Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridors 
Logistics (MENA) 
Climate (MENA) 
Global Telecom Holding (GTH)’s EGM has approved cancelling the GDR program and expects it to be effective around 8 March, according to a statement. GTH had announced its plans to cancel GDRs and issue a share buy-back in January.
Author Archives: enterpriseam admin
Posted inAutomotive + Transportation
Careem launches revamped products, looking to increase drivers four-fold this year
Ride-hailing app Careem revamped its products by introducing Go and Go+, with the Go service replacing the Engezny and Economy services, which have a larger number of lower-end cars, and Go+ replacing the higher-end Business option. The base fare for a Go ride is EGP 4.50, with each km traveled costing EGP 1.80 and each […]
Posted inAutomotive + Transportation
Customs breaks for expat cars for USD coming
An Immigration Ministry-led committee is looking to develop a strategy to reduce customs on cars belonging to Egyptian expatriates upon their return to Egypt in exchange for a USD deposit, Al Borsa reports. The committee has settled on custom breaks of 5-50% depending on the make and model of the car, said government sources. It […]
Posted inAutomotive + Transportation
Hyundai best-selling passenger car in 2016
Hyundai was the top-selling passenger car brand in 2016, with 38,300 vehicles sold, giving it a 27% market share, Al Borsa says, citing an AMIC report. GB Auto is the sold authorized assembler and distributor of Hyundai in Egypt.
Posted inBanking + Finance
Banque Misr tasks ADIB with promoting USD 150 mn Islamic finance facility
Banque Misr has tasked the Abu Dhabi International Bank (ADIB) with promoting a USD 150 mn Islamic finance facility from a syndicate of GCC lenders, Reuters reported. We had earlier reported that Banque Misr was looking to bring in USD 1.5 bn in funding to finance projects requiring foreign currencies.
Posted inOther Business News of Note
Ethiopian Airlines cannot get cash out of Egypt
Ethiopian Airlines said it is unable to repatriate around USD 220 mn held in local currency in Nigeria, Egypt and some other African states because of foreign exchange shortages, Reuters reported. “This also meant cash held in the local currencies was losing value, he said.”
Posted inOther Business News of Note
FEI’s electrical equipment division asks for 30% price hike in government contracts
The Federation of Egyptian Industries’ (FEI) electrical equipment and cables division is calling on Prime Minister Sherif Ismail to revise government contracts and hike prices by 30% as soon as possible, saying factories are suffering as they continue to supply their products under pre-float prices, Al Mal reports division head Atef Abdel Moneim said. Several […]
Posted inEgypt Politics + Economics
Misr Spinning and Weaving employees strike to demand increase in food stipends, social allowance
As many as 4,500 Misr Spinning and Weaving employees across six factories are striking to demand an increase in their food stipends and the retroactive disbursal of a 10% increase in their social allowance from 2012, one of the striking workers told Al Mal. The workers are also demanding that the company approve delayed promotions […]
Posted inON YOUR WAY OUT
Egypt invited as guest of honor to Tourisma 2017 in Florence
Egypt was invited as a guest of honor to the Tourisma 2017 international expo on archaeology in Florence, Italy on 17-19 February, ANSAMed reported. “Our purpose is to target an important segment of reference in the country, mainly archaeology connoisseurs and travelers who love the ancient world,” director of the Egyptian tourism agency in Italy […]
Posted inON YOUR WAY OUT
24-year-old stabbed to death at a coffeeshop over bill argument
Waiters at Keif café in Heliopolis are alleged to have stabbed to death a 24-year-old man after getting into an argument over the bill after the Afcon final match on Sunday, Egypt Independent reports.