Author Archives: enterpriseam admin

What happened to Hisham Genena? Former Central Auditing Organization head Hisham Genena, who was a top official in former Chief of Staff Sami Anan’s election bid, was reportedly attacked on Saturday after he left his residence in the suburbs of Cairo. According to accounts by his daughter, wife and his lawyer, Genena was stopped and […]

Turning now to business news: Egypt could stop importing LNG as early as July, well ahead of its previous schedule, Oil Minister Tarek El Molla said, according to Reuters. LNG imports were previously on track to end by late 2018 or early 2019. Plans to turn Egypt into a regional gas hub had been set […]

Egypt’s trade deficit fell 25% y-o-y in 2017 thanks to falling imports and rising exports, Trade and Industry Minister Tarek Kabil said on Friday. Egypt’s non-oil exports fell 10% y-o-y to USD 22.4 bn from USD 20.4 bn in 2016, while Imports declined to about USD 56.8 bn from about USD 66.3 bn, a 14% […]

Banque Misr is in “advanced talks” with international lenders to secure USD 650 mn in funding, Chairman Mohamed El Etreby told Bloomberg’s Mirette Magdy. El Etreby expects the agreements to be signed in March. Also, while Banque Misr is planning on issuing international bonds, it will not do so soon, El Etreby says. He adds […]

INVESTMENT WATCH- Germany’s BSH looking to establish EUR 80 mn home appliances factory: Germany’s Bosch und Siemens Hausgeräte (BSH) is studying constructing a EUR 80 mn water heater and stove manufacturing company in Egypt, Al Masry Al Youm reports. The factory would have a production capacity of 400k units per year. A delegation from BSH […]

The Ministerial Committee for Settlement of Investment Disputes announced a settlement has been reached in a dispute between Qalaa Holdings subsidiary TAQA Arabia and EGAS. The dispute arose when EGAS did not fulfil contractual requirements towards TAQA and assigned natural gas distribution rights to separate companies, resulting in losses to TAQA estimated to be EGP […]

M&A WATCH- United Pharma IV, ACDIMA merger falls apart: United Pharma IV rejected ACDIMA’s offer to acquire it for EGP 320 mn, United Pharma IV Chairman Abdullah Mahfouz tells Al Borsa. Mahfouz added that his company, which he believes is valued at EGP 600 mn, ended talks after ACDIMA held on to its offer. He […]

The Finance Ministry issued a decree last Tuesday amending how the value-added tax impacts the sale of used cars, El Watan reports. The ministry ordered that the VAT will be set as a percentage of the profit on the resale value multiplied by the schedule tax set in the VAT Act on cars (which differs […]

Cairo Poultry gets nod on 2,750 feddans for EGP 1.1 bn poultry farm: The Cairo Poultry Company has received the Agriculture Ministry’s approval for a 2,750-feddan land plot in Alamein to establish an EGP 1.1 bn poultry farm, Al Borsa reports. The company has two months to finalise the legal arrangements necessary to receive the […]