Author Archives: enterpriseam admin

INVESTMENT WATCH- Chinese electronics firm Oppo just short of pledging to open a smartphone plant in Egypt. The company’s president for the Middle East and Africa, Andy Shi, told Youm7 in an interview that Oppo is willing to enter negotiations to establish the plant, but the success of those talks would hinge on how favorable […]

INVESTMENT WATCH- Supermarket operator Spinneys is planning to invest more than EGP 250 mn to double its number of branches in the country to 24 by 2019, the company’s Egypt CEO Mohanad Adly tells Al Mal. Two new branches in Maadi and Al Shorouk City are already under construction, with one set to open next […]

Egypt is making a USD 5.2 bn payment to Afrexim Bank before the end of December, Al Mal reports. USD 3.2 bn of that figure was provided as a short-term loan and USD 2 bn came through a repo transaction after the float of the EGP in November 2016. Repaying Afrexim Bank will reduce Egypt’s […]

The taxman wants a piece of your e-commerce pie: The Tax Authority is assessing putting in place regulations that would allow it to collect taxes on e-commerce transactions, a source told Al Mal. The source says it is the Tax Authority’s view that online transactions should be subject to VAT. We have many bones to […]

Prime Minister Sherif Ismail ordered the formation of a cabinet committee to resolve investment-related disputes, a decision which was published on the Official Gazette on Monday, Al Shorouk reports. The committee will include the ministers of the cabinet economic group, as well as representatives from the Council of State (Maglis El Dawla) and the Administrative […]

“We’re not scared,” say Israeli tourists who are flocking to Sinai despite travel warnings to the area, writes Avital Zippel for Jerusalem Online. 2017 saw a 30% rise in Israeli tourists and families who visited Sinai for Rosh Hashanah. Zippel puts the numbers at nearly 10,000 visitors. The primary reason for the bump: “Because it’s […]

Dissident lawyer and presidential hopeful Khaled Ali’s was sentenced by a Dokki criminal court to three months prison time for violating public decency laws. Ali, who is currently free after posting bail, was charged after publicly celebrating an Administrative Court ruling that overturned the handover of Tiran and Sanafir islands to Saudi Arabia. His lawyer […]

Something to keep an eye on: The Palestinian government will meet in Gaza next week to begin taking administrative control of the region as “part of efforts to end protracted rivalry between the Islamist group and President Mahmoud Abbas,” Reuters reports. The Egypt-supported reconciliation effort between Hamas and the Palestinian Authority “may hinge on whether […]