Author Archives: enterpriseam admin

The number of tourists visiting Egypt grew 55% y-o-y in 3Q 2017 to 2.3 mn visitors, up from 1.5 mn for the same period last year,according to CAPMAS numbers picked up by Al Mal. July, August and September saw 781k, 819k and 732k visitors respectively, with Germany, Saudi Arabia and the Czech Republic topping the […]

New cigarette prices signed into law: President Abdel Fattah El Sisi officially signed into law on Thursday the latest tax increase on cigarettes, Al Borsa reports. Fixed tax rates for cigarettes sold for less than EGP 18 now stand at EGP 3.50, while cigarettes costing between EGP 18 and 30 will be taxed EGP 5.50 […]

National Bank of Greece to exit Egypt? The National Bank of Greece is reportedly looking for advisors on the potential sale of its 17 branches in Egypt, Al Borsa reports. The move is part of the bank’s restructuring plan mandated by the European Commission after Greece’s government debt crisis. The plan entails scaling back the […]

MOVES- Mahmoud Montasser was tapped as the new deputy chairman and managing director of the National Investment Bank (NIB), succeeding Ahmed El Sayyad, Planning Minister Hala El Said, who is Chairman of NIB tells Al Mal. Montasser, who was previously the deputy chairperson at the National Bank of Egypt, assumes his new position today.

MOVES- Agriculture Minister Abdel Moneim El Banna appointed Ahmed Al Attar as acting head of the ministry’s Agricultural Quarantine Authority, Al Mal reports. The appointment of Al Attar, head researcher at the Plant Diseases Research Institute, comes amid a sweeping shakeup at the authority likely meant to curb alleged efforts by wheat inspectors to restore […]

MOVES- Apex International Energy appointed Robert Milius as its new chief financial officer. Milius was previously MENA Managing Director and Head of the Natural Resources Group at Barclays based in Dubai.

The Supreme Administrative Court allowed yesterday a lawsuit to go forward that challenges the constitutionality of the recently amended Judicial Authorities Act, which they claim gives the executive branch power over judicial appointments that blurs the separation of the executive and judicial arms of government. The suit was filed by lower court judges, Al Shorouk […]

Gas exporting countries called for a fair price for natural gas at a summit on Friday, according to the AFP. The Gas Exporting Countries Forum, at which Egypt is a participant, is angling to effectively decouple natural gas from oil prices, pointing to gas’ “environmental benefits and energy efficiency.” Meanwhile, Russia and OPEC have roughed-out […]