Author Archives: enterpriseam admin

INVESTMENT WATCH- Beltone Financial will launch in September a USD 1 bn fund to invest in fixed-income instruments, CEO Bassem Azab said in an interview with Ihab Farouk from Reuters’ Arabic service. The fund targets foreign investors from the GCC, Europe, and the US, Azab says, adding that its roadshow will begin after the Eid […]

It would appear that the ministries of planning and finance are in fact working to amend the national minimum wage and increase it from its current EGP 1,200 a month, sources with knowledge of the matter tell Al Masry Al Youm. The ministries are currently conducting studies to determine the extent of the raise and […]

Tourist arrivals increased by 52.3% y-o-y in 1H2017, according to data received by the Tourism Ministry and cited by Al Shorouk. 3.5 mn tourists visited Egypt in the first half of the year, with tourist nights increasing to 37 mn from the 13 mn recorded in 1H2016.

Tax revenues for FY2016-17 exceeded targets for the first time ever, Vice Minister of Finance Amr El Monayer said, according to AMAY. El Monayer stopped short of specifying a figure, saying an announcement on that will come sometime this week. The last fiscal year was the first for Egypt’s value-added tax at a baseline rate […]

The second of BP’s Egypt upstream projects is coming online before the end of 2017, reports World Oil. The first phase of West Nile Delta project started production earlier this year and the company has seven major global upstream projects it expects to come before the year is up.

Logic Management Consulting has been tapped to advise on the set up of Egypt’s new natural gas market regulator, CEO Mohamed El Sherif told Al Borsa on Monday. Under the newly-issued Natural Gas Act, which liberalized the industry, the state plans to establish a new market regulator that would have a say in pricing gas, […]

The Transportation Ministry is plans to spend EGP 45 mn on railway projects in the coming years, Minister Hisham Arafat says, according to Ahram Online. This includes EGP 3 bn to install emergency brake systems on trains, EGP 2 bn on work at some 560 crossings, and EGP 2.4 bn on new signalling systems. Arafat […]

EARNINGS WATCH- Talaat Mostafa Group’s 1H2017 consolidated net profit after tax stood at EGP 696.5 mn, up from EGP 432.1 mn in the same period last year, according to an EGX filing. The company reported revenues of EGP 3.26 bn in 1H2017, up from EGP 2.92 bn a year ago.

M&A WATCH- WPP subsidiary Grey Group has acquired a majority stake in regional digital marketing agency Hug Digital. Hug is headquartered in Dubai and has offices in Egypt and India, employing 145 full-time staff. “We are eager to take our digital expertise and knowledge of the MENA region and scale this with WPP and Grey […]

IPO WATCH- Emaar is planning to offload 30% of its UAE real estate business in an IPO, according to the Associated Press. Gulf retail investors love a payout and local favourite Emaar isn’t going to disappoint — proceeds from the IPO will go to fund a dividend.