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STARTUP WATCH- Cairo-based startup Trolley has raised USD 200k in seed funding from a Kuwaiti investor, Menabytes reports. Founder and CEO Mohamed Abbas said that the seed funding will be put towards marketing efforts, developing the company’s website and app, and expanding the team. The company, which sells and delivers groceries in Cairo and Giza […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Gov’t issues insurance premium exemption guidelines for Universal Healthcare Act
REGULATION WATCH- Gov’t issues exemption guidelines for those who are unable to pay for universal healthcare: The government has issued guidelines to determine who will not have to pay insurance premiums under the Universal Healthcare Act, Al Shorouk reported. Under the legislation, employees have to pay premiums equivalent to 1% of their salary, increasing to […]
Posted inSpeed Round
Orascom Construction profits drop 38% y-o-y in 2Q2019
EARNINGS WATCH- Orascom Construction profits drop 38% y-o-y in 2Q2019 to USD 31.3 mn, compared to USD 50.6 mn a year earlier, the company said in its earnings release (pdf). While net income was hit mostly by higher financing costs in Egypt during 1H2019, the company managed to reduce its debt at the end of […]
Posted inSpeed Round
Hany Farahat appointed as general manager at Egypt’s Banque Misr
MOVES- Hany Farahat (LinkedIn) has left his position as CI Capital’s chief economist and has been appointed as general manager and head of market intelligence at Banque Misr. Farahat joined CI Capital back in 2014, following a five-year spell as the head of client portfolio management at Beltone Financial. He also previously worked as an […]
Posted inSpeed Round
Administrative Control Authority gets new deputy
Administrative Control Authority gets new deputy: President Abdel Fattah El Sisi has appointed Amr Adel as deputy chairman of the Administrative Control Authority starting 24 August, AMAY reported.
Posted inSpeed Round
CORRECTION- We picked up a MENA article yesterday that incorrectly said Ahmed El Bassiouny was appointed as the head of the Central Bank of Egypt’s economic research division, and that he would maintain his position of assistant sub-governor of the monetary policy division. El Bassiouny is sub-governor of both divisions. The story has been amended […]
Posted inSpeed Round
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Posted inUncategorized
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Posted inTHE MACRO PICTURE
Is ‘Japanification’ going global?
Is ‘Japanification’ going global? Economists are becoming increasingly concerned that the hallmarks of so-called ‘Japanification’ are spreading around the world, Robin Wigglesworth writes in the FT. Japanification refers to problems that have plagued the Japanese economy for the past three decades — negative interest rates, low inflation and weak growth — for which monetary policymakers […]
Posted inEGYPT IN THE NEWS
Egypt in the News 28 August 2019
It’s another relatively quiet morning for Egypt in the foreign press, with no single story driving the conversation: Clerics are being dispatched to Sahel of all places to speak to young people on holiday as part of a government-mandated plan to “rejuvenate religious discourse,” Al Monitor reports. There are more than 3 mn tuktuks operating […]