Author Archives: enterpriseam admin

Budget deficit continued to narrow in 1H2017-18: Egypt’s budget deficit declined to 4.4% of GDP in 1H2017-18, down from 5% during the same period last year, Finance Minister Amr El Garhy said at a meeting with President Abdel Fattah El Sisi. The primary budget deficit also fell to 0.3% of GDP for the first six […]

Our friends at EFG Hermes closed 2017 atop Thomson Reuters’ Middle Eastern investment banking league table with a number-one place in terms of both fees generated from Middle Eastern equity capital market (ECM) transactions and as the region’s top ECM bookrunner. In the tables released yesterday, TR gave EFG Hermes a total 19.1% market share […]

Fund managers are now looking at Egypt and coming back to the market, our friend Ahmed Badr, MENA CEO at Renaissance Capital, told Bloomberg TV. Badr believes that reforms are buoying the Egyptian market and that it is gaining more depth with a healthy IPO pipeline. Badr also does not see the rising oil prices […]

FT makes a case for East Med to export gas to Europe via Egypt: Not recognizing that Egypt is the most obvious (and economical) path for East Mediterranean countries to export gas from the Levantine Deep Marine Basin to Europe would be a waste of opportunity, according to the Financial Times’ editorial board. Egypt is […]

The EGX is now allowing for subscription rights in capital increases for unlisted companies to be traded over-the-counter, bourse chairman Mohamed Farid said, according to Al Mal. This would allow unlisted companies to finance expansion without having to list on the market and expand their investor base. One very smart lawyer tells us the regulatory […]

It’s official: the Ruskies are coming back. Moscow’s Domodedovo and Sheremetyevo airports have added Cairo to their February timetable, according to news agency Interfax. Starting 1 February, EgyptAir will be operating three weekly flights to and from both airports on Sundays, Tuesdays, and Thursdays. Russian President Vladimir Putin authorized the resumption of air travel between […]

Emaar signs EGP 2 bn Marassi Marina contracts with OCI, ACC: Emaar Misr signed construction contracts with Arabian Construction Company (ACC) and Orascom Construction Industries (OCI) valued at EGP 2 bn for the first phase of its Marassi Marina project on the North Coast, according to a regulatory filing (pdf). Emaar signed a EGP 800 […]

Dubai’s Union Properties acquired a 5.68% stake in Palm Hills Development (PHD) through its subsidiary UPP Capital Investment in an EGP 64.01 mn transaction, PHD announced in a regulatory filing (pdf) yesterday. UPP acquired the stake an average price of EGP 4.00 per share. Arab African International Securities managed the transaction.