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EXCLUSIVE- Thailand’s PTT Energy Resources has filed a USD 1 bn lawsuit against Egypt over EMG: Thai state-owned energy company PTT Energy Resources is seeking USD 1 bn in damages in a suit filed in the Administrative Court against the Egyptian government. PTT alleges that Egypt failed to meet gas deliveries to Egyptian Mediterranean Gas […]
Author Archives: enterpriseam admin
Posted inSpeed Round
World Bank chief says Benban solar park shows commitment to supporting the private sector
World Bank boss points to Benban solar park as evidence of Egypt’s support for the private sector: The 1.6 GW solar power park in Benban, which has so far drawn over USD 2 bn in investment, demonstrates Egypt’s commitment to supporting the private sector, newly-appointed World Bank Group President David Malpass said during a trip […]
Posted inSpeed Round
Compass completes exit from CI Capital
Compass completes exit of CI Capital: Private equity firm Compass has completed the sale of its remaining equity stake in Cairo investment bank and non-bank financial services company CI Capital, Compasssaid in a statement (pdf). Compass and a group of investors had acquired CI Capital from CIB in March 2017, taking CI to IPO on […]
Posted inSpeed Round
Maridive wins USD 27 mn service contract in Mexico
Maridive Oil Services has won a USD 27 mn services contract for work in Mexico, the company announced in a press release (pdf). The contract includes a USD 12 mn primary service component and a USD 15 mn additional services component and will see the company undertake marine work, diving work and remotely-operated vehicle services. […]
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Egypt’s state-owned HHD sells 1980 feddan land in Sheraton, New Cairo
Heliopolis Housing and Development (HHD) sold a 1,980-feddan land plot in Sheraton, Heliopolis, for EGP 99.3 mn at auction on Saturday, the company said in an EGX disclosure (pdf). HHD’s Sahar Al Damati said in March the company is planning to sell off part of its land portfolio in the coming months to finance investment […]
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Egypt’s House planning committee begins discussing FY 19-20 draft budget
BUDGET WATCH- Parliament begins committee-level review of draft FY2019-2020 state budget: The House of Representatives’ Planning and Budgeting Committee has begun discussing the draft FY2019-20 budget, according to local press reports. Finance Minister Mohamed Maait and Planning Minister Hala El Said are expected to attend a committee meeting to address questions, including the number of […]
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Egypt is one of Franklin Templeton’s top three global market picks for growth
Egypt is one of Franklin Templeton’s top three global market picks for growth, Zawya reports. Salah Shamma, co-head of MENA equities at the fund, predicts greater inflows into equities due to positive macroeconomic conditions, strong consumer confidence and improving investor sentiment. Declining inflation and an anticipated fall in interest rates, perhaps by as much as […]
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Egypt’s FX reserves reach USD 44.218 bn at end-April
Egypt’s foreign reserves were essentially unchanged at USD 44.218 bn at the end of April, up slightly from USD 44.112 bn the previous month, the central bank announced yesterday.
Posted inSpeed Round
Earnings watch: CIB, Emaar Misr report 1Q2019 results
EARNINGS WATCH- Our friends at CIB delivered a 31% y-o-y increase in net income of EGP 2.64 bn in 1Q2019 on revenues of EGP 5.60 bn, which rose 35% y-o-y. CIB recorded a capital adequacy ratio of 21.5% by the end of the quarter, which is above the minimum regulatory requirement. Commenting on the bank’s […]
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Qalaa Holdings expects revenues to exceed EGP 90 bn next year
Qalaa Holdings expects to record revenues north of EGP 90 bn (USD 5.25 bn) next year, Chairman Ahmed Heikal told Reuters. Some EGP 50-55 bn will come from the investment company’s Egyptian Refining Company, which is expected to produce 2.4 mn tonnes of diesel every year after it begins operations in 3Q2019. Heikal said last […]