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EXCLUSIVE- FinMin completes drafting “more realistic” comprehensive debt control strategy, raises public debt targets: The Finance Ministry has completed drafting a comprehensive debt control strategy spanning the next four years, in which it targets bringing down Egypt’s public debt to 80-85% of GDP by the end of FY2021-22, a senior government official tells Enterprise. The […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Manfoods to invest EGP 250 mn in Egypt in 2019
INVESTMENT WATCH- Manfoods to invest EGP 250 mn in Egypt in 2019: Manfoods, which holds the franchise for McDonald’s, is planning to invest EGP 250 mn in Egypt this year to finance its expansion plans in the country, Manfoods Egypt General Manager Alaa Fathy tells Al Mal. The company is planning to set up 13 […]
Posted inSpeed Round
EDF looking to sell Edison’s Egypt exploration and production assets
Potential bidders for Edison’s Egypt assets line up ahead of expected close this month: France’s EDF is looking to sell Edison exploration and production assets in Egypt and Italyin a private auction where bidders are expected to offer up to USD 2 bn, sources close to the matter told Bloomberg. Neptune Energy, Warburg Pincus’s Apex […]
Posted inSpeed Round
Egypt’s Nassef Sawiris sells shares in Switzerland’s LafargeHolcim
Nassef Sawiris sells USD 68 mn of shares in LafargeHolcim: Nassef Sawiris sold off USD 67.5 mn-worth of shares he holds in the world’s largest, Switzerland-based cement producer LafargeHolcim, the company issued a statement confirming reports, according to Reuters’ Arabic service. Sawiris held 16.58 mn shares in the company, and is a major shareholder — […]
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Cabinet approves proposed amendments to Egypt’s Competition Act
CABINET WATCH- The Madbouly Cabinet approved yesterday proposed amendments to the Competition Act (or Antitrust Act) that are meant to increase regulation against monopolistic practices and help protect competition in Egypt, according to a statement. The amendments would ban collusion in any form between competitors in any industry — including coordinating on whether or not […]
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Is the Electricity Ministry looking to ditch Egypt’s feed-in tariff program in favor of an IPP framework?
Is the Electricity Ministry looking to ditch the feed-in tariff program in favor of IPP framework? The Egyptian Electricity Transmission Company (EETC) is reportedly looking to end its reliance on power purchased from the private sector under the feed-in tariff (FiT) program, unnamed Electricity Ministry sources said. The move is meant to open up space […]
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Banque Misr begins issuing Meeza debit cards
Banque Misr has begun issuing “Meeza” debit cards as of the beginning of this month, an unnamed source from the bank tells Al Mal. The card — which the Finance Ministry first announced in September as part of the government’s new e-payments drive — would make state benefits available electronically to pensioners, civil servants, and […]
Posted inSpeed Round
Egypt ranks 127 out of 170 on Democracy Index, score remains stable
Egypt ranked 127 out of 170 on the Economist Intelligence Unit’s 2018 Democracy Index, which saw the average global score remain largely stable at 5.48, despite there being changes in specific regions and indices. According to the report, 2018 saw a general global improvement in political participation, but the Middle East and Africa is the […]
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** 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); […]
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** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]