Author Archives: enterpriseam admin

IPO WATCH- Is the CBE reconsidering the IPOs of BdC, United Bank? The Central Bank of Egypt could scrap planned IPOs of state-owned Banque du Caire and United Bank and instead move ahead with stake sales to strategic investors, a senior CBE official said yesterday. CBE Deputy Governor Gamal Negm said “a number of factors” […]

LEGISLATION WATCH- The House of Representatives passed yesterday the Universal Healthcare Act, the government’s EGP 600 bn health coverage plan and a key piece of social policy for the Ismail cabinet. A plenary session of the House on Monday completed voting on the bill, which largely remained intact. Debate had centered on Article 40, which […]

In other major legislative news, the House Economics Committee began discussion of amendments to the Capital Markets Act on Monday with an appearance before the committee by Financial Regulatory Authority head Mohamed Omran, Al Mal reports. The amendments will permit the introduction of financial instruments including futures trading and the setting-up of a commodities exchange. […]

Kuwait’s largest bank to expand in Egypt: National Bank of Kuwait (NBK) “plans to hire hundreds of people and open more branches in Saudi Arabia and Egypt as it targets growth in the Middle East’s biggest markets,” Mirette Magdy writes for Bloomberg. In Egypt, NBK plans to have 60 branches by 2020, up from 43 […]

M&A WATCH- Eagle Capital announced yesterday it has acquired Ahmed Abou H ashima’s stake in Egyptian Media Group, Al Masry Al Youm reports. EMG is the parent company of high-profile media assets including Synergy and OnTV. The value of the transaction was not disclosed. The transaction is Eagle Capital’s first, said chairperson and former investment […]

M&A WATCH- Longreen Capital Advisors announced that it has completed the acquisition of Egyptian International Restaurants Company, operator of El Omda chain of restaurants. “The founders and current management of the company will retain significant equity position and continue to drive the business in the coming period, assisted by new additions recruited from Longreen’s network […]

INVESTMENT WATCH- Majid Al Futtaim plans to increase its investments in Egypt to EGP 23 bn by 2020, according to Al Mal. The company’s priority for 2018 is getting more retailers to open shop at Mall of Egypt. The company will also be working towards completing the 300-store City Centre Almaza in 2019, the company […]

Egypt will allow foreign companies to “freely” export natural gas not needed for domestic use in five years, Oil Minister Tarek El Molla announced on Monday during Al Ahram’s energy conference, according to Reuters. New exploration contracts contains a clause that allows companies to export a part of their share of extracted gas abroad in […]

Egypt plans to generate 42% of its electricity from renewable energy by 2025, Electricity Minister Mohamed Shaker tells Bloomberg. That represents an ambitious expansion of the target initially set out by the government, which mandated that 20% of Egypt’s power needs will be met by renewable resources by 2022 — and to 65% by 2050. […]