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Finally, we’re pleased to report that our readers have a sense of humour. Thank you to everyone who emailed / messaged / made a comment in passing yesterday to point out our typo in the headline “Nile cruise shut down after 31 people suffered from food poisoning,” wherein the “u” in “shut” was replaced with […]
Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
New railway ticket prices will be made public at the end of the month, Transport Ministry spokesperson Mohamed Ezz said yesterday, Al Masry Al Youm reports. Egyptian National Railways has finalized a pricing scheme, which is currently being studied by the authority’s board. Sources from ENR had said tickets will be hiked 15-150% depending on […]
Posted inEnterprise+: Last Night’s Talk Shows
Anan’s detention and the IMF’s review of Egypt’s reforms dominate the airwaves
The airwaves were abuzz last night with chatter about former military chief Sami Anan’s detention and the IMF’s report on its second review of Egypt’s economic reform program. Egypt has begun reaping the fruit of its reforms, as reflected by declining inflation and the narrowing budget deficit, IMF Mission Chief for Egypt Subir Lall told […]
Posted inSpeed Round
Anan detained by army, campaign organizers say
Former military chief of staff Sami Anan was detained yesterday after the army summoned him for questioning over his bid for the presidency, campaign organizers told Reuters. The Armed Forces put out a statement on the detention that was read aloud by a spokesman, a version of which was dispatched to both the domestic and […]
Posted inSpeed Round
Sweeping amendments to Companies Act regs coming
LEGISLATION WATCH- Look out for sweeping amendments to the Companies Act now in the pipeline. The Investment Ministry has finished drafting amendments to the executive regulations of the Companies Act and has forwarded a draft of the changes to the State Council for review. As such, the new rules would go into effect without discussion […]
Posted inSpeed Round
IMF releases report on second review of economic reform program
The IMF released its report on the second review of the economic reform program, and as expected, the performance review was stellar across all key indicators. “This macroeconomic turnaround at home and the supportive global economic environment provide a unique opportunity to carry the reform momentum into areas that have historically been hard to tackle. […]
Posted inSpeed Round
Economists say growth will fall far below government’s estimates this year
Economists polled by Reuters Arabic are not as optimistic as the IMF or the Ismail government on Egypt’s growth prospects. Twelve analysts say Egypt’s GDP growth would be limited to 4.2% in the current fiscal year and will rise to 4.5% in FY2018-19. They see growth topping 4.6% FY2019-20. That’s substantially below the 5.3-5.5% rate […]
Posted inSpeed Round
Edita looking into overseas production, expansion
Edita, Egypt’s largest producer of packaged snack food, is planning to start overseas operations to offset local currency fluctuations, Bloomberg’s Tamim Elyan writes. Chairman and Managing Director Hani Berzi says Edita is seeking to expand in sub-Saharan Africa and Asia through manufacturing projects and exports. The company had already announced plans to enter the Moroccan […]
Posted inSpeed Round
Sugar project the largest non-oil FDI since EGP float -Nasr
Al Ghurair Group’s vertically integrated sugar plant in Egypt is the biggest non-oil foreign direct investment transaction in Egypt since the EGP float, Investment Minister Sahar Nasr told Bloomberg. Al Ghurair will put in USD 333 mn of the USD 1 bn project and then will raise its stake to 51% when it is completed […]