Egypt Edition 
MENA+ Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridors 
Logistics (MENA) 
Climate (MENA) 
GB Auto kicked off a new promotional campaign on Wednesday offering discounts of EGP 10-17k on select models of its Geely, Hyundai, and Chery brands in a bid to stimulate market demand. The company is also offering a year of free after-sales services for new purchases of Hyundai’s Tucson model.
Author Archives: enterpriseam admin
Posted inBanking + Finance
Finance Ministry forces stay on capital gains tax collection until law is passed
The decision by the Finance Ministry telling Misr for Central Clearing, Depository, and Registry (MCDR) not to collect capital gains tax on stock market transactions enforces a stay on the tax’s application until the House of Representatives reconvenes on 29 May, sources told Al Mal. The Ministry’s decision effectively waits for parliament to vote on […]
Posted inBanking + Finance
Tarek Amer wants banks to open branches in the new administrative capital
The Central Bank is close to finalizing amendments to Egypt’s banking laws, CBE Governor Tarek Amer told senior banking and industry executives on Wednesday, according to Ahram Gate, without specifying details. Amer also urged the executives to begin making plans to open branches in the new administrative capital, where President Abdel Fattah El Sisi said […]
Posted inLegislation + Policy
Labor advocacy groups not happy with proposed Labor Act
Egyptian labor advocacy groups are not too happy with the proposed Labor Act currently being discussed by the House of Representatives and will be drafting a memo for MPs with their objections, Al Mal said on Wednesday. The Labor Act is meant to outlaw discrimination in the workplace and strike a balance between the needs […]
Posted inON YOUR WAY OUT
Egyptian museums allow visitors in free of charge for the day
Happy International Museum Day: Museums across Egypt are allowing local and foreign visitors in free of charge today to commemorate International Museum Day, the Antiquities Ministry announced on Wednesday, according to Al Ahram.
Posted inON YOUR WAY OUT
Housing Minister sentenced to 1 year in prison for arbitrary suspension of an employee
A misdemeanors court sentenced Housing Minister Mostafa Madbouly to one year in prison and imposed a EGP 30,000 fine for his ministry’s refusal to allow a former ministry employee to return to work at the ministry, Daily News Egypt reports. Madbouly is accused of failing to implement a previous court order to reinstate the employee […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0362 | Sell 18.1397 EGP / USD at CIB: Buy 18.05 | Sell 18.15 EGP / USD at NBE: Buy 17.95 | Sell 18.05 EGX30 (Wednesday): 13,064 (+1.0%) Turnover: EGP 1.3 bn (40% below the 90-day average) EGX30 year-to-date: +5.8% THE MARKET ON WEDNESDAY: The EGX30 ended Wednesday’s […]
Posted inCALENDAR
21 May (Sunday): Central Bank of Egypt’s Monetary Policy Committee Meeting. 22-23 May (Monday-Tuesday): North Africa Mobile Network Optimisation Conference, Cairo. 27 May (Saturday): First day of Ramadan (TBC). 07-09 June (Wednesday-Friday): 19th Annual Africa Energy Forum, Copenhagen, Denmark. 26-28 June (Monday-Wednesday): Eid Al-Fitr (TBC). 30 June (Friday): 30 June, national holiday. 15-19 July (Saturday-Wednesday): […]
Posted inWhat We're Tracking Today
What we’re tracking on 17 May 2017
Our borrowing costs are too high and our investment ceiling limited because of aglitch in how a key ratings agency calculates our creditworthiness. That’s our fundamental takeaway from our investigation of the methodology behind Standard & Poor’s credit rating on Egypt. Even if you’re not an economics geek, take a moment to check out the […]