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EMG, IEC have begun withdrawing arbitration cases against Egypt: East Mediterranean Gas (EMG) and Israel Electric Corporation have officially begun proceedings to drop their international arbitration case against state energy companies EGPC and EGAS, according to Oil Ministry sources. The two cases would have seen Egypt pay a combined USD 1.988 mn in fines for […]
Author Archives: enterpriseam admin
Posted inSpeed Round
M2 Money Supply grows 17.02% in August
Egypt’s M2 Money Supply grew 17.02% y-o-y in August to EGP 3.51 tn, according to central bank data cited by Reuters. The pace is slower than July, when broad money supply grew by 17.48%.
Posted inSpeed Round
Seven reported bidders for Alex Containers stake sale
Seven bidders for Alex Containers stake sale: Seven investment banks and consortiums submitted last week their bids to quarterback the upcoming sale of an additional stake in state-owned Alexandria Containers & Cargo Handling (ACCH), unidentified sources tell Al Mal. The newspaper claims the bidders include: Pharos Holding Arqaam Capital HC Securities HSBC EFG Hermes and […]
Posted inSpeed Round
Alshaya Group to bring Avenues Mall to Egypt as part of expansion drive
INVESTMENT WATCH- Alshaya Group to bring Avenues Mall to Egypt as part of expansion drive: Kuwait’s Alshaya Group is looking to bring its Avenues Mall brand to Egypt, Executive Chairman Mohammed Abdul Aziz Alshaya told Prime Minister Mostafa Madbouly and Investment Minister Sahar Nasr in a meeting yesterday. No details on the scope or location […]
Posted inSpeed Round
Government vets offers from three global consortiums for development of USD 1.4 bn Abu Tartour phosphate fertilizers project
INVESTMENT WATCH- Government vets offers from three global consortiums for development of USD 1.4 bn Abu Tartour phosphate fertilizers project: The government is vetting offers from three global consortiums for the development of the c. USD 1.4 bn phosphate fertilizers production complex in Abu Tartour, Al Ahram reports. Spain’s Intecsa Industrial, Italy’s Saipem, and the […]
Posted inSpeed Round
House, Tourism Ministry are drafting a Unified Tourism Act
LEGISLATION WATCH- House, Tourism Ministry are drafting a Unified Tourism Act: The House of Representatives’ Tourism and Civil Aviation Committee is working with the Tourism Ministry to draft a Unified Tourism Act, committee head Sahar Talaat Moustafa said. The draft bill would bring together all legislation pertaining to the tourism sector, including issuing licenses, regulating […]
Posted inSpeed Round
Qalaa Holdings records net profit of EGP 486.9 mn in 2Q2018
EARNINGS WATCH- Qalaa Holdings recorded a net profit of EGP 486.9 mn in 2Q2018, compared to a net loss of EGP 2.756 bn in the same period last year, according to the company’s earnings release (pdf). Qalaa’s revenues rose 39% y-o-y in 2Q2018 to EGP 3.1 bn “on the back of growth in its energy […]
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
The House of Representatives is due back in session on Tuesday, 2 October at 10am. It’s PMI week: The purchasing managers’ index for Egypt, Saudi, and the UAE is due out on Wednesday, 3 October. Melania Trump is coming to Egypt this week as part of a trip to Africa to “promote child welfare and […]
Posted inTHE MACRO PICTURE
What oil at USD 100 a barrel means for the global economy
What oil hitting USD 100 a barrel means for the world: Oil’s return to USD 100 a barrel won’t hit global growth as hard as a similar spike in 2011 thanks to economies’ reduced reliance on the energy industry, “the shale revolution,” as well as already-high oil prices, Bloomberg reports. A price spike would, however, […]