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Egypt-China talks for a USD 20 bn project in the new capital have reached a deadlock amid a fight over revenue sharing, officials told Bloomberg. China Fortune Land Development (CFLD) had been in talks with Egypt for the past two years to develop the large-scale project over a 25-year period in the new administrative capital. […]
Author Archives: enterpriseam admin
Posted inSpeed Round
FinMin to apply tax treatment of Egypt debt holdings to both bank, corporates
Corporates will see the tax treatment of their income from state debt change, too: Corporations will join banks in seeing changes to how their income from holdings of government is taxed, minister Mohamed Maait told Al Mal. Large wheat milling companies, real estate players — such as Emaar (who holds some EGP 8.8 bn in […]
Posted inSpeed Round
Egypt’s Finance Ministry to tender for eurobond managers in January, plans to include Asian banks
EXCLUSIVE- FinMin to tender for eurobond managers in January, plans to include Asian banks: The Finance Ministry is expected to officially invite next month investment banks bid to act as joint lead managers of Egypt’s upcoming eurobond issuance, a senior government official tells Enterprise. According to the official, the ministry is looking to select at […]
Posted inSpeed Round
Swvl in market for USD 50-100 mn loan to fund Egypt, foreign expansion
Swvl in market for USD 50-100 mn loan to fund local, global expansion: Mass transit app Swvl is in talks with Asia-based investment funds to secure a USD 50-100 mn loan to finance its local and global expansion plans, CEO and co-founder Mostafa Kandil tells Al Mal. Kandil is hoping Swvl could sign the loan […]
Posted inSpeed Round
Earnings Watch: SODIC reports 44% y-o-y net profit growth in 3Q2018
EARNINGS WATCH- SODIC reported 44% y-o-y growth in its bottom line to EGP 238 mn in 3Q2018 with a strong net profit margin of 26%, the company said in its earnings release (pdf). Revenues reached EGP 909 mn for the quarter, marking a 56% increase y-o-y, driven by “deliveries in Caesar and Villette that contributed […]
Posted inSpeed Round
EFG Hermes’ CEO Walid Hassouna joins KarmSolar’s board
MOVES- EFG Hermes Finance CEO Walid Hassouna and market expert Nadia Ellozy have joined KarmSolar’s board of directors,the company said in a press release (pdf).
Posted inSpeed Round
** WE’RE HIRING: We’re looking for smart, talented, quirky people to join our team and help us make both the product you’re reading now and some exciting new stuff. We’re particularly interested in: Journalists with print, audio and / or video skills — both editors and reporters (for both our English and our Arabic editions); […]
Posted inUncategorized
** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]
Posted inUp Next
What we’re tracking this week and beyond
The Federation of Egyptian Chambers of Commerce (known by the unfortunate acronym FEDCOC) will meet with its Saudi counterpart in Aswan tomorrow and Wednesday to discuss jointly working to promote the development of SMEs, federation boss Ahmed El Wakeel had said. The Cairo Economic Court is due to rule on an appeal by pharma distributors […]
Posted inEGYPT IN THE NEWS
Everybody loves them mummies
It’s a very quiet morning for Egypt in the international press. The latest discovery from ancient Egypt — a well-preserved 4,400-year-old tomb in Saqqara — still tops coverage, with CNN and Orlando Sentinel joining their peers in picking up the story from the wires.