Author Archives: enterpriseam admin

**#3 REPORT FROM NEW YORK- Praise from IMF, World Bank on the economic reforms: President Abdel Fattah El Sisi and senior members of his administration are in New York for the United Nations General Assembly meeting. There, the president met on Sunday with IMF Managing Director Christine Lagarde, whoissued a statement yesterday praising Egypt’s economic […]

**#5 IPO WATCH- Retail component of CIRA offering is c. 4.5x oversubscribed: Appetite for leading private sector education outfit CIRA’s IPO is strong heading into the final day of subscriptions for tranche on offer to local retail investors, with Al Mal reporting the retail component of the offering is 4.5x oversubscribed. The subscription period for […]

**#6 INVESTMENT WATCH- Sawari Ventures to launch EGP 1 bn fintech fund by year-end: Sawari Ventures will launch its EGP 1 bn fintech-focused venture capital fund by the end of this year or early next year, depending on the timing of approvals it needs from the central bank, Al Mal reported. Sawari Ventures was set […]

**#7 INVESTMENT WATCH- Cairo Angels invests in Buseet: Venture capitalist firm Cairo Angels has announced that it has made an investment in transit tech app Buseet, the company said in a release on Monday (pdf). Cairo Angels’ investment is part of a seed round that includes 500 Startups and angel investors from Singapore and the […]

M&A WATCH- Orascom Investment to acquire entire stake of Nile Sugar by year-end. Orascom Investment Holding (OIH) will acquire all the outstanding shares of Nile Sugar by the end of this year, Naguib Sawiris told CNBC Arabia, adding that due diligence on the transaction is ongoing. OIH is currently prioritizing investment in the financial, real […]

Edison, Qalaa scrap plans for USD 150 mn power plant in Abu Qir: Edison and Qalaa Holdings have decided to scrap their plan to build a USD 150 mn combined cycle power plant in Abu Qir after determining that the project would not be financially feasible with current power tariffs, an unnamed source from Edison […]

Raya eyes expansion thanks to weak pound: EGX-listed outsourcing services provider Raya Contact Center is expanding thanks to a weak EGP and relaxing of foreign currency restrictions, writes Tamim Elyan for Bloomberg. Raya added 1,000 workstations this year, up from an average of 400 per year. “We are now getting back on the map,” CEO […]

M&A WATCH- United Energy Group to acquire Kuwait Energy for USD 651 mn: Hong Kong-listed energy firm United Energy Group has made a USD 651 mn bid to acquire Kuwait Energy, United Energy said in a filing to the Hong Kong stock exchange, Reuters reports. Egypt assets among those that enticed United: The move comes […]

Singapore competition watchdog fines Uber and Grab: Singapore’s Competition and Consumer Commission fined ride-hailing companies Uber and Grab with a combined USD 9.5 mn on Monday as their merger earlier this year was blamed for driving prices up, Reuters says. Effective fares on Grab rose 10-15% after Uber Technologies Inc sold its Southeast Asian business […]