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The rout in global markets continues this morning: The EGX followed the Friday lead of global markets, with the EGX30 closing down 1.4% yesterday in light trading. Just about every regional exchange, from the UAE and Saudi Arabia to Kuwait and Qatar, also closed in the red yesterday. Just about every Asian market was (rather […]
Author Archives: enterpriseam admin
Posted inWhat We’re Tracking This Week
What we’re tracking this week
Egypt is hosting the fintech and digital economy conference “Seamless North Africa” (pdf) tomorrow. The two-day conference, which the CBE is hosting, will allow local and global fintech companies to showcase their offerings in the region’s largest potential market. Sudan and Egypt’s foreign ministers and intelligence service chiefs will meet in Cairo on Thursday, according […]
Posted inON THE HORIZON
On the horizon
The central bank’s Monetary Policy Committee will meet on 15 February to decide on interest rates. A delegation of 22 British companies led by UK trade envoy Jeffrey Donaldson is visiting Egypt on 10 February to discuss a tripartite trade agreement between the UK, Egypt, and China centered on exports to African markets. The Housing […]
Posted inEnterprise+: Last Night’s Talk Shows
Poultry prices and political issues continue to feature heavily on the airwaves
With the nation’s talking heads still preoccupied by politics and poultry, Lamees Al Hadidi was the only one of the bunch to take note of the surge in FX reserves during January. (We have the full story in Speed Round). The Hona Al Asema host asked the central bank to provide a breakdown of the […]
Posted inSpeed Round
Consumer Protection Act sets out new regulations for auto sales
LEGISLATION WATCH- Auto dealers beware: The Consumer Protection Act has you in its sights: The Consumer Protection Act, which is currently being discussed in a plenary session at the House of Representatives, could impose new regulations on the sale of cars, Al Borsa reports. The law starts off by classifying cars as a “strategic good,” […]
Posted inSpeed Round
Eurobond issuance coming any day now - El Garhy
Eurobond issuance coming any day now: Egypt will be issuing USD 4-5 bn in eurobonds “within days,” said Finance Minister Amr El Garhy on Sunday, according to Reuters. The timing was chosen to coincide with climbing yields in the international bond market, El Garhy said at a presser yesterday following a meeting with Prime Minister […]
Posted inSpeed Round
Egypt’s net FX reserves rose to USD 38.2 bn in January
Egypt’s net FX reserves see biggest m-o-m jump since July: Egypt’s net FX reserves rose to USD 38.2 bn as at the end of January, up from USD 37.02 bn at the end of December, making their biggest m-o-m jump since July last year, according to CBE figures released yesterday. The rise came on the […]
Posted inSpeed Round
Enara plans 300 MW renewable energy projects over the next five years
INVESTMENT WATCH- Enara Capital is planning to invest USD 300 mn in developing renewable energy projects in Egypt over the next five years, CEO Sherif El Gabaly tells Al Borsa. The projects, which will include solar, wind and waste-to-energy projects, will have a combined capacity of 300 MW. The company had announced in December that […]
Posted inSpeed Round
Al Khaleej Sugar project to have 900k-tonne capacity
INVESTMENT WATCH- Jamal Al Ghurair’s planned USD 1 bn sugar plant plant in Egypt will help the country reach self-sufficiency, Investment Minister Sahar Nasr said, according to Reuters. The agro-industrial project, Al Canal Sugar, will be funded in part by Ghurair’s Al Khaleej Sugar Refinery, which will put in around USD 333 mn of the […]