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The House of Representatives’ general assembly is in recess until 9 December, House Speaker Ali Abdel Aal said yesterday, according to Youm7. You can expect committee work to continue during the break. Saudi Crown Prince Mohammed Bin Salman’s tour of Cairo is over this morning as the MbS leaves to continue his regional tour in […]
Author Archives: enterpriseam admin
Posted inWhat We're Tracking Today
More What We’re Tracking on 28 November 2018
Worried about the impact of Brexit tourism in Egypt? “So far Brexit fears do not appear to have reduced demand” for tourism to Egypt and North Africa, Peel Hunt analyst Ivar Jones tells the FT. Though still early days, summer 2019 bookings indicate travelers were “shifting to Turkey, Tunisia and Egypt and away from the […]
Posted inWhat We're Tracking Today
Did Mark Mobius just tell investors to ditch Saudi and go to Egypt?
Did Mark Mobius just tell investors to ditch Saudi for Egypt? The Khashoggi murder has really put off foreign investors from Saudi Arabia, said Mobius Capital Partners Mark Mobius. “If the leadership has questionable governance, how about the companies?” Mobius told Bloomberg in an interview. “There are other things going on that are very risky […]
Posted inWhat We're Tracking Today
Market players see 2019 as the comeback year for EMs
Portfolio managers and strategists see 2019 as a comeback year for EM shares, which took a beating throughout much of 2018, according to Bloomberg. Triple trend reversal next year: Next year could see a “triple trend reversal,” Morgan Stanley strategists suggest, pointing to prospects for 1) faster growth in China on the back of monetary […]
Posted inEnterprise+: Last Night’s Talk Shows
MbS’ trip to Egypt continues to reign supreme on the airwaves
Saudi Crown Prince Mohammed bin Salman’s visit to Egypt and relations between Cairo and Riyadh once again reigned supreme on the airwaves last night, but the discussion was insipid at best. Saudi Arabia has invested some USD 27 bn in more than 5,000 ventures in Egypt, the Council of Saudi Chambers’ deputy head, Abdullah Al-Adeem, […]
Posted inSpeed Round
Foreigners dump Egyptian debt for seventh month in a row; more speculation that state banks are propping up the EGP
Foreigners dump Egyptian debt for seventh month in a row; more speculation state that banks are propping up the EGP: Foreign investors exited some EGP 24.3 bn-worth of Egyptian treasuries in October, according to the central bank’s monthly statistical bulletin (pdf). Non-Egyptian holdings of treasuries stood at EGP 210.2 bn (c.USD 11.7 bn) at the […]
Posted inSpeed Round
Gov’t treasuries to trade on the EGX in 1Q2019
EXCLUSIVE- Gov’t treasuries to trade on the EGX in 1Q2019: The Madbouly government plans to begin selling treasuries on the EGX “on a trial basis” in 1Q2019, a government source told Enterprise. The source stressed that only long-term government bonds will be traded. The central bank is taking the lead on drafting the regulatory framework […]
Posted inSpeed Round
Change in tax treatment of treasury holdings won’t take effect until measure passes Egypt’s House; expect more news today
Change in tax treatment of treasury holdings won’t take effect until measure passes the House; expect more news today: The Federation of Egyptian Banks (FEB) appear to be closing in on an agreement on a new tax treatment of bank income from their holdings of state treasuries. Details of talks between the FEB and the […]
Posted inSpeed Round
Medhat Khalil appeals conditions for Raya MTO
M&A WATCH- Medhat Khalil appeals terms of FRA-mandated takeover bid for Raya: Raya Holding for Financial Investments founder Medhat Khalil has appealed the conditions laid out by the Financial Regulatory Authority (FRA) for a mandatory tender offer (MTO) for 100% of his company by 27 November, Al Mal reported. In his appeal, Khalil asked that […]