Author Archives: enterpriseam admin

Inflation cools in July to 13.5% after surge in June: Annual headline inflation cooled to 13.5% in July, down from a high of 14.4% in June, according to data released by the central bank on Thursday (pdf). Monthly headline inflation reached 2.5% in July, according to data from CAPMAS. Annual core inflation — the CBE’s […]

Eastern Company to be the first share sale in privatization program to be managed by private sector banks: It looks like the Eastern Company is the first company of the state privatization program to officially confirm that its share sale will be managed by a private sector bank. The company, which will pilot the program […]

Real estate taxes gripping the nation these past few weeks: The Finance Ministry’s attempts to reform and amend the real estate tax has seen it kick up a hornet’s nest in the local press and the airwaves these past few weeks. We attempt to chart these efforts and the reactions. The story so far: A […]

INVESTMENT WATCH- China’s Sinoma International Engineering is looking to invest USD 100 mn in a new steel factory in Egypt, Chairman Zhijiang Liu told Investment Minister Sahar Nasr, according to a ministry statement. The plant is expected to produce around 2 mn tonnes per annum of steel, he said without elaborating. But what of other […]

IPO WATCH- Polyserve considers plans for an IPO : Fertilizers producer Polyserve Group is considering an initial public offering on the EGX, according to a disclosure to the EGX (pdf) from the International Agricultural Products Company (IAPC) — which owns 20.4% of Polyserve. The IAPC is also studying a plan to raise its stake in […]

EARNINGS WATCH- Egyptian Resorts Company (ERC) posted a net loss of EGP 9.3 mn in 1H2018, down from a net profit of EGP 47.5 mn in the comparable period last year, according to the company’s earnings release (pdf). Revenues were 53% lower y-o-y at EGP 63 mn, due to slowed sales activity. Despite that, service […]

Are Russian flights returning to the Red Sea this coming winter? A delegation of Russian tour companies reportedly expect flights between Moscow and Red Sea destinations to start up again in the winter. The group visited Hurghada last week to sample potential packages they could offer tourists when flights resume, Egypt Independent reports. Last we […]

Gov’t transparency project #1 — FinMin launches new digital platform to monitor government transactions and expenses: Finance Minister Mohamed Maait announced on Thursday the launch of a new digital platform through which all state ministers and governors can keep track of their respective budgets and expenditures, according to a ministry statement (pdf). The new system […]

Gov’t transparency project #2 — Cabinet to form much-needed media office to consolidate all government comms: Prime Minister Mostafa Madbouly ordered on Thursday the establishment of a single media office to streamline the government’s communication with the media and public, according to a cabinet statement. The new office, which will fall under the mandate of […]