Author Archives: enterpriseam admin

Debts owed to international oil companies in Egypt should be paid off entirely within two years if work on new fields continues at a reasonable pace and fuel subsidies continue to be reduced, former Oil Minister Osama Kamal says, according to Al Mal. He says about 80% of fuel subsidies do not reach those who […]

HSBC, Citigroup, JPMorgan Chase & Co, Morgan Stanley, and National Bank of Abu Dhabi will be managing Egypt’s upcoming USD 4 bn eurobond issuance, the Finance Ministry announced, according to Bloomberg. Al Tamimi & Co. and Dechert LLP have been chosen as legal advisers. Al Tamimi’s Head of Banking & Finance, Hossam Gramon, and Head […]

INVESTMENT WATCH- Dubai-based private equity player TVM Capital Healthcare Partners launched a USD 250 mn fund to invest in markets including the GCC, Egypt, Turkey, India, and Singapore, Reuters reports. TVM will make make its investments over the next two years, with the first transaction scheduled to close in 2H2018. “The new fund will aim […]

Hassan Allam Properties (HAP) announced partnering with El Mostakbal for Urban Development to co-develop a 250-feddan mixed-use project in Mostakbal City. The project entails investment of EGP 18 bn an is located in the Eastern extension of New Cairo. The new development is planned for mixed-use and is expected to offer retail, commercial space, office […]

The Agriculture Ministry issued new regulations yesterday tightening inspection procedures for guava and pomegranate exports, less than a week after Saudi Arabia issued a temporary ban on imports of Egyptian guavas over concerns of above-average levels of residual pesticides. Under the new directives — which aim to ensure the quality of goods exported from Egypt […]

The Supply Ministry’s price-printing policy officially came into effect yesterday, Al Masry Al Youm reports. The decree requires grocers to clearly list prices either on the product’s packaging or on the shelves inside their respective stores. It also aims to control price gouging by forcing vendors to sell goods within a certain price range set […]

The Ismail Cabinet approved on Thursday the Planning Ministry’s Unified Planning Act and sent it to the Council of State (Maglis El Dawla) for review. The bill sets a framework for the state to regulate the planning and execution of national projects based on their merit, costs, and sources of funding. The ministers also signed […]

EARNINGS WATCH- Qalaa Holdings reported consolidated net revenues of EGP 2.469 bn in 3Q2017, growing 38% y-o-y from EGP 1.76 bn “on the back of strong growth from energy subsidiaries TAQA Arabia and Tawazon, as well as solid performances at ASEC Holding and ASCOM,” according to the company’s earnings release (pdf). Qalaa’s net loss after […]

Protests against economic conditions and corruption in Iran carried into a fifth day yesterday, with the violence escalating as protesters attacked police stations, according to Reuters. Around 13 people were reported dead “in the worst wave of unrest since crowds took to the streets in 2009 to condemn the re-election of then-president Mahmoud Ahmadinejad.” President […]