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** #2 Marakez repays EGP 2 bn facility for Mall of Arabia: Fawaz Al Hokair’s Egyptian unit, Marakez, has pre-paid in full an EGP 2 bn credit facility for Mall of Arabia extended by CIB and other banks, Marakez announced yesterday (pdf). Marakez took out the facility in 2008, and its pre-payment allows the Mall […]
Author Archives: enterpriseam admin
Posted inSpeed Round
High yields on T-bonds expected to raise debt service bill by EGP 50 bn in FY2018-19
** #4 EXCLUSIVE- Higher yields on T-bonds could push up debt service bill by c. EGP 50 bn this fiscal year: Persistently high yields on treasury bonds could add as much as EGP 50 bn to Egypt’s debt service bill during the current fiscal year, a government source exclusively tells Enterprise. The news is not […]
Posted inSpeed Round
Polyserve to submit MTO to snap up 100% of FERC
M&A WATCH- Polyserve to submit MTO for 100% stake in FERC: Fertilizer manufacturer Polyserve Group will submit a mandatory tender offer (MTO) to acquire 100% Ferchem Masr for Fertilizers and Chemicals (FERC) at a cost of about EGP 110 mn, according to a bourse disclosure (pdf). Polyserve is looking to buy 17.5 mn shares in […]
Posted inSpeed Round
A string of renewable energy news worth your attention
A string of news from the energy industry worth your attention this morning: Italy’s Eni is looking to invest USD 300 mn in building solar power stations with a combined production capacity of 300 MW, Electricity Ministry sources said. According to the sources, the company has requested a license from state utilities regulator Egyptera to […]
Posted inSpeed Round
Hisham Ezz Al-Arab on CIB’s leadership of the banking sector’s tech revolution
Hisham Ezz Al-Arab on CIB’s leadership of the banking sector’s tech revolution: Investing in technology and big data is the way forward for the banking sector and Egypt’s financial inclusion drive, our friend CIB Chairman Hisham Ezz Al-Arab tells the Banker. “The bank is likely to benefit from its ongoing investments in technology. With an […]
Posted inSpeed Round
Enterprise is hiring
** 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 — […]
Posted inUncategorized
** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]
Posted inUp Next
What we’re tracking this week and beyond
Egypt will reportedly select a manager for its new sovereign wealth fund “within days,” Planning Ministry sources told Youm7. The executive regulations for the law governing the SWF should be with Cabinet for review any day now, our sources had told us. An IMF delegation is due in town mid-October for a review of Egypt’s […]
Posted inImage of the Day
Zahi Hawass calls for London to return Cleopatra’s Needle obelisk if the city will not restore the monument
Zahi Hawass is unhappy. The self-styled “Indiana Jones” of Egypt is complaining that Cleopatra’s Needle obelisk is not being restored or receiving the attention it deserves on the banks of UK’s River Thames, he tells the National. Hawass suggests that the 21-metre high obelisk — which was given to the UK as a gift from […]
Posted inEGYPT IN THE NEWS
Court upholds death sentence for three charged with running Ansar al-Sharia
An Egyptian court upheld death sentences yesterday for three people accused of establishing and running the terrorist group known as Ansar al-Sharia, Reuters reports. The story is topping coverage of Egypt in the foreign press on what is otherwise a very slow news morning. Other headlines worth a moment of your time: Chinese investments in […]