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Premier real estate developer Sodic is in talks with Banque Misr and other local banks to acquire a 3-5 year, EGP 1 bn facility for its projects in east and west Cairo, sources told Al Mal. The facility will be used to cover part of development costs estimated to be around EGP 8.8 bn. Sodic […]
Author Archives: enterpriseam admin
Posted inTourism
Tourism Ministry threatens to withdraw land allocations over unpaid overdue fees
The General Authority for Tourism Development has warned a number of tourism companies that it would withdraw their allocated land plots for failing to pay off their overdue fees and other payments owed to the authority, Al Shorouk reported. The authority has withdrawn 4.4 mn square meters from companies over the past two years for […]
Posted inAutomotive + Transportation
Egypt in talks with int’l financiers to fund railway electromechanical works
The Transport Ministry is in talks with international financiers to fund railway signaling system upgrades for the Giza-Beni Suef and the Luxor-Aswan lines, Minister Kamel El Wazir said, according to Al Mal. France’s Alstom is reportedly bidding to develop the Giza-Beni Suef line. The government is planning to spend EGP 56 bn in five years […]
Posted inOther Business News of Note
Africa News Agency to open office in Egypt as part of expansion efforts
South Africa-based syndicated news outlet Africa News Agency (ANA) is planning to expand its operations by setting up offices in Egypt, Nigeria and Kenya, it said in a statement last week picked up by South Africa’s Business Report. The company, which was launched in 2015, has said it will expand to other countries on the […]
Posted inNational Security
Egyptian, US Special Forces carry out counterrorism drills
Egyptian and American Special Forces carried out joint counterterrorism exercises in Egypt yesterday, the Armed Forces said in a statement. The exercises included neutralizing explosive devices and training on counterterrorism operations in open and residential areas.
Posted inON YOUR WAY OUT
Egypt is premiering its first-ever animated film this week
Egypt is premiering its first-ever animated film, The Knight and the Prince, at the Gouna Film Festival this week, according to Egypt Today. The film has been 20 years in the making, according to producer Abbas Bin El-Abbas. And we’re apparently also producing our first 3D sci-fi movie, 2050 Hell Siege, featuring robots and a […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.32 | Sell 16.44 EGP / USD at CIB: Buy 16.32 | Sell 16.42 EGP / USD at NBE: Buy 16.35 | Sell 16.45 EGX30 (Sunday): 15,023 (-0.6%) Turnover: EGP 467 mn (24% below the 90-day average) EGX 30 year-to-date: +15.3% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
17 September (Tuesday): E-Commerce Summit 2019, Nile Ritz Carlton, Cairo. 17-18 September (Tuesday-Wednesday): US Federal Open Market Committee will hold its two-day policy meeting to review the interest rate. 18 September (Wednesday): Egyptian Private Equity Association’s venture capital event (pdf) at the Conrad Hotel, Cairo. 21 September (Saturday): Cairo’s streets get really, really crowded as […]
Posted inWhat We're Tracking Today
What we’re tracking on 15 September 2019
It’s another accidental energy issue today, as energy-related headlines dominated the news at the end of last week and over the weekend. US Deputy Energy Secretary Dan Brouillette was in town last Thursday to launch the US-Egypt Strategic Energy Dialogue with Oil Minister Tarek El Molla and the head of the Electricity Holding Company Gaber […]