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Toyota Egypt began upgrading its New Cairo facility yesterday ahead of the introduction of the Lexus brand to the local market in early 2018, Al Mal reports. The facility will operate as a sales and after-sales service center for the brand, which will be sold alongside Toyota. The company had signed on to becoming Egypt’s […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Arqaam obtains custodian banking license in Egypt
Arqaam Capital has obtained a license that allows it to operate as a custodian bank in Egypt, Al Mal reports. Arqaam is looking to become a full-service investment bank, Managing Director Sherif Heshmat says. It already has licenses for brokerage services, financial advisory, and promoting and underwriting.
Posted inBanking + Finance
Remco cancels GDR program
Remco Tourism Villages Construction Company (RTVC) announced canceling its GDR program, Al Mal reports. RTVC had issued GDRs with JPMorgan in 2010, but voted last May to cancel the program.
Posted inLegislation + Policy
ECA discusses legislation giving it oversight on M&As with GAFI
Egyptian Competition Authority (ECA) head Mona El Garf discussed the proposed legislation, which would require ECA approval on M&A transactions, with the General Authority for Freezones and Investment at a workshop on Monday. El Garf apparently spoke on the broad strokes of the act, according to an ECA statement which did not provide details. What […]
Posted inEgypt Politics + Economics
House would only amend NGO Act after implementation
The House of Representatives would only amend the controversial NGO Act only if its implementation would adversely impact the performance of NGOs, said the leader of the Support Egypt Coalition — the largest bloc in the House — Mohamed Elsewedy. This was the message the House delegation relayed to US congressional leaders last week, Elsewedy […]
Posted inNational Security
Serraj dismisses brigadier general for threatening airstrikes in Egypt
The head of Libya’s Presidency Council, Faiez Serraj, dismissed Brigadier Mohamed Ganaidi from the Military Intelligence Directorate and the Libyan army, Libya Herald reports. Ganaidi was dismissed after being suspended last week for threatening to attack targets in Egypt, the UAE, and Saudi Arabia with threats that included bombing the Egyptian presidential palace. On a […]
Posted inSports
Egypt’s World Cup kit leaked
The kit Egypt’s national football team will be wearing has reportedly been leaked online, according to Footy Headlines. “Egypt's kits for the 2018 World Cup are all but confirmed to be made by Adidas. They should be released in November 2017,” the sports website says.
Posted inON YOUR WAY OUT
Egypt opens to the public tombs of workers who built the Giza Pyramids
The Giza Plateau’s “cursed tombs” are open to the public for the first time since they were discovered in 1990. The tombs house the remains of workers who helped build the Giza Pyramids thousands of years ago. “the discovery of a pyramid-builders’ settlement complete with areas for large-scale food production and medical facilities, have provided […]
Posted inON YOUR WAY OUT
On this day: 07 November
ON THIS DAY- On this day in 2000, the US presidential election ended in a statistical tie between Democrat Al Gore and Republican George W. Bush, only to be settled on December 12 by the US Supreme Court after a bitter legal dispute. In 1987, Zine El Abidine Ben Ali installed himself as Tunisia’s president […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.6015 | Sell 17.7015 EGP / USD at CIB: Buy 17.58 | Sell 17.68 EGP / USD at NBE: Buy 17.60 | Sell 17.70 EGX30 (Monday): 14,073 (-0.8%) Turnover: EGP 1.2 bn (24% above the 90-day average) EGX 30 year-to-date: +14.0% THE MARKET ON MONDAY: The EGX30 ended […]