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It will cost some USD 1.4 bn to build an electric rail line linking Salam City with Tenth of Ramadan and to the new administrative capital bn, according to Zawya. China could provide as much as USD 725 mn in project financing, with the Egyptian state picking up the balance. The project is being implemented […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
EGX completes semi-annual index review, signs cooperation agreement with Bombay
The EGX has completed its semiannual review of its indices announcing the addition of ADIB-Egypt, AMOC, EFIC, and KIMA to the its flagship EGX 30 index. The four companies replace Juhayna, Credit Agricole Egypt, Orascom Construction, and GB Auto, who were moved to the EGX 70 index. Separately, the bourse also announced it signed a […]
Posted inBanking + Finance
Banque Misr, Sarwa Capital arrange EGP 174 mn in securitized bonds
Banque Misr arranged a three-tranche securitized bond issuance worth EGP 174 mn, underwritten by Sarwa Capital, Al Mal reports. Sarwa Capital also served as financial advisor on the transaction. The issuance is backed by securitised mortgage contracts worth EGP 281 mn. We had noted Sarwa Capital was seeking regulatory approval in March for a EGP […]
Posted inEgypt Politics + Economics
Major touristic center to be established in Marsa Matrouh
President Abdel Fattah El Sisi discussed development in western Egypt, including a new “economic and touristic center” in Marsa Matrouh, with Governor Alaa Abou Zeid, according to a presidency statement. Other projects in the pipeline for the region include residential areas, a medical center, a manufacturing and logistics zone, and a commercial port.
Posted inNational Security
Egypt receives first of eight Rafale aircrafts, in talks with Korea to purchase K-9 howitzers
Egypt received the first of eight single-seat Rafale aircraft from France on Wednesday, according to IHS Jane’s. Two other aircraft also arrived into the country on the same day, meaning that Egypt has received a total 11 of 25 Rafales it ordered from France in 2015. The Egyptian government is also in talks with Korea […]
Posted inNational Security
El Sisi issues official decree to establish anti-terror council
President Abdel Fattah El Sisi issued an official decree on Wednesday to establish the Supreme Anti-Terrorism Council, according to AMAY. El Sisi had announced the establishment of the council back in April, after terrorist attacks in Alexandria and Tanta claimed the lives of at least 47 Coptic Christians. Members include the prime minister, House speaker, […]
Posted inNational Security
40k illegal immigrants entered Israel from Egypt in 2016
40k illegal immigrants crossed into Israel from Egypt in 2016, according to the Israeli Central Bureau for Statistics. According to the bureau’s report on foreign workers, the vast majority of those immigrants were Eritrean, while 20% were Sudanese. Israel had increased the height of the electric fence along part of its border with Egypt earlier […]
Posted inON YOUR WAY OUT
Endurance athlete Helmy Elsaeed sets world cycling record, looking to represent Egypt at Winter Olympics
Egyptian endurance athlete Helmy Elsaeed, along with four Swedish cyclists, set a new world record for the fastest team to cycle across Europe in a 6,000 km journey to raise money for autism charities, Reuters reports. Elsaeed, a former finance professional, is now eyeing representing Egypt in cross-country skiing at the Winter Olympics, which would […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 17.8500 | Sell 17.9500 EGP / USD at CIB: Buy 17.85 | Sell 17.95 EGP / USD at NBE: Buy 17.80 | Sell 17.90 EGX30 (Wednesday): 13,797 (+0.4%) Turnover: EGP 826 mn EGX 30 year-to-date: +11.8% THE MARKET ON WEDNESDAY: The EGX30 ended Wednesday’s session up 0.4%. 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 […]