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Topic #1 on the airwaves last night- Gov’t launches plan to promote spinning and weaving: President Abdel Fattah El Sisi summoned Prime Minister Moustafa Madbouly, Public Enterprise Minister Hisham Tawfik, and other senior officials to discuss a plan to improve efficiency in state-owned spinning and weaving factories (watch, runtime: 1:07). Heads of holding companies and […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Government plans to offer up to 30% of Banque Du Caire in IPO this year
Expect up to 30% of Banque du Caire to be offered via IPO this year: The government is planning to sell 20-30% of Banque du Caire’s shares in an initial public offering on the EGX by the end of this year, central bank Governor Tarek Amer told Bloomberg in Washington. “It’s not about money. We […]
Posted inSpeed Round
Government finishes draft car manufacturing customs tax incentives program
EXCLUSIVE- It looks like the government’s strategy for the automotive sector could soon see the light of day: The finance and trade ministries are finishing work their (not-the-automotive-directive) incentive program to encourage automotive manufacturing in Egypt, a senior government official told us. The program will grant customs discounts for auto manufacturers based on the percentage […]
Posted inSpeed Round
Why is FDI declining in Egypt and should we be worried?
EXCLUSIVE- Why is inbound foreign direct investment to Egypt declining — and should we be worried? Official figures releasedearlier this month showed that fresh foreign direct investment (FDI) had fallen to USD 2.84 bn in 1H2018-19 from USD 3.76 bn in the same period a year before, putting us on track for another year in […]
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Boutros Ghali says no need for another IMF loan, but experienced gov’t needed
YBG says another IMF facility is unnecessary: Egypt does not need another IMF loan, but the government needs to appoint experienced leaders, former Finance Minister Youssef Boutros Ghali told the local press. “The IMF's procedures are difficult but necessary, and the Egyptians absorbed the shock, but we have to concentrate on other important issues now,” […]
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CI Capital-led consortium agrees to buy 60% of Taaleem
M&A WATCH- CI Capital-led consortium reaches agreement to buy 60% stake in Taaleem: CI Capital and a group of co-investors has entered into an agreement to acquire a 60% stake in Taaleem Management Services Company, the owner and operator of Nahda University in Beni Suef, from EDU MENA Holdings Coöperatief U.A, CI Capital said in […]
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NBK sees Egypt and Saudi as growth markets
Egypt and Saudi are among the markets the National Bank of Kuwait sees growth in, Group Deputy CEO Shaikha Khaled Al Bahar told Bloomberg TV (watch, runtime: 06:56). NBK is the latest foreign bank to see Egypt as a source of growth for its operations. HSBC and Lebanon’s Blom Bank had previously said Egypt is […]
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Govt, CBE mulling legislative amendment for clearing companies rules
Gov’t, CBE mulling changes to rules on clearing companies: The Central Bank of Egypt, the Finance Ministry, and Misr for Central Clearing, Depository and Registry (MCDR) are considering raising the ceiling for shareholders’ stakes in a clearing and depository company above the current 5% maximum, unnamed sources said, according to Al Mal. The move would […]
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Military pensions to rise 15% in FY2019-20
LEGISLATION WATCH- Military pensions to rise 15% in FY2019-20: The House Defence and National Security Committee approved yesterday draft legislation that will raise military pensions by 15%, AMAY reports. Members of the military will see a minimum raise of EGP 150 while the minimum pension will increase to EGP 900 — the same as the […]
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EFG Hermes’ valU snags Seamless Award for fintech innovation
EFG Hermes’ mobile app valU has been recognized as the “Fintech Innovation of the Year” at Terrapin’s 2019 Seamless Awards, the company said in a press release (pdf). ValU, which offers payment-on-instalment services via a mobile app, launched about a year ago. “We are particularly proud that we were recognized as an innovative state-of-the-art solution […]