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IPO WATCH- Fawry IPO preparations are underway, but no confirmation on date, size: Preparations for an initial public offering by e-payments platform Fawry are underway as shareholders are leaning towards a listing on the EGX, Fawry Managing Director Mohamed Okasha tells Arabic Reuters. That said, the size of the IPO and the amount of shares […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Madbouly Cabinet signs off on El Nasr, Emaar settlement
DISPUTE WATCH- Madbouly Cabinet signs off on El Nasr, Emaar settlement: The Madbouly Cabinet has signed off on the settlement agreement between property developers Emaar Misr and state-owned El Nasr Housing, according to a cabinet statement. El Nasr brought an arbitration case against the local subsidiary of UAE-based Emaar in June 2017, alleging the company […]
Posted inSpeed Round
Egypt’s House approves contents of new Social Security and Pensions Act
LEGISLATION WATCH- The House of Representatives’ general assembly approved yesterday the new Social Security and Pensions Act, which would see 21% of the monthly salary of public and private sector workers contributed into a newly-established pension fund, reports Masrawy. The assembly is set to cast its final vote on the bill later today, House Speaker […]
Posted inSpeed Round
Boudy Group freezes plans to assemble Changhe cars in Egypt amid weak competition
Boudy Group halts plans to assembly Changhe cars, saying Chinese cars don’t sell as well: Boudy Group, the local distributor for China’s Changhe Automobile and Kenbo, is mulling freezing plans to assemble Changhe cars in Egypt due to the weak demand for Chinese cars in the market, General Manager Mostafa Mohamed told Al Mal. The […]
Posted inSpeed Round
Al Sahab Real Estate to set up USD 300 mn wholesale clothing market
INVESTMENT WATCH- Al Sahab to set up USD 300 mn wholesale clothing market: The Supply Ministry’s Internal Trade Development Authority (ITDA) signed yesterday a cooperation protocol with Al Sahab Real Estate Investment to set up a USD 300 mn wholesale clothes market in Obour City, according to a Cabinet statement. The market will house 1000 […]
Posted inSpeed Round
Egypt’s wheat imports decline by 9.6% in 1H2019
Good news for bread subsidy watchers (and bad news for wheat importers) — wheat imports, prices fall: Wheat imports declined by 9.6% in 1H2019 to 5.7 mn tonnes, the local press reported, citing data from the General Organization For Export & Import Control. Accompanying this drop in imports was a decline in global wheat prices, […]
Posted inSpeed Round
Mohamed El Erian nominated to become the next head of the IMF
El Erian in the running to become the next IMF head: Former PIMCO CEO, Bloomberg columnist, and all-round market guru Mohamed El Erian is among the candidates to become the IMF’s new managing director when Christine Lagarde departs for the European Central Bank in November, the New York Times reported. There’s no shortage of competition: […]
Posted inSpeed Round
Earnings watch: Egypt’s QNB Al Ahli reports EGP 2.2 bn in 2Q2019 profits
EARNINGS WATCH- QNB Al Ahli reported a net profit of EGP 2.2 bn in 2Q2019, up 18.4% y-o-y from EGP 1.9 bn in the same quarter last year, according to an EGX filing (pdf). Revenues for the quarter recorded EGP 8.1 bn, up from 7.3 bn in the same quarter last year.
Posted inUncategorized
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Posted inImage of the Day
Cartography in eleventh-century Cairo
Cartography in eleventh-century Cairo: Apollo Magazine reviews this collection of Fatimid-era maps stored at Oxford University’s Bodleian library. Pictured above is a map of Sicily, which has been dated back to around 1200 CE.