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Author Archives: enterpriseam admin
Posted inWhat We’re Tracking This Week
What we’re tracking this week
The Central Bank is expected to announce foreign reserve figures “within days”, a banking official tells Youm 7. Finance Minister Amr El Garhy said last week that proceeds from the recent USD 4 bn eurobond sale had already hit Egypt, bringing the country’s net FX reserves to around USD 41 bn. Government to announce winners […]
Posted inON THE HORIZON
On the horizon
Verdict coming in anti-Uber, Careem lawsuit: The Administrative Court will issue a verdict on 20 March in the case filed by 42 taxi drivers demanding that local operations for ride-hailing services Uber and Careem be shut down, Al Borsa reports. The lawsuit was filed last year on grounds that the the apps violate the law […]
Posted inEnterprise+: Last Night’s Talk Shows
Talking heads hate on BBC, Egypt to get a new sanitation system in five years, Adib’s edible oil dreams come true
The nation’s talking heads acted as one last night as they piled on the hate for the BBC. Kol Youm’s Amr Adib (watch, runtime: 7:45), Masaa DMC’s Osama Kamal and Yahduth fi Misr’s Sherif Amer (watch, runtime: 1:41) all took runs at the British broadcaster after the State Information Service (SIS) called for a boycott […]
Posted inSpeed Round
Mars to double investments in Egypt to EGP 2 bn, ramp up exports from Egypt to USD 100 man by year’s end
INVESTMENT WATCH- Mars to double investment in Egypt to EGP 2 bn this year: Mars Wrigley Confectionery plans on doubling its investments in Egypt to EGP 2 bn by year’s end, which “reflect[s] Mars’ confidence in the Egyptian economy,” said Mars Wrigley Confectionery Global President Martin Radvan. The announcement came at the inauguration yesterday of […]
Posted inSpeed Round
Fine Hygienic Holding to invest EGP 120 mn in new tissue, diaper production lines
INVESTMENT WATCH- Fine Hygienic Holding plans to invest EGP 120 mn this year to add new tissue and diaper production lines, Egypt Head of Sales and Marketing Ahmed Kattan tells Al Mal. Part of the investment has also been earmarked for expanding its fleet of distribution trucks and opening new sales points. The company also […]
Posted inSpeed Round
Saudi’s Marei bin Mahfouz Group acquires 25% in DBK Pharma
M&A WATCH- Saudi Arabia’s Marei bin Mahfouz Group has reportedly bought a 25% stake in DBK Pharma, signaling that the firm might have once and for all abandoned plans to relist on the EGX, according to Al Mal. The group acquired the shares for EGP 38.7 mn, and these were bought from family members of […]
Posted inSpeed Round
Egypt’s banking laws need to be “completely revamped,” says Amer
Egypt’s banking laws need to be “completely revamped,” says Amer: What is the most pressing concern for the central bank these days? A “complete revamp” of its banking laws to introduce “sharp and crisp” governance for the sector, CBE Governor Tarek Amer told Bloomberg on Tuesday. “We don’t want people to feel relaxed in the […]
Posted inSpeed Round
Interest rate cuts came on the back of improved macro-economic stability - Fitch
“Egypt's first interest rate cut since exchange rate liberalization has been made possible by an improvement in macro-economic stability, underpinned by more orthodox policy settings under the country's IMF program,” Fitch Ratings said on Tuesday. The CBE’s 100 bps rate cut earlier this month came on the back of annual headline inflation dropping to 17.1% […]
Posted inSpeed Round
Egypt has never been as politically stable as it is today, says RenCap regional boss
Renaissance Capital MENA CEO Ahmed Badr squarely disagrees with the political risk argument. Instead, he sees a potential growth in inflation as the biggest risk facing the reform agenda. “Egypt has never been as politically stable as it is today … So I don't think the presidential elections actually represents any risk and the security […]