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Non-oil business activity grows in July after two months of contraction: A slight growth in output and new orders in July brought non-oil business activity back to expansion territory after two months of contraction,according to the Markit / Emirates NBD purchasing managers' index (PMI) gauge (pdf). July’s PMI hit 50.3, rising from June’s 49.2 reading. […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Fawry IPO’s retail offering 30x oversubscribed
IPO WATCH- Fawry’s retail offering oversubscribed 30x: E-payments platform Fawry successfully completed the book-building process for its initial public offering, with the retail offering closing yesterday around 30x oversubscribed, the local press reported. The retail tranche covered 5% of the company’s shares. The company also sold 21.2% to strategic investors as part of a pre-agreed […]
Posted inSpeed Round
EBRD considers buying 20% of Alexandria Container’s offering
IPO WATCH- EBRD could snag 20% of shares offered in ACCH stake sale: The European Bank for Reconstruction and Development (EBRD) is considering purchasing around a fifth of the shares that will be offered in the secondary stake sale of Alexandria Container and Cargo Handling (ACCH), deputy head of EBRD’s Egypt office Khalid Hamzatold Al […]
Posted inSpeed Round
Egypt signs USD 4.5 bn agreement for monorails to Giza and new capital
Orascom’s long awaited USD 4.5 bn monorail agreement finalized: A consortium of Bombardier Transportation, Orascom Construction and Arab Contractors signed yesterday a contract with the National Authority for Tunnels in Cairo worth more than USD 4.5 bn to work on two planned monorail lines, Orascom Construction said in an EGX disclosure (pdf). The consortium will […]
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CBE to launch interest rate swaps between banks in October
CBE to launch interest rate swaps between banks in October: The Central Bank of Egypt (CBE) is planning to introduce a new mechanism allowing banks to set up overnight indexed swap (OIS) agreements after launching the new no-risk Cairo Overnight Interbank Average (CONIA) in October, CBE Sub Governor Rami Aboul Naga said at a presser […]
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Government seeking to increase oil hedging contracts this fiscal year
EXCLUSIVE- Gov’t mulls signing fuel hedging contracts with more banks this fiscal year: The government is planning to at least double the number of oil hedging contracts it will sign for FY2019-2020 and is currently reviewing bids from several banks, two government officials told Enterprise. The government will sign up to five new agreements as […]
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Demand on Egypt’s shorter term T-bills is showing signs of waning
Government sells fewer 3-month T-bills than targeted — is this a sign of a trend? The government sold EGP 5.2 bn of 3-month T-bills in a Sunday auction out of EGP 9.25 bn targeted, CBE data shows. Average yields for the 3-month notes came at 17.899% — a marginal increase from the previous auction in […]
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Egypt’s FinMin closes legal loophole in calculating late income tax penalties
LEGISLATION WATCH- FinMin closes legal loophole in calculating late income tax penalties: The Finance Ministry has added a clause to the Income Tax Act’s executive regulations to clearly specify a time period against which late tax payment fees are calculated, according to a document (pdf) seen by Enterprise. The clause also ensures the accumulation of […]
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FRA give itself more power in Insurance Act
LEGISLATION WATCH- FRA makes new amendments to the Insurance Act: The financial Regulatory Authority (FRA) has made new amendments to the final draft of the Insurance Act to encourage financial inclusion, Youm7 reported. The amendments include requiring insurance companies to present a certificate from a CBE-registered bank as proof that they have deposited at least […]
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El Sisi ratifies amendments to Investment Act
LEGISLATION WATCH- El Sisi ratifies amendments to Investment Act: President Abdel Fattah El Sisi has ratified amendments to the Investment Act that allow expansions of existing investment projects to benefit from newly introduced incentives, according to an Investment Ministry statement. The amendments also require prospective business owners to obtain permission from the Investment Ministry before […]