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Daba’a nuclear power plant talks at the House: The House of Representatives’ Energy Committee is expected to discuss the Dabaa nuclear power plant agreement this week before the matter goes to the floor of the House for a vote. The news comes as Electricity Minister Mohamed Shaker has reportedly said Egypt and Russia will sign […]
Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
We’re still waiting for word of when the IMF Executive Board plans to review and vote on the staff-level agreement that could see Egypt receive the second tranche of the USD 12 bn extended fund facility by the end of June. The Finance Ministry will ask Prime Minister Sherif Ismail to compel all ministries and […]
Posted inEnterprise+: Last Night’s Talk Shows
El Sisi talks to the national press, Ghada Wali with Lamees, El Adly on the run
President Abdel Fattah El Sisi’s interview with the editors of national newspapers was the highlight of the airwaves last night. Yahduth fi Misr’s Sherif Amer picked up the headlines, saying that El Sisi reportedly promised more tax exemptions next year and said that food subsidy allocations were weeks away from being doubled. The president also […]
Posted inSpeed Round
S&P’s sovereign credit rating model is inadequate, breaks down when applied to Egypt
We think Standard & Poor’s sovereign credit rating model breaks down when applied to Egypt — and that’s preventing an improvement in the rating agency’s outlook on Egypt and a possible upgrade in the credit rating. Why does this matter? Lower credit ratings translate into higher borrowing costs for the state and are a barrier […]
Posted inSpeed Round
13 of 14 economists surveyed by Reuters see the Central Bank leaving interest rates on hold
13 of 14 economists surveyed by Reuters see the Central Bank leaving interest rates on hold when it meets this coming Sunday. “There is no need to change interest rates given that monthly inflation indicates the impact of the foreign exchange and energy shocks has dissipated, and with a weak monetary policy transmission mechanism, a […]
Posted inSpeed Round
President Abdel Fattah El Sisi talks inflation, social welfare, national projects, and security in second interview with state-run newspapers this year
President Abdel Fattah El Sisi promised further personal tax exemptions and larger food subsidies to protect the low- and mid-income classes when he spoke to the editors in-chief of state-owned newspapers in his second interview with them this year. The government has plans to battle inflation and expand the social safety net to protect people […]
Posted inSpeed Round
Egypt’s economic reform program reaping its benefits, Ghanem says
Egypt is reaping the benefits of the Ismail government’s economic reform program, and the gains are clearest in the return of foreign investments and the increase in foreign reserves, World Bank MENA Vice President Hafez Ghanem said yesterday in an interview with ON Live. Further progress is contingent on continued inflows of investment that creates […]
Posted inSpeed Round
ACDIMA, Lincoln, Compass Capital eyeing United Pharma IV Solutions acquisition
M&A WATCH- US investment fund Lincoln Investment, ACDIMA, and a Compass Capital fund are going head-to-head in a race to acquire United Pharma IV Solutions, Al Mal reports. Al Mal says Lincoln’s bid is in the EGP 450-540 mn range, while Compass Capital has offered EGP 450-500 mn, but negotiations are still ongoing. United Pharma […]
Posted inSpeed Round
Earnings Watch: SODIC, Orascom Hotels and Development, Orascom Development
EARNINGS WATCH- Our friends at SODIC reported a 321% y-o-y increase in net profit to EGP 211 mn in 1Q2017. The increase came on a 275% y-o-y increase in revenues “reflecting the ramp up in delivered units. Revenues were bolstered by deliveries in Eastown Residences and Westown Residences that combined accounted to more than 80% […]
Posted inSpeed Round
Education Ministry to announce caps on international schools’ tuition fees
Education Ministry to announce caps on international school tuition fees: The Education Ministry is expected to announce a new system regulating tuition fees at international and private schools, Youm7 reports, citing unnamed ministry sources. According to the sources, Minister Tarek Shawki is refusing to allow schools to hike fees by 20% each year and will […]