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CABINET WATCH- Cabinet discusses IMF review, staff-level agreement to disburse fifth tranche: The Madbouly Cabinet discussed during its weekly meeting on Thursday a staff-level agreement Egypt reached with the IMF last week to disburse the fifth USD 2 bn tranche of its USD 12 bn extended fund facility, according to a Cabinet statement. The fifth […]
Author Archives: enterpriseam admin
Posted inSpeed Round
EFG Hermes tops brokerage league table for October
EFG Hermes topped the EGX’s brokerage league table for October with a market share of 20.4%, according to figures released by the EGX (pdf). Beltone Financial came in second this month with a 17.2% market share, followed by CI Capital (8.1%), HC Brokerage (4.9%), and Pharos (4.2%).
Posted inSpeed Round
CI Capital reports net profit of EGP 304.7 mn
EARNINGS WATCH- CI Capital reported a net profit after tax and minority interest of EGP 304.7 mn in 9M2018, up 128% y-o-y, in a statement on Thursday (pdf). Total revenues for 9M2018 were up 51% y-o-y to EGP 1.8 bn. Oriental Weavers saw its net income fall 12% y-o-y in 3Q2018 to EGP 96 mn, […]
Posted inSpeed Round
Correction
CORRECTION- We had picked up an incorrect report from the domestic press last week claiming that Egypt’s non-oil exports rose 7% y-o-y in 9M2018 to USD 16.6 bn. Exports actually rose 11% y-o-y during the period to reach USD 18.5 bn compared to USD 16.6 bn during the same period last year, according to a […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Egypt arrests 19 human rights activists in raids
The arrest of prominent rights activists topped foreign coverage over the weekend: Authorities arrested 19 human rights activists “in raids that reflect the country’s security state is widening its assault on government critics,” Jared Malsin writes for the Wall Street Journal. Newspapers around the world have picked up wire service coverage of the story since […]
Posted inDiplomacy + Foreign Trade
EP delegation attends 12th inter-parliamentary meeting in Egypt
A European Parliament delegation was in town last week for the 12th inter-parliamentary meeting with Egyptian members of parliament, according to an EP statement. The delegation called for increased EU-cooperation, and said the EU is hoping to “foster a political dialogue” based on shared respect for human and personal rights.
Posted inBasic Materials + Commodities
Strong appetite among traders for Egypt’s first int’l rice tender
As of last Thursday, the General Authority for Supply Commodities (GASC) received 22 offers from traders bidding on Egypt’s first international rice tender, which took place a week prior, the Supply Ministry said, according to Reuters Arabic. GASC will continue to take offers until 12 November.
Posted inManufacturing
AOI, Lindenberg sign agreement to manufacture railway generators in Egypt
The Arab Organization for Industrialization (AOI) has signed a cooperation agreement with Germany’s Lindenberg-Anlagen to begin manufacturing railway power generators in Egypt, AOI head Abdel Moneim El Teras said, according to Al Shorouk. No further details were provided.
Posted inReal Estate + Housing
CIRA to build educational complex in New Alamein City
The New Urban Communities Authority (NUCA) has allocated a 14.3k sqm land plot for Cairo Investment and Real Estate Development (CIRA) to build an educational complex in the New Alamein City. No further details were provided.