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Tourism is up, but FDI is down: Egypt’s balance of payments swung to a USD 1.77 bn deficit in 1H2018-19 (the six months ending 31 December 2018) after having recorded a USD 5.59 bn surplus in the same period the previous year, according to preliminary CBE data (pdf). Foreign direct investment fell USD 1 bn […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Middle East Glass, IFC sign USD 100 mn financing agreement
Middle East Glass, IFC sign USD 100 mn financing agreement: The Middle East Glass Manufacturing Company (MEG) yesterday signed a USD 100 mn financing agreement with the International Finance Corporation. The financing package will support the company’s capex plans, allowing it to increase production, create jobs, and grow exports, the two parties said. The financing […]
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Algebra ventures co-leads USD 800k seed funding round for Brimore
Our friends at Algebra Ventures have co-led a USD 800k seed round for direct-selling company Brimore in partnership with Endure Capital, according to a press release (pdf). The funding round saw participation from venture capital firm 500 Startups, regional accelerator Flat6Labs, as well as angel investors. Brimore is a fast-moving consumer goods distribution network which […]
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EFG Hermes tops brokerage league for March
EFG Hermes topped the EGX’s brokerage league table for March with a market share of 30.8%, according to figures released by the EGX (pdf). CI Capital came in second with a 7.2% market share, followed by Naeem Brokerage (5.1%), Beltone Financial (4.4%), Arqaam Securities (4.2%) and Pharos Securities (3.6%).
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Gov’t revises oil price forecast to USD 70 per barrel in 2019-20 budget draft
The government has revised downwards its oil price forecast for FY2019-20 to USD 70 per barrel, down from USD 74 per barrel, according to a Finance Ministry document (pdf) published earlier this week. Each USD 1 increase in the price of a barrel costs the Egyptian government EGP 2.3 bn, the ministry said in the […]
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World Bank sees Egypt’s GDP rising 6% in 2021
World Bank sees Egypt’s GDP growing 6% in 2021: Egypt’s GDP will grow 5.8% in 2020 and 6.0% in 2021, the World Bank forecasts in its latest MENA report. This is a slower acceleration than the Finance Ministry projected in its draft FY2019-20 fiscal budget, which sees economic growth hitting 6% at the end of […]
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Constitutional amendments are not game-changing for US-Egyptian relations
Constitutional amendments are a not game-changer for US-Egyptian relations: Egypt’s planned constitutional amendments, which could extend President Abdel Fattah El Sisi’s time in office until 2034, are unlikely sour US-Egyptian relations, Middle East Institute President Paul Salem (bio) told journalists accompanying AmCham’s Doorknock lobbying tour of Washington, DC. “It doesn’t help, but it doesn’t change […]
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Uber Egypt partners with Dryve to connect drivers with cars
Uber Egypt has partnered with peer-to-peer car sharing platform Dryve, a peer-to-peer car-rental platform, according to an emailed statement (pdf). The Dryve app pairs would-be renters with cars available for short-term hire. The service will allow drivers interested in working through the Uber app to do so by renting cars via Dryve; it will also […]
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Supply Ministry looking to reduce subsidy recipients’ monthly sugar allowance
The Supply Ministry is looking at potentially reducing the amount of sugar it hands out to ration card holders each month, Minister Ali El Moselhy said yesterday, according to Al Mal. According to the minister, the average family of four registered on the government’s subsidy rolls receives 4 kg of sugar per month. The ministry […]
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Nader Samir appointed head of General Authority for Roads and Bridges
MOVES- Transport Minister Kamel El Wazir appointed Nader Samir head of the General Authority for Roads and Bridges, according to a ministry statement. Samir succeeds General Adel Turk, who was appointed head of the Holding Company for Roads and Bridges by El Wazir.