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Author Archives: enterpriseam admin
Posted inSpeed Round
Central Bank of Egypt leaves interest rates unchanged
The central bank of Egypt (CBE) kept key interest rates on hold on Thursday, citing higher-than-expected headline inflation rates in September and October. The bank’s monetary policy committee left the overnight deposit and lending rates at 16.75% and 17.75%, respectively, and also left on hold its main operation and discount rates at 17.25%, the CBE […]
Posted inSpeed Round
Egypt’s Finance Ministry sees the economy growing at a blistering 6.5% in the state’s 2019-20 fiscal year
The Finance Ministry sees the economy growing at a blistering 6.5% in the state’s 2019-20 fiscal year, up from a projected 5.*% this fiscal year. That’s perhaps the most interesting take away from the ministry’s 2019-20 budget guidelines (pdf). The ministry sees GDP growth accelerating to 6.9% in 2020-21 and 7.3% in 2021-22. The budget […]
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Egypt unemployment ticks up to 10% in 3Q2018
Egypt’s unemployment rate rose fractionally to 10% in 3Q2018, up from 9.9% the previous quarter, according to data from state statistics agency CAPMAS. Unemployment stood at 11.9% a year ago.
Posted inSpeed Round
Egypt M&A activity up almost 4x to USD 1.5 bn so far this year, but still pales compared to recent high water mark in 2013
Egypt M&A activity up almost 4x to USD 1.5 bn so far this year: Some 14 transactions have seen total M&A activity in Egypt of USD 1.5 bn year-to-date in 2018 according to Mergermarket (pdf). Last year, companies closed some 10 transactions worth just USD 389 mn. Energy, mining and utilities made up the bulk […]
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Medhat Khalil requests deadline extension for Raya MTO
M&A WATCH- Medhat Khalil requests a deadline extension for Raya MTO: Raya Holding for Financial Investments founder Medhat Khalil has asked the Financial Regulatory Authority (FRA) to extend the 27 November deadline for him to make a mandatory tender offer for 100% of his company to January or February, he told Al Mal. Khalil, who […]
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EAEF will invest an additional USD 165 mn in Egypt by end-2019
INVESTMENT WATCH- EAEF is looking to invest as much as USD 165 mn in Egypt by the end of next year: The Egyptian American Enterprise Fund (EAEF) plans to invest some USD 165 mn in Egyptian businesses by the end of 2019, Executive Director Amal Enan said. According to Enan, the EAEF had previously set […]
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Court rejects Beltone’s request to stay FRA-imposed suspension on investment banking arm; next hearing 1 December
Court rejects Beltone’s request to stay FRA-imposed suspension on investment banking arm: An administrative court rejected yesterday Beltone Financial’s request to stay proceedings on a six-month suspension handed to its investment banking division by the Financial Regulatory Authority (FRA), sources tell Al Mal. According to the sources, the court requested that Beltone and the FRA […]
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What’s happening with the promised release of export subsidy funds, ask Egypt’s exporters
What’s happening with the promised release of export subsidy payments, ask Egypt’s exporters: Egyptian exporters frustrated by what they feel is a lack of action from the government on releasing long-overdue export subsidies are urging Prime Minister Moustafa Madbouly to take action. Egypt’s export councils, along with the Egyptian Businessmen’s Association (EBA), sent letters (pdf) […]
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Egypt’s FRA says consumer credit draft in final stages
LEGISLATION WATCH- FRA says Consumer Credit Act is in its final stages: The Financial Regulatory Authority (FRA) is in the final stages of drafting the Consumer Credit Act, FRA boss Mohamed Omran said on Thursday, according to Al Mal. The legislation would bring companies selling consumer goods on installments under FRA-imposed regulations, including requiring companies […]