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Belarusian state-run automotive manufacturer Minsk Automobile Plant (MAZ) has opened a new joint venture in Egypt with the Helwan Machinery and Equipment company, according to the Belarusian Telegraph Agency. The project is expected to produce 500 MAZ vehicles, the report notes. Both sides also agreed to continue exploring a similar project to assemble Bobruiskagromash agricultural […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Salam City-New Capital electric railway line to break ground at year’s end
Work on the USD 1.2 bn electric railway line connecting Salam City with the New Administrative Capital will begin at the end of the year with construction expected to be completed sometime in mid-2019, a source from the National Authority for Tunnels tells Al Borsa. K&A Khatib and Alami were selected as consultants on the […]
Posted inBanking + Finance
Egypt Aluminum planning a EGP 450 mn capital increase
Egypt Aluminum is planning a rights issue, nearly doubling its capital to EGP 1 bn from EGP 550 mn, according to an EGX statement.
Posted inOther Business News of Note
World Bank provides technical assistance to Mona El Garf’s ECA
The World Bank Group has provided technical assistance to the Egyptian Competition Authority (ECA), Al Masry Al Youm reports. The assistance included introduction to best practices in implementing arrests, enforcing exemption policies, and formulating settlements. The paper says the assistance was provided at the request of the ECA. It adds that the ECA’s board has […]
Posted inEgypt Politics + Economics
El Sisi signs off on shuffle of Maglis Al Dawla judges
President Abdel Fattah El Sisi ratified yesterday a shuffle of several judges at the Council of State (Maglis Al Dawla), Al Masry Al Youm reports. The decision was published in the Official Gazette. This comes as a Cairo criminal court sentenced the Council’s ex-purchasing manager Gamal El Labban to 25 years in prison and a […]
Posted inEgypt Politics + Economics
Subsidy recipients’ database to be updated by October -El Moselhy
The Supply Ministry’s update of the subsidy card holders’ database will be complete by next month, Minister Ali El Moselhy said yesterday, Al Shorouk reports. The House of Representatives will be waiting on the updated database to begin drafting legislation to criminalize subsidy fraud.
Posted inON YOUR WAY OUT
WEF report ranks Egypt 97th
A World Economic Forum report titled ‘The Global Human Capital Report 2017’ has Egypt ranked 97th out of 130. The index seeks to define how well countries develop their human capital on a scale of 0-100 “across four thematic dimensions and five distinct age groups to capture the full human capital potential profile of a […]
Posted inON YOUR WAY OUT
On this day: 14 September
ON THIS DAY- On this day in 1956, the IBM 305 RAMAC, the first commercial computer that used a moving-head hard disk drive for secondary storage, was publicly introduced. The machine, which weighed a ton, already had test units installed at the US Navy and at private corporations. IBM’s press release from 1956 lauded the […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.61 | Sell 17.71 EGP / USD at CIB: Buy 17.6 | Sell 17.7 EGP / USD at NBE: Buy 17.63 | Sell 17.73 EGX30 (Wednesday): 13,443 (-0.2%) Turnover: EGP 948 mn (6% above the 90-day average) EGX 30 year-to-date: +8.9% THE MARKET ON WEDNESDAY: The […]
Posted inCALENDAR
13-15 September (Wednesday-Friday): 2017 Alliance for Financial Inclusion Global Policy Forum, International Congress Center, Sharm El Sheikh. 15-18 September (Friday-Monday): Sharm Travel Market, venue TBD, Sharm El Sheikh. 18-19 September (Monday-Tuesday): Euromoney Egypt conference, venue TBD, Cairo. 19 September (Tuesday): Deadline for applications for funding under the Newton Institutional Links programme. 20-23 September (Wednesday-Saturday): 2017 […]