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Last week’s interest rate cut could save Egypt’s coffers EGP 15 bn in debt service: The Finance Ministry could spend EGP 10-15 bn less on interest it owes to investors during 2Q FY2019/2020 after the Central Bank of Egypt (CBE) last week cut benchmark rates by 150 bps, unnamed government sources tell the local press. […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egyptian investment banks team up with international institutions to manage United Bank sale
M&A WATCH- Egyptian investment banks are teaming up with international institutions to manage United Bank sale: Local investment banks are forming consortiums with international advisory firms to compete for the quarterback role in the upcoming sale of United Bank, Al Mal reports. EFG Hermes is joining forces with New York-based Evercore, Beltone Financial is teaming […]
Posted inSpeed Round
Gov’t could impose 5-10% schedule tax on social media ads
EXCLUSIVE- The government is looking to impose a 5-10% schedule tax on social media and internet search ads on top of the 14% VAT as part of anticipated amendments to the VAT Act, government sources told Enterprise. Schedule tax is a type of sales tax imposed on some luxury goods such as cars and perfume […]
Posted inSpeed Round
El Sisi meets Merkel, other world leaders during G7 summit
El Sisi meets Merkel, other world leaders during G7 summit: Germany values the strong economic and trade ties with Egypt, German Chancellor Angela Merkel told President Abdel Fattah El Sisi yesterday on the sidelines of the G7 summit in Biarritz, France, according to an Ittihadiya statement. El Sisi, who is attending the summit as the […]
Posted inSpeed Round
Earnings watch: Obour Land reports 1H2019 results
EARNINGS WATCH- Cheesemaker Obour Land recorded net income of EGP 127.3 mn in 1H2019, up 10.49% y-o-y from EGP 115.2 mn during 1H2018, according to its consolidated financial statement (pdf). Revenues for the first half of the year increased to EGP 1.19 bn, up 5.13% y-o-y from 1H2018.
Posted inSpeed Round
Mohamed Abdel Fattah named Finance Minister’s assistant for budget
MOVES- Prime Minister Moustafa Madbouly has appointed the Finance Ministry’s head of the budget division, Mohamed Abdel Fattah, as assistant minister for budget affairs, the local press reported. Abdel Fattah will hold the position for one year. Ali El Sisi will assume the position of budget division head in Abdel Fattah’s place. Nevine El-Messeery will […]
Posted inSpeed Round
** WE’RE HIRING: We’re looking for smart, talented, quirky people to join our team and help us make both the product you’re reading now and some exciting new stuff. We’re particularly interested in: Journalists with print, audio and / or video skills — both editors and reporters (for both our English and our Arabic editions); […]
Posted inUncategorized
** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]
Posted inEGYPT IN THE NEWS
It is a blissfully quiet morning for Egypt in the foreign press. Let’s all enjoy this while it lasts.
Posted inWorth reading
Short-term thinking hinders governments in preparing for human-driven global risk
Governments all over the world lack the necessary understanding to address and effectively plan for global catastrophe, says a recently published report (pdf) by the University of Cambridge’s Centre for the Study of Existential Risk. This is as terrifying as it sounds, because global interconnectivity, increased population densities, and the advent of ever-more sophisticated discoveries […]