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M&A WATCH- OCI NV, ADNOC fertilizer merger done and dusted: Abu Dhabi National Oil Company (ADNOC) has completed its merger into Orascom Construction Industries (OCI) NV’s nitrogen fertilizers production MENA platform, the local press reported. OCI agreed in June to merge with ADNOC to set up an Abu Dhabi-based JV with a production capacity of […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Arab Dairy turns down buyout offers
M&A WATCH- Plot twist: Arab Dairy rejects buyout offers: Cheesemaker Arab Dairy has turned down “all the offers” it has received for a buyout, it said in an EGX disclosure (pdf), explaining that they did not match the “strategic vision” of its management or main shareholders. The company did not disclose any details about the […]
Posted inSpeed Round
Israel to boost gas supply to Egypt by 34% after changes to landmark agreement
Israel to boost gas supply to Egypt: Dolphinus Holdings and the operators of Israel’s offshore natural gas fields Delek Drilling and Noble Energy have agreed to increase the supply of natural gas to Egypt by 34% to 85.3 bn cubic meters (bcm) under amendments to the landmark 2018 agreement, both Bloomberg and Reuters reported, citing […]
Posted inSpeed Round
Investors fear protests could undermine economic reforms
Some investors fear walk-back of economic reforms: Investors are concerned that the Egyptian government could resort to populist measures in response to the recent protests — measures that could derail progress on economic reform, Reuters reports. The story comes after the Supply Ministry on Tuesday announced that it would return 1.8 mn people to the […]
Posted inSpeed Round
Long-delayed steel tariffs ruling takes its toll on local steelmakers
Long-delayed steel tariffs ruling takes its toll on local steelmakers: Egyptian steel companies have slashed prices as they struggle to cope with the uncertainty caused by the delayed ruling on the government’s imposition of tariffs on rebar and iron billets, S&P Global Platts reports. Ezz Steel cut its wire rod prices by more than EGP […]
Posted inSpeed Round
Legal proceedings between Emaar and El Nasr suspended for another 4 weeks
DISPUTE WATCH- Emaar-El Nasr legal proceedings suspended for another four weeks: A freeze on legal proceedings between property developer Emaar Misr and state-owned El Nasr Housing has been suspended for another four weeks “with the purpose of reaching a settlement,” Emaar said in an EGX disclosure (pdf). The two sides had reportedly reached a preliminary […]
Posted inSpeed Round
UAE’s Beco closes second VC fund
STARTUP WATCH- UAE’s Beco closes second VC fund: Beco Capital has closed its second startup fund at USD 100 mn, exceeding its initial USD 80 mn target, the Dubai-based venture capital firm said in a press release (pdf). Among those committing capital to the fund were Rimco Investment, the International Finance Corporation, Warba Bank and […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Egypt in the News on 3 October 2019: Protests, GERD, FGM
Analysis of what prompted Egypt’s recent demonstrations is still dominating coverage in the foreign press,with Andrew England arguing in the Financial Times that the Ikhwan are too weak and fragmented as a movement to have any influence on Egyptian politics. Meanwhile, the protests were followed by hints of political reform and the prospect of reinstated […]
Posted inDiplomacy + Foreign Trade
UK to boost investment in Egypt’s human capital, healthcare, education sectors
UK companies to boost investment in human capital, healthcare, education, other sectors: British companies are planning to increase their investments to develop human capital in Egypt, company reps told Investment Minister Sahar Nasr at an investment forum in Cairo yesterday, according to a ministry statement. The companies, including GlaxoSmithKline, HSBC, Vodafone, Shell, and Unilever, said […]