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USD 3 bn in fresh financing for Egypt as El Sisi deepens ties with China at Belt and Road Forum in Beijing: A series of new financing, manufacturing, and communications agreements were signed last week between Egyptian and Chinese companies as President Abdel Fattah El Sisi joined the three-day Belt and Road Forum in Beijing. […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Gov’t revises downwards FY2018-19 growth forecast to 5.6%
EXCLUSIVE- FinMin revises FY2018-2019 growth forecast to 5.6%: The Finance Ministry has revised downwards its growth forecast for FY2018-2019 to 5.6%, down from 5.8% previously, according to an official document seen by Enterprise. The budget deficit declined during the first nine months of the fiscal year to 5.3%, compared to 6.2% during the same period […]
Posted inSpeed Round
US-based investment fund to acquire Egypt’s United Bank within three months, says Amer
M&A WATCH- The acquisition of United Bank by a US-based investment fund should be complete within three months’ time, CBE Governor Tarek Amer said last week, according to Masrawy. Amer did not disclose any further details of the transaction. The governor said in February that a US financial institution had made an offer to acquire […]
Posted inSpeed Round
CIB eyes expansion into Kenya
CIB eyes expansion into Kenya: CIB intends to enter the Kenyan market when it finds the right opportunity as part of its strategy for expansion in east Africa, our friend Mohamed Sultan told Euromoney. Sultan, chief operating officer at the bank, cited the bns of USD that flow in annual trade between Egypt and Kenya, […]
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Tawfik: HHD to IPO in 4Q2019 or seek help from strategic investors
IPO WATCH- Stake in Heliopolis Housing could be sold to a strategic investor: The Public Enterprises Ministry is working with the government’s IPO committee to decide the fate of Heliopolis Company for Housing and Development (HHD) after it was dropped from the lineup of companies in the first wave of the state privatization program, the […]
Posted inSpeed Round
Orascom Construction adds USD 475 mn to backlog in 1Q2019
Orascom, Arab Contractors sign USD 739 water treatment contract: A joint venture of Orascom Construction and Arab Contractors signed yesterday a USD 739 mn agreement with the Armed Forces Engineering Authority to set up a water treatment plant in Sharqia’s Bahr El Baqar, OC said in a statement (pdf). The facility — set to be […]
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Accor Hotels looking to open more than 30 hotels in Egypt over the next two years
INVESTMENT WATCH- Accor Hotels is planning to open more than 30 hotels in Egypt over the next two years as the country’s tourism industry recovers, MENA CEO Mark Willis told Bloomberg. “Egypt is resurrecting after 10 years of a tough situation,” Willis said. Egypt has passed Kenya to become the top choice for European tourists […]
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Egyptian MD Abdel Wadood granted bail in Abraaj case
Former Abraaj exec Abdel Wadood granted bail in New York: Former Abraaj managing partner Mustafa Abdel-Wadood has been released on bail, the Wall Street Journal reported. Abdel-Wadood will be under house arrest in a Manhattan studio apartment under the USD 10 mn bail package secured by four cosigners. He could face trial as early as […]
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Spanish home delivery startup Glovo said to exit Egypt
STARTUP WATCH- Glovo exiting Egypt, Chile following EUR 150 mn funding round: Spanish on-demand delivery startup Glovo has “indefinitely” suspended operations in Egypt and Chile as of Tuesday, Menabytes reports. The move came as the startup secured a EUR 150 mn series D funding round led by Lakestar. According to Contxto, the decision to exit […]
Posted inSpeed Round
Egypt outperforms regional oil importers on GDP, export growth; lags behind in containing inflation and debt
Egypt outperforms regional oil importers on GDP, export growth; lags behind in containing inflation and debt: Egypt’s projected GDP growth rate is expected to outstrip the average among oil importing countries in the Middle East, North Africa, Afghanistan, and Pakistan (MENAP) over the next two years, the IMF said in its April 2018 Regional Economic […]