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CORRECTION- Cigarette prices could see a net increase of EGP 0.75 for packs costing less than EGP 18, EGP 1.25 for those sold for EGP 18-30, and EGP 1.25 for packs sold for more than 30. The new increases represent a rise in the fixed tax per pack. The old fixed tax rates were EGP […]
Author Archives: enterpriseam admin
Posted inWhat We're Tracking Today
**HAPPY THANKSGIVING to our American readers. May we suggest you read in the New York Times how to cook a turkey and then go blow off steam by downloading and playing Sonic the Hedgehog 2 (now available without charge from Sega for iOS devices on the game’s 25th anniversary) rather than throwing that bowl of […]
Posted inON THE HORIZON
On the horizon
RiseUp Summit kicks off on 1 December. The three-day event will include more than 150 speakers, 150 exhibiting start-ups, 50 pitches, and 20 workshops. The full agenda can be found here. Our friends at AmCham are hosting a conference on the Private Sector’s Role in Implementing Sustainable Development Goals on 4 December. The conference, which […]
Posted inEnterprise+: Last Night’s Talk Shows
Media cartel in the making?
The talking heads delved into a variety of topics last night, the most pressing being Prime Minister Sherif Ismail taking time off to pursue medical treatment in Germany. Cabinet spokesperson Ashraf Sultan made the rounds on the talk shows to downplay the seriousness of the threat to the PM’s health. He stressed that the government’s […]
Posted inSpeed Round
Egypt GDP growth rate climbs to 5.2% in 1QFY2017-18
Egypt’s economy grew 5.2% in the first quarter of FY2017-18 from 3.4% in the same period last year, Planning Minister Hala El Said announced yesterday, reports Reuters. The government is targeting a growth rate of 5-5.25% for the full fiscal year. The first quarter of the fiscal year also saw Egypt record its lowest primary […]
Posted inSpeed Round
Ibnsina Pharma prices IPO at 5.21-5.95, hires veteran Mohamed Shawky as IRO
IPO WATCH- Ibnsina Pharma has priced its initial public offering on the Egyptian Exchange at EGP 5.21-5.95 per share, according to a statement released overnight (pdf). The transaction will see about 40% of the company (or some 269 mn shares) offered for sale, with the shares split between institutional investors (85% of the offering) and […]
Posted inSpeed Round
Saudi’s Elaj Group buys Alexandria International, Ibn Sina Specialized Hospital
M&A WATCH- Saudi Arabia’s Elaj Group has acquired Alexandria International Hospital and Ibn Sina Specialized Hospital, Al Mal reports citing sources close to the matter. (The latter is of no relation to Ibnsina Pharma, above). Elaj completed the transaction on Alexandria International earlier in the week, with the newspaper speculating that it had been done […]
Posted inSpeed Round
Mamish insists it is a matter of time before Mercedes-Benz starts operating in Egypt
INVESTMENT WATCH- Suez Canal Economic Zone (SCZone) Chairman Mohab Mamish is still saying that Mercedes-Benz had approved establishing a regional logistics and distribution hub in the zone. He said that the company had cleared their “tax hurdles” in Egypt and will launch operations “soon,” according to Al Mal. There has been no official confirmation from […]
Posted inSpeed Round
Fawry nets USD 20 mn in funding, Flat6Labs to manage EGP 47 mn startup initiative for UK embassy and IFC
E-payments firm Fawry has locked down USD 20 mn in funding from a “foreign investment fund,” said CEO Ashraf Sabry, according to Daily News Egypt. Sabry did not disclose when the funding was closed or who was investing. The funding will be used to finance expansion plans with the aim of processing EGP 25 bn […]