February 22nd, 2019 | 0 commentsRed Sea Ports Authority Chairman Ayman Saleh has announced the reopening of the maritime navigation line between Egypt's Port Tawfiq and Saudi Arabia's Jeddah harbour after a 13-year closure. In a statement on Thursday, Saleh said the Port Tawfik-Jeddah line was suspended following the sinking of Al-Salam 98 ferryboat in 2006. Its reopeni...
February 22nd, 2019 | 0 commentsThe president of Cyprus Nicos Anastasiades will participate in the upcoming EU-Arab League summit, which is set to be held in the Red Sea resort of Sharm El-Sheikh on 24 and 25 February, Cypriot government spokesperson Prodromos Prodromou said in a statement. The summit, which will bee attended by Arab and European heads of state, will be...
February 22nd, 2019 | 0 commentsThe left-leaning 25-30 parliamentary bloc was the most vociferous opposition group opposed to proposed changes to the constitution and its ire was directed mainly at amendments increasing the presidential term from four to six years Ahmed Al-Tantawi, a member of the bloc, said the proposals were “a setback, and clearly tailored to benefit...
February 22nd, 2019 | 0 commentsEU Delegate to Egypt Ivan Surkos said that 24 presidents and prime ministers out of 28 European Union member states will come to Sharm El-Sheikh this week to attend first ever EU-Arab League Summit scheduled 24-25 February. The summit will be chaired jointly by European Council President Donald Tusk and Egyptian President Abdel-Fattah El-...
February 22nd, 2019 | 0 commentsEgypt will issue its second euro-denominated bonds worth EUR 1 billion to EUR 1.5 billion next week, a government official said. The Eurobond sale is likely to attract a large number of investors on the back of this week’s positive Eurobond performance, the source told Enterprise. The government plans to issue green bonds, as well as bond...
February 22nd, 2019 | 0 commentsThe indices of the Egyptian Exchange (EGX) has seen a bearish trend early Thursday, dragged down by Arab sell-offs. By 10:15 Cairo time, the benchmark EGX30 index shed 23.66 points, or 0.16%, to 15,189 points. The small- and mid-cap EGX70 index inched down 0.01% to 719.6 points, while the broader EGX 100 index dipped 0.01% to 1,818 points...
February 22nd, 2019 | 0 commentsTelecom Egypt on Thursday reported a 14% year-on-year increase in its consolidated profits for 2018, recording EGP 3.5 billion on the back of revenue growth. Consolidated revenue amounted to EGP 22.8 billion last year, rising 23% year-on-year, the state-run telecom company said in a statement to the Egyptian Exchange (EGX). The company at...
February 22nd, 2019 | 0 commentsArabia Investments, Development and Financial Investment Holding Co (AIND) on Thursday announced completing the acquisition of International Company for Leasing’s stake in UI Finance at a value of EGP 14 million. The company has purchased over 99% stake or 60,000 shares in UI Finance, International Company’s entire stake, according to a s...
February 22nd, 2019 | 0 commentsTalaat Moustafa Group Holding (TMG Holding) on Thursday revealed it targets an annual sale growth of 12.6% in 2019. The company aims to achieve sales of EGP 24 billion this year, versus sales of EGP 21.3 billion in 2018, the Egyptian property developer said in a statement to the Egyptian Exchange (EGX). The company’s board of directors wi...
February 22nd, 2019 | 0 commentsAfrican Development Bank (AfDB) has signed on Thursday an EGP 80 million agreement with Egypt to develop entrepreneurship in the Arab world's most populous country. The agreement was signed by Egyptian investment and international cooperation minister Sahar Nasr and manager of AfDB’s Cairo office Malinne Blomberg, according to a statement...
