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EGP / USD CBE market average: Buy 16.96 | Sell 17.08 EGP / USD at CIB: Buy 16.97 | Sell 17.07 EGP / USD at NBE: Buy 16.97 | Sell 17.07 EGX30 (Monday): 13,379 (-1.1%) Turnover: EGP 415 mn (48% below the 90-day average) EGX 30 year-to-date: +2.6% THE MARKET ON MONDAY: The EGX30 ended […]
Author Archives: enterpriseam admin
Posted inCALENDAR
May: 50 Egyptian companies are set to visit Libya to discuss trade, investment and reconstruction. 23 May (Thursday): Central Bank of Egypt’s Monetary Policy Committee will meet to review interest rates. 27-28 May (Monday-Tuesday): UK International Trade Secretary Liam Fox will visit Egypt for meetings with senior officials on boosting bilateral trade and investments. 28 […]
Posted inWhat We're Tracking Today
What we’re tracking on 20 May 2019
As many as 17 people were injured yesterday after an explosive device hit a touristbus near the Grand Egyptian Museum, the Associated Press reports. Security sources speaking to Reuters placed the figure at 12. Most of those hurt were South African tourists. No deaths have yet been reported. It was the second time this year […]
Posted inEnterprise+: Last Night’s Talk Shows
Check back after Ramadan for our daily roundup of last night’s talk shows. The talking heads are on vacation this month.
Posted inSpeed Round
When will we see capex spending pick up?
EXCLUSIVE- With interest rates likely to be left on hold this week, don’t expect a pickup in capex spending this year. The central bank’s 100 bps cut in February was a step in the right direction, but was nowhere near enough to spur capex spending by a business community stuck in a high interest rate […]
Posted inSpeed Round
Egypt expects subsidy spending to come in EGP 13 bn below budget in FY2018-2019
EXCLUSIVE- FinMin expects subsidy spending to come in EGP 13 bn below budget this fiscal year thanks to lower oil prices: The Finance Ministry has revised downwards to EGP 315 bn from EGP 328 bn its total subsidy expenditure forecast for the current fiscal year, two senior officials told Enterprise. The downward revision comes as […]
Posted inSpeed Round
Gov’t understands the importance of Egypt’s automotive strategy but lacks the correct vision, says Raouf Ghabbour
Ghabbour says gov’t lacks vision for the automotive industry: The Madbouly Cabinet’s economic group has made it clear that it wants to come up with a strategy to encourage automotive manufacturing in Egypt, but it’s being held back by a lack of vision for the sector, GB Auto Chairman Raouf Ghabbour tells Al Masry Al […]
Posted inSpeed Round
UAE’s Al Fahim and Zurich Capital to invest USD mn in Egypt
INVESTMENT WATCH- UAE’s Al Fahim, Zurich Capital to invest USD 500 mn in Egypt: The UAE’s Al Fahim Group will partner with Zurich Capital Funds Holding to invest USD 500 mn in Egypt, according to the local press. The two are looking at opportunities in tourism, real estate and finance sectors, among others. No further […]
Posted inSpeed Round
Bank Audi, NBG to present acquisition bid to the central bank in two week
M&A WATCH- Bank Audi, NBG seeking central bank signoff on sale: Bank Audi and the National Bank of Greece (NBG) plan will seek Central Bank of Egypt signoff within two weeks on a transaction that would see Audi acquire NBG’s operations in Egypt, Al Shorouk reported. Bank Audi announced earlier this month that it would […]