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EXCLUSIVE- Foreign holdings in Egyptian debt break north of the USD 17 bn mark: Foreign investors’ holdings of Egyptian government debt rose to north of USD 17 bn, recently appointed CBE board member Fakhry El Fekky told Enterprise. Another government source put the figure at USD 17.6 bn as of the end of May. Finance […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt considers KRW-denominated bond issuance
Egypt considers KRW-denominated bond issuance: The Madbouly government is considering issuing bonds denominated in South Korea;s KRW, Deputy Finance Minister for Capital Market Operations Khaled Abdelrahman told Reuters. The issuance would join Yuan-denominated (insensitively called “Panda”) bonds and Yen-denominated “Samurai” (Samurais are cool) bonds as possible options for an Asian FX bond issuance in the […]
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Veon in final talks with the government over tax settlement
DISPUTE WATCH- Veon in final stages of talks with the government over EGP 2.2 bn tax settlement for GTH: Telecom group Veon is in the final stages of talks with the Madbouly government to finalize a EGP 2.2 bn tax settlement that would end a dispute between the Tax Authority and its subsidiary Global Telecom […]
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Egypt-made MG cars soon as Mansour signs manufacturing JV agreement
INVESTMENT WATCH- China's SAIC Motor, Al Mansour Auto to manufacture MG in Egypt: Al Mansour Automotive will manufacture MG cars in Egypt with China's SAIC Motor through a joint venture, according to Xinhua, which appears to have broken the story. The JV should get to work during “the next 12 months,” Mansour COO Ankush Arora […]
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ODE offloads 87% stake in Tamweel for EGP 313 mn
M&A WATCH- ODH to use proceeds from Tamweel sale to pay down debt: Orascom Development Egypt (ODE) will use EGP 313 mn in cash proceeds from its sale of Tamweel Group to pay down debt, it said in a disclosure to the stock exchange (pdf). B Investments’ Ebtikar for Financial Investment announced earlier this week […]
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Glovo returns to Egypt, resumes services in Cairo
STARTUP WATCH- Glovo returns to Egypt, resumes services in Cairo: Spanish on-demand delivery startup Glovo has U-turned on its decision to exit Egypt and has relaunched service in parts of Cairo, MenaBytes reports. The company is yet to make a public statement, but the app is reportedly working in some areas of the city. Service […]
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Egypt’s FRA grants short selling licenses to EFG, CIB, AAIB
EFG, CI and AAIS take out short-selling licenses: The brokerage arms of EFG Hermes, CI Capital and the Arab Arfrican International Securities are now licensed short sellers, according to a Financial Regulatory Authority statement. The move comes after Arqaam Securities became last week the first to take out a license. Background: The Financial Regulatory Authority […]
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Egypt grants Israel access to LNG plants after reaching gas settlement
Israeli gas could start flowing to Egypt’s LNG plants as soon as next month at an initial rate of 150 mcf/d, rising to 700 mcf/d within two years, according to a domestic press report citing an unnamed government official. The news comes after a USD 500 mn settlement this week resolved a dispute longstanding dispute […]
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Egypt to begin tendering land under new mechanism
REGULATION WATCH- Cabinet outlines new land tender mechanism for mixed-use developments in new communities: The Madbouly Cabinet outlined in a statement on Monday the New Urban Communities Authority’s (NUCA) new regulatory framework to handle requests for the allocation of land for mixed-use projects. Under the mechanism, two NUCA-commissioned departments will begin selecting land available for […]
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Attijariwafa Bank appoints Hicham Seffa as MD, nominates Halla Sakr as chairman
MOVES- Attijariwafa Bank has appointed Hicham Seffa (LinkedIn) as managing director to succeed Halla Sakr, who has been named chairman pending approval from the CBE, Al Mal reported. Corrected on 19 June 2019 Halla Sakr title was corrected from CEO to Chairman