Author Archives: enterpriseam admin

The International Financial Corporation (IFC) is planning to invest USD 1.5 bn in Egypt in FY2018-19, the IFC’s Vice President of New Business Dimitris Tsitsiragos tells Al Borsa. Renewable energy — for which the institution pledged a USD 653 mn debt package to this week — will continue to top the IFC’s priorities, but funding […]

EM specialist Renaissance Capital opens office in Egypt, hires Younis from CI Capital as country boss: Emerging markets investment bank Renaissance Capital is planning an expansion of its M&A and IPO pipeline in Egypt after officially opening Renaissance Capital Egypt SAE last week, the company said yesterday. “The firm is already working with several companies […]

The Bankruptcy Act is currently with the House of Representatives’ Legislative Committee and will be sent to the House Economics Committee once it is done reviewing the legislation soon, Economic Committee member Medhat El Sherif tells Al Borsa. The Economic Committee, which is currently hosting Consumer Protection Agency boss Atef Yacoub to discuss the Consumer […]

Additional fees on freezones under the Investment Act regs earned the ire of freezoneinvestors the day they came into effect: The executive regulations to the new Investment Act came into effect yesterday after they were published in the Official Gazette (pdf). The ink had not yet dried when a new controversy erupted over taxes and […]

US State Department report critical of Egypt’s treatment of religious minorities makes the rounds again: The US State Department leveled criticism at the way Coptic Christians were being treated in Egypt in its International Religious Freedom Report for 2016 (pdf). The report, out since late summer, has been making the rounds on social and religious-interest […]

MOVES- President Abdel Fattah El Sisi appointed Bassem Rady as the news spokesperson for Ittihadiya yesterday, according to a statement picked up by Ahram Online. Rady, a former consul to Turkey, replaces Alaa Youssef, who will now be heading Egypt’s permanent mission to the UN in Geneva.

Administrative Court commissioner recommends Cyprus-Egypt demarcation agreement be subject to House approval, referendum: A Cairo Administrative Court's commissioner’s authority recommended that the border demarcation agreement with Cyprus be approved by the House of Representatives and put to a referendum before being passed, citing Article 151 of the constitution, Ahram Online reports. The report comes as […]

Egypt’s ranking dropped to 57 from 55 on Brand Finance 2017 Nation Brands Report. The country’s Nation Brand lost 10% of its value, dropping to USD 88 bn from USD 98 bn last year, with Greece and Sri Lanka trailing behind. The report, which compares 100 countries using some random mix of financial, economic, and […]

Three of The Donald’s campaign aides and associates charged in Russia probe: Federal investigators leveled charges against three of US President Donald Trump’s former aides and associates yesterday as part of a probe into Russia’s alleged involvement in his election campaign last year. Campaign manager Paul Manafort, foreign policy adviser George Papadopoulos, and onetime business […]

Spanish forces asserted control of Catalan government and police offices yesterday with little resistance, the FT reports (paywall). Catalan independence leader Carles Puigdemont, who was sacked last week, “did not have to be forcibly removed from office, as some had feared,” but “traveled to the Belgian capital Brussels ahead of news that he could face […]