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Beltone confirms it wants to settle with the FRA: Beltone Financial has filed open talks with the Financial Regulatory Authority (FRA) and will drop its case against the regulator as it seeks a way out of its current impasse, the investment banksaid in a bourse filing (pdf). The Administrative Court received on Saturday a report […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Nestlé to invest EGP 1 bn in Egypt in the next five years
INVESTMENT WATCH- Nestlé is planning to invest about EGP 1 bn in Egypt in the next five years, Nestlé North Africa CEO Moataz El Hout said, according to reports in the local press. The company has seen sales growth of more than 25% in 2018 and expects growth of over 20% to continue this year […]
Posted inSpeed Round
Gov’t working on incentives to promote electric vehicles; Mercedes delegation due for visit “soon”
REGULATION WATCH- Gov’t working on incentives to promote electric vehicles: The government is working on a new policy framework to encourage the use of electric vehicles (EVs) based on instructions from President Abdel Fattah El Sisi, according to a Cabinet statement. The framework will include financial incentives to convince international EV assemblers and manufacturers to […]
Posted inSpeed Round
Egypt’s FRA to finalize Leasing and Factoring Act executive regs by end-March
REGULATION WATCH- FRA to finalize Leasing and Factoring Act regulations by end-March: The Financial Regulatory Authority (FRA) is set to finalize by the end of March the executive regulations for the Leasing and Factoring Act, sources familiar with the matter said. The authority will outline in the coming two months new rules for tax treatment, […]
Posted inSpeed Round
AMOC earnings tank in 2Q2018-19
EARNINGS WATCH- AMOC earnings tank in 2Q2018-19: Alexandria Mineral Oils Company’s (AMOC) net profits fell 93% y-o-y to EGP 25 mn during 2Q2018-19, making it the company’s worst quarter in a decade, according to Shuaa Securities (pdf), which noted that the state company’s profits fell 90% below expectation. Company revenues were up 35% y-o-y to […]
Posted inSpeed Round
France’s Macron expresses concern over Egypt’s rights record
Macron express concerns over human rights before meeting with El Sisi: French President Emmanuel Macron said Egypt’s human rights record today is worse than it was during the Mubarak era, Reuters reports. The French president, who visited the Abu Simbel temple in Aswan yesterday, is expected to meet with El Sisi today to discuss economic […]
Posted inSpeed Round
CORRECTION- In our story yesterday on the EETC and Al Nowais’ anticipated signing of a power purchasing agreement for its coal-fired power plant, we mistakenly said the plant will produce 2.65 MW. The plant will actually produce 2.65 GW. We apologize for the error and have corrected the entry on our website. H/t Mohamed S.
Posted inSpeed Round
** WE’RE HIRING: We’re looking for smart, talented, quirky people to join our team and help us make both the product you’re reading now and some exciting new stuff. We’re particularly interested in: Journalists with print, audio and / or video skills — both editors and reporters (for both our English and our Arabic editions); […]
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
Cairo Airport takes lead in FinMin “one-stop shop” customs initiative: The Finance Ministry’s “one-stop shop” program for settling custom payments will be piloted in Cairo International Airport’s logistics center, authority head Kamal Negm said, according to Al Watan. The Port Said customs office will follow on 31 March, with the ministry planning to have the […]