Author Archives: enterpriseam admin

** #3 – Are the Ruskies finally restoring flights to Sharm and Hurghada? President Abdel Fattah El Sisi and Russian President Vladimir Putin are reportedly set to reach an agreement that would allow the resumption of direct flights between Russia and Red Sea destinations including Sharm El Sheikh and Hurghada when they meet in Moscow […]

** #4 – EXCLUSIVE- FinMin looking at regulatory changes to allow sovereign sukuk issuances; eyes 2019 for maiden issuance: The Finance Ministry plans to introduce legislative amendments that could pave the way for the issuance of a sovereign sukuk offering as early as 2019, a senior government official tells us. The framework would explicitly make […]

EXCLUSIVE- Gov’t looks to keep Korean companies happy as it drums up Asian interest in eurobond issuance: The Finance Ministry is forming a working group with the Korean embassy to resolve any outstanding concerns of Korean companies operating here, a senior government official tells us. The move comes as the Finance Ministry looks to address […]

INVESTMENT WATCH- Infinity Solar plans to invest USD 400 mn in solar and wind power projects through 20201, a company official told Al Mal. The company aims to develop as much as 400 MW of capacity in Cairo, the Red Sea and Aswan, the official said, all under the Independent Power Producer (IPP) framework. In […]

Gas import era ends as Höegh Gallant FSRU leaves Egypt this week: The Höegh Gallant floating storage regasification unit (FSRU), until recently the final critical link in Egypt’s natural gas import chain, is set to leave Egypt before the week is out, Oil Minister Tarek El Molla told Reuters, marking another milestone in Egypt’s cessation […]

REGULATION WATCH- FRA to introduce regs next year on credit scores for margin traders: The FRA is planning to implement next year recently-passed regulations that allow brokers to unilaterally sell shares belonging to clients trading on margin if their credit score falls below a certain threshold, Al Mal reports. Earlier this year, the FRA approved […]

LEGISLATION WATCH- Parliament’s housing, econ committees to discuss amendments to Real Estate Tax Act this month: The House of Representatives’ economics and housing committees are expected to meet sometime this month to discuss proposed amendments to the Real Estate Tax Act, housing committee chair Rep. Alaa Waly tells Al Masry Al Youm. The proposed changes […]

The House Industrial Committee will meet on 21 October to discuss proposed amendments to the law governing the Federation for Egyptian Industries, Industry Committee chair Farag Amer said, according to Al Masry Al Youm. The proposed changes include tweaking the fee paid by new manufacturers for their membership in the federation as well as regulating […]

** #5 – Freezone companies are trying to wiggle out of paying into Universal Healthcare scheme: A number of freezone companies are objecting to paying the 0.25% tax on sales revenue to fund the new universal healthcare scheme, as stipulated under the Universal Healthcare Act, unnamed company representatives said. By their logic, freezone companies are […]

** WE’RE HIRING: We’re looking for smart, talented, and seasoned journalists and editors to join our team at Enterprise, which produces the newsletter you’re reading right now. We’re looking for people who can work on this product and help us launch exciting new stuff. Applicants should have serious English-language writing chops, a strong interest — […]