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Airline Petroleum Air Services (PAS) will spend USD 80 mn in 2017 on modernizing its fleet used to service petroleum companies and projects, vice president Hany Abdoun said, according to Daily News Egypt. The company is expected to receive newly purchased airplanes in July and October, according to preliminary agreements, Abdoun said.
Author Archives: enterpriseam admin
Posted inBasic Materials + Commodities
Ezz Steel targets USD 800 mn in exports in 2017
Ezz Steel is planning to export 1.5 mn tonnes of steel, anticipating sales of USD 800 mn in 2017 on exported steel, corporate sales officer Samir Naaman tells Al Mal. The company targets producing 5 mn tonnes in 2017, up from almost 3.5 mn tonnes in 2016.
Posted inTourism
Egypt stops 24 attempts to steal antiquities in one week
Police has “thwarted 24 separate cases of attempted antiquities theft within the last week alone,” a local security source tells Anadolu Agency’s Omar Thabet. “In the period from March 7 to 12, Egyptian tourism and antiquities police carried out raids targeting suspected antiquities thieves in ten different provinces,” the source said.
Posted inTourism
Jordan’s Tourism Minister calls for joint tourism strategy with Egypt
Egypt and Jordan can boost tourism to both countries by forming a joint tourism promotion strategy and facilitating the flow of tourists between the two countries, Jordan’s Tourism Minister Lina Annab said on Sunday, The Jordan Times reported. Annab called on Egypt to facilitate the process of traveling between Jordan’s Aqaba and Egypt’s Nuweiba in […]
Posted inBanking + Finance
EG Bank, QNB to fund 21% of Electricity Holding Company’s EGP 20 bn loan
The Egyptian Gulf Bank (EG Bank) and Qatar National Bank (QNB) will fund 21% of a EGP 20 bn facility for the Egyptian Electricity Holding Company (EEHC), Al Mal reports. EG Bank will provide EGP 2.5 bn, QNB will contribute with EGP 1.7 bn. The National Bank of Egypt (NBE) and Banque Misr were tapped […]
Posted inBanking + Finance
NBAD Egypt revamps internet banking, to launch mobile app
National Bank of Abu Dhabi (NBAD) Egypt launched a new internet banking platform powered by CR2’s BankWorld Internet platform, according to Finextra. NBAD Egypt will also be launching a new mobile app soon, the report adds.
Posted inOther Business News of Note
Kabil restructuring Trade and Industry Ministry
Trade and Industry Ministry Tarek Kabil issued a decision to begin restructuring the Ministry to merge the functions of trade and industry into a central unit, according to Al Masry Al Youm. The restructuring aims to create a structure that facilitates processes and improves transparency and performance measurement, Kabil says.
Posted inLegislation + Policy
House Education Committee rejects budget article in new education bill
The House of Representatives’ committee on education is demanding more funding for education be included in the next state budget, Al Masry Al Youm reports. The Education Ministry should present the committee with a new education budget on Wednesday, according to MP Hany Abaza.
Posted inON YOUR WAY OUT
Social Solidarity removes 72k moochers from Takaful and Karama programs
The Social Solidarity Ministry has eliminated 72,000 moochers from its cash benefits programs Takaful and Karama, according to Assistant Minister Nevine El Kabbag, Al Shorouk reports.
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 17.6874 | Sell 17.7974 EGP / USD at CIB: Buy 17.75 | Sell 17.85 EGP / USD at NBE: Buy 17.66 | Sell 17.76 EGX30 (Monday): 12,929 (+0.1%) Turnover: EGP 1.2 bn (165% above the 90-day average) EGX 30 year-to-date: +4.7% THE MARKET ON MONDAY: The EGX30 ended […]