Author Archives: enterpriseam admin

Government to sign non-binding agreement on private-sector raises today: Prime Minister Sherif Ismail will ink today a non-binding agreement with business associations on a 10% hardship raise for private-sector workers, the deputy head of the Federation of Egyptian Chambers of Commerce Mohamed El Fayoumy said on Monday, according to Al Masry Al Youm. The House […]

IPO WATCH- Beltone Financial has two IPOs in the pipeline for execution before the end of the year worth a combined EGP 3 bn, CEO Bassem Azab told Al Mal. Both listings are destined for the EGX, one in the pharma sector and the other in real estate. Azab also notes that Beltone will be […]

Speaking of IPOs of state-owned companies: The United Kingdom is pulling out the stops to attract listings of government corporations. The UK’s financial regulator has proposed the relaxation of rules to make the listing of state-backed companies easier, Reuters reports. The move comes as the London Stock Exchange continues to push into the Middle East […]

INVESTMENT WATCH- Ride-hailing app Careem has invested USD 500k in Swvl, a three-month-old Egyptian bus transportation service, Reuters reports. Careem will take an undisclosed minority stake in Swvl and its CEO and co-founder, Magnus Olsson, will take a board seat. Reuters says Swvl was founded in April by a former Careem executive. “We want them […]

Egypt expects to receive the third installment of the IMF loan between December and January following the next review by the international institution, which is scheduled to take place between November and December, Finance Minister Amr El Garhy told Reuters. The third installment will be equivalent to USD 2 bn. The IMF’s executive board approved […]

Egypt’s natural gas output is expected to rise 50% in 2018 and 100% by 2020 thanks to recent gas field discoveries, the Oil Ministry said in a statement picked up by Reuters. “The fields of Zohr, North Alexandria and Nooros are among the most important projects that will increase natural gas production … and will […]

Word on the street is that Egypt may impose new safety standards and quality control measures on domestically assembled cars. These would be supplemental to a set of 10 quality standards that have been in place for domestic assemblers since their 2010; those regulations cover everything from front lights and airbags to car locks. And […]

The government is considering doubling the bread subsidies that qualified beneficiaries receive through the Supply Ministry’s smart card system, two government sources told Reuters’ Arabic service. The increase would give each smart card holder EGP 0.20 for every loaf of bread not bought out of the 150 loaves allocated to each cardholder every month. The […]

MOVES- Mohamed Ali Abadi was appointed Chairman of Sidpec, according to a company disclosure. Abadi replaces Osama Mahdi.

The European Union has given Egypt grants totalling EUR 1.3 bn between January 2015 and May 2017 according to the EU’s most recent report on the state of EU-Egypt relations. Around 45% of that figure flows into socioeconomic development and job creation while another 45% goes into renewable energy, water, sanitation, and environmental projects. The […]