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US pharmaceuticals company Nour Heart has presented to the Health Ministry an offer to construct a pharma city under a private-public partnership, Al Borsa reports. Health Minister Ahmed Rady said that his ministry has “welcomed” the proposal, but did not provide any further details on the timeline or expected investment value.
Author Archives: enterpriseam admin
Posted inTourism
Mummy parts to be returned after 90-year absence
The US is set to hand back the remains of an Egyptian mummy and artefacts that has been out of the country for 90 years, according to Newsweek. The artefacts, which are undocumented, are believed to have been stolen from a 1927 dig in Luxor and later sold. The pieces will be delivered to Egyptian […]
Posted inAutomotive + Transportation
EgyptAir to sell subsidiaries’ planes to finance agreement with Bombardier
EgyptAir will self finance its agreement to buy 12 CS300 aircraft from Bombardier, sources tell Al Mal. The financing for the USD 1.1 bn transaction will be provided from the proceeds of the sale of EgyptAir’s subsidiaries’ aircraft. Sources said the company already sold five aircraft and is in the process of selling 12 more […]
Posted inBanking + Finance
AT Lease considering adding factoring business
Al Tawfeek Leasing (AT Lease) says it is assessing expanding its operations to include a factoring business, according to a bourse release. The company has denied that it has already taken a decision to introduce the business line. AT Lease also said it has not finalized an EGP 100 mn loan agreement under the central […]
Posted inBanking + Finance
CBE to provide EGP 2 bn assurance for SME financing
The Central Bank of Egypt’s board of directors agreed to provide the Credit Guarantee Company (CGC) with a EGP 2 bn assurance for SME financing, Al Masry Al Youm reports. In exchange, CGC will issue assurances to banks offering funding for SME projects to cover the associated risks. CBE Governor Tarek Amer had announced the […]
Posted inOther Business News of Note
GAFI to start negotiations with El Sewedy to develop freezone in 10 Ramadan
The General Authority for Freezones and Investment (GAFI) is set to begin negotiations with El Sewedy Electric to develop a 1,400 feddan freezone in 10 Ramadan City, government sources told Al Borsa. El Sewedy has already inspected the site for the project, which had originally been intended for development at Badr City.
Posted inEgypt Politics + Economics
Progressive parties form new political bloc
Progressive parties in Egypt have formed a new movement that aims to create political mobility, contribute to amendments to the protest law, improve access to the government and boost political influence for civil society groups and syndicates, Menna Farouk writes for Al-Monitor. The movement, calling itself the Civil Democratic Movement, is made up of seven […]
Posted inEgypt Politics + Economics
Decision on Khaled Ali’s appeal delayed until March
A Cairo court yesterday postponed issuing a decision on presidential hopeful Khaled Ali’s appeal until 7 March. The postponement creates “uncertainty over whether [Ali] will be allowed to run in the forthcoming election,” Reuters reports. Ali was convicted of public indecency last fall for making obscene hand gestures outside a courtroom after a ruling overturning […]
Posted inNational Security
Egyptian police officer reportedly killed in North Sinai roadside blast
A roadside explosion in North Sinai reportedly left one police officer dead yesterday, Anadolu Agency reports, citing security sources. The blast was caused by a bomb planted by an unidentified group or individual. No one has claimed responsibility for the attack, the sources add.
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.67 | Sell 17.77EGP / USD at CIB: Buy 17.66 | Sell 17.76EGP / USD at NBE: Buy 17.67 | Sell 17.77 EGX30 (Wednesday): 14,834 (-1.3%) Turnover: EGP 888 mn EGX 30 year-to-date: -1.2% THE MARKET ON WEDNESDAY: The EGX30 ended Wednesday’s session down 1.3%. CIB, the index […]