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Shahid Law Firm launches Egypt’s first startup-focused legal department: Our friends at Shahid Law Firm have launched Venture, a startup-focused department to offer legal services through an online platform, according to an emailed statement (pdf). “This department will invest in the growth and development of a startup through providing a suite of legal services tailored […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt’s new Ride-Hailing Apps Act to impose EGP 2-5 levy per ride
LEGISLATION WATCH- The executive regulations to the Ride-Hailing Apps Act will likely introduce a new levy of EGP 2-5 per trip, a source close to the committee drafting the regs told Masrawy. Expect the ride-hailing companies to pass the cost to their customers. Sources from Uber and Careem speaking to Al Mal criticized the proposed […]
Posted inSpeed Round
Federation of Egyptian Industries reviewing final draft of Customs Act
LEGISLATION WATCH- Final draft of amended Customs Act now with industry group for review: The Federation of Egyptian Industries (FEI) is reviewing the final version of proposed amendments to the Customs Act, Mohamed El-Bahy, head of the federation’s taxes and customs committee, told Youm7. The FEI’s feedback goes to the Finance Ministry before the text […]
Posted inSpeed Round
Egypt shines in Times Higher Education EM universities rankings
Egypt shines in Times Higher Education emerging-markets universities rankings: Egypt has made strides in university education and shown “rapid higher education progress,” particularly at the governorate level, according to the Times Higher Education’ Emerging Economies University Rankings 2019 report (paywall). Egypt ranked seventh overall with 19 universities on the list, up from only nine in […]
Posted inSpeed Round
France’s Vicat to invest EUR 30 mn in Egypt business
INVESTMENT WATCH- Vicat to invest EUR 30 mn in Egypt: France-based cement producer Vicat Group’s Egypt arm is planning to invest an additional EUR 30 mn in Egypt, CEO Tamer Magdy said, according to Al Shorouk. Magdy did not provide further details on the company’s investment plans. Vicat, which entered the Egyptian market in 2003 […]
Posted inSpeed Round
Qalaa will not sell shares in ARC and TAQA Arabia when they IPO
CLARIFICATION- Qalaa will not sell shares in ARC and TAQA Arabia when they IPO: Qalaa Holdings is planning to go ahead with an IPO of Arab Refining Company (ARC, the largest shareholder of the Egyptian Refining Company) and TAQA Arabia as early as 2020, but will not sell down its own stake in either company, […]
Posted inSpeed Round
CORRECTION- Based on reports in the domestic press, we said on Wednesday that credit agency iScore had received a license to operate as a challenger bank. That news was untrue: A senior company official has confirmed to us that the “online banking license” the domestic press said iScore has been awarded is simply a license […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Egypt human rights are back in the spotlight
Human rights were back in the spotlight over the weekend after Human Rights Watch published its World Report 2019 on Thursday. The organization attacked what it claims is a pattern of authorities using counterterrorism measures to crack down on dissent. It also criticized the March 2018 presidential elections and repeated accusations of forced disappearances. This […]
Posted inON THE FRONT PAGES
Econ and business news dominate front pages of Egypt’s state dailies
Econ and business news dominated the front pages of the country’s three main state-owned dailies (Al Ahram | Al Akhbar | Al Gomhuria) this morning. Egypt will participate in an economic summit that kicks off in Beirut today, where talks will focus on sustainable development, electricity connection projects and efforts to combat poverty in the […]