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The National Authority for Tunnels (NAT) has begun the process to redevelop Cairo Metro Line 1, Al Mal reports. NAT says the process will take three years and include introducing new trains to the service, refurbishing the existing fleet, and improving the central control system, among others.
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
China’s Ankai to supply electric buses to Alexandria
China’s Ankai won a contract to supply 15 electric buses to Alexandria, Al Mal reports. Ankai was awarded the contract after presenting the winning bid out of five. The value of the contract was not disclosed.
Posted inBanking + Finance
EBRD to sign USD 125 mn loan agreement with Banque Misr
Banque Misr will sign tomorrow a USD 125 mn loan agreement with the European Bank for Reconstruction and Development (EBRD), Banque Misr Chairman Akef El Maghraby tells Al Borsa. The facility includes a “senior loan of up to USD 75 mn for on-lending to private small and medium-sized enterprises [and] a trade finance limit of […]
Posted inOther Business News of Note
Court of Cassation denies East Med appeal against repaying NBE USD 174 mn
The Court of Cassation has rejected an appeal by Hussein Salem’s East Mediterranean Gas Company against a 2016 ruling obliging the company to repay a USD 174 mn loan to the National Bank of Egypt which it had defaulted on, Ahram Online reports. An Economic Appeals Court had upheld in March NBE’s decision to freeze […]
Posted inEgypt Politics + Economics
Gov’t raises projection for budget deficit to up to 9.6% of GDP
The government has raised its projections for the FY2017-18 budget deficit to 9.5% or 9.6% of GDP, up from an initial estimate of 9.1%, according to statements by Prime Minister Sherif Ismail on Sunday picked up by Al Borsa. No explanation was given to the change in projections.
Posted inEgypt Politics + Economics
UN Minority Affairs demand reopening of churches
Joseph Malak, a lawyer for UN High Commission of Minority Affairs sent a warning to the government to reopen churches that have been shuttered in Minya,according to AMAY. Malak called on the government to explain its ambiguous laws concerning the licensing of churches. The Minya diocese of the Coptic Church had condemned last month the […]
Posted inNational Security
Daeshbags and Al Qaeda in Sinai fight over who is more looney
An obscure Al Qaeda affiliate in the Sinai, Jund al Islam, has vowed to eliminate Daesh forces operating in the peninsula, according to Egypt Independent. The group declared it opposes Daesh due to the excessive targeting of civilians which differs from their dogma of attacking strictly military targets.
Posted inSports
Salah shortlisted for BBC African Footballer of the Year award
Mohamed Salah made it on the five-player shortlist for the BBC African Footballer of the Year award. Pierre-Emerick Aubameyang, Naby Keita, Sadio Mane, and Victor Moses are the other players on the list. The award’s winner will be announced on 11 December.
Posted inON YOUR WAY OUT
On this day: 13 November
ON THIS DAY- Saad Zaghloul founded the Al Wafd Al Masry party on this day in 1918, which became instrumental in Egypt’s independence movement from Britain. On this in 1935, nationalists and students started protesting against the government in Egypt after an announcement that the 1923 constitution was deemed “inapplicable,” invoking the 1930 constitution, which […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.6004 | Sell 17.7003 EGP / USD at CIB: Buy 17.56 | Sell 17.66 EGP / USD at NBE: Buy 17.58 | Sell 17.68 EGX30 (Sunday): 14,271 (-0.6%) Turnover: EGP 846 mn (14% below the 90-day average) EGX 30 year-to-date: +15.6% THE MARKET ON SUNDAY: The EGX30 ended […]