Egypt Edition 
MENA+ Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridors 
Logistics (MENA) 
Climate (MENA) 
The CBE’s decision to hike interest rates by 200 bps will see the auto market contract by a further 50%, Egyptian Automotive and Trading Company Executive director Karim Naggar tells Al Mal. Auto companies are unlikely to make new investments, as they deposit their money in banks, and expect consumers to do the same, says […]
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
El Dahshan looks to boost its auto spare parts exports to USD 1 mn by year’s end
Auto component manufacturer El Dahshan is looking to boost exports to USD 1 mn by the end of this year, Marketing Manager Yehia Kamal El Din told Al Mal on Wednesday. The company is targeting exports to a number of African markets, including Uganda, Rwanda, and Tanzania, where it has a competitive edge and can […]
Posted inBanking + Finance
Banque Misr raises interest on savings accounts with variable interest to 2%
Banque Misr decided to raise the interest rate on variable interest savings accounts to 2%, Al Mal reported on Wednesday. We noted earlier this week that the bank was considering the increase following the CBE’s move to hike interest on overnight lending and deposits by 200 bps.
Posted inOther Business News of Note
LG Egypt to raise capital to EGP 3 bn
LG Electronics decided to raise its Egypt capital EGP 100 mn to EGP 3 bn, LG Egypt’s managing director Don Kwack informed Investment and International Cooperation Minister Sahar Nasr yesterday, Al Mal reports.
Posted inEgypt Politics + Economics
Parliament questions math on fuel subsidies allocations
The House of Representatives’ Budget Committee seems to think that the EGP 110 bn the state earmarked for fuel subsidies in the FY2017-18 budget is too high considering the announced rate of fuel subsidy cuts, Al Mal says. MPs on Wednesday asked Finance Minister Amr El Garhy to provide them with a breakdown for the […]
Posted inEgypt Politics + Economics
Rights lawyer Khaled Ali referred to trial next week, released on EGP 1,000 bail
Human rights lawyer Khaled Ali will be standing trial on 29 May for charges of offending public morals with an “obscene hand gesture” outside the courthouse in January, the Associated Press reported on Wednesday. Ali was released on a EGP 1,000 bail yesterday after being detained for 24 hours and could be looking at a […]
Posted inON YOUR WAY OUT
Low banking penetration is slowing down e-payments in Egypt
Enhancing financial inclusion and reducing the usage of cash are movingforward in Egypt, Doaa Farid writes in Wamda. There is still a wide gap between the needs of the population and the services provided, she says. Khaled Eid, marketing manager at the local electronic payment solutions Bee, believes the sector is currently witnessing a boom. […]
Posted inON YOUR WAY OUT
EGX publishes 2016 sustainability report
The EGX published its Annual Sustainability Report for 2016 yesterday, which lists the various initiatives that the bourse joined last year in the way of sustainable growth. Check out the full report here.
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0221 | Sell 18.1250 EGP / USD at CIB: Buy 18.05 | Sell 18.15 EGP / USD at NBE: Buy 17.95 | Sell 18.05 EGX30 (Wednesday): 12,884 (+0.7%) Turnover: EGP 989 mn (40% below the 90-day average) EGX 30 year-to-date: +4.3% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
27 May (Saturday): First day of Ramadan (TBC). 07-09 June (Wednesday-Friday): 19th Annual Africa Energy Forum, Copenhagen, Denmark. 11 June (Sunday): Egyptian Private Equity Association’s annual Sohour, Four Seasons Hotel Nile Plaza, Cairo. 26-28 June (Monday-Wednesday): Eid Al-Fitr (TBC). 30 June (Friday): 30 June, national holiday. 13-15 July (Thursday-Saturday): AGRENA’s 19th Annual Poultry, Livestock, and […]