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IIF sees Egypt growth falling to 4% in 2022 unless policymakers go for deeper structural reforms: The Institute of International Finance (IIF) sees growth in Egypt falling to 4% in 2022 from an estimated 5% in the state’s current fiscal year “due to structural bottlenecks and a less favorable global environment, including tighter financial conditions […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Beltone says no irregularities in Sarwa prospectus
Beltone denies allegations of irregularities in Sarwa IPO: Beltone Financial investment banking chief Sobhy El Sehrawy told Reuters yesterday that the IPO prospectus for structured and consumer finance player Sarwa Capital “contained no irregularities.” His remarks were the firm’s first public statement directly addressing still-hazy allegations of wrongdoing during the IPO. The Financial Regulatory Authority […]
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Almarai to launch USD 75 mn acquisition bid for Egypt’s Greenland?
M&A WATCH- Almarai to launch USD 75 mn bid for Greenland? Saudi dairy product producer Almarai is reportedly looking to acquire Americana Group subsidiary Greenland Group for Food Industries in a transaction worth as much as USD 75 mn, according to a domestic press report citing sources with knowledge of the matter. Almarai has begun […]
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EFG Hermes to obtain license in Nigeria as early as next week
EFG Hermes could land Nigerian investment banking license by early next week: EFG Hermes frontier unit chief Ali Khalpey told Bloomberg that the investment bank is now waiting for regulatory approval and plans to hire five people in Lagos this year. EFG Hermes had announced in July that it had bought Nigerian brokerage and research […]
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UberEats is accepting cash in Egypt, Saudi Arabia and South Africa
UberEats is accepting cash in Egypt, Saudi Arabia and South Africa as it looks to grow in cash-based economies, Rodrigo Arévalo, head of UberEats in the EMEA region, told Bloomberg as part of a wider-ranging story. Some 94% of Uber’s transactions in Egypt are in cash — compared with 90% through e-payment service iDeal in […]
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Egypt to issue green bonds next fiscal year?
EXCLUSIVE- Gov’t aims to issue green bonds next fiscal year: The Madbouly government is considering its maiden green bond issuance in the coming fiscal year as part of its plan to diversify its base of funding under its still-emerging debt control strategy, a senior government official told Enterprise. Green bonds could make their debut next […]
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Egypt can increase investments in Benban plant to USD 6 bn by 2022, says IRENA director general
Egypt could attract more than 2x its present investment in solar though 2022 –IRENA boss: Egypt has landed about USD 2 bn in investment in solar energy projects, largely in the world-scale Benban solar park, but could see that figure grow to as high as USD 6 bn by 2022 with a stable policy frameworks […]
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Central Bank of Egypt tells banks to start preparing for ‘Meeza’ national debit card
CBE tells banks to start preparing for ‘Meeza’ national debit card : The central bank has told banks to put in place the technical infrastructure to support a national payments scheme that will roll out by year’s end, an unnamed bank official told Masrawy. The CBE asked banks to ensure that their ATMs and chip-and-pin […]
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House reps. angling for pensions on par with those of Egypt’s cabinet members
LEGISLATION WATCH- MPs want pensions on par with those of cabinet members: House Legislation Committee member Rep. Khaled Hanafy is drafting a bill that would grant members of parliament pensions equivalent to those ministers receive, Hanafy tells Al Mal. If passed, MPs would receive pensions ranging between 10-25% of the public sector maximum wage, with […]
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Ahmed Farghal joins law firm Bahaa-Eldin as senior associate
MOVES- Our friend Ahmed Farghal (LinkedIn) has joined Bahaa-Eldin Law Office in cooperation with BonelliErede as a senior associate. The former Sharkawy and Sarhan senior associate has nine years of experience in with a focus on corporate, M&A and capital markets work.