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The Transport Ministry is reportedly studying a new railway project that could link Egypt to Saudi Arabia, according to Egyptian Company for Pipe and Cement Products (Siegwart) Chairman Farouk Hendawy. The 1,254 km line should extend from Suez to Madinah in Saudi, he tells Al Mal, adding that it would require around EGP 2 bn […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
EATC looks to supply Egypt with VW-branded ambulance vehicles
The Egyptian Automotive and Trading Company (EATC), the Audi and Volkswagen distributor in Egypt, is in talks with the Health Ministry to supply 800 Volkswagen-branded ambulances to upgrade the ministry’s fleet, product manager of VW at EATC Mohamed Murad tells Al Mal. Murad did not provide further details on the expected cost of the supply […]
Posted inBanking + Finance
NBE increases exchange arm capital to EGP 125 mn from EGP 50 mn
The National Bank of Egypt (NBE) is raising the capital of its foreign exchange arm to EGP 125 mn from EGP 50 mn, Al-Ahly Exchange Company Chairman Abdel Meguid Mohie El Din tells Al Shorouk. The capital increase is in line with plans to increase the number of the company’s exchange bureaus across the country. […]
Posted inOther Business News of Note
IFC, Banque Misr sign agreement to expand financial inclusion of women entrepreneurs
Banque Misr signed yesterday an agreement with the International Finance Corporation (IFC) to help increase the number of women-led businesses receiving financing from Banque Misr as part of its SME portfolio, according to an emailed statement (pdf). “IFC will work with Banque Misr to conduct market research on the needs of women in business; provide […]
Posted inOther Business News of Note
Egypt, Jordan sign cooperation agreement on e-commerce and money transfer
Egypt Post and Jordan Post Company signed an agreement to facilitate online shopping for Jordanians that will see shipments from online retailers in the UK, USA, and China processed at a logistics center at Cairo International Airport before being shipped to Jordan, Egypt Post head Essam El Saghir said, according to Al Shorouk. The agreement […]
Posted inOther Business News of Note
Panama’s Active Capital Reinsurance announces planned expansion into Egypt
Panama-based Active Capital Reinsurance Ltd. is planning to expand into Egypt through partnership agreements with Egyptian insurers, Executive Vice President Ramon Martinez said, Al Mal reports. Martinez did not provide further details.
Posted inOther Business News of Note
Banque du Caire looking to set up a security firm
Banque du Caire is looking into potentially establishing a security company as part of its plan to expand its scope of activities, head of investments Mohamed Ragai tells Al Mal. The bank is also eyeing several other investment options, including acquiring already-established companies that offer services to complement the bank’s activities.
Posted inNational Security
Egypt, India to boost military cooperation and hold bilateral wargames
Egypt and India have agreed to hold joint military drills more frequently in a bid to boost defense cooperation, reports the Times of India. The agreement came during a meeting between Defense Minister Mohamed Zaki and his Indian counterpart Nirmala Sitharaman in Cairo, according to an Armed Forces statement.
Posted inON YOUR WAY OUT
Arab celebrities dress in regional designers at Gouna Film Festival
The National rounded up its top picks from Red Carpet dresses at the Gouna Film Festival, which kicked off last Thursday and will run until 28 September at the Red Sea resort town. Check out the collection here.
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 (Sunday): 14,261 (+1.3%) Turnover: EGP 501 mn (34% below the 90-day average) EGX 30 year-to-date: -5.0% THE MARKET ON SUNDAY: The EGX30 index […]