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May to Egypt: Don’t hold your breath on direct flights to Sharm. UK Prime Minister Theresa May told President Abdel Fattah El Sisi at the EU-Arab League summit in Sharm that although ties between the two countries remain strong, a ban on direct flights to Sharm El Sheikh is still “under review,” the Sun reports. […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Russia “may” resume flights to Egypt’s Red Sea resorts in the near future
Do the Russians, at least, know what’s up? Direct flights from Russia to the Red Sea tourist destinations “fully” resume in the near future, but there’s still no official deadline, Russian Federation Council Foreign Affairs Committee Chairman Konstantin Kosachev told Egypt’s ambassador to Russia Ihab Nasr, according to TASS. “We are close to resuming these […]
Posted inSpeed Round
FRA issues regulations to activate short selling
Habemus short selling: The Financial Regulatory Authority (FRA) took a giant leap forward in the drive to bring short selling to the Egyptian Exchange when it issued regulations yesterday that allow brokerage firms to act as market makers by finding lenders and borrowers of stocks, the market regulator said in a statement. Under the regulations, […]
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Trade & Industry Ministry agrees to pay EGP 7.8 bn of export subsidies
Trade Ministry reportedly agrees to pay export subsidies worth EGP 7.8 bn: The Trade and Industry Ministry will pay EGP 7.8 bn worth of overdue export subsidies to exporters, ministerial adviser Hossam Farid was quoted as saying by Hapi. His statement came during a meeting between ministry officials and the Egyptian Businessmen’s Association (EBA) to […]
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Qalaa’s Egyptian Refining Company goes online in 3Q2019
Qalaa’s ERC goes online in 3Q2019: Egyptian Refining Company (ERC)’s USD 4.3 bn facility will be up and running in the third quarter of the year, Qalaa Holdings, the company leading the project, said in an EGX disclosure (pdf). The facility is now 99.28% complete, and is running trial operations until the second quarter, the […]
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Aramco to supply Egypt with 500k barrels of crude per month until June
Aramco to pump crude to Egypt’s refineries through June: Saudi Aramco will be supplying Egypt with 500k barrels of crude through June, Oil Minister Tarek El Molla said, according to Reuters’ Arabic service. The Saudi giant had been supplying Egyptian refineries with the monthly amount of crude, initially to the Middle East Oil Refinery (Midor), […]
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NBK Capital Partners’ Kaumeya Language School acquires KIAS
M&A WATCH- NBK Capital Partners’ Kaumeya Language School acquires KIAS: NBK Capital Partners’ Kaumeya Language School has acquired King Integrated American School (KIAS) in Alexandria amid growing interest in Egypt’s education market, the firm said in press release (pdf). Rebranded as KLS King Mariut, the school will roll out a British curriculum starting the next […]
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Sarwa Capital’s 4Q profit unchanged, volatility seen in the short term
EARNINGS WATCH- Sarwa Capital’s 4Q profit unchanged, volatility seen in the short term: Structured- and consumer-finance firm Sarwa Capital’s 4Q2018 net income was unchanged compared to a year earlier at EGP 34.6 mn, impacted by one off items such as IPO fees and provision for the health insurance tax, the company said in a statement […]
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Shoukry criticises use of UN Human Rights Council for political ends
Shoukry criticizes use of UN Human Rights Council for political ends: Foreign Minister Sameh Shoukry was in Geneva yesterday for a meeting of the UN Human Rights Council, where he said that some have begun to use the council to settle political scores, according to a statement from the Foreign Ministry. Shoukry also attended yesterday […]
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