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Is the US congress really planning to put conditions on the release of USD 290 mn in aid to Egypt? US Senator Patrick Leahy, the top Democrat on Senate’s spending committee, is stipulating that Egypt help pay medical bills for a US tourist who was injured in the 2015 accidental bombing of tourists in the […]
Author Archives: enterpriseam admin
Posted inWhat We’re Tracking This Week
What we’re tracking this week
The central bank will auction off USD 1.1 bn in one-year USD-denominated treasury bills tomorrow, Reuters reports. Our friends at AmCham will be holding their fifth annual HR Day tomorrow. The gathering will discuss new ways of attracting talent, developing culture, implementing leadership practices and diversity and inclusion, in addition to raising questions on the […]
Posted inON THE HORIZON
On the horizon
The Egyptian and Russian foreign and defense ministers are scheduled to meet in Moscow on 14 May, Russian Foreign Ministry spokeswoman Maria Zakharova said on Friday, according to TASS. The two countries’ ministers are expected to discuss “the state of affairs in key areas of Russian-Egyptian cooperation,” as well as hold 2+2 talks on regional […]
Posted inEnterprise+: Last Night’s Talk Shows
Ride-hailing apps act to be voted on today
The airwaves were chock-full of economic and business topics last night, with the highlight being a debate on Kol Youm on the Ride-hailing apps act. Ride-hailing Apps Act comes up for a vote in the House of Representatives today, MP Mohamed Badawy said, explaining that the act will provide Uber and Careem with a legal […]
Posted inSpeed Round
Business conditions stabilize in April as PMI reading registers 50.1
Business conditions in Egypt’s non-oil private sector stabilized in April, according to the Emirates NBD PMI reading (pdf) compiled by Markit. The gauge came in at 50.1 — just above the neutral 50.0 threshold — up from 49.2 in March, reflecting stabilizing output and growth in new orders. New export orders also rose for the […]
Posted inSpeed Round
Net FX reserves grow to USD 44.03 bn in April
Net foreign reserves grew to USD 44.03 bn in April, up from USD 42.61 bn in March, the CBE announced on Thursday. The CBE did not provide color or analysis on the uptick, which brought reserves to an all-time high.
Posted inSpeed Round
CBE eases import controls
With reserves looking solid, CBE scraps some import controls: The central bank issued directives on Thursday (pdf) that appear to lift certain import restrictions issued back in 2015. The order cancelled a directive that required an importers’ bank to deal directly with an exporter’s bank in documentary collection, instructing banks to handle documentary collection through […]
Posted inSpeed Round
Egypt’s hotels report highest first-quarter occupancy rates since 2010
Egypt’s hotels report highest first-quarter occupancy rates since 2010: Hotels in Egypt reported the highest first-quarter occupancy rates since 2010 in 1Q2018, rising 21.2% y-o-y to reach 60.1%, according to data from STR Global. The average daily rate rose 11.8% y-o-y to EGP 1,291.72, while revenue per available room (RevPAR) rose 35.5% to EGP 775.69. […]
Posted inSpeed Round
Pharos appoints El Ghazaly as MD and head of investment banking
MOVES- Our friends at Pharos announced the appointment (pdf) of Noha El Ghazaly as managing director and head of investment banking this weekend. El Ghazaly joins Pharos with more than 10 years of financial services and investment banking experience. She previously served as executive director at HC Securities & Investment and as a board member […]