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Egypt calls for fresh round of GERD talks next week: Egypt has invited Sudan and Ethiopia to another round of negotiations over the Grand Ethiopian Renaissance Dam (GERD) in Cairo on 20 April. The Egyptian-Sudanese Business Council will hold its first meeting on Saturday 21 April. The Council hopes to use cross-border business ties to […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Budget, Arab League, and farmers gripes topped airwaves coverage
The talking heads hovered last night between heavy econ and political stories, with the top concern being the FY2018-19 budget, the debate on which formally opened at the House of Representatives yesterday. Skimming through the highlights of the budget, Hona Al Asema’s Lamees Al Hadidi wondered whether Egyptian debt will be globally attractive with the […]
Posted inSpeed Round
Budget debate officially kicks off at the House
BUDGET WATCH- House budget debate leaks to Twitter overnight: Previously unreleased figures for the FY2018-19 budget, including details on subsidy cuts and health and education spending, were posted to Twitter overnight courtesy of House of Representative Budget Committee member MP Heytham El Hariri. The numbers El Hariri tweeted vary widely in places from those noted […]
Posted inSpeed Round
Central Bank could slash interest rates by another 100 bps despite upcoming subsidy cuts -Badr
Renaissance Capital MENA CEO Ahmed Badr believes Egypt’s central bank could slash interest rates by another 100 bps at its 17 May meeting despite expectations of inflation rising temporarily in July as the government further reduces energy subsidies. Real estate stocks in favour? Interest rate cuts are shifting investor focus to real estate stocks, which […]
Posted inSpeed Round
OTMT backs out of Inertia acquisition after talks falter
M&A WATCH- OTMT and Inertia suspend acquisition talks: Orascom Telecom Media and Technology (OTMT) announced yesterday that it has decided to suspend negotiations for the acquisition of a 51% stake in real estate outfit Inertia for Engineering and Trading, after it failed to reach an agreement with the company. OTMT said it intends to continue […]
Posted inSpeed Round
MG Developments planning to list shares on EGX by end-2019
IPO WATCH- MG Developments is planning to list shares on the EGX by the end of 2019, marketing manager Aya El Shenawy tells Reuters’ Arabic service. El Shenawy did not disclose any further details on the expected size or value of the share sale.
Posted inSpeed Round
FRA to sign off on draft of Insurance Act by month’s end, expects to see it out in 2H2018
LEGISLATION WATCH- FRA to complete draft of Insurance Act by month’s end, expects to see it out in 2H2018: The Financial Regulatory Authority’s (FRA) newly-formed board of directors is expected to sign off on the amended Insurance Act by the end of April, FRA deputy head Reda Abdel Moty said yesterday, Al Mal reports. The […]
Posted inSpeed Round
House gives preliminary nod to Food Cart Act
LEGISLATION WATCH- The House of Representatives has given preliminary approval of a Food Cart Act that would regulate the sale of street food nationwide. Lawmakers are positioning the bill as part of a pro-SME drive, a report from Al Mal suggests. The legislation, proposed by Rep. Mohamed Ali Youssef, includes 17 clauses regulating permits, equipment, […]
Posted inSpeed Round
Gov’t pledges EGP 275 bn for Sinai development over four years
Gov’t pledges EGP 275 bn for Sinai development over four years: Yesterday also saw Prime Minister Sherif Ismail deliver a speech to the House on the government’s spending plans to develop Sinai, which he says will cost EGP 275 bn over the coming four years. These would be financed by both the state and through […]
Posted inSpeed Round
The race to develop Saudi cinemas is on, with MAF looking to take a chunk of the market
The race to develop Saudi cinemas is on, with MAF looking to take a chunk of the market: Mall developer Majid Al Futtaim (MAF) is hoping to land a license to build and operate cinemas soon, and plans 600 Vox Cinemas screens over the coming decade. “It could be a big opportunity, subject to content […]