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Oil extraction company Oilex is expected to sign within days a EGP 2.4 bn loan agreement from a banking consortium that includes NBE, First Abu Dhabi Bank, Banque du Caire, Arab Bank, and Suez Canal Bank, Al Mal reports. The company will use the loan to partially finance its construction of a EGP 3 bn […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
EFG Hermes eyes expansion across different platforms
EFG Hermes’ ValU, which offers payment-on-installment solutions via a mobile app, is hoping to expand its operations by signing on 50 new companies and 100 additional stores this year, EFG Finance CEO Walid Hassouna said, Al Mal reports. On a related note, EFG is also working on securing loans for four companies this year worth […]
Posted inBanking + Finance
PHD to increase issued and authorized capital by EGP 1.5 bn and EGP 4bn
Palm Hills Development’s EGM agreed yesterday to increase issued capital by EGP 1.5 bn and authorized capital to EGP 10 bn from EGP 6 bn through the issuance of new shares to existing shareholders, according to an EGX disclosure (pdf).
Posted inOther Business News of Note
IDA to announce list of approved licensing accreditation offices at the end of the month
The Industrial Development Authority (IDA) will announce at the end of the list of approved accreditation offices to help expedite the licensing process, IDA head Ahmed Abdel Razik said according to Youm7.
Posted inEgypt Politics + Economics
Safwat El Sherif sentenced to 3 years in prison, fined 99, 490, 974 EGP for corruption
An Egyptian criminal court sentenced Mubarak-era politician Safwat El Sherif to three years in prison and fined him EGP 99.5 mn on illicit gains charges, Al Masry Al Youm reports. Under Hosni Mubarak’s administration, El Sherif served as information minister and was head of the Shura Council.
Posted inNational Security
Egypt’s navy orders construction of second Egyptian-built corvette
Egypt’s navy commander Ahmed Khaled ordered Alexandria Shipyard (ASY) to begin building the second Gowind 2500 corvette, a small coastal patrol warship, Al Mal reports. The warship is the second of three that ASY will manufacture in Egypt under an agreement signed off in 2015 with France’s Naval Group (FNG). The launch of the first […]
Posted inSports
Egyptian duo win 2018 J.P. Morgan China Squash Open championship
Egyptian squash players Raneem El Walily and Mohamed Abouelghar were crowned JP Morgan China Squash Open champions for 2018 after defeating France’s Camille Serme and New Zealand’s Paul Coll, respectively, on final matches in Shanghai, PSA World Tour reported.
Posted inON YOUR WAY OUT
Authorities open for the first time a 4,000-year-old ancient Egypt tomb
Egyptian authorities opened a 4,000-year-old tomb in Saqqara to the public for the first time since its discovery in 1940, reports Ahram Online. The tomb belonged to ancient Egyptian vizier Mehu and is distinguished for keeping its vivid colors and illustrations.
Posted inON YOUR WAY OUT
Starbucks opens its first-ever branch in Italy
Starbucks finally arrived in Italy this past Friday with the opening of a new high-end store in Milan, reports CNN travel, which writes that its Reserve Roastery has a place in Milan, even if it is unlikely to drive wholesale change in Italy’s coffee industry.
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): 15,740 (-0.4%) Turnover: EGP 472 mn (41% below the 90-day average) EGX 30 year-to-date: +4.8% THE MARKET ON SUNDAY: The EGX30 ended […]