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EXCLUSIVE- BMW to pay EGP 55 mn settlement to end customs dispute: The Customs Authority has reached an agreement with automotive giant BMW to end a dispute over customs tariffs and valuations of imported cars, Customs Authority head Kamal Negm told Enterprise. The company will stipulate a price list for its vehicles after the agreement […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Is ENOC’s Dragon Oil about to acquire BP’s assets in Egypt?
M&A WATCH- Is ENOC’s Dragon Oil about to acquire select BP assets in Egypt? Emirates National Oil Company (ENOC) subsidiary Dragon Oil is set to acquire unspecified assets in Egypt within the next three to four months, Dragon Oil CEO Ali Al Jarwan told Oil & Gas Middle East. According to Al Jarwan, the asset […]
Posted inSpeed Round
Preliminary figures show GDP growth at 5.6% in 1H2018-19
Egypt’s GDP grew 5.6% in 1H2018-19, up from 5.3% during the same period last year, according to preliminary Planning Ministry figures announced to the House of Representatives by Finance Minister Mohamed Maait,according to ِAhram Gate. Growth was primarily driven by the gas, ICT, and construction sectors, Planning Minister Hala El Saidtold the House,according to a […]
Posted inSpeed Round
House approves amendment on non-banking financial markets monitoring law
LEGISLATION WATCH- Parliament approves amendment giving treasury big chunk of FRA proceeds: The House of Representatives gave its final approval to amendments to the monitoring regulations of non-banking financial markets and tools, Ahram Gate reports. The amendments will see the Financial Regulatory Authority channel 80% of its proceeds to state coffers.
Posted inSpeed Round
CBE agrees to lower interest rates for middle-income housing
CBE to renew mortgage financing program for middle-income homeowners: The Central Bank of Egypt (CBE) has agreed to a proposal from the Federation of Egyptian Industries’ Real Estate Development Chamber to reintroduce lower interest rates for would-be middle-income homebuyers, Zawya reports. The initiative will offer preferential interest rates of 10.5% to prospective homeowners starting from […]
Posted inSpeed Round
CIRA reports 47% y-o-y growth in net profits in first half of its fiscal year
EARNINGS WATCH- Cairo for Real Estate and Investment (CIRA) reported a 47% y-o-y increase in net profit to EGP 167.1 mn in the first half of its fiscal year, according to the company’s earnings release (pdf). Revenues rose 32% y-o-y during the period, coming in at EGP 424.1 mn, with revenues from higher education tuition […]
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Alhokair looks to raise USD 1 bn in IPO of its malls unit
IPO WATCH- Alhokair malls unit IPO is back on Fawaz Alhokair Group is gearing up for a USD 1 bn IPO of its mall unit, Arabian Centres Co., Bloomberg reports. The Saudi retail giant is planning to sell about 65 mn existing shares and 30 mn new shares on the Tadawul, starting April 28. The […]
Posted inSpeed Round
Legal 500 publishes 2019 rankings
The Legal 500 directory has released its 2019 rankings of Egypt’s top firms. The publisher says the rankings are based on feedback from the firms’ clients as well as performance in different practice areas. Many of our friends have made the “tier one” ranking. Among those making one or more appearance this year are, in […]
Posted inSpeed Round
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** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]