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In proof that organizational skills are not beyond us when we don’t want them to be, Egypt, the UAE, Saudi Arabia and Bahrain simultaneously broke off diplomatic ties with Qatar this morning, according to official statements from all four countries released just about an hour before dispatch time. All four have recalled their diplomats and […]
Author Archives: enterpriseam admin
Posted inWhat We’re Tracking This Week
What we’re tracking this week
The Egyptian Private Equity Association will be hosting Investment Minister Sahar Nasr for its annual sohour tomorrow at 10pm at the Four Seasons Nile Plaza Hotel in Garden City. RSVP details here, if you would like to attend.
Posted inEnterprise+: Last Night’s Talk Shows
London terror attacks, mobile payments framework, and Tiran and Sanafir agreement
After a spell of Ramadan-itis, Egypt’s media power couple were back on the airwaves last night, and both were concerned with Saturday night’s terrorist attacks in London. Lamees Al Hadidy, the better half of the two, also recapped reactions from the banking sector on the government’s new mobile payments strategy. Kol Youm’s Amr Adib suggested […]
Posted inSpeed Round
FX reserves up to USD 31.1 bn
Reserves close-in on pre-2011 levels: The central bank’s foreign reserves increased to USD 31.13 bn at the end of May, from USD 28.64 bn a month earlier, according to the CBE. The central bank had received the USD 3.2 bn raised from the successful eurobond sale before the end of May, and an unnamed official […]
Posted inSpeed Round
EGPC wins court decision in France, no longer required to pay NATGAS EGP 250 mn
ENTERPRISE EXCLUSIVE- The French Court of Cassation has issued a verdict reversing a decision that had required state-owned Egyptian General Petroleum Company (EGPC) to pay National Gas Company (NATGAS) EGP 250 mn in damages as part of a 2009 case. Deputy Justice Minister for Arbitration and International Disputes Moustafa El Bahabety led the team that […]
Posted inSpeed Round
World Bank sees Egypt growing at fastest pace in MENA over next two years, but warns on emerging market growth outlook
Latest from the World Bank sees Egypt growing at fastest pace in region next year, but warns on emerging market growth. The World Bank’s latest Global Economic Prospects report sees GDP growth in Egypt clocking in at the fastest pace of any country it covers in MENA next year and the year after. The report […]
Posted inSpeed Round
Egypt to cut fuel imports to 10% of consumption by 2019
The Oil Ministry has put forward a plan to cut fuel imports to 10% of consumption by 2019, according to an Al Borsa report cited by Reuters. Minister Tarek El Molla says plans are in place to ramp up production to reduce imports, which account for 30% of total consumption currently. Reuters notes that Egypt […]
Posted inSpeed Round
Business and banking community take well to National Payments Council decisions
Banks, businesses welcome the National Payments Council’s mobile payments strategy: Five resolutions passed by the National Payments Council at its inaugural meeting on Saturday are a step in the right direction and will help Egypt achieve its goals of financial inclusion and incorporating informal businesses into the formal economy, CIB Chairman and head of the […]
Posted inSpeed Round
TE Data loses customers for “first time ever” in 1Q2017
Quality and service issues drive household subscribers away from TE Data, into the arms of mobile data providers: TE Data has lost about 3,000 subscribers in 1Q2017 “for the first time ever,” Al Borsa reports. The near-monopoly still retains a market share of 75.3% as of the end of March, down from 76% at the […]