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Six auto companies plan on spending a combined EGP 1.5 bn in 2018 on new production lines, showrooms, and after sales centers in anticipation of a resurgent auto market next year, Al Mal reports. These include Bavaria Bavarian Auto, Honda Egypt, Al Amal, and Kayan Egypt.
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
EgyptAir to receive last of nine Boeing airplanes
EgyptAir will receive the ninth and final Boeing 737-800 Next-Generation aircraft under its USD 864 mn agreement with the company, Al Shorouk reports. The aircraft should be added to the fleet by week’s end. EgyptAir and Boeing had signed the supply agreement in July last year, and Dubai Aerospace Enterprise had announced it would finance […]
Posted inBanking + Finance
Banque Misr closing in on USD 500 mn facility from EIB, eyes a further USD 500-600 mn
Banque Misr plans to sign for a USD 500 mn loan from the European Investment Bank during the Business for Africa and the World Forum in Sharm El Sheikh which kicks off this Thursday, Vice President Akef El Maghraby tells Al Mal. El Maghraby added that the bank is also looking to take on board […]
Posted inBanking + Finance
Sphinx Private Equity looks to acquire four manufacturing companies
Sphinx Private Equity Management is looking into acquiring majority stakes in four unnamed manufacturing companies through a new USD 90 mn fund, chairman Marianne Ghaly tells Al Mal. The move follows the sale of 56% of recently-listed Dice Sportswear for EGP 650 mn, Ghaly added.
Posted inBanking + Finance
United Bank planning to invest more than EGP 1 bn in agriculture, renewable energy, fertilizers, and real estate
The United Bank of Egypt is planning to invest more than EGP 1 bn in the coming period in four major sectors, including renewable energy, agriculture, fertilizer production, and real estate development, Chairman Ashraf El Kady said yesterday, Al Mal reports. The bank is also planning to expand its activities in the Islamic banking sector, […]
Posted inLegislation + Policy
Cabinet refers amendment on Criminal Procedures Act to House
The Ismail Cabinet referred amendments to the Criminal Procedures Act to the House of Representatives for approval on Saturday, Parliamentary Affairs Minister Omar Marwan announced yesterday, Ahram Gate reports. The amendments, which the Cabinet had approved in October, introduce new avenues of mediation outside the court system, including for murder cases. Other issues addressed include […]
Posted inLegislation + Policy
Medical Liabilities Act bans abortions except in life-threatening pregnancies and congenital defects
The Medical Liabilities Act, which is currently being discussed by the House of Representatives’ Health Committee, permits abortions only in cases where pregnancies are life threatening or if or if the fetus has a disorder that makes it "incompatible with life" — raising in our minds the spectre of state-sanctioned eugenics. Abortions will be illegal […]
Posted inSports
Egypt’s weightlifting team makes historic gains at the World Federation championships
Egypt’s national weightlifting team has done us proud once again at the International World Federation Championships taking place in Anaheim, California. Mohamed Ihab won three gold medals in the men’s 77 kg — making him the first Egyptian to snag gold at the competition since 1951, according to Egypt Independent. Yesterday, Sara Samir, Egypt’s first […]
Posted inON YOUR WAY OUT
UNHCR, UNICEF launch winter assistance program for 129,000 vulnerable refugees
The UNHCR and UNICEF launched last week their winter assistance program in Egypt, which will see them disburse unconditional cash assistance to 129,000 vulnerable refugees throughout December, according to an emailed release (pdf). The cash payments are “accompanied by [an] awareness raising campaign via social media, which provides practical advice on winterization measures to taken […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.6500 | Sell 17.7500 EGP / USD at CIB: Buy 17.66 | Sell 17.76 EGP / USD at NBE: Buy 17.62 | Sell 17.72 EGX30 (Sunday): 14,714 (+0.9%) Turnover: EGP 928 mn (9% below the 90-day average) EGX 30 year-to-date: +19.2% THE MARKET ON SUNDAY: The EGX30 ended […]