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Egypt took part in Earth Hour yesterday, switching off lights at the pyramids, the new capital, Salah Al Din Citadel, Bibliotheca Alexandrina, and other major sights for 60 minutes, AMAY reports. Earth Hour, a global event organized by the World Wide Fund for Nature, has encouraged some 7,000 cities across 187 countries to switch off […]
Author Archives: enterpriseam admin
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.27 | Sell 17.37 EGP / USD at CIB: Buy 17.28 | Sell 17.38 EGP / USD at NBE: Buy 17.26 | Sell 17.36 EGX30 (Thursday): 14,666 (+0.8%) Turnover: EGP 744 mn (19% below the 90-day average) EGX 30 year-to-date: +12.5% THE MARKET ON THURSDAY: The EGX30 ended […]
Posted inCALENDAR
30-31 March (Saturday-Sunday): International Conference on Architecture Engineering and Technologies, Grand Nile Tower Hotel, Cairo, Egypt. April: The African Tripartite Trade Area (TFTA) agreement is set to take effect in April after a majority from the participating governments ratified it, COMESA Secretary General Chileshe Kapwepwe said. April: A World Bank delegation will be in town […]
Posted inWhat We're Tracking Today
What we’re tracking on 28 March 2019.
It’s interest rate day and the consensus seems to be that the central bank will cut rates today ahead of Ramadan, subsidy cuts, vacation season, and back-to-school season, all of which are likely to drive inflation upward for the next several months. We have seven of 11 polled calling a rate cut of up to […]
Posted inEnterprise+: Last Night’s Talk Shows
Cabinet approves draft budget, gov’t to launch campaign to protect consumers
Cabinet approved yesterday a draft of the state’s FY2019-20 budget, putting GDP growth at 6% by June 2020 and the budget deficit at 7.2%, down from its current 8.4%, Al Hayah Al Youm’s Khaled Abu Bakr highlighted (watch, runtime: 01:40). The new budget allocates EGP 3.9 bn for public housing initiatives and plans to increase […]
Posted inSpeed Round
Cabinet signs off on Egypt’s FY2019-20 state budget
CABINET WATCH- Council of Ministers signs off on FY2019-20 state budget: Cabinet approved yesterday the draft FY2019-20 state budget, Prime Minister Moustafa Madbouly, Finance Minister Mohamed Maait, and Planning Minister Hala El Said told reporters yesterday, according to Al Masry Al Youm. The ministers said spending priorities include improving the quality of public services, shoring […]
Posted inSpeed Round
Credit Suisse is bullish on Egypt, sees it as “top pick across the Middle East”
Credit Suisse is bullish on Egypt, sees it as “top pick across the Middle East”: Egypt is Credit Suisse’s “top pick” in the Middle East as the firm continues to be bullish on Egypt, Credit Suisse Group’s head of MENA research Fadh Iqbal told Bloomberg TV (watch, runtime: 3:26). Although liquidity on the equity side […]
Posted inSpeed Round
SPE AIF I makes equity investment in Future Pharm. Industries
INVESTMENT WATCH- SPE Capital Partners takes stake in Future Pharm. Industries: SPE Capital Partners made an equity investment in Egyptian pharma company Future Pharm. Industries (FPI) through its SPE AIF I fund, according to a company statement (pdf). The size of the investment was not disclosed. The agreement is a result of talks that have […]
Posted inSpeed Round
EFG-managed Vortex divests stake in pan-European wind farm portfolio
INVESTMENT WATCH- EFG-managed Vortex Energy completes divestment from pan-European wind farm portfolio: Vortex Energy, an EU-based renewables company managed by EFG Hermes’ private equity arm, has completed the divestiture of its 49% stake in a portfolio of 56 wind farms across Spain, France, Portugal, and Belgium, according to an emailed statement (pdf). Institutional investors advised […]