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EGP / USD CBE market average: Buy 16.54 | Sell 16.67 EGP / USD at CIB: Buy 16.55 | Sell 16.65 EGP / USD at NBE: Buy 16.57 | Sell 16.67 EGX30 (Tuesday): 14,097 (+0.4%) Turnover: EGP 552 mn (19% below the 90-day average) EGX 30 year-to-date: +8.1% THE MARKET ON TUESDAY: The EGX30 ended […]
Author Archives: enterpriseam admin
Posted inCALENDAR
July: Customs officials from Egypt and the US will sit down to discuss “procedural and administrative matters” as part of the Trade and Investment Framework Agreements (TIFA). 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 […]
Posted inWhat We're Tracking Today
What we’re tracking on 9 July 2019
Good morning and happy hump day, everyone. We’re still barely halfway through the week, but we’re getting there. And we’re exactly two weeks away from the 23 July national holiday. Revolution Day will fall on a Tuesday, making a weekend bridge unlikely, but at least we’ll get a mid-week break. Expect a busy few days […]
Posted inEnterprise+: Last Night’s Talk Shows
The AU summit was the talk of the night on Egypt’s airwaves
It was yet another night of intense focus on African diplomacy on the airwaves last night as the African Union’s extraordinary summit wrapped up in Niger yesterday. Al Hayah Al Youm’s Lobna Assal took note of the summit’s closing ceremony, during which President Abdel Fattah El Sisi delivered a speech (watch, runtime: 5:03). The summit […]
Posted inSpeed Round
Draft Pensions Act sets social security rates for Egypt’s public and private sector employees
LEGISLATION WATCH- Employees will see 21% of their salaries go towards their pensions under the draft Social Security and Pensions Act: The House Manpower Committee has approved a number of articles in the new Social Security and Pensions Act that would see public and private sector workers pay 21% of their monthly salaries into a […]
Posted inSpeed Round
Egypt targets USD 700 mn of new investments in mining sector by 2030
The government wants to reel in USD 700 mn of new investments into the mining sector by 2030 and increase the sector’s contribution to GDP to USD 7 bn, the Oil Ministry said in a statement (pdf). The sector contributes 0.5% of GDP currently, the ministry said. The Mineral Resources Act amendments, which were approved […]
Posted inSpeed Round
Egypt approves Energean’s takeover of Edison’s oil and gas assets in Egypt
M&A WATCH- Oil Ministry approves Energean’s acquisition of Edison’s Egypt oil and gas assets: Oil Minister Tarek El Molla has given his preliminary approval to Energean’s takeover of Edison’s Egypt oil and gas assets, the local press reported, citing an unidentified industry source. The Greek energy company will remain committed to the exploration and production […]
Posted inSpeed Round
Orascom Construction adds USD 935 mn of backlog in 2Q
Orascom Construction boosts backlog with USD 935 mn in new projects in 2Q2019: Orascom Construction has added USD 935 mn to its backlog in 2Q2019, up 40% compared to a year earlier, the company said in a bourse filing (pdf). The new projects bring the company’s outstanding consolidated backlog to USD 4.6 bn as of […]
Posted inSpeed Round
Emaar to pay El Nasr EGP 100 mn to settle dispute
DISPUTE WATCH- Emaar to pay El Nasr EGP 100 mn to settle dispute: Property developer Emaar Misr has agreed to pay state-owned El Nasr Housing EGP 100 mn to settle their dispute, Public Enterprises Minister Hisham Tawfik told Al Mal. Emaar said earlier this week that the two companies will drop all arbitration cases against […]