Author Archives: enterpriseam admin

The central bank’s Monetary Policy Committee left interest rates on Thursday. The overnight deposit rate was held steady at 18.75% while the overnight lending rate was kept the same at 19.75%. Annual urban headline inflation rate increased to 33% in July on account of numerous subsidy cuts and a slight uptick in the value-added tax […]

The disappointment of the weekend: Moody’s left Egypt’s credit rating unchanged at B3 even as the research houses (including Pharos Holding and Goldman Sachs) suggested there was room for an upgrade to B2. “Very weak government finances will continue to constrain the rating pending further clarity on the sustainability and impact of the reform programme,” […]

Prime Minister Sherif Ismail approved the executive regulations of the Investment Act at a Thursday meeting of cabinet. “Investment Minister Sahar Nasr said the law will now be passed to Egypt's administrative court, the state council, which is expected to give a final legal review before the law enters into force,” Reuters reports. The newswire […]

The executive regulations of the Natural Gas Act should be ready by early October, an EGAS official tells Al Shorouk. The source expects the new natural gas industry regulator would be set up before the end of the year — and that the first license to import gas privately should be issued in 1H2018. As […]

EBRD, GCF earmark USD 1 bn for renewable energy fund in Egypt: The European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) are earmarking USD 1 bn to invest in renewable energy projects in Egypt, EBRD said in a statement. The EBRD is providing USD 352.3 mn while GCF is making […]

Newly-appointed EGX boss Mohamed Farid plans to introduce short-selling, moveforward with new listings, and launch int’l roadshows: Farid outlines what he calls a three-point development strategy that aims to improve the EGX’s overall performance and boost liquidity levels in the medium-term. The EGX boss told Al Masry Al Youm in an interview yesterday that his […]

IPO WATCH- Ibn Sina Pharma plans to list its shares on the EGX in October, company chairman Mohsen Mahgoobtells Al Borsa. Mahgoob added that the company has yet to settle on the size of the transaction. Ibn Sina CEO Omar Abdel Gawad had previously said the funds raised will be used to finance expansion domestically […]

GB Auto CEO Raouf Ghabbour sees the car market coming back in 4Q2017 as dealers run down their inventory. "I am very confident that during 4Q, we'll be completely off the hook — off the hook in terms of stock liquidation will be completed, our inventory level will be back to historical low levels," Ghabbour […]

M&A WATCH- Ukraine’s Naftogaz taps France’s Lazard to advise on potential sale of Egypt assets: The Ukraine’s Naftogaz has contracted France’s Lazard Freres to advise on the potential sale of its Egyptian assets, Naftogaz announced on Saturday, according to Ukrainian news agency Interfax. Lazard had been the only bidder for the tender, which was issued […]