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Egypt’s fiscal reforms in general, and ongoing subsidy cuts in particular, will help keep rising debt from getting out of control, Finance Minister Amr El Garhy tells the Financial Times’ Heba Saleh in an interview on Wednesday. “The reduction in the overall deficit will be accompanied by a primary surplus of 2% of GDP, which […]
Author Archives: enterpriseam admin
Posted inSpeed Round
FRA now has broader power to suspend investors
FRA now has broader power to suspend investors from buying and selling on EGX: Amendments to the Capital Markets Act give the Financial Regulatory Authority (FRA) broader powers to suspend individual investors, according to Sharkawy & Sarhan Law Firm. The chairmen of FRA and the EGX can impose suspension as an administrative penalty directly without the […]
Posted inSpeed Round
Draft of Universal Healthcare Act regs with Cabinet
LEGISLATION WATCH- A draft of the executive regulations of the Universal Healthcare Act has been completed and sent to the Ismail Cabinet for review, Health Minister Ahmed Rady said on Tuesday, according to Al Shorouk. Cabinet is expected to complete its review of the regs in two weeks’ time and will follow that up with […]
Posted inSpeed Round
EGAS, GANOPE sign offshore drilling rig purchase agreement with Toyota
A string of news from the petroleum industry is worthy of your attention this morning, all stemming from the 9th Mediterranean Offshore Conference, which saw a number of IOCs on Tuesday — including Shell, Eni, and Edison — make commitments to expand and expedite their activities in Egypt: EGAS and the Ganoub El Wadi Petroleum […]
Posted inSpeed Round
TEDA Egypt is looking to reel in USD 3 bn of Chinese investments to TEDA industrial zone
INVESTMENT WATCH- TEDA Egypt is looking to attract USD 3 bn worth of Chinese investment to its industrial zone in Ain Sokhna in the coming period, Chairman Liu Aimin said. The company is planning to sign the contracts for these investments once the second phase of the zone’s development is complete, according to Aimin, who […]
Posted inSpeed Round
Cabinet approves 24-hour operation in Egypt’s ports, USD 168 mn loan from JICA
CABINET WATCH- The Ismail Cabinet approved yesterday a decision to keep Egypt’s ports open around the clock. Ports were previously open for business 16 hours a day. The move comes in an effort to cut down on “long waiting times,” Transportation Minister Hisham Arafat told Reuters yesterday. The extended port hours will not come at […]
Posted inSpeed Round
Military kills Daesh leader in Sinai shootout
Egyptian troops killed yesterday Daesh’s leader in Sinai, Naser Abu Zaqoul, during a shootout in the peninsula, according to a statement from the Armed Forces. Abu Zaqoul’s death comes days after a terror attack on a military checkpoint in Sinai left eight soldiers dead and another 15 wounded.
Posted inSpeed Round
Correction
CORRECTION- The healthcare fund of emerging markets private equity firm Abraaj that has recently been in the news amid allegations that funds may have been inappropriately used does not invest in Egypt and is, in fact, managed by a separate team. The fund in question has invested in both Sub-Saharan Africa and South Asia and […]
Posted inUncategorized
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Posted inTHE MACRO PICTURE
Is emerging market growth nearing a peak?
Is emerging market growth nearing a peak? That’s what some research seems to suggest. As we reported yesterday, both the IMF and the IFF see emerging markets growth accelerating (or at least holding steady) this year and next, but data compiled by UBS indicates that despite y-o-y growth figures in EMs, quarterly economic growth actually […]