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A delegation from Pakistan’s Saif Group met with Investment Minister Dalia Khorshid to discuss credit facilities for the Mediterranean Textile Company to boost exports, Ahram Gate reported. Khorshid promised to facilitate a meeting with state banks to provide operational credit to support the textile industry.
Author Archives: enterpriseam admin
Posted inTelecoms + ICT
Global Telecom Holding announces share buy-back and cancellation of GDR program
Global Telecom Holding have announced a proposed share buy-back and cancellation of GDR program, the company said in a statement. The fixed price buy-back program will acquire up to 10% of the total issued share capital of the company at a price per share of EGP 7.90 and for a total consideration of up to […]
Posted inTelecoms + ICT
NTI, ETIT reach agreement to produce first Egyptian automated tracking device
The National Telecommunications Institute (NTI) and the Egyptian Company for Tracking and IT (ETIT) have reached an agreement to produce locally Egyptian-designed automated tracking devices, while maintaining international standards, Al Borsa reported.
Posted inAutomotive + Transportation
Mitsubishi discontinues Lancer, Egyptian distributor seeking alternatives
Bye bye Lancer, it’s been a fun ride: Mitsubishi’s distributors in Egypt are looking for an alternative to the Lancer model, which Mitsubishi announced will be discontinued globally in August after 10 years in the market, Al Mal reports.
Posted inAutomotive + Transportation
Uber hikes fares and price per kilometer, says it’s still the most affordable ridesharing app
Uber has decided to raise its starting fare to EGP 5 from EGP 4 for its regular service and EGP 6 from EGP 5 for its premium service, Al Borsa reported. The company has also raised the price per kilometer by EGP 1.5 and EGP 1.7 for the regular and premium services, respectively. The company […]
Posted inAutomotive + Transportation
ARTOC Auto to sue Skoda
ARTOC Auto is taking domestic and international legal action against Skoda after the latter suspended its supply of spare parts for six month and unilaterally canceled the agreement with the Egyptian distributor, according to Al Mal. ARTOC’s lawyer says the issue arose when the Czech company requested that ARTOC agree to allow another company to […]
Posted inLegislation + Policy
EFSA working on financial valuation standards
The Egyptian Financial Supervisory Authority’s (EFSA) board of directors is discussing the financial valuation standards this week and will meet on Wednesday to ratify them. EFSA chairman Sherif Samy said that all independent financial advisors will be held to the standards and implementation will be mandatory to all advisors in their valuation of any projects […]
Posted inEgypt Politics + Economics
Supreme Investment Council orders the establishment of National Payments Council
The Supreme Investment Council ordered the establishment of a National Payments Council during its third meeting on Monday, AMAY reported. The initiative is part of the 17 pro-investment policies the Council had adopted in its first meeting in November and will aim mainly to oversee Egypt’s transition into a less cash-reliant society. During the meeting, […]
Posted inON YOUR WAY OUT
Giza Pyramids make EGP 47 mn in revenue in 2016
A sad state of affairs: The total revenue made from ticket sales to the Giza pyramids in 2016 was EGP 47 mn, Al Mal reported. That is just around USD 2.5 mn in current exchange rates. The site received 1.572 mn visits during the year, up 16.7% y-o-y.
Posted inTHE MARKETS YESTERDAY
BY THE NUMBERS
EGP / USD CBE market average: Buy 18.7149 | Sell 18.8751 EGP / USD at CIB: Buy 18.751 | Sell 18.851 EGP / USD at NBE: Buy 18.60 | Sell 18.70 EGX30 (Monday): 13,264.82 (-0.17%) Turnover: EGP 1.473 bn (260% above the 90-day average) EGX 30 year-to-date: +7.451% THE MARKET ON MONDAY: The Egyptian benchmark […]