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Egypt has plans to buy 50 GAZ Tigr armored vehicles for the Interior Ministry, according to Russian Military Industrial Company CEO Alexander Krasovitsky, state-owned TASS reports. “The issue concerns 50 vehicles and we will probably sign a contract in the near future,” he says.
Author Archives: enterpriseam admin
Posted inON YOUR WAY OUT
Engineering students design machine to recycle tires into fuel
A group of 12 Egyptian engineering students have found a way to recycle used tires and turn them into fuel, Reuters reports. Using a machine, the tires are heated up and the vapor emitted enters a condenser, yielding fuel that is “very similar in properties to pure diesel,” according to one of the students. The […]
Posted inThe Market Yesterday
Powered by EGP / USD CBE market average: Buy 17.6797 | Sell 17.7797 EGP / USD at CIB: Buy 17.68 | Sell 17.78 EGP / USD at NBE: Buy 17.69 | Sell 17.79 EGX30 (Thursday): 12,926 (-0.5%) Turnover: EGP 478 mn (46% below the 90-day average) EGX 30 year-to-date: +4.7% THE MARKET ON THURSDAY: The […]
Posted inCALENDAR
31 August-04 September (Thursday-Monday): Eid Al-Adha, national holiday as specified by the Astronomical and Geophysics Institute. The Thursday is the waqfat Arafat, with the first day of the Eid on Friday, 1 September. September — The House of Representatives is due to begin discussion of the proposed bankruptcy bill. 06 September (Wednesday): The Emirates NBD […]
Posted inWhat We're Tracking Today
What we’re tracking on 24 August 2017
There is only one story that matters in Egypt this morning: The rough landing accorded White House envoy Jared Kushner in Cairo yesterday. Trump’s son-in-law landed in Egypt just hours after word leaked to the press that the US is withholding some USD 290 mn in aid to Egypt. The Foreign Ministry, which was to […]
Posted inON THE HORIZON
On the horizon
We’re officially looking at a five-day weekend next week: The Ismail cabinet announced that the Eid Al Adha holiday will be from Thursday till Monday, according to Ahram Gate, meaning we are back to work on Tuesday, 5 September. The Council of State (Maglis Al Dawla) is set to begin reviewing the executive regulations to […]
Posted inEnterprise+: Last Night’s Talk Shows
US aid cut dominates the airwaves.
The Trump administration’s decision to withhold some aid to Egypt is “contradictory” tothe “strategic and vital” nature of the two countries’ ties, Foreign Ministry spokesman Ahmed Abu Zeid told Hona Al Asema’s Lama Gebril, who’s filling for Lamees Al Hadidi. Abu Zeid also attributed the decision to pressure from American civil society and media, downplaying […]
Posted inSpeed Round
Strained ties with the US following aid cuts?
Strained ties with the US following aid cuts? White House envoy Jared Kushner’s Middle East tour hit a speed bump when he landed in Cairo yesterday after the US State Department let slip it was cutting or withholding some USD 290 mn in aid to Egypt. The Foreign Affairs Ministry was initially reported to have […]
Posted inSpeed Round
Credit Suisse sees scope for Egypt’s economic recovery to steadily accelerate, BNP Paribas notes eurobond yields at lowest level since Jan ‘17 issuance
Credit Suisse sees scope for Egypt’s economic recovery to “steadily accelerate” and is “optimistic on the outlook for fiscal consolidation,” according to a recent report (pdf). The investment bank maintains its positive outlook on fixed income, particularly short-dated T-bills, and see scope for further steady appreciation in the EGP on improve macro fundamentals. The report […]