Author Archives: enterpriseam admin

Is the automotive directive still alive? The Ministry of Trade and Industry issued yesterday a statement denying our report of Monday morning that the government plans to scrap the long-delayed automotive directive, which was designed to transform Egypt’s automotive assembly industry into a manufacturing and export power. A senior government official with direct knowledge of […]

EXCLUSIVE- FinMin looks into drafting a new Income Tax Act: The Finance Ministry has formed a committee to look into drafting a new Income Tax Act, Tax Authority deputy head Mohamed Abdel Sattar told Enterprise. It has become necessary to thoroughly update the current Income Tax Act, which is now a bit outdated despite the […]

LEGISLATION WATCH- The government will issue the executive regulations to the Public Contracts Act within six months’ time, Finance Minister Mohamed Maait said, Al Ahram reports. The legislation (previously known as the Auctions and Tenders Act) was approved by the House of Representatives last week after going through a second round of review following its […]

Egypt will repay USD 6.3 bn of its foreign debt obligations in 2H2018, out of a total USD 12 bn in debt the government had said it intends to retire this year, Al Mal reports. The amount includes some USD 850 mn owed to international oil companies, of which USD 200-500 mn the EGPC plans […]

 EARNINGS WATCH- Edita Food Industries recorded a net profit of EGP 25.1 mn in 2Q2018, up from a net loss of EGP 1.7 mn during the same period last year, according to the company’s earnings release (pdf). Edita’s revenues also grew 29.0% y-o-y to EGP 789.2 mn, driven by “continued growth in volumes.” For 1H2018, Edita […]

MOVES- Madbouly reshuffles GAFI’s board of directors: Prime Minister Mostafa Madbouly appointed Gen. Khaled Mohamed Ibrahim and international law professor Mohamed Sameh Amr as new members of the board of directors of the General Authority for Freezones and Investments’ (GAFI), according to a Cabinet statement. Banque Misr head Mohamed El Etreby and Federation of Egyptian […]

MOVES- Prime Minister Mostafa Madbouly has named Investment Minister Sahar Nasr as Egypt’s representative to the World Bank and the Arab Fund for Economic and Social Development, Youm7 reports.

The first phase of Egypt’s 300 MW, USD 60-70 mn power interconnection project with Sudan should be operational by December of this year, Egyptian Electricity Transmission Company (EETC) sources say. India’s Larsen & Toubro had been awarded the contracts to link the two countries’ electricity grids, and should sign the final agreement “soon,” Electricity Minister […]

The Agriculture Ministry is considering importing barley rice from countries including the US, Russia, Australia, India, Taiwan, and the Philippines, Agriculture Quarantine Authority (AQA) head Ahmed El Attar said yesterday, Al Mal reports. Their decision will be based on quality of the rice from these countries, according to El Attar, who added that the quantity […]

War of words in East Med heats up as Turkey issues warning to Egypt and Israel: The cold war in the East Mediterranean between Turkey and everyone else intensified after Turkey’s foreign ministry warned against comments made by Egypt and Israel’s ambassadors to Cyprus, TRT World reports. Egypt’s ambassador, Mai Mohamed, is reported to have […]