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EXCLUSIVE- Enterprise poll of economists sees CBE leaving interest rates on hold: The central bank is expected to leave its key interest rates on hold when its monetary policy committee meets on Thursday, an Enterprise poll of economists and research houses found. Survey participants expect the CBE will leave its overnight deposit rate and overnight […]
Author Archives: enterpriseam admin
Posted inSpeed Round
We break down the taxes under the Universal Healthcare Act and their timings
EXCLUSIVE- What you’re going to pay under the new Universal Healthcare Act— and when you’re going to pay it: While the state’s EGP 600 bn health insurance plan mandated under the Universal Healthcare Act will be rolled out incrementally throughout Egypt over the course of 11-13 years, the Finance Ministry is starting to collect special […]
Posted inSpeed Round
Could Beltone’s IPO fiasco scare the market off?
Industry to the FRA: Make clear why Beltone was suspended over the Sarwa IPO or everyone could suffer: The Financial Regulatory Authority needs to make clear why it suspended Beltone Financial’s IPO unit or risk harming the market for capital raisings and for the state’s own privatization program, says Ahmed El Guindy, a veteran investment […]
Posted inSpeed Round
Egypt could cut citizens earning more than EGP 7,000 per month from subsidy rolls
Gov’t could cut citizens earning more than EGP 7,000 per month from welfare rolls: There is a “direction” within government to cut Egyptians earning more than EGP 7,000 per month from the nation’s subsidy rolls, Supply Minister Ali El Moselhy said at a meeting with the House Legislative Committee yesterday, Al Masry Al Youm reports. […]
Posted inSpeed Round
Banking sector continues to seek large foreign loans to prop up the EGP?
Banking sector continues to seek large foreign loans to prop up the EGP? Banque Misr is looking to borrow USD 550 mn from foreign lenders before year-end “to improve USD liquidity,” Vice Chairman Akef El Maghraby told Reuters. No details were provided on which foreign lenders the bank was considering, but El Maghraby said Citibank […]
Posted inSpeed Round
China’s Hanergy Thin Film Power to invest USD 450 mn in Egypt in high-end 300 MW photovoltaic project
INVESTMENT WATCH- China’s Hanergy looks to invest USD 450 mn in solar industrial park: China’s Hanergy Thin Film Power Group plans to invest at least USD 450 mn in Egypt to build a photovoltaic industrial park, company head Yang Kai said, according to Xinhua. "The project has already got a partner in Egypt and we […]
Posted inSpeed Round
Court begins hearing EUR 150 mn lawsuit against Peugeot
Court begins hearing EUR 150 mn lawsuit against Peugeot: A lawsuit brought by Arabia Investments, Development and Financial Investment Holding Company (AIND) subsidiary Cairo For Development and Cars Manufacturing (CDCM) against Peugeot Citroen for unexpectedly ending their 41 year-old partnership began in a Cairo court on Sunday. The plaintiffs are seeking damages of EUR 150 […]
Posted inSpeed Round
Egypt’s Ibnsina Pharma, Sarwa Capital report results
EARNINGS WATCH- Ibnsina Pharma reported a 26.6% y-o-y increase in net profit to EGP 113.2 mn in 3Q2018, according to the company’s earnings release (pdf). Revenues grew 31.9% y-o-y during the quarter, coming in at nearly EGP 3.5 bn, with growth being driven by client pharmacies, the company said. “Management’s long-term goal is for Ibnsina […]
Posted inSpeed Round
Egypt cabinet to introduce new customs act
LEGISLATION WATCH- Cabinet will introduce a Customs Act in the House within the coming few weeks, Finance Minister Mohamed Maait told the committee yesterday. The bill is meant to bring customs legislation in line with international agreements and raise Egypt’s ranking in a number of global indices, including the World Bank’s Doing Business report. You […]
Posted inSpeed Round
Public Procurement Act to be implemented in FY2019-20?
LEGISLATION WATCH- Public Procurement Act to be implemented in FY2019-20? The Public Procurement Act will be implemented in FY2019-20, said Khaled Noufal, assistant to the Finance Minister for administrative reform. The delay would allow government bodies to amend their tendering procedures in accordance with the law, he explained. The law grants preferential treatment in government […]