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GASC bought 120K tonnes of French wheat, amid a 535K tonne tender order on Wednesday. The purchase has apparently driven French wheat future to a seven-month high, Agrimoney reports.
Author Archives: enterpriseam admin
Posted inManufacturing
India’s MB Textiles to invest USD 100 mn in new factory in Egypt
India’s MB Textiles is looking to invest some USD 100 mn to build a new textile production facility in Egypt, Al Borsa reports. MB already has factories in Ismailia, Suez, Port Said, Alexandria, Ain Sokhna, and 10th of Ramadan City. No timeframe was given for when the company plans to make the investment.
Posted inReal Estate + Housing
Wadi Degla acquires Mediterranean Contracting Company, delivers 10k units
Wadi Degla Developments acquired Mediterranean Contracting Company Tuesday and is targeting the execution of EGP 14 bn worth of contracting agreements by Wadi Degla Holding contracting subsidiaries in the next seven years, Chairman and CEO Maged Helmy announced in a press conference yesterday. Helmy said the company’s “presence near to the New Administrative Capital [with […]
Posted inTourism
EgyptAir, Etihad sign codeshare agreement
Etihad Airways has signed a new codeshare partnership with EgyptAir, according to Gulf Business. “Under the initial phase of the agreement, Etihad will place its ‘EY’ code on EgyptAir-operated flights between Abu Dhabi and Cairo, while EgyptAir will place its ‘MS’ code on Etihad flights between the two capital cities. In the second phase, Etihad […]
Posted inLegislation + Policy
House Transport Committee looking to separate National Tunnels Authority from Railways Authority
The House of Representatives’ Transportation Committee is looking into amending legislation on the National Tunnels Authority to separate it from the Railways Authority, Al Mal reports. The head of the Railways Authority is reportedly lobbying against the amendments. The discussions on the amendments were postponed to next week after Transport Minister Hisham Arafat did not […]
Posted inON YOUR WAY OUT
1.6 mn children involved in hazardous work in Egypt -WFP
There are 1.6 mn children involved in hazardous work in Egypt and poverty continues to prevent their access to education, according to the World Food Program (WFP)’s Egypt country brief. WFP also says it “provides technical support to the Government of Egypt by assisting with the development of a sustainable strategy for the National School […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 16.0618 | Sell 16.1676 EGP / USD at CIB: Buy 16.10 | Sell 16.20 EGP / USD at NBE: Buy 16.00 | Sell 16.10 EGX30 (Wednesday): 11,999 (+0.5%) Turnover: EGP 762.0 mn (75% ABOVE the 90-day average) EGX 30 year-to-date: -2.8% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
23 February - 16 March (Thursday-Thursday): Glimpses of Upper Egypt exhibition at Accademia d’Egitto in Rome. 02-03 March (Thursday-Friday): German Chancellor Angela Merkel’s visit to Egypt. 06-08 March (Monday-Wednesday): 13th EFG Hermes One on One Conference, Dubai, United Arab Emirates. 08 March (Wednesday): Microfinance forum, Nile Ritz-Carlton, Cairo. 09-11 March (Thursday-Saturday): Egypt Projects Summit, Cairo […]
Posted inWhat We're Tracking Today
What we’re tracking on 01 March 2017
Ladies and gentlemen, there is no parallel market for greenbacks. As we’ve noted a couple of times this week, there’s been chatter in Cairo since the weekend that “the black market is back” with the USD changing hands for north of EGP 17. We touched base with two senior bankers yesterday who dumped buckets of […]