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IPO WATCH- Giza Spinning and Weaving pushes IPO to Feb 2020: Privately-owned Giza Spinning & Weaving Company has pushed to February 2020 its sale of up to 40% of its shares on the EGX due to poor market conditions, Managing Director Fadel Marzouk told the local press. This is the second time the company has […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt signs agreement with Canada’s Bombardier for NAC monorail project
Our monorail dreams are a little bit closer: The Transport Ministry signed yesterday a contract with Canada’s Bombardier to build the monorails linking 6 October City to Giza and Nasr City to the new administrative capital, according to an Ittihadiya statement. The 30-year contract includes the construction, operation and maintenance of the lines. The Transport […]
Posted inSpeed Round
Egypt has the fastest-growing entrepreneurship ecosystem in MENA
Egypt has the fastest-growing entrepreneurship ecosystem in the MENA region, according to a Magnitt report seen by Wamda. More access to finance and interest from global investors have been spurred by our recovering economy and decreasing inflation rate, as well as government initiatives supporting SMEs and startups. The number of venture capital (VC) firms, accelerators, […]
Posted inSpeed Round
Egypt to tap Arab banks for planned USD 1 bn sovereign sukuk issuance
EXCLUSIVE- Egypt to tap Arab banks for planned USD 1 bn sukuk issuance: The government will not approach international banks to manage a planned USD 1 bn sovereign sukuk issuance later this fiscal year, preferring instead to only work with Arab banks, government sources told Enterprise. “We've already begun talks with a number of banks […]
Posted inSpeed Round
Fintech startup MoneyFellows raises over USD 1 mn in pre-series A funding
STARTUP WATCH- Fintech startup MoneyFellows has raised over USD 1 mn in pre-series A funding from 500 Startups and Dubai Angel Investors — both of which invested in its seed round last year, the startup told Menabytes. Lebanon’s Phoenician Fund and several individual investors also participated in the funding round. MoneyFellows plans to use these […]
Posted inSpeed Round
Gov’t plans for new desalination, treatment plants unveiled as part of water conservation strategy
Housing Ministry’s water conservation plan eyes new desalination and treatment plants, efficient resource use: The Housing Ministry has unveiled an ambitious water conservation plan that would see new desalination plants and new and upgraded wastewater treatment facilities. Thorough details of the plan — which is primarily focused on drinking water — were picked up yesterday […]
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EMPC expands Magic Land agreement with Al Hokair Group
INVESTMENT WATCH- EMPC expands Al Hokair Group’s rights in developing Magic Land: The Egyptian Media Production City’s (EMPC) board approved expanding its agreement with Al Hokair Group to redevelop and manage Magic Land under a license, EMPC said in a bourse filing (pdf). Under the new contract, Al Hokair will invest USD 55.9 mn instead […]
Posted inSpeed Round
State commissioners back decision for 15% import duty on iron billets
DISPUTE WATCH- Gov’t gets backing on decision for import duty on iron billets: The Board of State Commissioners (BSC) has backed a Trade Ministry decision to impose 15% import duty on iron billets, AMAY reported. The BSC said in its recommendation report that there wasn’t sufficient evidence to prove the ministry has used its authority […]
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Sarwa Capital’s net income rises 24% to EGP 183 mn
EARNINGS WATCH- Sarwa Capital profits rise 24% in 1H2019: Sarwa Capital posted a net profit of EGP 183 mn in 1H2019, a 24% increase from EGP 148 mn during the same period last year, the company said in a statement (pdf). “We are pleased to announce our interim results for the first half of 2019, […]
Posted inSpeed Round
Cairo Chamber of Commerce gets new president, Custom Authority boss’s appointment extended
MOVES- The Cairo Chamber of Commerce (CCC) has appointed Ibrahim El Araby as its new president and Aly Shokry and Sameh Zaki as his deputies, it said on its website. The CCC also appointed Salah El Abd as general secretary of the trustee, Sayed El Nawawi as his assistant and Ashraf El Shemy as general […]