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This is (hopefully) not a drill: Mohamed Salah is ready to play in Egypt’s World Cup match against Russia tonight at 8pm CLT. The star striker promised he would take to the pitch in a short video posted to his Facebook page yesterday (watch, runtime: 1:00). National team coach Hector Cuper was less confident, saying […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Talking heads hit the snooze button again
The entire country is back in full swing, but the talking heads apparently couldn’t resist hitting the snooze button one more time. Yahduth fi Masr featured a quick rundown of the most prominent economic news from the Eid break, including the latest fuel subsidy cuts (which we explain in full in Speed Round, below), but […]
Posted inSpeed Round
Madbouly government sworn in; we have new finance and trade ministers
Meet your new government: The cabinet of newly-appointed Prime Minister Mostafa Madbouly was announced and sworn into office on Thursday in what stands as the largest cabinet shuffle since Prime Minister Sherif Ismail’s cabinet was appointed back in March 2016. In all, 12 new ministers entered cabinet. Don’t mistake the breadth of the shuffle as […]
Posted inSpeed Round
Government hikes fuel prices by c. 50%
Fuel price hikes came into effect over the long weekend: The government raised the price of fuel products by c. 50%, according to a detailed price list put out by the Oil Ministry. The subsidy cuts were necessary to save the FY2018-19 budget around EGP 90 bn in fuel subsidy costs, said Finance Minister Mohamed […]
Posted inSpeed Round
Suez Canal revenues rise 11.5% y-o-y during FY2017-18
Also good for the nation’s finances: Record Suez Canal revenues. Suez Canal revenues rose 11.5% y-o-y during FY2017-18 to USD 5.585 bn, up from USD 5.008 bn in FY2016-17, according to the Suez Canal Authority. The canal’s revenues during the current fiscal year mark an all-time high, authority chief Mohab Mamish said.
Posted inSpeed Round
Delek, Noble, Egyptian partner in talks to acquire stake in EMG
Delek, Noble, Egyptian partner in talks to acquire stake in EMG, which could quash outstanding arbitration ruling: The stars appear to be aligning in favor of an agreement that could see Egypt become a hub for East Mediterranean gas and end a long-standing arbitration case. Israel’s Delek, its Texas-based partner on the Leviathan gas field […]
Posted inSpeed Round
Abraaj seeks court-supervised restructuring, sells OC stake in bid for liquidity
Abraaj submits application for court-supervised restructuring: The once high-flying emerging markets private equity firm filed last week an application for a court-supervised restructuring in the Cayman Islands, it said in a statement last Thursday (pdf). “The Company has made this application so that the rights of all stakeholders can be protected while the Company and […]
Posted inSpeed Round
Cleopatra says Abraaj owns less than 5%, confirms it is still on hunt for acquisitions
Cleopatra Hospitals Group has put out a statement reassuring investors that troubles at Abraaj won’t impact the nation’s largest private-sector hospital group. Abraaj’s stake in Cleopatra is in the single digits, it said. “Abraaj Capital does not own any direct stake and indirectly owns less than 5% of Cleopatra through its investment as a limited […]
Posted inSpeed Round
Dr. Oetker acquires 100% of Tag El Melouk
M&A WATCH- Dr. Oetker acquires 100% of Cook’s parent company Tag El Melouk. Tag El Melouk Food Industries is about to become a Dr. Oetker company after singing “definitive agreements” for the full sale of the company to the German multinational known for its cake mixes, frozen pizzas and other food products. Tag El Melouk […]
Posted inSpeed Round
Thailand’s Indorama signs acquisition agreement with India’s Dhunseri for EIPET’s Ain Sokhna facility, 50% stake in EIPET
M&A WATCH- Thailand’s Indorama to acquire for 50% stake in EIPET from India’s Dhunseri: Indorama Netherlands BV, an indirect subsidiary of Thailand’s Indorama Ventures, signed on Thursday an agreement with India’s Dhunseri Petrochem to acquire a chunk of the Egyptian Indian Polyester Company’s (EIPET) polyethylene terephthalate (PET) plant in Ain Sokhna. The facility has an […]