Egypt Edition 
MENA+ Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
CIB has partnered with money transfer company Transfast to allow Egyptian expats to send remittances to bank accounts in Egypt, reports Akhbar Al Youm. The agreement will also allow collecting money in cash from over 950 locations.
Author Archives: enterpriseam admin
Posted inBanking + Finance
New Urban Communities Authority prepares EGP 10 bn securitization process
The New Urban Communities Authority (NUCA) will issue another EGP 10 bn in securitized bonds before the end of 2019, sources told the local press. The National Bank of Egypt, CIB, the Arab African International Bank, and EFG Hermes are on board to manage the issuance, and the authority is in talks with the European […]
Posted inBanking + Finance
NBE to arrange joint EGP 1 bn loan for SECON
The National Bank of Egypt (NBE) aims to arrange a EGP 1 bn joint loan for the Saudi Egyptian Company for Development (SECON), banking sources told Al Shorouk without naming the other parties involved. The company, formerly known as the Saudi Egyptian Construction Company, will use the loan to fund part of its EGP 3.5 […]
Posted inOther Business News of Note
Zulficar & Partners, UK’s Allen & Overy to manage Americana Egypt restructuring
Zulficar & Partners and the UK’s Allen & Overy have been tapped to restructure Americana Egypt on a regional level, the local press reported. No further details were provided, but the restructuring plans come after the Financial Regulatory Authority (FRA) last month ordered the majority shareholder Adeptio AD Investments to make a mandatory tender offer […]
Posted inOther Business News of Note
Finance Ministry publishes FY2019-2020 citizen budget
The Finance Ministry has published the FY2019-2020 citizen budget, an initiative started in 2010 to increase citizen participation in economic policy. The document highlights government spending targets on health, education and social programs contained in the FY2019-2020 budget.
Posted inNational Security
Egypt and France conduct joint naval drill in Mediterranean
Egyptian, Saudi, Jordanian, Djiboutian, Sudanese, and Yemeni naval forces are taking part in the “Red Waves 2” military drills, which kicked off yesterday in Saudi Red Sea waters, the Armed Forces said in a statement. The drills are expected to wrap up in a few days. Separately, Egyptian and French naval forces held a joint […]
Posted inON YOUR WAY OUT
World Astronomical Union names asteroid after Egyptian scientist Farouk El Baz
Asteroid named after Egyptian scientist Farouk El Baz: The World Astronomical Union of the United Nations named a newly-discovered asteroid, El-Baz, after the Egyptian astronomer Farouk El-Baz in recognition of his scientific contributions, according to the local press. El-Baz worked with Nasa on the Apollo project to explore the surface of the moon in the […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.22 | Sell 16.35 EGP / USD at CIB: Buy 16.23 | Sell 16.33 EGP / USD at NBE: Buy 16.24 | Sell 16.34 EGX30 (Sunday): 13,958 (-5.3%) Turnover: EGP 838 mn (29% above the 90-day average) EGX 30 year-to-date: +7.1% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
23 September (Monday): “The future of investment in Egypt,” a conference organized by the Egyptian Businessmen Association, Alexandria Businessmen Association, and the Egyptian Junior Business Association, Aida Ballroom, Cairo Marriott Hotel. 23-25 September (Monday-Wednesday): Engineering Export Council of Egypt’s Home Appliance and Tableware Show (HATS), Kempinski Royal Maxim, Cairo 24 September (Tuesday): A roundtable discussion […]
Posted inWhat We're Tracking Today
What we’re tracking on 22 September 2019
It’s interest rate week: The Central Bank of Egypt’s Monetary Policy Committee is set to meet this Thursday, 26 September, to review key interest rates. Nearly all of the economists surveyed in our interest rate poll (which you’ll find in this morning’s Speed Round, below) agree that the central bank could move ahead with more […]