Author Archives: enterpriseam admin

The worst is now probably over for Egypt, with Egypt’s economy looking set to accelerate in FY2018-19, according to a report on MENA economies by Capital Economics (pdf) which came out on Wednesday. The research firm forecasts GDP growth in 2019 to reach 5.3%, up from 4.3% in 2018 and 2.5% in 2017. The inflows […]

The House of Representatives has finally approved the long-awaited Natural Gas Act without any amendments, Al Shorouk reports. The 53-article legislation would deregulate the natural gas market and leave the state to play the role of regulator. The law — which will allow the private sector to trade gas using the state’s infrastructure and pipeline […]

Ride-hailing Apps bill misses the whole point of the share economy: It looks like the share economy model for ride-hailing apps is effectively dead under the Ride-hailing Apps Act, as the legislation appears to turn freelance drivers who pick their own hours and buy their own cars into paid employees with benefits. The law — […]

Prime Minister Sherif Ismail formed yesterday a committee to review amendments to the Traffic Law that would incorporate tuk tuks into the official system and regulate their operations, Ahram Gate reports. As we had noted yesterday, Oil Ministry officials are blaming the delayed roll-out of fuel smartcards on issues with regulating tuk tuks.

Investment and International Cooperation Minister Sahar Nasr has finished laying out Egypt’s investment roadmap, Al Ahram reports. The plan will be updated regularly as new opportunities become available, Nasr said, but currently includes 600 new projects across different sectors that the government intends to pitch to local and foreign investors. New Valley got the lion’s […]

Egypt is planning to cut down on yellow corn imports during FY2017-18 to 7 mn tonnes, down from 8.5 mn tonnes during the previous year as local production rises, Agriculture Minister Abdel Moneim El Banna said, Reuters reports. The government will purchase each tonne of corn for EGP 3,400 this fiscal year, up from EGP […]

M&A WATCH- Akwan for Real Estate Development is looking to make a mandatory tender offer for Alexandria National Company for Financial Investment, a subsidiary of Abu Dhabi Islamic Bank. Akwan has sent a request for a fair value report, according to a filing with the EGX.

Did Medical Union Pharma make an acquisition offer for United Pharma IV? We’re hearing conflicting statements on whether Medical Union Pharma made an official offer to acquire United Pharma IV. United Pharma IV Chairman Abdallah Mahfouz denied yesterday news that Medical Union had formally presented an offer for the company worth EGP 280 mn. Medical […]

Zombie project Alex Port multipurpose platform project brought back to life again? The agreement with China Harbour over the undead and phantom multiplatform facility at the Alexandria Port is still on and being revised by “sovereign entities”, the port’s deputy head Mohammed El Dakkak said on Wednesday, according to Al Mal. The agreement had been […]

The Housing Ministry is in talks with several international and private schools to set up new branches in the first residential phase of the New Administrative Capital, Al Borsa reports. Representatives from the International School of Choueifat, the Canadian International School in Egypt, Misr Language School, Saint Joseph School, and the Modern School group were […]