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For the first time in six years, a Finnish airliner landed in Hurghada International Airport yesterday, following a decision by the Scandinavian country to lift a travel ban on Egypt-bound flights, Egypt Independent reports.
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Auto sales to fall short of targets this year
Automotive sales will unlikely surpass 170k units by the end of the year, after initially being expected to reach 200k units, head of the automotive traders association Osama Abo El Magd told Youm7. According to Abo El Magd, the expected fall to 0% of customs duties on European cars as of 1 January is putting […]
Posted inAutomotive + Transportation
Egypt’s Transport Ministry in talks with int’l institutions to finance metro works
The Transport Ministry is currently in talks with several international institutions to finance the development of Cairo Metro Line 3’s airport route, Transport Minister Hisham Arafat said, according to Al Mal. The minister did not provide further details on the size of funding the ministry is seeking or the progress on the talks. A French-led […]
Posted inBanking + Finance
Egypt’s Tamweely to launch microinsurance, financial leasing services
NI Capital’s microfinance arm Tamweely is about to finalize an EGP 100 mn loan agreement with local banks to fund its expansion into microinsurance and financial leasing, Chairman Amr Abo El Azm said. The company had recently secured a EGP 30 mn loan from the National Bank of Egypt. Tamweely will set up a center […]
Posted inBanking + Finance
Careem to set up e-wallets for drives in Egypt
Ride-hailing app Careem is currently in talks with banks and telecom companies to set up e-wallets for its drivers to receive and make payments via mobile phones, Egypt general manager Wael Abou El Ela said, according to Amwal Al Ghad.
Posted inSports
Egypt’s Mahmoud Trezeguet could leave Turkey for Italy’s Lazio
Egyptian winger Mahmoud Trezeguet may transfer to Italy’s Lazio in the next January transfer window, according to KingFut. Lazio is willing to pay EUR 6 mn for Trezeguet; however, Turkey’s Kasimpasa, for whom the footballer has been playing since July 2017, may not let him go for less than EUR 10 mn. Trezeguet has previously […]
Posted inON YOUR WAY OUT
Four natural gas-fueled buses hit Cairo’s streets for first time in Egypt
Cairo gets its first natgas-fueled buses: Four new buses running on natural gas have officially hit Cairo’s streets on a trial basis, Egypt’s Public Transport Authority announced, according to Egypt Independent. The buses are meant to help cut down on traffic congestion as well as provide cleaner and more cost-effective transportation options. The authority is […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.86 | Sell 17.95 EGP / USD at CIB: Buy 17.89 | Sell 17.96 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Wednesday): 13,078 (-0.3%) Turnover: EGP 705 mn (13% below the 90-day average) EGX 30 year-to-date: -12.9% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
December: The government will announce the second phase of its privatization program before year-end, Public Enterprises Minister Hisham Tawfik said. The committee overseeing the state privatization program is also scheduled to hold a meeting next month to look into how market conditions developed since the privatization program was put on ice Mid-late December: The bylaws […]
Posted inWhat We're Tracking Today
What we’re tracking on 18 December 2018
Has the year-end news slowdown begun? It’s exactly one day early, but it feels as if news flow fell off a cliff yesterday. Not that we’re complaining. If the pattern holds, you can expect a bounce a week from now ahead of the Central Bank of Egypt’s next interest rate decision, due Thursday, 27 December. […]