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DISPUTE WATCH- Cairo court slashes antitrust fine against Ibnsina Pharma execs: The Cairo Appeals Court issued a ruling yesterday reducing an antitrust fine imposed on executives from Ibnsina Pharma to EGP 160 mn, down from an original EGP 2.04 bn fine handed down by the Cairo Economic Court, a source close to the matter told […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Union Fenosa denies agreement with Egypt over Damietta LNG plant
DISPUTE WATCH- The Damietta LNG plant may not be reopening in April after all: Damietta LNG plant operator Union Fenosa Gas (UFG) poured cold water on reports this week that the facility will be reopened in April. An Oil Ministry source claimed this week that UFG, 50-50 owned by Union Fenosa and Eni, had agreed […]
Posted inSpeed Round
Petroceltic says EGPC owes it USD 30 mn in overdue payments
DISPUTE WATCH- Petroceltic claims EGPC owes it USD 30 mn: UK energy company Petroceltic is filing for international arbitration to recover USD 30 mn in overdue payments it claims it is owed by the state-owned Egyptian General Petroleum Corporation (EGPC), Chairman Angelo Moskov told the domestic press. The overdue payments date as far back as […]
Posted inSpeed Round
Actis-backed Lekela wants to build two wind plants in three years at a cost of USD 500 mn
INVESTMENT WATCH- Actis-backed Lekela wants to build two wind plants in three years at a cost of USD 500 mn: Lekela Power is planning to invest USD 500 mn in two wind energy projects with a combined production capacity of 500 MW over the next three years, the company’s Egypt General Manager Faisal Eissa said. […]
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PM discusses energy investments with Blackstone’s Zarou
INVESTMENT WATCH- PM discusses energy investments with Blackstone’s Zarou: Prime Minister Moustafa Madbouly met with Sameh Shenouda, CEO of Blackstone’s MENA-focused energy development company Zarou to discuss potential commitments to projects in Egypt’s energy, water desalination and wastewater treatment sectors, according to a cabinet statement.
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Major Italian companies looking to increase investments in Egypt
INVESTMENT WATCH- From Italy, with love: Seven Italian companies are kicking the tires on possible investments in Egypt, company execs told Investment Minister Sahar Nasr in Rome yesterday, according to a ministry statement. Among them: Italgen — renewable energy Maccaferri Corporate — infrastructure Getra — energy Ferrovie Dello Stato — transportation Mapei — new facility […]
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E-commerce service Noon launches beta testing in Egypt
Mohamed Alabbar’s Dubai-based e-commerce platform Noon is moving into Egypt, announcing yesterdaythat it has launched in Egypt in beta, marking the Arab world’s largest consumer market its third country of operations. The company already has a fully operational fulfillment center in Cairo, per Gulf News.
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Companies operating in USD to be granted option to pay 0.25% healthcare tax in USD
EXCLUSIVE- Companies operating in USD can pay 0.25% healthcare tax in USD or EGP: Foreign companies operating in Egypt, and those domiciled in Egypt but presenting their financial statements in USD, will be allowed to pay the 0.25% healthcare tithe this year in EGP or USD, a senior government source tells Enterprise. The tithe is […]
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ADIB reports 35% y-o-y rise in 2018 net profits to EGP 850 mn
EARNINGS WATCH- Abu Dhabi Islamic Bank Egypt (ADIB) reported a 35% y-o-y increase in 2018 consolidated net profit to EGP 850 mn, up from EGP 631.6 mn in 2017, the bank said in a regulatory filing (pdf).
Posted inSpeed Round
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