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Heliopolis Company for Housing & Development announced EGP 71.1 mn in sales from its three projects in May. The company sold units worth EGP 34.3 mn in New Heliopolis, EGP 24.7 mn from the project in Sheraton, and EGP 12.1 mn from its project in Obour.
Author Archives: enterpriseam admin
Posted inTourism
Tourism Ministry is making online booking available for Nile cruises
The Tourism Ministry will be allowing booking passage on Nile cruises through online platforms such as Expedia, Minister Yehia Rashed tells Al Shorouk. Tourists have been increasingly interested in such trips in Luxor and Aswan, he added.
Posted inAutomotive + Transportation
Investment, Transportation ministers discuss railway offers with GE, Siemens
Investment and International Cooperation Minister Sahar Nasr and Transportation Minister Hisham Arafat reviewed General Electric’s offer to supply 100-200 train cars as part of Egypt’s railway development project with GE Egypt’s CEO Ayman Khattab, according to an Investment Ministry statement. The company’s offer will see 35% of the train cars manufactured in Egypt. Nasr and […]
Posted inAutomotive + Transportation
NAT signs EUR 24.2 mn contracts for Cairo Metro Line 3 equipment with Thales
The National Authority for Tunnels (NAT) signed two contracts with French company Thales worth a combined EUR 24.2 mn for equipment for phase 3 and phase 4B of Cairo Metro Line 3, Al Shorouk reports. The equipment includes ticketing machines and turnstiles, which will be installed in 15 stops of the metro line.
Posted inBanking + Finance
CBE, EFSA to conduct study on financial inclusion in Egypt
Central bank Governor Tarek Amer signed an agreement to conduct a study on financial inclusion in Egypt with Egyptian Financial Supervisory Authority chairman Sherif Samy, according to a CBE statement. The study will lead to the drafting of a plan for financial inclusion policies that need to be implemented. No date was given for the […]
Posted inBanking + Finance
NBE hikes interest rates on CDs and savings accounts
The National Bank of Egypt (NBE) raised interest rates on its short-term certificates of deposit by 100 bps to 7.5% for one-week CDs and 100 bps for the longest-term under one year, Al Borsa said on Saturday. Rates on savings accounts have also increased by 60-75 bps.
Posted inEgypt Politics + Economics
Foreign investments in T-bills, FDI up, budget deficit down - Kouchouk, Nasr
Foreign investment in Egypt’s debt market climbed to USD 8.4 bn since the EGP float, Vice Minister of Finance Ahmed Kouchouk tells Reuters. Foreigners had bought EGP 145.5 bn worth of treasuries on 6 June, according to the Finance Ministry’s head of public debt Sami Khallaf, the newswire adds. This comes as Egypt managed to […]
Posted inEgypt Politics + Economics
Finance Ministry considering tax increases on cigarettes
The Finance Ministry is looking into raising taxes on cigarettes by EGP 0.50-2.00 per pack, Al Borsa reports. The newspaper quotes an unnamed ministry source as suggesting the tax hike will not come into effect in July with the beginning of the new state fiscal year.
Posted inEgypt Politics + Economics
Finance Minister orders shakeup within tax-dispute resolution committees
Finance Minister Amr El Garhy appointed new members to the government’s tax-dispute resolution committees, AMAY reports.
Posted inEgypt Politics + Economics
Sisi meets with heads of media regulatory bodies
President Abdel Fattah El Sisi met with the heads of newly established regulators of both state and private media in Egypt to discuss efforts to help the domestic press “meet international standards,” Al Mal reports.