Author Archives: enterpriseam admin

IPO WATCH- Banque du Caire will IPO on the Egyptian Exchange by the end of 2018 or early 2019, according to CBE Governor Tarek Amer. Banque du Caire was widely expected to be the first company to list under the state’s privatization program, which officials said will see shares from 4-6 companies (out of a […]

IPO WATCH- Will CIRA relist on the EGX in 4Q2018? Cairo Investment and Real Estate Development (CIRA), has reportedly begun taking steps to relist on the EGX, with a preliminary date set for 4Q2018, sources said. The company, which holds majority stakes in 24 K-12 schools, is reportedly looking to sell up to 30% of […]

Trade and Industry Ministry paves way for Automotive Directive and sets 46% domestic component requirement: Trade and Industry Minister Tarek Kabil issued a directive mandating that 46% of the components of a domestically-assembled car be sourced locally, according to a statement from the ministry on Sunday. The decision also mandates that 28% of a car […]

Is the Electricity Ministry looking to force industry to go green with quota for renewable energy? It looks like we’re moving from generating renewable energy to mandating its consumption locally: The Electricity Ministry is reportedly looking to force factories to source a minimum percentage of their power needs from renewable energy, ministry sources tell Al […]

M&A WATCH- Telecom Egypt is reportedly close to tapping EFG Hermes as an adviser on an acquisition of MENA Submarine Cable Systems from the Orascom Telecom Media and Technology (OTMT), sources tell Al Mal. Neither TE or OTMT have publically acknowledged a transaction is in the works. However, TE had announced late last month that […]

EXCLUSIVE- Emaar offers EGP 100 mn to settle dispute with El Nasr Housing: The Public Enterprises Ministry will study an offer from Emaar Misr to pay EGP 100 mn to settle an outstanding dispute with the state-owned El Nasr Housing and Reconstruction over Emaar’s Uptown Cairo project, sources told us this week. El Nasr, which […]

EXCLUSIVE-Egypt Care to launch first phase of EGP 15 bn new capital medical city in 3Q2018: Egypt Care intends to launch the first phase of its medical city at the new administrative capital in 3Q2018, according to Chairman Hassan Al Qalla. Construction has already started, Al Qalla told Enterprise, adding that his company had tapped […]

Kuwait has agreed “in principle” to roll over some USD 4 bn in deposits it made in 2013, state news agency MENA reports, quoting CBE Governor Tarek Amer. We understand in parallel that the state is working to extend two other deposits by GCC countries, with now being repayable in September of this year and […]

LEGISLATION WATCH- Egypt’s sovereign wealth fund to be given financial and legal independence: Egypt’s new sovereign wealth fund and any subsidiary under it would not be subject to local business laws, according to Al Mal’s reading of a draft of the law establishing the fund. Other aspects of the law include making the fund an […]

Nasr in talks with World Bank on USD 1 bn loan to develop Sinai: Investment and International Cooperation Minister Sahar Nasr is talks with the World Bank for a USD 1 bn loan to develop Sinai, the minister is reported to have said, according to Al Mal. She gave no further detail on the talks. […]