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EXCLUSIVE- Egypt was among the top two recipients of EBRD’s investments worldwide in 2018, Managing Director for the Southern and Eastern Mediterranean Janet Heckman told Enterprise in a recent sit-down. Edited excerpts: We expect to sign the final contracts for a EUR 148 mn loan for the Kafr El Sheikh Kitchener Drain depollution project at […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Pharos Holding signs a global agreement with Exotix Capital
Pharos expands global reach in tie-up with Exotix: Our friends at Pharos Holding have inked a global agreement with emerging markets specialists Exotix Capital that will allow Exotix’s clients to trade the Egyptian market through Pharos Brokerage and to access the firm’s research products, the firms said in a joint statement (pdf). Pharos and Exotix […]
Posted inSpeed Round
AlGioshy Steel to invest EGP 500 mn in second steel rebar production line
INVESTMENT WATCH- AlGioshy Steel will invest EGP 500 mn to add a second production line at its steel rebar factory in Sixth of October by the end of 2019,CEO Tarek AlGioshy told Reuters on Wednesday, noting that it will not be financed by bank debt thanks to high interest rates. AlGioshy Steel started production of […]
Posted inSpeed Round
Cleopatra plans to build two holiday resorts in Matrouh for EGP 10 bn
Cleopatra Hospitality Group plans to build two holiday resorts in Marsa Matrouh at a cost of c. EGP 10 bn over the next five years, Group Chairman Mohamed Abou El Enein said yesterday. Cleopatra Group will self-finance about one-third of the cost and seek bank finance for the rest. The company is also eyeing new […]
Posted inSpeed Round
Banks say new tax treatment not to affect 2018 results
Banks say new tax treatment of income from gov’t debt won’t hit 2018 P&L: CIB’s 2018 financial results will not reflect the impact of proposed amendments to the tax treatment of bank income from government debt, it said in an EGX disclosure (pdf). The Federation of Egyptian Banks has recommended that loan loss provisions stay […]
Posted inSpeed Round
FRA sets framework for Egypt’s sukuk issuers
REGULATION WATCH- FRA sets framework for sukuk issuers: The Financial Regulatory Authority (FRA)has set the regulatory framework for sukuk issuers — who will operate special purpose vehicles (SPVs) that exclusively issue sukuks, the FRA announced yesterday. The framework outlines regulations for licensing and establishing SPVs, whose activities under the framework will be limited to investing […]
Posted inSpeed Round
GASC has not issued letters of credit for 16 wheat shipments
Gov’t dismisses traders’ claim of delay in letters of credit for wheat shipments: The government has responded to a Reuters report quoting traders who claimed state grain buyer GASC has not issued letters of credit to cover 16 wheat shipments, saying guarantees either have been or would be issued, the news agency reported. Size matters: […]
Posted inSpeed Round
Egypt signs agreements with global companies at EDEX 2018
Egypt signs agreements with global companies at EDEX 2018: France’s Naval Group and Egypt’s Marine Industries and Services Organization (MIASO) signed an MOU to establish a JV to maintain and insure the Egyptian navy’s French vessels for five years, the Defense Ministry said. Egypt’s air force also signed agreements with France’s Dassault Aviation to insure […]
Posted inUncategorized
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Posted inEGYPT IN THE NEWS
Egypt looks to diversify weapons sources via defense expo
Topping coverage of Egypt in the foreign press was the defense expo, which the AP’s Brian Rohan set in the context of Cairo’s ongoing bid to diversify its weapons procurement program to increase the proportion of non-US hardware it buys. Defense analyst Ben Moores predicts that Egypt will import weapons worth USD 9 bn over […]