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Hotel occupancy rates in Ain Sokhna, Marsa Matrouh, the North Coast, Alexandria, Sharm El Sheikh, and Hurghada soared over the Eid break, Al Shorouk reports, citing data from the Tourism Ministry. According to the ministry, most hotels in Ain Sokhna, Marsa Matrouh, and the North Coast filled 100% of their rooms. Hotels in Alexandria, Sharm […]
Author Archives: enterpriseam admin
Posted inTelecoms + ICT
GTH and VEON sell Pakistani tower business subsidiary
Global Telecom Holding and VEON announced that their Pakistani subsidiary, Jazz, has signed an agreement for the sale of its tower business, Deodar, for approximately USD 940 mn, subject to adjustments. The transaction will be on a cash and debt-free basis for a total equivalent of USD 940 mn in Pakistani rupees. “At completion of […]
Posted inTelecoms + ICT
TE to pay remaining EGP 1.8 bn for 4G license in three yearly installments
Telecom Egypt will be paying the remaining EGP 1.8 bn for its 4G license in installments every August for the next three years, sources tell Al Mal. Half of the payment will be made in USD with the first of which tallying up to EGP 235 mn and USD 26 mn. TE already paid EGP […]
Posted inLegislation + Policy
Premerger notification legal requirements in Egypt could threaten reporting risks -White & Case
The legal amendments that could require premerger notification in Egypt “could expose certain transactions around the world to reporting risks in Egypt,” according to a note from White & Case. “Parties contemplating transactions that involve an Egyptian component should monitor the progress of these draft amendments as they make their way through the legislative process,” […]
Posted inEgypt Politics + Economics
MPs looking to criminalize fraudulently receiving subsidies
The House of Representatives will look into drafting legislation to criminalize subsidy fraud during its third session once it receives the updated database of subsidy recipients from the Military Production Ministry, Budget Committee member Yasser Omar said, Al Borsa reports. According to committee members, the laws that currently govern the subsidy system do not penalize […]
Posted inEgypt Politics + Economics
Gov’t suspends Al Bawaba for publishing story on El Adly
Egyptian daily Al Bawaba had its Sunday edition suspended by authorities after they attempted to run a story on the disappearance of former Interior Minister Habib El Adly, according to the Egypt Independent. The paper has said it will pursue legal action in what it considers an infringement on its constitutional right. Adly allegedly wasn’t […]
Posted inNational Security
Egypt places names of more than 350 people on terrorism list
Egypt added more than 350 names to its terror rolls, including prominent Ikhwan figures, effectively placing them on a watch list, banning them from travel, and granting concerned authorities the right to freeze their assets, the Associated Press reports. The list includes financier Hassan Malek, the report notes. The decision is subject to appeal within […]
Posted inSports
Nour El Sherbini, Ramy Ashour win China Squash Open
Ramy Ashour and Nour El Sherbini won the men’s and women’s 2017 China Squash Open titles, respectively, King Fut reports. Ashour and El Sherbini snagged the championship titles after beating fellow Egyptian champions Ali Farag and Nouran Gohar in an all-Egyptian final round on Sunday. El Sherbini became the third Egyptian woman to win the […]
Posted inON YOUR WAY OUT
UNDP partners with ICT Ministry, Microsoft to launch IoT for persons with disabilities competition
UNDP partners with ICT Ministry, Microsoft to launch IoT for persons with disabilities competition: The UNDP has partnered up with the ICT Ministry, Microsoft Egypt, and its crowd-solving partner Yomken.com to launch “The Internet of Things for Persons with Disabilities” competition, which “targets young aspiring entrepreneurs and innovators, between the ages of 19 and 29 […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.6096 | Sell 17.7096 EGP / USD at CIB: Buy 17.60 | Sell 17.70 EGP / USD at NBE: Buy 17.63 | Sell 17.73 EGX30 (Wednesday): 13,416 (+1.7%) Turnover: EGP 879 mn (xx% BELOW / ABOVE the 90-day average) EGX 30 year-to-date: +8.7% THE MARKET ON […]