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President Abdel Fattah El Sisi’s decision to raise wages for civil servants dominated the airwaves last night. Hona Al Asema broadcast the announcement, which will see the minimum salary for state employees rise to EGP 2,000 from EGP 1,200 starting 1 July (watch, runtime: 4:22). We have chapter and verse in this morning’s Speed Round, […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Against expectations, Central Bank of Egypt leaves interest rates unchanged
Central Bank of Egypt surprises as it leaves interest rates unchanged: The Central Bank of Egypt’s Monetary Policy Committee (MPC) left key interest rates on hold last Thursday, going against expectations that it would cut rates by as much as 100 bps. The MPC left the overnight deposit and lending rates at 15.75% and 16.75% […]
Posted inSpeed Round
MENA fund managers are bullish on Egypt, Dubai
MENA fund managers are bullish on Egypt, Dubai: Around half of Middle East fund managers say they are looking to increase their allocations to Egypt and Dubai over the next three months, a Reuters poll picked up by Zawya found. Sentiment is up for Egypt and Dubai, despite the latter being one of the world’s […]
Posted inSpeed Round
Egypt to take EUR-denominated eurobond issuance to market next month
Egypt to take EUR-denominated eurobond issuance to market next month: The Finance Ministry is planning to sell up to EUR 1.5 bn-worth of eurobonds in mid-April, unnamed government sources told the domestic press. Next month’s issuance constitutes the EUR-denominated portion of the USD 5 bn issuance the ministry had announced last month; Egypt has already […]
Posted inSpeed Round
El Sisi unveils public sector wage, pension increases
The minimum wage is going up for state employees — but apparently not for the private sector. The public sector minimum wage will rise 66% to EGP 2k per month from the current EGP 1,200 per month on 1 July, President Abdel Fattah El Sisi announced during a 36-minute speech during an event yesterday honoring […]
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Gov’t bases 2019-20 budget on stronger EGP
Gov’t sees EGP staying strong in 2019-2020 budget: The government is basing its 2019-20 budget on the average exchange rate set by the CBE between 1-15 March, according to a Finance Ministry statement. The average exchange rate for the EGP against the USD during the period was 17.46, a finance ministry official told reporters, according […]
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Giza Spinning & Weaving pushes IPO to 3Q2019
IPO WATCH- Giza Spinning and Weaving pushes IPO to 3Q2019: Privately-owned Giza Spinning & Weaving Company has pushed to September at the earliest its sale of up to 40% of its shares on the EGX, Managing Director Fadel Marzouk said, according to the local press. Marzouk said the company is waiting for better market conditions […]
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Amr El Garhy appointed non-executive chairman of Misr Iran Development Bank
MOVES- CBE pushing for leadership shakeup in banking sector? The Central Bank of Egypt is actively shaking up the C-suites of Egyptian banks ahead of the introduction of its new Banking Act, an industry official told the local press. The proposed legislation, which the CBE drafted earlier this year, is expected to impose term limits […]
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Senior Counsel Mohamed Barakat joins Baker McKenzie
MOVES- Mohamed Barakat (LinkedIn) has joined Baker McKenzie Cairo’s corporate mergers and acquisitions practice as a counsel, the law firm said on Thursday. Barakat is a partner at Baker McKenzie’s Washington office, where he chairs the North American Middle East practice. He holds a JD from the University of Illinois at Urbana-Champaign, and a master’s […]
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ECA launches poll to assess effects of Uber, Careem acquisition agreement
Competition authority launches polls on Uber-Careem tie-up: The Egyptian Competition Authority (ECA) has launched two opinion polls for drivers and users of ride-hailing apps to analyse the effects of Uber’s recent USD 3.1 bn acquisition agreement with Careem, according to two separate ECA statements (a driver’s survey and a rider’s survey). The short surveys ask […]