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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Egypt’s ties with Africa reign supreme on the airwaves
As Egypt gears up to assume its presidency of the African Union on Sunday, our role in the organization and ties with Africa were in the spotlight on last night’s talk shows. There has been a sea-change in Egypt’s relationship with the rest of the continent since Egypt’s membership in the AU was suspended in […]
Posted inSpeed Round
Egypt working on new revenue strategy to plug budget deficit
EXCLUSIVE- New revenue strategy to curb budget deficit could be on the way: The government is discussing a new revenue strategy with the goal of cutting the budget deficit to 5% over the next 3-4 years, a senior government official told Enterprise. The government expects tax revenues to surpass EGP 1 tn over the coming […]
Posted inSpeed Round
Shalakany, ZH&P, Herbert Smith, White & Case to act as advisors on Abu Qir, ACCH stake sales
Shalakany, Herbert Smith, White & Case tapped as local legal counsel on Abu Qir stake sale: Shalakany Law Office, alongside Herbert Smith Freehills, will jointly act as shareholders’ local legal counsel in the stake sale of Abu Qir Fertilizers as part of the government privatization program, a source close to the transaction told Enterprise. White […]
Posted inSpeed Round
Egypt Kuwait Holding makes acquisition bid for Emisal Salts
M&A WATCH- EK Holding makes bid for Emisal Salts: Investment firm EK Holding is making a play to acquire salt producer Emisal Salts, according to a report in thedomestic press. The National Bank of Egypt, the largest shareholder in Emisal, will lead the sale process on behalf of other state-owned shareholders including National Investment Bank […]
Posted inSpeed Round
Egypt’s Cabinet greenlights Consumer Credit Act
CABINET WATCH- Cabinet greenlights Consumer Credit Act: The Madbouly Cabinet approved yesterday the draft Consumer Credit Act, which would govern retail financing and consumer credit, according to a Cabinet statement. The 30-article bill would set up a federation for non-banking consumer finance and require companies to obtain a license from the Financial Regulatory Authority to […]
Posted inSpeed Round
FinMin to make e-payments of gov’t fees over EGP 500 mandatory in May
The Finance Ministry will make electronic payment of gov’t fees mandatory by early May for amounts exceeding EGP 500, according to a ministry statement. The ministry is planning to have installed by April some 22k ATMs and points-of-sale (PoS) across government service offices. We picked up a Cabinet statement last November saying all transactions would […]
Posted inSpeed Round
Uber sees Egypt as one of its “most promising markets” in the Middle East
Uber sees Egypt as one of its “most promising markets” in the Middle East, where it is going after the region’s “exploding youth population,” Nicolas Parasie writes for the Wall Street Journal. The ride-hailing company has been expanding its presence in Egypt and elsewhere in the region as it looks to reach 1 bn users […]
Posted inSpeed Round
AUC faculty passes vote of no confidence in its president
AUC faculty deliver vote of no confidence in president after Pompeo’s ‘fiery’ speech: The American University in Cairo’s Senate voted on Tuesday in favor of declaring no confidence in the university’s president, Francis J. Ricciardone, and called on the university’s board of trustees to appoint a replacement, Declan Walsh writes for the New York Times. […]
Posted inSpeed Round
Automotive sales recover during 2018
Automotive sales rebounded in 2018 as total vehicle sales jumped 42.9% y-o-y, approaching pre-floatation levels with 193,800 units sold, according to figures from the Automotive Information Council (AMIC). Passenger car sales saw the greatest growth, rising 47% y-o-y reaching 145,800 units compared to 99,500 in 2017. Sales of imported cars (the segment worst-hit by the […]