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State-owned landline monopoly Telecom Egypt signed yesterday a USD 200 mn short-term loan agreement with the African Export-Import Bank (AfreximBank) “to finance working capital and investments in Telecom Egypt’s infrastructure,” according to a statement to the EGX (pdf). Abu Dhabi Islamic Bank acted as financial advisor.
Author Archives: enterpriseam admin
Posted inEgypt Politics + Economics
51 Free Egyptians Party members join Nation’s Future
51 members of the Free Egyptians Party has signed on to join the Nation’s Future Party, sources tell Youm 7. El Khouly, who had lost Al Wafd’s elections to MP Bahaa Abu Shoka back in March, said that he was joining the Nation’s Future Party to avoid disputes with the new chief.
Posted inEgypt Politics + Economics
Suez Canal revenues jump to USD 479.3 mn in April
Suez Canal revenues increased to USD 479.3 mn last month, up from USD 463 mn in March, Reuters reports.
Posted inON YOUR WAY OUT
Chefaa seeks EGP 5 mn in funding
Pharmacy locator Chefaa is looking to secure EGP 5 mn in funding, says CEO Doaa Aref. One of 10 startups that recently graduated from Flat6Labs’ tenth cycle, the company is hoping to expand its activity and reach 1.6 mn prescriptions per month. Only nine weeks into business, the app has already teamed up with 250 […]
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 17.77 | Sell 17.87 EGX30 (Tuesday): 16,658 (-0.7%) Turnover: EGP 1.1 bn (5% BELOW the 90-day average) EGX 30 year-to-date: +10.9% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
14 June (Thursday): 2018 World Cup kickoff match between Russia and Saudi Arabia, Moscow, Russia. 15 June (Friday): Egypt’s first 2018 World Cup match against Uruguay, Yekaterinburg, Russia. 15-17 June (Friday-Sunday): Eid Al Fitr (TBC), national holiday (Look for possible Monday off given the first day falls on a Friday). 19 June (Tuesday): Egypt plays […]
Posted inWhat We're Tracking Today
What we’re tracking on 22 May 2018
We’re deep in the arms of the Ramadan news lull with less than a week of the Holy Month now past. Stil, what news we have is meaty, and we have plenty of other reading to keep your pre- and post-fast hours filled. The investment and oil ministries are reportedly signing agreements with the European […]
Posted inWhat We're Tracking Today
One of the best ways to prevent childhood leukaemia may be to your kid eat dirt
Today’s recommended Ramadan reading: One of the best ways to prevent childhood leukaemia may be to your kid eat dirt. And roll around on the (unswept) floor. And hug that unwashed dog or other kid with the sniffles. Research out yesterday by one of the UK’s top oncologists concludes that many cases of leukaemia could […]
Posted inWhat We’re Tracking This Week
What we’re tracking this week
Russian industrial zone contracts to be signed tomorrow? Egypt and Russia look set to sign contracts for a 5.23 mn sqm Russian Industrial Zone on Wednesday, 23 May, during the 11th session of the Egyptian-Russian Economic Committee, according to a Russian trade ministry statement. Prep meetings for the session, which will be headed by Trade […]