Author Archives: enterpriseam admin

In other news from the natural resources industry: Wood Mackenzie has been tapped to conduct studies for government’s mineral resources development strategy. State-owned oil services outfit Enppi has tapped global energy research and consultancy firm Wood Mackenzie to conduct studies for Egypt’s mineral resources development strategy, according to a Oil Ministry statement. The studies should […]

BP is hoping to raise USD 1 bn from “mature oil assets in Egypt” that it has recently put up for sale, sources close to the matter tell Bloomberg. The move is part of the company’s strategy to “maintain capital discipline,” they add. This comes as BP “missed out on a chance to renew its […]

LEGISLATION WATCH- The House of Representatives’ Transportation Committee is moving the Ride-hailing Apps Act to the top of its agenda. The committee intends to begin reviewing the bill as soon as it receives it from the Ismail Cabinet and intends to wrap up debate “as fast as possible,” chair Hisham Abdel Wahed tells Al Mal. […]

Competition authority vindicates cement producers in initial findings from market review: The Egyptian Competition Authority (ECA) has cleared cement producers of accusations of unjustified price increases leveled against them last week by Consumer Protection Authority (CPA) boss Atef Yakoub. In its preliminary findings from its 2013-17 survey of the industry, the ECA says that increases […]

Egypt welcomed 730k tourists in February 2018, marking a 36% y-o-y increase compared to the same period last year, according to Tourism Ministry data carried by Al Shorouk. Germany was our top inbound market with 115.5k arrivals in Egypt, followed by 87k from Ukraine and 35k from the UK. Group travel to EGypt was up […]

LEGISLATION WATCH- Government drafting legislation on organic farming: The Agriculture Ministry has started working on legislation to regulate organic farming and promote more exports of organic produce, Deputy Minister Ashraf Al Haddad said on Thursday, Al Mal reports. The proposed law would define the organic industry in Egypt and penalize producers who do not abide […]

M&A WATCH- Incolease denies it is in play. The International Company For Leasing (Incolease) has denied a report that it is the subject of acquisition offers from both local and international players seeking a majority stake in the firm, according to a company statement to EGX (pdf). Al Mal had reported on Thursday that major […]

INVESTMENT WATCH- IDA signs agreement with Saudi’s CPC to develop EGP 900 mn Sadat City industrial zone: The Industrial Development Authority (IDA) signed an agreement on Thursday with Saudi Arabia’s Construction Products Holding Company (CPC) to develop an industrial zone in Sadat City for EGP 900 mn, according to the State Information Service. Under the […]