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The local wheat supply season ended on 15 July, with the government having bought 3.3 mn tonnes from farmers for a total of EGP 2.24 bn, up from 3 mn tonnes the previous year, according to a Supply Ministry statement. The purchase came at an average price of EGP 670 per ardib. Minister Ali El […]
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Gov’t to purchase 75-80k tonnes from sugar producers to clear market oversupply
The Supply Ministry could purchase between 75-80k tonnes of sugar from sugar beet producers to help them clear off stacked inventories, ministry sources told the press. The ministry is currently in talks with state-owned Dakahlia Sugar & Refining, El Nubaria for Sugar Refining, and Delta Sugar Company to purchase the sugar at EGP 7,000, a […]
Posted inBasic Materials + Commodities
Egyptian onions could see falling price crisis in Saudi as exporters use middlemen
Egyptian onions are being dumped in the Saudi market as a result of exporters relying on middlemen to bring onions to the kingdom, causing prices to fall, exporters say. Exporters working with brokers are offering higher quantities at lower prices. This could lead to “a new crisis” for onion exports into the Kingdom, which has […]
Posted inReal Estate + Housing
Mariout Hills to complete north coast Eco City project by 2023
Mariout Hills has confirmed plans to finish its USD 168 mn sustainable Eco City project on the north coast by 2023, Reuters reports. The project will be developed in two phases, with the hotel set to use solar energy and air condensation for its power and water requirements. Phase 1 is scheduled for completion in […]
Posted inAutomotive + Transportation
Kamel El Wazir, Sahar Nasr talk transport investments with EBRD’s Heckman
Transport Minister Kamel El Wazir and Investment Minister Sahar Nasr met yesterday with the European Bank for Reconstruction and Development’s managing director for the southern and eastern Mediterranean, Janet Heckman, to follow up on railway projects the bank is financing, according to a Transport Ministry statement.
Posted inEgypt Politics + Economics
Court to hear appeals for and against decision to impose 15% import duty on iron billets on 4 Aug
The Supreme Administrative Court will hear on 4 August a total of eight appeals filed by the State Lawsuits Authority and a number of companies to bring back the now-canceled 15% import duty on iron billets, the local press reported. An administrative court earlier this week turned down the Trade Ministry’s appeal to reinstate the […]
Posted inMy Morning Routine
Janet Heckman, managing director for the southern and eastern Mediterranean (SEMED) region, country head of Egypt, EBRD
Janet Heckman, managing director for the southern and eastern Mediterranean (SEMED) region, country head of Egypt, EBRD: My Morning Routine looks each week at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Janet […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.55 | Sell 16.67 EGP / USD at CIB: Buy 16.55 | Sell 16.65 EGP / USD at NBE: Buy 16.56 | Sell 16.66 EGX30 (Wednesday): 13,642 (-0.6%) Turnover: EGP 426 mn (34% below the 90-day average) EGX 30 year-to-date: +4.6% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
July: The National Railway Authority will launch a tender for the purchase of 100 new locomotives expected to be financed through an agreement with the European Bank for Reconstruction and Development (EBRD). 14-18 July (Sunday-Thursday): The government is expected to announce the details of the new export subsidies framework. 19-21 July (Friday-Sunday): LED Middle East […]
Posted inWhat We're Tracking Today
What we’re tracking on 17 July 2019
The Americans are coming: Economic reform has made Egypt more attractive to US investors, US Chamber of Commerce Executive VP Myron Brilliant told Prime Minister Moustafa Madbouly during a meeting yesterday, according to a cabinet statement. Companies are particularly looking to invest in Egypt’s energy, health and digital sectors, he said. We’ll also be treated […]