Author Archives: enterpriseam admin

The government will decide the specifics of its coming bond issuance in the coming two weeks, including whether it will begin by issuing eurobonds denominated in EUR or in USD as well as the timing of the issuances, Finance Minister Amr El Garhy told Reuters in an interview. The aim of issuing EUR-denominated eurobonds is […]

Moody’s obstinance on credit rating continues: “Egypt's B3 stable credit profile reflects its large and diversified economy and strong reform momentum, set against constraints which include its very weak government finances,” Moody's said in an annual report yesterday. The credit agency insists that its rating on Egypt strikes the right balance between progress on the […]

Egypt will be the major driver of growth for Attijariwafa Bank in coming years, and the bank plans to expand operations her significantly by adding new branches and hiring staff, Tamim Elyan writes for Bloomberg. General Manager Ismail Douiri expects the Egyptian unit to contribute 12-14% of the group’s net income on 2018 as revenue […]

IPO WATCH- BPE Partners has tapped EFG Hermes to Sigma Capital to manage is planned listing on the EGX this year, source told Al Mal. The company has said it plans to list 25-30% of its shares. Zaki Hashem & Partners are legal advisors on the transaction and Grant Thornton is preparing the fair value […]

IPO WATCH- Clothing outfit Dice’s general assembly approved a plan to list 65% of its shares on the EGX, sources close to the matter tell Al Borsa. The newspaper had previously reported that the company was considering listing up to 49%. The assembly also ratified the fair value share price of EGP 30.90 established by […]

Is the Finance Ministry looking to exempt certain oil and gas activities from the VAT? The Finance Ministry has put together a preliminary list of oil and gas exploration and drilling operations which may be exempt from the value-added tax (VAT), said Vice Minister of Finance Amr El Monayer, according to Al Mal. The list […]

The resumption of Russian flights to Egypt probably won’t happen before the winter season, Vice President of the Russian Union of Travel Industry Uri Barzykin tells Russia’s Parliamentary Gazette. Cairo Airport’s security measures have passed Moscow’s inspections, but security at the Sharm El Sheikh and Hurghada airports are more important, Barzykin says.

China is expected to edge out the European Union and become Egypt’s “fastest growinginvestment partner,” Trade and Industry Minister Tarek Kabil tells Reuters in an interview. The minister pointed to the benefits Egypt stands to gain from the Belt and Road initiative, pointing out that negotiations were already ongoing “with major [Chinese] players in terms […]

The Transport Ministry is hoping to complete four railway development projects worth USD 1 bn by 2022, Minister Hisham Arafat tells Al Mal in an interview. The projects include infrastructure and signaling system maintenance and upgrades. Gov’t is still looking to the private sector to play a role in the overhaul of the nation’s rail […]

You reap what you sow — GASC pays the high price of a confused wheat import policy: The General Authority for Supply Commodities (GASC) purchased 175k tonnes of Russian wheat yesterday, but at a significantly higher price. The above-average prices are largely due to suppliers’ concerns over the Romanian and French wheat cargoes rejected by […]