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INVESTMENT WATCH- MoneyFellows announces series A investment round: Fintech startup MoneyFellows is looking to raise EGP 50 mn in its series A investment round to finance expansion in Egypt and other MENA countries, according to an emailed statement. The company plans to rapidly expand its operations in Egypt this year and is looking to enter […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Medhat Khalil’s Raya Holding MTO moves forward
M&A WATCH- FRA agrees to MTO announcement for Raya: The Financial Regulatory Authority (FRA) has agreed to publish El Pharonia for Real Estate Investment’s mandatory tender offer (MTO) announcement for Raya Holding for Financial Investments, it said in a statement (pdf). El Pharonia, owned by Raya Holding Chairman and CEO Medhat Khalil, aims to buy […]
Posted inSpeed Round
FRA agrees to MTO announcement for Electric Cable Egypt
M&A WATCH- FRA agrees to MTO announcement for Electric Cable: The Financial Regulatory Authority (FRA) has agreed to publish the MTO announcement for Electric Cable Egypt that was submitted by a consortium led by Pioneers Holding subsidiary Summu Investment, it said in a statement (pdf). The consortium, which includes Wadi Investment (which is 99.98% owned […]
Posted inSpeed Round
Egyptian Capital Markets Association requests cancellation of stamp tax
ECMA wants to scrap (or at least amend) the stamp tax: The Egyptian Capital Markets Association (ECMA) has submitted a request to the Finance Ministry to cancel the stamp tax, saying the levy imposes an extra burden on stocks traders and generates unsatisfactory tax revenue, ECMA head Mohamed Maher tells Al Mal. The association is […]
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
AmCham is putting on a one-day entrepreneurship event on 11 March, “The Egyptian Dream,” in collaboration with the AUC School of Business, Mindsalike Network, the Entrepreneurs’ Organization and Endeavor Egypt. A delegation of 50 Japanese companies is expected in Egypt between 10-12 March to sign several investment agreements and explore areas of cooperation for the […]
Posted inTHE MACRO PICTURE
Borrowing by emerging market businesses is going through the roof
Credit to non-financial EM businesses is going through the roof: Borrowing by non-financial emerging market businesses has rapidly increased since 2008, according toresearch by the Bank of International Settlements (BIS). The bank’s quarterly review says that the banking sector continues to be the main source of credit — supplying 77% of the total in 2Q2018 […]
Posted inImage of the Day
Beirut exhibit showcases Western films set in the Middle East in all their Orientalist glory
Beirut exhibit showcases Western films set in the Middle East in all their Orientalist glory: A Beirut exhibition of 10 movie posters set in the Arab world (most often Baghdad) is a visual representation of the stereotypes Hollywood holds near and dear, according to the National. “Thanks to the Orientalist fascination with One Thousand and […]
Posted inEGYPT IN THE NEWS
Amnesty Int’l phishing report tops coverage of Egypt
Topping coverage of Egypt in the foreign press on was Amnesty International’s investigation into phishing attacks reportedly targeting dozens of activists. Amnesty alleges that the authorities are behind this phishing. The story was picked up by the Washington Post and France 24, among others.
Posted inON THE FRONT PAGES
Investment Act, wheat prices and crackdown on illicit substances top front pages of state-run newspaper
Investment Act, wheat prices and a narcotics crackdown top front pages of the three state-run newspapers: The Cabinet’s approval of amendments to the Investment Act, new purchasing prices for local wheat, and stricter punishments for civil servants using narcotics topped the front pages of all three state-owned newspapers this morning (Al Ahram | Al Gomhuria […]