Author Archives: enterpriseam admin

Aur Capital, Wadi Degla set up real estate private equity JV: A subsidiary of former Investment Minister Ashraf Salman’s private equity outfit, Aur Capital, and Wadi Degla Real Estate signed yesterday an agreement to set up a real estate private equity JV, according to a joint statement (pdf). The agreement will see Aur Capital acquiring […]

Gov’t inks contract with OC-led consortium for USD 650 mn, 500 MW Gulf of Suez wind farm: The Egyptian Electricity Transmission Company (EETC) signed a USD 650 mn agreement with a consortium comprised of Orascom Construction (OC), Engie, and Toyota Tsusho Corporation to build a 500 MW wind farm in Ras Gharib, OC announced in […]

Gov’t and OHC settle Haram City land dispute: The Madbouly Cabinet has signed off on a settlement with Orascom Housing Communities (OHC) over the disputed development of 1,380 feddans in the Haram City affordable housing project, government sources confirmed to Bloomberg. Under the settlement, OHC, which is majority owned by Orascom Development Holding Chairman Samih […]

IPO WATCH- CIRA taps French law firm Gide to join White & Case as international counsel for planned share offerings: Cairo Investment and Real Estate Development (CIRA) has reportedly tapped French law firm Gide Loyrette Nouel as joint legal council for its planned international offering, alongside White & Case, according to a source close to […]

The EGPC signed yesterday a USD 9 mn oil and gas exploration and production agreement with the Apache Corporation in the Western Desert, the Oil Ministry announced in a statement. The agreement also includes a USD 30 mn signing bonus to dig seven wells in the area.

EARNINGS WATCH- Juhayna Food Industries reported a net profit of EGP 159 mn in 1Q2018, up from EGP 27.3 mn during the same period last year, according to a company earnings release (pdf). Revenues during the quarter were up 23% y-o-y to EGP 1.928 bn.

We did it with tourism. Is it auto’s turn? Egypt’s auto market is expected to resume its recovery throughout this year, with auto sales projected to rise 18-25% y-o-y during 2018, Automotive Information Council (AMIC) senior official Rafaat Masrouga said, Al Mal reports. Masrouga estimates that between 160-170,000 vehicles are expected to be sold this […]

Business associations press gov’t on lowering taxes, fees on manufacturing: A number of business associations have publically come out to urge the government to reduce fees and taxes for industry yesterday. The Union of Investors Associations (the commies that bleed green) is urging the Finance Ministry to end real estate taxes on industry land, Al […]

LEGISLATION WATCH- Parliament approves legislation cutting ministerial, governor pensions: The House of Representatives’ general assembly approved on Tuesday a new law to reduce the pensions of ministers, governors, and their deputies, according to Egypt Today. Under the law, pensions for these positions will be reduced to 25% of their pre-retirement wages, down from an original […]

OTMT rebranding received regulatory approval: Orascom Telecom Media and Technology Holding (OTMT) has received regulatory approval to officially change its name to Orascom Investment Holding, according to a statement to the bourse.