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Fuel subsidy bill for 1Q2018-19 to increase EGP 10 bn: Egypt spent EGP 10 bn more than budgeted for the fuel subsidy program in 1Q2018-19 thanks to the rising price of oil, an Oil Ministry source said on Monday. Last week, sources told us that the government is expecting its fuel subsidy bill for FY2018-19 […]
Author Archives: enterpriseam admin
Posted inSpeed Round
First gas from Israel could begin flowing to Egypt by March
** #7 First gas from Israel could begin flowing to Egypt by March: Egypt could begin importing gas from Israel as early as March 2019 under a USD 15 bn agreement Delek Drilling and Noble Energy signed with Alaa Arafa’s Dolphinus Holding if the East Mediterranean Gas pipeline is “found to be in good condition,” […]
Posted inSpeed Round
Net FX reserves reach USD 44.45 bn at end-September
Egypt’s net foreign reserves rose marginally to USD 44.45 bn at the end of September, up from USD 44.42 bn a month earlier, the central bank said on Monday.
Posted inSpeed Round
FRA completes amendments to law governing EIPF
LEGISLATION WATCH- FRA completes amendments to law governing EIPF: The Financial Regulatory Authority (FRA) has completed amendments to the law governing the Egyptian Investor Protection Fund (EIPF) and sent them over to the Madbouly Cabinet for review, FRA boss Mohamed Omran said yesterday, Al Mal reports. The amendments are expected to expand the scope of […]
Posted inSpeed Round
Younis said to be stepping down as RenCap Egypt CEO + Saad to become cabinet spokesperson
MOVES- Veteran investment banker Mohamed Younis (LInkedIn) is stepping down as CEO of Renaissance Capital’s Egypt operation by year’s end in the wake of the departure of our friend Ahmed Badr as RenCap’s MENA CEO. Badr is said to be leaving the emerging and frontier markets specialist to return to Credit Suisse after a four-year […]
Posted inSpeed Round
Microsoft to invest in Southeast Asian ride-hailing app Grab
Microsoft is said to be investing an unspecified sum in Southeast Asian ride-hailing app Grab, which is already on track to raise bns this year from investors including Toyota (USD 1 bn) and Softbank (USD 500 mn), according to Axios.
Posted inUncategorized
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Posted inImage of the Day
Ancient Egyptians made colorful socks for their kids
Ancient Egyptian kids had colorful, striped socks, too: Scientists at the British Museum used a non-invasive imaging tool to show dyes and weaving techniques Ancient Egyptians by examining a child’s sock, the Guardian reports. The technique does not require samples to be taken. “The ancient Egyptians famously gave us paper and the pyramids, but were […]
Posted inEGYPT IN THE NEWS
Capture of special forces soldier turned terrorist tops int’l coverage of Egypt
The big news story of the day is the capture of special forces soldier turned terrorist Hisham El-Ashmawy in Libya. El-Ashmawy, already sentenced to death in absentia in Egypt, would by law face a mandatory retrial if he is extradited to Egypt as expected. The story is the lead piece on Egypt across platforms and […]
Posted inOn Deadline
Healthcare institution requires overhaul before Egypt can become a medical tourism hub
Egypt’s healthcare system needs to be completely rewired if the country ever hopes to become a hub for medical tourism, Emad El Din Hussein writes for Al Shorouk. In addition to simplifying visa procedures for incoming tourists — which are often mired in red tape and requires security checks and clearances, Hussein writes — authorities […]