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The central bank’s Monetary Policy Committee meets on Thursday, 28 June to decide on interest rates. The IMF’s executive board will meet on 29 June to decide on the fourth USD 2 bn tranche of Egypt’s USD 12 bn extended fund facility. The disbursement, which is expected to arrive in July, would bring the total […]
Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
Grand Egyptian Museum will open its doors by year’s end, ahead of schedule; Giza Plateau development to be complete in two weeks: The Giza Plateau development project will be complete within two weeks, with the “final touches” currently being made, Prime Minister Mostafa Madbouly said yesterday, according to a Cabinet statement. Madbouly also said the […]
Posted inEnterprise+: Last Night’s Talk Shows
Talk shows (mostly) back to normal, playing catch-up on fuel prices
Talk shows are (mostly) back from their summer hiatus, with a few exceptions and changes. Lamees Al Hadidi is soaking up the sun until September, but has several others filling in for her on Hona Al Asema in the meantime, according to El Watan. Al Hayah Al Youm host Tamer Amin is also vacationing in […]
Posted inSpeed Round
Economists are also warning of too much reform in too little a time
Economists are warning of a bit too much reform, a bit too fast: The prices of fuel, electricity, water and metro tickets have risen back-to-back over the past couple of months, prompting a number of economists speaking to Reuters to warn that the rapid pace of the reforms could lead to high inflation “that would […]
Posted inSpeed Round
Moody’s says fuel subsidy cuts is credit positive for Egypt
Moody’s welcomed the cuts to fuel subsidies, but warms of potential for “reform fatigue”: The ratings agency said in a statement issued Thursday (paywall) that recent subsidy cuts are credit-positive for Egypt and should reduce the state fuel subsidy bill to 1.7% of GDP in FY2018-19 from 2.5% of GDP in the current fiscal year. […]
Posted inSpeed Round
OPEC and allies agree to pump additional c. 1 mn bpd of oil as of July
Egypt’s bid to tame its subsidy spending got a shot in the arm over the weekend after OPEC and other oil producers agreed to increase output starting next month, although the meeting in Vienna stopped short of outlining clear targets, Reuters reports. OPEC and other major producers said in a joint statement they intend to […]
Posted inSpeed Round
Gov’t ends life support on comatose fuel smart cards
Also from the reform files: Gov’t takes comatose fuel smart cards off life support: The Madbouly government has officially pulled the plug on the defunct ration card system for fuel, according to an announcement by the Oil Minister Tarek El Molla on Wednesday, according to Al Mal. The policy had been riddled with “holes” the […]
Posted inSpeed Round
El Sisi sets 7% economic growth target for Madbouly cabinet
CABINET WATCH- El Sisi sets growth target of 7% per annum for the Madbouly Cabinet: President Abdel Fattah El Sisi ordered the newly formed Madbouly Cabinet to work to bring average annual GDP growth to 7%, according to a statement from the cabinet. The also president urged ministers to continue cutting the budget deficit while […]
Posted inSpeed Round
Wealth tax is unlikely to make a comeback, says Kouchouk
EXCLUSIVE- Wealth tax is unlikely to make a comeback, says Kouchouk: A proposal coming from the House of Representatives’ Budget committee to bring back a wealth tax is unlikely to pass, Vice Minister of Finance Ahmed Kouchouk told us last week. The proposal would see salaries of more than EGP 500k per year taxed at […]
Posted inSpeed Round
Middle East leads decline in global IPOs in 1H2018
Middle East leads decline in global IPOs in 1H2018: Global listings in 1H2018 fell 19% y-o-y to a total of 676 IPOs, coming largely on the back of political concerns and market volatility, according to a report from Baker McKenzie. The value of listings globally has also fallen 15% y-o-y to USD 90 bn. EMEA […]