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*** We are delighted this morning to welcome Nescafé and Nestlé, the world’s largest food and beverage company, to Enterprise. Nestlé is joining us for a multi-month campaign, sponsoring What We’re Tracking Today, our daily look at the news and trends that are driving the business agenda in Egypt, in emerging markets and in global […]
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Posted inEnterprise+: Last Night’s Talk Shows
African Union wrap-up, Egypt Petroleum Show compete for talking heads’ attention
The final outcomes of the African Union summit and the influx of updates from the Egypt Petroleum Show were competing for the talking heads attention last night. We have all the details on the latter in Speed Round, below. President Abdel Fattah El Sisi set a “roadmap” for Egypt’s plans during its one-year chairmanship of […]
Posted inSpeed Round
Egypt reveals winners of oil and gas bid round
The deluge of oil and gas news continues thanks to the second day of the Egypt Petroleum Show. Key takeaways from the second day of the gathering are below, and you can check our wrap-up of day one here. Shell wins big in oil and gas bid rounds, ExxonMobil to launch inaugural exploration in Egypt: […]
Posted inSpeed Round
Egypt has the makings of a booming fintech industry, says IMF
Egypt has the makings of a booming fintech industry, says IMF: Egypt has tremendous potential to expand in fintech due to its large economy, mature banking industry, young population, and wealth of human capital, IMF Middle East and Central Asia Director Jihad Azour said during a seminar at the American University in Cairo yesterday. He […]
Posted inSpeed Round
Moody’s cites Egypt’s growth, reforms as credit-positive factors
Moody’s cites Egypt’s growth, reforms as credit-positive factors: Moody’s said yesterday that “positive sovereign credit dynamics in Egypt defy global headwinds,” citing the nation’s “large and diversified economy with robust growth potential” and “strong reform momentum with support from international lenders,” which it said helped “reduce external vulnerabilities.” The ratings agency made the remarks in […]
Posted inSpeed Round
Expat remittances rise to USD 25.5 bn in 2018, says Central Bank of Egypt
Expat remittances up 3% to USD 25.5 bn in 2018: Remittances from Egyptians living abroad in 2018 rose 3.1% y-o-y to USD 25.5 bn, up from USD 24.7 bn in 2017,according to a Central Bank statement (pdf). December’s remittances came in at USD 2.2 bn, compared to USD 1.9 bn in November.
Posted inSpeed Round
Tourism revenue could rise by 2% of GDP in the coming years
Tourism revenues could wipe out current account deficit- Capital Economics: Revenue generated in Egypt’s tourism sector could rise by as much as 2% of GDP in the coming years, wiping out the current account deficit, according to a report by Capital Economics. Tourism receipts may increase to as much as USD 5 bn if the […]
Posted inSpeed Round
Egypt’s FRA makes insurance mandatory for microfinance provider
REGULATION WATCH- FRA makes insurance mandatory in micro- and SME finance: The Financial Regulatory Authority (FRA) is forcing microfinance and SME finance players to provide insurance coverage for their borrowers, the authority said in a statement (pdf). The contracts will pay out an amount equivalent to the loans in the event of death or severe […]
Posted inSpeed Round
Gov’t looking to issue new legislation to end tax disputes
EXCLUSIVE- Gov’t looking to issue new legislation to end tax disputes: The government is currently looking at new legislation that would provide a framework to resolve tax disputes, but has no intention to increase the basic salary tax exemption, Tax Authority head Abdel Azim Hussein told Enterprise. The domestic press had reported yesterday that one […]