Author Archives: enterpriseam admin

CBE signals victory over inflation, cuts interest rates by 100 bps: The central bank’s Monetary Policy Committee cut interest rates by 100 bps at its meeting on Thursday, the first rate cut since the EGP float in late 2016. The MPC lowered its overnight deposit, overnight lending and main operations rates by 100 bps each […]

CBE, Finance Ministry look to make it easier for foreigners to buy Egyptian paper: The CBE and the Finance Ministry are apparently working on a mechanism to allow foreign investors to directly buy government bonds and treasuries, Al Mal reports. The CBE is studying developing an online platform with clearing house Euroclear Bank, which would […]

From the department of moving the goalposts: Resuming flights between Russia and and resort cities in Egypt is impossible at the moment, Russian Deputy Prime Minister Arkady Dvorkovich said, according to TASS. “I was approached by the Egyptian deputy foreign minister who asked when the resort cities will be open [for air traffic]. I said […]

US looks to impose heavy tariffs on steel imports from Egypt, 11 others: The US Commerce Department has put Egypt in a list of 12 countries that it recommends the Trump administration slap with import tariffs on steel. Egypt joins Brazil, China, Costa Rica, India, Malaysia, Russia, South Korea, South Africa, Thailand, Turkey and Vietnam, […]

EXCLUSIVE- Details of three competing Hamrawein power plant bids revealed: Details on the offers presented for the 6.6 GW-capacity Hamrawein power plant — the largest tender ever held by the Egyptian Electricity Holding Company (EEHC) — began to emerge over the weekend. As we noted last week, three consortiums are bidding on the project. Sources […]

M&A WATCH- Hassan Allam Holding is looking to acquire 60% of the Power Generation Engineering and Services Company (PGESCo) for EGP 420 mn this month, sources from Hassan Allam told Al Borsa on Thursday. The company hopes to acquire the stake from existing shareholders, including CIB, Saud Consultants, and BPE Partners. Hassan Allam has also […]

LEGISLATION WATCH- Local component requirements for Automotive Directive are being revised: Trade and Industry Minister Tarek Kabil said yesterday that the minimum local component requirements that would make producers eligible for incentives under the Automotive Directive are being revised, according to a ministry statement (pdf). Kabil had said last November that auto manufacturers would be […]