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Posted inEnterprise+: Last Night’s Talk Shows
The airwaves were abuzz with praise for El Sisi’s speech in Vienna on digitization
El Sisi in Austria dominates airwaves: President Abdel Fattah El Sisi’s speech at the High-Level Africa Europe-Forum was (expectedly) the main topic of discussion on the airwaves last night. We have more on the president’s remarks in Speed Round, below. The president’s focus on the importance of digitization an information technology was not lost on […]
Posted inSpeed Round
CBE considering allowing new int’l banks to enter Egypt
Will the central bank issue new licenses to international players looking to set up shop in Egypt? The Central Bank of Egypt is mulling whether to resume issuing licenses to international banks that want to open in Egypt, according to a report in state news agency MENA picked by Al Shorouk. The move will help […]
Posted inSpeed Round
CBE looking into issuing digital currency
Central bank still poking into crypto: The CBE is still working on feasibility studies on the potential issuance of a digital currency, Sub-Governor Ayman Hussein said earlier this week, positioning the study as part of the Sisi administration’s drive toward a cashless society. The sub-governor did not name the international institutions the CBE is working […]
Posted inSpeed Round
Careem in talks with banks in Egypt to finance drivers’ cars
Ride-hailing app Careem is in talks with three Egyptian banks to expand financing plans for Careem drivers who want to buy new vehicles, Careem Egypt CEO Wael Abou El Ela revealed, according to Al Mal. Some 1,000 drivers have financed new vehicles through the company’s existing agreement with Sarwa Capital. Abou El Ela also said […]
Posted inSpeed Round
Egypt’s Orascom Investment acquires 30% of Sarwa for EGP 1.59
M&A WATCH- OIH completes 30% acquisition of Sarwa at EGP 7.36 per share: Naguib Sawiris’ Orascom Investment Holding has acquired 30% (or about 216 mn shares) of structured- and consumer-finance player Sarwa Capital in an EGP 1.59 bn transaction at EGP 7.36 per share, according to an EGX statement (pdf). The EGX had given OIH […]
Posted inSpeed Round
FinMin scraps Customs Act, plans to send it back to public discussion
LEGISLATION WATCH- FinMin scraps proposed Customs Act amendments: Finance Minister Mohamed Maait has scrapped a set of proposed amendments to the Customs Act and will put it back up for public discussion in 1Q2019, Federation of Chambers of Commerce (FEDCOC) Head Ahmed El Wakeel told Al Mal. The proposed amendments — which included provisions to […]
Posted inSpeed Round
Computers to be granted preferential customs rate, customs duties to be paid in installments
Your MacBook Pro is now an essential import: Computers will be added to the list of imports on which customs duties will be calculated using the preferential exchange rate of EGP 16 to the greenback, Finance Minister Mohamed Maait announced yesterday according to AMAY. Maait added that the decision took effect yesterday at customs ports […]
Posted inSpeed Round
El Sisi stresses importance of tech and digitization to Africa’s development
El Sisi stresses importance of tech, digitization to Africa’s development: The advancement of technology and digitization in Africa is key to the development of the continent’s infrastructure and economic competitiveness, President Abdel Fattah El Sisi said at the High-Level Africa- Europe Forum in Austria yesterday, according to a readout of his speech. African countries have […]
Posted inSpeed Round
SLCC annulls USD 10 mn Giza Plateau development contract with OIH
Sound and Light Company scraps USD 10 mn Giza Plateau development contract with OIH: The Sound and Light Cinema Company (SLCC) is working to annul its contract with Orascom Investment Holding (previously known as OTMT) for the USD 10 mn development project at the Giza Plateau, Egyptian General Company for Tourism and Hotels (EGOTH) Chairperson […]