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Huawei Egypt stopped the direct supply of its products to online retailers including Jumia and Souq.com, accusing them of “burning prices,” sources tell Al Borsa. The online retailers are accused of selling at prices 5-10% below market. Jumia Egypt CEO Hesham Safwat denied the halt by Huawei, saying both companies are in talks for a […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Amid sales slump, car dealers looking to attract would-be Uber and Careem drivers
The story reads as a paid advertisement for a domestic car dealer, but the theme nevertheless holds: Where a few years back car dealers made bank selling on installments to taxi drivers through the state-backed “white cab” program, today they’re angling for agreements with ridesharing apps including Uber and Careem to offer payment on installments, […]
Posted inBanking + Finance
MM Group partners with BPE Partners to form investment financing company
MM Group for Industry and International Trade announced partnering with BPE Partners to operate an investment finance company. The company, in which MM Group will control 50%, will be called Ibtikar for Investment Finance and will provide financing for SMEs, e-payments, and financial leasing.
Posted inBanking + Finance
NBE to arrange EGP 1.6 bn loan for Elsewedy Cement
The National Bank of Egypt (NBE) is arranging a EGP 1.6 bn loan for Elsewedy Cement to finance a new factory in Ain Sokhna, Al Borsa reports. NBE, QNB Alahli Bank, and Banque Misr will provide the loan. NBE and QNB had previously provided Elsewedy Cement with a EGP 650 mn bridge loan for its […]
Posted inOther Business News of Note
NBC News has finalized its acquisition of 25% stake in Euronews
NBC News has finalized its acquisition of 25% stake in Euronews from OTMT chairman Naguib Sawiris for EUR 25 mn, Market Watch reports. The new channel will be rebranded as EuronewsNBC, adorned with the peacock feathers and everything. The sale of channel, which Naguib held a majority stake in, was announced back in February.
Posted inOther Business News of Note
Cairo Airport launches tender for food and beverage spaces at Terminal 2
Cairo Airport Company opened bidding to food and beverage companies for four restaurant spaces at Terminal 2, according to The Moodie Davitt Report. The deadline for bidding is 2 July. The terminal was upgraded following USD 400 mn renovations.
Posted inEgypt Politics + Economics
Customs exchange kept unchanged rate at EGP 16.50 to the USD in June
The Finance Ministry kept the customs exchange rate unchanged at EGP 16.50 per USD 1 for June, Minister Amr El Garhy told Reuters. This is about 9% below the market exchange rate, the newswire notes.
Posted inEgypt Politics + Economics
Banks cover USD 35 bn in imports since EGP float
The banking sector has covered USD 35 bn in imports since the EGP was floated back in November until May 2017, said CBE Sub-Governor Tarek Fayed in a emailed statement. Banks covered USD 25 bn in letters of credit to importers and have issued USD 10 bn in new LCs during the period, he added.
Posted inNational Security
Sobhi meets with Cameroonian counterpart in Cairo
Defense Minister Sedki Sobhi and Army Chief of Staff Mahmoud Hegazi met with Cameroonian Defense Minister Joseph Beti Assomo in Cairo to discuss bilateral cooperation and the war on terrorism in Africa, according to Ahram Online.
Posted inNational Security
Three military officers, one conscript killed in Western Desert
Three military officers and a conscript were killed yesterday by an explosive belt seized from Islamist militants in the Western Desert, Reuters reports.