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LEGISLATION WATCH- Banks now know how they’ll calculate the cost of investment in treasuries under changes to the tax code: The Official Gazette published yesterday (pdf) two additions to the executive regulations of the Income Tax Act that outline some of the mechanics of the recently-changed accounting treatment for bank and corporate earnings from holdings […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt’s FRA to bring SME financing under 2014 microfinance law
LEGISLATION WATCH- FRA to bring SME financing under 2014 microfinance law: Dedicated SME lenders including finance companies and NGOs could be governed under the 2014 microfinance law (pdf) after the Financial Regulatory Authority’s (FRA) board of directors approved amendments to the legislation, the regulator said in a statement (pdf). The proposed changes would see the […]
Posted inSpeed Round
Egypt’s market regulator to review draft Insurance Act after Eid break
LEGISLATION WATCH- Market regulator’s board to review draft Insurance Act after Eid break: The Financial Regulatory Authority’s (FRA) board of directors will review the draft Insurance Act following the Eid El Fitr break, FRA boss Mohamed Omran said yesterday, according to Al Mal. The market regulator had completed drafting the new bill in February. Insurance […]
Posted inSpeed Round
Government expects EGP 17 bn revenues from raising electricity prices
Government expects EGP 17 bn revenues from higher electricity prices: The government is expecting to take in some EGP 17 bn worth of additional revenues from raising electricity prices in the fiscal year starting 1 July, local press reported. The Finance Ministry will still support the electricity sector in FY2019-2020 to the tune of EGP […]
Posted inSpeed Round
Egypt’s cabinet selects winning consortium for 6 October-new capital monorail
CABINET WATCH- Cabinet has selected the winning consortium for the 6 October-new capital monorail, but hasn’t said who: The Madbouly Cabinet has chosen the winning consortium in a government tender to build two high-speed monorail lines that will link the new administrative capital to 6 October, according to a statement out following cabinet’s weekly meeting. […]
Posted inSpeed Round
Yumamia raises USD 1.5 mn in a pre-series A round from Saudi investor
STARTUP WATCH- Cairo-based “foodtech” startup Yumamia has raised USD 1.5 mn in a pre-series A round from Saudi boutique consulting firm Pure Consulting, MENAbytes reports. Proceeds from the round will be used to expand the company’s operations to Saudi and accelerate its growth in Egypt, CEO Belal El Borno said. Starting out as a food […]
Posted inSpeed Round
Earnings Watch: Orascom Construction reports 1Q2019 results
EARNINGS WATCH- Orascom Construction’s attributable profit dipped 5% y-o-y in 1Q2019 to USD 30.2 mn compared to USD 31.9 mn a year earlier, the company said in its earnings release (pdf). The bottom line was impacted by increased financing costs, the company said. Revenues decreased by about 7% during the quarter to USD 705.6 mn. […]
Posted inSpeed Round
Egypt ranks 49 out of 55 countries in Deutsche Bank’s living standards index
Egypt is ranked 49th out of 55 countries in Deutsche Bank’s survey of global prices and living standards. The index aggregates different “sub-indices that measure certain broad factors that affect overall quality of life in a given location,” including purchasing power, crime and safety, healthcare quality and availability, cost of living, traffic congestion, pollution, and […]
Posted inSpeed Round
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