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While the slow news cycle continued again for the third straight day here in Egypt, it was peppered with important news. Preliminary figures from the government show Egypt’s GDP growth rising to 5.3% in FY2017-18, while economists polled by Reuters see GDP for the current fiscal hitting 5.2%. The US also unfroze USD 195 mn […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Talking heads cover a wide spectrum of topics
As is usually the case on Wednesday evening, the talking heads covered a wide spectrum of topics on the airwaves last night. The Reuters poll of economists (which we cover in Speed Round, below) undersells Egypt’s growth prospects, EGX Vice Chairman Mohsen Adel said on Masaa DMC. The economists polled did not account for several […]
Posted inSpeed Round
Preliminary figures show Egypt’s GDP growth rose to 5.3% in FY2017-18
Preliminary gov’t figures show Egypt’s GDP growth rose to 5.3% in FY2017-18: Egypt’s GDP grew to 5.3% in FY2017-18, its highest rate in a decade, according to preliminary figures that Planning Minister Hala El Saeed announced yesterday during the Madbouly Cabinet’s weekly meeting. GDP grew to 5.4% in the third and fourth quarters of the […]
Posted inSpeed Round
US releases USD 195 mn in military aid to Egypt
US releases USD 195 mn in military aid to Egypt: The US government has released USD 195 mn in military aid to Egypt it froze last year, the State Department announced Wednesday, according to the AP. The decision to unfreeze the funds follows steps Egypt has taken in response to specific US concerns, and stronger […]
Posted inSpeed Round
Madbouly Cabinet signs off on fuel hedging
CABINET WATCH- The Madbouly Cabinet gave the Oil Ministry the greenlight to sign fuel hedging contracts with international banks at its weekly meeting yesterday. We had heard that seven offers were already on the table and under review from institutions looking to provide Egypt with fuel hedging solutions to prevent higher oil prices from further […]
Posted inSpeed Round
HHD hires NI Capital to manage October stake sale on EGX
HHD hires NI Capital to manage October stake sale on EGX: Heliopolis for Housing and Development (HHD) chose state-owned investment bank NI Capital to manage the sale of additional company shares on the EGX in October under the state’s privatization program. HHD canceled plans for an international tender for banks to take part in the […]
Posted inSpeed Round
Rajhi Group to invest EGP 2.5 bn on solar-powered land reclamation in Toshka
INVESTMENT WATCH- Saudi’s Rajhi Group plans to invest over EGP 2.5 bn to reclaim 17,000 feddans in the Toshka project, sources close to the matter tell Al Mal. Feasibility studies to determine the exact cost as well as the types of crops that will be grown should wrap up by 15 August, according to the […]
Posted inSpeed Round
Pharos acts as broker for Mondi’s acquisition of Suez Bags
M&A WATCH- Mondi to complete MTO of Suez Bags next week: Mondi Paper Sales plans to complete its mandatory tender offer to acquire a 70.1% stake in Suez Bags by 31 July as per the deadline set by the Financial Regulatory Authority, our friend and Pharos Holding Managing Director Essam Abdel Hafiz told the press […]
Posted inSpeed Round
EARNINGS WATCH: Eastern Company, Orange Egypt, Vodafone report results
EARNINGS WATCH- Eastern Company reports record 42.5% jump in FY2017-18 net profit to EGP 4.2 bn: The state-owned Eastern Tobacco Company reported a record 42.5% y-o-y jump in net profit after tax to EGP 4.2 bn in FY2017-18, up from EGP 2.9 bn a year before, the company said in a filing to the EGX […]