Author Archives: enterpriseam admin

IPO WATCH- It was never going to be on the EGX, and in any case: Careem is not actively considering an IPO, CEO Mudassir Sheikha says, according to The National. “It’s nowhere on the horizon, we are not actively thinking of it, we are not actively planning for it … But we are at a […]

M&A WATCH- Arqaam Capital is advising on four M&A in Egypt, Managing Director Radi El Helw tells Al Borsa. The transactions are in the healthcare, food, industrial, and ICT sectors, El Helw says, without providing further details on the value or nature of the transactions. He also said that Arqaam plans to add short-selling and […]

INVESTMENT WATCH- The Arab Moltaqa Investments Company could invest up to EGP 200 mn in Egypt over the next two years, COO Ahmed Ibrahim tells Al Borsa. Moltaqa is looking to deploy excess liquidity it booked through the recent sale of assets including a stake in Al Tawfeek Leasing Co and Dar Al Fouad Hospital […]

Etisalat Misr is joining the list of companies in Egypt raising capital to retire debt it accumulated to pay for its 4G license. In a high interest rate environment, the company has begun expediting the repayment of EGP 4 bn it owed to a domestic bank consortium, sources told Al Shorouk. Etisalat Misr had borrowed […]

Egypt paid USD 200 mn in arrears owed to international oil companies this month, Finance Minister Amr El Garhy said, according to Reuters. El Garhy said the government would be paying another USD 550 mn in February and March as well. The government has pledged to pay off all arrears by the end of June […]

Private investment is expected to make up 60% of total economic growth in Egypt in FY2017-18, up from 48% in the last fiscal year,Planning Minister Hala El Said told Bloomberg in an interview. The figure is expected to rise further next year to a range of 62-65%, as private investment becomes a main driver of […]

Tax revenues for the 1H2017-18 grew 62% y-o-y to EGP 249 bn, Vice Minister of Finance Amr El Monayer said yesterday, Al Mal reports. The growth was driven by a 41% y-o-y increase in income tax collections to EGP 103 bn, as well as 83% y-o-y rise in proceeds from the value-added tax, which reached […]

LEGISLATION WATCH- The Financial Regulatory Authority (FRA) is drafting an all-encompassing Insurance Act. A draft of the bill — which will cover everything from car insurance to policies for companies and private equity funds — will be put up for “national dialogue” at the end of February before it’s passed along to the various ministries […]

The shifting dynamics of Egypt’s tourism turnaround: Egypt’s tourist numbers soared 55% last year, even as European numbers dipped, with Chinese and regional tourists supplanting them. “The European market, including Russia, accounted for almost 80% (of tourists), but now, 52%,” said Hisham El Demeiry, head of the Tourism Promotion Authority, according to Yahoo News. Chinese […]