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Emaar vs. El Nasr dispute resolved, minister says: A settlement has been reached between Emaar Misr and state-owned El Nasr Housing & Reconstruction over a disputed land plot and delays in execution pertaining Emaar’s Uptown Cairo project, Public Enterprise Minister Hisham Tawfik tells Masrawy. The companies are now in talks about post-resolution issues regarding the […]
Author Archives: enterpriseam admin
Posted inSpeed Round
CIRA reports 39% y-o-y growth in net profits in first quarter of its fiscal year
EARNINGS WATCH- Cairo for Real Estate and Investment (CIRA) reported a 39% y-o-y increase in net profit to EGP 74.3 mn in 1Q of its fiscal year, which ended 30 November 2018, according to the company’s earnings release (pdf). Revenues rose 31% y-o-y in the quarter, coming in at EGP 200.9 mn, following the enrollment […]
Posted inSpeed Round
Nesreen Maher joins PricewaterhouseCoopers Egypt as partner
MOVES- Well-known tax professional Nesreen Maher (LinkedIn) has joined PricewaterhouseCoopers Egypt as a partner. She joins PwC from EY and, if we’re not mistaken, has her first day in the office today. Maher has more than 20 years of experience in compliance and advisory roles across corporate, indirect and withholding taxes (including in dispute resolution) […]
Posted inSpeed Round
Egypt secures USD 1.2 bn China EximBank loan for NAC light railway
Egypt secures USD 1.2bn China EximBank loan for new capital light railway: China’s Export-Import Bank (EximBank) has agreed to extend a USD 1.2bn loan to Egypt for the construction of a light railway running between Egypt’s new administrative capital and 10th of Ramadan city, Transport Minister Hisham Arafat has said, according to Reuters. The loan […]
Posted inSpeed Round
Egypt Government signs PPP schools deals with investors
Gov’t inks PPP schools agreement with investors: The government has signed a public-private partnership pacts with a number of investors to build and operate schools with a total of 910 classrooms and an estimated cost of EGP 500 mn as part of the first phase of the program, the Cabinet said in a statement on […]
Posted inSpeed Round
Cabinet watch: Focus on the African Cup of Nations
CABINET WATCH- Madbouly Cabinet focuses on Afcon 2019: The Madbouly cabinet focused at its meeting this week on preparations for the African Cup of Nations 2019 tournament, for which Egypt host rights earlier this month. Prime Minister Moustafa Madbouly instructed the cabinet that the tournament, which will be held from 15 June to 13 July, […]
Posted inSpeed Round
News of Danish deaths in Hurghada, cause unclear
Two Danish tourists reportedly dead in Hurghada, cause unclear: Danish paper CPH Post Online reported that that two Danish men died under unclear circumstances while on holiday in Hurghada around New Year’s. Verner Strunck and Leif Kristensen, both apparently healthy men in their sixties, died two days apart at their hotel in what family members […]
Posted inUncategorized
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Posted inUp Next
Date set for finalizing revisions of draft NGOs Act
FinMin to select adviser on eurobond issuance next Thursday: The Finance Ministry will select the investment banks that will advise on its upcoming USD 4-7 bn eurobond issuance, set to take place sometime in 1Q2019, on Thursday, 24 January, local news reports. A number of top tier banks including HSBC, Citi, and JP Chase & […]
Posted inTHE MACRO PICTURE
Market instability? It’s gold rush time
Market instability? It’s gold rush time. Investor fears about the impact of volatile markets and global uncertainty seem to be yielding a return to form for gold, typically bought as a hedge or haven, which is up 10% from its lows of August 2018, according to the Financial Times. Analysts see the trend holding up […]