Author Archives: enterpriseam admin

There’s no question that electricity prices will rise in July, an unnamed senior Electricity Ministry official told Al Shorouk on Tuesday, dismissing persistent rumors the price hike would be delayed. Electricity Minister Mohamed Shaker said last month that the hike was inevitable but will be modest. The source speculated that prices are likely to rise […]

New regulations mean the head of the EGX will be limited to two four-year terms: President Abdel Fattah El Sisi signed off in official decree yesterday on changes to how the EGX’s senior management team is appointed, according to Ahram Gate. Under the amendments, the prime minister will be responsible for appointing the chairman and number […]

Speaking of EFSA, the regulator has for some time now been drafting a new Insurance Act that could potentially encompass car insurance and private insurance funds as well, EFSA chief Sherif Samy told the press on Tuesday. The bill will also aim to turn state insurance funds into autonomous bodies under the supervision of the […]

Income tax changes wending their way through the House: The House Planning and Budgeting Committee approved yesterday raising the maximum sum a private citizen can earn without paying income tax to EGP 7,200 per year from EGP 6,500, Ahram Gate reports. The committee signed off on new tax brackets including: EGP 7,200 and EGP 30,000 […]

Back to the days of the ergot ban?A court ordered yesterday the suspension of the inspection system put in place last year for agricultural commodities including wheat, Reuters reports. The move opens the door to the return of the “regot wars” that curtailed Egypt’s access to the global wheat market last year. Last November, the […]

Willkommen — the Germans are coming: Siemens is looking at new opportunities in Egypt, CEO Joe Kaeser told Investment Minister Sahar Nasr and Suez Canal Economic Zone Chairman Mohab Mamish in Berlin, according to Al Masry Al Youm. Siemens is apparently looking at a training center in the SCZone and at rail and maritime transport […]

House Legislative Committee signs off on Smurf Island agreement: The House of Representatives’ Legislative Committee voted yesterday in favor of the agreement that would hand the Red Sea islands of Tiran and Sanafir over to Saudi Arabia, Al Ahram reports. The pact, which passed with a 35-8 vote, does not violate the constitution, House speaker […]

The World Bank will not be disbursing the second tranche of a USD 75 mn loan it had pledged to the Health Ministry in January 2016, Deputy Health Minister Sayed El Shahed told the press on Tuesday, without providing any reasoning, Al Borsa reports. The WB had already sent out the first USD 40 mn […]

Dana Gas debt-restructuring takes another twist: Dana Gas plans to restructure its USD 700 mn of sukuks after its board received instructions that, in their present form, Dana Gas sukuks are not Shari'a compliant and is therefore unlawful under UAE regulations, the company said in a statement on Tuesday. The company proposes to halve the […]