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As expected, the Fed gave the market what it wanted: The US Federal Reserve Open Market Committee decided yesterday to enact its second interest rate cut of the year with a 25 bps reduction to 1.75-2%, citing “uncertainties” about the economic outlook, according to a statement. While the decision came in line with market expectations, […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Not much business or econ to speak of for Egypt’s talking heads
There was little by way of econ or business on the airwaves last night. Newly-elected Sudanese Prime Minister Abdalla Hamdok’s stop-by in Cairo earned some airtime, along with the weekly cabinet meeting — and a live rant about contraceptives. Hamdok’s meeting with President Abdel Fattah El Sisi and Prime Minister Moustafa Madbouly was on Khaled […]
Posted inSpeed Round
Cabinet approves regs of Ride-Hailing Apps Act
REGULATION WATCH- Gov’t kickstarts implementation of Ride-Hailing Apps Act: The Madbouly Cabinet approved in its weekly meeting yesterday the executive regulations of the Ride-Hailing Apps Act, it said in a statement. The regs cover a variety of regulatory procedures, including registration, licensing, taxes and social insurance — stipulating that all licensed ride-hailing companies must show […]
Posted inSpeed Round
One way Egypt can get lower interest rates? Have fewer babies
One way Egypt can get lower interest rates? Have fewer babies, suggests RenCap’s Charlie Robertson: It appears that there’s a correlation between Egypt’s high interest rates and its 100 mn population, according to analysis posed by Charles Robertson, chief economist at emerging markets-focused investment bank Renaissance Capital. Analysts at the bank have found a statistical […]
Posted inSpeed Round
Egypt is Africa’s number one investment destination, says RMB report
Egypt is Africa’s number one investment destination for the third straight year, says RMB report: Egypt tops the list of most attractive African countries to invest in for the third year running, according to South Africa’sRand Merchant Bank’s 2020 investment report, due to be released next January. “Egypt has made significant strides in changing their […]
Posted inSpeed Round
Ebtikar acquires additional 9.1% stake in e-payments firm Masary
M&A WATCH- Ebtikar acquires additional 9.1% stake in Masary for EGP 40 mn: Ebtikar for Financial Investment, a joint venture between BPE Partners and MM Group, has acquired an additional 9.1% stake in e-payments firm Masary in a transaction worth EGP 40 mn, MM Group said in a statement (pdf). The transaction brings Ebtikar’s stake […]
Posted inSpeed Round
Scatec Solar raises capacity target
(Potential) INVESTMENT WATCH- Scatec Solar raises capacity target. Let’s hope Egypt is a recipient of any new investments: Norwegian solar power plant company Scatec Solar plans to raise its capacity buildup target for solar power by 1 GW to 4.5 GW by the end of 2021, the company said yesterday. The company also set a […]
Posted inSpeed Round
Jordan imports of Egyptian natural gas restored after temporary halt
Jordan goes back to importing Egyptian natural gas after temporary halt: Egypt Gas has signed a one-year, USD 3.9 mn contract with the Jordanian–Egyptian Fajr for Natural Gas Transport and Supply Company to supply natural gas to Jordan Phosphate Mines, the company said in a statement (pdf). Jordan had stopped importing gas from Egypt in […]
Posted inSpeed Round
Madbouly Cabinet approves increasing use of no-bid contracts
CABINET WATCH- Madbouly Cabinet approves bundle of grants: The Madbouly Cabinet approved yesterday two USAID grants worth a combined USD 14 mn to support pre-natal care and science and technology funding, according to a cabinet statement on Wednesday. The ministers also approved a EUR 1.5 mn grant from the European Bank for Reconstruction and Development […]