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The Suez Canal Authority (SCA) has reportedly reached an agreement with the Finance Ministry that will see the ministry paying off the USD 600 mn the authority owes to state-owned banks, Al Shorouk reports. Under the agreement, the authority will pay off the remaining USD 300 mn it owes to the banks on its own. […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Aman for Microfinance plans to double capital to EGP 100 mn by year-end
Raya Holding’s Aman for Microfinance is planning to double its capital by year-end to EGP 100 mn, Aman’s CEO Ahmed El Khatib said, according to Al Mal. The increase is part of its expansion strategy, as the company is planning to raise its loans portfolio to EGP 500 mn and set up 30 new branches.
Posted inOther Business News of Note
Customs, IDA to form a committee to resolve investors’ import problems
The Industrial Development Authority (IDA) and the Customs Authority are set to form a committee tasked with resolving investors’ problems related to customs and imports needed for manufacturing, Al Mal reports. The committee would meet on a weekly basis to review these cases, and would be required to resolve them and put forth suggestions to […]
Posted inOther Business News of Note
Gov’t liquidates loss-making Egyptian Company for Ports and Dry Ports
The Transport Ministry has liquidated the Egyptian Company for Ports and Dry Ports for incurring EGP 13 mn in losses since it was formed in June 2017, a source told Al Mal. The company also failed to join one of the bidding consortiums to build the USD 100 mn 6 October dry port, despite competing […]
Posted inOther Business News of Note
GTH kicks to 26 June general assembly meeting to vote for EGP 11.2 bn capital increase
Emerging markets telecom operator Global Telecom Holding (GTH) has postponed to 26 June its general assembly meeting to vote for a capital increase of EGP 11.2 bn through a rights issue on the bourse, according to an EGX disclosure (pdf). The company said this came after majority shareholder Veon Holdings rescheduled debt repayments scheduled for […]
Posted inEgypt Politics + Economics
Lawyer Samir Sabry calls for the closure of BBC’s Egypt office
Lawyer Samir Sabry has called for the closure of the BBC office in Egypt in response to recent “biased” coverage, Egypt Today reports. The BBC hosted an Egyptian officially listed as a terrorist on Friday, prompting criticism from the Egyptian government. The State Information Service has demanded a formal apology from the broadcaster, which it […]
Posted inEgypt Politics + Economics
Gov’t, CBE to establish debt clearing company
The Finance Ministry, the Central Bank of Egypt, and Misr for Central Clearing, Depository and Registry (MCDR) will establish next month a new company that will handle all the clearing and registry of government debt issuances, as well as collect taxes from these issuances, Al Mal reports. The company will be operational before June.
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.23 | Sell 17.33 EGP / USD at CIB: Buy 17.22 | Sell 17.32 EGP / USD at NBE: Buy 17.24 | Sell 17.34 EGX30 (Sunday): 14,841 (+0.4%) Turnover: EGP 478 mn (49% below the 90-day average) EGX 30 year-to-date: +13.9% 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 24 March 2019
It’s interest rate week. Will the central bank cut rates when its monetary policy committee meets on Thursday? Economists are split, with six of the 10 with whom we spoke suggesting that a rate cut is possible. We have the rundown in this morning’s Speed Round, below. How is it already the last full week […]