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**#5 Wait? What? There’s a potential for a US military aid cut? By far the most important piece of news from the talking heads over the weekend is Amr Adib lending credence to sparsely reported news that US House of Representatives Democrats are pushing for a spending cut on Egypt’s military aid as a result […]
Author Archives: enterpriseam admin
Posted inSpeed Round
EGX30 falls 13.2% in 2018 amid emerging markets sell-off
**#1 The Egyptian bourse’s benchmark EGX30 index fell 13.2% in 2018 amid global markets fluctuations and the emerging markets sell-off, EGX Chairman Mohamed Farid said. Farid noted that EGX50 also fell 16.3% last year. Foreign purchases in the EGX dropped to EGP 5.73 bn in 2018 from EGP 9.55 bn the year before, an annual […]
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NIB to select nine companies for second phase of Egypt’s privatization program
**#2 IPO WATCH- NIB to select nine companies for second phase of state privatization program: The National Investment Bank (NIB) is expected to nominate nine state-owned companies for the second phase of the state privatization program, according to a Planning Ministry statement. The statement did not provide further details on the selection process or when […]
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Did the FinMin revise upwards its public debt targets for Egypt?
**#3 FinMin revises upwards its public debt targets for Egypt: The Finance Ministry is targeting reducing Egypt’s public debt to 80-85% of GDP by the end of FY2021-22, according to an initial draft of the FY2019-20 state budget presented to President Abdel Fattah El Sisi last week, according to an Ittihadiya statement. A senior government […]
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Al Nour for Dairy in talks to acquire Greenland after Almarai talks fall through
**#4 M&A WATCH- Al Nour for Dairy in talks to acquire Greenland after Almarai talks fall through: Al Nour for Dairy Industries — which counts businessman Mohamed Halawa and Lactalis as shareholders — is reportedly in talks to acquire Americana Group subsidiary Greenland Group for Food Industries, according to a domestic press report citing sources […]
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NUCA agrees Assiut land plot for CIRA to build private university
NUCA grants CIRA 81 feddans in west Assiut for private university project: The New Urban Communities Authority (NUCA) has agreed to giving CIRA 81 feddans in west Assiut to establish a private university, local news reported. Conditions for the land includes that CIRA carry out the project, whose construction is expected to take 10 years, […]
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Court refers Beltone cases against FRA to expert committee
Administrative Court refers Beltone appeal against FRA decision to Board of Commissioners: An administrative court has referred Beltone Financial’s cases against the Financial Regulatory Authority (FRA) to its Board of Commissioners and set 26 January as deadline to receive legal advice, Matouk Bassiouny’s head of litigation, Osman Mowafy, told Al Mal. The FRA last year […]
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Emaar Misr CEO Mohamed El Dahan resigns
MOVES- Emaar Misr CEO Mohamed El Dahan submitted his resignation last week, El Dahan told Al Mal, without providing a reason for his decision to leave the company. El Dahan has been with Emaar since 2005.
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One dead, three injured after explosive device goes off near church
**#6 A policeman was killed on Saturday while trying to defuse a bomb that was found near a church in the district of Nasr City. Two policemen and a passerby were also injured in the explosion, security sources told Reuters. Pope Tawadros offered his condolences after the attack while Azhar condemned it, Youm7 reported. The […]
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