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House budget debate to begin today, vote could take place as early as Tuesday: The House of Representatives’ general assembly will begin discussing the state’s 2017-18 budget today — and an up-or-down vote on the bill could take place as early as tomorrow, Al Borsa reports. The Budgeting Committee has reportedly agreed with the government […]
Author Archives: enterpriseam admin
Posted inSpeed Round
GE locomotives agreement increases domestic component to 50% from 35%
GE will use 50% domestic content in the 100 locomotives it is selling Egypt under a USD 575 mn contract announced this past weekend. That’s up from 35% under similar previous contracts, Investment and International Cooperation Minister Sahar Nasr said in a statement pdf). Judging from chatter on last night’s talk shows (above) the local […]
Posted inSpeed Round
Egypt in dash to resolve pesticides “crisis” before November export season
Egypt in dash to resolve pesticides “crisis” before November export season: Faced with a fresh ban on agricultural exports on concerns Egyptian growers use too much pesticide — this time targeting strawberry sales to Saudi Arabia — the Agriculture Ministry is investigating labs responsible for testing exports and is blacklisting the unnamed company whose strawberries […]
Posted inSpeed Round
Remittances up 11.1% y-o-y since float
Remittances from Egyptian expatriates have risen 11.1% y-o-y since the EGP float in the period from November 2016 to the end of April 2017, Reuters reports, citing a CBE report. In total, remittances during the period reached USD 9.3 bn. According to the balance of payments report, remittance inflows in the first three quarters of […]
Posted inSpeed Round
Robust FDI growth in Egypt drives inflows in North Africa
Robust foreign direct investment inflows into Egypt drove a hike in inflows in North Africa, according to the UNCTAD’s World Investment Report 2017 (pdf). FDI in Egypt rose 17% in 2016 to USD 8.1 bn, topping inflows in the region. This influx of FDI was on the back of major hydrocarbon discoveries and investments in […]
Posted inSpeed Round
Egypt classified as a “leading” country on Global Cybersecurity Index
Egypt was ranked as one of the “leading” countries globally in the Global Cybersecurity Index (GCI), which measures states’ commitment to cybersecurity. Egypt ranked 14th out of 193 countries on the index, ranking as the second-highest rated Arab country, behind Oman. The landing page of the report is here.
Posted inSpeed Round
No bitcoin in Egyptian banking system -CBE
The CBE denied it is allowing the cryptocurrency bitcoin to be traded within the Egyptian banking system, according to Al Borsa. Deputy central bank governor Lobna Helal denied the central bank made any reference to considering allowing bitcoin being traded. Helal says the Egyptian banking system handles official currencies only.
Posted inUncategorized
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Posted inImage of the Day
Geological map from Ancient Egypt predates modern maps by 3,000 years
Ancient Egypt’s 3,000-year old geological maps: Before modern geologists had digital maps, Ancient Egyptians created topographic maps on papyrus tracking the locations of gold mines, David Bressan writes for Forbes. This particular map, which dates back to 1,150 BC, was discovered near Luxor in the early 1800s and is now on display at the Egyptian […]
Posted inEGYPT IN THE NEWS
Roadside bomb explosion tops coverage of Egypt
Topping coverage of Egypt in the foreign press this morning are pickups of wire copy on aroadside bomb attack that killed a police officer near Maadi on Sunday morning. The explosion was claimed by the Hasm terrorist organization.Reuters and other newswires are tracing the growth of Hasm and noting that the attack came following Parliament’s […]