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Inflation accelerates again in October: Annual headline inflation rose to 17.5% in October, up from 16% the previous month, CAPMAS data showed (pdf). The state statistics agency attributed the rise to increases in vegetable prices and school fees. Monthly headline inflation also rose last month, coming in at 2.8% against 2.5% in September. Accelerating inflation […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Has the EU rejected Egypt’s proposal to delay delay 0% customs duties on car imports?
Has the EU rejected Egypt’s proposal to delay 0% customs duties on car imports? Egypt will cut tariffs on European cars to zero starting from January 1, 2019, under a trade agreement between Egypt and the European Union, EU Ambassador to Egypt Ivan Surkos reportedly said on Thursday, according to Youm7. The government apparently confirmed […]
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Egypt reform story still in “fairly early” stage, says Exotix Partners' Malik
Egypt reform story still in “fairly early” stage, says Exotix Partners' Malik: Egypt’s reform story is still in a fairly early stage as the country looks to capitalize on the strong start of the reform process, said Hasnain Malik, global head of equity research at emerging markets-focused investment bank Exotix Partners. We have a couple […]
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Egypt will not issue EGP-denominated bonds during the next two fiscal years
EXCLUSIVE- EGP-denominated int’l bond issuance isn’t happening during the next two fiscal years: The Madbouly Cabinet is not planning to issue EGP-denominated bonds on the international market during the current or next fiscal year, a top government official tells Enterprise. A Bloomberg report from last month had claimed that an EGP-denominated bond issuance on the […]
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S&P affirms Egypt’s sovereign credit rating at B, outlook at stable
S&P Global Ratings has affirmed Egypt’s sovereign credit rating at B and its outlook at stable on the back of a “more competitive exchange rate, improving macro fundamentals and rising domestic gas production,” the ratings agency said in a statement on Friday. S&P expects fiscal challenges to remain under control and sees government debt gradually […]
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Tourism Ministry to launch PE fund, introduce legislation to overhaul Egypt tourism sector
Tourism Ministry to launch private equity fund, introduce legislation to overhaul sector: The government is looking into establishing a private equity fund to upgrade Egypt’s hotels and resorts and make new investments in the sector, Tourism Minister Rania Al Mashat told Bloomberg TV in an interview out Thursday. The move would be part of a […]
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“Few” investor complaints to FRA, says Beltone’s El Sahrawy
“Few” investor complaints to FRA were those who “lost” on Sarwa IPO says Beltone’s El Sahrawy: Beltone Financial Investment Banking head Sobhy El Sahrawy said he was unaware how many investors complained to the Financial Regulatory Authority (FRA) about alleged irregularities in the Sarwa Capital IPO, but said it was unlikely there were more than […]
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Aton praises cabinet approval of Mineral Resources Act amendments
Proposed amendments to Mineral Resources Act get praise from industry: Canada’s Aton Resources has praised the Madbouly government’s approval of long-awaited amendments to the Mineral Resources Act that could be passed by year’s end, it said in a statement. Aton believes the effect that these changes will have on investment in exploration and mining will […]
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Oil Ministry expects USD 10 bn in new oil and gas investment during current fiscal year
INVESTMENT WATCH- Oil Ministry expects USD 10 bn in new oil and gas investment during current fiscal year. Oil Minister Tarek El Molla said on Saturday that his ministry expects some USD 10 bn in new investment in the sector in 2018-19. The figure includes both funding for both exploration and production activities. The minister […]
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Al Kholoud reaches EGP 600 mn settlement agreement with Egypt over steam boilers case
Government reaches settlement in dispute arising from 2011 unwinding of privatization sale: Al Kholoud for Touristic and Real Estate Development has reached a EGP 600 mn settlement agreement with the government in its 2013 arbitration case against the Egyptian Petrochemical Holding Company and Metallurgical Holding Company. Al Kholoud had filed a case against the two […]