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Uber has decided to cut off its local recruitment agents and instead have new drivers register directly through the ride-hailing app, sources close to the company tell Al Mal. The motives behind the decision remain unclear, but the sources noted that Uber previously provided its agents with a EGP 500 per head hiring bonus for […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
MIDOR signs USD 1.2 bn loan agreement with three EU banks
State-owned company Middle East Oil Refinery (MIDOR) was meant to have signed yesterday the final contracts for a 10-year USD 1.2 bn syndicated loan from Crédit Agricole, BNP Paribas, and Italy’s CDP, sources said. The loan, which should carry an interest rate of 6%, will be used to finance USD 2.2 bn-worth of expansions at […]
Posted inLegislation + Policy
Gov’t looking to legislate insurance on state buildings
The government is studying drafting a law that would insure state buildings, Finance Minister Mohamed Maait said, without providing further details on what the legislation would entail. The bill would come as part of several initiatives the government, Financial Regulatory Authority (FRA), and the Insurance Federation of Egypt are looking to introduce to stimulate the […]
Posted inLegislation + Policy
Jumia execs to discuss e-commerce tax with ICT Ministry officials this week
Executives from online retailer Jumia are meeting with ICT Ministry officials this week to discuss the government’s new framework for taxing e-commerce platforms, CEO Hesham Safwat said, according to local news reports. The company will ask that the law — which is expected to be introduced to the House of Representatives during the current legislative […]
Posted inON YOUR WAY OUT
Egypt’s ailing tourism takes its toll on Luxor’s alabaster industry
Luxor’s alabaster industry has suffered as the result of the drop in tourist numbers in recent years, according to Al Monitor. Smaller workshops in Luxor are now being threatened with closure as they fail to make ends meet with barely any visitors around to sell their handcrafted souvenirs to (watch, runtime: 2:10)
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): 13,155 (+0.6%) Turnover: EGP 741 mn (6% above the 90-day average) EGX 30 year-to-date: -12.4% THE MARKET ON TUESDAY: The EGX30 index […]
Posted inCALENDAR
November: A delegation of French pharmaceutical and medical equipment companies is set to visit Egypt sometime in November to explore potential investments, according to a Trade Ministry statement. 01-02 November (Thursday-Friday): Annual Middle East Conference on Business Angel Investment, El Gouna, Egypt. 03-06 November (Saturday-Tuesday): World Youth Forum 2018, Maritim Jolie Ville Golf Course, Sharm […]
Posted inWhat We're Tracking Today
Is the nine-year bull run coming to an end?
** #3 Wall Street went on a wild ride yesterday as investors “anticipate the end to a nine-year bull run” amid trade and tech fears: US equities closed lower again yesterday after the “wildest session since February’s plunge” the Financial Times says. Traders are “fleeing the shares that were the stronger performers earlier this year,” […]
Posted inWhat We're Tracking Today
What we’re tracking on 29 October 2018
Know your rights: The EGX has put out a guide that pulls together all the rules and regulations protecting the rights of minority shareholders in companies listed on the bourse. You can download a copy in Arabic here (pdf) and in English here (pdf). The UK is going to tax Big Tech. How long before […]
Posted inWhat We're Tracking Today
Miscellany on 30 October 2018
In miscellany this morning: For the olds: Are your kids or younger siblings talking about CBD? Here’s what you need to know. 189 people died yesterday in the crash of an Indonesian commercial jet that was heading for an island resort, Bloomberg reports. It appears to be the worst airline disaster since the 2015 Metrojet […]