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EXCLUSIVE- Global Telecom could pay EGP 2 bn to end tax dispute: The Tax Authority is nearing an agreement with emerging markets telecom operator Global Telecom Holding (GTH) to end a multi-bn dispute over taxes and penalties, two government sources tell Enterprise. The agreement could see the company pay EGP 2 bn to close the […]
Author Archives: enterpriseam admin
Posted inSpeed Round
BP close to selling GUPCO stake to Dragon Oil for USD 600 mn
M&A WATCH- BP is close to selling its stake in Gulf of Suez Petroleum Company (GUPCO) to Dubai-based Emirates National Oil Company (ENOC) subsidiary Dragon Oil for USD 600 mn, industry and banking sources said, according to Reuters. The move received initial approval from the Oil Ministry. The sources gave no further details, and spokesmen […]
Posted inSpeed Round
FRA files lawsuit against Raya’s Medhat Khalil for not paying fine
DISPUTE WATCH- FRA files lawsuit against Raya’s Medhat Khalil for not paying a fine: Regulators have filed a lawsuit against Raya Holding Chairman Medhat Khalil, alleging he has failed to pay an EGP 11 mn fine handed out after he exceeded the maximum ownership limit in Raya without making a mandatory tender offer (MTO), Al […]
Posted inSpeed Round
Two consortiums, not three, were bidding for the 6 October-new capital monorail
UPDATE- The tender for the 6 October-new capital monorail had seen only two consortiums bidding for the project, not three as was previously reported. The two consortiums include: China Railway Construction Corporation (CRCC), bidding with the Arab Organization for Industrialization’s railways factory SEMAF, Samcrete, and Petrojet; Orascom Construction, bidding with Arab Contractors and Canada’s Bombardier; […]
Posted inSpeed Round
** WE’RE HIRING: We’re looking for a great journalist to join our team. We’re particularly interested in someone with the right mix of print, audio and / or video skills + great English and the ability to read and speak Arabic at a native-speaker level. Interested? Send your CV along with 2-3 writing samples and […]
Posted inUncategorized
** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]
Posted inTHE MACRO PICTURE
EM PMIs best developed economies for first time since 2013
Emerging markets have pulled ahead of advanced economies for the first time since 2013 on the latest purchasing managers’ indices (PMI) for services and manufacturing, the Financial Times reports. After a bumpy year, emerging markets’ aggregate reading for the two indices comes in at 52.4 for EMs, suggesting that annual GDP growth will be in […]
Posted inEGYPT IN THE NEWS
Expect a quiet few days for Egypt in the news thanks to holidays in the UK and US
It’s another quiet morning for Egypt in the foreign press. We expect the lull will persist for the next few days thanks to holidays in the UK and across the pond, where apparently Sham El Nessim and our love for smelly fish have finally made it to New York City. The New York Times’ Style […]
Posted inON THE FRONT PAGES
El Sisi says Africa moving forwards towards development
Egypt’s Africa Day celebrations yesterday are front and center on the front pages of Al Ahram and Al Akhbar this morning. Both state-run newspapers are running with coverage of President Abdel Fattah El Sisi’s speech during the celebrations, with particular focus on his comment that Africa is steadily moving forward towards sustainable development. Separately, Al […]
Posted inDiplomacy + Foreign Trade
Diplomacy + Foreign Trade: Sudan TMC boss visits Cairo, exports are down, El Sisi cancels trip to Zambia
President Abdel Fattah El Sisi reaffirmed Egypt’s commitment to supporting stability in Sudan during a meeting in Cairo yesterday with the head of Sudan’s Transitional Military Council, Abdel Fattah El Burhan, Ittihadiya said in a statement. The visit marked El Burhan’s first international trip since autocrat Omar Al Bashir was ousted in April. The African […]