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The talking heads had plenty to keep them busy last night with parliament signing off on the Ride-Hailing Apps Act, the details of which we cover extensively in the Speed Round below. But the star show of night was Amr Adib’s roundtable with IMF Deputy Managing Director David Lipton, CBE Governor Tarek Amer, and Finance […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Parliament looks to smother ride-hailing in the baby crib by approving an even worse version of the Ride-Hailing Apps Act
LEGISLATION WATCH- Parliament looks to smother ride-hailing in the baby crib by approving its Ride-Hailing Apps Act: The House of Representatives approved in its plenary session yesterday the Ride-Hailing Apps Act. Parliament not only passed the law without amending its most controversial clauses on user data, but appears to have drafted a worse version of […]
Posted inSpeed Round
SODIC appoints CI Capital as advisor on potential transaction with MNHD
M&A WATCH- SODIC appoints CI Capital as advisor on potential transaction with MNHD: Our friends at SODIC confirmed yesterday that they have appointed CI Capital as advisor on a transaction that could see SODIC and developer Madinet Nasr Housing and Development (MNHD) combine their businesses. Both SODIC and MNHD expect it could take approximately two […]
Posted inSpeed Round
El Rashidy El Asly revives IPO plans
IPO WATCH- El Rashidy El Asly revives IPO plans: Confectioner REMD El Rashidy El Asly is planning an IPO of 20% of the company’s shares on the EGX next year, Managing Director Mohamed Kandil said, according to Youm7. The listing will come through a sale by a majority shareholder, who we’re taking to be UK-based […]
Posted inSpeed Round
Gov’t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project
EXCLUSIVE- Gov’t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project: The government has halted settlement talks with Qatari Diar over the company’s EGP 16 bn Hurghada resort, government sources tell Enterprise. The company has made no attempts to settle the dispute or engage with the government in over year, the sources […]
Posted inSpeed Round
Jumia is looking to unlicensed vendors to grow its business in Egypt
Jumia looks to make Egypt its biggest African market through unlicensed vendors: Online shopping platform Jumia is looking to Egypt’s unlicensed vendors to achieve its goal of making Egypt its biggest market in Africa, Tamim Elyan writes for Bloomberg. Jumia is “urging the government to regulate informal retailers by offering them tax incentives and cheap […]
Posted inSpeed Round
Egypt is the second most important country for Blom Bank
Egypt is the second most important country for Blom Bank: Egypt is the second most important country for us, says Saad Azhari, Chairman of Lebanon’s Blom Bank. In an interview with Bloomberg TV that mostly covered Lebanon, Azhari found time to hint at the company’s expansions in Egypt, saying that “Egypt is definitely a priority […]
Posted inSpeed Round
FRA introduces amendments to Insurance Act governing micro-sized insurance companies
LEGISLATION WATCH- FRA introduces amendments to Insurance Act establishing micro-sized insurance companies: The Financial Regulatory Authority (FRA) has introduced new amendments to the Insurance Act that would open the door for the establishment of micro-sized insurance companies, FRA deputy head Reda Abdel Moty said, Al Mal reports. The amendments would allow these companies to offer […]
Posted inSpeed Round
Egypt’s LNG pipeline with Cyprus expected to cost USD 800 mn-1 bn, El Molla says
The pipeline connecting Cyprus’ Aphrodite gas field to Egypt’s liquefaction plants is expected to cost between USD 800 mn and USD 1 bn, Oil Minister Tarek El Molla said at a joint press conference with Cypriot Energy Minister Yiorgos Lakkotrypis yesterday, Reuters reports. No announcement was made on how both countries plan to split the […]
Posted inSpeed Round
Cabinet reportedly settles on a standard waste-to-energy feed-in tariff
The Ismail Cabinet has reportedly agreed to set a standard waste-to-energy feed-in tariff of EGP 1.40 per kWh, an unidentified source tells Al Mal. The electricity and finance ministries apparently also reached an agreement that will see the former pay EGP 1.03 per kWh and the latter cover the remaining costs. Cabinet will also grant […]