Author Archives: enterpriseam admin

The government will not issue permits to companies to import natural gas from Israel until the arbitration cases between Egypt and Israel are resolved, Oil Minister Tarek El Molla said, according to Reuters. The government will sign off on agreements to import from our eastern neighbor only once the disputes are resolved and under the […]

Egypt signs USD 3.2 bn expansion of financing agreement with global banks: Egypt has signed an expanded financing agreement with global banks, secured as part of a repurchase (repo) transaction in 2016, CBE Governor Tarek Amer said on Monday, according to Bloomberg. The agreement expands the one-year repo to USD 3.2 bn from USD 2 […]

Foreign holdings of Egyptian T-bills fell for the first time since the EGP was floated in November 2016 as maturing notes exceeded new purchases, Ahmed Feteha writes for Bloomberg. He says the drop in holding could suggest that demand for Egyptian debt is peaking. “The flow of new money and the appetite to renew maturing […]

EgyptAir is expected to announce today a USD 1.1 bn order for Bombardier C-Seriesjets, Boeing 787s: EgyptAir has reportedly been in advanced talks with Bombardier to buy 12 CS300 jets in a transaction worth c. USD 1.1 bn, people familiar with the matter tell Bloomberg. The order is expected to be announced today at the […]

And speaking of the tourism upswing, German tourists continued to book more holidays in Hurghada and Marsa Alam in October, German tourism portal FVW says, citing figures from reservations provider Traveltainment. Bookings to Hurghada rose 83% y-o-y, while Marsa Alam bookings surged 90% y-o-y during October. This is the third consecutive month to see a […]

M&A WATCH- The main shareholders in food products producer Cook's Industries have appointed Arqaam Capital to advise on the sale of their stake in the company, sources told Al Mal. Cook’s, founded in Cairo in 1954, is owned by the heirs of founder Agamemnon Paraskevas. Al Mal says Arqaam is shopping Cook’s to GCC investors, […]

INVESTMENT WATCH- Domty denied that it is planning to invest USD 25-30 mn in an olive packaging and processing operation with a company owned by Abdel Salam Alwadi, chairman of the Tunisian Olive Oil Association. Domty made the announcement in a regulatory filing on Monday (pdf) after a report in Al Mal surfaced yesterday quoting […]

MOVES- Elsayed Mohamed Aly has been appointed chairman and managing director of Abu Dhabi Islamic Bank (ADIB)-Egypt. Aly was formerly the chairman and managing director of Mashreq Bank-Egypt.