Author Archives: enterpriseam admin

Central bank reserves are at their highest level ever. Provisional central bank data showed that net international reserves rose to a record-high of USD 36.036 bn at the end of July, from USD 31.305 bn at the end of June. CBE Governor Tarek Amer tells Al Mal that July saw an influx of USD 7.7 […]

USD 2-4 bn eurobond issuance planned for 1Q2018: Egypt is a planning a eurobond issuance to the tune of USD 2-4 bn by 1Q2018, Finance Minister Amr El Garhy told the press on Tuesday, according to Reuters. No other issuances of that size can be expected in 2017, El Garhy added, despite reports last month […]

Bankers, CBE to meet in two weeks to continue talks on central bank and banking acts: The Federation of Egyptian Banks (FEB) will be meeting with central bank officials in two weeks’ time to continue discussions of industry concerns regarding proposed amendments to the CBE and banking acts, unnamed bankers tell Al Borsa. Banks will […]

Listed food companies have seen their profits take a hit in 2Q2017 on the back of high inflation, interest rate hikes, and the declining purchasing power of consumers, says Reuters. Both top snackmaker Edita and dairy outfit Juhayna saw profits falls, and revenue increases at the two have come on price rises despite falling volumes.

Egyptian Financial and Industrial Company (EFIC) may call off the spinoff of subsidiary Suez Fertilizers, EFIC Chairman Ali El Sayad tells Al Borsa. Instead, the company will use increased export revenues in 2Q17 to fund its expansion. A fair value assessment by Pharos Holding and Misr Financial Investments Company have not been completed yet, says […]

M&A WATCH- The Arab Company for Drugs Industries & Medical Appliances (ACDIMA) has reportedly acquired 100% of United Pharma IV for EGP 320 mn, Al Mal reports.

Housing Ministry gets a pass on the “single window” for sale of state land: The new Investment Act appears to have granted the New Urban Communities Authority (NUCA) an exemption from the “single window” for land sales, according to Al Borsa. The policy, which obliges different authorities to tender land in coordination with the General […]

Thanaweya amma to be replaced by new system starting 2018-19: The traditional thanaweya amma high school system will be replaced by a new secondary education regime as of the 2018-19 academic year, Education Minister Tarek Shawki announced on Tuesday, Ahram Online reports. The new education system will part from traditional exams and scoring systems with […]

Resort tourism in KSA? Uh, sure — mocktails for all. Saudi Arabia’s Crown Prince Mohammed bin Salman announced the launch of an “international tourism project…to develop exceptional resorts on more than 50 natural islands between the cities of Amlaj and Al-Jawh.” The Saudi Press Agency says the project “will be a leading coastal destination, located […]

IMF data says electric cars aren’t just a fad. In a working paper, the Fund tracked the growth in electric car use against that of combustion engine motor vehicles and found that the connection runs almost parallel to the disruptive impact motor vehicles have had on the horse and carriage nearly a century ago. Using […]