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LEGISLATION WATCH- El Sisi ratifies new tax treatment for banks: President Abdel Fattah El Sisi has signed off on proposed amendments to the Income Tax Act that change how banks and corporations account for income from investments in government debt, according to a Finance Ministry statement (pdf). The ministry will immediately begin outlining the executive […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Government to raise electricity prices next July
Reminder: Electricity prices are going up again in July: Electricity Minister Mohamed Shaker reminded the House Energy and Environment committee that the government plans to raise electricity prices in July, the local press reports. A government official told us earlier this month that the state spending on subsidies is going to decline toEGP 321 bn […]
Posted inSpeed Round
CBE amends how state-subsidized mortgages to low-income households will be dispersed
CBE amends how state-subsidized mortgages to low-income households will be disbursed: The central bank amended the terms for how the state will doll out mortgage subsidies under the Mortgage Finance Fund, nearly a month after announcing it would restrict these subsidies solely to low-income households. The note from the CBE (pdf), which was issued on […]
Posted inSpeed Round
AIND completes UE Finance buyout at EGP 14 mn
M&A WATCH- AIND completes EGP 14 mn buyout of UE Finance: Arabia Investment, Development and Financial Investment Holding Company (AIND) has purchased Incolease’s 20% stake in UE Finance for EGP 14 mn now holds 99% of the company, the company said in an EGX disclosure (pdf).
Posted inSpeed Round
GAFI to send Investment Act’s draft amendments to cabinet within days
LEGISLATION WATCH- GAFI drafting amendments to Investment Act? The General Authority for Free zones and Investments is planning to send draft amendments to the Investment Act to the government within days,Al Masry Al Youm quotes GAFI chief Mohsen Adel is saying. Adel gave no details of the amendments, but free zone investors have been saying […]
Posted inSpeed Round
Former Centamin COO Mark Morcombe named chief operating officer at Endeavour Mining
MOVES- Mark Morcombe, the former chief operating officer at Egyptian gold minder Centamin, has been named COO at Toronto Stock Exchange-quoted Endeavour Mining, according to a statement, according to a statement.
Posted inSpeed Round
Earnings watch: TMG Holding, TE report FY2018 results
EARNINGS WATCH- TMG Holding reported a 28% increase in 2018 net profit to EGP 1.7 bn, the company said in its earnings release (pdf). TMG’s revenues were up 28% y-o-y to EGP 10.9 bn. Meanwhile, fixed-line monopoly Telecom Egypt reported a net profit after tax of EGP 3.5 bn in FY 2018, up 14% y-o-y […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Analysis of the proposed constitutional amendments tops coverage
Analysis of the proposed constitutional amendments topped coverage in the foreign press. Reuters has this primer about the proposed changes, the bill’s supporters and opponents, and what will follow next. Meanwhile, everyone from the Jerusalem Post to the AFP is noting the duration of President Abdel Fattah El Sisi’s possible term limit following the amendments […]
Posted inON THE FRONT PAGES
EU-Arab summit tops coverage in state-owned newspapers
The EU-Arab league meeting topped coverage on the front pages of state-owned daily newspapers. While Al Akhbar appeared focus on the wave of world leaders landing in Sharm El Sheikh, Al Ahram is proclaiming that Egypt is leading a new phase in Arab-European international cooperation. Al Gomhuria honed in on the launch of the new […]