Author Archives: enterpriseam admin

INVESTMENT WATCH- Kuwait’s Asasat for General Trading & Contracting Company is planning to invest c.USD 16.5 mn in a touristic resort in Egypt, according to Chairman Mishary Al Mershad. The company, which has recently opened a new office in Cairo to manage upcoming projects in the country, expects to break ground on the new 120-feddan […]

EARNINGS WATCH- EFG Hermes reported a net profit after tax and minority interest of EGP 249 mn in 1Q2018, marking a 6% y-o-y increase “when adjusting for one-off gains related to the sale of our stake in Lebanese bank Credit Libanais in the comparable period last year.” Revenues also increased to EGP 945 mn during […]

Could Red Sea energy reserves outshine Zohr? Preliminary seismic studies in the Red Sea has indicated there are “huge amounts” of oil in the area that could exceed the magnitude of the Zohr gas field in the Mediterranean, Red Sea Governor Ahmed Abdallah announced yesterday, Al Masry Al Youm reports. A seismic vessel will locate […]

LEGISLATION WATCH- Cyber Crimes Act forces service providers to hold user data for 180 days: It appears that the Cyber Crimes Act, which grants the government widespread oversight on internet activity, is following in the footsteps of the Ride-Hailing Apps Act, mandating that internet service providers hold user data and records of web activity for […]

Egypt’s FM suggests RIZ contracts will be signed next week: Egypt and Russia are expected to sign the contracts for the Russian Industrial Zone during the Egyptian-Russian Economic Summit in Moscow, which will run from 21 to 24 May, Foreign Minister Sameh Shoukry said yesterday, according to a ministry statement. The 5.25 mn sqm zone […]

Uber is considering launching Uber Pool in the Middle East as part of its plans for growth in the region, COO Barney Hartford tells Forbes Middle East. Obstacles like a challenging regulatory environment make this more of a long-term plan, but the company is definitely looking to enter the high occupancy vehicle segment in markets […]

Dana Gas announced yesterday that it has reached a settlement agreement that will end the legal battle with holders of its USD 700 mn sukuk, the company said in a statement (pdf). “A committee representing bondholders agreed on terms that offer two options to creditors,” according to Bloomberg. “The first option allows holders to tender […]

At least 55 Palestinians were shot and killed by Israeli fire yesterday during protests along the Gazan border against the opening of a US embassy in Jerusalem, according to Palestine’s WAFA news agency. As many as 2,771 more Palestinians were injured, with around half of these injuries caused by live ammunition from Israeli forces. The […]