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No April Fools here: It’s the first day of April, starting the clock on 1Q19 earnings season. The resident 11-year-old may go in for pre-noon pranks, but not us. This morning’s edition contains 0% fake news, guaranteed. The Finance Ministry’s draft 2019-20 state budget is now with the House of Representatives, kicking off the formal […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
El Sisi’s minimum wage increase continues to dominate the airwaves
President Abdel Fattah El Sisi’s weekend decision to increase the minimum wage to EGP 2,000 for state employees still dominates the airwaves. Al Hayah Al Youm’s Khaled Abou Bakr pointed out that only a “relatively financially healthy” government would agree to bear an added EGP 60 bn (c. USD 3.5 bn) in annual burden, calling […]
Posted inSpeed Round
FinMin releases Egypt’s draft FY2019-20 budget
The state’s FY2019-20 budget is now with the House: The Finance Ministry sent yesterday its draft FY2019-20 budget (pdf) to the House of Representatives. The House needs to receive the draft at least 90 days before the start of the fiscal year on 1 July to have it signed into law by the end of […]
Posted inSpeed Round
Gov’t leaves 95-octane price on hold as fuel pricing mechanism is introduced
The price of 95-octane fuel will stay unchanged as a new pricing mechanism is introduced: The price of 95-octane will be held at EGP 7.75 per liter through 2Q2019 as the automatic fuel pricing mechanism comes into effect, Reuters reports. The new pricing committee cited a stronger EGP and current Brent prices as underpinning its […]
Posted inSpeed Round
Egypt in talks with Asian gov’ts for sovereign guarantees for eurobonds
EXCLUSIVE- The Finance Ministry is currently in talks with Asian central banks for sovereign guarantees to issue eurobonds to ensure lower interest rates, a senior government official told Enterprise. Egypt is looking to issue Yen- and Yuan-denominated treasury bonds in the coming fiscal year, the official said. The government aims to issue eurobonds worth at […]
Posted inSpeed Round
Money supply growth continues to slow in February
Money supply growth continues to slow: Egypt’s pace of M2 money supply growth continued to slow in February, falling slightly to 11.55% y-o-y from 11.95% in January, data from the Central Bank of Egypt (CBE) shows. The M2 gauge stood at EGP 3.68 tn at the end of February, up from EGP 3.64 tn a […]
Posted inSpeed Round
Raya BOD agrees to Medhat Khalil’s MTO
M&A WATCH- Raya board agrees to Medhat Khalil’s MTO: Raya Holding’s board of directors has approved a mandatory tender offer (MTO) from Chairman Medhat Khalil through his El Pharonia Real Estate Investment for nearly 37% of Raya (78.6 mn shares), according to an EGX disclosure (pdf). The MTO kicked off on 11 March at EGP […]
Posted inSpeed Round
Elsewedy-Mitsubishi consortium wins USD 550 mn EPC contract for Sharjah power plant
Elsewedy-Mitsubishi consortium awarded USD 550 mn EPC contract for Sharjah power plant: A consortium of Elsewedy Electric and Mitsubishi Hitachi Power Systems has won a USD 550 mn engineering, procurement, and construction (EPC) contract for Al Layyah combined cycle power plant in the UAE’s Sharjah, Elsewedy said in a press release (pdf). The 1 GW […]
Posted inSpeed Round
First edition of Startupbootcamp-Pride accelerator kicks off
First edition of Startupbootcamp-Pride accelerator kicks off: Pharos’ Pride Capital and global seed program organizer Startupbootcamp launched yesterday the first edition of the Startupbootcamp-Pride FinTech Cairo accelerator program, according to an emailed statement (pdf). Eleven fintech startups have joined the initial six-month program and were selected from a pool of over 100 applicants. “Startups will […]