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Fawry is looking to spend EGP 300 mn in the second half of the fiscal year to upgrade its systems, CEO Ashraf Sabry said in a story by Al Masry Al Youm. The firm is also planning on expanding its number of outlets to 100k by the end of the year from 65k currently. Fawry […]
Author Archives: enterpriseam admin
Posted inOther Business News of Note
Elsewedy inks EGP 6 mn HR management program agreement with United Ofoq
Elsewedy Electric signed a EGP 6 mn agreement with United Ofoq on Saturday that will see the latter equip the company’s 30 subsidiaries with the Oracle HR management software, Al Masry Al Youm reports. Ofoq, which recently also signed agreements with Saudi’s Rajhi Group and Credit Agricole Egypt, expects to conclude its work by January […]
Posted inEgypt Politics + Economics
Oil and gas, commercial real estate expected to see FDI inflows
Oil and gas is likely to dominate future inflows of FDI to Egypt, “especially as these companies’ large arrears are now being cleared following the easing of [USD] liquidity,” says a Renaissance Capital report cited by CPI Financial. Besides oil and gas, “it is likely commercial real estate could see a greater impact from continued […]
Posted inEgypt Politics + Economics
Operators from Alexandria’s train collision did not respond to traffic control, investigation shows
Audio recordings of the railway traffic control’s communications from the fatal train collision earlier this month indicated that train station technicians had attempted to contact the operators of the two trains several times prior to the collision, Al Masry Al Youm reports. According to the prosecution’s investigation, neither of the two operators responded over the […]
Posted inSports
Egypt fails to qualify for 2018 African Nations Championship finals
Egypt failed to qualify for the 2018 African Nations Championship football finals in Kenya after suffering aggregate defeats to both Morocco and Libya, BBC Sports reports.
Posted inON YOUR WAY OUT
Arab performers at the Edinburgh Fringe festival faced with visa refusals
Arab performers at the Edinburgh Fringe festival faced with visa refusals: The exciting and promising Arab performances that were expected to feature at the Edinburgh Fringe festival are being hampered by visa issues. “The first showcase of Arab arts at the Edinburgh Fringe has been forced to cancel and completely rework several productions after nearly […]
Posted inThe Market Yesterday
EGP / USD CBE market average: Buy 17.71 | Sell 17.81 EGP / USD at CIB: Buy 17.72 | Sell 17.82 EGP / USD at NBE: Buy 17.72 | Sell 17.82 EGX30 (Thursday): 13,119 (-0.2%) Turnover: EGP 668 mn (27% below the 90-day average) EGX 30 year-to-date: +6.3% THE MARKET ON THURSDAY: The EGX30 ended […]
Posted inCALENDAR
31 August-04 September (Thursday-Monday): Eid Al-Adha, national holiday (TBC) 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 […]
Posted inWhat We're Tracking Today
What we’re tracking on 17 August 2017
It’s interest rate day, and consensus is you can expect the central bank to leave rates on hold: The Central Bank of Egypt’s Monetary Policy Committee is meeting today to decide on interest rates. A Reuters poll of economists found them expecting the CBE to leave rates unchanged after last month’s surprise 200 bps bump. […]