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Is the Madbouly government trying to push the IMF’s timeline for the next round of reforms? The government is reportedly in talks with the IMF to delay unspecified components of its reform agenda, unnamed sources told the domestic press over the weekend. Cabinet is reportedly looking to divorce the disbursal of the next USD 2 […]
Author Archives: enterpriseam admin
Posted inSpeed Round
West Cairo is getting an Ikea as Marakez, Al Futtaim ink agreement
EXCLUSIVE- West Cairo is getting an Ikea. Fawaz AlHokair Group’s Marakez has inked a long-term lease agreement with Al Futtaim Misr for Retail to open a 20k sqm Ikea store at Mall of Arabia in West Cairo, according to a statement (pdf). The outlet will be the second in Egypt for the Swedish home furnishing […]
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EFG Hermes’ Vortex divests its 49% stake in 998 MW European wind power portfolio
EFG Hermes’ Vortex Energy divests its 49% stake in 998 MW European wind power portfolio: EFG Hermes’ Vortex Energy has sold its 49% stake in a pan-European operational wind power portfolio that includes 56 wind farms with a combined capacity of 998 MW, according to a statement (pdf). Vortex sold its stake to “institutional investors […]
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Central Bank of Egypt does not intend to extend its EGP 16.8 bn debt relief program
The CBE does not intend to extend its EGP 16.8 bn debt relief program, which is scheduled to expire at the end of the month, three banking sources said, according to Masrawy. The central bank had launched in June the initiative to forgive EGP 16.8 bn-worth of interest payments on non-performing loans held by nine […]
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Expat remittances rise 17% in October to USD 2.1 bn
Remittances from Egyptians living abroad rose 17% in October to USD 2.1 bn from USD 1.8 bn in September 2018, according to a central bank statement (pdf). This puts the remittances for 10M2018 at USD 21.4 bn, up 8% from around USD 19.8 bn in 10M2017.
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Khalil withdraws appeal, asks Egypt’s FRA for 60-day grace period to submit MTO
M&A WATCH- Khalil withdraws appeal, asks FRA for 60-day grace period to submit mandatory offer for Raya: Raya Holding founder Medhat Khalil has withdrawn his appeal against the conditions laid out by the Financial Regulatory Authority, which has ordered Khalil to sell down shares in Raya or make a mandatory tender offer for 100% of […]
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Sarwa shares down 7% on the EGX on second day after OIH acquisition
M&A WATCH- Sarwa shares down 7% in day two after OIH acquisition: Sarwa Capital’s share price fell just over 7% by the closing bell on Thursday, wrapping the day at EGP 5.98 per share from its opening price of EGP 6.52. That brings Sarwa shares down just over 17% in the two trading sessions after […]
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Peugeot Citroen in court in CDCM case today
COURT WATCH- Court will hear EUR 150 lawsuit against Peugeot Citroen today: A Cairo court will begin hearing today a lawsuit brought by Arabian Investments, Development and Financial Investment Holding Co. (AIND) subsidiary Cairo for Development and Cars Manufacturing (CDCM) against Peugeot Citroen. CDCM brought the case after the French automaker ended a four-decade-old partnership, […]
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Pharma corruption case postponed to 19 February
COURT WATCH- The Cairo Economic Court has postponed to 19 February its ruling in an appeal by pharma distributors of an antitrust fine, according to a company disclosure from Ibnsina (pdf). The distribution companies (Ibnsina, Ramco, Multipharma and United Company for Distribution and Trade) are appealing an Egyptian Competition Authority fine of EGP 5.6 bn […]
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Egypt’s talks with China Fortune Land Development (CFLD) could be revived
Egypt’s talks with China Fortune Land Development (CFLD) to build projects worth some USD 20 bn project in the new administrative capital could be revived, the New Administrative Capital Company’s (NACC) Chairman Ahmed Zaki Abdeen said. NACC is currently in talks with other foreign entities though to develop the new capital’s “business district,” Abdeen said, […]