Author Archives: enterpriseam admin

Annual headline inflation rates dropped to 13.3% in March from 14.4% a month earlier, according to CAPMAS. Core inflation fell to 11.59% in March from 11.88% in February. EFG Hermes’ Mohamed Abu Basha noted that the drop “confirmed our view that seasonal factors — including the coming two months leading to Ramadan — as well […]

BUDGET WATCH- More food subsidies, less spent on energy in FY2018-19: The government aims to reduce fuel subsidies by about 26% y-o-y to EGP 89.08 bn in FY2018-19, according to a government document referenced by Reuters. The budget also reduces electricity subsidies by almost half to EGP 16 bn from EGP 30 bn, the statement […]

Power prices could rise by as much as 45% in July for highest-bracket consumers: The Egyptian Electricity Utility and Consumer Protection Agency (Egyptera) has reportedly finished drafting a new formula for power prices that are set to come into effect in July, Electricity Ministry sources tell Al Shorouk. The new scheme — a continuation of […]

That’s it for eurobonds in 2018, says the Finance Ministry: Egypt will not be issuing any more eurobonds this year, said Assistant Finance Minister for Capital Market Operations Khaled Abdel Rahman said on Tuesday. His statements follow Monday’s successful USD 2.46 bn EUR-denominated issuance of eight- and twelve-year notes at yields of 4.75% and 5.63%, […]

INVESTMENT WATCH- Raya partners with Italy’s Piaggio on EGP 100 mn tuk-tuk assembly plant: Raya Advanced Manufacturing Company will develop a EGP 100 mn light transport vehicle assembly plant in Egypt in partnership with Italy’s Piaggio, the company said in bourse filing on Tuesday (pdf). Under the new partnership, Raya will build a 10,000 sqm […]

LEGISLATION WATCH- Parliament compromises on user data sharing in Ride-hailing Apps Act: A House of Representatives subcommittee charged with reviewing the Ride-hailing Apps Act amended yesterday the bill’s most controversial clause, scrapping a requirement that would have forced ride-hailing companies to store user data in Egypt and share them with the authorities. The sub-committee — […]

LEGISLATION WATCH- House ICT Committee signs off on Cybercrimes Act clause imposing two-year jail sentence: The House of Representatives’ ICT Committee approved yesterday a clause of the Cyber Crimes Act imposing prison sentences of up to two years and fines of EGP 100k-300k fine on anyone who creates, manages, or uses a website or an […]

Egypt and Cyprus will be ready to sign contracts to establish a natural gas pipeline “in the near future,” Cypriot Foreign Minister Nicos Christodoulides said yesterday, according to Cyprus Mail. The different parties involved “are in the process of negotiating the terms of the natural gas sale and the purchase agreements,” according to the minister. […]

The Arab Fund for Economic and Social Development has pledged three grants of USD 2.8 in total to support development projects in Sinai, according to an Investment Ministry statement. This comes as Minister Sahar Nasr meets with the heads of regional financial institutions in Jordan to discuss financing commitments for Sinai. Nasr has already signed […]

EARNINGS WATCH- Qatar National Bank Alahly reported a 27% y-o-y jump in net profits to EGP 1.6 bn in 1Q2018, up from EGP 1.26 bn the previous year, according to a bourse filing (pdf).