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INVESTMENT WATCH- Sanlam eyes Egypt investments in the next 12 months: South Africa’s largest insurance company Sanlam could invest an undisclosed amount in Egypt within the next 12 months as part of its continental strategy, CEO Ian Kirk told Reuters. Sanlam previously said in March it intended to take an equity stake in an Egyptian […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Shareholders sell 8.4% stake in Egypt’s Ibnsina Pharma
Shareholders sell 8.4% stake in Ibnsina: Shareholders have sold 8.4% of their shares in Ibnsina Pharma, amounting to around 69.1 mn shares, at EGP 9.7-10.22 per share, according to an emailed statement from EFG Hermes (pdf). Among the sellers was the European Bank for Reconstruction and Development (EBRD), which reduced its stake to 8.7% from […]
Posted inSpeed Round
Egyptian SMEs Act to include tax and non-tax incentives, says FinMin
LEGISLATION WATCH- The SMEs Act will include tax and non-tax incentives to support the sector and encourage small businesses to go legit, the Finance Ministry said in a statement (pdf). If passed, the incentives would include exemptions from the stamp tax as well as the fees to register contracts to set up companies and credit […]
Posted inSpeed Round
Egyptian exporters have yet to receive support from the government
Gov’t has yet to settle overdue export subsidies: The Finance Ministry has yet to settle the overdue export subsidies owed to exporters, a number of businesses told Al Masry Al Youm. No contracts have yet been inked since officials reached an agreement in May with the companies to settle the payments — which were said […]
Posted inSpeed Round
Egypt-based Doctoorum raises seed funding from Numu Capital
STARTUP WATCH- Doctoorum raises seed funding from Numu Capital: Emirati seed fund Numu Capital has made an undisclosed investment in Doctoorum, a Cairo-based medical tourism startup, the local press reports. The funding was agreed in July when Doctoorum graduated from the AUC Venture Lab accelerator. The company is now preparing to raise series A funding […]
Posted inSpeed Round
Madbouly: Tuk-tuks are out, natgas-operated minivans are in
The next phase in the war on tuk-tuks: Prime Minister Moustafa Madbouly launched on Thursday a project that will replace tuk-tuks with minivans that run on natural gas — what he perceives to be a safer method of transportation, according to an official statement. The Finance Ministry will be in charge of implementing the project […]
Posted inSpeed Round
AccorHotels Egypt names Magdi Gamil as country sales and marketing director
MOVES- AccorHotels’ Egypt branch has named Magdi Gamil (LinkedIn) as the country sales and marketing director, according to a release (pdf). Gamil’s new position puts him of the sales and marketing team of the French hospitality group’s 24 properties in Egypt, including the Fairmont, Sofitel and Sofitel Legend, Mövenpick, Novotel and Mercure brands, as well […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Egypt in the News on 8 September 2019
The foreign press is still discussing the impact of the recent interest rate cuts on the Egyptian economy: Analysts tell Al Monitor that easing is good news for property, gold, and stock markets. Other headlines worth a moment of your time: Platforms like Netflix are opening up new spaces within the Arab film industry, allowing […]
Posted inWorth watching
What if being a human isn’t enough anymore?
What if being human isn’t enough anymore? So asks the transhumanist movement, one that believes technology and biology should be combined to create an enhanced human being. We are flying into technologically induced change, and people are curious about digital immortality and how far technology can take us. Transhumanists are those who have used technology […]