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Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
A mixed bag of nuts on the airwaves
No single topic drove the conversation on last night’s talk shows, leaving the talking heads to poke around a variety of stories and issues. Egypt expects to sign the final agreement for the high-speed electric train that will link Cairo to the new administrative capital with the Chinese company that will construct the railway soon, […]
Posted inSpeed Round
Egypt’s central bank to hold rates on Thursday amid tamed inflation
EXCLUSIVE- Enterprise poll of economists sees CBE leaving interest rates unchanged on Thursday: The central bank will likely keep its key interest rates on hold when its monetary policy committee meets on Thursday, an Enterprise poll of 10 economists found. Citing a recent drop in inflation, the economists and analysts we surveyed said they expect […]
Posted inSpeed Round
Egypt is not receiving fifth IMF tranche this month, but reforms aren’t delayed
EXCLUSIVE- Egypt won’t be receiving the fifth tranche of its IMF facility this month — but reforms aren’t being delayed, either: The Madbouly government is not in talks with the IMF to delay any part of its reform agenda, a senior government official tells Enterprise, denying a report in the domestic press over the weekend […]
Posted inSpeed Round
Are banks trying to find a way around higher taxes?
Shocker: Banks are looking for a way around higher taxes. The Federation of Egyptian Banks is in talks with the Finance Ministry to allow its members to deduct as an expense the EGP 2.5/1,000 healthcare levy on their top line, multiple sources told Al Mal. If the levy is not expense deductible, this would mean […]
Posted inSpeed Round
Gov’t expects USD 86.7 bn in foreign currency inflows into Egypt during 2019
Gov’t expects USD 86.7 bn in foreign currency inflows throughout 2019: The government is expecting 2019 to see USD 86.7 bn in foreign currency inflows, government sources told Youm7. The inflows include: Exports — USD 27 bn Remittances — USD 26 bn Tourism — USD 11 bn Foreign direct investment — USD 9 bn Suez […]
Posted inSpeed Round
Egypt’s Misr Capital Investments hires new team to lead restructuring
Banque Misr’s investment banking arm gets new team amid restructuring plans: Misr Capital Investments, the investment banking arm of state-owned Banque Misr, has hired a team (pdf) of veteran investment bankers and financial professionals, giving them a mandate to transform the outfit into a full-fledged investment bank. Misr Capital Investments’ new co-CEO and MD is […]
Posted inSpeed Round
FRA rejects Beltone’s appeal of its six-month suspension
The Financial Regulatory Authority (FRA) rejected yesterday Beltone Financial’s appeal of a six-month suspension handed to its investment banking arm over alleged irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, Al Mal reports. The FRA alleges that Beltone inflated subscription figures in the bookbuilding process and claims that the institutional offering was […]
Posted inSpeed Round
EFG Hermes’ Egypt Education Fund is oversubscribed at first close
EFG Hermes’ Egypt Education Fund is oversubscribed at first close: EFG Hermes’ private equity arm has hit first close on its Egypt Education Fund with total commitments of USD 119 mn, according to a company press release (pdf). The commitments, which are well above an initial target of USD 50-100 mn, were raised in just […]
Posted inSpeed Round
Rep offices in Egypt have three years to open full offices in Egypt
Rep offices need to open full operations within three years under new decree: The General Authority for Freezones and Investments (GAFI) has recently issued a decree requiring foreign parent companies to open in Egypt within three years of opening representative offices here, according to law firm Riad & Riad newsletter. Foreign companies have the right […]