Author Archives: enterpriseam admin

LEGISLATION WATCH- The House of Representatives voted into law yesterday amendments to the Capital Markets Act that pave the way for the introduction of new financial instruments. The act saw amendments to some 45 articles, the most extensive change to the law since it was first issued 26 years ago, Investment Minister Sahar Nasr said […]

LEGISLATION WATCH- The House also gave a preliminary nod yesterday to the amended Consumer Protection Act, according to Youm7, which stands out among all of the Ismail government’s economic legislation as the only one that is clearly statist and anti-free-market. The latest draft of the act has not yet been released, so there are still […]

LEGISLATION WATCH- The Ismail cabinet introduced its proposed Cyber Crimes Act to the House yesterday, Al Shorouk reports. A number of MPs have noted (approvingly, we add) that the law would make it easier to run surveillance of social media, but would oblige the security and policy services to seek authorization before tracking any one […]

LEGISLATION WATCH- The Natural Gas Act is now in effect: The Ismail Cabinet appears to have finally signed off on the long-awaited executive regulations to the Natural Gas Act, according to a statement carried by Reuters. The Natural Gas Act — which effectively deregulates the industry by allowing the private sector to import and distribute […]

LEGISLATION WATCH- Amendments to the Customs Act will expand exemptions for production inputs. The Finance Ministry announced changes to the Customs Act designed to expand exemptions and tighten loopholes for tax dodgers. The amendments will expand temporary exemptions for productions inputs throughout the value chain and, for the first time, include packaging equipment on the […]

Egypt is “really important for us,” BP CEO Bob Dudley told CNBC's Steve Sedgewick. “[BP] invested more money in capital last year in Egypt than any other country in the world. So people are very surprised about that we've been here for 50 years, we're producing lots of gas natural gas.” Dudley adds that, despite […]

FDI in oil and gas sector up to USD 10 bn this year: Investment by international oil companies reached USD 10 bn so far in FY2017-18, Oil Minister Tarek El Molla said in an interview with Al Borsa. This will likely increase, as the ministry plans to issue exploration tenders, including in the East Mediterranean […]

M&A WATCH- Shuaa Capital is assessing potential acquisitions in Egypt’s financial services industry, Bloomberg reports. The expansion could also come through faster hiring, Chairman Jassim Alseddiqi also suggested. Shuaa has plans to become one of Egypt’s five largest brokerages “as soon as this year” and has already applied for investment banking and asset management licenses. […]

EFG Hermes replaced Elsewedy Electric on the MSCI Global Small Cap Index (pdf). The move is part of the MSCI Global Standard Indexes’ semi-annual review.