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The number of UK holidaymakers visiting Egypt is expected to rise to 450,000 in FY2018, up from 350,000 in FY2017, UK Ambassador to Egypt Geoffrey Adams told Egypt Today. While he did confirm that negotiations with the UK over the resumption of direct flights with Sharm El Sheikh were going well, he hit us with […]
Author Archives: enterpriseam admin
Posted inTourism
Steigenberger opens twelfth hotel in Egypt
Steigenberger Hotels and Resorts has opened the Steigenberger Pure Lifestyle resort in Hurghada, its twelfth hotel in the country, according to a press release. The new “5-star boutique hotel” holds 132 suites. The launch comes as another of the company’s hotels, the Steigenberger Aqua Magic Hotel, was the focus of the “holiday-gate” controversy over the […]
Posted inBanking + Finance
Banque du Caire looking to borrow USD 100 mn from int’l institutions
Banque du Caire is in talks for a USD 100 mn facility from international institutions during the first quarter of 2019, the bank’s chairman Tarek Fayed told Al Mal. The bank is also applying for a QR code license as part of its plans to provide mobile banking services in 1Q2019, Fayed added.
Posted inBanking + Finance
United Bank considers providing online options for microfinance unit
The United Bank of Egypt is considering offering funding to micro projects through its online banking tools, Vice President Nevine Kashmiry told Al Mal. The bank had announced its plans to launch a specialized microfinance unit by the end of the year back in August.
Posted inEgypt Politics + Economics
Egyptian court orders release of blogger Wael Abbas on probation
A Cairo criminal court ordered yesterday the release of activist and blogger Wael Abbas “under probationary measures,” Ahram Online reported. Abbas was arrested earlier this year on charges of publishing false news.
Posted inON YOUR WAY OUT
Egypt’s women run to end violence, change social norms
“Hundreds” of Egyptian women took to Heliopolis’ streets on Friday for a run around to campaign for ending violence against women and call for greater acceptance of women running in public, Reuters reports. It is not commonplace for women to exercise outside the confines of membership-based sporting clubs in Egypt, and the Thomson Reuters Foundation […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.86 | Sell 17.95 EGP / USD at CIB: Buy 17.86 | Sell 17.96 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Thursday): 13,320 (+0.1%) Turnover: EGP 1.8 bn (126% above the 90-day average) EGX 30 year-to-date: -11.3% THE MARKET ON THURSDAY: The EGX30 ended […]
Posted inCALENDAR
03 December (Monday) Consumer Finance Landscape-New Law in the Making, Fairmont Hotel Nile City, Magenta ballroom, Cairo, Egypt 03-05 December (Monday-Wednesday): First Egypt Defense Expo “EDEX 2018”, Egypt International Exhibition Center, Nasr City Cairo. 04 December (Tuesday): The Central Bank of Egypt will terminate the foreign exchange repatriation mechanism, according to a CBE statement (pdf). […]
Posted inWhat We're Tracking Today
What we’re tracking on 29 November 2018
It’s a big news morning on this last business day of November, and we’re set to start December on a busy note: The net foreign reserves figure for November is due out from the central bank next week; The defense expo EDEX 2018 kicks off on Monday; Uber CEO Dara Khosrowshahi will be in town […]
Posted inWhat We're Tracking Today
More what we’re tracking on 29 November 2018
Further afield: The US-China trade war and the reception accorded Saudi Crown Prince Mohammed bin Salman will be the highlights of the G20 summit in Buenos Aires taking place this weekend. And the jockeying over a potential production cut to prop up prices is well underway ahead of next Thursday’s OPEC meeting in Vienna. Looking […]