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INVESTMENT WATCH- UK-based travel tourism company TUI will launch two new concept hotels, one each in Marsa Alam and Hurghada, according to TravelMole. The hotels are include the Sensimar Alaya in Marsa Alam (due to launch February 2019) and an unnamed resort in Hurghada (launching summer 2019). There was no mention of the investment cost […]
Author Archives: enterpriseam admin
Posted inSpeed Round
All Egypt joint stock companies must register shares in Misr Clearing by January
REGULATION WATCH- All joint stock companies must register shares in Misr Clearing by January — or else: The Madbouly government is making it mandatory for all joint stock companies (basically, any company with “SAE” at the end) to register their shares with Misr for Central Clearing, Depository and Registry by 16 January 2019. Companies failing […]
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CBE to restructure Egypt treasuries auctions
CBE to restructure treasury auctions and sales: The central bank, cooperation with the Finance Ministry, is looking to shake up the current bond auction system in a bid to lure new investors to Egyptian treasuries. The CBE will establish a central securities depository that will include a primary and secondary market auction systems, an electronic […]
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Gov’t working on a single card for citizens to receive social welfare benefits and subsidies
CABINET WATCH- “Meeza” debit card to encompass all government services: The government is working to expand its new “Meeza” state debit card to be the single platform through which citizens will access all government services, including healthcare services under the Universal Healthcare Act, according to a Cabinet statement. Subsidies beneficiaries (whether it be fuel and […]
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Gov’t looks to raise stamp tax on phone lines
EXCLUSIVE- Gov’t looks to raise stamp tax on phone lines: The Finance Ministry could raise the stamp tax on phone lines through legislative amendments now on the drafting table, a ministry source told Enterprise. Mobile network customers currently pay EGP 6 a year in stamp tax dues for their credit usage, whether that be under […]
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Executive regulations for Food Cart Act ready soon
LEGISLATION WATCH- Executive regulations for the Food Cart Act will be ready “soon,” Investment Minister Sahar Nasr said, according to Youm7. The act was ratified by President Abdel Fattah El Sisi in June. The legislation, proposed by Rep. Mohamed Ali Youssef, includes 17 clauses regulating permits, equipment, location, fees, and food safety standards.
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Sherif Elwy selected as CEO of Arab African International Bank
MOVES- Sherif Elwy (bio) was reportedly named CEO and managing director of Arab African International Bank, replacing Hassan Abdalla, an unnamed banker told Masrawy, confirming our report of this past September. Elwy previously led Arab Bank in Egypot. The central bank’s Mai Aboulnaga, finance ministry’s Ahmed Kochouk and Ibrahim Safwat Lotfy have reportedly been appointed […]
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Facebook appoints Ramez Shehadi as its MENA managing director
MOVES- Facebook has announced it had tapped veteran Booz management consultant Ramez Shehadi (LinkedIn) as its new managing director for the Middle East and North Africa (MENA), according to a press release.
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Shady Amin appoints to head the Trade Ministry’s IDA
MOVES- Trade Minister Amr Nassar has appointed Shady Amin to head the ministry’s Industrial Development Authority (IDA), ministry sources said, according to Youm7. Amin succeeds Ahmed Abdel Razak, who’s been in office since October 2016. His appointment comes as issues related factory licensing and industrial registry are expected to top the IDA’s agenda in the […]
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Correction
CORRECTION- We had incorrectly said in our Monday issue that Pioneers Holding was looking to acquire 100% of Electro Cable Egypt in a transaction valued at as much as EGP 711.5 mn; that figure actually represents the value of 100%, and Pioneers Holding already owns 48.5% of the company. That implies the acquisition is actually […]