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Egyptian software company ITWorx signed an agreement with Huawei that will see them cooperate on providing software solutions to mobile network operators. The solutions will extend to customer service, network data analytics, prepaid services, and after-sales services, Al Masry Al Youm reports. The first phase of the two companies’ cooperation will target North African markets, […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
Titan and Audi ink loan agreement
Titan Group will inked a loan agreement with Bank Audi that will see it receiving between EGP 300-500 mn in financing by the end of 2017, sources tell AMAY. The medium-term loan agreement extends over a period of five years. The funds will be used to boost Titan Group subsidiaries’ capital base, including Alexandria Portland […]
Posted inBanking + Finance
Acumen-BPE to begin marketing new EGP 1 bn real estate fund in September
Acumen-BPE will begin marketing the Housing and Development Bank’s EGP 1 bn real estate fund in September once it receives the green light from the Egyptian Financial Supervisory Authority, Chairman Hany Tawfik said, Al Masry Al Youm reports. The first EGP 500 mn phase of the fund is set to launch in 4Q2017, according to […]
Posted inBanking + Finance
NBE and Banque du Caire provide loan for railway system
National Bank of Egypt and Banque du Caire have agreed to co-arrange a USD 95 mn syndicated loan for the Egyptian National Railway. Negotiations are ongoing to determine how the two banks will split the amount, which will be used to finance much-needed railway upgrades, according to AMAY
Posted inOther Business News of Note
Trade Ministry extends grace period to comply with Importers Registry Act
The Trade and Industry Ministry plans to extend the grace period to comply with amendments to the Importers Registry Act to December from September, minister Tarek Kabil announced on Thursday, according to Al Borsa. The move follows requests by importers that the September deadline was too short notice to comply with the law, which increases […]
Posted inOther Business News of Note
McDonald’s Egypt to invest EGP 300 mn by 2020
McDonald’s Egypt is looking to invest EGP 300 mn by 2020 under its national expansion plan, Al Masry Al Youm reports. The fast food chain is planning to open three new branches in Egypt this year, according to General Manager Alaa Fathy.
Posted inOther Business News of Note
Fawry and Jumia join forces
Online retailer Jumia has signed an agreement with payment processor Fawry to allow shoppers to use the money transfer service for payment, AMAL reports.
Posted inEgypt Politics + Economics
Yields on six-month, one-year T-bills fall
Average yields on six-month and one-year treasury bills fell at Thursday’s auction, Reuters reports. Average yields on the 182-day bill fell to 19.345% from 19.368% on 17 August, and yields on the 357-day bill fell to 19.015% from 19.308%.
Posted inEgypt Politics + Economics
Leaving interest rates high will curb GDP growth -FEI Food Industries Division
Leaving interest rates high will curb GDP growth as high borrowing costs force companies to cut outlays on CAPEX, Federation of Egyptian Industries’ Food Industries Division member and Spinneys CEO Mohanad Adly tells Ahram Gate. Adly adds that current interest rate levels also put pressure on the state budget.
Posted inEgypt Politics + Economics
El Sisi orders comprehensive anti-terrorism strategy
President Abdel Fattah El Sisi ordered the Supreme Anti-terrorism Council to develop a strategy to combat extremist ideology in Egypt during the first meeting of the council on Thursday, Youm7 reports. El Sisi expects the strategy to encompass economic, cultural, and media components in addition to the political and security.