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The National Bank of Egypt (NBE) has approved EGP 800 mn in funding to refurbish seven hotels in South Sinai as part of the CBE’s tourism rescue initiative, NBE Vice Chairman Yehia Aboul Fotouh tells Al Mal on Sunday. The bank has also approved restructuring the debts of the three unnamed tourism companies which operate […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Banque Misr to launch cross-border mortgages
Banque Misr plans to launch a mortgage financing facility soon for Egyptian expats in the UAE interested in owning property back home, according to Al Mal. The fund will offer loans between EGP 200k-5 mn, with payment plans of up to 10 years. Emirates NBD already provides a similar service, which is an alternative for […]
Posted inOther Business News of Note
OTMT to complete development of Giza plateau by end of 2018
Orascom Telecom Media and Technology Holding (OTMT) is expected to complete development works at the Giza plateau with the Sound and Light Cinema Company (SLCC) by the end of 2018, Holding Company for Tourism, Hotels, & Cinema Chairman Mervat Hataba says, Al Mal reports. OTMT had boughtCity Stars Properties out of the SLCC development project […]
Posted inEgypt Politics + Economics
FEP withdraws confidence from party Secretary General Nasr Al Qaffas
Free Egyptians Party (FEP) Chairman Essam Khalil decided yesterday to withdraw confidence from the party’s Secretary General Nasr Al Qaffas, Al Shorouk reports. The move came after Al Qaffas made unsanctioned statements on the party’s behalf, Khalil explained. Naguib Sawiris, who founded the party, was also dismissed from it earlier this year after “giving off […]
Posted inEgypt Politics + Economics
Coptic Church denounces shuttering of churches in Minya
The Minya diocese of the Coptic Church issued statement on Saturday denouncing the repeated closing of churches in Minya after authorities shut down another two churches. “We have kept quiet for two weeks after the closure of one of the churches, but due to our silence the situation has worsened ... it is as if […]
Posted inEgypt Politics + Economics
Health, transport, and antiquities sectors have highest rates of graft, says Administrative Prosecution
The health, transportation, and antiquities sectors saw the highest rates of graft and corruption incidents in 2016, the Administrative Prosecution said in its annual statistical report, which Al Shorouk picked up. The report also lists significant corruption in the education, supply, agriculture and land reclamation, and local administration sectors.
Posted inEgypt Politics + Economics
Two conscripts killed in North Sinai
Two police conscripts were killed in North Sinai when their vehicle hit a roadside bomb and was attacked by militants, according to the Associated Press which is citing security officials who spoke on condition of anonymity.
Posted inON YOUR WAY OUT
Two French women level harassment charges against Ikhwan founder’s Swiss-born grandson
Two French women level harassment charges against Ikhwan founder’s Swiss-born grandson: Two French women have leveled [redacted] harassment charges against the grandson of Ikhwan founder Hassan Al Banna, the New York Times reports. French activist Hend Ayari said she was assaulted in 2012 and a second unnamed woman said the Swiss-born Islamic scholar, Tariq Ramadan, […]
Posted inON YOUR WAY OUT
On this day: 30 October
ON THIS DAY- The Madrid peace conference took place on this day in 1991, hosted by Spain and co-sponsored by the US and the Soviet Union. It was the first time in 43 years that Israel has sat down with all its Arab neighbors to discuss peace; the conference was deemed a success and paved […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.6016 | Sell 17.7015 EGP / USD at CIB: Buy 17.58 | Sell 17.68 EGP / USD at NBE: Buy 17.60 | Sell 17.70 EGX30 (Sunday): 14,024 (+0.5%) Turnover: EGP 1.1 bn (17% above the 90-day average) EGX 30 year-to-date: +13.6% THE MARKET ON SUNDAY: The […]