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EXCLUSIVE- FinMin to ease tax violation penalties under draft tax procedures law: The Finance Ministry has agreed to amend the draft law on new unified tax procedures amid concerns from taxpayers over harsh violation penalties, a government source tells Enterprise. The ministry will likely scrap several clauses, and replace them with a single stipulation that […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Regs for Egypt’s new Cyber Crimes Act out this month
LEGISLATION WATCH- Cyber Crimes Act regs out this month: The executive regulations for the controversial Cyber Crimes Act — a recently enacted legislation giving authorities a tighter grip on internet platforms — are expected this month, House ICT Committee Secretary General Ahmed Zidan said, according to Al Shorouk. The law mandates that internet service providers […]
Posted inSpeed Round
EFG advising on USD 500 mn M&A in Saudi, looks forward to more from kingdom
M&A WATCH- Our friends at EFG Hermes are advising on an unspecified USD 500 mn M&A transaction in Saudi Arabia, and are expecting more business to come their way from the kingdom this year, head of investment banking Mohammed Fahmi tells Reuters. The leading investment bank is also advising on a separate IPO in Saudi, […]
Posted inSpeed Round
Egypt’s cabinet to devise plan to bring in new US investments
The government is working to devise a plan to attract new US investments from big players, according to a Cabinet statement. The plan will focus on offering new incentives and forging partnerships with US-based health, military production, housing, and utilities companies, as well as with investors in the Suez Canal Economic Zone (SCZone). Automotive, electronics, […]
Posted inSpeed Round
Emaar, El Nasr negotiations signal potential resolution, case still with court
BEEF WATCH- Case against Emaar still under court review but negotiations are positive: An arbitration case againstEmaar Misrfiled by El Nasr Housingis still being reviewed by the Cairo Regional Centre for International Commercial Arbitration, the UAE-based company said in a statement (pdf). Negotiations between the two companies over their two-year-old dispute are positive and signal […]
Posted inSpeed Round
EBRD launches initiative to support women in Egypt’s renewable energy sector
The European Bank for Reconstruction and Development launched yesterday a program to support women in Egypt’s renewable energy sector, according to a statement. “The programme aims to identify and address the key barriers hindering the development of the region’s renewable energy economy,” which the EBRD identifies as a “high-value, high-growth sector,” and will see the […]
Posted inSpeed Round
Suez Canal revenues rise for the month of January
Suez Canal revenues rose to USD 468.7 mn in January 2019, up from USD 451.9 mn in January of last year, reports Reuters.
Posted inSpeed Round
Egyptian cheese maker Obour Land records EGP 232.2 in 2018 profits
EARNINGS WATCH- Egyptian cheese maker Obour Land recorded a net profit of EGP 236.2 mn in FY2018, down 2.4% y-o-y from EGP 243.2 mn during the previous year, according to its earnings release (pdf). Revenues for the year increased to EGP 2.4 bn, up 20% y-o-y from EGP 2.0 bn in FY2017.
Posted inSpeed Round
SODIC appoints new commercial and operations manager
MOVES- SODIC has appointed Nabil Amasha (LinkedIn) as Commercial and Operations Manager, Al Mal reported. Amasha previously served as manager of the same department for Emaar Misr.
Posted inSpeed Round
CORRECTION- Total automotive sales were up 10.6% y-o-y in January to 11,467 vehicles, compared to 10,347 in January 2018. We incorrectly cited figures from the Automotive Information Council’s January 2019 report yesterday, saying that passenger car sales (excluding the truck and buses segments) for the month registered the climb. Sales in the passenger cars segment […]