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The Trade and Industry Ministry is mulling issuing four “exceptional” steel manufacturing licenses to resolve recent instability in the steel market resulted from a decision by the ministry last month to impose a 15% duty tax on steel imports, an Industrial Development Authority official said, according to Hapi Journal. The licenses would be issued under […]
Author Archives: enterpriseam admin
Posted inOther Business News of Note
China consumer tech company Riversong expands into Egypt
Consumer technology company Riversong has signed a deal with the Egyptian General Commerce Company (GCC) to expand into North Africa, according to Channel EMEA. The China-based tech firm manufactures smartphones and other consumer tech.
Posted inOther Business News of Note
Facebook to charge 18% VAT on Egypt-based advertisers not registered for VAT
Facebook has announced that Egypt-based advertisers without a valid VAT identification number will be charged an increased 18% rate of VAT, Think Marketing reports. VAT, which was introduced in Egypt in FY2016-17, is currently at 14%. The Finance Ministry is working to issue a law on taxing e-commerce, including imposing taxes on social media ads.
Posted inEgypt Politics + Economics
NAT asks gov’t for allocation increase in FY2019-20 budget
The National Authority for Tunnels (NAT) has asked the government to increase its allocation in the FY2019-20 state budget to EGP 44 bn, up from EGP 10 bn, Al Shorouk reported. Representatives from the authority told the House of Representatives yesterday that the increase is needed to complete the electric train project to connect Cairo […]
Posted inON YOUR WAY OUT
World Boxing Federation Super Welterweight World Title fight takes place next week
Save the date: GB Auto’s very own Andre Valavanis squares off against veteran Thai boxer Narong Bunchan in the ‘Battle on the Nile’ next week. The World Boxing Federation Super Welterweight World Title fight will take place next Friday, 24 May, at the Greek Club in Heliopolis. Tickets are available here. Other fights will include […]
Posted inON YOUR WAY OUT
World’s longest iftar table coming to a new administrative capital near you
My table’s bigger than your table: The new administrative capital will be the site of an attempt to break the Guinness World Record for the longest iftar table during the last 15 days of Ramadan, according to Egyptian Streets. The Administrative Capital for Urban Development (ACUD) will attempt to break the record of 2,893.64 meters […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.03 | Sell 17.13 EGP / USD at CIB: Buy 17.02 | Sell 17.12 EGP / USD at NBE: Buy 17.03 | Sell 17.13 EGX30 (Monday): 14,905 (-1.5%) Turnover: EGP 686 mn (16% below the 90-day average) EGX 30 year-to-date: +6.7% THE MARKET ON MONDAY: 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. 14 May (Tuesday): Egyptian Private Equity […]
Posted inWhat We're Tracking Today
What we’re tracking on 13 May 2019
Week one of Ramadan is now over, ladies and gentlemen. Look for amendments to the mineral resources act to go to the House of Representatives today. We have the full rundown in this morning’s Speed Round, below. Did the unexpected cooling-off of inflation in April give the central bank room to cut interest rates when […]