Author Archives: enterpriseam admin

IFC has appetite for state privatization program: The International Finance Corporation could have appetite for shares that could be offered as part of the state privatization’s reborn program, IFC Regional Director Mouayed Makhlouf tells Al Mal. Makhlouf did not offer further details on how much IFC could earmark for the process. He shrugged off concerns […]

Careem reportedly exits Swvl: Careem has reportedly exited its stake in mass transit app Swvl, Al Mal claims, citing sources close to the transaction. The exit comes as Careem has begun rolling out its own bus hailing service last month, according to the source, who gave no further detail. Careem had bought an undisclosed stake […]

**#5 EFG concludes advisory on first IPO in Oman with DGC listing: EFG Hermes announced yesterday it had taken Oman-based Dhofar Generating Company public in a USD 52 mn transaction on the Muscat Securities Market. The offering, on which EFG acted as sole global coordinator and bookrunner, saw DGC shareholders offer 40% of the company […]

The government is already in talks with “at least” one bank over its planned wheat hedging program, an unnamed government official tells Bloomberg. According to the source, the plan to hedge against volatile global wheat prices is still “in the early stages,” but the news information service notes that introducing such a program would be […]

**#6 REGULATION WATCH- Short-selling to be introduced early in 2019, not this month: Shorts will be on the menu for investors in early 2019, the Financial Regulatory Authority (FRA)’s deputy chairman told Reuters yesterday. The FRA will finalize the regulations governing shorts by the end of September and then spend a few months after that […]

Factoring is all the rage: Egyptian financial services firms are looking to get into factoring (the world’s second-oldest profession?). Sarwa Capital, which is currently in the market with one of the fall’s most hotly anticipated IPOs, could start buying accounts receivable by 2019 as part of its expansion strategy, our friend Hazem Moussa tells Al […]

Oil and gas companies to pay real estate tax taxes based on field development costs: The ministries of oil and finance reached an agreement on Tuesday on the guidelines for the tax treatment of properties in oil, gas, and mining, according to a cabinet statement. For the oil and gas sector, a field’s cost of […]

High level of e-coli contamination found in Steigenberger Aqua Magic: Holiday-gate took another turn for the worse yesterday after Thomas Cook said it had found a high level of e-coli and staphylococcus bacteria at Steigenberger Aqua Magic Hotel in Hurghada, where UK couple John and Susan Cooper died last month, according to Reuters. The company […]