Author Archives: enterpriseam admin

Tourist arrivals in Egypt rose 51% year-on-year in 1Q2017 while the number of nights spent jumped 107% y-o-y, Tourism Development Agency head Hisham El Demery said, Youm7 reports. Arab tourism was up 38% during the first three months of the year, and tourist arrivals from Europe increased 60%, El Demery said. He attributed the rise […]

Pharma producer Gilead Sciences is looking to produce a new hepatitis C treatment in Egypt jointly with a local manufacturer, Trade and Industry Minister Tarek Kabil says. According to Al Masry Al Youm, Kabil says Gilead wants to use Egypt as a gateway market to African nations. The medication still awaits FDA approval, he added; […]

Global commodities trader Cargill is looking to expand its Egypt operations with freshinvestment in its operations in Borg El Arab, Al Borsa quoted Trade Minister Tarek Kabil saying on Saturday. The company is currently in negotiations to obtain the necessary approvals to start the project.

Dubai-based Rimco EGT Investment increased its ownership of SODIC to 7.44% from 2.89%, according to a bourse disclosure. The company bought 15.6 mn shares at an average price of EGP 14.78 per share. Rimco had recently increased its stakes in Talaat Moustafa Group and in EFG Hermes.

Interest payments are a “considerable drag on government finances,” but BMI seesborrowing costs easing as Ismail government slashes deficit. BMI sees the reform program driving down borrowing costs, but isn’t certain that the Ismail government will achieve its deficit reduction targets, saying growth of 3.6% in FY2017-18 will result in a budget deficit equivalent to […]

The IMF’s Executive Board is expected review before mid-June its staff-levelagreement with Egypt on the next USD 1.25 bn tranche of Egypt’s USD 12 bn extended fund facility, Finance Ministry officials tell Al Borsa. IMF Egypt Mission Chief Chris Jarvis had said last week that the board would meet sometime in the coming few weeks […]

Task force to look into slush funds: The House of Representatives’ Economics Committee formed a joint task force with the Finance Ministry that will begin looking into the special revenue funds, Al Mal said on Saturday. MPs are hoping to allocate 80% of the funds’ total assets — around EGP 30 bn, Finance Minister Amr […]

Among the international news stories worth knowing about this morning: Reformer Hassan Rouhani has won re-election as Iran’s president in a landslidevictory and sent a quick message to conservatives that he would accelerate the country’s opening to the outside world: “Today, Iran is standing taller than at any time before and is ready to expand […]