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INVESTMENT WATCH- Majid Al Futtaim plans expansions in Egypt: UAE-based real estate developer and retail giant Majid Al Futtaim (MAF) is planning to open about 12 new stores in Egypt in the coming few months, CEO Alain Bejjani said in an interview with Bloomberg TV (watch; runtime 7:09). “Egypt is today the fastest growing market […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt signs dispute settlement agreement on El Nasr for Steam Boilers with Al Kholoud
DISPUTE WATCH- Gov’t signs dispute settlement agreement with Al Kholoud on El Nasr for Steam Boilers: The government has signed a dispute settlement agreement with Al Kholoud for Touristic and Real Estate over land used by El Nasr for Steam Boilers, Al Mal reports. The Madbouly Cabinet signed off in July on the settlement, under […]
Posted inSpeed Round
T-bill yields fall in first post-rate cut auction
T-bill yields fall in first post-rate cut auction: Average yields on 6-month and 1-year government T-bills fell to 16.521% and 16.263%, respectively, in the first auction since the Central Bank of Egypt cut interest rates by 150 bps earlier this month, CBE data showed. That compares to yields of 16.9% on 6-month notes and 16.511% […]
Posted inSpeed Round
Money supply increases in July
Money supply growth accelerates in July: M2 money supply grew by 12.1% y-o-y in July, compared to a y-o-y 11.85% growth in June, Reuters reported, citing CBE data. The M2 gauge stood at EGP 3.885 tn at the end of July, up from EGP 3.864 tn a month earlier. M2 measures liquid assets such as […]
Posted inSpeed Round
Swvl to move headquarters from Egypt to Dubai by November 2019
STARTUP WATCH- Swvl is moving its headquarters out of Egypt: Mass transport app Swvl will move its headquarters from Egypt to Dubai by November this year, co-founder and CEO Mostafa Kandil told Menabytes. The company, recently valued at USD 157 mn, is said to already have a team in place in Dubai, and has listed […]
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TA Telecom spins off fintech startup NowPay after it secures USD 600k seed funding
STARTUP WATCH- TA Telecom has spun off Egyptian fintech startup NowPay after it raised USD 600k in seed funding from Silicon Valley’s Endure Capital and 500 Startups, TA Telecom said in a press release (pdf). The startup seeks to improve the financial security of corporate employees in emerging markets by helping them access their salaries […]
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Egypt dominates African Games, winning record-breaking 273 medals
Egypt dominates African Games, landing record-breaking 273 medals: Egypt earned a record-breaking 229 medals at this year’s African Games, bringing home 79 gold, 87 silver, and 59 bronze. The 2019 African Games ran from 19-31 August in Rabat, Morocco and saw 54 African countries participate. Nigeria and Algeria also gave impressive performances, winning a total […]
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AMOC earnings tank in FY2018-2019
EARNINGS WATCH- AMOC earnings tank in FY2018-2019: Alexandria Mineral Oils Company’s (AMOC) net profits fell 69.7% y-o-y to EGP 450 mn during FY2018-2019 due to increased sales costs, the company said in an EGX disclosure (pdf). Company revenues were up 4.5% y-o-y to EGP 14.664 bn.
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Egypt’s Suez Canal revenues fall 1.4% y-o-y to EGP 49.1 bn in 1H2019
Suez Canal revenues fell to EGP 49.1 bn (c. USD 2.98 bn) in 1H2019, down 1.4% y-o-y from EGP 49.8 bn (c. USD 3.02 bn) the previous year, according to calculations of monthly data compiled by CAPMAS (pdf — pp. 4). Revenues for June came at EGP 7.8 bn, down 10.3% y-o-y from EGP 8.7 […]
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FinMin to appoint Yasser Taimour as tax projects advisor
MOVES- The Finance Ministry will appoint Yasser Taimour as advisor for the development of tax projects and Waleed Abdullah as IT advisor for the Tax Authority and the General Authority for Government Services, it said in a statement.