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M&A WATCH- Germany’s DEA and Wintershall become DEA Wintershall with big plans for Egypt oil and gas assets: Germany-based oil and gas majors Wintershall and DEA have completed their multi-bn merger, the new entity, Wintershall DEA, said in a press release. DEA owner LetterOne (the investment arm of Russian bn’aire Mikhail Fridman) and Wintershall majority-shareholder […]
Author Archives: enterpriseam admin
Posted inSpeed Round
AMOC exits stage right from second wave of Egypt’s state privatization program
EXCLUSIVE- AMOC won’t be in round two of the state privatization program; Sinai Manganese Company might be: Alexandria Mineral Oils Company (AMOC), which had earlier been dropped from the first wave of the state privatization program after posting an unexpected dip in profits, will not take part in the second wave, either, Public Enterprises Minister […]
Posted inSpeed Round
Egyptian Competition Authority, Uber, Careem meet to smooth out regulatory snags in merger process
Competition authority meets with Uber, Careem on merger: The Egyptian Competition Authority (ECA) met on Thursday with representatives from Uber and Careem to discuss the regulatory approvals necessary for the ride-hailing companies’ planned merger, the ECA said in a statement (pdf). The sit-down “focused on the extent to which investments from new rivals and the […]
Posted inSpeed Round
Etisalat to invest EGP 4.5 bn this year, including EGP 3 bn to modernize network
Etisalat Misr plans invest in EGP 4.5 bn this year including EGP 3 bn to modernize its network, CEO Hazem Metwally tells Reuters. The company is also working to grow its internet services revenue, which it wants to see at 35% of total revenues this year (against 30% in 2018) as it works to make […]
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EFG Hermes tops brokerage league for April
EFG Hermes topped the EGX’s brokerage league table for April with a market share of 19.8%, according to figures released by the EGX (pdf). CI Capital came in second with an 11.2% market share, followed by our friends at Pharos with a 6.6% share. Pioneers rounded out the top five with 4.6%.
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Abraaj founder Arif Naqvi released on record GBP 15 mn bail
Abraaj founder Arif Naqvi released on record GBP 15 mn bail: Abraaj founder Arif Naqvi was granted conditional bail by a London court on Friday for a record GBP 15 mn (USD 20 mn), Bloomberg reports. Naqvi is likely to face a hearing in the UK on 24 May to determine whether he will be […]
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Egypt’s economy “will continue to outperform” its regional peers, Fitch says
Egypt’s economy “will continue to outperform” its regional peers in FY2019-20, Fitch said in its Africa Monitor report for April. While the weighted average GDP growth rate for the MENA region is expected to come in at 1.9% in FY2018-19 and 2.8% in FY19-20, Fitch says it sees Egypt’s GDP growing at a 5.3% and […]
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Egypt to issue USD 1 bn in one-year dollar-denominated bonds tomorrow
Egypt will issue USD 1 bn in one-year dollar-denominated treasury bills tomorrow, the Central Bank of Egypt has said. The auction will finish on Tuesday when around USD 1.1 bn worth of dollar-denominated bonds will mature. Vice Finance Minister Ahmed Kouchouk said earlier this year that the Finance Ministry is looking to cut the government’s […]
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Egypt, Lebanon ink five agreements during Arab Economic Forum
Egypt, Lebanon ink a flurry of agreements during Arab Economic Forum, cementing closer ties: Prime Minister Moustafa Madbouly and his Lebanese counterpart Saad Hariri signed five MoUs during the Arab Economic Forum in Beirut on Thursday, according to a cabinet statement. The agreements will see the two countries exchange tax expertise, deepen collaboration on technology, […]
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Rising living costs, unemployment biggest concerns for young Arabs
Rising living costs, unemployment biggest concerns for Arab youth: Economic pressure including higher cost of living and unemployment are the biggest concerns for young Arabs, according to the 2019 ASBA’A BCW Arab Youth Survey. Of the 3,300 18-24 year-olds surveyed across the region, 56% cited rising living costs as the biggest concern, while 45% pointed […]