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INVESTMENT WATCH- Sodic will invest EGP 34 bn in four new projects in New Zayed over the coming decade, it said in a statement yesterday (pdf). The first of these projects is ‘The Estates,’ planned to launch this month following approval by the New Urban Communities Authority in August. The upscale real estate developer is […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Court postpones iron billet import duty hearing to 5 October
Court postpones iron billet import duty hearing to 5 October: The Supreme Administrative Court has postponed to 5 October its ruling on appeals filed by the State Lawsuits Authority and a number of iron and steel companies against the suspension of a 15% import fee on iron billets, according to Masrawy. This is the third […]
Posted inSpeed Round
Companies to nominate one candidate to Federation of Securities board -FRA
REGULATION WATCH- Companies can only nominate one candidate for the Federation for Securities market regulator: Companies will only be able to nominate one candidate to sit on the board of directors of the Federation for Securities under new regulatory amendments approved by the Financial Regulatory Authority (FRA) yesterday, the regulatorsaid in a statement. The FRA […]
Posted inSpeed Round
Cleopatra Hospitals reports 27% dip in 1H2019 net profits
EARNINGS WATCH- Cleopatra Hospitals Group reported a 27% y-o-y dip in 1H2019 net profits to EGP 97.7 mn compared to EGP 133.4 mn a year earlier, according to the company’s quarterly financial statement (pdf). Revenues rose 22% y-o-y during the period to EGP 825 mn. CHG’s profits fell 44% y-o-y during 2Q2019, coming in at […]
Posted inSpeed Round
Mohamed Sultan resigns as CEO of Egyptian real estate developer Palm Hills
MOVES- Mohamed Sultan (LinkedIn) has resigned from his position as CEO of real estate developer Palm Hills, the company said in a statement (pdf). Sultan is also stepping down as a member of the company’s board of directors.
Posted inSpeed Round
Hatem Sabry tapped as Egyptian transport app Swvl’s Vice President of Finance
MOVES- Hatem Sabry (LinkedIn) has been tapped as Vice President of Finance at mass transport app Swvl, a position he assumed in August. Sabry spent seven years at Deutsche Bank, where he was most recently director of corporate and investment bank. His new role will be based out of Swvl’s new headquarters in Dubai, he […]
Posted inSpeed Round
CBE boss Tarek Amer to become chairman of Alliance for Financial Inclusion
MOVES- Central Bank of Egypt Governor Tarek Amer will on Tuesday assume the chairmanship of the Alliance for Financial Inclusion’s (AFI) board of directors, MENA reported. Deputy Governor Lobna Helal has headed the AFI’s Gender and Women’s Financial Inclusion Committee since 2016. The AFI is a global organization made up of financial regulators that aims […]
Posted inSpeed Round
CORRECTION- Yesterday we incorrectly said that the Egyptian Poultry Association (EPA) had implemented a ban on poultry imports. The EPA, which does not have the legal jurisdiction to impose any such decision, had actually only met with officials in the Agriculture Ministry to call for a ban on poultry imports. The story has since been […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Egypt in the News on 9 September 2019
There is no single topic that is leading the conversation on Egypt in the foreign press this morning. Social media accounts from Egypt and other countries in the Middle East that were shut down by Facebook in early August had been publishing content supportive of Sudan’s military following the ouster of former president Omar Al […]