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Plastics manufacturer Rubex plans to complete the building of five factories in 2H17, said chairman Magdy El Taher. The factories will largely be self-financed, he tells Daily News Egypt. The company is currently completing a complex of seven plants, which would bring its total facilities 18, according to a regulatory filing. The company is planning […]
Author Archives: enterpriseam admin
Posted inBanking + Finance
EGX issues new regulations to organize transfer of unlisted securities’ ownership
The EGX has issued new regulations on the transfer of ownership of securities not listed on the stock exchange. The regulations outline the timeframe for traders to inform the EGX about over-the-counter (OTC) transactions and stipulates that brokerages keep all documents relating to OTC transactions for five years, according to an EGX statement published by […]
Posted inBanking + Finance
NI Capital to form private equity fund in 2H17
State-run NI Capital plans to establish a private equity fund in 2H17, sources tell Daily News Egypt. The move is part of a wider expansion into private equity by the National Investment Bank subsidiary which would see it invest in a number of different sectors, the sources added. NI Capital is taking a leading role […]
Posted inOther Business News of Note
Remittances from Egyptians in the UAE account for 4% of total remittance outflows -UAE central bank
Remittance outflows from all expatriates in the UAE rose 8% year-on-year in 2016 to AED 161 bn, the UAE’s central bank said, according Al Borsa. Egyptians accounted for 4% of total remittance outflows from the Emirates throughout the year, the central bank said.
Posted inLegislation + Policy
EFSA issues set of precautionary measures to ban transactions from traders under investigation
The Egyptian Financial Supervisory Authority (EFSA) issued on Sunday precautionary measures the authority is allowed to take against brokers under investigation of stock manipulation and other violations. These measures include suspending transactions from brokers with repeated violations for a period of up to three months, while EFSA investigates the case. If the investigation implicates the […]
Posted inEgypt Politics + Economics
Free Egyptians Party to hold leadership elections amid fracturing
The Free Egyptians Party plans to hold elections on 24 March for party leader and has begun accepting nominations despite the party splintering after it ejected founder Naguib Sawiris, Ahram Gate reports. The party’s board members are reportedly solidly behind Sawiris, while current leader Essam Khalil holds the loyalty of the rank and file, the […]
Posted inSports
Allegations of CAF violating market competition laws are “unsubstantiated” -CAF
The Egyptian Competition Authority’s (ECA) allegations that the Confederation of African Football (CAF) offered Lagardère Sports the exclusive right to air CAF competitions without allowing for a fair competition from other bidders are “unsubstantiated,” CAF said in a statement yesterday. According to CAF, the Lagardère Sports agreement was signed “following an extensive period of negotiations” […]
Posted inON YOUR WAY OUT
Meet six of our best and brightest IGCSE students
Meet six of our best and brightest IGCSE students: The British Council and Cambridge International Examinations honored six Egyptian students who scored the highest grades internationally on the IGCSE maths, physics, sociology, accounting, French, travel and tourism, according to a statement. The six achievers are (from left to right): Rawan Mokhtar (math), Nayer Sanad (accounting), […]
Posted inON YOUR WAY OUT
Aswat Masriya closing down due to lack of funding
Aswat Masriya to shut down: Thomson Reuters announced that its Egyptian news platform Aswat Masriya will close due to lack of continued financing. The website was launched following the 2011 uprising in Egypt, in the run-up to the country’s presidential and parliamentary elections. "Since 2015 Aswat Masriya has been registered as an Egyptian company. The […]
Posted inON YOUR WAY OUT
Recent TE Data service interruption was caused by hackers
If you’re a TE Data subscriber who’s suffered from some internet problems in the last week or so, it might be time for you to upgrade your modem. The service interruption was came after hackers targeted older modems on TE Data’s network, according to a statement picked up by Al Mal. TE Data’s customer support […]