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DISPUTE WATCH- Egypt to pay Israel USD 500 mn settlement to end seven-year gas dispute: Egypt has agreed to pay USD 500 mn over 8.5 years to the Israel Electric Corporation (IEC) as a settlement for halting natural gas shipments in 2012, the Egyptian General Petroleum Corporation (EGPC) and EGAS said yesterday in a statement […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt FDI falls in 2018 amid global investment drop-off
Foreign direct investment into Egypt fell 8.2% in 2018 amid global investment drop-off: Egypt retained its position as the largest recipient of foreign direct investment in Africa last year despite inflows falling 8.2% to USD 6.8 bn, according to UN figures. UNCTAD’s 2019 World Investment Report shows that inflows mostly went to the oil and […]
Posted inSpeed Round
Egypt’s House budget committee to vote on draft budget on Wednesday
BUDGET WATCH- House budget committee to vote on draft budget this Wednesday: The House’s Budget and Planning Committee is expected to vote on the draft FY2019-2020 budget this Wednesday after completing its report, parliamentary sources said. That could set up a vote on the document as early as next week when the House general assembly […]
Posted inSpeed Round
Intelli Coders launches encrypted email service allowing blockchain crypto payments
Egyptian company launches encrypted email service to allow blockchain crypto payments: Egyptian web firm Intelli Coders is aiming to make accessing online privacy tools and cryptocurrency exchanges in the Middle East easier with Dmail, which launched on 1 June in beta, Coindesk reports. Messages sent on Dmail include encrypted social and payment information, allowing bitcoiners easier […]
Posted inSpeed Round
BdC net profits triple year-on-year in 1Q2019
EARNINGS WATCH- Banque du Caire (BdC) net profits almost tripled year-on-year to EGP 1.21 bn in 1Q2019, up from EGP 407 mn in the same quarter last year, according to Al Ahram. The bank’s net interest income grew 58% y-o-y to EGP 2 bn during the quarter. “FY2019 came on the back of the positive […]
Posted inEGYPT IN THE NEWS
Egypt in the News on 17 June 2019.
There’s nothing going on in Egypt that merits much attention in the foreign press this morning: A piece in The National looks at the Mohamed Salah-fronted ad campaigns currently sweeping the nation’s airwaves and filling social media feeds. But that’s it.
Posted inON THE FRONT PAGES
Egypt committed to supporting Gulf against destabilizing attempts
Egypt is committed to supporting the Gulf in its efforts against destabilizing attempts, President Abdel Fattah El Sisi said in a meeting with UAE Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan, Al Ahram and Al Akhbar reported. The president also met with his government to discuss a fund to compensate martyrs and wounded […]
Posted inWorth reading
Egypt has Africa’s second highest renewable energy capacity, but we’re still not reaching our potential
Egypt has Africa’s second-highest renewable energy capacity, but we’re still not reaching our potential: Egypt ranks second in Africa in terms of renewable energy capacity, with statistics from the International Renewable Energy Association (IRENA) showing that power plants and other installations that use renewables can generate up to 4,813 MW of electricity per year, CNBC […]
Posted inDiplomacy + Foreign Trade
El Sisi reaffirms solidarity with UAE in face of “destabilizing attempts”
El Sisi meets UAE FM Abdullah bin Zayed Al Nahyan: President Abdel Fattah El Sisi reaffirmed Egypt’s solidarity with the UAE in the face of “destabilizing attempts” in the Gulf in a meeting yesterday with UAE Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan, according to an Ittihadiya statement.
Posted inBasic Materials + Commodities
Cotton-cultivated land shrinks by 36.8% this season
The size of agricultural lands cultivated with cotton fell this season by 36.8% compared to last year to about 193,000 feddans, local press reported, citing Agriculture Ministry officials. The fall is due to weather conditions and low selling prices last season which discouraged farmers from growing the crop.