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The House of Representatives is expected to present its report on the Madbouly Cabinet’s policy program in 10 days’ time, a number of representatives tell Al Shorouk. Discussions on the committee-level have already started, they said, adding that initial feedback seems to be positive. Prime Minister Mostafa Madbouly had unveiled the four-year program before the […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Economic issues reign supreme as Council of State approves sovereign wealth fund legislation
Legislation establishing the EGP 200 bn sovereign wealth fund led the discussion on the airwaves last night after the Council of State signed off on the law. We have the full story in Speed Round, below. The House of Representatives’ Economic Committee will begin its review of the legislation as soon as the Council of […]
Posted inSpeed Round
Chinese lenders make USD 3.1 bn in funding available for Carbon Holdings’ USD 10.9 bn petrochem complex
Chinese lenders make USD 3.1 bn in funding available for Carbon Holdings’ USD 10.9 bn petrochem complex: A group of unnamed Chinese lenders have made USD 3.1 bn in backup funding available for Carbon Holdings’ Tahrir Petrochemicals Corporation (TPC), Suez Canal Economic Zone (SCZone) deputy head Mahfouz Taha tells Al Mal. According to Taha, TPC […]
Posted inSpeed Round
Natgas market regulator to officially begin issuing import permits
Natgas market deregulation gets in full swing as regulator to officially begin issuing import permits: The board of directors of the new natural gas market regulator approved that it begin issuing and revoking licenses for private sector natural gas industry players, according to an Oil Ministry statement. The regulator — established under the Natural Gas […]
Posted inSpeed Round
Fitch’s BMI Research sees monetary easing cycle continuing this year
Fitch’s BMI Research sees monetary easing cycle continuing this year: Fitch Group’s BMI Research expects the CBE to resume the monetary easing in the next two quarters, as it looks to boost private sector growth, the firm said in its North Africa report. The easing will take place gradually, as the CBE must also weigh […]
Posted inSpeed Round
Could Egypt go the way of Argentina
On the flipside, Capital Economics is warning that Egypt may go the way of Argentina. The reason? Egypt’s large foreign currency debt, which Capital estimates to be at around 30% of GDP at the end of 2017, up from less than 15% of GDP in 2015. “Large foreign currency debt burdens have been at the […]
Posted inSpeed Round
FinMin wants to start selling gov’t bonds on the EGX this fiscal year
EXCLUSIVE- FinMin wants to start selling gov’t bonds on the EGX this fiscal year: The Finance Ministry has begun taking steps towards selling government bonds on the EGX, and has begun coordinating with the central bank to get the ball rolling on that, Finance Minister Mohamed Maait told us in an exclusive interview. A legislative […]
Posted inSpeed Round
Uber and Careem not in talks to merge, says Careem spokesperson
Ride-hailing apps Uber and Careem are not in talks over a potential merger or acquisition, Careem spokesperson Maha Aboul Enein told Al Mal yesterday. Bloomberg had reported late on Tuesday night that the ride-sharing companies were discussing a potential consolidation that could either see them merge their operations or see Uber fully acquire it Middle […]
Posted inSpeed Round
Council of State’s legislative division signs off on draft legislation establishing sovereign wealth fund
LEGISLATION WATCH- The Council of State’s legislative division signed off yesterday on draft legislation that would establish Egypt’s first sovereign wealth fund, Al Shorouk reports. The law is expected to govern the structure and functions of the fund, which will have authorized capital of EGP 200 bn and initial paid-in capital of EGP 5 bn. […]
Posted inSpeed Round
EU lifts additional inspection requirement for Egyptian strawberries
EU lifts additional inspection requirement for Egyptian strawberries: The EU Health and Food Safety Commissioner has agreed to remove Egyptian strawberries from its list of high-risk crops and cancel its requirement for additional inspections, Agriculture Export Council head Abdel Hamid El Demerdash said, Youm7 reports. The commissioner had noted in March that Egyptian strawberries and […]