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Arabella Tourist and Urban Development is tapping the Egyptian Gulf Bank to arrange an EGP 800 mn loan to finance construction at its Arabella Plaza development, an unnamed source tells Al Mal. The final value of the requested facility is yet to be determined and it could be provided by one or two banks.
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
GoBus could have licenses revoked after accident
GoBus is at risk of losing their license to operate after an accident that killed six last Friday,Road and Bridges Authority Head Adel Turk tells Al Mal. GoBus chairman Maher Nassif denied any wrongdoing on the part of the firm and also denied rumours that the driver had fallen asleep before colliding with a truck. […]
Posted inBanking + Finance
Banque Misr looks to borrow USD 1 bn from int’l banks in FY2017-18
Banque Misr is looking to borrow USD 1 bn from international financing institutions during FY2017-18, Banque Misr Vice Chairman Akef El Maghraby said on Sunday, Al Borsa reports. The European Bank for Reconstruction and Development is expected to vote on a USD 500 mn facility for the bank in September, El Maghraby added, explaining that […]
Posted inBanking + Finance
Damietta Furniture City Company in talks with CIB and QNB for EGP 800 mn loan
Damietta Furniture City Company — which operates the Damietta Furniture City complex — is in negotiations with CIB and QNB for an EGP 800 mn loan, Al Borsa reports. Company CEO Moataz Bahaa El Din expects the two banks to agree to the financing within a week.
Posted inBanking + Finance
Arab Contractors inks USD 200 mn credit facility agreement with Afrexim Bank
Arab Contractors’ Chairman Mohsen Salah inked a USD 200 mn credit facility agreement with African Export Import Bank (Afreximbank) on Sunday, Ahram Gate reports. The funds will be used to finance various company projects as well as upcoming expansion plans.
Posted inBanking + Finance
EGX cancels trades on Egypt Gas for fifth consecutive trading session
The EGX decided to cancel trades on Egypt Gas for the fifth consecutive session on Sunday on fears of possible stock manipulation,the EGX said in regulatory filing.
Posted inEgypt Politics + Economics
Journalists Syndicate working on resolving case of 130 banned websites
The Journalist Syndicate announced that it will resolve the website ban issue by next week, Syndicate head Abdul Mohsen Salama said, according toAl Masry Al Youm. For those keeping count, the Association of Freedom of Thought and Expression currently puts the number of banned websites at 130.
Posted inEgypt Politics + Economics
Supreme Court sets 14 October as date for Smurf Islands agreement
The Supreme Constitutional Court will be convening over the mess that is the Tiran and Sanafir island handover agreement with Saudi Arabia on 14 October, AMAY said on Sunday. The court will have the final say on the contentious agreement.
Posted inON YOUR WAY OUT
Endeavour Egypt welcomes Al Mouneer
Endeavour Egypt welcomed s Noha Khater and Rania Kadry, cofounders of biomed firm Al Mouneer, to its network of entrepreneurs, according to an email statement from Endeavor Egypt. Al Mouneer’s center works to prevent diabetic retinopathy (DR) and loss of vision, afflictions that affect 40% of diabetics. The center released a digital platform, making bookings […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 17.8344 | Sell 17.9344 EGP / USD at CIB: Buy 17.85 | Sell 17.95 EGP / USD at NBE: Buy 17.80 | Sell 17.90 EGX30 (Sunday): 13,480 (-1.0%) Turnover: EGP 597 mn EGX 30 year-to-date: +9.2% THE MARKET ON SUNDAY: The EGX30 ended Sunday’s session down 1.0%. CIB, […]