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Orange Egypt’s general assembly approved a capital increase yesterday to EGP 16.4 bn from EGP 1 bn through the issuance of new shares, according to a bourse filing (pdf). The company’s board had signed off on the move early last month.
Author Archives: enterpriseam admin
Posted inOther Business News of Note
Cabinet looks into establishing public freezone in Minya
The Cabinet economic group discussed yesterday a proposal to establish a public freezone in Minya, according to a statement. The freezone would house spinning and weaving, pharma, and tech projects, among others. No further details were provided on the proposal.
Posted inEgypt Politics + Economics
Local elections might not be coming for another three-to-five years
It’s looking like local elections will not be happening anytime soon, as the Local Administration Act — which sets up locally elected councils — will take 3-5 years to be implemented, according to Mohamed Elsewedy, who heads the House’s majority Support Egypt coalition. The law is currently with Maglis El Dawla (Council of State) and […]
Posted inEgypt Politics + Economics
Prosecutor General refers three policemen to criminal court over EGP 2 bn currency smuggling ring
The Prosecutor General referred eight individuals, including three policemen, to criminal court over charges of running a currency smuggling ring, according to Ahram Online. Two fugitives, including the owner of a currency exchange company and a businessman, smuggled EGP 2 bn-worth of foreign cash into the country over time by bribing the three policemen at […]
Posted inSports
Egypt will likely “go farther than any African team” in World Cup
Egypt is “well equipped to go farther than any African team” at the 2018 World Cup thanks to the draw placing it in a preferable group-stage pool, Complete Sports’ Sam Lee says. Uruguay’s national team is not as strong as it once was, Saudi Arabia is “not expected to ruffle any feathers,” and Russia is […]
Posted inON YOUR WAY OUT
Sustainable business models can add USD 600 bn to MENA economies
Sustainable business models can add USD 600 bn to MENA economies: The Better Business, Better World MENA report from the Business & Sustainable Development Commissionshows there is a compelling economic incentive for business and government to accelerate and embrace sustainable strategies. The MENA region can unlock more than USD 600 bn by 2030 through a […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.6594 | Sell 17.7594 EGP / USD at CIB: Buy 17.67 | Sell 17.77 EGP / USD at NBE: Buy 17.64 | Sell 17.74 EGX30 (Monday): 14,572 (-1.0%) Turnover: EGP 1.0 bn (2% below the 90-day average) EGX 30 year-to-date: +18.0% THE MARKET ON MONDAY: The EGX30 ended […]
Posted inCALENDAR
03-05 December (Sunday-Tuesday): Solar-Tec, Cairo International Exhibition & Convention Center. 03-05 December (Sunday-Tuesday): Electrix, Cairo International Exhibition & Convention Center. 03-06 December (Sunday-Wednesday): The fourth e-payment and Innovative Financial Inclusion Expo & Forum (PAFIX), Egypt Expo Center, New Cairo. 05 December (Tuesday): Egypt’s Emirates NBD PMI reading for November to be announced. 03-06 December (Sunday-Wednesday): […]
Posted inWhat We're Tracking Today
What we’re tracking on 4 December 2017
Monday is off to a relatively quiet start on the interwebs, but don’t let that lull you into a false sense of complacency — a rash of conferences in Egypt and the customary end-of-year news storm in global markets see us expecting a busy news cycle through some time around 20 December. First up: Our […]
Posted inWhat We're Tracking Today
Egypt snags top spot at 2017 Men’s Squash World Team Championship
Egypt snagged the top spot at the 2017 Men’s Squash World Team Championship in Marseille, defeating England 2-0 in the final face off, KingFut reports. Karim Abdel Gawad and Ali Farag won the last two games against opponents Nick Matthew and James Willstrop, continuing what has been a great week for the national team, who […]