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The Arab Organization for Industrialization’s SEMAF factory submitted an offer to the Railways Authority to locally manufacture some of the components needed to produce 300 new train cars for around EGP 3.5 bn, SEMAF Chairman Abdel Rahman Hussein tells Al Borsa. Korea’s Hyundai and France’s Alstom have also submitted offers for the project, Hussein says.
Author Archives: enterpriseam admin
Posted inManufacturing
Oriental Weavers to buy USD 10 mn worth of equipment
Oriental Weavers is planning to buy 11 new looms and other equipment worth USD 10 mn in 2017, according to a bourse statement. The company targets net sales of EGP 10-11 bn in 2017 with annual growth exceeding 50%.
Posted inAutomotive + Transportation
Taxify slashing prices 40%
Estonian ride-hailing app Taxify, which launched its services in Cairo this month, plans to expand its services in Egypt’s Delta and coastal cities, as well as a new service for summer travel, Taxify’s Egypt manager Mostafa Sabry tells Daily News Egypt. The company is looking to attract its clientele by offering discounts of as much […]
Posted inLegislation + Policy
Housing Minister to hold weekly meetings with House committee to finalize new Building Code
Housing Minister Mostafa Madbouly will be holding weekly meetings with the House of Representatives’ Housing Committee to finalize discussions on a new Building Code they intend to issue, according to Al Mal. In addition to extending the validity of construction licenses to three years from one, the bill will also introduce stricter punishments and penalties […]
Posted inEgypt Politics + Economics
Ahmed Ezz offers the state EGP 500 mn in exchange for reconciliation
Steel magnate Ahmed Ezz has reportedly offered the state EGP 500 mn to reconcile and settle all his legal disputes, talk show host Amr Abdel Hamid said on Wednesday during an episode of his show Ra’ay Aam, where he claimed to have acquired documents of the proposition (watch, runtime 11:32).
Posted inEgypt Politics + Economics
Finance Ministry to amend FY2016-17 budget to account for float
The Finance Ministry plans to amend the FY2016-17 budget to account for additional expenditures incurred as a result of the EGP float last November, Deputy Finance Minister Mohamed Maait tells Al Borsa. State census bureau CAPMAS issued the new amended figures for the first quarter, putting Egypt’s GDP EGP 841.6 bn at the current exchange […]
Posted inSports
Egyptian cyclist Ebtissam Zayed sweeps up three medals, honors late teammate Eslam Nasser
Egyptian cyclist and Olympian Ebtissam Zayed swept up three medals — two gold and one silver — on Tuesday at the 2017 African Continental Track Championships, IntoCycling reports. Zayed dedicated her medals to her teammate, Eslam Nasser, who died on Monday after suffering a heart attack during the championship.
Posted inON YOUR WAY OUT
Earth Hour is on Sunday
Assuaging our guilt: Landmarks including the Pyramids, Cairo Tower, and the Citadel of Qaitbay will turn off their lights on Saturday, 25 March, for 60 minutes at 20:30 CLT to mark Earth Hour, the State Information Service says. We commend cabinet’s decision, but if we’re really trying to be progressive, we suggest banning trash burning […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.0844 | Sell 18.1900 EGP / USD at CIB: Buy 18.10 | Sell 18.20 EGP / USD at NBE: Buy 18.00 | Sell 18.10 EGX30 (Wednesday): 12,879 (-0.2%) Turnover: EGP 815 mn (87% above the 90-day average) EX 30 year-to-date: +4.3% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
29 March (Wednesday): First Time SME Equity Fund Managers in Egypt Opportunities and Challenges seminar, Marriott Zamalek Hotel, Cairo. 29-30 March (Wednesday-Thursday): Cityscape Egypt Conference, Nile Ritz-Carlton, Cairo. 29-31 March (Wednesday-Friday): Balanced Development of Siwa Oasis International Tourism Conference, Siwa Oasis. 30 March (Thursday): Central Bank of Egypt’s Monetary Policy Committee meeting. 31 March - […]