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Carry traders are back in force, buying 100% of Monday T-bonds auction: Foreign investors, who have been increasingly showing up at government debt auctions, bought 100% of the EGP 1.16 bn worth of five-year treasury bonds offered on Monday, the Finance Ministry said in a statement. The central bank also held yesterday an auction on […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt plans to issue up to USD 3 bn, EUR 2 bn in eurobonds
Egypt will sell USD 2-3 bn plus EUR 1-2 bn in eurobonds: The Finance Ministry plans to issue USD 2-3 bn of USD-denominated eurobonds in its upcoming international issuance, slated for sometime before the end of the fiscal year this June. It also plans to issue EUR 1-2 bn in EUR-denominated eurobonds, ministry sources told […]
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Emirates NBD boss sees USD 80-85 bn MENA bond issuance in 2019
Emirates NBD boss sees USD 80-85 bn MENA bond issuance in 2019: MENA countries will issue USD 80-85 bn in USD-denominated bonds and sukuk this year, Emirates NBD Asset Management CEO Parth Kinani said, according to Zawya. The Emirates NBD boss gave the figure during the launch of a white paper that shows MENA countries […]
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Uber drivers in Egypt turn to VPNs to use the app
Uber drivers turn to VPNs to use the app: In another sign that Uber may be blocked here in Egypt, the domestic press is reporting that the company’s local agents have told drivers to use VPNs to access the app. VPNs are programs that, effectively, allow apps and web browsers to sidestep a local block […]
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Fitch pours cold water on Egypt’s new administrative capital railway
Fitch pours cold water on new administrative capital rail link: Plans to construct an electric railway line connecting greater Cairo to the new administrative capital (NAC) face “serious obstacles,” Fitch Solutions said in a report (paywall) last week. Egypt recently agreed to borrow USD 1.2 bn from China’s Export-Import Bank to cover part of the […]
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Taking stock of what French companies pledged during Macron’s 2019 visit to Egypt
Macron has left the city. We take stock of the agreements signed during the French president’s three-day visit to Egypt, accompanied by a high-profile business delegation: Elsewedy Electric, France’s MND partner on cable transport: Elsewedy Electric and French industrial group Montagne et Neige Développement (MND) announced that they are forming a consortium to develop urban […]
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House signs off on USD 1 bn in SME financing from the World Bank — and it’s working on an SME bill that rivals cabinet’s
LEGISLATION WATCH- House signs off on USD 1 bn in SME financing from World Bank: The House of Representatives signed off yesterday on a USD 1 bn loan offer from the World Bank last year to support the next phase of economic reform, according to Al Mal. The facility is earmarked to support development of […]
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House committee almost done with electric vehicles draft law
LEGISLATION WATCH- House working on draft e-vehicles act: The House of Representatives’ Energy Committee is finishing a draft law that will regulate the import, sale, and after-sales services of all electric vehicles, Rep. Tarek El-Sayed tells Al Mal. The committee is seeking guidance from Electricity Ministry on how to calculate rates for power used in […]
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Empower to invest USD 250 mn in WtE plants in Egypt
INVESTMENT WATCH- Empower to invest USD 250 mn in WtE plants in Egypt: Renewable energy company Empower is planning to build 36 waste-to-energy (WtE) plants in Egypt at a total cost of USD 250 mn, Chairman Hatem El Gamal said. The company signed a funding agreement with leasing firm BM Lease and other backers to […]
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Alaa Arafa sells his stake in CI Capital
M&A WATCH- Alaa Arafa exits CI Capital: Businessman and Arafa Holding boss Alaa Arafa sold his last shares in investment bank CI Capital on Monday, CI Capital said in a regulatory filing (pdf). Arafa held a 1.88% stake before the last sale. Arafa initially bought a 9.9% stake from CIB as part of a consortium […]