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It’s MPC day tomorrow: The central bank’s Monetary Policy Committee will meet on Thursday to decide on interest rates, amid a universal consensus among the business community that rates will be cut. The Ismail Cabinet is expected to present its draft FY2018-19 budget to President Abdel Fattah El Sisi this week before shipping it to […]
Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
Pharos Holdings will be holding a two-day investor conference headlined In Search of Egypt Alpha on 2-3 April. The event, set to be attended by a number of senior government officials, is expected to host around 40 companies a range of industries to help explore the long-term prospects for investment in the EGX, Chairman and […]
Posted inEnterprise+: Last Night’s Talk Shows
Elections, elections, and more elections
The presidential election again dominated the airwaves last night as talk show hosts remained fixated on turnout on the second day of voting. Unofficial indicators seem to suggest that yesterday more voters at the polls than on Monday. Initial figures show that around 910k Alexandrians out of a total 3.8 mn eligible voters voted over […]
Posted inSpeed Round
Fiat, VW exploring auto manufacturing opportunities in Egypt -FEI
On a slow news morning, we start with a quickening drumbeat of stories suggesting that the automotive industry is attracting interest from global automotive industry players as people wait for news of the automotive directive, which would give local assemblers a competitive advantage against EU, Turkish and Moroccan imports provided the assemblers move further up […]
Posted inSpeed Round
OTMT to complete Inertia acquisition in the next two weeks
M&A WATCH- OTMT to complete acquisition of real estate developer Inertia in the next two weeks: Orascom Telecom Media and Technology Holdings is two weeks away from completing the acquisition of 51% of real estate outfit Inertia for Engineering and Trading’s shares, sources close to the matter said yesterday. The two sides are adding some […]
Posted inSpeed Round
Egypt’s first real estate fund begins trading on the EGX
Egypt’s first real estate fund began trading on the EGX yesterday, according to Al Shorouk. The EGP 80 mn fund — a tie in between the Egyptians Abroad Investment and Development Company, Pioneers Holding, and Misr Iran Development Bank — will invest in four real estate projects worth a combined EGP 2.5 bn, including a […]
Posted inSpeed Round
EFG Hermes reports net profit of EGP 1.2 bn in FY2017
EARNINGS WATCH- EFG Hermes’ net profit after tax and minority interest stood at EGP 1.2 bn at the end of FY2017 on the back of EGP 3.6 bn in revenues, an increase of 186% y-o-y “after adjusting for FX gains of EGP 2.7 bn recorded in 2016,” the company announced yesterday (pdf). “EFG Hermes decisively […]
Posted inSpeed Round
Uber, Careem appeal Administrative Court ruling ordering their closure
Uber, Careem appeal Administrative Court ruling ordering their closure: Ride-hailing apps Uber and Careem have filed an appeal with the Supreme Administrative Court against last week’s ruling suspending the companies’ licenses in Egypt, Al Mal reports. The appeal, which challenges charges by taxi drivers of the companies operating illegally, says that the apps are operating […]
Posted inSpeed Round
Quantum Global ranks Egypt as second most attractive investment destination in Africa
Egypt has been named the second most attractive investment destination in Africa on Quantum Global’s 2018 Africa Investment Index. “In addition to being the second largest economy and the third most populous country in Africa, Egypt scores well on other factors such as liquidity, external debt, and current account — the latter two indicators both […]
Posted inSpeed Round
MEA, North American tourist arrivals to drive sector growth going forward -ATM
Tourist arrivals from the Middle East, Africa, and North America are expected to drive growth in Egypt’s tourism industry going forward, according to data released ahead of the 2018 Arabian Travel Market carried by Breaking Travel News. A combination of a cheaper EGP and the government’s charter flight incentive program is expected to drive arrivals […]