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The central bank’s decision to raise interest rates 200 bps was “historic” and any detractors simply don’t get it, CBE Governor Tarek Amer said yesterday in his first public statement on the move. He implied that those who disapprove of the move are looking for short-term gains. Amer declared that inflation was worse for companies […]
Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
EGX trading hours during Ramadan will be from 10:00 am to 1:30 pm, the bourse announced this week. The shortened trading day kicks into effect on Sunday. The Petroleum Ministry is expected to announce the results of its global gold exploration tender before the end of next week, officials said. The Contractors’ Compensation Act could […]
Posted inEnterprise+: Last Night’s Talk Shows
Interest rate hike still dominating the airwaves
The Central Bank’s decision to hike interest rates by 200 bps still preoccupied the nation’s talking heads on the airwaves last night. On Masaa DMC, Prime Holdings Head of Research Abu Bakr Imam told Osama Kamal that the interest rate hike’s cons far outweigh its benefits, explaining that Egypt’s elevated inflation levels are a result […]
Posted inSpeed Round
Gov’t targets primary surplus next fiscal year, sees economic growth at 4.6%
The Finance Ministry made its budget proposal public yesterday (pdf, Arabic, 146 pp): The government is targeting a primary surplus of 0.3% of GDP in FY 2017-18 according to the Finance Ministry’s budget proposal (and financial statement) presented to the House of Representatives. The primary surplus is expected to increase to 1.7-2% of GDP in […]
Posted inSpeed Round
Egypt, Philippines should be frontier markets -Mobius
Mobius thinks Egypt should be reclassified as frontier: Emerging markets icon Mark Mobius said he believes the Philippines and Egypt should be demoted to frontier market status, according to Fund Strategy. Mobius also believes Pakistan should not “graduate” into the emerging market index (it’s set for an upgrade at the end of this month) and […]
Posted inSpeed Round
EFG Hermes inaugurates Pakistan office
Regional investment bank EFG Hermes announced it has opened its office in Pakistan, “making it the first foreign investment bank to directly enter the market and the first foreign broker to have a local footprint in the country since 2008.” The opening follows EFG Hermes’ acquisition of Pakistani brokerage Invest and Finance Securities, which will […]
Posted inSpeed Round
Banque du Caire IPO timed for 2018
IPO WATCH- Egypt expects to raise as much as EGP 7.2 bn from the IPO of Banque du Caire by 2018, Reuters reports. Banque du Caire had planned to list its shares on the EGX in 1H2017 as part of the government’s plan to list state-owned companies. Finance Vice Minister Ahmed Kouchouk, however, told Reuters, […]
Posted inSpeed Round
Egypt saw highest percentage growth of FDI in Africa in 2016 - EY
Egypt saw the highest percentage increase in foreign direct investment in Africa in 2016, growing 43.5%, according to EY’s Africa Attractiveness Program 2017 report (pdf). Egypt was the third most popular destination for investments from outside the continent last year, following Morocco and South Africa which remained the top FDI destination in Africa. Out of […]
Posted inSpeed Round
Cairo Angels invests in EdTech startup Orcas
Cairo Angels is investing in EdTech startup Orcas, formerly known as Cairo Sitters, Cairo Angels announced yesterday. Orcas is a “digital [marketplace] for education, tutoring and caregiving services.” The investment is Cairo Angels’ twentieth in a MENA startup. Read the full press release here (pdf).