Author Archives: enterpriseam admin

Cairo and Riyadh to establish SAR 60 bn joint investment fund, sign three other MoUs on Sisi and MbS’ first day of meetings: Egypt’s Investment and International Cooperation Ministry and Saudi Arabia’s Public Investment Fund signed an MoU yesterday to activate a 2016 agreement to establish a SAR 60 bn (USD 16 bn) joint Egyptian-Saudi […]

LEGISLATION WATCH- Parliament approves private sector participation in railway sector development: The House of Representatives approved yesterday amendments to the Railway Act that would allow private sector participation in developing, managing, and operating railway projects, Ahram Gate reports. Under the law, private companies will be required to compete in public tenders for projects, in accordance […]

Reserves record their biggest jump since July: The central bank’s FX reserves recorded USD 42.5 bn in February from USD 38.2 bn in January — reaching another highest-ever mark. The USD 4.3 bn m-o-m increase is only dwarfed in recent years by the USD 4.7 bn recorded last July. The increase in February is mostly […]

INVESTMENT WATCH- Ezdehar Egypt Mid-Cap fund is planning to invest USD 80 mn this year in Egypt’s export-heavy industrial sectors, non-banking financial services, and consumer sectors, Ezdehar Managing Partner Emad Barsoum tells Al Borsa. Ezdehar is also closing in on acquiring an industrial company in a USD 50 mn transaction, Barsoum said, without providing the […]

Egypt is looking to raise output from the Zohr offshore gas field to 700 mcf/d in May, Oil Minister Tarek El Molla tells Reuters’ Arabic service. The field officially went live in December 2017, with production beginning at an initial rate of 350 mcf/d. El Molla had said at the time that output would rise […]

Dana Gas received USD 10.4 mn last month from the sale of Egyptian natural gas condensate as part of a plan to recover outstanding receivables, the company disclosed to the ADX. Dana Gas sold 157,200 bbl of El Wastani condensate at an average price of USD 66.5 per bbl. “The sale marks the fourth cargo […]

EARNINGS WATCH- GB Auto reported a consolidated net loss of EGP 666.9 mn in 2017, narrowing from EGP 865.7 mn the previous year, according to a company statement (pdf). Top line for the year rose 15.5% y-o-y to EGP 17.56 bn. Last year saw the group taking steps to return to profitability, CEO Raouf Ghabbour […]

The China Road and Bridge Corporation (CRBC) is planning to break ground on a USD 350 mn multipurpose terminal in Nuweiba by the end of March, Red Sea Ports Authority chief Hashem Abu Senna tells Al Borsa. The terminal is one of three projects for which the Transport Ministry signed a USD 1.35 bn agreement […]

Is Egypt really boycotting Turkish products? Efforts in Egypt to boycott Turkish products are gaining momentum, Ahval reports. Calls for a boycott against Turkey became Egyptian social media’s hottest trending topic last month, with 12,000 tweets including the hashtag “boycott Turkish products,” according to Youm7. Tweets with the hashtag included demands for the Egyptian government […]