Author Archives: enterpriseam admin

MOVES- Mona El Garf to step down as ECA boss, to return to teaching: Egyptian Competition Authority (ECA) boss Mona El Garf, who we have long considered one of the nation’s most competent civil servants, revealed to Youm7 that she resigned from her position in November and will return to teaching once a new ECA […]

MOVES- It’s partnership season at the nation’s leading law firms. Sharkawy and Sarhan has made commercial and competition litigator Mohamed Abdelgawad a partner at the firm. He will lead the firm’s corporate and commercial department. Shalakany Law Office welcomed as partnersbanking and project finance lawyer Mariam Fahmy and disputes resolution attorney Adam El Shalakany.

EARNINGS WATCH- GlaxoSmithKline’s local subsidiary reported 1H2016 standalone net profits of EGP 101.679 mn, compared to a net loss of EGP 31.658 mn recorded during the same period last year, according to a bourse statement.

LEGISLATION WATCH- The House Economics Committee has apparently signed off on amendments to the Companies Act that will change how sole proprietorships are established and governed, Ahram Gate reports. The changes govern how legal persons set up businesses in their own names and set out the framework for transforming them from a sole proprietorship into […]

Taxing online ads sold by Facebook, Google? Rep. Mostafa Bakry is planning to draft legislation that would compel social media platforms to pay taxes on advertising they sell in Egypt. Bakry tells Youm7 that his proposed bill — which primarily takes aim at Facebook and Twitter, as well as Google — would level the playing […]

The US Federal Reserve decided yesterday to hike short-term interest rates for the third time in 2017, raising them by a quarter point as expected. The Fed has said to watch out for “more increases to follow in 2018 as Janet Yellen prepares to hand over the chair amid robust hiring and surging financial markets,” […]

The World Bank will not offer fund oil and gas investments after 2019, and will instead allocate 28% of its lending portfolio to climate action by 2020, The National reports. “The move follows similar initiatives by large financial institutions … The global sentiment towards oil and gas investment is increasingly turning negative with large funds […]

Saudi Aramco has invited banks to bid to become coordinators and bookrunners on its IPO, people familiar with the matter said, according to Bloomberg. The company sent out the request for proposals to banks over the past few days and aims to appoint a group of advisors by early next year, the sources added. The […]