Author Archives: enterpriseam admin

Energy subsidies cuts demonstrate commitment to fiscal and economic reforms, says Fitch: Egypt's new budget and lower electricity and fuel subsidies demonstrate a continued commitment to fiscal consolidation and economic reform, backed by the country's IMF program, Fitch Ratings said on Wednesday. “Cutting energy subsidies at the beginning of the fiscal year gives us greater […]

A number of pharma companies plan on petitioning the Health Ministry to increase the prices of a group of meds starting August, especially after recent fuel prices hikes, sources at the Federation of Egyptian Industries’ (FEI) pharma divison tell Al Borsa. The ministry had promised in January to consider a second increase to med prices […]

“Me too,” say MNOs who want to raise prices as a result of subsidy cuts as well: The country’s private mobile network operators want the National Telecommunications Regulatory Authority (NTRA) to approve a 15% increase to their service prices to offset cost increases from the government’s decision to hike fuel and energy prices last week, […]

Good news contractors, the Contractors’ Compensation Act was signed into law: President Abdel Fattah El Sisi signed the Contractors’ Compensation Act into law yesterday, AMAY reports. The bill’s executive regulations should be ready within a month, will compensate contractors for losses incurred as a result of the EGP float and last year’s fuel price hikes. […]

The CBE expanded its SME finance initiative to include agricultural, livestock, poultry and fishery ventures on Wednesday. According to an email statement, businesses in those fields making annual revenues of between EGP 250K and EGP 50 mn are to receive loans at 5% interest in accordance with the CBE initiative.

IPO Watch - MENA private equity firm Amwal Al Khaleej is looking to list shares of Egyptian Propylene and Polypropylene Company (EPPC) in 1Q18, regional head Karim Saada told Amwal Al Ghad on Tuesday. The planned IPO aims to finance EPPC’s expansions in its petrochemicals plant, where Amwal Al Khaleej is seeking to increase the […]

M&A WATCH- The former chairman of Arabeya Online for Securities Brokerage Hisham Tawfiq acquired a majority stake of 45% of brokerage firm NBK Capital from a consortium of investors that originally bought the firm in April from the National Bank of Kuwait, Al Mal says. The transaction should be final within a week or two […]

M&A WATCH - Turkish glassware producer Paşabahçe acquired Egyptian glass manufacturer Pearl Glass Group in a transaction worth USD 50 mn, Trade and Industry Minister Tarek Kabil announced yesterday. Paşabahçe is also planning to invest USD 100 mn in Egypt. The company is currently upgrading the factory, which is expected to employ up to 1200 […]

Polish automotive plastics manufacturer Boryszew is looking to establish its first factory in Egypt soon, International Cooperation Minister Sahar Nasr said yesterday at a meeting with a Polish business delegation visiting Cairo. No details were offered as to the size and scope of the investment. The delegation told her that several other Polish companies are […]

Saudi Arabia’s tourism investments in Egypt are on the rise, with Tourism Minister Yehia Rashid reportedly stating that they are on track to rise 30% by 2020, writes Nada Al Rifai for Thomson Reuters’ Zawya. There are currently 17 Saudi-funded projects worth USD 270 mn underway — six projects in the Red Sea, two at […]