Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridors 
Logistics (MENA) 
Climate (MENA) 
Juhayna increased prices by 42% due to a 50% spike in costs incurred by the EGP float, CEO Seif Thabet told Al Arabiya.
Author Archives: enterpriseam admin
Posted inManufacturing
LG reduces home appliances, entertainment devices
LG says it is reducing prices of its home appliances by 9% and home entertainment products by 11% after as the EGP strengthened, Al Mal reported. Samsung is following suit and also reducing television prices by 20-22% until 15 March and has already reduced smartphone prices by 25%.
Posted inTourism
AccorHotels, Rixos form joint venture
AccorHotels and Rixos formed a joint venture, through which they will co-develop and manage Rixos branded resorts & hotels worldwide,” Reuters reported. AccorHotels will have a 50% stake in the joint venture management company. AccorHotels operates 17 hotels in Egypt, with 14 more in the pipeline, and Rixos Egypt owns three hotels.
Posted inTourism
158% increase in nights spent by Chinese in Egypt since 2015, Cairo ranked “most stylish”
Chinese tourists are staying longer, with overnight stays in Egypt increasing 158% year-on-year in January 2017, Egypt’s tourism consultant in Beijing Abou El Maati Saleh Shaarawi told Al Masry Al Youm. Cairo ranked as “most stylish” destination for Chinese travelers, according to Chinese travel services provider Ctrip destinations ranking for February 2017, according to Saleh, […]
Posted inTourism
Aleppo-Cairo flights to resume “soon” -SyrianAir
Flights between Aleppo and Cairo are expected to resume in the near future, SyrianAir regional manager Mohammed Suliman said, Sputnik reported, citing Sada El Balad. Flights have been halted for four years, as the airport in Aleppo was not operating.
Posted inAutomotive + Transportation
Egyptian Kuwaiti Company for Castings injects USD 30 mn in car brakes
Automotive supplier Egyptian Kuwaiti Company for Castings will invest USD 30 mn in an automotive castings plant to manufacture brakes, Vice Chairman Ahmed Fikry Abdel Wahab told Al Mal. The factory will be operational by the end of the year and targets tripling the company's production to 3 mn disc brakes annually, Abdel Wahab said. […]
Posted inBanking + Finance
NBE says it will net almost EGP 12.5 bn in FY2016-17
National Bank of Egypt (NBE) expects to match its profit levels of EGP 12.5 bn recorded in FY2015-16 after making EGP 6 bn in 1H2016-17, Deputy Chairman Yehia Aboul Fotouh told Al Mal. He says the bank’s credit portfolio increased by 50% y-o-y by December’s end, recording EGP 350 bn, with deposits also up by […]
Posted inBanking + Finance
State-owned banks to cover SAR needs for umrah -CBE
National Bank of Egypt, Banque Misr, and Banque du Caire have reached an agreement with the head of the tourism chambers of commerce to provide tour operators’ entire requirements of Saudi riyals for this year’s umrah season, according to an emailed central bank statement. The central bank estimates that the total requirements for this season […]
Posted inBanking + Finance
CBE issues amendments to SME’s lending initiative
The Central Bank of Egypt issued amendments to its EGP 200 bn SMEs lending initiative, allowing renewable energy companies established from February 2016 to benefit from its terms, according to a CBE statement issued on Sunday. The amendments also set an interest rate of 5% for lending to micro-enterprises with an annual turnover of EGP […]
Posted inEgypt Politics + Economics
Supply Minister Ali El Moselhy considers cuts to bread point system
Supply Minister Ali El Moselhy is reportedly looking into a proposal to cut the number of loaves of bread under the bread points subsidy program to three loafs from five, Al Masry Al Youm reports. Last week, El Moselhy had come out strongly against the bread points system which he said had been costing the […]