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Six years after serving as vice-chairman of the Egyptian exchange, Mohamed Farid (official bio) was tapped as EGX chairman in August 2017. His return to government service was preceded by a five-year stint as CEO and chairman of private-sector economic think tank Dcode, as well as an adjunct at AUC and the Arab Academy for […]
Author Archives: enterpriseam admin
Posted inTHE MACRO PICTURE
As the CBE unexpectedly eases, are more emerging-market rate cuts on the horizon?
As the CBE unexpectedly eases, are more EM rate cuts on the horizon? Inflation in Egypt was still at a fairly high (albeit within target) 12.7% when the CBE cut rates last week. But below-target inflation may motivate other emerging-market central banks to do the same, Bloomberg writes. According to Morgan Stanley, inflation has fallen […]
Posted inImage of the Day
Rare black leopard photographed in Kenya
Last week in wildlife-related fake news: Headlines everywhere last week claimed that the above image is the first time the rare black leopard has been captured on camera in more than a century. Apparently this isn’t actually true (per the WaPo) but it makes our Image of the Day anyway for being so beautiful (click […]
Posted inEGYPT IN THE NEWS
Human Rights Watch calls for independent torture inquiry
A move in the House to amend the constitution is driving the conversation on Egypt this morning. Coming in at a close second: The death or injury of 15 troops in a terror attack in North Sinai and the nation’s human rights record. We have chapter and verse on the constitution in Speed Round, above. […]
Posted inDiplomacy + Foreign Trade
IMF keen to support Egypt’s social safety programs, Azour says
The International Monetary Fund (IMF) is keen on supporting Egypt’s social safety programs, Middle East and Central Asia Director Jihad Azour told Social Solidarity Minister Ghada Waly.
Posted inManufacturing
Chinese companies considering to invest in leather industries in Egypt
A number of Chinese companies are considering investing in the leather products sector in Egypt, the Industry Ministry said in a statement after Minister Amr Nassar accompanied a Chinese delegation on a tour of the Rubiky leather city.
Posted inTelecoms + ICT
MasterCard looking to work with Egypt to make new capital first “cashless” city
MasterCard is looking to collaborate with the CIT Ministry to develop advanced digital payments infrastructure in the new capital, Chairman Michael Froman told Minister Amr Tawfik, according to a ministry statement. Froman also presented proposed solutions to introduce e-payments to the transport, agriculture and SMEs sectors.
Posted inAutomotive + Transportation
Tax Authority issues formula on how to tax tuk tuks
The Tax Authority published in the Official Gazette on Thursday the tax formula for how it will tax tuk tuks, AMAY reports. The new formula will look at average daily revenues from a tuk tuk, and will factor in how many days a tuk tuk is used. In a receipt-less industry such as this, the […]
Posted inAutomotive + Transportation
ITIDA, Valeo Egypt sign automotive artificial intelligence R&D agreement
The Information Technology Industry Development Agency (ITIDA) has signed a three-year EGP 21 mn research and development (R&D) agreement with Valeo Egypt to research digitization and artificial intelligence (AI) in vehicles, Zawya reports. Valeo Egypt is looking to recruit 1k engineers each year over the next three years. ITIDA signed an initial training agreement with […]
Posted inOther Business News of Note
Egypt’s FRA rejects Veon appeal against GTH capital increase voting rights
The FRA has rejected an appeal against its decision to suspend Global Telecom Holding’s (GTH) majority shareholder Veon Holding from voting on GTH’s EGP 11.2 bn capital increase, according to a statement to the EGX (pdf). The appeal was submitted to the authority by Veon Luxembourg Finance Holdings and Veon Luxembourg — the Amsterdam-based group’s […]