Author Archives: enterpriseam admin

Egyptian strawberries, peppers were compliant with food safety regs in 2H2017, says EU: Egyptian strawberries and peppers improved in quality and began meeting European food safety regulations in 2H2017, the EU Health and Food Safety Commissioner reportedly said in a letter to the Agriculture Ministry. The commissioner noted that residual pesticide levels on strawberries dropped […]

LEGISLATION WATCH- The executive regulations of the new Customs Act have been drafted and are ready to be issued as soon as the law passed, Customs Authority head Magdy Abdel Aziz said, Youm7 reports. The law, which received approval from the Ismail Cabinet in early February, would slash customs duties on capital goods to 2% […]

February brokerage league table: EFG Hermes topped the EGX’s brokerage league table for February with a 23.3% market share, according to figuresreleased by the Egyptian Exchange (pdf). CI Capital placed second with a market share of 11.5%, followed by Beltone Financial (5.8%), Pharos Holding (4.7%) and Pioneers Holdings (4.3%).

MOVES- Hisham El Demery has resigned as head of the Tourism Promotion Authority. El Demery will remain on the job until the end of March. El Demery had been looking to resign since last November “for personal reasons,” according to the resignation letter which ran in Youm7.

EARNINGS WATCH- SODIC reported a 39% y-o-y jump in net profit to EGP 597 mn in 2017, the company said in a statement (pdf). Revenues increased 11% y-o-y to EGP 2.3 bn during the year, driven mainly by on-schedule deliveries in the company’s various projects. Eastown Residences made up the bulk of the year’s deliveries […]

President Abdel Fattah El Sisi launched on Thursday the much-talked about insurance policy for non-government workers. Prime Minister Sherif Ismail announced that the initiative, which would target 15 mn part-time, seasonal, informal and self-employed workers, would see banks issue “Safety certificates of deposits,” Ahram Online reports. How they work: The new CDs, worth EGP 500-2,500, […]

Tourist arrivals from Germany, Ukraine, and Saudi Arabia have topped the list for 2017, according to CAPMAS statistics carried by Al Mal. A total of 1.23 mn German tourists arrived in Egypt last year, 797.3k from Ukraine, and 669.6k from Saudi Arabia, the report has found. The numbers, along with a 66.5% y-o-y rise in […]

US President Donald Trump will sign this week an order to impose 25% tariffs on steel imports from all countries and 10% tariffs on aluminum imports, the president announced at a meeting with steel industry figures on Thursday. The move came on the recommendation of the US Commerce Department last month, which also proposed an […]