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Banque du Caire (BdC) is in talks with an unnamed Arab financing institution to increase a USD 50 mn loan the bank received in February to USD 100 mn, BdC Chairman Tarek Fayed tells Al Shorouk. Fayed said back in February that the bank secured a USD 30 mn loan from an unnamed Arab institution. […]
Author Archives: enterpriseam admin
Posted inEgypt Politics + Economics
Gov’t aims to reduce poverty rate to 28% in FY2019-2020
The government aims to reduce the poverty rate to 28% this fiscal year, down from 32.5% in 2017-2018, sources close to the matter told the local press. The government could invest up to EGP 7 bn in housing, education and health projects in impoverished Upper Egypt governorates in response to the rising levels of poverty. […]
Posted inSports
Egypt lands gold in men’s and women’s table tennis at African Games in Morocco
Egypt’s winning streak at the 12th African Games continued yesterday after both the men’s and women’s table tennis teams defeated Nigeria to take home the gold. Egypt’s table tennis team has now secured tickets for the Tokyo 2020 Olympic Games through this double win, the Eagle Online reports.
Posted inON YOUR WAY OUT
Eight startups compete in Seedstars Cairo round
On-demand home healthcare service platform Hospitalia will be competing at seed-stage startup competition Seedstars Summit in Switzerland, after winning the Cairo round of the global competition, Startup MGZN reports. Hospitalia could land USD 500k in equity investments and other awards at the Swiss competition. RafiQ, a virtual assistant Android app tailored for Arabic users speaking […]
Posted inON YOUR WAY OUT
House representative calls for a ban on e-cigarettes in Egypt
House Rep. Amal Rizk-Allah is calling on the Trade Ministry to ban imports of e-cigarettes in Egypt on the grounds that they are a health hazard, according to Al Masry Al Youm. Rizk-Allah noted the World Health Organization has said e-cigarettes are no less harmful than normal cigarettes.
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.50 | Sell 16.63 EGP / USD at CIB: Buy 16.52 | Sell 16.62 EGP / USD at NBE: Buy 16.52 | Sell 16.62 EGX30 (Sunday): 14,341 (+0.1%) Turnover: EGP 974 mn (66% above the 90-day average) EGX 30 year-to-date: +10.0% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
August: Meetings of the Egyptian-Belarussian Committee for trade, economic, scientific and technical cooperation, Minsk. August: The National Railway Authority is expected to sign a 15-year maintenance agreement for 1,300 railcars it had agreed to purchase from Russia’s Transmashholding under a EGP 22 bn contract. 25-27 August (Sunday-Tuesday): G7 Summit, Biarritz, France. 28-30 August (Wednesday-Friday): Tokyo […]
Posted inWhat We're Tracking Today
What we’re tracking on 25 August 2019
Happy Sunday, ladies and gents: With the Eid break well and truly behind us, we’re anticipating the news cycle to finally start picking back up. The CBE’s aggressive 150 bps rate cut on Thursday was understandably the talk of Egypt’s econo-sphere over the weekend (more on this in this morning’s Speed Round), but we’re expecting […]
Posted inEnterprise+: Last Night’s Talk Shows
El Sisi visits France, Red Sea Mountain Trail recognized by Time Magazine
President Abdel Fattah El Sisi’s visit to the G7 summit in France kept the talking heads busy last night. The president is expected to give a speech focused on democracy, education, gender equality and the environment, Hona Al Asema’s Reham Ibrahim noted (watch, runtime: 03:28). For your Egypt-is-awesome news: The naming of Egypt’s Red Sea […]