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Exports from Egypt’s customs-exempt SEZs reach USD 6 bn in 4M2019: The country’s customs-exempt special economic zones (SEZs) exported USD 6 bn-worth of products in the first four months of the year, according to an Investment Ministry statement. Projects in the zones reached 1,095 with capital of USD 12.5 bn, in addition to USD 2.15 […]
Author Archives: enterpriseam admin
Posted inEnergy
Saudi’s Alfanar to build USD 250 mn wind plant in Egypt
Saudi-based Alfanar Company is planning to build a USD 250 mn wind power plant in Egypt by no later than 2021, CEO Gamal Wadi said, without revealing any further details. The plant comes as part of the company’s global strategy to invest USD 1.6 bn in renewable energy projects producing a total 1.6 GW of […]
Posted inTourism
Egyptian hotel market revenue grows 34% y-o-y in 1Q2019
Revenue per available room (RevPAR) growth in Egypt’s hotel market grew 34% during 1Q2019 on the back of “relaxed” travel sentiment, according to a report by Colliers International cited by the local press. RevPAR is forecast to grow by an average 21% through 2019, with hotels in Cairo growing 99%, Alexandria 69%, Hurghada 42%, and […]
Posted inBanking + Finance
Makasa Sport to increase capital by EGP 58 mn, list on EGX
Makasa Sport is undergoing a capital increase as a preliminary step to listing on the Egyptian Exchange (EGX), Mohamed Abdel Salam, president of Misr Clearing Company and Central Depository, told the local press. Makasa Sport’s capital will increase to EGP 100 mn from EGP 42 mn in 2Q2019, with an IPO expected to take place […]
Posted inOther Business News of Note
Egypt’s state-owned HHD puts 32 land plots in Sheraton, Heliopolis up for sale
Heliopolis Housing and Development (HHD) is selling 32 land plots it owns in Sheraton, Heliopolis, through direct order agreements, the company said in an EGX disclosure (pdf). HHD’s Sahar Al Damati said in March the company is planning to sell off part of its land portfolio in the coming months to finance investment plans. The […]
Posted inLegislation + Policy
House approves bill on inland water transport
The House of Representatives has approved in principle a bill regulating inland water transport, Al Masry Al Youm reports. The bill would require motorboats to install GPS tracking devices. Infractions would result in imprisonment of no less than two years and a fine of no more than EGP 5,000.
Posted inEgypt Politics + Economics
Egypt’s parliament gives preliminary nod to 15% increase in military pensions
The House of Representatives' general assembly approved yesterday the text of a draft law to raise military pensions by 15%, but postponed a final vote due to lack of quorum, according to local press reports. Former military employees will see a minimum pension raise of EGP 150, and an increase in the minimum pension payout […]
Posted inON YOUR WAY OUT
CNN releases teaser ad for tourism to Egypt
CNN has released a teaser for its promotional campaign for tourism in Egypt under its recently-signed partnership agreement with the Tourism Ministry. The video is complete with dramatic panning shots of all your favorite tourist destinations in Om El Donia (watch, runtime: 2:20).
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.07 | Sell 17.17 EGP / USD at CIB: Buy 17.06 | Sell 17.16 EGP / USD at NBE: Buy 17.07 | Sell 17.17 EGX30 (Sunday): 14,122 (+0.4%) Turnover: EGP 244 mn (70% below the 90-day average) EGX 30 year-to-date: +8.30% THE MARKET ON SUNDAY: 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 […]