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Egypt has scrapped a discounted customs exchange rate of EGP 16 for non-essential imports including tobacco and cosmetics. The move is effective for at least one month starting 1 December, the Finance Ministry said in a statement (pdf). The rate for these goods will now be determined by the CBE’s average exchange rate from the […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Beltone goes on offensive against IB division’s suspension, says it is bad news for ECM and M&A activity market-wide
Beltone goes on offensive against IB division’s suspension, says it is bad news for ECM and M&A activity market-wide: The six-month suspension handed down by the Financial Regulatory Authority (FRA) to Beltone Financial’s investment banking unit threatens to derail a number of IPO and M&A transactions in the investment bank’s pipeline, Beltone CEO Bassem Azab […]
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Orascom Investment looks to invest EGP 10 bn in four major sectors over 2 years
INVESTMENT WATCH- Naguib Sawiris’ Orascom Investment Holding aims to invest EGP 10 bn in four sectors within two years,Group CEO Tamer El Mahdi said. The company is looking at opportunities in real estate, consumer, logistics and non-banking financial services, he said. OIH’s board of directors approved last week a USD 170 mn facility from the […]
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Qalaa to invest EGP 30 bn over three years, says Heikal
INVESTMENT WATCH- Qalaa to invest EGP 30 bn over three years: Qalaa Holdings is planning to invest EGP 30 bn over the coming three years, Chairman Ahmed Heikal said. That includes capital earmarked for subsidiary Egyptian Refining Company’s USD 4.3 bn refinery in Mostorod, which is currently around 98% complete, according to Heikal. The chairman […]
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Healthcare systems provider Sysmex sets up shop in Egypt
INVESTMENT WATCH- Japanese laboratory equipment giant Sysmex has set up shop in Egypt, according to a press release. Sysmex, a top-three supplier to domestic companies including International Diagnostics Holdings, specializes in the manufacture and sale of laboratory testing and laboratory equipment, computer systems and software for medical facilities, and healthcare information systems. Sysmex’s Egypt general […]
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Keep an eye out for a new, limited set of tax incentives for fresh investment
Keep an eye out for updates on the set of tax incentives for fresh investment in a limited list of sectors. An Investment Ministry committee is identifying which geographic areas and sectors will enjoy tax breaks of up to 50% for “underdeveloped” areas and 30% in select other areas, under the Investment Act, according to a […]
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Egypt’s M2 Money Supply grows 15.4% y-o-y in October
Egypt’s M2 Money Supply grew 15.4% y-o-y at the end of October to EGP 3.56 tn, according to CBE data. The pace is slower than September, when broad money supply grew by 16.3%.
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Rosneft applies for natural gas import license
Rosneft applies for natural gas import license: Russian energy giant Rosneft has begun the process of acquiring a license to import natural gas, sources told Al Mal on Thursday. The company has apparently received preliminary approval from the government to form a JV with a local entity for the activity, they added. If true, the […]
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PM orders freeze on new Tuktuk licenses
No new tuktuk licenses … for now: Prime Minister Moustafa Madbouly has ordered a temporary freeze new licenses for three-wheeled tuktuks, according to a cabinet statement. The prime minister singled out child labor and youth “wasting their potential” by driving tuktuks.
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E-Payments Act with Egypt’s Council of State for review
LEGISLATION WATCH- E-Payments Act with Council of State for review: The final draft of the E-Payments Act, which is meant to guide Egypt’s transition to a cashless, paperless economy, has been referred to the Council of State (Maglis El Dawla) for review, CBE Sub-Governor for Payment Systems and Business Technology Ayman Hussein said yesterday, according […]