Author Archives: enterpriseam admin

Companies are continuing to calculate adjustments to rising production costs after last Thursday’s fuel hikes. The Federation of Egyptian Chambers of Commerce expects price increases could range anywhere from 5-30% depending on the good, members of the tell Al Shorouk. With the costs of land transport already witnessing a reported 25% increases, companies, such as […]

Telecoms sector braces for VAT: As the date of implementing the value-added tax (VAT) in its second year closes in (we expect the FY2017-18 to be officially ratified tomorrow), the ICT sector is apparently in a flurry to secure regulatory approvals for price changes. Internet service providers will be taxed for the very first time […]

Attention government suppliers and contractors. Finance Ministry looking to overhaul tendering process. The government will be introducing a slew of amendments to the Auctions and Tenders Act, where amendments aim to decentralize tendering procedures and unshackle government bodies to be able to quickly select winning bids on projects, El Garhy said according to Al Shorouk. […]

The battle to maintain 0.05% ergot rule continues: The government filed an appeal against last month’s Administrative Court verdict that ordered the suspension of a food inspection system which could potentially see the return of the zero-tolerance rule on ergot-contaminated wheat imports, Supply Minister Ali El Moselhy told Reuters on Saturday. The court had ruled […]

IPO WATCH- Four of the country’s most prominent law firms are reportedly bidding for the role of legal advisor on the listing of state-owned Enppi on the EGX, sources with knowledge of the matter tell Al Borsa. The list of suitors includes Baker and Mckenzie, Matouk Bassiouny, Zaki Hashem and Partners, and Zulficar and Partners. […]

EFG Hermes Asset Management to manage two funds for Ahli United Bank: EFG Hermes Asset Management has been selected to manage two Ahli United Bank-Egypt funds, the bank’s “Tharwa” money-market fund and its “Alpha” Egyptian equity fund, according to an EFG Hermes statement. The move brings the number of conventional money-market funds managed by EFG […]

The Walt Disney Company has lifted a ban on having its merchandise manufactured in Egypt, Trade and Industry Minister Tarek Kabil announced on Sunday. Disney had instituted the ban in February after a drop in Egypt's ratings in “worldwide governance indicators and the country not joining the International Labour Organisation's (ILO) Better Work Programme,” according […]

Majid Al Futtaim acquired 26 Geant stories from Retail Arabia’s parent company BMA International, in addition to four Gulfmart supermarkets in Bahrain, The National reports. The stores will be rebranded to Carrefour, bringing the number of Carrefour supermarkets to 80 in the UAE, 11 in Bahrain, and eight in Kuwait. The value of the acquisition […]

MOVES- US Ambassador to Cairo R. Stephen Beecroft departed Cairo after completing his three-year tenure which began back in 2014, according to an e-mailed statement. Deputy Chief of Mission Thomas H. Goldberger will currently serve as Chargé d’Affaires to the US Mission in Egypt. Goldberger previously served in Baghdad and Tel Aviv. Separately, Swedish ambassador […]

A Cairo court upheld yesterday the death penalty for 20 individuals accused of killing 11 policemen in Kerdasa in 2013, Reuters reports. 80 other defendants in the case were sentenced to life in prison, while 30 were handed 15-year sentences. Wire coverage of the story is getting widespread pickup in the international press.