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It was a mixed bag on the airwaves last night: Egypt is nearly ready to deliver 4 mn sqm to investors at the Suez Canal Economic Zone (SCEZ), Chairman of the SCEZ authority Yehia Zaki said, according to Al Hayah Al Youm (watch, runtime: 02:34). The authority will begin delivery after it’s done with improving […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Madbouly signs off on expanding coverage of stock exchange protection fund, slashing membership fees
REGULATION WATCH- Madbouly signs off on expanding coverage of stock exchange protection fund, slashing membership fees: Prime Minister Moustafa Madbouly has approved a proposal from the Financial Regulatory Authority to expand the coverage of the Egyptian Investor Protection Fund (EIPF) and reduce regulatory fees charged to its members by 50%, the Financial Regulatory Authority (FRA) […]
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Gov’t to offer stakes in ACCH and Abu Qir in 4Q2019 -Tawfik
IPO WATCH- Gov’t to offer ACCH, Abu Qir stakes before end of the year -Tawfik: The government will offer stakes in Alexandria Container and Cargo Handling (ACCH) and Abu Qir Fertilizers in 4Q2019 after the State Council has completed its review and granted it the necessary approvals, Public Enterprises Minister Hisham Tawfik told CNBC Arabia. […]
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United Oil & Gas’ acquisition of Rockhopper Egypt on track to close by 4Q2019
M&A WATCH- United Oil & Gas’ acquisition of Rockhopper Egypt “progressing well”: Rockhopper Exploration’s sale of its Egypt business to Irish energy company United Oil & Gas is on track to be completed by the end of 4Q2019, Rockhopper said in a statement yesterday. Rockhopper and United had signed a USD 16 mn share purchase […]
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Orascom Construction adds USD 1.3 bn in new awards to backlog in 3Q 2019
Orascom Construction has added USD 1.3 bn to its backlog in 3Q2019, up 30% compared to a year earlier, the company said in a statement (pdf). The new projects bring the company’s outstanding consolidated backlog to USD 5.1 bn as of 30 September 2019, compared to USD 4.2 bn last year. The majority of the […]
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Lorax Capital to launch USD 250 mn SME PE fund
Lorax Capital to launch USD 250 mn private equity fund: The Egyptian American Enterprise Fund’s (EAEF) Lorax Capital Partners plans to launch a USD 250 mn private equity fund for long-term investment in Egyptian SMEs, the European Bank for Reconstruction and Development (EBRD) said on its website. “The [Lorax Capital Partners Fund II] will seek […]
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E-learning platform Al Mentor raises USD 4.5 mn in Series A funding led by Sawari Ventures
STARTUP WATCH- Dubai-based e-learning platform Al Mentor has raised USD 4.5 mn in a series A funding round led by Egyptian VC firm Sawari Ventures, with participation from Egypt Ventures, Endure Capital, and angel investor Mohamed El Amin. This brings its total funding raised to USD 8 mn, Sawari said in a statement (pdf). Tailored […]
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IMF accused of “reckless lending” to high-debt countries, including Egypt
IMF accused of “reckless lending” to high-debt countries, including Egypt: The IMF has disbursed some USD 93 bn in financing to a number of governments that are classified as having “very high debt,” including Egypt, without requiring a debt restructuring program, making the lending “reckless,” UK-based Jubilee Debt Campaign said in a report out yesterday […]
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Gov’t proposes amendments to penal code to protect state-owned land against violations
LEGISLATION WATCH- Gov’t moves to tighten punishment for abusing state-owned land, trespassing: The House of Representatives gave a preliminary nod yesterday to government-proposed draft legislative amendments to the penal code that steps up penalties for the illegal use of state-owned land, Masrawy reported. The amendments would introduce 2-5 year prison terms and fines between EGP […]
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CORRECTION- We misspelled Startupbootcamp graduate El Gameya in our coverage yesterday on the fintech app winning the Al Baraka Bank competition at the FinX awards in Dubai. The app’s correct spelling is El Gameya, not El Gam3eya. The entry has been corrected on our website. We also incorrectly stated yesterday that the government has already […]