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Arab leaders will gather in Riyadh on 15 April for a summit, Arab League Secretary General Ahmed Abul Gheit announced yesterday. Saudi Crown Prince Mohammed bin Salman had said that Qatar would be allowed to attend. The Creative Industry Summit will take place in Cairo from 17-18 April at the Four Seasons Nile Plaza. Some […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
El Sisi’s “President and People 2018” interview reigns supreme on the airwaves
President Abdel Fattah El Sisi’s interview with director Sandra Nashaat — titled “President and People 2018” — consumed the talking heads last night. Without exception, the hosts commended the format of the interview, which we cover in the detail in the Speed Round, and El Sisi’s demeanor. They offered little in the way of analysis. […]
Posted inSpeed Round
Administrative Court orders shut down of ride-hailing apps Uber and Careem, companies plan appeal
Taxi drivers have won an initial court victory over Uber and Careem: The Administrative Court ordered yesterday the suspension of licenses for ride-hailing apps Uber and Careem,judicial sources told Reuters. The case was filed by 42 taxi drivers seeking to shut down the operations of both platforms, claiming the ride-hailing services were illegally using private […]
Posted inSpeed Round
Government to sell stakes in 4-6 companies on the EGX in 2018
IPO WATCH- The government plans to offer shares of 4-6 companies on the EGX in 2018 under its IPO program, including a chunk of Bank of Alexandria and 24% of oil services outfit Enppi, Finance Minister Amr El Garhy tells Al Mal. The issuances are expected to raise EGP 12-15 bn, according to the minister, […]
Posted inSpeed Round
ECA denies targeting steel manufacturers with price-fixing probe
ECA denies targeting steel manufacturers in price-fixing probe: The Egyptian Competition Authority (ECA) denied on Tuesday reports published in Al Borsa that it is investigating steel manufacturers on antitrust allegations. “The authority has received no complaints against the sector, but has conducted a standard periodical review of the steel and cement industries,” the ECA said […]
Posted inSpeed Round
SME taxation framework could codify lower interest rates for SMEs
SME taxation framework could codify lower interest rates for SMEs: And speaking of taxes, the SME taxation framework currently being worked on by the Finance Ministry could codify lower interest rates on SME loans, SME Development Authority Chairperson Niveen Gamea said, according to Al Mal. How that would work in practice, when interest rates are […]
Posted inSpeed Round
Al-Futtaim Real Estate to invest EGP 30 bn in Cairo Festival City by 2023
INVESTMENT WATCH- Al-Futtaim Real Estate plans to invest EGP 30 bn (USD 1.7 bn) in its Egypt project Cairo Festival City by 2023, nearly double what it had originally planned, Managing Director Ashraf Ezzeldin told the press yesterday, Reuters reports. The company, which had set an initial investment budget of EGP 15-17 bn for Egypt, […]
Posted inSpeed Round
NAT to ink USD 1.2 bn loan agreement for 10 Ramadan-Salam train next month
The National Authority for Tunnels (NAT) will sign next month a USD 1.2 bn loan agreement with the Export-Import Bank of China to build an electric rail line linking Salam City with Tenth of Ramadan City and the new administrative capital, the authority’s planning chief Tarek Abul Wafa tells Al Borsa. The bank was initially […]
Posted inSpeed Round
Benban keeps rolling on, with three foreign companies looking to begin construction
Benban keeps rolling on, with three foreign companies looking to begin construction: Spain’s Acciona and Saudi Arabia’s Swicorp have begun construction on three large-scale PV power plants with a combined capacity of 186 MW in Aswan’s USD 2.8 bn Benban solar park, according to PV Magazine. With USD 180 mn investments, the two companies will […]
Posted inSpeed Round
Tenders and Auctions Act, Income Tax amendments to go to plenary session in April
LEGISLATION WATCH- The House of Representatives will discuss the Tenders and Auctions Act in a plenary session when it reconvenes in April, Planning and Budgeting Committee chair Hussein Issa tells Al Mal. The committee will put its “final touches” on the bill after the March presidential elections before it moves it to the general assembly’s […]