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Uber pilots bus service in Cairo: Uber CEO Dara Khosrowshahi was in Cairo yesterday to launch Uber Bus, the ride-hailing company’s mass transit service. Cairo is the first city to pilot the service globally. How does it work? The service is essentially an upscaled, tech-enabled version of a microbus route (though the bus we saw […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Our sitdown with Dara Khosrowshahi
Our sitdown with Dara Khosrowshahi: We had the opportunity to speak with the Uber CEO on his first visit to Cairo since taking over the company. The discussion ranged from the launch of Uber Bus to the company’s love of Egypt as an investment destination, how Egypt fits into its global strategy and where he […]
Posted inSpeed Round
Egypt’s FX reserves reach USD 44.513 bn at end-November
Egypt’s net foreign reserves were flat at USD 44.513 bn as of the end of November compared to USD 44.501 bn the previous month, the central bank reported on Tuesday.
Posted inSpeed Round
World Bank pledges USD 1 bn loan to support Egypt’s reform program, private sector development
World Bank pledges USD 1 bn in fresh funding to support Egypt’s reform program, private sector development: The World Bank has pledged to provide Egypt with a new USD 1 bn loan to help finance the next phase of the government’s economic reform program, which focuses on spurring private sector growth, the bank said in […]
Posted inSpeed Round
AMOC in talks to increase stake in Alexandria Wax Products Co.
M&A WATCH- AMOC in talks to purchase Sasol’s stake in Alexandria Wax Products Co: The Alexandria Mineral Oils Co. (AMOC) is in talks to acquire a portion of Sasol Germany GmBH’s stake in Alexandria Wax Products Co at EGP 100 per share, according to an EGX disclosure (pdf). AMOC, which currently holds 40% of Alexandria […]
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GAFI ratifies sale of Helwan Cement plant to Emaar
M&A WATCH- GAFI signs off on sale of Helwan Cement plant to Emaar: The General Authority for Freezones and Investment has approved Helwan Cement’s decision to sell its white cement plant in Minya to Emaar Industries, which Helwan’s extraordinary general assembly had approved last month, according to an EGX disclosure (pdf).
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MM Group increases stake in Kanawat Distribution to 62.7%
M&A WATCH- MM Group for Industry and International Trade increased its stake in Kanawat Distribution to 62.7% up from 37.5% in a transaction worth EGP 73.9 mn. The acquisition of 21.67% has been completed, while the remaining 3.53% is pending approval from the EGX. We had previously reported that MM Group was going to increase […]
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Earnings watch: Cleopatra Hospitals Group reports 3Q2018 results
EARNINGS WATCH- Cleopatra Hospitals Group reported a 186% y-o-y increase in net profit to EGP 91.6 mn in 3Q2018 from EGP 32 mn in 3Q2017, according to the company’s earnings release (pdf). Revenues for the quarter stood at EGP 388.3 mn, up 32% y-o-y from EGP 293.2 mn in the same period last year. Profit […]
Posted inSpeed Round
Transmar looks to capture market share in citrus export season
EXPORT WATCH- Home-grown shipping giant Transmar is looking to capture new market share as Egypt’s citrus export season gets underway, the company said in a statement yesterday. Transmar is looking to capture new market share in the export of lemons, limes, tangerines and grapefruits and singled out oranges as a particularly promising category as it […]
Posted inSpeed Round
Egyptian government to investors: We’re staying the course on the IPO program, and the tax treatment of banks is in line with international norms
Gov’t to investors: We’re staying the course on the IPO program; the tax treatment of banks is in line with international norms. Finance Minister Mohamed Maait and Public Enterprise Minister Hisham Tawfik briefed investors yesterday at a Beltone investor access event. Among the highlights, according to a research note circulated after the event (pdf): The […]