Author Archives: enterpriseam admin

Egypt, Cyprus, Greece are moving ahead with a USD 4 bn project to connect their electricity grids: Egypt and Cyprus have approved the route for the 2,000 MW subsea power cable that’s at the heart of a USD 4 bn project to connect the electricity grids of Egypt, Cyprus, and Greece, unnamed government sources tell […]

Eni sells 10% stake in concession that is home to Zohr to UAE’s Mubadala for USD 934 mn: Eni has agreed to sell a 10% stake in the Shorouk concession, which holds the Zohr gas field, to Mubadala Petroleum, a wholly owned subsidiary of Abu Dhabi investment vehicle Mubadala Investment Company, the company said in […]

A Russian business delegation is expected to visit Egypt this month to look into developing the USD 7 bn Russian Industrial Zone (RIZ), an unnamed government source tells Al Borsa. The 5.25 mn sqm zone will be built in three phases spanning 13 years, with work on the first set to begin this year. The […]

IPO WATCH- Landmark Sabbour is planning to list 25-30% of its shares on the EGX by year’s end and is mulling a dual listing on the Dubai Financial Market, Chairman Ahmed Sabbour said, Khaleej Time reports. The company has appointed three investment banks and has yet to decide on the size and potential value of […]

M&A WATCH- Samsung Electronics affiliate Samsung Next has acquired 100% of Egyptian artificial intelligence startup Kngine to improve its virtual assistant Bixby, an unnamed Samsung official tells The Investor. The transaction, the value of which hasn’t been disclosed, took place in October but the news had not yet been released. Samsung Next had apparently invested […]

EARNINGS WATCH- Beltone Financial reported a net income after minority of EGP 9 mn in FY2017, down from EGP 44 mn in FY2016, where a one-time FX gain masked a bottom-line loss, the firm said. Top line growth reached 200% to EGP 700 mn, driven largely by by the acquisition of Auerbach Grayson (AG) in […]

LEGISLATION WATCH- The Ismail cabinet has referred public procurement and traffic acts to the House of Representatives for a vote, according to a Cabinet statement. The Public Procurement Act, which had been with Maglis El Dawla (Council of State) as of last month, grants Egyptian products preferential treatment in government contracts as a means of […]

Saudi to keep pressure on business community with anti-corruption units in prosecutors’ offices: Saudi Arabia will establish specialized departments in the public prosecutor’s office to investigate and prosecute corruption cases, Attorney General Sheikh Saud al-Mujib said in a statement carried by the Saudi Press Agency (SPA).

Another one of those “honest citizen lawyers” is trying to shut down the BBC’s offices in Cairo. The Cairo Court for Urgent Matters has set 10 April as the date for the first hearing in a lawsuit calling for shutting down of BBC’s office in Cairo and revoking its licence to operate in Egypt, Ahram […]