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European travel agencies have announced they will be organizing trips to Hurghada from Belgium and Holland during the spring and summer seasons, in response to the Tourism Ministry’s recently announced incentives to draw in tourism, Al Borsa reports. Dutch travel agency Corendon will arrange twice-weekly trips from Brussels to Egypt during the first two weeks […]
Author Archives: enterpriseam admin
Posted inTourism
Tourism Minister Yehia Rashed in Spain to revitalize tourism
Tourism Minister Yehia Rashed met with tour operators in Spain to discuss restoring the flow of tourism to Egypt and to discuss the Spaniards’ suggestions for Egypt, Al Shorouk reports. Rashed headed the Egyptian delegation at the Fitur International Tourism Conference along with representatives from nine Egyptian travel agencies, EgyptAir, and the Egyptian Tourism Federation, […]
Posted inAutomotive + Transportation
No recall on Jeep Grand Cherokee models in Egypt
The recall ordered on Jeep Grand Cherokee models in Saudi Arabia does not apply in Egypt, Fiat Chrysler Automobiles Egypt (FCA) told Al Mal. The parent company did not notify Egypt of a recall, FCA said, but is allowing customers to check their cars’ VIN Number against a database of recalled models on its website.
Posted inAutomotive + Transportation
GB Auto is not investing in South Sudan
GB Auto said it is not injecting any new investments in South Sudan. The company denied reports in Al Mal that it is expanding in the country in a statement sent to the EGX.
Posted inAutomotive + Transportation
Transport Ministry’s losses in 2016 reach EGP 5.8 bn
The House’s Transportation Committee has revealed that the Transport Ministry incurred EGP 5.8 bn in losses last year, and has called on Transport Minister Galal Saeed to put in place a plan to reverse the ministry’s losses, Al Mal reports. An unnamed source told the newspaper that a hike in the prices of public transport […]
Posted inAutomotive + Transportation
Egyptian Automotive Manufacturing Association expects sales to drop by 50% in 1H2017
The Egyptian Automotive Manufacturing Association (EAMA) expects total car sales during 1H2017 to drop 50% year-on-year, due to the “unreasonable” rise in car prices following the EGP float that have led to a near-complete halt in car sales over the past few months, EAMA head Hassan Soliman said, Al Mal reports.
Posted inBanking + Finance
EGX issues new regs governing rights issues for OTC market companies
The EGX has issued new regulations governing the transfer of rights issues during the capital increase of non-listed companies whose securities trade on the over-the-counter (OTC) market. Under the regs, these companies must open the door for shareholders to transfer rights issues as soon as the company publicly announces a capital increase and at least […]
Posted inOther Business News of Note
Maersk Line to collect payment in EGP equivalent of USD in state-owned ports
Maersk Line has reportedly begun issuing invoices for loading and unloading in state-owned ports in USD that are to be collected in EGP equivalent according to the daily exchange rate, Al Borsa reported. In private ports domestically, Maersk Line, the world’s largest shipping company, accepts payments in USD, the company said, citing the exchange rate […]
Posted inOther Business News of Note
Tahya Misr is investing EGP 2.5 bn into health, education, real estate sectors in 2017
The Tahya Misr Fund has allocated EGP 2.5 bn in new investments towards projects in the health, education, and real estate sectors, fund director Mohamed Ashmawy told Al Borsa. The fund is looking to build seven pharma factories in partnership with companies including Vacsera and Pharco, he added.
Posted inNational Security
Violence intensifies in North Sinai
Eight people were killed on Saturday in southern Rafah when a shell landed on their house, eyewitnesses tell Reuters. No entity claimed responsibility for the attack yet and shell’s origin remains unknown. Two policemen were also wounded when fire was exchanged during a security raid on Saturday, according to Ahram Online.