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Egypt’s current account deficit narrowed marginally to USD 1.751 bn in 1QFY18-19, down from USD 1.754 bn during the same period last year, according to a CBE report (pdf). The balance of payments recorded a surplus of USD 248.1 mn, down from USD 5.1 bn in 1QFY17-18, while the trade deficit rose to USD 9.9 […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Mercedes to resume Egypt assembly “soon”, senior exec says
Mercedes-Benz could soon resume the assembly of passenger cars in Egypt after a years-long hiatus, production chain boss Markus Schaefer told Prime Minister Moustafa Madbouly, according to a Cabinet statement. The meeting came after Schaefer met President Abdel Fattah El Sisi in December. The luxury car maker shut down its assembly line in mid-2015 amid […]
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Apicorp to invest USD 1 bn in five countries, including Egypt, in 2019
INVESTMENT WATCH- Apicorp to invest USD 1 bn in five countries, including Egypt, in 2019: Egypt is one of five countries in which the Arab Petroleum Investments Corporation (Apicorp) plans to invest a total of USD 1 bn this year, CEO Ahmed Ali Attiga said, according to Bloomberg. Apicorp is also looking to Iraq, Libya, […]
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Egypt in talks with UGS to drop USD 2 bn arbitration claim over Damietta liquefaction plant
Egypt is in talks with Spanish-Italian JV Union Fenosa Gas (UGS) in a bid to have the European outfit drop its arbitration claim over gas supply interruptions at the Damietta liquefaction plant, an industry source tells the domestic press. The World Bank’s International Centre for Settlement of Investment Disputes ordered in September that Egypt pay […]
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Beltone eliminated from NI Capital’s tender for management of Abu Qir stake sale over Sarwa flap
IPO WATCH- Beltone wasn’t invited to bid for a piece of Abu Qir stake sale: State-owned investment bank NI Capital has excluded Beltone Financial from a tender it issued last month that will see it hire a manger for the sale of an additional stake in Abu Qir Fertilizers and Chemicals Industries on the EGX, […]
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Seven law firms bid to act as legal advisors in Egypt’s upcoming eurobond issuance
EXCLUSIVE- Seven law firms bidding to act as legal advisors in Egypt’s upcoming eurobond issuance: Seven local and international law firms, including Shalakany Law Office, Zulficar & Partners, Zaki Hashem & Partners, White & Case, and Baker McKenzie, have submitted bids to the Finance Ministry to act as legal advisors in Egypt’s upcoming eurobond issuance, […]
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Pompeo touts America as “a force for good” in the Middle East in Cairo speech
In landmark Cairo speech, US SecState Mike Pompeo touts America as “a force for good” in the Middle East: America is committed to its “traditional role as a force for good” in the Middle East under US President Donald Trump after years of being “absent too much,” US Secretary of State Mike Pompeo said in […]
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Gov’t to invite foreign NGOs to take part in national dialogue to amend NGOs Act
LEGISLATION WATCH- Foreign NGOs will be consulted on a revised NGOs Act: The Social Solidarity Ministry plans to invite foreign NGOs operating in Egypt to join a third round of consultations on potential amendments to the controversial NGOs Act, Social minister Ghada Wali said, according to Al Ahram. Local civil society and other organizations participated […]
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Telecom Egypt board gets new government representative
MOVES- Maj. Gen. Tarek El Zaher will join the board of directors of state-owned landline monopoly Telecom Egypt as a representative of the government, the company said in a regulatory filing (pdf). El Zaher succeeds Maj. Gen. Ashraf Farid.
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Sony’s Salem resigns as Egypt country head
MOVES- Sony Mobile Egypt country head Sherif Salem (LinkedIn) stepped down in December, the former executive tells Al Mal. Salem had held the post since early last year and was formerly head of regional sales for the Lenovo-owned Motorola Mobility.