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Etihad Airways will launch four weekly flights between Abu Dhabi and Alexandria, running from 2 July to 31 August, the airline said in a statement. The addition of these seasonal flights will extend Etihad’s flights to Egypt to 32 per week: 28 to Cairo and four to Alexandria.
Author Archives: enterpriseam admin
Posted inBanking + Finance
EFG’s valU to launch in Upper Egypt next quarter
EFG Hermes’ mobile app valU is planning to expand into Upper Egypt next quarter, starting with Minya and Assiut, CEO Walid Hassouna told Mubasher. The fintech solutions arm is targeting growing twofold in the volume of payment-on-instalment services provided this year.
Posted inOther Business News of Note
GOEIC to revoke 10k companies’ rights to import their goods into Egypt
The General Organization for Export and Import Control (GOEIC) is planning to remove 10k companies from its importers database, which will prevent these companies from importing goods, GOEIC head Ismail Gaber said, according to the local press. Gaber did not disclose the names of any of the companies, or the reason for their removal.
Posted inOther Business News of Note
Military Production Ministry signs MoU with UK’s BlueMAC to set up recycling facilities in Egypt
The Military Production Ministry signed yesterday an MoU with the UK’s BlueMAC Manufacturing to cooperate on setting up recycling factories across Egypt, the ministry said in a statement. The ministry didn’t explicitly state whether the factories will manufacture waste recycling equipment, which is a specialty of BlueMAC, or use recycled waste as a raw material […]
Posted inEgypt Politics + Economics
Egypt’s ACA arrests banker, former journalist accused of embezzling EGP 25 mn
The Administrative Control Authority (ACA) has arrested a banker and a former journalist accused of embezzling EGP 25 mn from an unnamed bank, Youm7 reports. The two are alleged to have forged an ID card to access a client’s bank account, from which they embezzled money to purchase property on the Zamalek and Alexandria corniches, […]
Posted inEgypt Politics + Economics
Gov’t transfers EGP 17.5 bn worth of assets into sovereign wealth fund
Assets worth EGP 17.5 bn have been transferred to Egypt’s sovereign wealth fund (SWF), including a conference hall in Nasr City and the Bibliotheca Alexandrina, Planning Minister Hala El Said said, according to Al Mal. The government has hired legal and financial advisory firms to help it draft short- and medium-term strategies for the fund, […]
Posted inON YOUR WAY OUT
IBM to open two client service centers in Cairo in regional expansion push
IBM is due to open an Innovation and Industry Client Center and a Marketing Services Center in Cairo, designed to provide clients with access to high-level technical expertise, Egypt Today reports. The two centers will support Egypt’s push for increased digitization in the public and private sectors, as well as giving IBM strategic positioning within […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.6494 | Sell 16.7494 EGP / USD at CIB: Buy 16.64 | Sell 16.74 EGP / USD at NBE: Buy 16.65 | Sell 16.75 EGX30 (Tuesday): 13,831.23 (-0.26%) Turnover: EGP 573 mn (20% below the 90-day average) EGX 30 year-to-date: +6.1% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
25-26 June (Tuesday-Wednesday): US-backed conference on the ‘economic dimension’ of Trump’s Mideast peace plan, Manama, Bahrain. 28-29 June (Friday-Saturday): G20 Global Economic Summit, Osaka, Japan. 30 June (Sunday): June 2013 protests anniversary, national holiday. July: Customs officials from Egypt and the US will sit down to discuss “procedural and administrative matters” as part of the […]
Posted inWhat We're Tracking Today
What we’re tracking on 25 June 2019
The Trump administration’s long-awaited Palestinian economic development workshop kicks-off today in Manama, Bahrain and will surely dominate regional headlines toady and tomorrow. Egypt, Jordan, Morocco and the Gulf states will all be attending the event, which is being held to discuss the USD 50 bn economic development plan due to be unveiled by White House […]