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Al Marasem Development signed contracts for Sharia-compliant revolving credit facilities worth EGP 1.6 bn with a consortium of six banks to finance its residential project “Fifth Square” in Cairo’s Fifth Settlement, unnamed sources tell Al Mal. The Export Development Bank Of Egypt and Misr Iran Development Bank agreed to lend a combined EGP 425 mn […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Tamweely looks to grow to 38 branches in Egypt by 2019-end
State-owned NI Capital’s microfinance arm Tamweely is targeting growing its number of branches to 38 across 11 governorates by the year-end, according to a press release (pdf). The company’s expansion strategy for the year also sees its portfolio growing to EGP 700 mn in loans to north of 40k microfinance users. Tamweely also signed an […]
Posted inOther Business News of Note
Suez Canal Authority signs agreement to purchase two vessels
The Suez Canal Authority has signed an agreement to purchase two new towage vessels with a tow capability of 70 tonnes each from Maersk subsidiary Svitzer, reports Mubasher. The vessels are expected to be delivered within four months.
Posted inOther Business News of Note
SCCT expects losses this year on the back of rising fees in East Port Said
Suez Canal Container Terminal (SCCT) is expecting to incur losses this year due to its inability to compete amid rising fees in East Port Said Port, CEO Lars Christensen said, according to Reuters’ Arabic Service. SCCT, which is majority owned by Maersk subsidiary APM Terminals, has been making losses of USD 1 mn a month […]
Posted inNational Security
Egyptian-French joint naval drill kicks off in France
A joint Egyptian-French combined naval military activity titled 'Cleopatra-Gapian 2019' kicked off in France yesterday, carrying out drills focused on preventing terrorist acts, protecting cargo ships and searching suspicious vessels, the armed forces said in a statement.
Posted inON YOUR WAY OUT
Ja Rule comes to Egypt
Ja Rule comes to Egypt — are we going to host Fyre Festival 2.0? Rapper, Fyre festival investor, and walking meme Ja Rule, was in town with his wife over the weekend visiting the pyramids and the Great Library of Alexandria, according to online tab CairoScene. We can’t help but hope he wasn’t here to […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.27 | Sell 17.37 EGP / USD at CIB: Buy 17.28 | Sell 17.38 EGP / USD at NBE: Buy 17.26 | Sell 17.36 EGX30 (Sunday): 14,738 (+0.5%) Turnover: EGP 529 mn (43% below the 90-day average) EGX 30 year-to-date: +13.1% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
28 March (Thursday): Central Bank of Egypt’s monetary policy committee will meet to review interest rates. 28-30 March (Thursday-Saturday): International Conference on Advanced Machine Learning Technologies and Applications, Venue TBD, Cairo, Egypt. 30 March (Saturday): Traders Fair, Nile Ritz Carlton, Garden City, Cairo, Egypt. 30-31 March (Saturday-Sunday): International Conference on Architecture Engineering and Technologies, Grand […]
Posted inWhat We're Tracking Today
What we’re tracking on 31 March 2019
It’s the last day of the first quarter, ladies and gents, and we have just over a month to go before Ramadan. It’s also shaping up to be a very busy week on the foreign policy front before a mad-scramble of business news kicks off — we find April and May are traditionally two of […]