Author Archives: enterpriseam admin

FDI to grow by 20% y-o-y in FY2017-18: Foreign direct investment to Egypt in FY 2016-17 is likely to have recorded USD 8-8.5 bn, Planning Minister Hala El Saeed projects, according to Reuters. El Saeed says the government is targeting 20% y-o-y increase in the FDI figures in FY2017-18. The official data for the whole […]

Freezones are back in fashion under the new Investment Act, and the Investment Ministry has a strategy running through 2034 that will see more roll out nationwide, Investment and International Cooperation Minister Sahar Nasr told investors in Alexandria, according to a ministry statement. A public freezone is set to be established in each governorate, with […]

60-40 split with gov’t on revenues from CFLD’s developments in new capital: Nasr also spoke of China Fortune Land Development Company’s (CFLD) project in the New Administrative Capital, saying that the government will retain 60% of revenues from CFLD’s projects there as part of a revenue sharing agreement with the company. As we noted last […]

Overhaul of bread subsidy system unlikely to change how much wheat Egypt imports: The Ismail government’s overhaul of its bread subsidy program is unlikely to lead to any significant change in how much wheat Egypt buys on the international market, traders and analysts tell Bloomberg. “Import demand will be the same as people still need […]

Security forces’ attempts to clear state-owned land on El Warraq island in Giza have reportedly resulted in the death of one person there, in a story getting major pickup across both local and international news. The clashes erupted as the security forces moved to clear squatters and illegal building from the area, but were met […]

Several tour operators believe Friday’s knife attacks in Hurghada will have negative repercussions on Egypt’s tourism industry, Al Shorouk reports. Some tourists staying at the hotels where the attacks took place have reportedly requested to leave, says Ali Okda, CEO of German tour operator FIT’s subsidiary Meeting Point. Hossam El Shaer, the president of Thomas […]

Erdogan is hurting gas exploration in East Mediterranean to score political points at home: The inability of Greek Cyprus and Turkish Cyprus to reach an understanding in these latest round of talks does not bode well for natural gas exploration in the East Mediterranean, writes Cyril Widdershoven for Oil Price Magazine. This comes at a […]

Washington Post claims the UAE orchestrated hacking of Qatari government sites: The UAE reportedly orchestrated the alleged hack of Qatar’s news agency, the event that (publicly, at least)sparked the whole Qatar Smackdown, the Washington Post reports, citing unnamed US intelligence sources. Intelligence officials reportedly confirmed to the newspaper senior members of the UAE government discussed […]

Unilever and Hormel Foods Corp will be vying to acquire the foods division of Reckitt Benckiser, according to a Reuters brief. Whomever outbids on this one is probably going to shell out in excess of USD 2.9 bn for the acquisition.