Author Archives: enterpriseam admin

M&A WATCH- Middle East Glass Manufacturing has signed a non-binding agreement to divest its 74% stake in Medco Plast for Packing and Packaging Systems. The unnamed bidder is starting due diligence, according to a bourse disclosure.

M&A activity in the MENA utility sector hit USD 845 mn in 2Q2017, up 6x q-o-q, according to the EY Power transactions and trends report covered by CPI Financial. “The Middle East and Africa continue to offer opportunities for investors looking to diversify their portfolio. As low-risk, high-value projects dry up in developed countries, investors […]

And speaking of investment in solar power: The EBRD has partnered with Green Climate Fund (GCF) and Dutch Development Bank FMO to extend a USD 87 mn syndicated facility to Egypt’s Infinity Solar and Germany’s IB Vogt GmbH to fund two solar power plants, a press release says. The two plants will add a combined […]

The name of the game for the food industry: Backward integration and exporting to Africa: The food industry, which has been reeling from lower sales and higher costs of imported production inputs since the float of the EGP, has been forced to invest further up the supply chain, says Prime Holdings’ Omneyah El Hamamy. The […]

The European Union has agreed to remove Egyptian grapes from its list of high-risk crops and lower inspection rates to below 20%, Agriculture Products Export Council (APEC) Chairman Ali Issa tells Al Shorouk. The decision, which has yet to be formalized, will pass inspection costs onto the importer and comes at Egypt’s requests to the […]

The central bank will set up a new unit for consumer protection to handle complaints from folks who transact with the banking system, Al Mal reports. The details of the unit and its scope of work are yet to be announced, Sub-Governor for Risk Management and Banking Supervision Tarek El Kholy said. He added that, […]

Banque Misr has opened a representative office in Moscow “to facilitate Egyptian investment in Russia,” Chairman Mohamed El Etreby tells Reuters. The bank is looking to open branches and set up a chain of ATMs in major Russian cities to meet demand from the crowds of Egyptian football fans that will visit the country for […]

Our wheat import policies are becoming schizophrenic: Supply Minister Ali El Moselhy announced that the two Romanian and French wheat cargoes that were held for allegedly containing poppy seeds have been released and will be added to strategic stocks, Reuters reports. The decision, which came as President Abdel Fattah El Sisi sits down with French […]

Egypt, US, Israel to discuss QIZ program next month: Egypt will push to reduce the mandatory Israeli content in goods exported to the US under the Qualified Industrial Zones (QIZ) program to 8% instead of the current 10% during a meeting with US and Israeli officials next month, head of the Trade and Industry Ministry’s […]

Egypt’s former lobbyist in DC is being investigated, but it seems we’re in the clear: Washington lobbyist Tony Podesta and the Podesta Group are now the subjects of a federal investigation led by Special Counsel Robert Mueller, sources told NBC News. “The sources said the investigation into Podesta and his company began as more of […]