Author Archives: enterpriseam admin

Qatar’s Foreign Ministry issued a statement saying a move by Egypt, Saudi Arabia, the UAE, Bahrain and Yemen to cut diplomatic ties had no legitimate justification and is founded on baseless allegations. Interestingly, the Statelet’s official statement acknowledged only that Saudi, the UAE, and Bahrain had cut ties, largely sidestepping Omm El Donia. The folks […]

New export orders growing at survey-record pace was the highlight of an otherwise disappointing May reading of yesterday’s Emirates NBD Egypt PMI. The gauge came in at 47.3, broadly unchanged from last month’s 47.4. Overall business conditions worsened in May, marked by reductions to output and new orders. The rate of contraction, however, was the […]

Deutsche Bank takes a positive near-term outlook on Egypt’s economy: The near-term outlook for Egypt is positive, bolstered by a growing FX reserves, capital inflows, and improvement in its current account position, according to Deutsche Bank research “special report” (pdf) which came out yesterday. The bank notes that Egypt’s FX reserves had reached USD 28.6 […]

Investment bankers aren’t doing quite as well as they did in early 2016, but don’t cry for them — 1Q2017 was still their second-best opening quarter in nine years, according to Thomson Reuters’ Middle Eastern IB league table. Total IB fees generated in the Middle East rang in at USD 214.9 mn in the first […]

Cabinet increases earmarks for fuel subsidy program in FY2017-18 budget: The cabinet economic group decided on Monday to increase the amounts earmarked for fuel and electricity subsidies by EGP 85 bn in FY2017-18, according to a cabinet statement. Around EGP 145 bn (up from EGP 110 bn) will be allocated to fuel subsidies, while EGP […]

The Social Solidarity Ministry will establish a new pension fund if the draft Social Welfare Bill were to pass. The act will allow the ministry establish a fund and set its own investment strategy, said Minister Ghada Wali. The law, which was completed in January, will also tie annual pensions increases to inflation and set […]

Egypt to harmonize port fees nationwide: Transport Minister Hisham Arafat and Suez Canal Economic Zone chief Mohab Mamish agreed to set standard fees for Egyptian ports to eliminate competition between them, AMAY reported on Monday. No further detail was given on what the new unified price would be, but the question for the industry will […]

CLARIFICATION-Tourah Portland Cement Company (TPCC) sent us a statement explaining that the 32 workers who were sentenced to prison for a sit in on company premises were never TPCC employees. They were employees of a private security firm contracted for services on the TPCC plant. The private security firm’s contract with TPCC expired on 30 […]