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The Transport Ministry is considering offers from different countries for the purchase of 1,000 new railway locomotives, Minister Hisham Arafat said,according to Al Borsa. Selection criteria are execution time, delivery rates, quality, cost, financing and if the cars use local parts. Italy, Hungary, China and Russia are all in the running to supply the locomotives, […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Monorail connecting Cairo with administrative capital to be ready in 2020
Work on the monorail project to connect Cairo with the new administrative capital will begin next year, Transport Minister assistant Amr Shaat told Al Masry Al Youm. The monorail is set to be completed in 2020, he added.
Posted inBanking + Finance
EFSA eases restrictions on investment funds
The Egyptian Financial Supervisory Authority (EFSA) ratified amendments to the executive regulations of the Capital Markets Act that govern investment funds, Al Borsa reports. Funds will now be allowed to settle up to 15% of their daily transactions on the EGX under the intraday trading system (T+0). Real estate funds with a capital of EGP […]
Posted inOther Business News of Note
India’s Bajaj to restructure state-owned cotton ginning companies
Indian automaker Bajaj was awarded a tender for the restructuring of state-owned cotton ginning companies, Public Enterprises Minister Ashraf El Sharkawy said yesterday, without revealing any details about the value or size of the agreement. The contracts will be signed next week, according to Al Borsa. US consultancy firm Warner had been tapped to review […]
Posted inLegislation + Policy
Prime Minister issues Media Act regs part 1
Prime Minister Sherif Ismail issued the executive regulations of the Media Act on Monday, Ahram Online reports citing state-owned MENA news agency. The regulations lay out the responsibilities and jurisdictions of the three media regulatory bodies: The Supreme Media Council, the National Press Authority, and the National Media Authority. As we noted yesterday, the House […]
Posted inEgypt Politics + Economics
Finance Ministry keeps customs rate unchanged.
The Ministry of Finance is keeping the customs exchange rate fixed at EGP 16 per greenback for the month of November,according to the ministry website. The unchanged rate is consistent with the ministry’s view on a stabilizing exchange rate.
Posted inEgypt Politics + Economics
M2 money supply jumps 39.7% y-o-y in September
Egypt’s M2 money supply jumped 39.72% y-o-y at the end of September to EGP 3.05 tn (USD 173.3 bn), central bank data showed on Tuesday, according to Reuters.
Posted inEgypt Politics + Economics
State Commissioners to investigate complaints raised against Tora’s Scorpion Prison
The State Commissioners Authority has reportedly agreed to begin investigating a complaint filed by local NGOs and the family of inmate at the Tora prison’s maximum security facility, according to Al Bawaba. A committee of medical and human rights experts are conducting research to determine whether or not the facility — known as the Scorpion […]
Posted inON YOUR WAY OUT
Kim Kardashian apparently can’t tell the difference between Arabic and Armenian
Kim Kardashian apparently can’t tell the difference between Arabic and Armenian: In a video posted on SnapChat and Instagram over the weekend, reality TV star Kim Kardashian mistakenly said she was celebrating her birthday “Armenian style” as the very Arabic — specifically Egyptian — birthday song was playing. We can independently confirm that this is […]
Posted inON YOUR WAY OUT
On this day: 01 November
ON THIS DAY- On this day in 1869, the Khedival Opera House in Cairo was dedicated, after being built on the orders of the Khedive Ismail to celebrate the opening of the Suez Canal. Verdi's opera Rigoletto was the first opera performed at the opera house on that day. The building, which burned down in […]