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The Alexandria Minerals and Oils Company signed an agreement with France’s Axens that will see the latter provide it with technology to help improve the quality of its refined diesel fuel, Al Masry Al Youm reports. AMOC is looking to bring the quality of its diesel fuel up to international standards in a bid to […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Orascom Construction completes work on Al Masah Hotel
Orascom Construction has completed work on the Al Masah Hotel at the new administrative capital, Al Borsa reported last week. The EGP 900 mn hotel, co-developed with and owned by the military’s Engineering Authority, is expected to include a mall, conference hall, and lake area. OC was responsible for developing the area surrounding the hotel, […]
Posted inTourism
Egypt signs tourism promotion agreement with Italy as Pope blesses Egyptian delegation to Vatican
Tourism Minister Yehia Rashed signed an agreement with Italy’s Minister of Culture and Tourism, Dorina Bianchi, that will see Italy help promote tourism to Egypt, according to a statement from the ministry. Rashed was in Italy last week at the head of a delegation to the Vatican to promote a pilgrimage in the footsteps of […]
Posted inAutomotive + Transportation
Go Bus to buy 22-bus fleet from Mercedes in 2018
Tourist transportation company Go Bus will buy a fleet of 22 buses from Mercedes in 2018 for EGP 125 mn, Al Borsa reports. The agreement will also see Mercedes run maintenance on 100 buses, said Go Bus head Saad Attia.
Posted inBanking + Finance
GPC signs EGP 2.3 bn loan agreement with six-part banking consortium that includes NBE, Banque Misr
The General Petroleum Corporation (GPC) signed a EGP 2.3 bn loan agreement with a consortium of six banks to finance expansion plans and new exploration activities, sources close to the matter tell Al Masry Al Youm. The sum will be disbursed in tranches of EGP 900 mn and USD 80.9 mn and repaid in local […]
Posted inLegislation + Policy
MP Margaret Azer to draft legislation criminalizing underage marriage
House Human Rights Committee head Margaret Azer announced she is currently drafting a law to criminalize underage marriage, which she plans to bring to the assembly for discussion during its current session. The law would impose prison sentences of 7-10 years on all those found guilty of facilitating underage marriages, including the children’s parents and […]
Posted inEgypt Politics + Economics
Poverty rate in Egypt stands at 29% -Maait
Egypt’s poverty rate currently hovers around 28-29%, Vice Minister of Finance Mohamed Maait said at a conference yesterday, Al Mal reports. GDP per capita has also seen a drop, Maait said without providing figures. These indicators are compounded by the unemployment rate, which — despite having eased to 11.9% from a previous 14% — remains […]
Posted inNational Security
Libya recovers bodies of 21 Egyptians killed by Daesh
Libya has recovered the bodies of the 21 Egyptian Coptic Christians who were beheaded by Daesh in February 2015, Libya’s attorney general said, Reuters reports. “The bodies were found in the same orange jumpsuits the victims were wearing when they were filmed being killed in the coastal city” of Sirte, a former Daesh stronghold.
Posted inON YOUR WAY OUT
On this day: 8 October
ON THIS DAY- This day in 1990 was Britain’s first as a full member of the European Monetary System’s Exchange Rate Mechanism (ERM). The system required member states to keep their currency value tied to the German mark, requiring them to adopt German anti-inflation policies, with a view to eventual monetary union. In 2003 Arnold […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.6012 | Sell 17.7012 EGP / USD at CIB: Buy 17.60 | Sell 17.70 EGP / USD at NBE: Buy 17.60 | Sell 17.70 EGX30 (Thursday): 13,882 (-0.4%) Turnover: EGP 1.3 bn (42% above the 90-day average) EGX 30 year-to-date: +12.5% THE MARKET ON WEDNESDAY: The […]