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The Arab Organization for Industrialization’s SEMAF factory is in talks with France’s Alstom and Hyundai Rotem to manufacture some of 64 new metro trains for the third and fourth phases of the Cairo Metro Line 3, Al Shorouk reports. Hyundai Rotem had signed a EUR 350 mn contract for 32 air-conditioned metro cars back in […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
B Investments to pump additional investments this year to microfinance subsidiary Vitas
B Investments plans to use some of the EGP 150 mn it will invest in SME finance subsidiary Ibtikar towards raising the capital of regional microfinance firm Vitas Group — itself a subsidiary of Ibtikar, founding partner Aladdin Saba reportedly said on Sunday. B Investments wants Vitas’ capital to increase to EGP 80 mn from […]
Posted inBanking + Finance
Oilex to borrow EGP 1.5 bn from banks consortium including CIB and NBE
Oil extraction company Oilex has reached an agreement which would see it borrow EGP 1.5 bn from a banking consortium that includes CIB, NBE, and Banque Misr, Al Shorouk reports. The company will use the loan to establish an EGP 2 bn industrial complex in Sadat City, which will include a cooking oils factory, and […]
Posted inOther Business News of Note
Gov’t establishes specialized investment zone in Damietta
Prime Minister Sherif Ismail issued a decision yesterday establishing a specialized investment zone in Damietta for furniture manufacturing and related industries, Al Mal reports. The Damietta Furniture City Company will develop and manage the 331-feddan zone, which will also include hotels, shopping malls, hospitals, and other services. Separately, Trade and Industry Minister Tarek Kabil announced […]
Posted inEgypt Politics + Economics
House majority bloc says post-election cabinet shuffle is likely
Parliament’s majority bloc, the Support Egypt Coalition, sees that a change in some cabinet positions is likely to take place after the results of the presidential elections are announced, coalition secretary-general Magdy Morshed tells Al Shorouk. Morshed says that an entirely new government should be formed at the beginning of a new presidential term, but […]
Posted inSports
National Media Authority is still in talks with FIFA over World Cup broadcasting rights
The National Media Authority is still in talks with FIFA over broadcasting rights for Egypt’s matches at the World Cup, which kicks off in Russia this June, Ahram Online reports. Qatar’s beIN Sports has already locked down exclusive rights to air the games in the region, but Egypt can still win the rights to broadcast […]
Posted inON YOUR WAY OUT
Egypt honors top swimmer Farida Osman with eponymous swimming complex
The Youth and Sports Ministry has unveiled the Farida Osman Swimming Complex in honor of the African record holder and two-time Olympian, according to Osman's Instagram. Osman, who was named Best African Female Athlete in Prague last year, was the first Egyptian to ever win a medal at the World Aquatics Championships back in July.
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.5917 | Sell 17.6911 EGP / USD at CIB: Buy 17.59 | Sell 17.69 EGP / USD at NBE: Buy 17.55 | Sell 17.65 EGX30 (Sunday): 17,595 (+0.8%) Turnover: EGP 1.7 bn (48% ABOVE the 90-day average) EGX 30 year-to-date: +12.7% THE MARKET ON SUNDAY: The EGX30 ended […]
Posted inCALENDAR
02-03 April (Monday-Tuesday): Pharos Holding’s investor conference: In Search for Egypt Alpha, Cairo. 08 April (Sunday): Easter Sunday, national holiday. 09 April (Monday): Sham El Nessim, national holiday. 11 April (Wednesday): The Game Sports Industry Conference, Nile Ritz-Carlton Hotel, Cairo. 17-18 April (Tuesday-Wednesday): Creative Industry Summit, Four Seasons Nile Plaza Hotel, Cairo. 24-25 April (Tuesday-Wednesday): […]
Posted inWhat We're Tracking Today
What we’re tracking on 1 April 2018
Egyptian stocks have posted their best month since the EGP float in March, with the EGX30 rising for four straight sessions as of Thursday and extending its gain this month to 13%, write Filipe Pacheco and Tamim Elyan for Bloomberg. The benchmark, which has risen 41% since the beginning of 2017, has now climbed for […]