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DECEMBER 31 December (Saturday): E-invoicing registration deadline. December: Egypt to expand Sudan electricity link capacity to 300 MW. JANUARY 2023 January: EGX-listed companies and non-bank lenders will submit ESG reports for the first time. January: Fuel pricing committee meets to decide quarterly fuel prices. January: Infinity + Africa Finance Corporation to close acquisition of Lekela […]
Author Archives: enterpriseam admin
Posted inWhat We're Tracking Today
THIS MORNING: It’s the last workweek of the year + Gov’t is getting a move on with clearing import backlogs
Good morning, ladies and gents, and welcome to the last workweek of 2022. As is our custom around this time of year, we’re taking stock of the past 12 months with our usual Year in Review series. We begin this year’s series with a look back at the big stories that ended up shaping much […]
Posted inUncategorized
31 December: Disco Mania, a new commercial concept at Somabay Theater: Somabay always ends the year in the absolute best way possible. Our new year’s weekend is bound to be explosive this year. We’ve come up with some of your favorite concepts over the past years and we’re back for a whole new commercial concept […]
Posted inEconomy
Ending the year on a big note
CBE drives home jumbo 300 bps rate hike: The Central Bank of Egypt raised interest rates by 300 bps on Thursday — its biggest rate hike since 2016, before floating the EGP — as it looks to clamp down on rising inflationary pressures. The Monetary Policy Committee (MPC) hiked the overnight deposit rate to 16.25%, […]
Posted inBUDGET WATCH
Our first look at the FY2023-2024 budget
Egypt is targeting a GDP growth of 5.5% in its draft budget for the next fiscal year
Posted inM&A WATCH
B Investments exits TotalEnergies Egypt
B Investments sells entire stake in TotalEnergies Egypt: BPE Partners’ B Investments has agreed to sell its entire 6.38% stake in TotalEnergies Egypt to TotalEnergies Marketing Afique (TEMA) for USD 27.6 mn, the company said in a statement (pdf). This came alongside a separate BPE Partners-backed vehicle’s exit of its 9% stake to TEMA for […]
Posted inDEBT WATCH
Egypt secures USD 500 mn from the World Bank to support Takaful and Karama
Egypt’s Takaful and Karama program gets a boost: The World Bank has agreed to a USD 500 mn loan in development financing to expand and strengthen the Takaful and Karama program amid soaring food and energy inflation, according to an International Cooperation Ministry statement and a WB statement(pdf). This is the third round of financing […]
Posted inCabinet watch
Cabinet gives initial approval to freight transport privatization + makes some shop owners’ lives easier after Public Shops Law controversy
Are we one step closer to privatizing Egypt’s freight transport sector? Cabinet approved in principle the decision to grant a consortium of private companies the operations and management of freight transport in a step to partially privatize the sector, according to a cabinet statement. The Transport Ministry will launch a tender to award the contracts, […]
Posted inYear In Review: Macro
2022 brought a trifecta of headwinds
Well, at least 2021 wasn’t that bad: The decade has (so far) been the exact opposite of the roaring 20s we were hoping for three years ago, and the prospects for a near-term return to the pre-2020 era of relative sunshine and rainbows aren’t looking great. The global economy continued to grapple with covid-19, while […]