Author Archives: enterpriseam admin

The stamp tax on capital market transactions is expected to be implemented in the first week of June, Vice Minister of Finance Amr El Monayer told Reuters’ Arabic service. El Monayer says Misr for Central Clearing, Depository and Registry will be responsible for collecting the tax. The House of Representatives approved the levy on Monday […]

RACE TO THE FINISH: The passage this week of the stamp tax comes as MPs and other state officials kicked off a race to finish work on key pieces of economic legislation before they go on summer recess on 30 June. Among the various bills now in the works: Amendments to the Capital Markets Act, […]

M&A WATCH- Archer Daniels Midland (ADM)’s Swiss unit has made a mandatory tender offer for controlling interest in Egyptian sweetener- and starch-maker National Company for Maize Products (NCMP), Arab Finance reports. ADM is looking to acquire anywhere between 51-100% of NCMP at EGP 35 per share. ADM has filed a request for approval from the […]

Central bank to pay USD 750 mn to IOCs “within days,” will make Paris Club payment at the beginning of July: The Central Bank of Egypt will have settled debts worth USD 1.45 bn come July, unnamed bank officials tell Youm7. This includes some USD 750 mn in arrears owed the international oil companies due […]

The Trade Ministry is rolling out its new export promotion strategy, Trade Minister Tarek Kabil said on Tuesday, according to Al Borsa. The strategy will be administered primarily through the newly-established Export Development Authority (EDA) and will include four primary pillars, the minister said. These include: Cutting down on red tape and paperwork through a […]

Egypt to start doing more business with Australia soon? Australian businesses and investors are circling Egyptian opportunities and there could be a number of agreements announced in the coming months, senior Australian Trade and Investment Commission (Austrade) official Mark Morley tells Daily News Egypt. Who’s interested in what? Australian businesses including resource and energy engineering […]

Gadfly MP tweets out what he claims is the list of new state newspaper bosses: MP Mostafa Bakry released overnight what he claims is a list of the new heads of domestic newspapers in a series of tweets ahead of a press conference the National Press Authority is scheduled to hold at 11:00am today to […]

Middle East borrowing has set a record pace, the Financial Times reports, saying sovereigns across the region have sold bonds worth USD 38.5 bn in 2017 and writing that “Egypt’s move last week to raise USD 3 bn via the sale of five-, 10- and 30-year debt — its second fundraising of the year — […]

MOVES- Ericsson appointed Mathias Johansson to head the company’s global customer unit STC and to head of Ericsson Saudi Arabia and Egypt. Johansson was previously Ericsson’s head of customer unit for East Africa.