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Egypt has cleared its import, trade-finance FX backlog: In another milestone of the nascent economic recovery, Egypt has managed to clear its multi-bn USD FX backlog for imports and trade financing, an unnamed CBE official tells Bloomberg. Some USD 49 bn of trade-financing transactions were cleared between the EGP float and August, including USD 2.1 […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Tourism revenues up 170% y-o-y in first seven months of the year
Tourism revenues have increased by 170% y-o-y in the first seven months of 2017, a government official told Reuters. Tourism revenues came in at USD 3.5 bn as the number of tourists increased 54% y-o-y to 4.3 mn in the year to July. The number of arrivals has already almost surpassed last year’s total tally […]
Posted inSpeed Round
Further inspections of Cairo Airport are unnecessary -Sokolov
And speaking of the Russians, they seem to have finally been satisfied with our airport security (took y’all long enough). Further security inspections of Cairo International Airport are not necessary, Russian Transport Minister Maksim Sokolov told TASS. But as Russian officials are not ones to leave a conversation on a high, he added that the […]
Posted inSpeed Round
Egypt, China sign three MoUs on security, launching new satellite, electrical rail project
Egypt inks major agreements with China at the BRICS Summit: Egypt and China inked a number of agreements on key strategic projects on the sidelines of the 2017 BRICS Summit in Xiamen, the likes of which we haven’t seen since Chinese premier Xi Jinping’s visit to Cairo last year. The most notable of these was […]
Posted inSpeed Round
Cabinet to have a final say on EEDC zombie project
Will all this China stuff finally give us clarity on an EEDC zombie project? The multipurpose platform in the Port of Alexandria has been on autopilot for so long, we figured we had our best White Walker on the job. Now comes news that the Ismail cabinet is expected to issue a final ruling on […]
Posted inSpeed Round
New MDs appointed at Credit Agricole, ADIB, HDBK
MOVES- New MDs appointed at Credit Agricole, HDBK, ADIB: A number of Egyptian Banks announced new appointments yesterday. Those include: Credit Agricole Egypt naming Pierre Finas its new managing director and Assem Fahmy its non-executive Chairman after receiving central bank approval, according to a bourse disclosure. Finas’ appointment was announced in late July. Outgoing Managing […]
Posted inSpeed Round
Bright Star to commence next Sunday
Bright Star military exercises with US kick off this coming Sunday: The joint Egypt-US Bright Star military exercise will begin in Egypt next Sunday after an eight-year hiatus, according to an Armed Forces statement. The wargames will run until 20 September and focus on counterterrorism strategies and modern-day security threats, with about 200 US troops […]
Posted inSpeed Round
Egypt beats Uganda 1-0
We are one step closer to finally making it back to the World Cup: The Pharaohs did us proud last night folks, with Mohamed Salah (who else, really) scoring the sole goal of the fourth round match of the World Cup qualifiers against Uganda. And we really needed that goal too, as a loss would […]
Posted inUncategorized
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Posted inTHE MACRO PICTURE
China could have “an important role to play in Middle Eastern diplomacy” to see Belt & Road Initiative succeed
China could have “an important role to play in Middle Eastern diplomacy,” especially if it wants to see the Belt and Road initiative run smoothly, Euan Austin writes for the Market Moghul. “Whilst China and the Middle East are in an economic matrimony, Middle Eastern states themselves are struggling following a bitter divorce,” Austin says, […]