Author Archives: enterpriseam admin

M&A WATCH- The Sawiris family’s Gemini Holding has sold microfinance player Reefy to CI Capita. CI Capital reached an agreement to acquire a majority stake in microfinance provider Reefy from Gemini Egypt Holding for Financial Investments, CI Capital said in a statement (pdf)yesterday. The company did not disclose details on the size of the transaction. […]

Orascom Construction added USD 750 mn to its project backlog in 3Q2017 in the Middle East, mainly Egypt, and the United States, the company said in a statement issued yesterday (pdf). USD 550 mn of the total is in projects related to infrastructure and select buildings work in Egypt, while the rest is comprised mostly […]

SODIC’s strategy rests on building communities in urban areas recently slated for development, helping further the development goals of the government, CEO Magued Sherif told Al Mal in an interview. To that end, the company is targeting the acquisition of some 650 feddans before the end of the year, including 300 feddans of land on […]

Is the Russian Industrial Zone back on? Cairo expects to sign an agreement with Moscow on the Russian Industrial Zone before the year is out, Trade and Industry Minister Tarek Kabil said on Tuesday. Kabil’s statements following a meeting with Russia’s Deputy Industry and Trade Minister Georgy Kalamanov. Early last month, Russian Trade Minister Denis […]

The National Payments Council will authorize a payment card framework with a national trademark that would give holders, mostly the unbanked, access to financial services, according to an Ittihadiya statement. The decision is originally part of a central bank initiative to enhance financial inclusion and came during the council’s second meeting yesterday, where members decided […]

The Ismail government is adamant that ticket prices on the Cairo Metro will rise as soon as an in-progress overhaul of the mass transport system is completed in a year or two, Transportation Minister Hisham Arafat said at a forum on the logistics sector held by the American Chamber of Commerce in Egypt. He said […]

The Council of State signed off yesterday on amendments to the Criminal Procedures Act, which among other things seeks to expedite the prosecution of terror cases judicial sources tell Youm7. The bill — which is also expected to safeguard suspects’ rights to a phone call, a lawyer, and fair treatment — is being sent back […]

First signs of trouble in Palestinian reconciliation emerge as cabinet holds first meeting in Gaza: The Egypt-mediated Palestinian reconciliation ran into its first hurdle yesterday when Hamas rejected Fatah’s call to dismantle its military arm, theAssociated Press reports. Hamas leader Ismail Haniyeh told Amr Adib in an interview that the group would not lay down […]

King Salman’s visit to Russia legitimizes Putin as a force in the region: King Salman will become the first Saudi Arabian monarch to visit Russia and the latest of Middle East rulers to attempt to strengthen diplomatic ties with Vladimir Putin, Bloomberg reports. Topping his agenda for the trip later this week was attempting to […]

A blast outside Manama injured five Bahraini policemen on Monday, according to Reuters. The policemen were protecting a Shiite procession celebrating the ‘Ashura festival, and local investigators are treating the attack as a terrorist act.