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M&A WATCH- OIH set to acquire 30% of Sarwa: Naguib Sawiris’ Orascom Investment Holding (OIH) is set to acquire 30% of Sarwa Capital in a EGP 1.59 bn transaction that values the structured- and consumer-finance player at EGP 7.36 per share, according to reports in Al Mal and Al Borsa. (While each of these outlets […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt seeks World Bank, IMF support to include “informal sector” in GDP
Egypt wants World Bank and IMF to include the parallel economy in GDP: Egypt’s central bank wants the World Bank and IMF to include the informal economy in the calculation of the country’s GDP and other economic indicators, Reuters reports. “We are seeking support to quantify the informal sector and recognize it in the overall […]
Posted inSpeed Round
FinMin to work with Egypt’s banks on mitigating the impact of the new tax treatment
EXCLUSIVE- Tax officials spreading oil on troubled waters after flap over tax treatment of bank holdings of gov’t debt: Tax officials are actively working to smooth feathers ruffled by a proposed change to how bank income from investments in government debt is taxed. Multiple sources in the tax apparatus, including Abdel Azim Hussein (who spoke […]
Posted inSpeed Round
Abdel Azim Hussein tapped as new Tax Authority head
MOVES- Finance Minister Mohamed Maait tapped Abdel Azim Hussein as the new Tax Authority head, succeeding Emad Samy, Al Masry Al Youm reports. Samy’s one-year term leading the authority came to an end earlier this week and he will reach retirement age in February. Abdel Azim’s primary focus during his tenure will be to digitize […]
Posted inSpeed Round
Elsewedy, Arab Contractors ink USD 2.9 bn Tanzania dam agreement
Elsewedy, Arab Contractors ink USD 2.9 bn dam construction agreement with Tanzania: A joint venture between Elsewedy Electric and Arab Contractors has signed a USD 2.9 bn agreement to build a 2.1 GW dam and a hydropower plant over Tanzania’s Rufiji River, Elsewedy said in a statement (pdf). The final contracts, signed with Tanzania’s government, […]
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Egypt’s Hassan Allam, Arab Contractors to develop Maspero Triangle
Hassan Allam, Arab Contractors to undertake Maspero development project: Hassan Allam, Arab Contractors and an unnamed company are among the six companies selected to re-develop the Maspero Triangle, Housing Ministry sources said yesterday. The New Urban Communities Authority (NUCA) has also started building residential blocks for the 950 families who chose to stay after the […]
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UAE’s Al Ghurair and Murban sign shareholder agreement with Al Ahly Capital for USD 1 bn sugar factory in Egypt’s Minya
INVESTMENT WATCH- UAE’s Al Ghurair and Murban sign shareholder agreement with Al Ahly Capital for USD 1 bn Minya sugar factory: UAE’s Al Ghurair and Murban have signed a shareholder agreement with Al Ahly Capital Holding for the USD 1 bn Al Canal sugar beet processing factory in Minya, according to a statement (pdf). Under […]
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