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The Horticultural Export Improvement Association (HEIA) is in talks with China to make Egypt the first country to begin exporting dates to China as of January 2019, HEIA CHairman Mohsin El Beltagy said, according to FreshPlaza. The two sides have been in talks for over two years, and are expected to sign a final agreement […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Porto Group, El Mostakbal to invest EGP 11.9 bn to co-develop Porto City
Porto Group and El Mostakbal will invest EGP 11.9 bn to co-develop Porto City, for which the two companies signed an agreement earlier this month, according to local press reports.
Posted inTourism
Egyptian Tourism Federation looking to hire British law firm to handle negative press
The Egyptian Tourism Federation is looking to hire a British law firm to handle cases and rumors that have a negative impact on Egypt’s tourism industry, board of directors member Moudy El Shaer said. The death of two English tourists at a hotel in Hurghada had opened the floodgates of negative coverage of Egypt, particularly […]
Posted inBanking + Finance
SME Development Authority in talks with EU and EIB for EUR 87 mn in funding
The SME Development Authority is in talks with the EU and the European Investment Bank (EIB) for a combined EUR 87 mn in loans to finance projects, Amwal Al Ghad reports. The authority is currently in talks with the EIB for EUR 60 mn — EUR 45 mn of which would be dedicated to financing […]
Posted inOther Business News of Note
MM Group to increase stake in Kuwait Distribution to 59.1%
MM Group for Industry and International Trade is planning to increase its stake in Kanawat Distribution to 59.1% from 37.5%, according to an EGX disclosure (pdf). The company is expecting to finalize the transaction “within days,” IR manager Ashraf Ghannam tells Al Mal. Ghannam didn’t mention the shareholders MM is looking to buy out.
Posted inEgypt Politics + Economics
Finance Ministry to select winning company to digitize tax authority mid-December
The Finance Ministry will reportedly select the winning company in its tender to digitize the Tax Authority by mid-December. Five unnamed companies are competing in the tender. Meanwhile, Finance Minister Mohamed Maait issued yesterday a decision requiring shops to begin using a tool linking its business records with the Tax Authority, according to Al Shorouk. […]
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 (Tuesday): 13,544 (-1.0%) Turnover: EGP 1 bn (34% above the 90-day average) EGX 30 year-to-date: -9.8% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
13-29 November (Tuesday-Thursday): UN Biodiversity Conference, Sharm El Sheikh, Egypt. 14 November (Wednesday): Egypt M&A and Private Equity Forum, Nile Ritz Carlton Hotel, Cairo, Egypt. 14-15 November (Wednesday-Thursday) Digitalisation: opportunities for innovation in consultancy, Marriott Mena House Hotel, Cairo, Egypt 15 November (Thursday): CBE’s Monetary Policy Committee meeting.15 November (Thursday) 15 November (Thursday): The T20 […]
Posted inWhat We're Tracking Today
What we’re tracking on 13 November 2018: lower policymaking score, oil is still sliding, online banking clients are really profitable
An EBRD report due out today will give Egypt a lower policymaking score this year than it did last year, according to Reuters, which claims EBRD will put Egypt in the same basket as Jordan, Latvia and Estonia. The EBRD’s annual “transition” report “scores the progress of countries in six areas from competitiveness and resilience to […]
Posted inWhat We're Tracking Today
Miscellany on 13 November 2018: Natural gas, Bad Blood, year-end bonus
In miscellany this morning: Natural gas will overtake coal as the world’s second-largest energy source by 2030, according to the IEA’s for-pay-only World Energy Outlook 2018 report. Not bad news if you, like us, are sitting on plenty of the stuff. (Axios | Reuters) Shameless plug for which we take no financial remuneration #1: Bad […]