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TE Data’s profits for 2016 dropped 86% year-on-year in 2016 due to rising costs, sources close to the matter told Al Borsa on Sunday. The company is expecting to turn its fortunes around in 2017 via new subscriptions and hopes to reach the 4 mn client mark during the year.
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
EBRD planning to sign USD 300 mn loan agreement with NRA by month’s end
The European Bank for Reconstruction and Development (EBRD) is looking to sign a USD 300 mn loan agreement with the National Railways Authority to purchase 100 new railway cars, EBRD’s Managing Director for the SEMED region Janet Heckman tells Al Borsa.
Posted inAutomotive + Transportation
Banque Misr seeking USD 500 mn facility from China Development Bank
Banque Misr will sign a USD 500 mn loan with China Development Bank today to fund imports from China, Vice Chairman Akef El Maghraby tells Al Mal. The facility carries an eight-year maturity and will be directed towards companies operating in Egypt.
Posted inAutomotive + Transportation
Banque Misr to establish mortgage financing arm
With the CBE promoting mortgages for low- and middle-income earners, Banque Misr plans on establishing a mortgage financing arm, bank Chairman Mohamed El Etreby tells Al Borsa.
Posted inAutomotive + Transportation
EGAS receives EGP 1.8 bn package from eight-bank consortium
A consortium of eight banks agreed to extend the Egyptian Natural Gas Holding Company (EGAS) an EGP 1.8 bn facility to finance its plans to increase natural gas production, Ahram Gate reports. The five-year loan is arranged by Banque du Caire; EGP 220 mn from was contributed by Emirates NBD, according to Al Mal. The […]
Posted inEgypt Politics + Economics
Social Solidarity Minister meets with World Bank delegation
Social Solidarity Minister Ghada Wali met yesterday with World Bank MENA Vice President Hafez Ghanem to discuss Egypt’s social welfare and security strategy and ways to develop the Takaful and Karama programs, Al Borsa reports. Ghanem stressed the importance of focusing on reaching women and rural areas during the coming period.
Posted inNational Security
Egyptian military colonel killed in Sinai -Reuters
A colonel in the Egyptian military was killed and three army recruits injured yesterday when their armored vehicle was hit by an explosion in Sinai, sources told Reuters. “No immediate comment was available from the army,” the newswire says.
Posted inON YOUR WAY OUT
Doctors Syndicate suspends koftagate doctors
Remember koftagate? Egypt’s Doctors Syndicate issued a decision suspending three doctors for one year for promoting a device that claimed to have the ability to detect and cure viral infections including HIV and hepatitis C, Al Masry Al Youm reports. The syndicate says the doctors were in violation of the code of conduct.
Posted inON YOUR WAY OUT
MP drafting legislation to set rules for being engaged
An MP is drafting legislation to set rules on engagement. Not “rules of engagement” as in when you can open fire on the enemy. No. Rules on becoming engaged to be married. House representative Abla El Hawari announced that she is nearly done drafting amendments to the Personal Status Law that would legally bind engaged […]
Posted inON YOUR WAY OUT
GASC, Supply Ministry officials arrested for accepting bribes from bakery owners
Five officials from the General Authority for Supply Commodities and the Supply Ministry were arrested yesterday for allegedly accepting bribes to slash fines imposed on bakery owners for pocketing subsidy money, Al Shorouk reports.