Author Archives: enterpriseam admin

The Ismail Cabinet is reportedly days away from announcing a new EGP 50-60 bn social protection package, government sources said yesterday. The package, which is meant to help offset the impact on low income earners of an expected hike in fuel and energy prices at the start of the new fiscal year in July, will […]

EXCLUSIVE- The taxman is looking at imposing VAT on online ad buys and e- commerce transactions, sources in government tell Enterprise. The Tax Authority is actively studying the impact of making the online sale of goods and services subject to 14% value-added tax. In parallel, it is looking at ways of charging VAT on online […]

BUDGET WATCH- The House of Representatives’ general assembly is set to continue debating the FY2018-19 state budget today. Discussions kicked off yesterday after the Budget Committee completed its review of the bill, Ahram Gate reports. With the Finance Ministry’s approval, the committee allocated additional amounts to a number of budget items, including EGP 2 bn […]

LEGISLATION WATCH- Potential amendments to the Customs Act are now with the Planning and Budget Committee for discussion, Al Mal reports, after the House voted to send the bill to committee. The draft law, which had receive the Ismail Cabinet’s sign-off in February, is expected to slash custom duties on capital goods to 2% from […]

Egypt’s total FDI inflows dropped to USD 3.48 bn in 2Q2017-18, down from USD 3.98 bn in the same quarter last year, according to the central bank’s March statistical bulletin report (pdf). Europe is Egypt’s top investor, accounting for investment of USD 1.96 bn in the period, with the UK, Belgium, and France leading the […]

The central bank made a final USD 500 mn payment to the African Export- Import Bank (Afreximbank) last Thursday on a USD 3.7 bn facility it had acquired back in 2016 to boost its FX liquidity and help Egyptian importers through a foreign currency shortage, Al Masry Al Youm reports, citing statements by Afreximbank Vice […]

M&A WATCH- Mondi in final stages of Suez Bags acquisition: Mondi Paper Sales has nearly finished its acquisition of a 70.1% stake in Suez Bags in a transaction valued at EGP 300-400 mn, Zaki Hashem law office Senior Partner Yasser Hashem tells Al Masry Al Youm. The transaction received regulatory approval and is awaiting security […]

INVESTMENT WATCH- Castrol-TAQA engine oil JV to be set up with EGP 20 mn capital: The engine oil manufacturing and distribution joint venture that BP subsidiary Castrol will establish with Qalaa Holdings’ TAQA Arabia will have a capital of EGP 20 mn, Qalaa announced in a regulatory filing yesterday (pdf). TAQA will have a 49% […]

IPO WATCH- Algioshy Steel is planning to float shares on the EGX in an initial public offering next year, Chairman Tarek Algioshy tells Al Masry Al Youm. The company is looking to raise capital to fund expansion plans that include a new EGP 500 mn production line at its Six October plant, according to Algioshy, […]