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A consortium of five Chinese companies under the name Acasys Eco Group is looking to build 250k residential units for the government’s social housing program using some USD 5 bn in capital, the consortium’s regional director Hisham Fathy tells Al Shorouk. The consortium is waiting for a response on its proposal from the Housing Ministry, […]
Author Archives: enterpriseam admin
Posted inTelecoms + ICT
Decision to raise price of phone scratch cards could negatively impact MNOs
The 36% increase in prices imposed by the National Telecommunications Regulatory Authority (NTRA) on mobile phone scratch cards may affect consumption of customers, the head of legal and external affairs at Vodafone Ayman Essam tells Daily News Egypt. The impact would be fully assessed until a full month had passed, he added. He insisted that […]
Posted inBanking + Finance
KfW to lend NBE EUR 50 mn for SME funding
Germany’s state-owned development bank KfW is planning to sign a EUR 50 mn loan agreement with the National Bank of Egypt to fund SMEs in the country, KfW’s Egypt director Burkhard Hinz tells Al Mal. These SME loans will be mostly geared towards businesses outside Cairo, added Hinz. He had previously said KfW plans to […]
Posted inBanking + Finance
MIDOR to receive USD 1.2 bn loan from Crédit Agricole, BNP Paribas, CDP
The Middle East Oil Refinery (MIDOR) is set to receive a USD 1.2 bn loan in 1Q2018 from a banking consortium composed of Crédit Agricole, BNP Paribas, and Italian bank Cassa Depositi e Prestiti, an unnamed Oil Ministry official tells Al Shorouk. MIDOR had reached a preliminary agreement with the banks last year. The loan […]
Posted inOther Business News of Note
Indonesia’s PT Pertamina Lubricants enters Egyptian market
PT Pertamina Lubricants, a subsidiary of Indonesia’s state-owned national oil company PT Pertamina, announced entering the Egyptian market. The company agreed on the contract of sales of lubricant with Egyptian company Ashrafco. “Egypt is a potential market for lubricants. Up to now there are more than 10 local and international lubricants that dominate the Egyptian […]
Posted inEgypt Politics + Economics
Foreign investment in Egyptian securities up to USD 18 bn
Foreign investments in Egyptian securities increased to USD 18 bn in September since the EGP float last November, Reuters reports. Vice Minister of Finance Ahmed Kouchouk had said the volume of investments was USD 17.6 bn in August. The increase in inflows is in contrast with the USD 1 bn that was recorded in June […]
Posted inON YOUR WAY OUT
Al Abakera season 3 is out
We’re pleased to note this morning that the third season of Al Abakera (The Geniuses) quiz show premiered last Thursday on Al Kahera Wal Nas. The reality edutainment competition pits high schools against each other and offers the largest purse of any game show in the Middle East. Students from across all governorates will match […]
Posted inON YOUR WAY OUT
On this day: 3 October
ON THIS DAY- On the stroke of midnight of this day in 1990, the flag of West Germany was raised over Brandenburg Gate in Berlin, becoming the symbol of a reunified Germany. In 1995, OJ Simpson has been found not guilty of the murders of his ex-wife Nicole and her friend Ronald Goldman in a […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.5997 | Sell 17.6997 EGP / USD at CIB: Buy 17.60 | Sell 17.70 EGP / USD at NBE: Buy 17.60 | Sell 17.70 EGX30 (Monday): 14,000 (+0.2%) Turnover: EGP 1.6 bn (78% above the 90-day average) EGX 30 year-to-date: +13.4% THE MARKET ON MONDAY: The […]
Posted inCALENDAR
03 October (Tuesday): Egypt’s Emirates NBD PMI reading released. 03-05 October (Tuesday-Thursday): J.P. Morgan’s Credit and Equities Emerging Markets Conference, London, UK. 06 October (Friday): Armed Forces Day, national holiday. 11-12 October (Wednesday-Thursday): 2030 Mega Projects Conference, Nefertiti Hall, Cairo International Convention Center, Cairo. 11-13 October (Wednesday-Friday): Middle East and Africa Rail Show, Cairo International […]