Author Archives: enterpriseam admin

It is about time: Gov’t raises piped water prices by up to 46.5%. Prime Minister Sherif Ismail signed off on Thursday on raising piped water prices by as much as 46.5%, with the new prices set to come into effect retroactively to last month’s consumption. The new charges will be applied across all consumption tiers: […]

INVESTMENT WATCH- Foxconn looking to manufacture and export electronic parts from Egypt. Picking up where we left off on Thursday: Foxconn Group is looking at how to integrate Egypt into its global supply chain. Trade and Industry Minister Tarek Kabil met with a delegation of top executives from the Taiwanese electronics maker to discuss the […]

TE to set up shop abroad by year’s end: State-owned fixed-line monopoly Telecom Egypt is eyeing international expansion and will “provide mobile phone services in a foreign country by the end of 2018,” Reuters quotes CIT Minister Yasser El Kady as having said last Thursday. El Kady did not provide any detail on where TE […]

INVESTMENT WATCH- Abraaj sold 35% stake in CIRA for more than USD 20 mn: Abraaj Capital reportedly sold last week its 35% stake in education outfit Cairo for Investment & Real Estate Development (CIRA) back to its founding shareholders — the family of Hassan El Kalla — in a transaction valued at over USD 20 […]

INVESTMENT WATCH- Castrol, TAQA to establish JV to manufacture and distribute engine oil in Egypt: BP announced on Thursday (pdf) that subsidiary Castrol will establish a joint venture with Qalaa Holdings’ TAQA Arabia to manufacture and distribute a range of engine oils in Egypt. The new company, Castrol Egypt Oil, will be the sole authorized […]

EFG Hermes topped the EGX’s brokerage league table for May, seeing its market share rise to 20% from 17.7% in April, according to figures released by the Egyptian Exchange (pdf). CI Capital came second with a market share of 9.9%. Arqaam Capital came in third with a market share of 7.9%, followed by Beltone Financial […]

Total auto sales jumped 35.9% y-o-y in the first four months this year, with around 49,062 units sold, according to figures from the Automotive Information Council (AMIC) picked up by Al Mal. Passenger car sales grew 33% in 4M2018, with Chevrolet topping the charts with a 25.2% market share, followed by Hyundai (17%), Nissan (16.4%), […]

EXCLUSIVE- Expect the FY2017-18 budget to target a deficit of 10.2%, up from the 9.8% initially forecast: The Finance Ministry will reportedly hike its projected budget deficit to 10.2% for the current FY2017-18 from an initial target of 9.8%, government sources tell Enterprise. This is still an improvement over the previous fiscal year’s deficit of […]

AfreximBank is planning to provide as much as USD 1 bn in funding to Egypt this year, Executive Vice President Amr Kamel said at the bank’s conference on intra-African trade on Thursday. The bank is currently eyeing several new loan agreements with public and private sector companies in Egypt, including Elsewedy Electric, according to Kamel. […]

Egypt’s shored-up FX reserves have helped the economy absorb the effects of external shocks, IMF Mission Chief for Egypt Subir Lall said in remarks to MENA carried by Al Ahram. Tough global financial conditions have had a relatively muted effect on Egypt in comparison to other countries, particularly emerging markets, as Egypt has been working […]