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The Transport Ministry has received three bids from international companies to construct two high-speed monorail lines which will link the new administrative capital to 6 October, Minister Hisham Arafat told Al Ahram. Arafat did not disclose when the ministry will announce the winning bid. The tendered project has been fraught with delays since 2015.
Author Archives: enterpriseam admin
Posted inOther Business News of Note
Mamish signs contracts for three new SCZone projects
Suez Canal Economic Zone (SCZone) head Mohab Mamish signed yesterday three contracts with local and international companies for projects in the zone, Al Mal reports. The projects include a USD 1.8 bn salt production factory, which India’s TCI Sanmar will establish under a three-year usufruct basis, and a EGP 1.6 mn liquid waste station in […]
Posted inEgypt Politics + Economics
FRA brings Egyptian Accounting Standards in line with IFRS
The Financial Regulatory Authority (FRA) has amended the Egyptian Accounting Standards (EAS) to bring them in line with the IFRS, FRA boss Mohamed Omran announced yesterday. The amendments include adding standards to be compatible with IFRS 9 and 15, as well as a third standard to resolve discrepancies between the EAS and the recently approved […]
Posted inEgypt Politics + Economics
Economic court settle sfive bankruptcy disputes worth EGP 7 bn
The Cairo Economic Court has settled five bankruptcy cases worth a combined USD 7 bn from companies in the food, pharmaceutical and real estate sectors. The Bankruptcy Act, which was approved by parliament in January, saw the establishment of specialized bankruptcy courts to mediate and arbitrate bankruptcy cases. Since their establishment, bankruptcy courts have received […]
Posted inSports
Arsenal reportedly looking to offload Elneny to Leicester City for GBP 15 mn
Arsenal is reportedly looking into trading off defensive midfielder Mohamed Elneny for GBP 15 mn in the upcoming winter transfer window, according to The Sun. Elneny has failed to make an “impact” at Arsenal since his 2016 move from Swiss FC Basel, and Leicester could “offer him an escape route” the British tabloid says.
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 (Monday): 13,906 (-0.5%) Turnover: EGP 999 mn (32% above the 90-day average) EGX 30 year-to-date: -7.4% THE MARKET ON MONDAY: The EGX30 ended […]
Posted inCALENDAR
22 November (Thursday): US Thanksgiving. End of November: A delegation from the Egypt-Greece Business Council will visit Athens at the end of November to promote investment, the council’s chairman, Hani Berzi, said. 25-28 November (Sunday-Wednesday): 22nd Cairo ICT, Cairo Convention Center, Nasr City, Cairo. 03 December (Monday) Consumer Finance Landscape-New Law in the Making, Fairmont […]
Posted inWhat We're Tracking Today
What we’re tracking on 19 November 2018
*** Tell us what you expect in 2019: Each year, we ask readers to weigh in on what they expect of the year ahead — whether they’re investing or hiring. What they expect the exchange rate to be. Whether interest rates are winds at their backs — or headwinds. You name it. We then share […]
Posted inWhat We're Tracking Today
What we’re tracking on 19 November 2019: Dubai, Apple shares and the future of China
Casting a critical eye over Dubai has become a thing in the international business press of late. It’s not a revival of the 2008-era “cars of indebted foreigners left at the airport” meme, but a more subtle one. To take but two recent examples: A ‘white-collar recession’ is rippling through Dubai’s economy, the Wall Street […]
Posted inWhat We're Tracking Today
Miscellany on 19 November 2019: Killing carbs, Qualtrics, books for year-end
In miscellany this morning: Killing carbs can help you take off (and keep off) the weight, but you have to stick with it for the long term, writes this brilliant Anahad O’Connor for the New York Times in a piece that makes clear that not all calories were created equal. Low-carb diets make you “less […]