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2019 looks reasonable for Egypt, less so for other emerging markets -EFG: EFG Hermes’ 2019 yearbook suggests that a “sustained recovery” in emerging markets is unlikely until the US Federal Reserve ends monetary tightening. The Fed is expected to continue hiking up rates until mid-2019, says the report, which predicts that “EM currencies could move […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egyptian gov’t retracts oil hedging contracts as crude falls short of budget forecast
EXCLUSIVE- Gov’t walks away from fuel hedging plan as oil price plunge sees crude trading below budget prediction: The Finance Ministry has pulled fuel hedging contracts it was due to finalize with two banks as crude prices proved lower than annual budget projections, a government source told Enterprise. Even though it has jumped in recent […]
Posted inSpeed Round
Egypt’s FRA to hear Beltone’s appeal of its suspension today
The Financial Regulatory Authority will hear today an appeal today by Beltone Financial of a six-month suspension handed to the firm’s investment banking arm. The FRA had imposed the suspension following allegations of irregularities in the IPO of consumer- and structured-finance player Sarwa Capital, whose shares plunged on the first day of trading. Beltone has […]
Posted inSpeed Round
SODIC enters EGP 800 mn settlement agreement with IGA
SODIC enters EGP 800 mn settlement agreement with IGA: Leading real estate developer SODIC has agreed to pay EGP 800 mn in a settlement with a state agency to avoid “entering into lengthy legal disputes,” the company said yesterday (pdf). The settlement avoids “significant [potential] negative implications on the Company and its stakeholders,” SODIC said, […]
Posted inSpeed Round
House ratifies Egypt-Cyprus pipeline agreement, other recent agreements
LEGISLATION WATCH- House ratifies Egypt-Cyprus pipeline agreement: The House of Representatives’ Legislative Committee approved yesterday the Egypt-Cyprus agreement to establish a natural gas pipeline connecting Cyprus’ Aphrodite natgas field to liquefaction plants at home, according to Youm7. The pipeline will be used to bring in natgas for re-export to Europe, a key element of Egypt’s […]
Posted inSpeed Round
House happy with Competition Act amendments, votes to extend real estate tax collection period
LEGISLATION WATCH- House gives preliminary nod to Supply Affairs Law, Competition Act amendments: The House of Representatives’ general assembly have preliminary approval to proposed amendments to the Supply Affairs Law and the Egyptian Competition Act, but postponed its final vote due to lack of quorum, Al Ahram reports. The amendments would, if passed, grant supply […]
Posted inSpeed Round
Egyptian and UK officials are talking about what post-Brexit trade looks like
EXCLUSIVE- Egyptian and UK officials are talking about what post-Brexit trade looks like: The UK is committed to preserving its trade and investment relationship with Egypt throughout and beyond the Brexit period, UK Trade Commissioner for Africa Emma Wade-Smith OBE told Enterprise in a recent sit-down. Our discussion came as Prime Minister Theresa May is […]
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
The CBE will auction USD 1 bn worth of one-year T-Bills today, and will settle the auction on Tuesday, according to a CBE statement picked up by Reuters. Arab Contractors will sign on Wednesday the final contracts to build a USD 3 bn hydroelectric dam over Tanzania’s Rufiji River, according to Ittihadiya. Arab Contractors was […]
Posted inTHE MACRO PICTURE
Moscow’s influence in the Middle East is increasing as Washington’s is waning
Moscow’s influence in the Middle East is increasing as Washington’s is waning, Liz Sly writes for the Washington Post. Over the past several months, several Arab leaders — including Egyptian President Abdel Fattah El Sisi, Saudi Arabia’s King Salman, and the crown prince of Abu Dhabi — have chosen to visit Moscow more frequently than […]