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Our friends at Flat6Labs are holding their Cairo Spring demo day tomorrow. “The cycle brings a promising lineup of startups that work within software products in education, fintech, health & safety, consumer e-commerce, design, and media,” the invite says. The event kicks off at 6:30pm CLT at the Semiramis InterContinental in downtown Cairo. House to […]
Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
The IMF should issue its progress report on Egypt’s economic reform program in two weeks’ time, Deputy Chief of Media Relations Alistair Thomson tells Al Masry Al Youm. A delegation from the fund is currently in town until 17 May, conducting a review of the reform agenda that is set to unlock a USD 2 […]
Posted inEnterprise+: Last Night’s Talk Shows
Metro ticket price hike permeates the airwaves
The threefold increase in metro ticket prices over the weekend blanketed the airwaves as Transport Ministry officials made the rounds of last night’s talk shows to justify the move. We have the full story in Speed Round, below. Transportation Minister Hisham Arafat declared that there is no going back on the price increases (watch, runtime […]
Posted inSpeed Round
S&P finally raises Egypt’s sovereign credit rating to ‘B’ from ‘B-’
The S&P has finally come around and raised Egypt’s sovereign credit rating to ‘B’ from ‘B-’: S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Egypt to 'B' from 'B-’, with a stable outlook. “The stable outlook balances Egypt's falling current account deficit, decreasing inflation levels, and stronger growth prospects […]
Posted inSpeed Round
Metro ticket prices more than triple over the weekend
Metro ticket prices more than triple over the weekend, to follow distance-based tier system: The Transport Ministry announced on Thursday a new tariff scheme for the Cairo Metro that saw ticket prices more than triple in some instances and changed the pricing scheme to a tier system based on distance traveled, according to a statement […]
Posted inSpeed Round
Enterprise chats with IFC VP Sergio Pimenta
EXCLUSIVE- We had the chance to briefly speak last week with International Finance Corporation (IFC) Vice President for Middle East and Africa Sergio Pimenta, who gave us his thoughts on the Ismail government’s reform agenda, what the IFC likes about Egypt, and what more we can do to improve the investment climate. He statements to […]
Posted inSpeed Round
EBRD to start accelerator program with Flat6Labs, Jordan’s Oasis500
EBRD to start accelerator program with Flat6Labs: The European Bank for Reconstruction and Development (EBRD) will be starting an accelerator program in Egypt in collaboration with our friends at Flat6Labs. The program will be similar to another that the EBRD is launching in Jordan with seed investment firm Oasis500. The programs will see EBRD extend […]
Posted inSpeed Round
China’s Angel Yeast to invest USD 55 mn in new factory in Beni Suef
INVESTMENT WATCH- China’s Angel Yeast is planning to invest USD 55 mn in a new food additives plant in Beni Suef, according to a statement by the General Authority for Freezones and Investors (GAFI). The company aims to increase its production of dry yeast to 35,000 tonnes from the current 23,000 tonnes. In related news, […]
Posted inSpeed Round
TE to acquire OTMT’s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities
M&A WATCH- TE to acquire OTMT’s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities: Telecom Egypt (TE) announced on Thursday that its board of directors has signed off on the decision to acquire Orascom Telecom and Media Technology’s (OTMT) MENA Submarine Cables Systems in a USD 90 mn transaction. The acquisition, which […]
Posted inSpeed Round
El Nasr Housing accepts Emaar’s EGP 100 mn settlement offer for Uptown Cairo dispute
El Nasr Housing accepts Emaar’s EGP 100 mn settlement offer for Uptown Cairo dispute: State-owned El Nasr Housing and Reconstruction’s general assembly voted to accept Emaar’s EGP 100 mn settlement offer for their dispute over the Uptown Cairo project, El Nasr board member Ezzat Ibrahim tells Al Masry Al Youm. The company referred the case […]