Author Archives: enterpriseam admin

Finance and planning ministers talk FY2017-18 budget with the House: House of Speaker Ali Abdel Aal referred the Ismail government’s proposed FY2017-18 budget to the House Budget Committee after Finance Minister Amr El Garhy and Planning Minister Hala El Said briefed MPs on the spending bill yesterday, Ahram Gate reports. So what’s new with the […]

Egypt’s performance on the bond market merits a credit upgrade, Ahmed Namatalla and Ahmed Feteha write for Bloomberg. “The nation’s debt has had an implied rating of B2 or better for almost three months, according to Moody’s Analytics, one level higher than its official grade.” Egypt’s current credit rating at Moody’s Investors Service is B3, […]

PICO Group subsidiary Cheiron Egypt has acquired 100% of Engie’s West El Burullus (WEB) gas concession in a transaction announced yesterday. WEB is located in shallow offshore Mediterranean waters with recoverable reserves of c.200 bcf gas and 3 mn bbl of condensates. BNP Paribas, financial advisor on the transaction, said in an emailed statement that […]

IPO WATCH- As the 1H2016 IPO window draws to a close before a long, dry summer, Beltone Financial has been mandated to manager the IPOs of Misr Italia Group and Egypt Foods on the EGX, Al Mal reports. Beltone CEO Ahmed Salem says the investment bank is now preparing Misr Italia for listing and searching […]

M&A WATCH- The merger between satellite channels CBC and Al Nahar has been officially terminated due to “differences in vision and management policies … that made achieving the goals of the merger impossible,” CBC announced in a statement carried by Al Borsa. The two networks had announced their intention to merge last May. Al Borsa […]

Siemens has set a new global record for the execution of fast-track power projects byconnecting 4.8GW of generation capacity to the Egyptian grid, Julian Turner writes for Power-technology. Turner interviewed Peter Ullrich, project director of the three combined-cycle power plants at Siemens Power & Gas Division, who told him the project “sets a new industry […]

MOVES- Egypt-focused Apex International Energy appointed Willis “Trey” Gilmore as vice-president of corporate reservoir engineering in Houston and Raed Saba as deputy general manager and exploration manager in Cairo. Gilmore most recently served as Manager of Reserves at Sheridan Production Company after holding a variety of leadership roles at Apache Corporation. Saba was the Government […]

Electricity subsidy phase-out delayed, new prices to be unveiled this month: The Electricity Ministry will announce the new electricity prices this month, with the increases on track to be implemented in July, Al Borsa reports, citing ministry sources. The Egyptian Electricity Utility and Consumer Protection Regulatory Agency (Egyptera)’s new tariffs will take into account consumers’ […]

The Finance Ministry has finished drafting amendments to the Income Tax Law and sent them to the House of Representatives’ Economics Committee for discussion before preparing a final draft for the Ismail cabinet, Al Shorouk reports. The ministry had announced in March its plans to create what it called a “more progressive” tax code that […]