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El Sisi holds talks with Russian Security Council secretary: President Abdel Fattah El Sisi discussed promoting military and security cooperation in a meeting yesterday with Secretary of the Security Council of Russia Nikolai Patrushev, according to an Ittihadiya statement. Xinhua also took note of the meeting.
Author Archives: enterpriseam admin
Posted inInfrastructure
EEHC signs c.EGP 544 mn contract for Kafr El Sheikh power transformer station
The Egyptian Electricity Holding Company has signed a c.EGP 544 mn contract with a consortium of South Korea’s Hyosung and China’s ZTPC to build a power transformer station in Kafr El Sheikh, Al Masry Al Youm reports. The project will take up to 12 months to be completed.
Posted inInfrastructure
Egyptian Museum in Tahrir gets a EUR 1.3 mn facelift
The Louvre and the British Museum are among a consortium of European museums participating in a EUR 1.3 mn revamp of the Egyptian Museum in Tahrir Square, reports The Art Newspaper. The renovation, funded entirely by the EU, will focus on collection management, communications, and audience engagement.
Posted inBanking + Finance
FRA sets up insurance policy holder’s bailout fund
The Financial Regulatory Authority (FRA) issued regulations establishing the country’s first insurance policy holder’s bailout fund, the market regulator said in a statement. The FRA is drafting a new Insurance Act that would make it the primary regulator for the sector, governing everything from the establishment and licensing of insurance companies, to setting best practices […]
Posted inBasic Materials + Commodities
Egypt’s GASC purchases 360k of wheat in first tender under new payment terms
The General Authority for Supply Commodities (GASC) purchased 180k tonnes of French and 180k tonnes of Romanian wheat yesterday in Egypt’s first wheat tender under new payment terms, reports Reuters’ Arabic service. GASC paid an average price USD 2.14 lower than the price it paid three weeks ago, according to Agri Census (paywall), confirming expectations […]
Posted inON YOUR WAY OUT
Cairo’s stray dogs pose urban challenge
Does Egypt have a baladi dog problem? If you were anywhere near Cairo or Cairene social media in the last few months, you remember the apoplectic furor over the government exporting vast numbers of street cats and dogs to countries where puppies are food. Cairo’s baladi dog population may number up to 15 mn, with […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.58 | Sell 17.68 EGP / USD at CIB: Buy 17.57 | Sell 17.67 EGP / USD at NBE: Buy 17.58 | Sell 17.68 EGX30 (Tuesday): 13,977 (+0.5%) Turnover: EGP 1.1 bn (36% above the 90-day average) EGX 30 year-to-date: +7.2% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
03 February (Sunday): Cairo court to hear lawsuit against Peugeot Citroen. 05 February (Tuesday): Egypt’s Emirates NBD PMI for January released. 07 February (Thursday): Egypt Building Materials Summit, Venue TBD, Cairo, Egypt 11-13 February (Monday-Wednesday): Egypt Petroleum Show, Egyptian International Exhibition Center, Cairo. 14 February (Thursday): Central Bank of Egypt’s monetary policy committee meets to […]
Posted inWhat We're Tracking Today
What we’re tracking on 29 January 2019
The EGP gained ground against the USD yesterday for the first time in … forever? The EGP was changing hands at about 17.66 to the greenback yesterday, up from around 18.00 last Wednesday. The surprise gain has sparked speculation market-wide; we have the rundown on just about every scenario imaginable in this morning’s Speed Round, […]