Author Archives: enterpriseam admin

Did the IMF just call out Egyptian tax dodgers? IMF Executive Director Hazem El Beblawi scoffed at the notion that the IMF is against the Egyptian treasury increasing its annual tax haul. El Beblawi made the remarks in response to questions from Al Masry Al Youm at the annual meeting of the African caucuses for […]

Aton Resources could be the second licensed major gold producer after Centamin: The Egyptian Mineral Resources Authority (EMRA) accepted a declaration of commerciality from Canada’s Aton Resources on its Hamama West gold concession, according to a company statement. The move could open the door for the company to be the second major gold producer in […]

ECA to conclude investigation into Uber antitrust complaints “soon”: The Egyptian Competition Authority (ECA) is still looking into complaints brought against Uber by ride-hailing rivals Careem and Ousta, but the investigation should wrap up soon, according to an ECA statement out on Wednesday (pdf). Ousta and Careem had filed a complaint in December 2016 alleging […]

EARNINGS WATCH- GB Auto reported a consolidated net profit of EGP 148.1 mn in 2Q2018, up 340.0% q-o-q from EGP 33.5 mn in the last quarter, according to a the company’s earnings release (pdf). Top line for the quarter rose 45.8% y-o-y to EGP 6.1 bn, up from EGP 4.8 bn in 2Q2017. “Market demand […]

IFC funding to Egypt hits new record of USD 1.2 bn in FY2017-18: Funding to Egypt from the International Finance Corporation (IFC) reached a new record with USD 1.2 bn in new financing doled out in the FY2017-18 fiscal year, which ended in June, according to a statement from the IFC (pdf). Among the landmark […]

US commits to providing Egypt with aid: The Trump administration is keen to ensure that the US aid to Egypt continue to flow, US Secretary of State Mike Pompeo told Foreign Minister Sameh Shoukry during the latter’s visit to Washington DC. This includes military, economic and development aid, Pompeo said, according to a statement from […]

MOVES- Our good friend Ramez Farag is becoming L’Oreal’s corporate affairs director for the Middle East and Africa, based in Paris. Farag takes on the new role after three years with Mars Inc. As corporate affairs director for MEA and developing markets. His tenure saw a period of expansion for the company, which doubled its […]