Author Archives: enterpriseam admin

IPO WATCH - Baker McKenzie was reportedly selected as legal advisor on the listing of up to 24% of state energy company Enppi, sources tell Al Borsa. The international law firm apparently beat out four of the country’s most prominent law firms: Matouk Bassiouny, Zaki Hashem & Partners, and Zulficar & Partners. Aswe noted last […]

INVESTMENT WATCH - Spanish companies are looking to ramp up their investments in Egypt, company representatives told Investment and International Cooperation Minister Sahar Nasr on the sidelines of the Crans Montana forum in Barcelona. Mediterrania Capital Partners is planning to increase its capital in Egypt to EUR 300 mn and will send a delegation to […]

Oil Ministry planning second gold exploration tender for 2017: The Oil Ministry is planning another gold exploration tender for 2017 — it’s second this year after last April’s offering. Oil Minister Tarek El Molla tells Youm7 that the ministry has prepared a list of new concessions that will be offered, adding that the ministry is […]

CIB was named Euromoney’s Best Bank in the Emerging Markets for 2017 at an awards ceremony in London on Tuesday, making it the first bank in Egypt, the Middle East, and Africa to take home the honor, the bank said in an emailed statement (pdf). “Posting high returns as a universal bank in [emerging] markets, […]

EARNINGS WATCH- Qalaa Holdings reported a net loss after minority interest of EGP 383.5 mn in 1Q207, compared to a loss of EGP 281.7 7mn in 1Q2016, according to the company's earnings release. While revenues grew by 22% year-on-year for the period, “bottom-line profitability was weighed down by losses at the company’s discontinued operations, namely […]

CLARIFICATION - We had run a story last week on the Military Production Ministry receiving funding offers for its USD 2 bn solar panel factory from the European Bank for Reconstruction and Development (EBRD) from an Al Borsa article which quoted statements by Military Production Minister Mohamed Al Assar. We have since been informed that […]

23 soldiers were killed in twin car bombings at two military checkpoints in North Sinai’s Rafah on Friday, the Armed Forces said in a statement. Daesh claimed responsibility for the attack. Military forces killed 40 militants and destroyed six vehicles during a raid, according to the Armed Forces. The US State Department issued a statement […]

Egypt reportedly cut back on its fuel shipments to Gaza by 33-50% on Saturday after the Ramallah-based Palestinian Authority froze the bank transfers that were funding the shipments, Gaza’s power authority said, according to Maan News Agency. The move is part of the PA’s efforts to curb the warming of ties between Hamas and Egypt, […]

Egyptian police have reportedly arrested 34 Uighur Chinese students, 12 of whom have been deported, while the remainder are in detention and awaiting deportation, the New York Times reports. The Uighurs are a Sunni Muslim Chinese minority living in a western region of China which has seen ethnic strife. The Chinese government has recently been […]