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It was another night of miscellany, with the nation’s talking heads discussing everything from EGX trading volumes to regional politics and family planning. EGX boss Mohamed Farid expects the state’s IPO program to launch in April or May, he told Lamees Al Hadidi during an appearance on Hona El Asema. Farid did not dive into […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Gov’t planning USD 3-4 bn eurobond issuance in FY2018-19
The Ismail government is planning a USD 3-4 bn eurobond issuance in FY2018-19, the new fiscal year starting in July, said Vice Minister of Finance Ahmed Kouchouk. In an interview with Al Arabiya on Sunday, Kouchouk that they will focus more on Asian investors in their upcoming roadshows. Kouchouk had told us in an exclusive […]
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Economists expect a lull in monetary easing over the summer as subsidy cuts kick in, look to 300-400 bps in total rate cuts this year
Economists expect a lull in monetary easing over the summer as subsidy cuts kick in, look to 300-400 bps in total rate cuts this year: Arqaam Capital expects another 100 bps cut at the CBE’s Monetary Policy Committee meeting in March. Rates are expected to hold steady through to August ahead of planned subsidy cuts […]
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Thursday’s cut the start of a “long journey”
“I was actually expecting a bigger cut than 100 bps,” Lighthouse Research Founder and Chief Economist Jean-Paul Pigat told Bloomberg TV. “That seems like a lot in the context of emerging markets, but remember … rates were raised 700 bps from the time of the devaluation up until last week … this is the first […]
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Sisi administration continues push for private-sector welfare and insurance scheme
Sisi administration continues push for private-sector worker welfare and insurance scheme: President Abdel Fattah El Sisi ordered that legislation be written to set up a welfare and insurance scheme for private-sector workers. The president made the remarks at a meeting on Sunday with Prime Minister Sherif Ismail and CBE Governor Tarek Amer, according to an […]
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Eni looks to swap 10% of Zohr for stakes in other projects
Eni looks to swap 10% of Zohr for stakes in other projects: Eni is looking into possibly selling another 10% stake in Zohr, Eni’s CFO Massimo Mondazzi told Reuters Arabic on Friday. He added that the company was also exploring using this upcoming sale to swap stakes in the field with other projects, he added. […]
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Did an Egyptian court really order EGPC and EGAS to pay EMG USD 1.03 bn in damages?
Did an Egyptian court really order EGPC and EGAS to pay EMG founder USD 1.03 bn in damages? Israeli newspaper Globes is claiming that a Cairo court ordered state energy companies EGPC and EGAS to pay Israeli businessman Josef Maiman, who co-founded East Mediterranean Gas (EMG) with Hussein Salim, USD 1.03 bn in damages after […]
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EGAS looks to make nice with manufacturers with new incentive package including lower fines, easier payment terms for natural gas
EGAS reduces fines, offers more flexible payment terms on natural gas supply contracts as incentives to manufacturers: EGAS wants to play nice with manufacturers. The state gas monopoly has approved amendments to its natural gas supply contracts for factories that mean to encourage more manufacturers to grow and set up shop, Trade and Industry Minister […]
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QNB to sell small stake in Egyptian unit to comply with EGX regs
Qatar National Bank is looking to reduce its stake in its Egyptian unit QNB-Al Ahli to 95% from 97.125% currently, according to a company statement. QNB has hired CI Capital to advise on the stake sale. The sale is intended so that QNB-Al Ahli can get in line with EGX regulations, which require shares in […]
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Earnings watch: EKH reports FY2017 results
EARNINGS WATCH- Our friends at Egypt Kuwait Holding (EKH) reported double-digit revenue growth in FY2017. The company posted net income of USD 138.2 mn, up from USD 69.8 mn in FY2016, on revenues of USD 413.7 mn, up from USD 351.2 mn the previous year, it said in a statement on Sunday (pdf). The year […]