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** #3 When government policy works, part II: The Black Cloud. For as long as many of us at Enterprise have been alive, Cairenes have choked each fall on the acrid “black smoke” that blankets our fair city. The cause? The burning of straw by rice farmers. But this autumn has been particularly smoke-free, and […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt, China relations on a roll with investment, tourists flowing in
** #4 Burgeoning relationship with Beijing is “win-win” for Cairo: Egypt’s ties with China have been taking strides since 2014, when the two countries signed a strategic agreement to boost trade, investment, and political ties as President Abdel Fattah El Sisi began looking to diversify Egypt’s allies, Heba Saleh writes for the Financial Times. Since […]
Posted inSpeed Round
Turkey sets up confrontation over natural gas exploration rights in Eastern Med
Also on the foreign policy front: Turkey is setting up a confrontation in the Eastern Med over natural gas exploration rights. Ankara, having already its regional rivals against further exploration in Cypriot waters, has deployed its “first deep-sea drilling ship, flanked by Turkish war vessels” to explore for “natural gas and oil in contested waters […]
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Egypt, Germany sign EUR 129 cooperation protocol as Sisi meets Merkel in Berlin
Egypt and Germany signed a four-year economic cooperation protocol yesterday worth EUR 129 mn, according to an Investment Ministry statement. Of the total, EUR 45 mn will be allocated to economic development initiatives, while EUR 43 mn will be spent on energy projects, and EUR 39 mn on water-related projects, and another EUR 2 mn […]
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How the Khashoggi case could spell trouble for Egypt’s economy
Stretching for relevance, any kind of relevance: How the Khashoggi case could spell trouble for Egypt’s economy. The spillover effect from the killing of Saudi journalist Jamal Khashoggi serves as a “potential economic risk” for Egypt, Rob Cox writes for Reuters’ BreakingViews. Egypt is heavily dependent on remittances from its expats working in the kingdom, […]
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OUD eyeing 1H2019 IPO, plans to invest EGP 3 bn next year
** #5 IPO WATCH- Orientals for Urban Development eyeing 2019 IPO: Oriental Weavers sister company Orientals for Urban Development (OUD) is looking at a potential IPO in 2H2019, Chairman Asser Hamdy said. According to Hamdy, the company is studying hiring an adviser for the transaction, and expects to make a choice in 2019. The company […]
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Egypt food maker Edita reports 3Q2018 results
EARNINGS WATCH- Edita Food Industries recorded a net profit of EGP 89.4 mn in 3Q2018, up 34.1% y-o-y, up from EGP 66.7 mn, according to the company’s earnings release (pdf). Net revenue for the quarter was up 22.2% to EGP 1.02 bn, driven by “higher volumes and improvements in product mix,” as well as export […]
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FRA signs off on same-day trading for category B of securities eligible for special activities
REGULATION WATCH- FRA signs off on same-day trading for category B of securities eligible for ‘special activities’: The Financial Regulatory Authority (FRA) signed off yesterday on a proposal from the EGX that allows same-day trading on stocks that are on its category 'B' list of securities eligible for “specialized activities.” The policy will allow brokerage […]
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Foreign embassies to be subject to reciprocal tax treatment on real estate tax
LEGISLATION WATCH- Foreign embassies to be subject to reciprocal tax treatment on real estate tax: When it comes to paying real estate taxes, foreign embassies in Egypt will get reciprocal treatment, meaning they’ll pay (or not pay) the same taxes as Egyptian embassies do in each of those countries, Real Estate Tax Authority head Samia […]
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Mustafa Mousa made partner at Bahaa El-Din Law Office in cooperation with BonelliErede
MOVES- Mustafa Mousa (not to be confused with the former presidential candidate) has been made partner at Bahaa-Eldin Law Office in cooperation with BonelliErede, Al Mal reports. Mousa previously served as chairman of Assiut Islamic National Trade and Development.