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Egypt’s auto market is expected to remain in a slump as sales are seen dropping by 50% year-on-year to 110-110k units in 2017, Automotive Information Council (AMIC) spokesperson Khaled Hosni said on Sunday, according to Al Mal. This drop in passenger car, bus, and truck sales will mostly be driven by lowered demand as a […]
Author Archives: enterpriseam admin
Posted inReal Estate + Housing
Supply Ministry to tender development of retail outlets
The Supply Minister will tender land plots next month for the establishment of retail outlets, sources tell Al Borsa. 15-30k sqm-feddan land plots will be offered in nine governorates, including Luxor, Assiut, Qena, and Suez.
Posted inTourism
Air Cairo starts operation of Hurghada-Yerevan flight
Air Cairo began operating flights between Hurghada and Armenian capital Yerevan last week, Chairman Yasser El Ramly tells Al Shorouk. The company will be running two weekly flights between Yerevan and Sharm El Sheikh and Hurghada. Air Cairo operates a total 65 monthly flights between Europe and the two-Red Sea cities, as well as Marsa […]
Posted inBanking + Finance
EFSA approves establishment of Union Capital’s venture capital fund
The Egyptian Financial Supervisory Authority (EFSA) gave Union Capital the green light to launch the venture capital fund meant to restart operations at idle factories, Al Mal reports. The fund will form its board of directors in early August and begin carrying out feasibility and technical studies on the struggling factories. The fund will allocate […]
Posted inBanking + Finance
Banque Misr, NBE set growth targets for FY2017-18
Banque Misr is looking to secure a 20% growth average across its operational board in FY2017-18, Vice President Akef El Maghraby tells Al Shorouk. The bank’s strategy will be mainly focused on expanding its SME lending portfolio, which currently stands at EGP 4.5 bn. The National Bank of Egypt is also targeting growth levels of […]
Posted inEgypt Politics + Economics
Government service fee hike postponed to House’s next session
A bill that would increase the prices of 27 different government services in FY2017-18 has been moved over to the House of Representatives’ next session, Al Borsa said on Sunday. Discussions over the bill — which would hike the fees for passport issuance, expat resident visas, and vehicle registration — have been on hold since […]
Posted inEgypt Politics + Economics
Seven Alexandria lawyers on trial over Tiran and Sanafir protest
Seven lawyers from Alexandria were referred to trial yesterday for protesting without a permit over the Tiran and Sanafir island sovereignty agreement with Saudi Arabia, according to AMAY. A Giza court had upheld a five-year prison sentence on Saturday for two defendants on the same charges.
Posted inNational Security
Curfew imposed in areas west of Arish
Prime Minister Sherif Ismail imposed a curfew from 7 pm to 6 am on the western parts of Al Arish in North Sinai on Sunday, Al Shorouk reports. This comes after Friday’s twin bombings, which killed and injured 26 soldiers.
Posted inON YOUR WAY OUT
Cairo Chamber of Commerce wants to impose an energy-saving curfew on shops and restaurants
The Cairo Chamber of Commerce is calling on the government to impose a curfew on shops and restaurants as a means of curbing electricity consumption, in a ludicrous proposal that reminds us a whole lot of a similar measure from 2012. Chamber head Ibrahim El Araby suggests all venues should be forced to close shop […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 17.8321 | Sell 17.9324 EGP / USD at CIB: Buy 17.85 | Sell 17.95 EGP / USD at NBE: Buy 17.82 | Sell 17.92 EGX30 (Sunday): 13,342 (-0.2%) Turnover: EGP 683 mn (32% below the 90-day average) EGX 30 year-to-date: +8.1% THE MARKET ON SUNDAY: The EGX30 ended […]