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The New Urban Communities Authority (NUCA) revoked the construction license granted to a Bin Laden Group subsidiary to establish a North Coast hotel after the company failed to begin work on the project during the allotted time, authority official Hatem Mahmoud tells Al Borsa. According to Mahmoud, the 2015 tender for the hotel land plot […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Wadi Degla re-launches The District outdoor mall
Wadi Degla City for Urban Development re-launched its outdoor mall, The District, on Monday “as an outdoor family hub,” according to an emailed statement (pdf). The mall, which spans 200k sqm in the Sheraton area, includes a sporting club, gym, hypermarket, restaurants and food outlets, as well as clothing stores.
Posted inTourism
26th Dynasty temple unearthed in Kafr El Sheikh
The remains of a 26th dynasty temple were unearthed in Kafr El Sheikh Talal Al Faraeen archaeological site, Al Masry Al Youm reports. The discovery sheds light on King Psamtik I and his fight against the Assyrian invasion, site manager Gamal Salem said.
Posted inAutomotive + Transportation
Customs Authority holds shipment of Jinpei cars, refusing to ratify Bavaria Auto’s import bill
The Customs Authority is reportedly holding a shipment of Chinese Jinpei cars and is refusing to ratify the import bill presented by Brilliance Bavarian Auto, the distributor, Al Mal reports. The authority is imposing a 13% markup on the price listed on the import bill, despite the dealership presenting official documents showing that Jinpei is […]
Posted inBanking + Finance
CIB to contribute USD 200 mn to USD 550 mn loan to EGPC
CIB will contribute USD 200 mn to a two-year USD 550 mn loan to the Egyptian General Petroleum Company (EGPC), sources tell Al Mal. The National Bank of Egypt (NBE) and Banque Misr will each contribute USD 150 mn, while Banque du Caire will pay the remaining USD 50 mn under an agreement signed last […]
Posted inOther Business News of Note
Export councils to lobby House for raising export subsidies to EGP 5-6 bn
Export councils are planning to submit a request to the House of Representatives asking that they lobby the government to raise the allocated amount to export subsidies in the state budget to around EGP 5-6 bn from a current EGP 2.6 bn, Chemical and Fertilizers Export Council Chairman Khaled Abul Makarem, tells Al Borsa.
Posted inEgypt Politics + Economics
Court jails 20 Kerdasa church arsonists for 10 years
The Cairo criminal court sentenced 20 people to 10-year prison terms after finding them guilty for setting Kerdasa’s Virgin Mary church ablaze in August 2014, Al Shorouk reports. Two minors also received three-year sentences.
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.64 | Sell 17.74 EGP / USD at CIB: Buy 17.59 | Sell 17.69 EGP / USD at NBE: Buy 17.6 | Sell 17.7 EGX30 (Tuesday): 15,219 (+0.4%) Turnover: EGP 1.2 bn (6% ABOVE the 90-day average) EGX 30 year-to-date: +1.3% THE MARKET ON TUESDAY: The EGX30 ended […]
Posted inCALENDAR
17-21 February 2018 (Saturday-Wednesday): Women For Success - Women SME's "World of Possibilities" Conference, Cairo/Luxor. 20 February (Tuesday): The Third Annual Capital Markets Summit, InterContinental Cairo Semiramis, Cairo. 05 March (Monday): Egypt’s PMI reading for February released. 05-07 March (Monday-Wednesday): EFG Hermes’ One on One Conference 2018, Atlantis, The Palm, Dubai, UAE. 07-11 March (Wednesday-Sunday): […]
Posted inWhat We're Tracking Today
What we’re tracking on 20 February 2018
Egypt’s ambition to become the premier regional energy export hub got a shot in the arm yesterday with news that the Alaa Arafa-led Dolphinus Partners has entered into a USD 15 bn gas import agreement with Israel. That little matter of outstanding arbitral awards stands in the way, as we discuss in today’s Speed Round, […]