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Foreign holdings in Egyptian treasuries climbed 21.6% to EGP 233.8 bn (c.USD 13.36 bn) in January, up from EGP 192.2 bn (c.USD 11 bn) in December, according to the CBE’s latest monthly statistical bulletin (pdf — pp. 66, table 38). The figure roughly coincides with the USD 13.1 bn previously disclosed by Finance Minister Mohamed […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt issues framework for planned sovereign wealth fund
REGULATION WATCH- Gov’t issues framework for planned sovereign wealth fund: The government has issued the framework for the planned EGP 200 bn sovereign wealth fund (SWF), identifying it as an independent body in terms of administration, financing, and legality, according to the Official Gazette (pdf). The SWF, which is meant to contribute to sustainable economic […]
Posted inSpeed Round
Uber-Careem takeover seems to be closing
Uber, Careem seem to be closing in on takeover agreement: Talks for global ride-hailing giant Uber to acquire Dubai-based Careem is in an advanced stage, Bloomberg reported. The companies may announce a cash-and-shares transaction that values Careem at about USD 3 bn in the coming weeks but no agreement has been reached yet, sources told […]
Posted inSpeed Round
Egypt gets its first federation for securities
Egypt gets its first federation for securities: The Financial Regulatory Authority (FRA) has approved the bylaws establishing Egypt’s first federation for securities, according to a statement. The FRA will publish in the coming period the bylaws in the official Gazette, and then set up a committee of at least five industry representatives to act as […]
Posted inSpeed Round
Egypt’s new export incentives program to launch between April-June
Export incentives program to launch between April and early FY2019-20: Egypt’s export councils have agreed to launch the new export incentives program between April and early FY2019-2020, sources familiar with the matter said, according to Youm7. The new program will focus on incentives to grow value-added exports as well as to push industry to Upper […]
Posted inSpeed Round
Egypt’s new Data Protection Act sent to House for discussion
LEGISLATION WATCH- Data Protection Act with House: The Madbouly Cabinet has completed its final review of the Data Protection Act, and has sent it to the House of Representatives for discussion, CIT Minister Amr Talaat said, according to Al Mal. The proposed legislation was drafted in accordance with the EU’s General Data Protection Regulation (GDPR), […]
Posted inSpeed Round
EFG Hermes tops brokerage league for February
EFG Hermes tops brokerage league for February: EFG Hermes topped the EGX’s brokerage league table for February with a market share of 27.2%,according to figures released by the EGX (pdf). CI Capital came in second with a 7.6% market share, followed by Beltone Financial (5.5%), Pharos Holding (4.7%) and Arqaam Securities (4%).
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
EBRD to present report on new labor market trends: European Bank for Reconstruction and Development Managing Director for the Southern and Eastern Mediterranean Janet Heckman will chair a panel discussion on Tuesday to present the findings of a report on the impact of modern trends on the labor markets of Egypt and developing nations, according […]
Posted inTHE MACRO PICTURE
Default rates low as emerging markets weather crises
Default rates low as emerging markets weather crises: Default rates on EM corporate bonds were lower than those in developed markets last year, despite the strengthening USD, the US-China trade war, and financial crises in Argentina and Turkey, Steve Johnson writes in the Financial Times. New data reveals that just 1.4% of non-financial EM corporate […]