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Egypt’s non-oil exports grew 8.6% year-on-year to USD 20.1 bn in 2016, Trade Minister Tarek Kabil said, according Al Borsa. This comes as tourism revenues reportedly declined by 44.3% y-o-y in 2016.
Author Archives: enterpriseam admin
Posted inEgypt Politics + Economics
Finance Ministry denies public sector salaries will be paid over two installments
The Finance Ministry has denied it is going to disburse public sector salaries over two installments each month, Ahram Gate reported. Instead, government salaries will be paid between 25th and 28th of every month, with any extra compensation disbursed on the 10th, the Cabinet’s information and decision support center said.
Posted inNational Security
House sanctions extending state of emergency in Sinai, military participation in Saudi alliance
The House of Representatives sanctioned extending the state of emergency in Sinai for an additional three months, Al Ahram reports, as well as the National Defense Council’s decision to extend Egypt’s military participation in the Saudi Arabian-led military operation in Yemen, according to Al Shorouk.
Posted inON YOUR WAY OUT
Prosecutor General refers EGOTH Managing Director bribery case to Criminal Court
Tourism officials brought up on charges of bribery: Prosecutor General Nabil Sadek has referred the case of Egyptian General Company for Tourism and Hotels Managing Director for Technical Affairs Mamdouh Mohamed Abdo Ratab and four other defendants to the Cairo Criminal Court after completing the investigation, Al Borsa reported. Ratab is accused of requesting and […]
Posted inON YOUR WAY OUT
Mawlana film provokes Muslim clerics
Egyptian box office hit Mawlana is causing backlash from Sunni Muslim clerics, Reuters reports. The film, which highlights the relationship between the religious establishment and the state, has been accused of tarnishing the image of Al-Azhar just as it steps up efforts to rein in violent extremism. You can watch Mawlana’s official trailer with English […]
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.75 | Sell 18.92 EGP / USD at CIB: Buy 18.65 | Sell 18.75 EGP / USD at NBE: Buy 18.65 | Sell 18.75 EGX30 (Monday): 13,002.89 (+2.21%) Turnover: EGP 1.479 bn (240% above the 90-day average) EGX 30 year-to-date: +5.33% THE MARKET ON MONDAY: The EGX30 ended […]
Posted inCALENDAR
22-31 January (Sunday-Tuesday): 28th African Union Summit, Addis Ababa, Ethiopia. 24 January - 26 January (Tuesday-Thursday): Global Oil & Gas Middle East and North Africa 2017, Cairo International Convention Center, Cairo. 25 January (Wednesday): Revolution (police) day, national holiday. 26 January - 10 February (Thursday-Friday): Cairo International Book Fair, Nasr City fairgrounds. 28-29 January (Saturday-Sunday): […]
Posted inWhat We're Tracking Today
What we’re tracking on 23 January 2017
We’re starting to see the impact of the EGP float and devaluation on international companies’ bottom lines in their 4Q2016 results. Schlumberger had to write off USD 63 mn in Egypt and Savola recorded an unexpected loss in the quarter, citing the EGP devaluation as a factor. Before we continue, a word from our regulators: […]
Posted inWhat We’re Tracking This Week
What we’re tracking this week
Could the House of Representatives finalize the cabinet shuffle this week? If the cabinet shuffle were a high school gossip column, Al Shorouk would be running it. Its army of anonymous sources (which today claim to come from the cabinet) tell it that the list of candidates for the shuffle is with Parliament, which will […]