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The government is “ready” to offer up stakes in all military-owned firms as part of the state privatization program and partner with private-sector players, President Abdel Fattah El Sisi said on Thursday. Bringing in the private sector for partnerships “could increase governance and could improve performance, he said (watch, runtime: 3:02). REFRESHER- El Sisi’s remarks […]
Author Archives: enterpriseam admin
Posted inAutomotive
Abou Ghaly brings a Geely EV to the local market (with payment in FX), looks to use Egypt as a hub to sell EVs into Africa
Abou Ghaly will introduce Geely EVs here: Abou Ghaly Motors is introducing Chinese automaker Geely’s Geometry C electric car to the local market, according to a company statement. The catch: If you want one you’ll need to pay in USD through Abou Ghaly’s freezone company in Alexandria due to the difficulties that local automakers continue […]
Posted inEconomy
Food prices hit record high on January devaluation
Inflation hit a fresh five-year high in January on the back of a record increase in food prices due to the devaluation of the EGP. Figures released on Thursday by state statistics agency Capmas showed that annual urban inflation jumped to 25.8% y-o-y in January, up from 21.3% the month before, driven largely by spiking […]
Posted inStartup watch
Pharma delivery startup Yodawy lands USD 16 mn in series B funding
The startup will use the funding to fuel its regional expansion plans
Posted inCapital markets
MSCI adds Ezz Steel, Heliopolis Housing to its small-cap index
Ezz Steel and Heliopolis Housing have been added to MSCI’s small cap index following its quarterly review. Heliopolis Housing is returning to the small-cap index after it was removed in May last year. There were no changes to the Egyptian firms included in MSCI’s standard index. See the revised index list, which comes into effect […]
Posted inEARNINGS WATCH
SODIC revenues up 13% y-o-y on record sales but impact of deval hits net income
SODIC reports higher revenues in 2022: Real estate giant SODIC’s revenues rose 13% y-o-y to EGP 7.8 bn in 2022, according to the company’s full-year earningsrelease(pdf). The increase was driven by deliveries in East Cairo projects, with Villette Sky Condos and SODIC East accounting for a combined 50% of the developer’s unit deliveries by value […]
Posted inMoves
AfDB has a new Egypt country manager
The African Development Bank (AfDB) has appointed Abdourahmane Diaw (LinkedIn) the bank’s new head of Egypt, effective 1 November 2022, it said in a statement. Prior to his appointment, Diaw was officer in charge of the bank’s Egypt country office and was the Northern Africa region’s regional manager for its portfolio and implementation support division. […]
Posted inLAST NIGHT’S TALK SHOWS
Ongoing rescue efforts to find survivors in deadly Turkey and Syria earthquake leads coverage
The aftermath of last week’s deadly earthquake in Turkey and Syria continued to dominate the airwaves last night. Masaa DMC and El Hekaya focused on rescue efforts to find survivors on the sixth day of the catastrophe, with the death toll now above 28k and 80k still missing (watch, runtime: 14:36 | watch, runtime: 6:05). […]