Author Archives: enterpriseam admin

LEGISLATION WATCH- Cabinet economic group discusses SME Act: The Ismail Cabinet’s economic group met yesterday to discuss a draft law on small and medium-sized businesses that would encourage SMEs to join the formal economy, according to a statement from the Cabinet. The statement offered little by way of detail beyond reiterating previous statements on how […]

LEGISLATION WATCH- House Transport Committee approves Ride-Hailing Apps Act, with amended user data stipulations: The House of Representatives’ Transport Committee approved yesterday the Ride-Hailing Apps Act after amending clauses on user data privacy, Al Ahram reports. MPs eventually agreed yesterday to amend a clause that allows companies such as Uber and Careem to keep user […]

EFG Hermes Brokerage became the first to receive approval from the Dubai Financial Market (DFM) to provide allocation account services, the DFM said in a statement on Monday. The allocation account service, launched by DFM in January, new mechanism enables brokers to execute transactions through a combined account and allocate the proceedings into clients' accounts […]

March brokerage league table: EFG Hermes topped the EGX’s brokerage league table for March with a 24.2% market share, according to figures released by the Egyptian Exchange (pdf). CI Capital came second with a market share of 13.3%, followed by Beltone (6.1%), our friends at Pharos (4.4%) and Arqaam Securities (4.2%).

MOVES- Ahmed Youssef has been named the new head of the Tourism Promotion Authority, succeeding Hisham El Demery, who had submitted his resignation early last month, Al Shorouk reports. Youssef has 16 years of marketing experience with private companies under his belt. The appointment was made by Tourism Minister Rania Al Mashat.

MOVES- Kohei Maeda has been appointed as Nissan Egypt’s new chairman, Al Mal reports. Maeda, who succeeds Isao Sekiguchi, has been with the carmaker since 2002 and has previously served as chairman of Nissan Switzerland. His new appointment comes as part of the global company’s plans to restructure its plants in Egypt, according to the […]

MOVES- Fiat Chrysler Automobiles (FCA) has appointed Abdelrahman Sultan as the CEO of its Egypt operations, Al Mal reports. Sultan replaces Francesco Monaco, who held the position for one year. Sultan was previously CFO at FCA Egypt.

HuffPost has pulled the plug on its Arabic-language service after a three-year run. The company did not give a reason for the move, which came into effect on 30 March, saying only that “this was a mutual decision by HuffPost and our partners, Integral Media Strategies, as both organizations continue to re-assess and evaluate how […]

Abiy Ahmed was sworn in as Ethiopia’s new Prime Minister yesterday in country’s parliament Addis Ababa, Africa News reports. The 42-year-old was elected by the country’s ruling coalition last month, replacing Hailemariam Desalegn, who resigned suddenly in February over anti-government violence, particularly in Ethiopia’s restive Oromia region. Desalegn’s resignation had sparked concerns here in Egypt […]