Author Archives: enterpriseam admin

Tax Authority to sign agreements soon with ministries of transport, civil aviation on real estate tax calculation: The Tax Authority is close to finalizing agreements with the ministries of transport and civil aviation on the tax treatment of real estate in their respective industries, Real Estate Tax Authority head Samia Hussein told the press yesterday, […]

** #4 IPO WATCH- Enppi IPO to include GDR program: The IPO of state-owned energy contractor Enppi is expected to include global depository receipts (GDRs) on the London Stock Exchange alongside a sale of shares on the EGX, government sources said yesterday. The Oil Ministry confirmed over the weekend that Enppi, the first company of […]

INVESTMENT WATCH- Saudi’s Fas Energy looking to invest USD 420 mn in Egypt projects: Fas Energy, a subsidiary of Saudi Arabia’s Al Hokair Group, is looking to invest up to USD 420 mn in solar energy and waste recycling projects in Egypt, company general manager Sabri Asfour is quoted by the domestic press as having […]

** #5 INVESTMENT WATCH- India’s LuLu Hypermarket is planning to invest USD 500 mn in Egypt over the next two years to expand its local operations, according to a cabinet statement picked up by Al Masry Al Youm. The company intends to build four new retail outlets in 6 October City, New Cairo, and Obour, […]

** #6 EFG Hermes closing in on Nigeria acquisition: Our friends at EFG Hermes are looking to lock down IPO mandates in Saudi Arabia and close their acquisition of Nigerian brokerage Primera Africa as the firm works to break into more regional markets, co-head of investment banking Mohamed Fahmi tells Reuters. EFG had announced in […]

** #7 ECA issues sharp warning against anti-competitive practices in pharma: The Egyptian Competition Authority (ECA) issued a not-so-veiled warning to pharma companies that forthcoming amendments to the Antitrust Act would “allow it to protect small- and medium- pharmacies from predatory collusion by larger players,” ECA head Amir Nabil (LinkedIn) said at a workshop on […]

** #8 REGULATION WATCH- FRA lays claim to PE industry: The Financial Regulatory Authority (FRA) has released licensing guidelines for private equity firms and funds, Youm7 reports. Conditions for a license to run a private equity firm or fund include minimum capital of EGP 10 mn and a firm’s general partner holding a minimum stake […]

** #9 EXCLUSIVE- All listed companies will have to kick in to fund investor protection fund: Legislation now on the drawing board would make it mandatory for all listed companies to pay annually into the Egyptian Investor Protection Fund (EIPF), Financial Regulatory Authority (FRA) deputy head Khaled El Nashar told Enterprise. We had reported yesterday […]

GE Power wins contract for four nuclear turbines: GE Power won a contract to deliver four nuclear turbine islands to the 4.8 GW Dabaa nuclear power plant, the company said in a statement on Tuesday. The units — made up of four nuclear turbine generator sets, including the Arabelle half-speed steam turbines — will be […]

** #10 Egypt needs to increase its investment in clean energy by nearly threefold to meet its energy targets of producing half of the country’s electricity needs from renewables by 2030, the International Renewable Energy Agency (IRENA) says in a report (pdf) on Egypt’s renewable energy outlook. The existing policies have investment in renewables set […]