Author Archives: enterpriseam admin

Proposed amendments to the CBE and banking acts could reinstate term limits for bank MDs: Amendments to the CBE Act and the Banking Law will enshrine into law the CBE’s decree limiting the terms of banking sector managing directors to nine years which was issued in March of last year, according to statements attributed to […]

Misr Hotels Company is freezing expansion plans until the CBE decreases interest rates and inflation cools, according to chairman Amr Attia, Al Borsa reports. “As long as interest rates are at their current levels, we will not enter new investments,” Attia says. The company allocated EGP 183 mn in investments this fiscal year, including EGP […]

IPO WATCH- The Egyptian Financial Supervisory Authority (EFSA) signed off yesterday on DBK Pharma’s fair value assessment of EGP 3.1 per share ahead of the company's planned initial public offering of 35% of its shares, sources close to the matter tell Al Borsa. The report was prepared by financial consultancy firm FinCorp. We had last […]

EARNINGS WATCH- CIB delivered another record top- and bottom-line performance during the first half of the year as it released its earnings late last night. The lender delivered 29% revenue growth to EGP 6.88 bn, while its bottom line grew 29% over the same period last year to EGP 3.56 bn. The bank’s management team […]

MOVES- Mohsen Adel was reportedly appointed vice chairman of the EGX, sources tell Reuters in reports that were also picked up by CNBC Arabia. If confirmed, Adel would assume the role for four years, after having served as EGX board member. … Yet to be filled is the top job. The cabinet has not yet […]

A USD 10.5 bn petrochemicals complex is being planned in Suez, writes Al Masry Al Youm. The governor of Suez met Wednesday with a delegation from an unnamed petrochemical company to discuss plans for establishing the complex. The plan aims to make Suez a petrochemical production hub in the region meeting domestic demand and exporting […]

The Investment and International Cooperation Ministry launched an online platform for investors to set up and register their companies through the General Authority for Investment (GAI)’s website, Minister Sahar Nasr announced. The ministry also launched a hotline (16035) to answer investors’ questions regarding the new process. Company establishment and registration procedures can then be completed […]

The law allowing for the repossession of illegally occupied land seized by the government will come into effect next week, Prime Minister Sherif Ismail announced during a press conference yesterday. The legislation will set the legal terms and measures for the owners to buy back land seized under the state’s campaign. Violating the new law […]

Egypt’s agricultural exports increased by 12.1% year-on-year in 1H2017 to 3.5 mn tonnes, up from 3.1 mn tonnes last year, Agriculture Ministry spokesperson Hamdi Abdel Dayem said on Wednesday, according to Reuters. “Exports increased in citrus, potatoes, grapes, and strawberries, and fell only for onions,” he said, explaining that the EGP floatation last November is […]

President appoints head of Council of State to the chagrin of judiciary: President Abdel Fattah El Sisi issued a decree appointing Ahmed Aboul Azm as the head of Maglis Al Dawla (Council of State), according to Ahram Gate. El Sisi is using the powers granted to him through the controversial amendments of the Judicial Authorities […]