Author Archives: enterpriseam admin

EXCLUSIVE- Egypt requests USD 2 bn in funding from the World Bank: The Madbouly government has put in a request for a USD 2 bn facility from the World Bank to help “support Egypt’s economic reform measures,” a senior government official tells us. The source declined to provide further details, but said the request was […]

Customs Authority head arrested on charges of graft: Customs Authority head Gamal Abdel Azim was arrested yesterday charges of accepting bribes worth EGP 1 mn in exchange for facilitating the clearance of goods from customs, Al Shorouk reports, citing a statement from the Administrative Control Authority (ACA), the nation’s top anti-corruption investigator. Finance Minister Mohamed […]

EXCLUSIVE- FinMin, Investment Ministry to outline new regs for private freezones: A committee of officials from the ministries of finance and investment has begun meetings to formulate new regulations governing private freezones, government sources tell Enterprise. The move seems geared to tackle concerns raised by investors in private freezones that were not addressed in the […]

LEGISLATION WATCH- The draft Public Contracts Act is expected to be presented to the House of Representatives’ general assembly before the end of the current legislative season, according to the head of the Federation of Builders and Contractors Hassan Abdel Aziz. Any amendments to the bill, which received a preliminary nod from the House last […]

Is CFLD finally going to sign its new capital development contracts? The China Fortune Land Development Company is ironing out the final details of its contract to develop 15k feddans in phase one of the new administrative capital, Zaki Hashem & Partners Managing Partner Yasser Hashem tells Al Masry Al Youm. ZH&P is representing CFLD. […]

Eni announces light oil discovery from South Meleiha concession: Eni announced yesterday (pdf) that it has made a light oil discovery at its second exploratory well in its South Meleiha concession in the Western Desert’s Faghur Basin. The asset has already begun production at 5,130 bopd. “The discovery on B-1X confirms the high exploration and […]

Remittances from Egyptians living abroad rose 48.2% y-o-y 10M2017-18 to USD 26 bn, the central bank announced yesterday, according to a statement from the CBE (pdf). Remittances advanced 41.2% y-o-y in April to USD 2.3 bn. Remittances could slow down in the coming months, a new study cited by Al Arabiya suggests. The research projects […]

Egypt rejects French claims that flight 2016 EgyptAir plane crashed due to fire: Egypt’s top prosecutor has rejected French investigators’ claims that EgyptAir flight MS804, which crashed in 2016 on route to Cairo from Paris, killing all 66 passengers, was likely caused by a fire in the cockpit, the Associated Press reports. Egyptian investigators are […]

Well that didn’t take long: Turkish sultan Recep Tayyip Erdogan waited a good two seconds after his election before appointing his son-in-law to head the treasury and Finance Ministry, the FT reports. We wonder what’s next in his plan to re-establish the Ottoman empire — perhaps eunuchs conscripted from refugee camps? Other random things you […]