Author Archives: enterpriseam admin

Egypt and Cyprus agreed to begin talks in December on a natural gas pipelineconnecting the two countries, Xinhua reports, citing Cypriot state radio. The new connection will use an existing pipeline connecting “depleted Egyptian gas fields to liquefaction plants at Idku and Damietta.” Egypt will also be inking an agreement with Greece, Cyprus, and Italy […]

The Medical Syndicate came out against the Universal Healthcare Act yesterday, Al Mal reports. Their objections appear to be over fears of the dreaded and evil “privatization of healthcare” — which Nasserist groupthink lingo for contracting out to the private sector. The syndicate also objects to making subscription to the healthcare plan mandatory and clearly […]

Our friends at Matouk Bassiouny law firm announced yesterday (pdf) the kickoff of their regional expansion plan with the opening of new branches in Dubai and Khartoum. The firm partnered up with Amal Advocates and Legal Consultants in the UAE, with head of corporate and partner Omar Bassiouny as point of contact. In Sudan, partner […]

CIB’s USD 100 mn subordinated loan agreement with the European Bank for Reconstruction and Development is credit positive for CIB, ratings agency Moody’s says. The loan qualifies as Tier-2 capital and will increase the bank’s total capital and protect its total regulatory capital ratio against the risk of further weakening of the EGP. “The subordinated […]

CIB plans to implement blockchain technology within the bank over the coming three years, said CEO of Retail Banking Ahmed Issa on Monday, according to Al Mal. Speaking at the African Securities Exchange Association’s meeting in Cairo, Issa said the move towards blockchain — a digital record which underpins cryptocurrencies such as Bitcoin and Ethereum […]

MOVES: Omar Iqtidar has been named head of Citigroup’s mergers and acquisitions practice for central and eastern Europe, Middle East and Africa (CEEMEA), according to Reuters. Iqtidar succeeds Cisco Abularach, who received a new appointment earlier this year, and will relocate to London from Dubai after being posted there since 2008.

Egyptian oranges “demand a high price in China,” according to Fresh Plaza. China’s Egyptian orange purchases have been on a steady uptrend since imports began in 2014, due to factors such as improved packaging quality. By October 2017, China had imported more than 100k tonnes of oranges from Egypt.

IPO WATCH- Abu Dhabi National Oil Company (ADNOC) plans to IPO as much as 20% of its fuel-distribution unit ADNOC for Distribution in the Abu Dhabi Stock Exchange on 13 December, Bloomberg reports. The pricing range for the book-build will be announced on 26 November. ADNOC is looking for a valuation of between USD 10-14 […]

Mnangagwa elected as Zimbabwe ruling party leader, positioned to take over as president: Emmerson Mnangagwa, who also goes by the sobriquet “Crocodile,” has been elected leader of Zimbabwe’s ruling political party ZANU-PF “and positioned to take over as the country's president,” the Associated Press reports. The party sacked longtime Zimbabwean ruler Robert Mugabe after military […]