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LEGISLATION WATCH- Is the wealth tax coming back in a watered-down form? House Budget committee is looking to raise tax rate on salaries >EGP 500k p.a. to 25%: The House Planning and Budget Committee is looking into amending the income tax code bring back a wealth tax that would see salaries of more than EGP […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Fresh Electric eyes IPO on EGX, could offer 20% of company for sale
IPO WATCH- Fresh Electric For Home Appliances Company is planning to sell as much as 20% of its shares in an IPO on the EGX “sometime soon,” said senior company executive Bahaa El Demtery. The company has already applied for Financial Regulatory Authority approval to list and is undergoing an internal restructuring to meet EGX […]
Posted inSpeed Round
This is the age of renewables in Egypt, say regional industry bosses
This is the age of renewables in Egypt, say regional industry bosses: As private investment in renewable energy grows globally, Egypt is uniquely positioned as one of the brightest markets (pun only partially intended). That’s the impression given by regional market leaders in a joint interview with Bloomberg Businessweek. On the state of the market: […]
Posted inSpeed Round
Gov’t preliminarily approves using BOO framework to replace FiT for wind energy projects
FiT for wind replaced with BOO? Alcazar Energy’s gamble on build-own-operate makes sense, considering reports that former Prime Minister Sherif Ismail had given preliminary approval prior to his leaving office to replace FiT for wind energy with a BOO framework, government sources said. Several investors had beseeched Electricity Minister Mohamed Shaker to implement a BOO […]
Posted inSpeed Round
Car assemblers, bakers and transport providers grapple with fuel price hike
Automotive assemblers, bakers and transport providers continue to grappling with the impact of this past weekend’s fuel price hike, the latest in the Sisi administration’s bid to phase our ruinous energy subsidies that disproportionately benefit the wealthy. Subsidized bread production will cost state coffers an additional EGP 5 bn after the latest increase in fuel […]
Posted inSpeed Round
Aramco to supply Egypt with 500k barrels of crude oil per month for six months
Good thing we have that Aramco hookup: Saudi Aramco will supply Egyptian refineries with crude oil for six months beginning from July, Oil Minister Tarek El Molla said yesterday, Reuters reports. The agreement will see Aramco supplying Egypt with 500k barrels per month. The value of the contract was not disclosed. Aramco has been supplying […]
Posted inSpeed Round
EEHC in talks with Siemens to manage, maintain combined cycle power plants
EEHC in talks with Siemens to manage, maintain combined cycle power plants: The Egyptian Electricity Holding Company (EEHC) is in talks with Siemens for the day-to-day management and maintenance of the three Siemens combined-cycle power plants in the new capital, Burullus, and Beni Suef, unnamed Electricity Ministry sources tell Al Mal. The EEHC wants to […]
Posted inSpeed Round
CORRECTION- We goofed in yesterday’s epic piece on energy price hikes in identifying our friend Reham ElDesoki as an analyst at Arqaam Capital. Reham left Arqaam in February and is now working as a private consultant with clients in government and the private sector. We’ve corrected the piece on our web edition.
Posted inUncategorized
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Posted inImage of the Day
The 75 most expensive cars sold at auction
You thought car prices were high? See the 75 most expensive cars sold at auction: Want to know what’s hot in the luxury car market? High-end car finance outfit JBR Capital compiled a list of the 75 most expensive cars sold at auctions. “It’s perhaps unsurprising that the list is dominated by Ferrari,” but other […]