Author Archives: enterpriseam admin

Is CIB eyeing expansion into Africa? CIB’s board of directors discussed and approved a plan in principle to expand internationally to African markets, according to a regulatory filing. The board also tasked the bank’s management to assess the required procedures and implement an action plan. The disclosure did not specify which markets the bank is […]

EFG renewable platform closes UK solar acquisition: EFG Hermes’ renewable energy platform Vortex announced completing its acquisition of 100% of a 365 MW portfolio of 24 operational solar assets in the United Kingdom from TerraForm Power. This increases Vortex’s total net operational capacity to 822 MW. The agreement, which sets an enterprise value of GBP […]

Tarek El Molla on gold exploration, de-regulation of the natural gas industry and the coming swing in priorities toward oil: Petroleum and Mineral Resources Minister Tarek El Molla spoke at an AmCham luncheon we attended on Thursday. We learned that the gold exploration tender results will be out within a week or so, that the […]

EARNINGS WATCH- Edita reported a 23.5% y-o-y increase in net profit to EGP 40.4 mn in 1Q2017, with revenues increasing by 24.0% y-o-y to EGP 642.4 mn, according to the company’s earnings release. “Strong revenue growth in the first quarter of the year came thanks to Edita’s repricing and portfolio optimization strategy, which the company […]

Standard & Poor’s affirmed Egypt’s long-term and short-term sovereign credit ratings at B- and B, respectively, with a stable outlook, the ratings agency announced on Friday (paywall). Egypt’s ratings “remain constrained by wide fiscal deficits, high public debt, low income levels, and institutional and social fragility.” (This from the people who helped bring you the […]

The executive regulations for the new Investment Act are 90% complete and are expected within a month of the bill becoming law, top Investment Ministry officials tell Youm7. The Investment Ministry has already sent copies of the draft regulations to different ministries for their input before preparing a final draft. Prime Minister Sherif Ismail has […]

State Council defiant of Judicial Authority Act? Maglis Al Dawla (Council of State) presented one nominee to be the judicial body’s head, violating the controversial amendments to the Judicial Authority Act, which require it to present the names of three nominees to the president, Al Mal reports. The council’s deputy chief maintains that the move […]

Claims for refugee protection from Canada filed in Egypt are now eligible for expedited processing, effective 1 June, according to an Immigration and Refugee Board of Canada statement. “The designation was initiated based on high 2016 national acceptance rates, a sufficiently high volume of cases, and review of common claim types and issues relating to […]