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M&A WATCH- Fawry to acquire EME International’s fintech division: E-payment platform Fawry is fully acquiring mobility solutions provider EME International’s fintech division, according to an emailed statement (pdf). The value of the transaction was not disclosed. EME, which was founded by Nader Iskander in 2004, “has three separate mobile development divisions, one of which has […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Elsewedy Electric to establish utilities JV with SCZone Authority
INVESTMENT WATCH- Elsewedy Electric to establish utilities JV with SCZone authority: Elsewedy Electric has signed a partnership agreement with the General Authority of the Suez Canal Economic Zone (SCZone) to set up the Economic Zone Utilities Company, Elsewedy said in a bourse filing (pdf). Elsewedy will own a 49% stake in the venture, which will […]
Posted inSpeed Round
Egypt’s domestic debt rises 20% in 2018
Egypt’s domestic debt rose 20.25% y-o-y to EGP 4.1 tn at the end of December 2018 compared to EGP 3.4 tn in the previous year, according to central bank data (pdf). The country’s domestic debt-to-GDP ratio reached 78.2%, up from 77% a year earlier. Figures released last week showed that foreign debt rose 16.5% y-o-y […]
Posted inSpeed Round
Egypt’s Misr Clearing to provide short selling platform
REGULATION WATCH- Regulator to give Misr Clearing key role in short selling: Misr for Central Clearing, Depository & Registry (MCDR) will provide a platform for traders and brokerage firms to use for short selling under changes to recently-issued short selling regulations, Egyptian Capital Markets Associations (ECMA) Chairman Mohamed Maher said. The service will allow brokers […]
Posted inSpeed Round
Omar Gaafar named VP for investment banking at Renaissance Capital
MOVES- Omar Gaafar named VP investment banking at RenCap: Renaissance Capital named Omar Gaafar (LinkedIn) as vice president of investment banking in Cairo covering Egypt and MENA, Renaissance Capital said in a statement (pdf).
Posted inUncategorized
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Posted inTHE MACRO PICTURE
OECD: trade disputes will keep global growth sluggish
OECD: Trade disputes to hamper global growth: Trade tensions have caused a global economic slowdown in the past year and threaten future growth, according to a report released yesterday by the Organization for Economic Cooperation and Development (OECD). Trade growth is predicted to weaken to around 2%, its lowest rate since the global financial crisis. […]
Posted inON THE FRONT PAGES
Egypt pushes for better business environment
On the government’s mind today: Improving Egypt’s business environment. President Abdel Fattah El Sisi urged his government to make the best use of state resources, expedite efforts to implement financial inclusion, and upgrade the tax system for an improved business environment, the country’s three main state-run newspapers tell us on their front pages this morning […]
Posted inWorth reading
Startups are fuelling a ‘dark kitchen’ industry
Startups are fueling a ‘dark kitchen’ industry: Venture capitalists and startups are putting significant money and time into establishing so-called ‘dark kitchens,’ which only serve delivery customers, Tim Bradshaw writes in the FT. With the increasing demand for food delivery services resulting in the proliferation of companies like UberEats and Deliveroo, investors are now shifting […]
Posted inDiplomacy + Foreign Trade
US Office of Agricultural Affairs criticizes Egypt’ decision to reduce US halal meat imports
The US embassy’s Office of Agricultural Affairs has criticized a decision by the Egyptian authorities to reduce the number of halal meat accreditation centers for imports of US meat from eight centers to just one, the local press reports. The office said that the decision would disrupt the market, cause confusion among traders, and lead […]