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FEBRUARY 7 February-1 March (Tuesday-Wednesday): Zāt exhibition, Safarkhan Art Gallery, Zamalek. 8-18 February (Wednesday-Saturday): Cairo Photo Week, Downtown Cairo. 11-14 February (Saturday-Tuesday): Art Cairo, the Grand Egyptian Museum, Giza. 15 February-2 March (Wednesday-Thursday): Naguib Mahfouz Festival, Zawya Cinema, Downtown Cairo. 16 February (Thursday): Afro Jazz Beginners Course with Mako Ruan from 7-8 pm, Cairo Contemporary […]
Author Archives: enterpriseam admin
Posted inWhat We're Tracking Today
THIS MORNING: EGYPS rolls on + EGX, SFE, and El Sisi all in the Gulf
Good morning, wonderful people, and a very happy Monday. THE BIG STORY here at home this morning: Privatization is still getting top billing on news that the state could offer 20-30% of its new hotels company to strategic investors, while Public Enterprises Minister Mahmoud Esmat made an appearance at the House of Representatives to defend […]
Posted inAdvertiser
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Posted inPrivatization
The state’s new hotel company is ready to go to market — but is a 30% stake enough?
A new state-owned company that will own a portfolio of seven five-star properties nationwide could offer as much as 20-30% of its shares to private investors as part of the Madbouly government’s privatization program, Hapi Journal reports. The seven hotels are now owned by the state’s Holding Company for Tourism and Hotels (HOTAC) and are […]
Posted inLEGISLATION WATCH
MPs still balk at the liquidation of state-owned ZombieCos
Public Enterprises Minister defends privatization plans + more overpopulation talk in the House: Public Enterprises Minister Mahmoud Esmat was in the hot seat in the House of Representatives yesterday, defending the liquidation of some unprofitable publicly owned companies — a long-running point of contention between the government and some opposition MPs. The House Health Committee […]
Posted inBanking
Moody’s downgrades five banks’ deposit ratings on sovereign credit risk
Moody’s has downgraded the long-term deposit ratings of five Egyptian banks on the back of its downgrade last week of the country’s sovereign credit rating. The National Bank of Egypt (NBE), Banque Misr, Banque du Caire (BdC) and CIB have all seen their ratings downgraded to B3 from B2, the ratings agency said, while the […]
Posted inDEBT WATCH
Raya’s Aman Financial Services issues EGP 400 mn in securitized bonds
Aman taps securitized market: Raya Holding’s non-banking financial services outfit Aman Financial Services issued EGP 403 mn in securitized bonds, kicking off an EGP 5 mn securitization program, it said in a statement to the EGX (pdf). About the issuance: The issuance came in three tranches with tenors of 13, 36, and 56 months and […]
Posted inEARNINGS WATCH
CIB net income up 17% in 4Q 2022
CIB’s net income rose 17% y–o-y to EGP 3.95 bn in 4Q 2022, according to its latest earnings release (pdf). The bank recorded revenues of nearly EGP 9.8 bn, up 41% on the same period last year. Full-year results: The EGX bellwether saw net income rise 21% y-o-y to EGP 16.1 bn in FY 2022. […]
Posted inLAST NIGHT’S TALK SHOWS
Aftermath of earthquakes in Syria and Turkey continues to lead coverage
The aftermath of the deadly twin earthquakes that struck Turkey and Syria continued to lead coverage on the talks shows yesterday, one week after the disaster struck. Kelma Akhira spoke with Tawfik Hasaba, head of the Syrian ambulance service, who said search and rescue efforts continue in the hope of finding more survivors under the […]