Author Archives: enterpriseam admin

And speaking of EastMed gas, Egypt is looking to attract as much as USD 10 bn in new foreign investment in the oil and gas sector in FY2018-19, thanks to new discoveries in the East Mediterranean, Oil Minister Tarek El Molla said yesterday, Reuters reports. The minister said he expects foreign investment in the sector […]

International lenders teamed up to support Egypt’s USD 1.2 bn natural gas connection project: It looks like the World Bank, EU, and French Development Agency (AFD) have all contributed funding to the USD 1.2 bn project to connect more Egyptian households to the natural gas grid. Egypt received USD 300 mn from the World Bank, […]

Tourism Minister Mashat tells Bloomberg that Egypt is set to drive development of tourism projects along coastlines: Egypt will be offering international investors the opportunity to develop sustainable cities along the Red Sea and Mediterranean coasts, Tourism Minister Rania Al Mashat told Bloomberg in an interview (watch, runtime: 5:25). The Tourism Development Authority has selected […]

BUDGET WATCH- Committee-level debate of the FY2018-19 budget resumed yesterday at the House of Representatives, according to Al Mal. The House is looking to complete discussions on the budget and vote on it before the summer recess in July (and the start of the new fiscal year). The deputy chair of the House Planning and […]

M&A WATCH- Austria’s Mondi Paper Sales has reportedly acquired the National Paper Products Company for EGP 500 mn, sources said on Sunday. The transaction, which saw Mondi acquire full ownership of the company, closed last week, the sources added. The move comes as Mondi has been increasing its acquisitions in Egypt. The company applied for […]

INVESTMENT WATCH- Canada’s Second Cup Coffee Company is planning to invest USD 20 mn in Egypt over the coming five years as it rolls out a national footprint, said Yahya Ghamdan, who heads the company’s local franchisee, at the opening of its store in Cairo Festival City. The company is planning to open five stores […]

Abraaj’s challenges could push it to delay the IPO or sale of its North African hospitals business, people with knowledge of the matter told Bloomberg on Sunday. The Dubai-based emerging markets private equity giant will delay the sale, which was originally planned for 1H2018, until October, sources added. Abraaj, which owns a dozen hospitals and […]

LEGISLATION WATCH- Gov’t gets sharper teeth in clampdown on unsustainable agriculture practices: The House of Representatives voted to approve amendments to the Agriculture Act in a plenary session on Sunday, according to Al Shorouk. The law grants the Agriculture Ministry greater powers to regulate which crops can be grown and where with an eye towards […]

Did Sudan really promise to end its boycott of agriculture goods before Ramadan? Sudanese government officials reportedly promised that they would lift their ban on Egyptian agricultural imports before Ramadan, said Egyptian-Sudanese Business Council member Riad Armanious. Officials apparently promised the council that the ban on some 19 goods will be lifted before Ramadan following […]