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INVESTMENT WATCH- Energy group Empower is planning to invest EGP 420 mn this year in waste-to-energy (WtE) projects, CEO Hatem El Gamal tells Al Shorouk. Empower had reportedly won a contract last month to produce and sell electricity from its 24 MW WtE plant in Beheira under an independent power producer (IPP) framework. The plant […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Egypt’s sovereign wealth fund to be exempt from taxes on transactions with subsidiaries
LEGISLATION WATCH- Egypt’s sovereign wealth fund will be exempt from paying taxes on transactions with any of its subsidiary funds. The House of Representatives’ Budget Committee reached an agreement yesterday with Finance Minister Mohamed Maait to tax only transactions with non-affiliates, Youm7 reports. We reported on Sunday that amendments had been introduced to the bill […]
Posted inSpeed Round
Mandatory insurance for tourists in the works?
Mandatory insurance for arriving tourists in the works? The Financial Regulatory Authority is drafting a bill that would force tourists to pay a nominal personal insurance fee, deputy head Reda Abdel Moty said yesterday, Al Mal reports. The preliminary draft extends coverage to life as well as healthcare, he said, adding that talks are ongoing […]
Posted inSpeed Round
MIDOR looks to Afreximbank, ADIB for USD 200 mn loan to finance refinery expansions
MIDOR looks to Afreximbank, ADIB for USD 200 mn loan to finance refinery expansions: The state-owned MIDOR is reportedly in talks with the African Export-Import Bank (Afreximbank) and Abu Dhabi Islamic Bank (ADIB) for a USD 200 mn loan to help finance expansion plans at the company’s refinery, banking sources tell Al Shorouk. MIDOR, which […]
Posted inSpeed Round
Transport Ministry and private sector to manage Cairo Metro Line 3
Private sector could get a piece of Cairo Metro Line 3 opeations: The Transport Ministry is looking to launch a new company to manage the Cairo Metro Line 3 once construction work on it is complete, sources with knowledge of the matter tell Al Shorouk. The private sector will be allowed to participate in the […]
Posted inSpeed Round
Ships passing through Suez Canal to pay fees electronically and in advance from country of origin
Ships passing through the Suez Canal will now have to pay their fees in advance, Suez Canal Authority (SCA) head Mohab Mamish said yesterday, Al Shorouk reports. Fees, which are collected in USD, will now have to be wired from a ship’s country of origin rather than transferred locally through the Central Bank of Egypt. […]
Posted inSpeed Round
Oh, Smiley Face, wherefore art thou?
Oh, Smiley Face, wherefore art thou? While former Consumer Protection Agency (CPA) head Atef “Smiley Face” Yakoub may be out, he’s definitely still with the CPA in spirit. Current head Rady Abdel Moaty appears to be recycling Smiley Face’s idea to reward “consumer friendly” business with a smiley face. Abdel Moaty’s idea? A certificate declaring […]
Posted inSpeed Round
France wins its second World Cup title with 4-2 victory over Croatia
France wins its second World Cup title with 4-2 victory over Croatia: France lifted the World Cup last night after a classic match that saw in Les Bleus beat underdog Croatia 4-2. Croatia started off strong but was dealt a painful blow when Mario Mandzukic accidentally scored an own goal in the 18th minute. France […]
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
Long weekend coming up, if you want to bridge: Monday, 23 July is a national holiday in observance of Revolution Day. Expect half the nation’s workforce to try to cadge a four-day weekend. President Abdel Fattah El Sisi will reportedly unveil a new education program this month. It is unclear whether the program is K-12 […]