yesterday Seif El Din Moustafa, the man who hijacked and diverted a domestic EgyptAir plane to Cyprus in 2016, a life sentence for charges including “intimidation and threats to seize a plane and abduct its passengers for a terrorist purpose,” reports Reuters. Moustafa has a […]
Posted inON YOUR WAY OUT
Egyptian artisans featured on Harper’s Bazaar
Egyptian artisans featured in Harper’s Bazaar Arabia: Egyptian handmade home accessories online store Decobate was featured in fashion and lifestyle magazineHarper's Bazaar Arabia. Decobate is a blended word combining the first half of “decorate” and “bate,” an alternative spelling for the Arabic word meaning house. The store, founded in 2018, ships its products to 50 […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.24 | Sell 16.37 EGP / USD at CIB: Buy 16.24 | Sell 16.34 EGP / USD at NBE: Buy 16.24 | Sell 16.34 EGX30 (Tuesday): 13,170 (-4.2%) Turnover: EGP 1.1 bn (65% above the 90-day average) EGX 30 year-to-date: +1.0% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
23-25 September (Monday-Wednesday): Engineering Export Council of Egypt’s Home Appliance and Tableware Show (HATS), Kempinski Royal Maxim, Cairo 26 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee will meet to review interest rates. 27 September (Friday): The Justice Ministry’s dispute resolution committee will hear a case filed by Raya Holding against the Financial Regulatory […]
Posted inWhat We're Tracking Today
What we’re tracking on 24 September 2019
While the business community and foreign investors alike continue to digest events of this past weekend, you can expect the domestic press to be preoccupied today by events over in New York. That’s where the United Nations General Assembly’s general debate kicks off today at 3 pm CLT. President Abdel Fattah El Sisi is among […]