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Topping the airwaves last night: After being sworn in yesterday, newly-appointed Transport Minister Kamel El Wazir sat with President Abdel Fattah El Sisi to discuss plans for the nation’s railways (watch, runtime: 01:29), (watch, runtime: 02:16), and (watch, runtime: 01:12). Unemployment is down to 8.9% and GDP growth was at 5.4% in the first half […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt parliament looking to make 0.25% healthcare tithe tax-deductible
LEGISLATION WATCH- House looking to make 0.25% healthcare tithe tax-deductible: The House of Representatives is set to discuss within the next few days amendments proposed by Rep. Mohamed El Sewedy that would make tax-deductible the 0.25% tithe on revenues that companies are required to pay to finance the new national healthcare system, according to local […]
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Banque du Caire IPO under Egypt’s privatization program postponed to 1Q2020
EXCLUSIVE- The IPO of state-owned Banque du Caire (BdC) could take place in 1Q2020, a senior government official told us. Officials are discussing whether to push the transaction to the start of next year as the bank wraps up settlements and paperwork that make it difficult to carry out a stake sale at the same […]
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Egypt parliament approves E-Payments Act
LEGISLATION WATCH- The House of Representatives’ general assembly approved the E-Payments Act yesterday, Al Shorouk reports. The law drafted by the CBE makes it mandatory for government and private sector entities to make all payments to subsidiaries, suppliers, and contractors electronically. The bill also demands electronic payment for big-ticket items such as taxes and customs […]
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Dutch development bank invests EUR 1 mn in Egypt-based payroll platform dopay
INVESTMENT WATCH- Dutch development bank FMO announced yesterday it has invested EUR 1 mn in Dopay, a digital payroll and payments platform through which companies can pay their unbanked employees’ salaries, according to an emailed statement. Egypt is Dopay’s first operating market. “Through this investment, FMO supports dopay to scale up their payments and banking […]
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Developers object to jail punishment in new law in the making
LEGISLATION WATCH- Developers object to jail terms in draft real estate development law: Real estate developers have voiced objections to a bill the House of Representatives is drafting that could see developers who miss delivery deadlines face fines and prison time, Al Mal reports. Tarek Shoukry, head of the Federation of Egyptian Industries’ real estate […]
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Egypt’s parliament approves amendment to Natgas Act
LEGISLATION WATCH- Natgas authority won’t be able to hand out fines and then benefit from the proceeds: The House of Representatives amended yesterday the Natural Gas Act to make the state’s coffers the primary beneficiary of fines for those who violate the act,according to local press pickups of a story in state news agency MENA. […]
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El Sisi ratifies USD 1 bn loan from World Bank
President Abdel Fattah El Sisi has ratified a USD 1 bn loan from the World Bank to support the next phase of his administration’s economic reform program, according to a piece in state news agency MENA picked up by Al Mal. The facility is earmarked to support development of Egypt’s private sector and encourage entrepreneurship […]
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Kamel El Wazir sworn in as new transport minister
Transport Minister Kamel El Wazir was sworn in before President Abdel Fattah El Sisi yesterday, according to an Ittihadiya statement. The president announced El Wazir’s appointment on Sunday, and the House of Representatives greenlit the announcement on the same day. The new cabinet member, an army Lieutenant General, replaces Hisham Arafat, who resigned in the […]
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Isobar MENA CEO Karim Khalifa to step down from position
MOVES- Isobar MENA has announced that CEO Karim Khalifa will step down on 30 April 2019. He will be replaced by Ziad Ghorayeb, who was made the company’s regional managing director on 1 March. Karim entered the company after Dentsu Aegis Network acquired Digital Republic back in May 2016. Ziad has 17 years experience in […]