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EGP / USD CBE market average: Buy 17.24 | Sell 17.34 EGP / USD at CIB: Buy 17.23 | Sell 17.33 EGP / USD at NBE: Buy 17.25 | Sell 17.35 EGX30 (Wednesday): 14,724 (+0.54%) Turnover: EGP 718 mn (24% below the 90-day average) EGX 30 year-to-date: +12.95% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Author Archives: enterpriseam admin
Posted inCALENDAR
20-22 March (Wednesday-Friday): Egypt International Green Building Conference, Egypt International Exhibition Center, Nasr City, Cairo. 20-22 March (Wednesday-Friday): Watrex, Egypt International Exhibition Center, Nasr City, Cairo. 27-30 March (Wednesday-Saturday): Cityscape Egypt 2019, Egypt International Exhibition Center, Nasr City, Cairo. 28 March (Thursday): Central Bank of Egypt’s monetary policy committee will meet to review interest rates. […]
Posted inWhat We're Tracking Today
What we’re tracking on 20 March 2019
It’s interest rate day in the US of A. Expect the Fed to leave rates on hold, much to the relief of emerging and frontier markets. The key element of the Fed’s statement (from where we sit in EM) is the central bank’s outlook, where analysts will be parsing chairman Jay Powell’s words for any […]
Posted inEnterprise+: Last Night’s Talk Shows
Strong EGP stole the show last night, gold prices down
The EGP continued strengthening on Tuesday, trading at around 17.29 to the USD — and that has absolutely captured the imagination of the talking heads. For the EGP to stay strong, we need to focus on real economy growth — FDI, tourism, remittances and exports, etc, must all pick up, economist Hany Tawfik told Masaa […]
Posted inSpeed Round
Government considering making healthcare tithe on profits not revenues
EXCLUSIVE- FinMin considers making the 0.25% healthcare tithe on net profit, not revenue: The government is mulling whether to amend the national levy on revenues that companies are required to pay to finance the new national healthcare system to make it 0.25% of companies’ bottom lines, rather than revenues, a government official tells Enterprise. Officials […]
Posted inSpeed Round
US-based PE outfits TPG, Carlyle Group eyeing investments in Egypt
US-based private equity outfits TPG and Carlyle Group are looking at investments in Egypt amid the void left by the collapse of Abraaj, according to Al Mal. TPG, with more than USD 103 bn in AUM, is currently looking at a possible acquisition of a stake in a hospital owned by Lebanon’s Euro MENA Fund […]
Posted inSpeed Round
Gemini Holding hires Beltone as financial advisor on Nile Sugar acquisition
M&A WATCH- Gemini taps Beltone to advise on Nile Sugar acquisition: Gemini Holding has hired Beltone Financial as its financial advisor on the potential acquisition of Nile Sugar by Orascom Investment Holdings (OIH), sources with knowledge of the matter tell Al Mal. OIH had hired BDO Corporate Finance to conduct a fair value assessment on […]
Posted inSpeed Round
Nissan, El Nasr Automotive to manufacture 100k cars a year
Nissan, El Nasr Automotive to manufacture 100k cars a year: Nissan and state-owned El Nasr Automotive have signed a memorandum of understanding (MoU) to produce 100k cars a year in Egypt, according to a Public Enterprises Ministry statement (pdf). The government has been in on-again-off-again talks with various foreign companies in the last few years […]
Posted inSpeed Round
Careem rolls out tuk-tuk services in 10 Cairo neighborhoods
Careem is trialing its tuk-tuk service in 10 Cairo neighborhoods, sources tell Al Mal. The ride-hailing app, which launched tuk-tuk services in December of last year, rolled out the service in neighborhoods including Boulaq al Dakrour, Haram, and Hadayek El Kobba, with customers limited to hailing from and traveling to those areas only.