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Egypt’s GDP growth is still accelerating: Economic growth accelerated to 5.5% in 2Q2018-19, up from 5.3% in 1Q2018-19 and 5.3% in 2Q2017-18, Planning Minister Hala El Said told cabinet yesterday, according to a government statement. GDP growth in the first half of the 2018-19 fiscal year reached 5.4%, she added. The government sees the economy […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Develop a solid industrial base or return to the IMF, AUC prof writes for Bloomberg
Reforms alone may not be enough to wean Egypt off the IMF: The government’s economic reform program won’t address Egypt’s underlying economic imbalance, AUC assistant professor Amr Adly (bio) writes in a contrarian opinion piece for Bloomberg. Only a concerted effort to revive the country’s industrial base will prevent the country from once again having […]
Posted inSpeed Round
AlGioshy Steel eyes 4Q2019 EGX debut
IPO WATCH- AlGioshy Steel is considering listing 40% of its shares on the EGX in 4Q2019 to fund its local expansion plans, a top company exec tells Amwal Al Ghad. The company is currently working on adding a second production line at its steel rebar factory in Sixth of October and expects to have it […]
Posted inSpeed Round
Al Nowais, EETC to sign power plant agreement in 1Q2019
INVESTMENT WATCH- Al Nowais, EETC to sign coal power plant agreement in 1Q2019: Al Nowais will sign a contract with the Egyptian Electricity Transmission Company (EETC) for the proposed USD 4 bn Oyoun Moussa coal-fired power plant in 1Q2019, Chairman Hussain Al Nowais told Zawya. The head of the Emirati investment group said that the […]
Posted inSpeed Round
Egyptian contractors ready to start work on NAC light railway
OC, Hassan Allam among five contractors working on NAC light railway: Our friends at Orascom Construction and Hassan Allam are among the five local contractors selected to begin working on the China-funded light railway between 10th of Ramadan City and the New Administrative Capital,Al Mal reported. Arab Contractors, Hassan Allam, Petrojet and the Holding Company […]
Posted inSpeed Round
Insurance companies not happy with capital requirements in Insurance Act
LEGISLATION WATCH- Insurance companies object to high capital requirements in Insurance Act: The industry association representing the nation’s insurance company appears displeased with a number of aspects of the Insurance Act, and has prepared its notes on the legislation. The Insurance Federation of Egypt said it will file its notes with the Financial Regulatory Authority, […]
Posted inSpeed Round
Boards of banks in Egypt can meet a little less frequently now if they want, CBE says
REGULATION WATCH- Bank boards can meet a little less frequently now, central bank says: The CBE issued new regulations that mandate that the board of directors at banks must now meet regularly at least eight times a year, down from a previous requirement that they meet once a month, according to a new regulation by […]
Posted inSpeed Round
Madbouly Cabinet tightens trafficking laws
CABINET WATCH- Madbouly Cabinet tightens trafficking laws: Apart from discussing key economic indicators (as noted above), the Madbouly Cabinet approved yesterday amendments to the Illicit Substances Act, which would tighten penalties for violators and update the schedule 1 substances list. Under the amendments, all those caught importing or exporting illicit substances will be given the […]
Posted inSpeed Round
Eastern Tobacco profits fall in 1H2018-19
EARNINGS WATCH- Eastern Tobacco profits fall in 1H2018-19: Eastern Tobacco saw net profits after tax for 1H2018-19, which ended in December, fall by about 13% to EGP 2 bn compared to EP 2.3 bn a year earlier, the company said in a filing with the EGX (pdf). Revenues were up 4% to EGP 7.1 bn […]
Posted inUncategorized
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