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Egypt will get the fifth tranche of its USD 12 bn IMF facility any day now: The International Monetary Fund’s executive board has signed off on the institution’s fourth review of Egypt’s economic reform program, giving the green light to the disbursal of the fifth USD 2 bn tranche of the USD 12 bn Extended […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt’s House drafting more constitutional amendments to economic indicators
LEGISLATION WATCH- Could MPs’ newfound interest in constitutional change see less funding for health, education? The House Planning and Budgeting Committee appears to want to ride the coattails of constitutional amendments introduced earlier this week, Al Mal, saying MPs are drafting a second package of changes that could change how constitutionally mandated spending minimums on […]
Posted inSpeed Round
Proposed constitutional amendments could see El Sisi hold office until 2034
Proposed constitutional amendments could see president hold office until 2034, reconstitute Shura Council as “Council of Senators”: The constitutional amendments currently being considered at the parliament have a transitional clause that would, if passed, allow President Abdel Fattah El Sisi to run for two additional presidential terms after his current term ends in 2022, Reuters […]
Posted inSpeed Round
Egypt could hedge against strategic commodity prices in FY2019-20
EXCLUSIVE- Egypt is mulling whether to hedge against rising prices of strategic commodities starting July, a senior government official told Enterprise. The government in talks with international banks to hedge against volatility in the prices of strategic imports including petroleum and wheat, starting from the coming fiscal year. Exact plans will be sent to the […]
Posted inSpeed Round
Eni looking to invest up to USD 1 bn in solar power projects in Egypt
INVESTMENT WATCH- Eni looking to invest up to USD 1 bn in solar power projects: Italy’s Eni has resumed negotiations with Egypt’s Electricity Ministry to build 1 GW of solar generation capacity at a total investment cost of up to USD 1 bn, ministry sources told the domestic press. Eni could start with a 50 […]
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EBRD earmarks USD 100 mn for female entrepreneurs in Egypt
INVESTMENT WATCH- The EBRD has earmarked USD 100 mn to support SMEs run by Egyptian women, Regional Principal Manager for SMEs Reem El Saady told Al Mal. The first stage of this initiative will see USD 20 mn disbursed to the National Bank of Egypt and agreements with QNB and AlexBank have already been signed, […]
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Emaar Misr denies MNHD acquisition talks
M&A WATCH- Emaar Misr says not looking to acquire MNHD: Emaar Misr for Development has denied it is in talks with Madinet Nasr Housing and Development (MNHD) to acquire the company, according to an EGX filing (pdf). This came as media reports claimed that the Emirati real estate company was looking to acquire MNHD. MNHD […]
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Ride hailing companies’ drivers plan strike demanding better fares and service conditions
Some drivers for ride-hailing companies are threatening to strike: Some drivers for ride-hailing companies Uber and Careem are reportedly planning a strike from 20-24 February to demand a larger share of fares, a requirement that clients provide more personal data to the companies, and better fares for trips to unpaved neighborhoods. Drivers also want the […]
Posted inSpeed Round
Egypt looks into slashing fees for e-vehicle licensing, registration
EXCLUSIVE- Gov’t looks to slash fees for e-vehicle licensing, registration: The government is mulling whether to cut licensing and registration fees for electric vehicles (EVs) to encourage their use, a senior government official told Enterprise. The process currently costs consumers up to EGP 10k, a fee the official suggested is often higher than for comparably […]
Posted inSpeed Round
FRA moving to activate futures exchange
FRA is inching toward a green light for the launch of a futures exchange: The Financial Regulatory Authority (FRA) finalizing decrees that will make possible the launch of futures in Egypt, the market regulator said in a statement. The creation of a futures market comes after amendments to the executive regulations of the Capital Markets […]