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M&A WATCH- Uber, Careem merger talks appear to be in advanced stages despite Egyptian Competition Authority warning: Dubai-based ride-hailing operator Careem is using investment bank Jefferies as an advisor on a potential merger with Uber, three inside sources told Reuters. The news suggests Careem and Uber are ignoring a sharp warning from Egypt’s competition watchdog […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Ride-Hailing Apps Act exec regs out soon
LEGISLATION WATCH- Executive regulations for the Ride Hailing Apps Act will be ready before year-end, Mohamed Hegazy, the head of the CIT Ministry’s legislative division, tells Masrawy. The act passed the House of Representatives in May and was signed into law in June. The executive regulations were initially due out in September. We had heard […]
Posted inSpeed Round
Gov’t to send Real Estate Tax Act amendments to House in December
LEGISLATION WATCH- Gov’t to send Real Estate Tax Act back to House in December: The Madbouly Cabinet has pledged to send amendments to the Real Estate Tax Act back to the House of Representatives for review in December, said Rep. Yasser Omar. The House had overhauled government-proposed amendments and drafted a revised version that significantly […]
Posted inSpeed Round
E-commerce Act to be ready in 1Q2019
LEGISLATION WATCH- E-Commerce Act coming in 1Q2019: The Communication and Information Technology Ministry will finish drafting a new law regulating e-commerce in 1Q2019, CIT Ministry official Mohamed Hegazy told Al Mal. The ministry will hold public consultations on the bill before the end of November in cooperation with the central bank as well as the […]
Posted inSpeed Round
Earnings watch: Elsewedy Electric’s net profit and revenues fall in 3Q2018
EARNINGS WATCH- Elsewedy Electric’s consolidated net profit fell to EGP 1.16 bn in 3Q2018 from EGP 1.58 bn during the same quarter last year, the company said in its earnings release (pdf). The company’s consolidated revenues for the quarter also fell to EGP 10.21 bn from EGP 11.46 bn the previous year, which the company […]
Posted inSpeed Round
France’s Macron to visit in January
French President Emmanuel Macron will visit Egypt in January. Look for security cooperation (including the situation in Libya) as well as economic ties to feature high on the agenda, France’s ambassador in Cairo, Stéphane Romatet, said on Monday, according to Sada El Balad. A delegation of 12 French companies is expected to accompany Macron to […]
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
SWF bylaws and articles coming soon: Officials will meet on Thursday to look into the “nearly complete” bylaws and articles governing Egypt’s upcoming sovereign wealth fund, Planning Minister Hala El Said said, according to Al Mal. Pitch for a spot in Fintech Cairo: Pharos’ Pride Capital has launched Fintech Cairo in partnership with global seed […]
Posted inImage of the Day
Egypt’s falconers community gather to celebrate World Falconry Day
Egypt’s community of falconers gathered on Saturday in Borg El Arab to celebrate World Falconry Day, Xinhua said. “For two days, falconers have been showing their skills and the skills of the birds in hunting, speed as well as the beauty of the raptors,” Egyptian falconer Sayed El Sayed said. El Sayed is the admin […]
Posted inEGYPT IN THE NEWS
Egyptian wrestlers giving us our version of WWE
It can only be called a “weird” day for Egypt in the international press, with our homegrown answer to WWE going viral a few weeks after it first made headlines and a passel of stories tackling the nation’s human rights record. Fighters with eccentric costumes, masks, and face paint are giving us our own version […]