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Hotel occupancy rates in Egypt’s main touristic cities rose in 1Q2018 as “Egypt’s tourism industry appears to be on the road to recovery,” Colliers International says in its quarterly review on MENA hotels (pdf). Occupancy soared 44% y-o-y in Sharm El Sheikh, while Hurghada also saw a double-digit y-o-y increase of 28%. Cairo and Alexandria’s […]
Author Archives: enterpriseam admin
Posted inTourism
Cabinet announces river transport projects at meeting with tourism investors
The Ismail Cabinet announced during a meeting with tourism investors yesterday plans to carry out river transport projects to promote Nile tourism, including constructing piers in Beni Suef, Sohag, and Minya, according to a statement. Cabinet is also looking into a proposal to move several cruise ships to the Greater Cairo area from Aswan to […]
Posted inTourism
Cabinet sets six-month deadline to complete first phase of Holy Family Trail
The Cabinet committee mandated with overseeing the Holy Family Trail decided yesterday to set a six-month deadline to complete the first phase of the trail, according to a Cabinet statement.
Posted inBanking + Finance
Jordan’s Ethmar for Islamic Finance plans to enter Egyptian market in 3-5 years
Amman-based Ethmar for Islamic Finance is planning to enter the Egyptian market within 3-5 years, says CEO Ziyad El Refaei. The Arab world’s first Islamic micro-financing company says that 40% of finance seekers in Egypt seek Islamic funding, compared to 30% in Jordan.
Posted inOther Business News of Note
Trade Ministry issues six-month deadline for importers, manufacturers to meet standards for several products
Trade and Industry Minister Tarek Kabil issued yesterday a six-month deadline for importers and manufacturers of several products to comply with previously imposed standards, according to a statement. The requirements include meeting energy efficiency standards for electric products such as household refrigerators and ACs, as well as other specifications for surgical equipment, shoes, residential storage […]
Posted inON YOUR WAY OUT
Landmine explosion in new capital kills four workers
Four workers were killed yesterday in an explosion, presumably caused by an old landmine, in the new administrative capital, Reuters reports. The landmine is “likely a remnant of the 1973 war Egypt fought with Israel,” security sources said.
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.77 | Sell 17.87 EGP / USD at CIB: Buy 17.76 | Sell 17.86 EGP / USD at NBE: Buy 17.72 | Sell 17.82 EGX30 (Monday): 16,984 (-1.2%) Turnover: EGP 1.4 bn (20% ABOVE the 90-day average) EGX 30 year-to-date: +13.1% THE MARKET ON MONDAY: The EGX30 ended […]
Posted inCALENDAR
17 May (Thursday): Expected date for the start of Ramadan. 17 May (Thursday): CBE’s Monetary Policy Committee meeting. 15-17 June (Friday-Sunday): Eid Al Fitr (TBC), national holiday (Look for possible Monday off given the first day falls on a Friday). 28 June (Thursday): CBE’s Monetary Policy Committee meeting. 16 August (Thursday): CBE’s Monetary Policy Committee […]
Posted inWhat We're Tracking Today
What we’re tracking on 14 May 2018
It’s interest rate week, and domestic factors will not be the only thing weighing on the minds of the Central bank’s Monetary Policy Committee when it meets on Thursday, CEB Governor Tarek Amer suggested yesterday. Oil at USD 75 per bbl, the potential impact of future interest rate hikes by the US Federal Reserve and […]