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** #5 Hurghada International Airport received yesterday its first two EasyJet flights from Milan after a near three-year hiatus, Al Masry Al Youm reports, citing government sources. The British low-cost carrier had suspended flights to Red Sea destinations after the 2015 Metrojet crash. We had said in August that EasyJet would be making its comeback […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Boudy Group to invest EGP 50 mn in new maintenance center
The local agent for China’s Changhe Automobile, Boudy Group, is planning to spend EGP 50 mn on a new maintenance center in Abu Rawash, Sales manager Gamal Tenna tells Al Mal. The new facility is part of the company’s efforts to expand its after sales division.
Posted inBanking + Finance
Wasel in talks with Wamda Capital over USD 200k
Mass transit startup Wasel is in talks with the UAE’s Wamda Capital for a USD 200k funding round to finance its expansion plans in Egypt’s southern governorates, founder Ahmed Elrawy said. The company, which had scored USD 26,000 in funding from the British embassy, is already operating in eight of Egypt’s southern governorates. It allows […]
Posted inOther Business News of Note
Mastercard reaffirms commitment to help drive public-private partnership-led growth
Mastercard’s Chief Product Officer Michael Miebach reaffirmed the company’s commitment to helping Egypt push forward public-private partnerships to drive economic development, in the American Chamber of Commerce’s ministerial panel discussion last week. “Effective public-private partnerships present a tremendous opportunity to drive sustainable and diversified economic development in the country. We have worked to blend our […]
Posted inEgypt Politics + Economics
Egypt freezones exports reach USD 14.7 mn in 9M2018
Exports from companies based in freezones rose to USD 14.7 mn in 9M2018, up from USD 13.6 mn during the same period last year, according to an Investment Ministry statement. There are currently seven operational freezones, hosting a total of 1102 companies, and seven others currently being built across Egypt.
Posted inEgypt Politics + Economics
MP proposes tougher punishment for underage marriage in Egypt
Rep. Mohamed El Aqqad is pushing for a bill to punish those involved in underage marriage with prison sentences between 5-10 years or fines of up to EGP 100k, he said in a statement, according to Youm 7. We reported last year that the justice ministry was working on a draft law that would criminalize […]
Posted inNational Security
Court adds former Islamist leaders to terror rolls
An Egyptian court yesterday added the names of 164 prominent Islamists to the state’s terrorist rolls, including former Jama’a Islamiyah members Tarek El Zomor, Mohamed El Islamboli, and Assem Abdel Magued. The court also froze their assets, Xinhua reports, citing the state news agency.
Posted inON YOUR WAY OUT
Egyptians can pay traffic fines through post offices starting next month
You can pay your traffic fines at the post office as of November, ICT Minister Amr Talaat said, according to Youm7. The service will be piloted for two weeks first in Cairo before rolling out at upgraded post offices elsewhere in the country, he added.
Posted inON YOUR WAY OUT
Is the Pharaoh Hound the direct descendant of Ancient Egyptian hunting dogs?
** #8 Calling all dog lovers (the slow news day is working in your favor). The case of the Maltese dog of Egyptian origins: If the name hasn’t clued you in by now, the Pharaoh Hound is a dog breed suspected to have genetic ties to the Ancient Egyptian hunting dogs depicted on the walls […]
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 (Sunday): 12,981 (-0.3%) Turnover: EGP 462 mn (34% below the 90-day average) EGX 30 year-to-date: -13.6% THE MARKET ON SUNDAY: The EGX30 index […]