Author Archives: enterpriseam admin

The IMF expects the Egyptian economy to grow by 4.1% this year — and sees growth accelerating to 4.5% in FY 2017, according to its October 2017 World Economic Outlook released yesterday. Growth will be “supported by reforms aimed at correcting fiscal and external imbalances, restoring competitiveness, and creating jobs.” Cooling inflation: The institution also […]

Egypt is among the most vulnerable to rising global interest rates –Moody’s. Ratings agency Moody’s says Egypt joins Mongolia and Mozambique as holding the highest credit risk for exposure to rising interest rates in frontier markets “with these sovereigns demonstrating limited available fiscal and monetary space.” On the broader scale, frontier markets debt levels will […]

Did Aramco sign an agreement to refine fuel at MIDOR? Saudi Arabia may have given a boost to our regional energy hub ambitions, with Aramco reportedly having signed an agreement that will see it refine some of its crude through the Middle East Oil Refinery (MIDOR), sources tell Al Borsa. The agreement was signed by […]

MOVES- Alexandre Froment Curtil is set to take over as CEO of Vodafone Egypt starting 1 January 2018, according to an unconfirmed report in AMAY. Froment has been CEO of Vodafone in Hungary since September of last year, according to his LinkedIn page. Vodafone Egypt is presently led by Stefano Gastaut, who took over as […]

MOVES- Ahmed El Sheikh, senior VP and GM of PepsiCo Egypt and Jordan, is taking over as CEO of PepsiCo India. El Sheikh will succeed D. Shivakumar, who stepped down to join Aditya Birla Group as president for corporate strategy and business development. El Sheikh will join PepsiCo India on 1 November, India’s Livemint notes.

Ride-hailing app Uber announced yesterday that it invested USD 20 mn in the new support center it inaugurated in Cairo, according to Reuters. Despite challenging economic conditions, Uber’s EMEA chief Pierre-Dimitri Gore-Coty said that “we’re here to stay and we’ll continue to invest to be able to serve citizens over here.” The center is the […]

Nasr signs EUR 320 mn-worth of agreements with Germany: Investment and International Cooperation Minister Sahar Nasr signed three agreements yesterday with Germany’s Economic Cooperation Minister Gerd Müller worth a total EUR 320 mn. The first agreement allocates EUR 225 mn to supporting economic and social reforms and is part of a broader EUR 450 mn […]

Presidential decree forms National Elections Commission: President Abdel Fattah El Sisi issued a decree Tuesday night greenlighting the formation of the National Elections Commission, according to Youm7. Commission head Lashin Ibrahim, the Court of Cassation’s second in-command, called for the board’s first meeting today. The president had signed off the National Elections Commission Act two […]

Gov’t to peg prices of harvested wheat to the global market: It would appear that under the new bread subsidy system the government will be pegging the price of wheat it purchases from farmers to the global market price, according to statements attributed to Agriculture Minister Abdel Moneim El Banna by Al Borsa. The move […]

Kobe Steel sells metal with false specs to several large firms, including Boeing and Toyota: Big corporate names including Boeing, Nissan and Toyota are rushing to make safety checks after Japan’s Kobe Steel revealed it sold metal with false strength certifications to over 200 companies, according to the FT (paywall).