Author Archives: enterpriseam admin

“Marginal deterioration” in operating conditions at non-oil private sector companies -PMI: Business conditions for the private sector deteriorated slightly in September after posting gains in both July and August, according to the latest Emirates NBD purchasing managers index reading (pdf). The gauge slipped to 48.7, down from 50.5 in August and its first decline in […]

Proposed amendments to the Real Estate Tax Act have leaked: Proposed amendments to the Real Estate Tax Act were leaked yesterday morning by Akhbar Al Youm. The proposed changes are extensive, covering everything from the new real estate tax formula to how rented properties will be taxed, how properties are to be appraised, and avenues […]

IPO WATCH- Sarwa institutional offering more than 10x oversubscribed, priced at EGP 7.36: Consumer and structured finance player Sarwa Capital announced yesterday that it has successfully completed the book-building process for its initial public offering, which has been priced in at EGP 7.36 per share, according to a company statement (pdf). The company had originally […]

IPO WATCH- EFG Hermes signs contracts for Eastern Company mandate: EFG Hermes signed contracts yesterday with the Chemical Industries Holding Company officially giving it the mandate to lead the 4.5% stake sale of Eastern Company, which is expected to take place in the second half of this month, according to Al Mal. EFG Hermes had […]

Foreign shareholders of Nile Cotton Ginning to launch arbitration proceedings soon: Foreign shareholders in Nile Cotton Ginning are planning to bring up an arbitration case in London soon over an eight-year dispute with parent company the Holding Company for Construction and Development (HCCD), Nile Cotton Chairman El Sayed El Saify tells Al Mal. The foreign shareholders’ […]

House reps elect new committee heads: The House of Representatives elected yesterday new heads for its 25 committees. Members of the pro-government Support Egypt Coalition, the largest political bloc in parliament, will run a number of key committees, according to Youm7’s Parlmany. The coalition’s Rep. Ahmed Samir was announced as chairman of the House Economic […]

Noble Energy sells its entire stake in Tamar Petroleum following EMG stake purchase: Houston-based oil and gas company Noble Energy has sold its entire 43.5% stake in Israel’s Tamar Petroleum — through which Noble and Delek operate the Tamar gas field, Reuters reports, citing Israeli newspaper TheMarker. The sale of 40 mn shares saw Noble […]

Egypt and other countries in the MENA region have what it takes to “leapfrog into the digital future,” according to a recent report from the World Bank. Apart from having large populations of educated youth “that have already adopted new digital and mobile technologies on a wide scale,” there is a lot of room for […]