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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
El Sisi’s visit to New York continues to dominate Egypt’s airwaves
President Abdel Fattah El Sisi’s ongoing visit to New York continued to dominate the airwaves last night. The talking heads also still emphasizing what they say is the role of the Ikhwan in inciting protests this past weekend. Among the highlights from the UNGA: Hona Al Asema’s Reham Ibrahim had a live broadcast of the […]
Posted inSpeed Round
EGX sell-off continues amid protest fears
Shares on the Egyptian Exchange slid again yesterday as investors and the business community alike continued to wrestle with the meaning of anti-government protests this weekend. The benchmark EGX30 fell another 1.5%, extending a sell-off that saw the index shed 5.3% on Sunday. Steel companies were among the hardest hit, with Egyptian Iron & Steel […]
Posted inSpeed Round
Trump renews support of Egypt’s El Sisi in light of recent protests
US President Donald Trump extended his support to President Abdel Fattah El Sisi amid the recent protests during a meeting yesterday on the sidelines of the UN General Assembly in New York, according to Reuters. The newswire quoted Trump as saying “everybody has demonstrations. I’m not concerned with it. Egypt has a great leader.” Asked […]
Posted inSpeed Round
Gov’t committee close to finalizing incentives package for new listings on Egypt’s bourse
EXCLUSIVE- Gov’t committee close to finalizing package of incentives for new EGX listings: A government committee has been working to put the final touches on a package of proposed incentives to stimulate IPO activity in the market and attract more foreign investment into Egyptian equities, the Finance Ministry told Enterprise in an exclusive statement. The […]
Posted inSpeed Round
Thousands of Thomas Cook reservations in Egypt canceled as company goes bust
Thousands of Thomas Cook reservations in Egypt canceled as company goes bust: Egypt could lose thousands of tourists after British travel group Thomas Cook yesterday went into liquidation. Local operator Blue Sky Group was expecting 100k tourists to visit Egypt via Thomas Cook in 2020 and has canceled 25k reservations booked up to April 2020, […]
Posted inSpeed Round
Egypt finishes initial draft of new income tax law
LEGISLATION WATCH- Initial draft of new income tax law ready: The Finance Ministry has completed incorporating suggestions from the business community and finalized an initial draft of a new income tax law, Minister Mohamed Maait said yesterday during the Future of Investment in Egypt conference, according to a ministry statement. The draft will now be […]
Posted inSpeed Round
Gov’t looking to reduce Egypt’s budget deficit to 5% within two years -Maait
The government is looking to reduce Egypt’s budget deficit to 5% within two years, which would bring it to a level that international institutions deem “safe,” Finance Minister Mohamed Maait said yesterday, according to Amwal Al Ghad. Speaking at the Future of Investment in Egypt conference, Maait said that Egypt is on track to meet […]
Posted inSpeed Round
FrieslandCampina yet to make acquisition offer to buy cheesemaker Arab Diary
M&A WATCH- Arab Dairy waiting on FrieslandCampina to make an acquisition offer: Netherlands-based FrieslandCampina has completed due diligence to acquire cheesemaker Arab Dairy without making an offer, but negotiations are ongoing, the latter said in an EGX disclosure (pdf). The Panda cheese producer gave the Dutch company the green light to conduct due diligence to […]
Posted inSpeed Round
Schneider Egypt inks settlement on overdue export subsidies
Schneider inks settlement on overdue export subsidies: Schneider Electric has signed an agreement with the government that should see it receive overdue export subsidies by the end of the year, President for North East Africa and the Levant Walid Sheta said, according to Masrawy. The agreement is expected to contribute to increasing the company's exports […]