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Rising tension in Ukraine could threaten one of Egypt’s key sources of wheat and tourists: Ukraine, one of Egypt’s top suppliers of wheat, faces turmoil this morning as the country’s president, Petro Poroshenko, said overnight he would “propose that parliament declare martial law in the country after the Russian military attacked and seized three Ukrainian […]
Author Archives: enterpriseam admin
Posted inSpeed Round
CBE to provide mobile lending services in 1H2019
Central bank to allow mobile lending in 1H2019 –report: The CBE allow mobile lending as early as 1H2019 as part of the country’s financial inclusion drive and bid to reduce the role of cash in the economy, sources from mobile network operators Vodafone, Orange and Etisalat told Al Mal. Mobile lending take place through e-wallets […]
Posted inSpeed Round
Israel to supply natural gas to Greece, Italy and Cyprus
Israel wants to build a USD 7-8 bn pipeline to supply natural gas to Europe: Israel has signed agreements with Greece, Italy and Cyprus to supply them with natural gas through a USD 7-8 bn 2,000 km pipeline that will take some five years to build, Israeli TV news channel Hadashot reported late on Saturday, […]
Posted inSpeed Round
Central bank “putting final touches” on revised Banking Act to present it by year end
LEGISLATION WATCH- The central bank is “putting the final touches” on the revised Banking Act and is on track to present it to the Madbouly Cabinet by the end of the year, unnamed sources said. CBE Governor Tarek Amer had discussed with President Abdel Fattah El Sisi earlier this month final amendments to the bill, […]
Posted inSpeed Round
Gov’t to launch debit card Meeza in 2Q2019
The government aims to launch its “Meeza” debit card in 2Q2019, beginning with subsidy payments, CIT Minister Amr Talaat told Masrawy. The government plans for Meeza to act as a single platform through which citizens would be able to access all government services amid plans to push for financial inclusion and a cashless economy. Pensioners, […]
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Own a ‘modern’ car or have a big mobile phone bill? No subsidies for you.
Own a ‘modern’ car or have a big mobile phone bill? No subsidies for you. The government will use a wider basket of data points to determine which citizens are eligible to receive commodity subsidies in a bid to trim welfare rolls and better target subsidies to the truly needy, a Supply Ministry source tells […]
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Tarek Fahmy top candidate for sub-governor post at CBE
MOVES- Tarek Fahmy (LinkedIn) is the frontrunner to become the CBE’s new sub-governor for risk management and banking supervision, an unnamed source told Masrawy. The former head of internal audit at the National Bank of Egypt will replace Tarek El Kholy, who left his post in April to join the Saudi Investment Bank as CEO.
Posted inSpeed Round
Earnings watch: Egypt’s Domty reports EGP 34.7 mn 3Q2018 net profit
EARNINGS WATCH- Cheese producer Domty reported a net profit of EGP 34.7 mn in 3Q2018, up from EGP 22 mn in 3Q2017, according to the company's earnings release (pdf). Top line for the quarter reached EGP 691.2 mn, up from EGP 680 mn in 3Q2017.
Posted inSpeed Round
Correction: Titles of Egyptian finance ministry officials
CORRECTION- Mai Farid was appointed Assistant Minister of Finance for Economic Justice, while Yomna Akram Khattab became the new Assistant Minister of Finance for Fiscal Policy. We had incorrectly said yesterday that they were held the rank of vice minister. The story has since been corrected on our website. We regret the error.
Posted inUncategorized
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