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The Central Bank of Egypt is likely to raise interest rates when it meets on Thursday thanks to rising inflation, according to our interest rate poll. Seven of the nine analysts and economists we surveyed see the Monetary Policy Committee raising rates later this week, with five expecting another huge 200-bps hike. Where rates currently […]
Author Archives: enterpriseam admin
Posted inNON-BANKING FINANCIAL SERVICES
EFG Hermes’ valU sets aside USD 25 mn to expand through M&A + new products
valU to spend USD 25 mn on regional + product expansion: EFG Hermes’ buy-now-pay-later platform valU expects to invest some USD 25 mn to complete its expansion to Saudi Arabia and roll out new products in early 2023, valU CEO Walid Hassouna told Zawya. REFRESHER- valU signed a sale and purchase agreement to buy a […]
Posted inStartup watch
Hospitality logistics startup Suplyd bags USD 1.6 mn pre-seed for expansion
Local hospitality supply-chain startup Suplyd has raised USD 1.6 mn in pre-seed funding, it said in a statement (pdf) Thursday. Participants in the round included Endure Capital, Seedstars, Camel Ventures, the International Cooperation Ministry’s Falak Startups, Outlierz, Plus Ventures, Fort, Alex Angels, and other unnamed angel investors. Suplyd will use the funds to scale its […]
Posted inEnergy
El Molla confirms large East Med gas find
Oil Minister Tarek El Molla confirmed that a large gas discovery has been made in the Narges block in the Eastern Mediterranean during a briefing to the House Energy Committee, Youm7 reported Thursday. A report of a big gas find landed a few weeks ago: The Middle East Economic Survey reported earlier this month that […]
Posted inEARNINGS WATCH
Qalaa Holdings remains profitable during 3Q 2022
Qalaa Holdings returned to the black in 3Q 2022, reporting a EGP 16.7 mn profit against a EGP 440.7 mn loss in the same quarter last year in its latest earnings release (pdf). Revenues jumped 86% y-o-y to EGP 23.7 bn during the quarter, driven by the Egyptian Refining Company (ERC) which made up 75% […]
Posted inMoves
GAFI has a new CEO
Hossam Heiba (LinkedIn) was appointed CEO of the General Authority for Investment and Free Zones (GAFI) by Prime Minister Mostafa Madbouly, according to a cabinet statement. Heiba was previously the vice chairman and managing director of Egypt Post’s investment arm. He succeeds Mohamed Abdel Wahab (LinkedIn), who has headed up GAFI since 2019. Bassel Rahmy […]
Posted inLAST NIGHT’S TALK SHOWS
Last Night’s Talk Shows: All about the IMF
It was all about the IMF on last night’s talk shows following the executive board’s approval of our long-awaited USD 3 bn loan program on Friday (we have all the details in this morning’s news well, above). The IMF agreement is no “magic wand” to solve all our economic woes but it will help pave […]