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Trump sparks global complaint by recognizing Jerusalem as Israel’s capital,threatens to “inflame the region” with decision to move US embassy from Tel Aviv: Despite repeated warnings from his global counterparts, US President Donald Trump announced yesterday that the US embassy in Israel would be moving to Jerusalem from Tel Aviv. Trump said the Jerusalem Embassy […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Al Tawfeek Leasing seeks regulatory approval for IPO
IPO WATCH- Al Tawfeek Leasing Co. has filed with the Financial Regulatory Authority for permission to list 24% of its shares on the EGX ahead of an IPO, according to Youm7. CEO Tarek Fahmy had said back in September that the company is planning to list 15% of its shares on the EGX before the […]
Posted inSpeed Round
House Health Committee lowers proposed tithes on construction materials, healthcare businesses
The House of Representatives’ Health Committee lowers proposed licensing fees imposedon the healthcare sector and a possible new tax on the sale of construction materials before signing off on the Universal Healthcare Act on Tuesday, Al Borsa reports. The committee reduced taxes that would be imposed on construction materials to 0.5% of the value of […]
Posted inSpeed Round
Finance Ministry to hit the road on USD 3-4 bn eurobond at year’s end
The Finance Ministry will reportedly begin its roadshow for January’s USD 3-4 bn USD-denominated eurobond issuance at the end of the December, sources tell Al Mal. They added that the ministry will be trying to list on the Luxembourg stock exchange and are primarily targeting investors in Europe and the US. Sources tell the newspaper […]
Posted inSpeed Round
Overall budget deficit declines to 2% of GDP in 1QFY2017-18 from 2.2% in last fiscal year
Egypt recorded an overall budget deficit of EGP 85.3 bn for the first quarter of FY2017-18,or around 2% of GDP, compared to 2.2% (EGP 76.8 bn) in the same period last year, the Finance Ministry announced yesterday (pdf). Inflows into state coffers rose 33% y-o-y to EGP 129 bn during the quarter, compared to EGP […]
Posted inSpeed Round
CBE repays another USD 600 mn to Afreximbank
The CBE repaid USD 600 mn to the African Export-Import Bank on Wednesday as part of a USD 3.2 bn facility, state news agency MENA reported, according to Al Masry Al Youm. This comes two days after the CBE repaid USD 2 bn to Afreximbank, bringing the total amount repaid to USD 2.6 bn. Egypt […]
Posted inSpeed Round
CORRECTION- Commerce Secretary Wilbur Ross did not lead trade talks this week in Cairo with Trade Minister Tarek Kabil, as we incorrectly noted yesterday. The US delegation was led by Assistant U.S. Trade Representative for Europe and the Middle East Daniel Mullaney. The story has been corrected on our website, and we have more in […]
Posted inUncategorized
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Posted inTHE MACRO PICTURE
Import substitution through agriculture as an engine of job creation in Africa
The key to a prosperous future for African countries lies in supporting the agricultural sector, Agnes Kalibata writes for the FT. She notes that around 70% of African citizens depend directly on agriculture for their livelihoods, while the continent as a whole relies heavily on imported food that could be switched out for local alternatives. […]
Posted inImage of the Day
The Washington Post’s Year in Photos
The Washington Post has recapped the Year in Photos, and the images range from the haunting and the sad to the spectacular. Some of them hit very close to home, with last month’s Al Rawda Mosque massacre featured in one of the frames. With everything going on today, though, we saw it fitting to remember […]