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El Sisi in Belarus and Romania to talk economic cooperation, strengthening ties: President Abdel Fattah El Sisi’s Belarus visit topped the front pages of the government dailies this morning (Al Ahram | Al Gomhuria).
Author Archives: enterpriseam admin
Posted inWorth watching
The Salvador Mundi has finally been located — floating off the coast of Sharm El Sheikh
The Salvador Mundi has finally been located — floating off the coast of Sharm El Sheikh: The whereabouts of Leonardo da Vinci’s 16th century masterpiece has been a mystery since it was sold at an auction for USD 450 mn in 2017. According to new intel, the painting is currently floating in the Red Sea […]
Posted inDiplomacy + Foreign Trade
Egypt, Japan sign USD 18 mn grant agreement for Cairo children's hospital
Japanese funding for children’s hospital: The Japanese International Cooperation Agency (JICA) will provide USD 18 mn for the expansion of the Abu El Rish children hospital in Cairo, the Investment Ministry said in a statement. JICA had recently promised a USD 250 mn loan to help finance the state’s universal healthcare plan, and said it […]
Posted inBasic Materials + Commodities
Egypt to build EGP 3 bn in logistics centers for dates, citrus in El Wadi El Gedeed
The government is planning to establish two logistics centers for dates and citrus fruits in El Wadi El Gedeed, the Supply Ministry’s Internal Trade Development Authority (ITDA) head Ibrahim Ashmawy said. The centers are expected to come at a combined investment cost of EGP 3 bn.
Posted inManufacturing
Heidelberg’s Tourah Cement suspends production, considers liquidation amid losses
Heidelberg Cement subsidiary Tourah Cement has suspended production and could resort to liquidation due to financial distress caused by oversupply in the market, Managing Director Jose Maria Magrina said last week in a message to employees seen by Reuters. The company said estimated consumption during the current year will end at about 50 mn tonnes […]
Posted inTourism
Colliers expects Sharm to top hotel rooms revenue growth this year, still lags in occupancy
Sharm El Sheikh’s revenue per available room (RevPAR) is expected to grow 33% in 2019 ahead of Hurghada (29%), Alexandria (25%) and Cairo (11%), Colliers International said in its MENA Hotel Forecasts reports (pdf). Sharm is still lagging behind other cities as far as occupancy rates are concerned, with a rate of 62%. Alexandria is […]
Posted inON YOUR WAY OUT
Six Egyptians make top 50 influential women in MENA finance list
Six Egyptians have made Financial News’ 50 Most Influential Women in Middle East Finance list: Noha El Ghazaly, head of investment banking at Pharos; Mona Zulficar, chairwoman of EFG Hermes and founding partner of Zulficar & Partners; Yasmin Al Gharbawie, general counsel at Qalaa Holdings Maha Heba EnayetAlla, Banque Misr’s head of strategy; Mervat Zohdy […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 16.7028 | Sell 16.8022 EGP / USD at CIB: Buy 16.67 | Sell 16.77 EGP / USD at NBE: Buy 16.71 | Sell 16.81 EGX30 (Monday): 14,241 (+0.2%) Turnover: EGP 671 mn (12% below the 90-day average) EGX 30 year-to-date: +9.3% THE MARKET ON MONDAY: The EGX30 ended […]
Posted inCALENDAR
1H2019 (date TBD): Investment Minister Sahar Nasr will head a delegation of businessmen into Mexico City to explore cooperation avenues with the Latin American country. June: International Forum for small and medium enterprises (SMEs). June: Egypt will host the first economic forum for Union for the Mediterranean (UfM) countries to promote trade and investment in […]
Posted inWhat We're Tracking Today
What we’re tracking on 17 June 2019.
We’re particularly happy to kick off this morning’s Speed Round with a run of investment and M&A news. Domestic and cross border, big ticket and small — there’s no better way to start your day. It’s shaping up to be a tech-heavy week: Fintech and ecommerce conference Seamless North Africa gets underway this morning at […]