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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
A bland night on Egypt’s airwaves
The nation’s airwaves offered little in the way of actual news last night. Parliamentary Affairs Minister Omar Marwan explained the structure of the government and parliament, and how his ministry operates in an interview with Al Hayah Al Youm’s Khaled Abu Bakr. Marwan described his ministry as “the government within parliament,” saying that its main […]
Posted inSpeed Round
Fawry, Egypt’s largest IPO (since Emaar) on the horizon?
IPO WATCH- Fawry to pull the trigger on Egypt’s largest IPO (since Emaar) before Eid? E-payment platform Fawry will reportedly offer 45% of its shares in an initial public offering (IPO) on the EGX before Eid Al Adha in August, sources close to the matter told the domestic press. The company is eyeing proceeds between […]
Posted inSpeed Round
Government postpones amendments on universal healthcare tithe
LEGISLATION WATCH- Gov’t postpones amendments on healthcare tithe to next parliamentary session: The government has postponed talks over setting a cap on the corporate universal healthcare tithe until the next parliamentary session, the local press reported, citing unnamed government officials. Delaying the debate will allow for more input from other stakeholders, the sources said. Under […]
Posted inSpeed Round
Cabinet issues executive regulations for settling building violations
LEGISLATION WATCH- Cabinet issues executive regs for settling building code violations: Prime Minister Moustafa Madbouly has issued the executive regulations for a temporary law to settle building code violations, Housing Minister Assem El Gazzar said, according to Al Mal. The regulations allow fines of 5-100% of the land plot’s value to be imposed in cases […]
Posted inSpeed Round
Egypt’s HyperOne to invest EGP 5 bn on developing new, existing branches
INVESTMENT WATCH- HyperOne to invest EGP 5 bn on developing new and existing branches: Retail chain HyperOne will spend EGP 5 bn on new and existing branches “in the coming period,” regional legal advisor Mohamed Magdy Saleh told Amwal Al Ghad. The retailer is planning to open a branch in New Sphinx early next year, […]
Posted inSpeed Round
Orascom Investment withdraws offer to acquire Nile Sugar
M&A WATCH- Sawiris’ Orascom Investment backtracks from Nile Sugar acquisition: Orascom Investment Holding (OIH) has withdrawn its offer to acquire Nile Sugar after failing to reach an agreement on the terms and conditions with the company’s shareholders, OIH said in a bourse filing (pdf). The company said that it will continue to pursue other investment […]
Posted inSpeed Round
Egypt’s parliament gives early nod to Economic Court Act amendments
LEGISLATION WATCH- House gives preliminary nod to Economic Court Act amendments: The House of Representatives’ general assembly gave its preliminary approval yesterday to proposed amendments to the Economic Courts Act, which aim to expand the scope of the nation’s economic courts to cover new business and finance activity, according to Youm7. If passed in a […]
Posted inSpeed Round
Egypt’s banking sector to see 15% y-o-y earnings growth 2Q -EFG Hermes
Egypt’s banking sector to see 15% y-o-y earnings growth in 2Q -EFG Hermes: The Egyptian banking sector will see bottom line growth of 15% y-o-y in 2Q2019, according to EFG Hermes forecasts. Earnings growth will be driven by lower provisioning costs and a 12% y-o-y rise in revenues thanks to higher net interest income, the […]
Posted inSpeed Round
Ride-hailing startup Wasel launches 15 new lines, Dubci launches in Egypt
STARTUP WATCH- Looks like the ride-hailing market is alive and kicking after all: Mass transit startup Wasel has launched 15 new lines from Cairo to other governorates, bringing its total lines to 43, founder Ahmed Elrawy said. The company last year secured USD 26k (c.EGP 500k) in funding from the British Embassy, and has now […]