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Poverty in rural Upper Egypt may have fallen sharply, a potential boon for supporters of the Sisi administration’s economic policies. The poverty rate in rural Upper Egypt could have fallen as much as 10 percentage points (or nearly 18%) to 47% in 2018 from 57% three years ago, according to an unnamed government source speaking […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt’s budget deficit dips in first five months of FY 2018-19
Egypt’s budget deficit dipped to 3.1% from 3.7% y-o-y during the first five months of FY2018-19, coming in at EGP 162.3 bn, down from EGP 163.6 bn in the same period last year, according to a Finance Ministry report (pdf). Inflows to state coffers during the five-month period came in at EGP 321 bn while […]
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Gov’t puts pen to paper on strategy for Egypt’s energy hub ambitions
Gov’t puts pen to paper on EastMed energy hub strategy: A government committee has drafted a strategy to advance Egypt’s plan to become the premier energy hub in the Eastern Mediterranean region, according to a Cabinet statement. The strategy involves studying and benchmarking similar projects elsewhere, conducting a cost–benefit analysis, and devising short- and long-term […]
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Etisalat Misr awarded EGP 700 in dispute with Vodafone Egypt
Etisalat Misr wins EGP 700 mn arbitral award against Vodafone Egypt, Matouk Bassiouny & Hennawy law firm, which presented the former, said in a press release (pdf). Vodafone, which filed the lawsuit in 2016 due to concerns over interconnection fees with Etisalat Misr, is currently processing the verdict in order to respond appropriately, Youm7 noted.
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Egypt’s passenger car sales rise 55% y-o-y in October
Passenger car sales were up in October for the ninth consecutive month, rising 55% y-o-y to 14,640 vehicles, according to an Automotive Information Council (AMIC) report (pdf). Bus and car sales also increased 48.6% and 52.1% y-o-y, respectively, during the month. Passenger car sales also registered a 39% y-o-y increase in 11M2018, reaching 123.5k units […]
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Egypt Post could be about to get into the microfinance game
Egypt Post could be about to get into the microfinance game: The ICT Ministry is planning to introduce microfinance services through Egypt’s postal offices, minister Amr Talaat said, according to Al Mal. No further details were provided on the timing or specifics of the system. The number of microfinance borrowers in Egypt, who will benefit […]
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FRA approves Fawry’s insurance brokerage license
Fawry gets insurance brokerage license: The Financial Regulatory Authority (FRA) has given e-payments chain Fawry final approval for a license to provide insurance brokerage services, Amwal Al Ghad reports, citing unnamed sources. Fawry’s insurance brokerage arm will kick off with EGP 2 mn in capital. There are now a total of 80 companies that provide […]
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DP World signs EGP 1.6 bn agreement to expand Ain Sokhna Port
INVESTMENT WATCH- UAE’s DP World moving ahead with EGP 1.6 bn expansion of Ain Sokhna port: DP World has signed an EGP 1.6 bn agreement to move ahead with part of its project to expand Ain Sokhna port, the domestic press reports, citing unnamed sources. Rowad Modern Engineering has been hired as a contractor for […]
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Hyundai Rotem wins USD 134.5 mn bid to supply Egypt with metro cars
Hyundai Rotem lands USD 134.5 mn contract to supply metro cars: Hyundai Rotem has landed a USD 134.5 mn contract to supply Egypt with 48 air-conditioned cars for line two of the Cairo Metro by 2021, South Korea’s Pulse News reports. The agreement will be funded via a facility fund from the European Bank for […]
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Something’s going on out by the Pyramids, but we can’t quite put our finger on it
Something’s going on out by the Pyramids, but we can’t quite put our finger on it: The latest turn in the saga between Naguib Sawiris’ Orascom Investment Holding (OIH) and Prism International sees Prism ceding its exclusive right to run the Sound and Light show at the Giza Plateau to a joint venture it had […]