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Hotel operating expenses increased by 15-33% following the most recent round of fuel and electricity price hikes, tourism sector representatives tell Al Borsa. Foreign tour operators, particularly from the US and UK, have been refusing to accommodate higher prices amid low demand, which has further complicated matters, a Marsa Alam hotel manager tells the newspaper.
Author Archives: enterpriseam admin
Posted inOther Business News of Note
Importers complain about higher capital requirements of Importers Registry Act
Importers at the Cairo Chambers of Commerce say that 40-70% of importers will be pushed out of the market as a result of higher capital requirements under amendments to the executive regulations of the Importers Registry Act, Al Mal says. The Trade Ministry gave businesses six months to comply with the regs that were issued […]
Posted inOther Business News of Note
National Media Authority objects to NIB’s purchase of Nilesat
The National Media Authority objected to the government-owned National Investment Bank’s (NIB) offer to acquire a 40.06% stake in the Egyptian Satellite Company (Nilesat), as NIB is indebted to the Egyptian Radio and Television Union, authority head Hussein Zein tells Al Masry Al Youm. NIB’s debts have reached EGP 28 bn on the back of […]
Posted inOther Business News of Note
Mada looks at Uber’s safety record
Uber’s expansion in Egypt has been very quick, but one of the costs of that growth is a rising number of assaults and harassment, writes Nadeen Shaker for Mada Masr. Shaker looks at the screening process and the compromises in standard that had to be made to keep up with the surge in popularity — […]
Posted inEgypt Politics + Economics
Eight Sentenced to death in 2013 attack on police station
Eight people have been sentenced to death in a case that involved an attack on a police station and saw the killing of 6 police officers in 2013, in a story picked up by the AP. Final sentencing will take place in October.
Posted inON YOUR WAY OUT
Gaza power sharing agreement
A power sharing agreement has emerged in Gaza between Hamas and Mohammed Dahlan after rival Palestinian MPs met for the first time in a decade, the Associated Press reports. Dahlan, Fatah’s former security chief in Gaza had been instrumental in negotiations between Egypt and Hamas which saw warming ties and a tentative agreement to ease […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 17.8312 | Sell 17.9312 EGP / USD at CIB: Buy 17.85 | Sell 17.95 EGP / USD at NBE: Buy 17.80 | Sell 17.90 EGX30 (Thursday): 13,609 (-1.4%) Turnover: EGP 701 mn EGX 30 year-to-date: +10.2% THE MARKET ON THURSDAY: The EGX30 ended Thursday’s session down 1.4%. CIB, […]
Posted inCALENDAR
03-05 August (Thursday-Saturday): Watrex Expo Middle East, Cairo International Exhibition & Convention Center. 17 August (Thursday): Central Bank of Egypt’s Monetary Policy Committee to review policy rates. 26 August (Saturday): 27th Egyptian-Jordanian Joint Higher Committee meeting, Amman Jordan. (TBC). 31 August-04 September (Thursday-Monday): Eid Al-Adha, national holiday (TBC) as specified by the Astronomical and Geophysics […]
Posted inWhat We're Tracking Today
What we’re tracking on 27 July 2017
A bit of good news to start your day: Hurghada and Marsa Alam were the big winners of the German package holiday market last month, FVW reports. “Bookings to Hurghada were up by 112%, following on from a 102% rise in May. Marsa Alam soared by 129%, and entered the top ten destination airports ranking.” […]