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No particular issue dominated the airwaves last night. Al Hayah Al Youm featured a segment on the CI Capital MENA Investors Conference, highlighting comments from Prime Minister Mostafa Madbouly on GDP and inflation (watch, runtime: 01:13). The segment also highlighted a call by Investment Minister Sahar Nasr for investors to take another look at potential […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt is Citi’s most attractive frontier market for 2019
Egypt is Citi’s most attractive frontier market for 2019, according to a research report picked up by CNBC Africa that notes “the Sisi government is pushing ahead with an ambitious package of reforms, and while the country’s 2016 IMF programme has faced some delays, the programme is likely to underpin macroeconomic stability, supported by growth […]
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FinMin heads east ahead of Egypt’s bond issuances
Maait heads to Asia to pave the way for bond issuances: Finance Minister Mohamed Maait will begin a trip today that will see him visit Japan, South Korea, Hong Kong and China to discuss bond issuances. The government is now more flexible and is seeking to diversify “the currency, the type of asset and the […]
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Zooba to open first US branch in Manhattan
EXCLUSIVE- Zooba raises USD 4mn in funding for drive to expand into New York. Our friends at Egyptian street food restaurant chain Zooba are set to open their first US location in the Manhattan neighborhood of Nolita, according to an emailed statement (pdf). The Egyptian dining chain raised USD 4mn to fund the flagship outlet […]
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Gov’t settles customs payment dispute with Mercedes importer in Egypt
Gov’t settles EGP 700 mn customs dispute with Mercedes importer: The Madbouly Cabinet’s investment dispute resolution committee has settled a c. EGP 700 mn (USD 39.2 mn) dispute between the Customs Authority and an Egyptian importer of Mercedes-Benz cars, according to a Finance Ministry statement. The statement did not name the company or provide details […]
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CI Capital plans to launch mortgage financing unit by early 2Q2019
CI Capital plans to launch mortgage financing arm by early 2Q2019: CI Capital has submitted a request to the Financial Regulatory Authority for a mortgage financing license, Co-CEO Hazem Badran said in an interview on the sidelines of the CI Capital MENA Investors Conference. The investment bank expects to get the new unit up and […]
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FinMin says it’s willing to revisit tax scheme under Egypt’s Universal Healthcare Act
FinMin signals it may be willing to revisit tax scheme under Universal Healthcare Act: The Finance Ministry is “willing” to revisit the legislative framework that sets out the taxes the government will collect to fund the universal healthcare scheme under the Universal Healthcare Act, Minister Mohamed Maait said at a Thursday meeting with several accounting […]
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Egypt’s parliament committee gives nod to proposed amendments to Income Tax Act
LEGISLATION WATCH- Proposed changes to how banks are taxed get committee-level approval in the House: The House Planning and Budget Committee has given a nod to government-proposed amendments to the Income Tax Act that would change how banks and corporations account for income from investments in government debt, Al Mal reports. The House of Representatives […]
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Central Bank of Egypt finalizes draft Banking Act, sends to Cabinet for review
LEGISLATION WATCH- The central bank has finished drafting its new Banking Act and has sent it to the Madbouly Cabinet for review, Youm7 quotes CBE Deputy Governor Lobna Helal as having said yesterday at CI Capital’s MENA Investors Conference. The timing of cabinet’s review remains unclear. CBE Governor Tarek Amer had discussed with President Abdel […]
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Tax Authority to discuss fees on new mobile phone lines with MNOs following drop in Egypt’s subscribers
EXCLUSIVE- Tax Authority to discuss fees on new mobile phone lines with MNOs following drop in subscribers: The Tax Authority is set to meet tomorrow with representatives from Egypt’s four mobile network operators to look into their grievances over a levy on new mobile phone line purchases that was imposed at the start of the […]