Author Archives: enterpriseam admin

ECA to introduce bill on oversight of M&A within the next few months: The Egyptian Competition Authority (ECA) plans to introduce legislation within the coming two months that would require its stamp of approval on M&A transactions, ECA boss Mona El Garf said at a press conference on Monday. Not all transactions will be subject […]

EGX, EFSA are moving to eliminate FX restrictions on GDR sales: The EGX’s newly constituted board of directors approved on Sunday the removal of restrictions that force the proceeds of global depository receipt sales be converted to EGP before being distributed to beneficiaries, according to Al Borsa. Egyptian Financial Supervisory Authority (EFSA) head Sherif Samy […]

Is outgoing EGX head Mohamed Omran in line to head EFSA? Word on the grapevine is that Mohamed Omran, who will officially leave his post as EGX chairman on 6 August, will be heading EFSA — or so sources tell Daily News Egypt. The newspaper is also claiming that Mohamed Farid, who previously served as […]

Possible compromise between CBE and FEB on CBE and banking acts? Talks between the central bank and the Federation of Egyptian Banks (FEB) on Sunday over controversial amendments to the CBE and Banking acts appear to be heading towards a compromise on some articles, sources tell Al Borsa. The notion that banks be required to […]

Egypt’s external debt climbed 32.5% y-o-y to USD 73.9 bn in 9M2016-17, according to data from the central bank. M2 moneysupply rose 39.4% y-o-y during FY2016-17 to EGP 2.9 tn by the end of June, the CBE also said, according to Reuters.

Emaar Chairman Mohamed Alabbar has appetite for new opportunities in Egypt — and may once again be looking at investing in the New Administrative Capital. Also on the high-profile real estate and retail guru’s list: New Alamein, Cairo, and South Sinai, according to a statement from the Investment Ministry. Alabbar expressed interest during a meeting […]

BPE Partners has reportedly decided not to participate in an Education Ministry tender to build 200 schools under a PPP framework, an unconfirmed report in Al Mal said yesterday. Feasibility studies conducted after BPE was shortlisted revealed that the EGP 3 bn project is not in sync with the company’s current strategy, sources tell the […]

SODIC and Vodafone Egypt will offer a package of internet and smart-home services at all SODIC developments, according to a joint press release (pdf). The new service, branded SODIC GoSmart, will be powered by Vodafone and give homeowners at SODIC developments access to high-speed internet, surveillance, and home automation services. “SODIC is very well-known for […]

Subsidy cuts drive down food consumption: 34% of Egyptians have begun curbing their consumption of various consumer goods, most notably food, as a result of the recent fuel and electricity subsidy cuts, according to a poll the Egyptian Center for Public Opinion (Baseera) released yesterday (pdf). 84% of those polled also said that their monthly […]

Qatar filed yesterday a complaint with the World Trade Organization (WTO) against the “trade boycott” imposed by Saudi Arabia, the UAE, and Bahrain, Reuters reports. “By formally ‘requesting consultations’ with the three countries, the first step in a trade dispute, Qatar triggered a 60 day deadline for them to settle the complaint or face litigation […]