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No major story dominated the airwaves last night. Suez Canal Authority boss Mohab Mamish led a visit to the Suez Canal Economic Zone yesterday that included a delegation from the House of Representatives’ Industry Committee. The delegation visited various factories and projects, including glass and steel factories as well as the Chinese zone and the […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt’s national minimum wage could rise by a third
National minimum wage could rise by a third: The government could raise the national minimum wage to EGP 1,400-1,600 a month, from a current EGP 1,200, unnamed government sources said, according to the local press. The exact increment has yet to be determined, but will likely range between 17-33%, the sources say. Also under consideration […]
Posted inSpeed Round
Egypt agrees to set 0.25% healthcare tithe for tourism companies on commission earned
Gov’t agrees to set 0.25% healthcare tithe for tourism companies on commission earned: The government has agreed to calculate the 0.25% healthcare tithe for companies in the tourism industry based on the commission these companies earn on certain products and services such as airline tickets, rather than overall revenues, Al Shorouk reports. Background: There’s plenty […]
Posted inSpeed Round
Delek looking to buy stakes in Egypt’s Damietta, Idku plants?
M&A WATCH- Delek looking to buy stakes in Egypt’s Damietta, Idku plants? Israel’s Delek Drilling is considering acquiring a stake in Egypt’s Idku or Damietta LNG facilities as part of its plans to “broaden its export footprint,” the company said in its annual report yesterday, according to Bloomberg. Delek is also looking into the possibility […]
Posted inSpeed Round
Bank Audi to make bid for NBG’s Egypt arm within a week
M&A WATCH- Bank Audi to make bid for NBG’s Egypt arm within a week: Bank Audi has completed due diligence on the Egyptian unit of the National Bank of Greece (NBG) and is planning to make a bid within a week, Al Shorouk reports. The Central Bank of Egypt had granted Bank Audi the green […]
Posted inSpeed Round
Egypt mulls using coded stickers on imports to curb customs, tax evasion
EXCLUSIVE- Government mulls using coded stickers on all imports to curb customs, tax evasion: The government is considering using band rolls, a special type of coded sticker, on all imported products to combat customs and tax evasion and ensure quality standards, a government official told Enterprise. Band rolls have been used on alcohol and cigarettes […]
Posted inSpeed Round
Mortgage Finance Fund to receive USD 60 mn loan from World Bank in June
The Mortgage Finance Fund (MFF) will receive c.USD 60 mn from the World Bank this June, Chairman Mai Abdel Hamid told reporters yesterday on the sidelines of the Cityscape Egypt conference. The disbursal comes as part of a c.USD 500 mn loan, of which USD 250 has already been received. The MFF has asked the […]
Posted inSpeed Round
Cabinet approves draft law to fight addiction among civil servants
CABINET WATCH- Cabinet approves draft law to fight substance addiction among civil servants: The Madbouly Cabinet last week approved a draft law relating to substance abuse among civil servants, taking into account notes from various ministries, it said in a statement. The new draft law requires all civil servants to be prepared for on-the-spot drug […]
Posted inSpeed Round
Gafi issues regs for plot and property allocations
REGULATION WATCH- GAFI has new rules on how it allocates land to new projects, Al Mal reports. The formula makes explicit how legal standing, capital, investment costs, technology used, employment opportunities, target export rates, purpose and expansion destinations come into the mix. Companies granted land will have to hold those factors constant for at least […]
Posted inSpeed Round
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