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Our elected representatives reconvene today for their fall legislative season. Prime Minister Sherif Ismail is set to address the House to discuss ongoing projects and priorities, Youm7 reports. The agenda is packed with business-related legislation, including the Labor Act, the Bankruptcy Act, the SMEs Law, the Companies Act, the Leasing and Factoring Act, and the […]
Author Archives: enterpriseam admin
Posted inWhat We’re Tracking This Week
What we’re tracking this week
The Emirates NBD PMI reading for Egypt comes out tomorrow. Prime Minister Ismail Sherif declared Thursday a public holiday for government offices and state-owned companies, as the 6 October holiday falls on a Friday this year. There’s been no word from the Central Bank of Egypt on whether banks take the day off as well. […]
Posted inON THE HORIZON
On the horizon
The IMF has released chapters 2, 3, and 4 of its World Economic Outlook October 2017which delved into the subdued wage growth in advanced economies, the unequal impact of climate change on developing economies, and the impact of fiscal stimulus on cross border trade. Chapter 1 — the main event and which will delve into […]
Posted inEnterprise+: Last Night’s Talk Shows
CAPMAS census results continue to occupy the airwaves
The talking heads tackled a variety of topics last night, including the anticipated Universal Healthcare Act, CAPMAS’ state census, and just how much our beloved holidays are costing the economy. Paid vacations are costing the country’s GDP an estimated EGP 25 bn per day, former executive assistant to the IMF’s executive director Fakhry Elfiky told […]
Posted inSpeed Round
Blumberg Grain announces completion of Phase 1, beginning of Phase 2 of its Shouna project
Blumberg Grain announced it is moving on to the USD 150 mn second phase of its Shouna Development Project for grain storage after closing out the first phase with final payments settled. “Phase 2 is currently comprised of 300 additional new Shouna, replacing the country’s antiquated and deteriorated storage facilities, located close to Egyptian farmers, […]
Posted inSpeed Round
SODIC signs MoU agreement for another 300 feddans on the North Coast
SODIC continues expansion on the North Coast: SODIC announced signing a new MoU for a 300-feddan land plot on the North Coast in partnership with the owner, according to a bourse disclosure. The parties are now conducting their due diligence. The MoU is the second to be announced by SODIC in two weeks, putting the […]
Posted inSpeed Round
ResponsAbility plans to buy stake in Fawry -sources
M&A WATCH- Switzerland-based private equity outfit ResponsAbility is planning on acquiring a non-controlling stake in Fawry, sources told Al Mal. Negotiations between the two companies are in “advanced stages” and ResponsAbility’s entry is expected to come through a capital increase, but the sources did not disclose the expected size of the investment.
Posted inSpeed Round
Quasi-governmental SEIC closes in acquisition in food industry
M&A WATCH- The quasi-governmental Saudi Egyptian Industrial Investment Company (SEIC) is hoping to complete the acquisition of an unnamed, privately-held food manufacturer in October, SEIC Chairman Ali Al Ayed tells Al Mal. Talks are reportedly in advanced stages, and while Al Ayed did not name the target, he did state it was a mid-sized company […]
Posted inSpeed Round
Mahindra & Mahindra finalizing entry back into Egypt
INVESTMENT WATCH- Indian auto maker Mahindra & Mahindra is finalizing procedures for reentry into the Egyptian market after a three-year absence, a source told Al Mal. The company, which will target the mid-income segment, is in talks with various potential partners to begin assembling its models locally and has already set up an office in […]