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New Valley Governor Mohamed El Zamalot signed an agreement on Tuesday with PDG Group’s local affiliate to begin feasibility studies for a number of new development projects in the area, Al Shorouk reports. In addition to building a new sustainable city, the governorate is also hoping to establish as much as 10,000 new residential units, […]
Author Archives: enterpriseam admin
Posted inON YOUR WAY OUT
Flat6Labs raises seed capital to EGP 750k in its 11th cycle
Our friends at Flat6Labs are reportedly planning to increase the size of their seed funding packages to EGP 750k per startup from EGP 500k, sources close to the matter said yesterday. The company’s 11th cycle began late last month and includes eight new companies.
Posted inON YOUR WAY OUT
Team of doctors from DHA conduct 100 free heart surgeries in Kafr El Sheikh
Team of doctors from DHA conduct 100 free heart surgeries in Kafr El Sheikh: A team of doctors from the Dubai Health Authority (DHA) performed free surgeries at Kafr El Sheikh University Hospital on 100 children born with heart abnormalities, Gulf News reports. The program was organized by the UAE government’s Nabadat initiative, which aims […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.85 | Sell 17.95 EGP / USD at CIB: Buy 17.86 | Sell 17.96 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Wednesday): 14,313 (-0.5%) Turnover: EGP 779 mn (6% above the 90-day average) EGX 30 year-to-date: -4.7% THE MARKET ON WEDNESDAY: The EGX30 index […]
Posted inCALENDAR
October: The Madbouly cabinet has until the end of the month to come up with a plan for “the development and restructuring” of public companies under a directive from President Abdel Fattah El Sisi. October (dates TBD): President Abdel Fattah El Sisi to meet Sudanese President Omar Al Bashir in Khartoum. October (dates TBD): President […]
Posted inWhat We're Tracking Today
What we’re tracking on 03 October 2018
It’s PMI day: The purchasing managers’ index for Egypt, Saudi, and the UAE is due out shortly after we hit “send” on today’s issue. You can find the report here once it lands at around 6:15am CLT. The subscription period for retail investors who want a piece of Sarwa Capital’s IPO begins today and ends […]
Posted inEnterprise+: Last Night’s Talk Shows
National Cement Company to be liquidated
The decision to liquidate the National Cement Company was the most exciting bit of news on what was an otherwise vapid night on the airwaves. The 62 year-old company will be officially liquidated on 7 October, after the EGM nodded to the decision yesterday, Chairman Mohamed Radwan told Hona Al Asema. The Public Enterprises Ministry […]
Posted inSpeed Round
Global oil rally threatens to derail budget deficit, change inflation outlook
**# 1 Global oil rally threatens to derail deficit reduction plans, change inflation outlook: The rally in global oil prices threatens to derail Egypt’s budget deficit target of 8.4% this fiscal year, Ahmed Feteha writes for Bloomberg. Every USD 10 increase in oil prices over the USD 67/bbl set in the FY2018-19 budget adds USD […]
Posted inSpeed Round
Oil prices in EM currency terms are already as bad as they were in 2008
The surging price of oil might not seem too bad in USD terms, but the situation is already as bad as 2008 in EM currency terms, David Fickling writes in a separate piece for Bloomberg. “With emerging market currencies falling against the greenback, the rising USD price of crude is compounded for consumers in less […]