Author Archives: enterpriseam admin

IFC committed USD 2 bn in funding to Mideast, North Africa in F2017-18: The International Finance Corporation (IFC) announced last week that it committed a record USD 2 bn in funding to private sector projects in the MENA region in FY2017-18, which ended on 30 June. The organization provided USD 1 bn out of its […]

FinMin working on new comprehensive fiscal strategy: The Finance Ministry is developing a fiscal policy strategy aimed at improving Egypt’s debt position and trimming both the budget and current account deficit, said Finance Minister Mohamed Maait on Friday, according to Al Ahram. The new strategy appears to be extensive, covering everything from foreign trade to […]

Careem turns to cash incentives as it looks to integrate white taxis into its fleet: Ride-hailing app Careem is offering an EGP 550 per head bounty to recruitment agents for every white cab driver they bring in, the company said in an email carried by Al Mal. Careem is also offering cash incentives to white […]

LEGISLATION WATCH- President Abdel Fattah El Sisi signed into law the controversial Press and Media Act Part 2, which passed the House of Representatives back in June, Al Masry Al Youm reports. Egypt was the recipient of widespread criticism in the foreign press in July over the passing of the act, which includes regulations and […]

MOVES- The Administrative Control Authority has a new boss. Sherif Khalil has been appointed to run the nation’s top anti-corruption agency, according to Al Masry Al Youm, while Former ACA chief Mohamed Erfan has been named President Abdel Fattah El Sisi’s adviser for governance and information infrastructure, according to State Information Service.

MOVES- Transport Minister Hisham Arafat tapped Assistant Transport Minister Amr Shaat to serve as chairman of the National Authority for Tunnels, succeeding Tarek Gamal El Din, Amwal Al Ghad reports.

Controversy over Hurghada tourist deaths, food poisoning continues: Madbouly, Al Mashat discuss investigations into British tourists’ death with Thomas Cook boss: Prime Minister Mostafa Madbouly and Tourism Minister Rania Al Mashat met on Thursday with Thomas Cook CEO Peter Fankhauser to discuss the ongoing investigation into the death of two British tourists while on holiday […]

EFG Hermes and CI Capital tied for top position on the EGX’s brokerage league table for August with a market share of 14% each, according to figures released by the EGX (pdf). The two were followed by Beltone (6%), Pharos Holding (5%), Pioneers (4%) and Arqaam (4%). (Readers will note we add CIBC + Dynamic […]

EFG bidding today for Eastern Co, AMOC stake sales today: EFG Hermes will reportedly submit today its bid to manage the sale of stakes of already-listed companies that are piloting the state’s privatization program, EFG’s Investment Banking Co-Head Moustafa Gad tells Youm7. Background: EFG is among other several investment banks invited to take part in […]

Cairo is the most polluted city in the world, according to a study conducted by a UK outfit called the Eco Experts. The study, which compares levels of air, noise and light pollution throughout 48 cities, reveals that Cairenes breathe in polluted air that is 11.7 times more hazardous than levels recommended by WHO. Cairo […]