Author Archives: enterpriseam admin

REPORT ON IMF / WORLD BANK FALL MEETINGS- Egypt expects to receive the next USD 2 bn tranche of its IMF extended fund facility not long after the institution’s second review of the reform program concludes in the first week of November, Finance Minister Amr El Garhy said in an upcoming interview with CNBC at […]

The World Bank expects Egypt’s budget deficit to decline to 8.8% of GDP in FY2017-18, the WBG said in its Egypt Economic Outlook October 2017 (pdf). The bank attributed its outlook — one of the more optimistic ones on the deficit we’ve heard — to the economic reform program, particularly cuts to energy subsidies. “Egypt’s […]

The outlook for the Egyptian banking system is stable, as economic growth picks up, loan performance remains broadly resilient and banks benefit from a stable deposit base, Moody's Investors Service says. “The banks are funded by stable and low-cost domestic deposits, mainly from households, a credit strength … We expect increasing banking penetration and increased […]

M&A WATCH- Egypt Kuwait Holding (EKH) subsidiary International Financial Investments Company (IFIC) has reportedly withdrawn its bid to acquire National Company for Maize Products (NCMP), Al Mal reports. Sources said IFIC did not finish the due diligence process because of the bureaucracy and the length of time associated with the transaction. The EKH affiliate first […]

IPO WATCH- Readymade garment manufacturer Dice is planning to list an extra 50-60% of its shares on the EGX within a month, Al Mal reports. The company is waiting for EFSA to greenlight its fair value assessment. The stake will be issued to existing investors. EFG Hermes is managing the transaction.

INVESTMENT WATCH- The Chinese consortium Acasys Group is reportedly looking for a piece of major infrastructure projects worth up to USD 20 bn in Egypt, Ahram Gate reports, citing a statement from the group. Acasys, which earlier this month offered to build 250k units for the government’s social housing program at a cost of USD […]

EARNINGS WATCH- QNB Al Ahli reported net income of EGP 4.25 bn in the first three quarters of 2017, up from EGP 4.06 bn in the similar period in 2016, according to a bourse disclosure.

The Ismail cabinet discussed implementing a national solid waste management plan at its weekly meeting last Thursday, according to a cabinet statement. Decisions taken at the meeting include: Approved a funding agreement with the European Bank for Reconstruction and Development to help upgrade sewage and wastewater systems Fayoum; Establishing a fund for the victims of […]

Egypt brokers peace between Fatah and Hamas: Palestinian factions Hamas and Fatah reached a reconciliation agreement during talks in Cairo last week, Hamas chief Ismail Haniyeh said on Thursday, according to Reuters. Under the terms of the pact, Hamas and Fatah agreed to complete the handover of administrative control of Gaza to a unity government […]