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Gov’t signs USD 35 mn settlement agreement with IFC for Omar Effendi debt: The Omar Effendi Company signed on Thursday an agreement with the World Bank’s International Finance Corporation (IFC) to settle the company’s USD 35 mn debt to the corporation, according to a Cabinet statement. The agreement will see the Holding Company for Construction […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt’s FRA involves businesses in Consumer Credit Act draft
LEGISLATION WATCH- FRA wants business input into its proposed Consumer Credit Act: The Financial Regulatory Authority (FRA) has opened consultations with the business community over a proposed law to regulate consumer finance providers, unnamed sources told Al Mal. The draft consumer credit bill, which the FRA is set to introduce next year, will regulate how […]
Posted inSpeed Round
Cabinet to sign off on Customs Act amendments this week?
LEGISLATION WATCH- Cabinet to sign off on Customs Act amendments this week? The proposed amendments to the Customs Act are apparently alive and well, and will be approved by the Madbouly Cabinet this Wednesday, Finance Minister Mohamed Maait said, according to Amwal Al Ghad. Cabinet had approved “in principle” the amendments earlier this month, but […]
Posted inSpeed Round
Egypt’s cabinet nods to PPP law amendments
CABINET WATCH- Cabinet greenlights PPP law amendments: Cabinet approved on Thursday legislative amendments to streamline public-private partnership (PPP) contracts, according to a statement. The proposed amendments, which the Finance Ministry began drafting earlier this month and which now go to the Council of State for review, are designed to make it easier to implement infrastructure, […]
Posted inSpeed Round
House approves civil rights, medical tourism legislation
LEGISLATION WATCH- It was a busy weekend at the House of Representatives as MPs: Medical tourism bill: The House Tourism Committee discussed a medical tourism bill yesterday. MPs will meet again today to start working on the bill and a timeline for its introduction to the House as a whole. Cabinet-sponsored bills amending the income […]
Posted inSpeed Round
Earnings watch: Qalaa Holdings reports 3Q18 results
EARNINGS WATCH- Qalaa Holdings recorded a net profit of EGP 126.4 mn in 3Q2018, up from a net loss of EGP 311.8 mn during the same period last year, according to the company’s earnings release (pdf). Qalaa’s revenues rose 40% y-o-y in 3Q2018 to EGP 3.3 bn “on the back of strong results from its […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Egyptian court clears 40 NGO workers, including Americans
Driving the conversation this morning: A court acquitted on Thursday 40 NGO workers who were charged with operating without approval in a controversial 2013 case that dealt Egypt’s image abroad a blow and strained relations with the United States, Reuters reported. The workers, including Egyptians, Europeans, Arabs and at least 15 Americans, had been sentenced […]
Posted inON THE FRONT PAGES
Inauguration of greenhouse project dominates headlines in Egypt’s newspapers
Egypt’s three main state-owned dailies are all running front-page headlines on the inauguration of a large scale greenhouse project (Al Ahram | Al Akhbar | Al Gomhuria). The project’s inauguration also featured heavily on last night’s talk shows, which we recap in detail above.
Posted inWorth reading
The upside to Egypt’s exposure to investment arbitration and affinity for settlements
The upside to Egypt’s exposure to investment arbitration and affinity for settlements: The volume of international arbitration cases brought against Egypt and settled out of court following the events of 2011 has earned Egypt a misplaced reputation that the government is on a losing streak, Youssef & Partners Managing Partner Karim Youssef says, according to […]