Author Archives: enterpriseam admin

INVESTMENT WATCH- British American Tobacco is planning to invest GBP 30 mn in Egypt over the next 12 months to add new production lines to its factories, General Manager Steven Harvie announced yesterday. The company plans to focus on marketing its Pall Mall cigarette brand during the coming period, in addition to developing other products, […]

TE cozying up to China: Telecom Egypt and China’s Huawei Technologies signed a USD 200 mn long-term financing agreement with a number of Chinese financial institutions, including the the Bank of China and the China Export and Credit Insurance Corporation (Sinosure). The four-year loan, which Huawei facilitated for TE with “competitive financing conditions,” will be […]

Industrial license issuances are up 25x since Industrial Permits Act: Cutting red tape is doing wonders for industry, with the number of permits for plants growing 25x since the Industrial Permits Act was signed into law last summer, Industrial Development Authority head Ahmed Abdel Razek said. The authority has issued 8,400 licenses since the law […]

Egypt’s foreign debt obligations reached USD 82.9 bn at the end of December 2017, or around 36.1% of GDP, up from USD 67.3 bn at the end of December 2016, according to the central bank’s March statistical bulletin report. Egypt settled USD 8.6 bn of its debt service between July and December 2017. Government officials […]

BUDGET WATCH- President Abdel Fattah El Sisi will reportedly receive the FY2018-19 state budget “within days” after it comes to a vote at the House of Representatives. The bill contains a number of scenarios for how to adjust for a potential surge in global oil prices, sources with knowledge of the matter tell Al Mal. […]

CABINET WATCH- The Ismail Cabinet signed off yesterday on an EGP 70 bn overdraft for the FY2017-18 state budget to cover “necessary expenditures,” according to a statement. The statement does not provide further details on the decision, but Vice Minister of Finance Mohamed Maait had told Enterprise last week that Cabinet was looking into raising […]

EXCLUSIVE- New tariffs on luxury goods, tariff cuts on production inputs coming in December? The government is preparing to announce changes to import tariffs that will come into effect in December, sources tell Enterprise. Changes reportedly being considered by the Higher Tariffs Committee include higher tariffs on luxury goods, our sources tell us, stopping short […]

The Electricity Ministry will create just one company to operate the three Siemens-built combined cycle power plants rather than setting up one company per station, unidentified government sources said. The Egyptian Electricity Holding Company (EEHC) had said in December it was in the process of establishing three separate companies to manage the plants in Burullus, […]

Who is benefiting from Egypt’s economic growth? Professional freelancers and contractors, according to data from contractor recruitment and management firm 6CATS International. The country saw a 73% y-o-y increase in hires of freelance professional between January and May of this year, on the back of a growth in business activity. “There’s certainly been a growth […]

Egypt’s favorite footballer could miss the start of the World Cup, according to Liverpool’s club physiotherapist. Mohamed Salah’s shoulder injury might keep him off the pitch for three to four weeks, according to Reuters. The Liverpool striker is “totally focused on recovery,” physiotherapist Ruben Pons said. Egyptian Football Association head Hany Abu Rida confirmed that […]