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Egypt is hoping to attract 12 mn tourists in FY2019-2020, an 11% y-o-y increase, according to a government document seen by Reuters. The government is also looking at increasing the cumulative number of nights spent by tourists in the country to 127 mn from 113 mn during the last fiscal year. Tourist arrivals in Egypt […]
Author Archives: enterpriseam admin
Posted inTelecoms + ICT
Telecom Egypt signs agreements with China’s ZTE and China Telecom
Telecom Egypt (TE) has signed a cooperation agreement with China’s ZTE to establish a training center in Egypt, the Communications Ministry said in a statement. TE also signed an MoU with China Telecom to exchange know-how in customer service, Iptv, and connecting fiber optic cables to homes.
Posted inAutomotive + Transportation
Tunnel authority to launch tender for 23 train cars in phase 1 of Metro Line 4
The National Authority for Tunnels (NAT) will soon launch a tender to purchase 23 train cars for the first phase of Cairo Metro Line 4, authority boss Assem Wali said, according to Al Mal. The authority had called off an earlier tender after receiving an offer from the only qualified company, Japan’s Mitsubishi Corporation, that […]
Posted inAutomotive + Transportation
Car makers want representation on gov’t price-monitoring committee
Private sector auto manufacturers are looking to get in on a government committee aimed at providing a price guide to consumers by monitoring the market’s “random price increases,” Egyptian Automotive Manufacturers’ Association spokesman Khaled Saad tells Al Mal. Manufacturers say their representation in the committee would provide market data and help keep prices in check. […]
Posted inBanking + Finance
CBE signs MoU with Dubai financial regulator
The Central Bank of Egypt signed an MoU with the Dubai Financial Services Authority (DFSA) at the end of July to strengthen regulatory ties, the DFSA said in a statement yesterday. CBE Governor Tarek Amer said that the agreement will “promote the safety and soundness” of Egypt’s banking sector and accelerate the exchange of information […]
Posted inBanking + Finance
Global Finance gets factoring license from the FRA
Global Lease’s factoring arm Global Finance has been awarded its factoring license from the Financial Regulatory Authority (FRA) and plans to begin operations immediately, Chairman Hatem Samir tells Al Mal.
Posted inOther Business News of Note
Carrefour plans to open 160 new branches across several governorates
Retail chain Carrefour is planning to open 160 new branches across several governorates in the coming few years, unnamed sources tell the local press. The new branches will mostly be rented.
Posted inEgypt Politics + Economics
Parliamentary elections to be held at the end of 2020
Egypt’s next parliamentary elections are due to be held at the end of 2020 once the fifth and final legislative session of the current parliament comes to a close, Deputy House Speaker Soliman Wahdan said, according to Ahram Online. The upcoming legislative session is due to begin in October and end in June 2020.
Posted inON YOUR WAY OUT
Amateur Egyptologist uses 5000-year-old Egyptian yeast to bake bread
An amateur Egyptologist has used more than 5,000 year-old yeast and used it to bake bread. Sourced from ancient Egyptian pottery held in Boston’s Museum of Fine Arts, Seamus Blackley used a complex sterilization process before using the yeast to make sourdough, documenting it step-by-step on his Twitter page.
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.50 | Sell 16.60 EGP / USD at CIB: Buy 16.49 | Sell 16.59 EGP / USD at NBE: Buy 16.51 | Sell 16.61 EGX30 (Wednesday): 13,881 (+1.7%) Turnover: EGP 725 mn (23% above the 90-day average) EGX 30 year-to-date: +6.5% THE MARKET ON WEDNESDAY: The EGX30 ended […]