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S&P Global Ratings has affirmed Egypt’s B credit rating with a stable outlook, saying it expects fresh financial support from the IMF and the GCC will help us meet our external funding needs. The rating agency believes that Egypt will be able to rely on lenders to satisfy its FX needs — sitting at roughly […]
Author Archives: enterpriseam admin
Posted inStartup watch
Volt Lines confirms Swvl breakup + Reverse stock split boosts Swvl share price
Volt Lines confirms Swvl breakup: Turkish mobility business Volt Lines’ management team is back in the driver’s seat after taking back control of the company from Swvl, it confirmed in a press release (pdf) on Thursday. The two sides agreed to terminate the USD 65 mn acquisition in December and go their separate ways less […]
Posted inCabinet watch
Industrial investors to get 6-month grace period from late delivery penalties
Gov’t to give industrial investors some breathing room: The Madbouly cabinet approved giving the Industrial Development Authority (IDA) the power to cancel or discount penalties to industrial players that fail to deliver projects on time, it said in a statement following its weekly meeting. Projects delayed on the back of the pandemic will be given […]
Posted inEARNINGS WATCH
CIRA sees higher revenues in 1Q 2022-2023 but rising rates hit net income
CIRA Education reports higher revenues, lower bottomline in 1Q 2022-2023: EGX-listed education services provider CIRA Education reported EGP 104.7 mn in adjusted net income in 1Q 2022-2023, down 3% y-o-y, according to the company’s earningsrelease(pdf). Revenues, meanwhile, jumped 25% to EGP 536.1 mn on rising student enrollment rates. It reported double-digit growth of enrollment at […]
Posted inLAST NIGHT’S TALK SHOWS
Imports backlog at ports is no more, says Madbouly
Imports and India were the big business stories on last night’s talk shows. Prime Minister Moustafa Madbouly announced that the imports backlog at ports has been cleared, and President Abdel Fattah El Sisi’s tour to India, Azerbaijan, and today Armenia got top billing from the talking heads. S&P Global’s affirmation of our credit rating and […]
Posted inEGYPT IN THE NEWS
Archaeologists discover oldest mummy yet
Archaeological mission uncovers our oldest mummy yet: A number of tombs dating back to the fifth and sixth dynasties were uncovered by the Supreme Council of Antiquities’ excavation team working in Saqqara, the Tourism Ministry said over the weekend. Among the discoveries was a mummy dating back over 4k years, which could be the oldest […]
Posted inUncategorized
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Posted inAlso on our Radar
EgyptAir not for sale + small-scale solar projects get a break
AVIATION + PRIVATIZATION- EgyptAir isn’t up for sale: The government has no plans to sell the national flag carrier, the cabinet said in a statement in response to rumors circulating on social media and some media outlets last week. ENERGY- More solar producers exempted from integration fees: The Egyptian Electric Utility and Consumer Protection Regulatory […]