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Artificial intelligence, Mohamed Salah and universal healthcare all got the attention of the talking heads. An Egyptian company is among the world’s top 20 AI developers: AvidBeam, firm specializing in video analytics and founded by four ex-Intel employees, was recently ranked among the world’s “most important” artificial intelligence (AI) startups, Yahduth Fi Misr’s Sherif Amer […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Moody’s upgrades Egypt’s credit rating to B2 with stable outlook
Moody’s has upgraded Egypt’s credit rating to B2 with a stable outlook from B3 with a positive outlook, the ratings agency said in a statement. The agency said that the country’s ongoing commitment to reform will gradually improve the government’s fiscal position and stimulate economic growth. Stronger state finances, together with the country’s banking sector, […]
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Financing gap to increase to EGP 820 bn in FY2019-20
EXCLUSIVE- Egypt’s financing gap is expected to widen to EGP 820 bn in FY2019-20: The Finance Ministry expects the budget deficit to reach EGP 820 bn in FY2019-20, up from EGP 715 bn in the current fiscal year, which is set to end on 30 June, a senior government official tells Enterprise. The government plans […]
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EFG, GB Capital, Talaat Moustafa Group to launch mortgage finance JV
EFG, GB Capital, Talaat Moustafa Group to launch mortgage finance JV: EFG Hermes, GB Capital and Talaat Moustafa Group said in a statement (pdf) yesterday that they are launching a mortgage finance company with initial paid-in capital of EGP 150 mn. Each will own one-third of the as yet-unnamed company, which “will offer mortgage finance […]
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Intro Group subsidiary to inaugurate first phase of 40 MW solar facility in Sharm El Sheikh under phase one of FiT
EXCLUSIVE- Intro Group subsidiary to inaugurate first phase of 40 MW solar facility in Sharm El Sheikh under FiT Phase I: Intro Group, the private Egyptian conglomerate with holdings including oil and gas driller Ades (LON: ADES), exploration and production company NPC , real estate developer M2 Developments, and bakery chain TBS, will inaugurate the […]
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Egypt is a prime market for education providers eyeing MENA growth, says PwC
Egypt is a prime market for education providers and investors who want exposure to the Middle East and North Africa, thanks to healthy investment fundamentals and a gap in the available services, PricewaterhouseCoopers says in its Understanding Middle East Education report (pdf). Enrolment figures are above global averages, but Egypt continues to struggle with providing […]
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How did Egypt do on the 2019 Global Competitiveness Index? It’s best not to look.
How did Egypt do on the 2019 Global Competitiveness Index? It’s best not to look: Egypt is ranked 96th globally out of 125 countries featured in 2019’s Global Talent Competitiveness Index published by INSEAD business school. The annual ranking lists countries according to what the authors see as each nation’s ability to attract, grow and […]
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Council of State to complete in “days” reviewing amendments to Egypt’s Customs Act
LEGISLATION WATCH- Council of State to complete review of proposed Customs Act amendments in days: The Council of State (Maglis El Dawla) is set to complete its review of proposed amendments to the Customs Act “over the next few days”, Customs Authority boss Kamal Negm said, according to Al Masry Al Youm. The final draft […]
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Cabinet assigns Holding Co for Roads, Arab Contractors to build new, EGP 2 bn axis in Aswan
CABINET WATCH- Holding Co for Roads, Arab Contractors to construct new EGP 2 bn Aswan bridge: The Madbouly Cabinet approved yesterday handing over construction works of a new EGP 2 bn bridge in Aswan to the Holding Company for Roads, Bridges and Land Transportation and Arab Contractors, according to a cabinet statement. Cabinet has also […]
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Apicorp 2018 net profits surge to record highs
EARNINGS WATCH- Apicorp’s 2018 net profits surge to record highs: Multilateral development bank Arab Petroleum Investments Corporation’s (Apicorp) 2018 net profit rose 76% y-o-y to a record USD 182.3 mn, it said in a statement. Company revenues increased last year by 78% y-o-y to USD 252.7 mn. The sale of Apicorp’s stake in National Petroleum […]