Author Archives: enterpriseam admin

EARNINGS WATCH- Our friends at SODIC reported a 130% y-o-y increase in consolidated net profit to EGP 340 mn in 1H2017. Revenues increased by 88% y-o-y to EGP 1.173 bn. The surge in revenues was driven by a 103% y-o-y rise in deliveries in 1H2017. “Net contracted sales for the six months stood at EGP […]

Prosecutor General brings cases against 14 companies for alleged antitrust violations: The Prosecutor General’s office has filed charges with the Economic Court against 14 companies including beIN Media Group for alleged anti-competitive practices. The move follows investigations by the Egyptian Competition Authority, the authority said in a statement on Thursday. BeIN is accused of monopolizing […]

Egypt’s first bitcoin exchange is set to begin trading this month, Eric Knecht writes for Reuters. “We’re still waiting on the Egyptian government to set some kind of regulations … Without any laws, bitcoin is not legal money in Egypt,” said Bitcoin Egypt founder Rami Khalil. The CBE issued a disclaimer on Thursday saying that […]

Ikhwan asset committee freezes accounts of publishing companies, puts them under new management: The government committee seizing assets of accused Ikhwan members have frozen the accounts of a number of media and publishing companies owned by suspected Ikhwan members and family members of exiled cleric Youssef Al Qaradawi on Thursday, said state-owned Ahram Gate. The […]

A criminal court fined former Central Auditing Organization boss Hesham Genena EGP 60k after finding he had libeled former Justice Minister Ahmed El Zend, according to Ahram Online. The charges date back to statements Genena made in an interview in 2015 in which he spoke about corruption in the judiciary. Genena was fired from his […]

MOVES- The Electricity Ministry appointed Amgad El Wakeel as the new head of the Nuclear Power Plants Authority, ministry spokesperson Ayman Hamza announced yesterday, Al Shorouk reports. El Wakeel was previously the executive director of the Daba’a nuclear power plant project, and is a member of the committee that negotiated the terms of the project […]

REGIONAL- Jordanian med manufacturer Hikma signed an agreement with Takeda to expand licensing and distribution. The agreement allows Hikma to have the right to register, manufacture, market, distribute, and sell four of Takeda's leading primary care products in 17 markets in the MENA region. “The agreement, however, does not include the Egyptian market for Alogloptin. […]

Among the handful of international stories worth a look this morning: Spanish authorities are on high alert while they search for the man responsible for the attack that left 13 people dead in Barcelona over the weekend, Reuters reports. Bloomberg provides round-the-clock updates here, while the Financial Times and Wall Street Journal both look at […]