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BeIN rejects EGP 400 mn fine, says it is politically motivated: A decision by the Cairo Economic Court to fine beIN Media Group EGP 400 mn “sends a deeply troubling message to any international entity seeking to do business in Egypt,” beIN says. The group says it “categorically rejects” the decision and accused the judgment […]
Author Archives: enterpriseam admin
Posted inSpeed Round
The “Uber of the Middle East” and its attempts to adapt and expand
As Careem eyes regional expansions, the company is attempting to adapt to local regulations as well as traditions, Adam Popescu writes for Bloomberg. In Saudi Arabia, the company’s biggest market, Careem has begun recruiting and training thousands of women to act as on-demand chauffeurs as the country prepares to issue its first driver’s licenses to […]
Posted inSpeed Round
Earnings watch: Credit Agricole Egypt
EARNINGS WATCH- Credit Agricole Egypt announced that its net profit after tax increased to EGP 1.96 bn in 2017 from EGP 1.35 bn in 2016. The bank’s interest income also increased to EGP 4.80 bn during the year from EGP 3.35 bn in 2016.
Posted inSpeed Round
Cabinet roundup
CABINET ROUNDUP- The Ismail Cabinet — which met on Thursday for the first since Prime Minister Sherif Ismail returned from medical leave — approved amending a training and education cooperation agreement with the US, which would see aid under the program increased to USD 79 mn, and the duration of the program extended to 2022. […]
Posted inUncategorized
** SHARE ENTERPRISE WITH A FRIEND ** Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and […]
Posted inImage of the Day
The Magdi Yacoub Heart Foundation Marathon in Aswan
Hundreds of runners were spotted sprinting across Aswan this weekend for the Magdi Yacoub Heart Foundation’s Aswan42 Marathon. Organized in collaboration with The Trifactory, the charity event brought together runners from 21 countries. You can learn more here.
Posted inEGYPT IN THE NEWS
4,400-year-old tomb of female official discovered outside Cairo
Topping coverage of Egypt in the international press is the discovery of a 4,400-year-old tomb near the Giza plateau over the weekend. The tomb belongs to Hetpet, a high-ranking female official from the fifth dynasty and houses walls of well-preserved murals depicting Hetpet’s life. The discovery is receiving much ink, with outlets, including The Independent […]
Posted inOn Deadline
The private sector is indispensable for economic growth
The private sector is Egypt’s best bet for real economic growth and the state must pave the way for it to flourish, Fahim Mostafa writes for Al Borsa. Mostafa encourages the government to take the backseat and work as a regulator of the economy rather than a main actor. He also says that more legislative […]
Posted inDiplomacy + Foreign Trade
Diplomacy + Foreign Trade on 4 February 2018
Egypt has welcomed the US decision to list the Hasm and Liwaa Al Thawra militant groups as “Specially Designated Global Terrorist” groups, Foreign Ministry Spokesperson Ahmed Abu Zeid said in a statement. The recent cut in US funding for UNRWA puts the region’s stability and security at risk, Arab League Secretary General Ahmed Abul Gheit […]
Posted inEnergy
Electricity Ministry developing new risk management framework for projects
The Electricity Ministry is working on a new risk management framework for financing electricity projects, ministry sources tell Al Borsa. The Egyptian Electricity Holding Company and the state Credit Guarantee Company will form a fund that will provide EGP 50 mn in loan guarantees to projects, they added. The ministry is also reportedly pitching the […]