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The EGPC has reportedly tapped HSBC to arrange a USD 1 bn syndicated facility, banking sources told Reuters over the weekend. The loan, which the sources said is being syndicated to other banks, will have a five-year maturity and will be used partially “to pre-pay EGPC cargo deliveries.“ The facility is “being requested by Petroleum […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Oil Ministry looks to reduce fuel imports ot 12% of total energy imports by 2021
The Oil Ministry is looking to reduce fuel imports to 12% of total energy imports by 2021, down from a current 30%, ministry sources tell Youm7. The government plans to increase its crude oil production in the comings months to achieve this target and plans to have fuel production cover 88% of local demand, they […]
Posted inSpeed Round
CIB sets record straight on alleged fraud case
CIB sets the record straight on alleged fraud case: Our friends at CIB put out a statement over the weekend after allegations surfaced on social media this past Thursday that a bank employee had defrauded a retail client in the coastal city of Alexandria. An exhaustive review of transactions on the client’s account found “no […]
Posted inSpeed Round
Cabinet lays claim to portion of private accounts, government agencies’ surplus to plug budget gap
CABINET WATCH- Thursday’s meeting of the Madbouly cabinet was particularly packed. Among the highlights: Going after slush funds: The state budget will get a shot in the arm after Cabinet ordered last week that a portion of ministerial slush funds will be earmarked to support the general budget, according to a cabinet statement. Ministries’ so-called […]
Posted inSpeed Round
Amended sovereign wealth fund act ready for House plenary vote?
Gov’t, House committee approve amended Sovereign Wealth Fund Act: The Planning Ministry and the House Planning and Budget Committee agreed yesterday on the final text of the legislation establishing the EGP 200 bn sovereign wealth fund, Al Mal reports. The amendments include exempting the fund from taxes for a renewable period of four years, in […]
Posted inSpeed Round
Finance Minister appoints Amr El Kholy as interim head of Customs Authority
Vice Minister of Finance for Public Revenues Amr El Kholy was appointed interim head of the Customs Authority on Thursday, according to a Finance Ministry statement picked up by Al Mal. El Kholy replaces Gamal Abdel Azim, who was arrested last week on charges of accepting bribes worth EGP 1 mn in exchange for facilitating […]
Posted inSpeed Round
Sameh Sabry appointed General Manager for DEA Egypt
MOVES- DEA Deutsche Erdoel AG has appointed Sameh Sabry as the new general manager of DEA Egypt effective 1 August, succeeding Thomas Radwitz, DEA said in a press release. Sabry joined DEA Deutsche Erdoel AG ten years ago and was most recently deputy of the General Manager of DEA’s Egypt branch.
Posted inUncategorized
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Posted inUp Next
What we’re tracking this week and beyond
The deadline for companies bidding to operate stores at the Grand Egyptian Museum (GEM) has been extended to 21 August, according to GEM supervisor Tarek Tawfik, Youm7 reports. The extension decision was approved following several requests from investors interested to run the facilities.
Posted inImage of the Day
A look at the “tumultuous journey” of Cairo’s Townhouse Gallery
Since its inception in 1998, Egypt’s Townhouse Gallery has been a key witness to the arts and culture scene’s “tumultuous journey” of social and political upheavals, Rachel Spence writes for the Financial Times. Founded by Canadian expat William Wells and artist and writer Yasser Gerab, the gallery had seen the wrath of governments going back […]