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From bad reporting to good policy: Last week, Al Masry Al Youm inaccurately reported that central bank governor Tarek Amer had said he reached an agreement to give SMEs tax-exempt status. Turns out, what Amer was really suggesting a form of tax amnesty for SMEs owing back-taxes. Good idea. But looking back at it, we […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
Potential investments coming from El Sisi’s US trip
The talking heads were channeling their inner Frank Sinatras last night, whistling “New York, New York” as President Abdel Fattah El Sisi’s talks with US companies to spur investment dominated the airwaves. US companies have appetite for Egypt: A number of US companies pledged new investment or expansion of operations during meetings with El Sisi, […]
Posted inSpeed Round
Monthly inflation peaked, economy won’t see negative impact from US rate increase -Amer
Central Bank Governor Tarek Amer does not appear too worried about the US Federal Reserve’s impending rate increase, saying in a strong, wide-ranging interview that the expectations has already been built in. “We don’t see this as affecting us so much right now,” he tells Bloomberg TV’s Yousef Gamal El-Din (runtime: 16:05). The economy can […]
Posted inSpeed Round
Government looks towards GDP growth levels of 5-5.25% this fiscal year - El Garhy
The government targeting GDP growth of 5-5.25% in FY2017-18, Finance Minister Amr El Garhy said, Reuters reports. Speaking yesterday on the first day of Euromoney Egypt (pdf), the minister pointed to the fiscal and economic policy changes since November 2016, including the EGP float and subsidy phase-out program, which he said were necessary to achieve […]
Posted inSpeed Round
No further import restrictions - Kabil
The Trade Ministry has no plan to further restrict imports, Minister Tarek Kabil told Al Mal in an interview. Measures such as the Importers Registry Act had sought to curb imports as a means of restricting the outflow of FX. The government will instead focus on encouraging exports, which grew by 8% y-o-y in 8M2017 […]
Posted inSpeed Round
Ibnsina Pharma files intention to float on EGX
IPO WATCH- Ibnsina Pharma announced its intention to proceed with an initial public offering (pdf) on the EGX. The company, Egypt’s fastest-growing pharma distributor, is offering around 25% of its shares through both primary and secondary offerings. (You can check out its corporate website here.)The transaction will take place in 4Q2017 or 1Q2018 and Ibnsina […]
Posted inSpeed Round
EFG Hermes inaugurates New York office
EFG Hermes announced yesterday the launch of operations in the US with an office in New York. EFG Hermes USA Inc. has been officially licensed and approved as a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation to operate in the United States since 1 September. The new office will […]
Posted inSpeed Round
Cleopatra Hospital Group earmarks EGP 1 bn for acquisitions to bring capacity to 1,000 beds
Cleopatra Hospital Group has earmarked EGP 1 bn for acquisitions that will bring its capacity up to 1,000 beds: The Cleopatra Hospital Group is planning to invest up to EGP 1 bn to bring its total capacity up to 1,000 beds in the coming period, CEO Ahmed Ezz El Din tells Al Mal. The Group […]
Posted inSpeed Round
Telecom Egypt officially launches its mobile network
Beware of callers whose numbers start with 0155: Telecom Egypt’s mobile network is called “We” (we kid you not) and it will go live on 28 September. Telecom Egypt CEO Ahmed El Behery officially launched yesterday its mobile network, branded “We,” and inaugurated the new MNO’s first customer service center in Mohandiseen, Al Shorouk reports. […]