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The Transport Ministry is negotiating to the lower price offered by a Russian-Hungarian consortium to supply the Egyptian National Railways with 1,300 railway cars, according to unnamed government sources. The ministry reportedly wants to drop the consortium’s price from EUR 1 bn to EUR 950 mn, the source says.
Author Archives: enterpriseam admin
Posted inBanking + Finance
Lebanon’s Blom Bank sees “significant growth” from Egypt arm
Lebanon’s Blom Bank is seeing “significant growth” from its arm in Egypt this year, Chairman Saad Azhari said yesterday, according to Reuters’ Arabic service. As a whole, the bank expects to see a minor increase in its profits, according to the chairman. Azhari had previously given props to Egypt’s improving economic climate, which he said […]
Posted inOther Business News of Note
HOTAC decides to re-do financial studies on Shepherd Hotel renovations
The Holding Company for Tourism and Hotels (HOTAC) has decided to re-conduct the financial and feasibility studies on plans to renovate the Shepherd Hotel, HOTAC Chairman Mervat Hatba said. No details were provided on the initial expected cost of renovations. Cabinet had signed off on looking into partnering with an international firm on the hotel’s […]
Posted inSports
Sports Ministry plans to build EGP 3.2 bn in projects in next four years
The Youth and Sports Ministry is planning to implement EGP 3.2 bn worth of projects between 2018-2022, Sports Minister Ashraf Sobhi said. The plan includes building a sports club in 6 October City, renovating the Cairo Stadium, and upgrading the sports development center in Shubra. The ministry is looking to develop these projects under a […]
Posted inON YOUR WAY OUT
Three Egyptian entrepreneurs launch Flareinn, an online marketplace for art
Three Egyptian entrepreneurs have launched Flareinn, an e-commerce platform designed to become an online marketplace for art, according to WeeTracker. The platform “targets young artists and provides artworks to customers at decent bargains” and allows artists to create accounts for themselves that act as a virtual gallery for their pieces. One of the co-founders, Abdalla […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.84 | Sell 17.94 EGP / USD at CIB: Buy 17.85 | Sell 17.95 EGP / USD at NBE: Buy 17.78 | Sell 17.88 EGX30 (Tuesday): 15,921 (+0.9%) Turnover: EGP 1.1 bn (11% above the 90-day average) EGX 30 year-to-date: +6.0% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
16 July (Monday): Cairo Court of Appeals to issue ruling on EGP 5.6 bn antitrust case against pharma companies including Ibnsina. 23 July (Monday): Revolution Day, national holiday. 26-28 July (Thursday-Saturday): Green Banking: The Road to Sustainable Development, Baron Palace, Sahl Hasheesh, Hurghada. 16 August (Thursday): CBE’s Monetary Policy Committee meeting. 21-25 August (Tuesday-Saturday): Eid […]
Posted inWhat We're Tracking Today
What we’re tracking on 10 July 2018
** A (not so) quick programming note: We’ve combined our What We’re Tracking This Week and On the Horizon sections into a single section we’re calling “Up Next.” The newly renamed section appears starting today after Speed Round, with the idea being that we’ll streamline your morning read a bit. Here’s the read order of […]
Posted inEnterprise+: Last Night’s Talk Shows
Customs Authority head arrest, Eni dominate topics
Two topics reigned supreme on the airwaves last night: Eni’s new discovery, and the arrest of Customs Authority head Gamal Abdel Azim. We delve into the nuances of both in the Speed Round below. Abdel Azim’s arrest gripped the nation yesterday, a fact reflected in the sheer number of talking heads discussing it. Perhaps the […]