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US Representative Edward Case visited the Egyptian House of Representatives yesterday, making him the first member of Congress to visit the legislature in three years, according to Al Masry Al Youm. Case met with the heads of the National Defense and Security and House Foreign Affairs committees.
Author Archives: enterpriseam admin
Posted inDiplomacy + Foreign Trade
El Sisi meets with Abu Dhabi’s bin Zayed
El Sisi, Abu Dhabi’s bin Zayed talk regional tensions: President Abdel Fattah El Sisi met yesterday with Abu Dhabi Crown Prince Mohamed bin Zayed to discuss recent regional developments, including the striking of two Saudi oil pumping stations by Iran-backed Houthi rebels earlier this week, according to an Ittihadiya statement. The two leaders talked about […]
Posted inEnergy
Egypt offers 13 LNG cargoes in auction
The Egyptian Natural Gas Holding Company (EGAS) is offering 13 LNG cargoes in a number of auctions for shipment in June and July, Reuters reports. Egypt is expected to export 12 mn tonnes of natural gas worth USD 2 bn in FY2019-2020.
Posted inBanking + Finance
Central Bank of Egypt, EBRD look to set up new entity to settle gov’t bonds
The Central Bank of Egypt and the European Bank for Reconstruction and Development (EBRD) are looking into setting up a new specialized body to settle government bonds and set up a comprehensive electronic system for their trading, sources close to the matter tell Al Mal. The new entity will take over tasks that are currently […]
Posted inOther Business News of Note
Nine companies submit offers for development of Delta Steel Mill Company
Nine companies have submitted proposals for the USD 45 mn development of the Delta Steel Company, Chemical Industries Holding Company Chairman Medhat Nafi tells Youm7. The company aims to increase its annual production tenfold to 500k tonnes of steel billets, from a current 50k tonnes.
Posted inLegislation + Policy
Egypt’s draft Social Security and Pensions Act to reach parliament by June
The Social Solidarity Ministry will send the Social Security and Pensions Act to the House of Representatives for review and approval at the beginning of June, an unidentified source tells Al Mal. The bill aims to amend the overall framework governing social welfare and pensions programs by guaranteeing the right to unemployment benefits and establish […]
Posted inMy Morning Routine
My Morning Routine: Hassan Massoud, principal equity lead, Egypt & Southern Mediterranean at the EBRD
My Morning Routine looks each week at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Hassan Massoud, principal equity lead for Egypt and the Southern Mediterranean at the European Bank for Reconstruction and […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.02 | Sell 17.12 EGP / USD at CIB: Buy 16.99 | Sell 17.09 EGP / USD at NBE: Buy 17.01 | Sell 17.11 EGX30 (Wednesday): 13,809 (-1.5%) Turnover: EGP 380 mn (53% below the 90-day average) EGX 30 year-to-date: +5.9% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
May: 50 Egyptian companies are set to visit Libya to discuss trade, investment and reconstruction. May: An IMF delegation will be in town to conduct its final review of the reform program ahead of the disbursement of the sixth and final tranche of Egypt’s USD 12 bn IMF loan. 23 May (Thursday): Central Bank of […]
Posted inWhat We're Tracking Today
What we’re tracking on 15 May 2019
Good morning, friends — take heart, it is nearly the weekend. Still, we have plenty of interesting news for you this morning, so there’s that. Investors are still getting their collective head around the odds (and implications) of a protracted US-China trade war, the talking heads tell us. Wall Street recovered on Tuesday, but Asian […]