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The Transport Ministry is planning to launch a tender for the USD 50-100 mn Qena river port project in two weeks’ time, according to River Transport Authority head Abdel Azeem Mohamed. The project is one of several river ports the ministry plans to develop. Minister Hisham Arafat had said earlier this month that the ministry […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
PHD expected to issue EGP 560 mn in securitized bonds this month
Sarwa Capital is expected to complete a EGP 560 mn securitized bond issuance for Palm Hills Development (PHD) this month, according to Sarwa Managing Director Ayman El Sawy. The offering will be split into two, with the first EGP 260 mn tranche set to be issued this week, with another EGP 300 mn tranche to […]
Posted inBanking + Finance
State-owned banks scrap high-yielding CDs, introduce new variable interest certificates
The country’s largest state-owned banks have decided to scrap their high-yielding certificates of deposits two weeks after the central bank cut key interest rates by 100 bps. Banque Misr stopped issuing its high-yielding 17% CDs as of last Thursday, Vice Chairman Akef El Maghraby said, while the National Bank of Egypt also scrapped its 17% […]
Posted inBanking + Finance
Bloomberg Terminal ranks NBE as Egypt’s top bank in 1Q2018, Africa’s best in syndicated loans
The National Bank of Egypt was rated the country’s top bank in 1Q2018 in a Bloomberg Terminal report picked up by Al Masry Al Youm. NBE was also named the continent’s top bank in the syndicated loans category, of which it holds a 48% market share after contributing EGP 36 bn to syndicated facilities in […]
Posted inEgypt Politics + Economics
State security prosecution summons eight AMAY reporters, former editor-in-chief
The state security prosecution summoned on Thursday former Al Masry Al Youm editor-in-chief Mohamed El Sayed Saleh and eight of the newspaper’s reporters over their coverage of the presidential election, Press Syndicate Secretary General Hatem Zakaria told Reuters. The newspaper had gotten into hot water for publishing a story alleging coercing by government officials to […]
Posted inEgypt Politics + Economics
Hisham Genena referred to military court for spreading false news
Former Central Auditing Organization head Hisham Genena was referred on Thursday to military court for spreading false news seen as insulting to the Armed Forces, Genena’s lawyer said, Al Ahram reports. Genena was first detained by military prosecutors in February after claiming in an interview with HuffPost Arabi that he had “incriminating evidence” against the […]
Posted inEgypt Politics + Economics
Court upholds life sentence against ex-Ikhwan leader Mohamed Badie
The Court of Cassation upheld yesterday a life sentence against ex-Ikhwan leader Mohamed Badie, Reuters reports. Badie received a life sentence on charges of “leading an illegally founded organization, plotting to stir chaos and publishing false news, among other crimes.”
Posted inNational Security
Egypt’s Special Forces join “Khaled Ibn Al Waleed 2018” military drill in Bahrain
Egyptian Special Forces left for Bahrain yesterday to take part in the “Khalid Ibn Al Waleed 2018” joint military drill with Bahraini forces, according to an Armed Forces statement. The drill will take place for several days at Bahrain’s Isa Air Base.
Posted inON YOUR WAY OUT
Egypt ranks 122 in UN’s World Happiness Report 2018
Egypt is the 122nd happiest country in the world, according to the United Nations’ 2018 World Happiness Report (pdf), which ranks 156 countries based on how happy they are using metrics such as absence of corruption, existence of social protection and justice, and freedom. The report also ranks 117 countries by the happiness of their […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.63 | Sell 17.73 EGP / USD at CIB: Buy 17.62 | Sell 17.72 EGP / USD at NBE: Buy 17.57 | Sell 17.67 EGX30 (Thursday): 17,616 (-1.8%) Turnover: EGP 1.6 bn (39% ABOVE the 90-day average) EGX 30 year-to-date: +17.3% THE MARKET ON THURSDAY: The EGX30 ended […]