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The central bank’s Monetary Policy Committee is set to meet this Thursday, 22 August to review key interest rates. Three-quarters of economists we polled believe that the central bank will cut rates for the first time since February. We have more on this in this morning’s Speed Round, below. President Abdel Fattah El Sisi will […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
El Sisi inaugurates new greenhouses, Mamish exists SCZone
A pretty bland night on Egypt’s airwaves. The story of the night was the inauguration of phase two of a project to build 100k greenhouses on the Cairo-Alamein road. Construction and housing, and Mohab Mamish’s departure as Suez Canal boss also got some airtime. El Sisi inaugurates phase two of “100k greenhouse project”: President Abdel […]
Posted inSpeed Round
Enterprise Poll: CBE could cut interest rates on Thursday
SURVEY- CBE could cut key interest rates this Thursday: The Central Bank of Egypt (CBE) could finally cut benchmark interest rates by between 50-100 bps when the Monetary Policy Committee (MPC) meets this Thursday, according to six out of eight economists polled by Enterprise. Easing inflation, coupled with the US Federal Reserve and several emerging […]
Posted inSpeed Round
FinMin eyes more ambitious debt-to-GDP ratio targets for Egypt within three years
FinMin eyes more ambitious debt-to-GDP ratio targets within three years: The Finance Ministry is planning to reduce Egypt’s debt-to-GDP ratio to pre-2011 levels of 77.5% by the end of FY2021-2022, according to a ministry statement. This is lower than the previous target announced in March, which aimed to reduce debt to 80% of GDP by […]
Posted inSpeed Round
Egypt to choose between E-Finance and BdC for first state company IPO
EXCLUSIVE- Gov’t to choose between e-Finance and BdC for first state company IPO in privatization program: The government is planning to offer shares in either state-owned Banque du Caire (BdC) or financial technology company e-Finance through an initial public offering before the end of the year under the second wave of the state privatization program, […]
Posted inSpeed Round
US and Egypt-based Incorta raises USD 30 mn in series C round
STARTUP WATCH- Incorta raises USD 30 mn in series C round: California-based data analytics startup Incorta, which bases its software development operation in Egypt, has raised USD 30 mn in a series C funding round, Al Mal reports. US-based private equity firm Sorenson Capital led the round, which saw participation from Google Ventures and Microsoft’s […]
Posted inSpeed Round
Egypt’s non-oil exports grow 2.3% in 1H2019
Non-oil exports grew 2.3% in 1H2019 to USD 13.04 bn, up from USD 12.75 bn during the same period last year, according to the General Organization for Export and Import Control (GOEIC). The top exported products included gold, nitrogen fertilizers, television screens, and clothing. No details were provided on the largest export markets during the […]
Posted inSpeed Round
New law to govern Egypt’s industrial zones ready in three months
LEGISLATION WATCH- New law to govern industrial zones ready in three months: The Trade Ministry Industrial Development Authority (IDA) is expecting to complete in three months’ time a draft law to govern how designated industrial zones are administered, IDA boss Magdy Ghazy told Youm7. Ghazy provided no further details beyond stating that that the IDA […]
Posted inSpeed Round
Egypt gets new Suez Canal heads, replacing central figure Mamish
MOVES- President Abdel Fattah El Sisi has tapped Lieutenant General Osama Rabie as the new head of the Suez Canal Authority (SCA), succeeding Mohab Mamish, who was appointed as a presidential advisor on seaports and the Suez Canal, according to reports. Rabie served as the deputy chairman of the SCA under Mamish. Mamish has been […]