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M&A WATCH- Azimut completes acquisition of Rasmala subsidiary in EGP 211.3 mn transaction: Italy-based asset manager Azimut Group acquired 100% of Rasmala Egypt Asset Management (REAM) from its parent company Rasmala Group, according to the local press. Azimut bought 499k shares for EGP 211.3 mn. Azimut had signed the agreement to acquire REAM back in […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Affirma Capital looking at acquisition opportunities in Egypt
INVESTMENT WATCH- Affirma Capital eyeing potential acquisitions in Egypt: Affirma Capital is eyeing Egypt as it plans to complete at least one acquisition in the Middle East and Africa this year, Bloomberg reports. Affirma founding partner Taimoor Labib says that Egypt, along with Jordan and Nigeria, are countries that the company is particularly interested in. […]
Posted inSpeed Round
Match Group acquires Harmonica, the Egypt-based “halal Tinder”
M&A WATCH- Match Group acquires app Harmonica: Match Group (the owner of dating and matchmaking platforms such as OkCupid, Hinge, and Match.com) has acquired Egypt-based Muslim matchmaking app Harmonica from Cairo-based startup accelerator Flat6Labs, the company said in a statement. Harmonica — essentially a halal version of Tinder — is “an app which approaches mobile […]
Posted inSpeed Round
Earnings watch: GB Auto, Egypt Kuwait Holding, Talaat Moustafa Group
EARNINGS WATCH- GB Auto turns net loss in 2Q2019 as competition with zero-tariff EU imports bites: GB Auto posted a net loss of EGP 8.9 mn in 2Q2019, with revenues falling 6.3% y-o-y, according to a company earnings release (pdf). The bulk of the revenues during the quarter came from the company’s Auto & Auto […]
Posted inSpeed Round
Agricultural land tax to return in July 2020
EXCLUSIVE- Agricultural land tax coming back into effect in July 2020: The government is preparing to bring back its agricultural land tax from July 2020 following a three-year suspension beginning in 2017, two government officials told Enterprise. The government is currently re-appraising the land that will be subject to the tax, which spans 16 governorates. […]
Posted inSpeed Round
CBE issues regulations for foreign currency exports
REGULATION WATCH- CBE issues regulations for foreign currency exports: New banking regulations will require banks wanting to export and import foreign currency to apply for a 12-month license in January every year, according to a CBE statement (pdf) released yesterday. The CBE said banks have six months from the date it issued the regulations to […]
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 inTHE MACRO PICTURE
Negative-yielding debt reaches insane new highs
Negative-yielding debt reaches insane new highs: Yields on around USD 15 tn of sovereign bonds — equal to a quarter of the global market — are now in negative territory, according to a CNBC report citing Deutsche Bank research. This number has almost trebled since October 2018 when USD 5.7 tn of government debt was […]
Posted inEGYPT IN THE NEWS
Egypt in the News on 8 August 2019
It’s another super-quiet morning in the foreign press, with only two stand-out articles to speak of: Belly dancer faces deportation: Armenian belly dancer Sofinar Grigoryan could be imprisoned or deported on allegations of “inciting debauchery” after a video of her dancing with women in a bikini went viral, the Daily Mail reports. Colorful haj celebrations […]