Author Archives: enterpriseam admin

HSBC remains “fundamentally optimistic on Egypt’s near-term outlook”: We like Simon Williams even when he’s not singing the economy’s praises, so it’s particularly gratifying to see HSBC’s chief economist for Central and Eastern Europe, the Middle East and Africa (also known as “the world’s coolest geography”) sounding bullish on our prospects. “The gains delivered by […]

M&A WATCH- TE inks SPA for USD 90 mn acquisition of OTMT’s MENA Cables: Telecom Egypt (TE) subsidiary the Egyptian International Submarine Cables Company (EISCC) has executed a sale and purchase agreement for the USD 90 mn acquisition of Orascom Telecom Media and Technology (OTMT) subsidiary MENA Cables, according to a statement to the EGX […]

IPO WATCH- Misr Insurance EGM signs off on potential EGX listing: An extraordinary general meeting of Misr Insurance Holding Company shareholders approved yesterday listing on the EGX as part of the state privatization program, according to a Public Enterprises Ministry statement carried by Youm7. No details were provided on the expected size or timeline of […]

INVESTMENT WATCH- India’s Dhunseri Petrochem has bought the Egyptian Petrochemicals Holding Company (ECHEM)’s share of their joint venture, the Egyptian Indian Polyester Company (EIPET), according to a regulatory filing (pdf) by Dhunseri on the Bombay Stock Exchange. Dhunseri will buy ECHEM’s 23% stake in EIPET in seven installments over the next four years. The company […]

STARTUP WATCH- The Giftery has closed an investment round led by Springboard Investment Management (LinkedIn | website), the two parties said in a joint statement (pdf) issued last night. The two did not disclose the size of the investment. Cairo-based Giftery, founded by Sarah Aclimandos, bills itself as the region’s first online gifting platform, providing […]

Egypt’s non-oil industrial output climbed to EGP 145.3 bn in 3Q2017, according to a CAPMAS release. The release did not include figures for the y-o-y increase. Food products accounted for 19% of overall output, while steel production accounted for 17.1%.

The Oil Ministry will hold two international bid rounds for oil and gas exploration this year, with one bid covering 16 concession areas, mostly in the Mediterranean Sea, Oil Minister Tarek El Molla said on Monday. The second bid round will cover 11 concession areas in the Nile Valley, Gulf of Suez, and the Eastern […]

LEGISLATION WATCH- President Abdel Fattah El Sisi has signed into law amendments to the Agriculture Act that give the government more power to regulate unsustainable agriculture practices, Youm7 reports. The law grants the Agriculture Ministry, in coordination with the Irrigation Ministry, greater powers to regulate which crops can be grown and where, all with an […]