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A Chinese car manufacturer is looking to invest USD 30 mn to produce electric cars in Egypt, Federation of Egyptian Industries’ Int’l and Public Affairs Director Khaled Abdel Azim tells Ahram Gate. The company, which Abdel Azim doesn’t name, is conducting studies to learn if it can source 40% of its components locally and so […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Oriental Weavers to borrow EUR 9 mn from QNB Alahli
Oriental Weavers will borrow EUR 9 mn or the equivalent in USD from QNB Alahli, the company announced. The company did not disclose its intended use for the proceeds.
Posted inOther Business News of Note
GAFI waiting for SCZone to sign off new public freezones in East Port Said
The General Authority for Freezones and Investment (GAFI) is waiting for the Suez Canal Economic Zone to sign off on its plan to establish a 35,000 sqm public freezone in East Port Said, sources tell Al Mal. Infrastructure work on the area should be done by June 2018, they add. GAFI is looking to establish […]
Posted inEgypt Politics + Economics
Mubarak-era tourism minister Garana acquitted of all graft charges
A Cairo court acquitted Mubarak-era tourism minister Zoheir Garana and his family of all graft charges against them yesterday, Youm7 reports. Garana, his wife, and four children were accused of profiteering and wasting public funds.
Posted inNational Security
29 ordered detained on charges of spying for Turkey
The intelligence service has ordered the arrest of 29 people suspected of membership in a terrorist organization and of committing acts of espionage for Turkey, Reuters reports. “According to the results of an investigation by the General Intelligence Services, the group has been recording phone calls and passing information to Turkish intelligence as part of […]
Posted inSports
Bradley convinces Gaber to join him in LA FC
Bob Bradley has convinced defender Omar Gaber to join his Major League Soccer side Los Angeles FC, according to the BBC. Gaber joins the club in hopes of getting more time on the field. This will be the second time the two work together since Bradley coached the national team from 2011-2013.
Posted inON YOUR WAY OUT
On this day: 23 November
ON THIS DAY- On this day in 2005, Ellen Johnson-Sirleaf was elected president of Liberia, becoming the first woman to lead an African country. Lyndon Johnson took over as US President in 1963, a day after the assassination of John F Kennedy. In 2011, Yemen's President Ali Abdullah Saleh agreed to step down amid a […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.63 | Sell 17.73 EGP / USD at CIB: Buy 17.61 | Sell 17.71 EGP / USD at NBE: Buy 17.62 | Sell 17.72 EGX30 (Wednesday): 13,839 (+0.8%) Turnover: EGP 995 mn (on par with the 90-day average) EGX 30 year-to-date: +12.1% THE MARKET ON WEDNESDAY: The EGX30 […]
Posted inCALENDAR
22-24 November (Wednesday-Friday): Schneider Electric’s Innovation Summit Egypt 2017, Royal Maxim Palace Kempinski New Cairo. 01 December (Friday): Prophet’s Birthday, national holiday. 01-03 December (Friday-Sunday): RiseUp Summit, Downtown Cairo. 03-05 December (Sunday-Tuesday): Solar-Tec, Cairo International Exhibition & Convention Center. 03-05 December (Sunday-Tuesday): Electrix, Cairo International Exhibition & Convention Center. 05 December (Tuesday): Egypt’s Emirates NBD […]
Posted inWhat We're Tracking Today
What we’re tracking on 22 November 2017
Cigarette prices are going up, and the local press is already losing its mind in a pre-emptive fit of nicotine withdrawal. The House of Representatives voted yesterday to amend the Value-Added Tax Act to increase the schedule tax on tobacco, Ahram Online reports. The move follows a petition by the Finance Ministry that has passed […]