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Microinsurance and financial leasing firms will be required to create designated accounts of a minimum EGP 10 mn to support small businesses, the Financial Regulatory Authority (FRA) head Mohamed Omran said in a statement. No more details were provided on the move, which comes amid government efforts to push for greater financial inclusion.
Author Archives: enterpriseam admin
Posted inBanking + Finance
Tax Authority, banks meet to discuss implementation of new tax treatment
The Tax Authority met with a committee from the Federation Of Egyptian Banks yesterday to discuss the best way to implement proposed amendments to the Income Tax Act, according to a Finance Ministry statement. The new treatment, which would change how banks and corporations account for income from investments in government debt, will come into […]
Posted inOther Business News of Note
Egypt’s GAFI requires companies to digitally submit registries and registration files
The General Authority for Investment (GAFI) has made it mandatory for private businesses to build digital versions of their registries and company registration files, according to a statement.
Posted inOther Business News of Note
Egyptian Iron and Steel Company to be developed under PPP agreements
The Public Enterprises Ministry will be entering public-private partnerships to execute the proposed development plan for the Egyptian Iron and Steel Company, Minister Hisham Tawfik said during a meeting with Prime Minister Moustafa Madbouly yesterday, according to a Cabinet statement.
Posted inOther Business News of Note
Houston-based SPEC sues Egyptian Maintenance Company for USD 4.5 mn
Houston-based energy infrastructure manufacturer Specialty Process Equipment Corp. (SPEC) is suing the Egyptian Maintenance Company for allegedly failing to pay for USD 4.5 mn worth of work and materials, despite receiving invoices for more than two years, according to LexisNexis’ Law 360. SPEC is now seeking USD 10 mn in actual and punitive damages from […]
Posted inEgypt Politics + Economics
Public Prosecutor moves to ban explicit online content
Public Prosecutor Nabil Sadek has directed the CIT Ministry to ban all websites that publish [redacted] explicit content, the domestic press reports. The announcement comes after an explicit video of two Egyptian actresses and (allegedly) opposition MP Khaled Youssef began making the rounds. Youssef, who is not identifiable in the video, contends that the video […]
Posted inEgypt Politics + Economics
Egyptian court dissolves pharmacists syndicate council
The Egyptian Court of Urgent Affairs issued a ruling yesterday to dissolve the Pharmacists Syndicate council, taking operational custody of the syndicate pending new elections, reports Ahram Online. The fallout came after internal disputes last year resulted in two separate assemblies that took concurrent and contradictory decisions.
Posted inMy Morning Routine
Chris Khalifa
Chris Khalifa, Founder and CEO of Zooba: My Morning Routine looks each week at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Chris Khalifa, Founder and CEO of Zooba, the restaurant that plays […]
Posted inThe Market Yesterday
The Market Yesterday
EGP / USD CBE market average: Buy 17.56 | Sell 17.66 EGP / USD at CIB: Buy 17.51 | Sell 17.61 EGP / USD at NBE: Buy 17.51 | Sell 17.61 EGX30 (Wednesday): 14,949 (+0.1%) Turnover: EGP 1.3 bn (47% above the 90-day average) EGX 30 year-to-date: +14.7% THE MARKET ON WEDNESDAY: The EGX30 ended […]
Posted inCALENDAR
14 February (Thursday): Central Bank of Egypt’s monetary policy committee meets to review interest rates. 19 February (Tuesday): Cairo Economic Court to deliver decision on pharma distributors appeal, Egypt. 19-20 February (Tuesday-Wednesday): The Solar Show MENA 2019, Nile Ritz Carlton Hotel, Cairo, Egypt. 23 February (Saturday): The Supreme Administrative Court will rule in an appeal […]