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EARNINGS WATCH- Leading Automotive player GB Auto has returned to profitability, reporting a net profit after tax of EGP 33.5 mn in 1Q2018 compared to a net loss of EGP 154.5 mn in the same period last year, according to the company’s earnings newsletter (pdf). “We are now more than ever confident that customers have […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Sky Light for Touristic Development looks to IPO
IPO WATCH- Sky Light for Touristic Development is meeting with EGX’s listing committee today to discuss IPO requirements, says Adel Murad, IR Director at El Wadi Co. for Touristic Investment (ELWA), which owns 45% of Sky Light. This follows the end of a dispute between Sky Light and the Financial Regulatory Authority (FRA), which has […]
Posted inSpeed Round
Cabinet agrees to allocate additional EGP 2.6 bn to healthcare in FY2018-19 from other ministries’ surplus
BUDGET WATCH- The Ismail Cabinet agreed to allocate an additional EGP 2.6 bn to the Health Ministry’s investment budget for FY2018-19, Health Minister Ahmed Rady reportedly said on Thursday, Al Mal reports. The amount will be provided through existing surplus at other ministries, according to Rady, who did not provide additional details. House representatives had […]
Posted inSpeed Round
Expect ties with Russia to get a major shot in the arm this week
Expect ties with Russia to get a major shot in the arm this week: Foreign Minister Sameh Shoukry and Defense Minister Sedki Sobhi are heading to Moscow tomorrow for talks with their Russian counterparts. Security issues, including terrorism and the conflicts in Syria and Libya, according to a Foreign Ministry statement. Security meetings will precede […]
Posted inSpeed Round
Dana Gas reportedly reaches settlement agreement with sukuk holders
The UAE’s Dana Gas appears to have reached a settlement agreement with holders of its USD 700 mn sukuk. “A committee representing sukuk holders, which include BlackRock Inc. and Goldman Sachs Group Inc., agreed to accept an immediate cash payout of USD 0.20 to the USD and to roll the rest into a three-year security,” […]
Posted inUncategorized
** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]
Posted inImage of the Day
Antiquities Ministry to restore Hosh al-Basha at El Imam El Shafei mosque
The Antiquities Ministry is planning to restore the Hosh al-Basha courtyard at El Imam El Shafei mosque in old Cairo, Youm7 reports. The royal graveyard, which is practically inaccessible as is, will be renovated and fitted with new electrical and lighting systems.
Posted inEGYPT IN THE NEWS
Egypt in the News on 15 May 2018: Cairo Metro, El Sisi, Amal Fathy
Topping coverage in the foreign press this morning were protests of the Cairo Metro ticket price hikes. It was otherwise a mixed bag of nuts from the international media over the weekend, a period in which Egypt was ranked 161 out of 180 countries in Reporters Without Borders 2018 Press Freedom Index. Forbes magazine has […]
Posted inOn Deadline
Nation’s columnists come out strongly against decision to raise metro ticket prices
The nation’s columnists came out strongly against the Transport Ministry’s decision to raise metro ticket prices. Although the ministry has repeatedly announced that these price hikes were in the offing, and had previously announced the planned pricing scheme based on distance traveled, Ahram Gate’s Ahmed El Berry says that commuters were not given a proper […]
Posted inDiplomacy + Foreign Trade
Ethiopia complains that Egypt is being a Debbie Downer on GERD
Ethiopia complains that Egypt is being a Debbie Downer on GERD: Egypt has been “consistently giving unconstructive comments” on the Grand Ethiopian Renaissance Dam (GERD), Ethiopian Foreign Ministry spokesman Meles Alam told reporters on Thursday, Africa News reports. Alam is referencing comments made by Foreign Minister Sameh Shoukry that appeared to blame Ethiopia and Sudan […]