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EGP / USD CBE market average: Buy 16.49 | Sell 16.62 EGP / USD at CIB: Buy 16.50 | Sell 16.60 EGP / USD at NBE: Buy 16.50 | Sell 16.60 EGX30 (Tuesday): 15,000 (-0.7%) Turnover: EGP 712 mn (17% above the 90-day average) EGX 30 year-to-date: +15.1% THE MARKET ON TUESDAY: The EGX30 ended […]
Author Archives: enterpriseam admin
Posted inCALENDAR
September: Cairo will host an Egypt-Hungary business forum, according to a Trade Ministry statement (pdf) 2-4 September (Monday-Wednesday): The Big 5 Construct Egypt, Egypt International Exhibition Center, Nasr City, Cairo. 3-4 September (Tuesday-Wednesday): Shared Services and Outsourcing Forum Middle East, Nile Ritz Carlton, Cairo. 8 September (Sunday): The Supreme Administrative Court has postponed appeals filed […]
Posted inWhat We're Tracking Today
What we’re tracking on 3 September 2019
It’s PMI day: The purchasing managers’ index for Egypt, the UAE and Saudi Arabia will be released this morning at 06:15 CLT. Non-oil business activity grew in July after two months of contraction, buoyed by a slight growth in output and new orders. Other key data points to keep your eye on in the coming […]
Posted inEnterprise+: Last Night’s Talk Shows
No particular theme driving the conversation on Egypt’s airwaves last night
It was a mixed bag of nuts on the airwaves last night, with no particular topic dominating the conversation. Discussions of the new floating customs exchange rate, automotive sales, and a new presidential health initiative all got some airtime. El Hekaya’s Amr Adib phoned advisor to the finance minister for customs affairs Magdy Abdel Aziz […]
Posted inSpeed Round
Floating customs exchange rate could raise inflation -analysts
Floating customs rate could raise inflation -analysts: The decision to float the customs exchange rate could drive inflation up in the coming months if the EGP depreciates sharply against the USD, analysts told Reuters yesterday. Earlier this week, the Finance Ministry reversed a decision to set the customs exchange rate on a monthly basis, a […]
Posted inSpeed Round
Fuel subsidy spending falls 30% in FY 2018/2019, beating gov’t targets
Fuel subsidy spending falls 30% in FY2018-2019, beating gov’t targets: The government’s fuel subsidies bill fell 30% in FY2018-2019, beating spending targets outlined in the state budget, an Oil Ministry official told Reuters. Fuel subsidy spending last year came in at EGP 85 bn, EGP 4 bn lower than the budget target. In comparison, the […]
Posted inSpeed Round
Will Egypt’s auto manufacturers incentives strategy see the light of day soon?
Will the auto manufacturers incentives strategy see the light of day soon? The Madbouly Cabinet’s economic group reviewed yesterday a proposed package of incentives for automotive manufacturers to spur domestic manufacturing and assembly, according to a Cabinet statement. Prime Minister Moustafa Madbouly ordered the finance and trade and industry ministries to complete all the necessary […]
Posted inSpeed Round
Naguib is waiting on the Mineral Resources Act’s exec regs before deciding on gold investments in Egypt
Naguib is waiting on Mineral Resources Act exec regs before deciding on gold investments in Egypt: The executive regulations to the newly-ratified Mineral Resources Act will determine whether or not Naguib Sawiris will invest in Egypt’s gold and copper mining industry, he tells Al Arabiya TV (watch, runtime: 3:44). The details of the regulations have […]
Posted inSpeed Round
FRA to issue licenses for SME credit rating agencies
REGULATION WATCH- Market regulator paves the way for SME bond sales: SMEs will soon be able to issue short- and medium-term bonds after the Financial Regulatory Authority (FRA) gave the go-ahead to SME credit rating agencies to obtain licenses, the regulator said in a statement (pdf). FRA Chairman Mohamed Omran said the move aims to […]