Author Archives: enterpriseam admin

Spending on fuel subsidies increased more than 90% to EGP 78 bn in the first nine months of FY2016-17, compared to EGP 41 bn in the same period in FY2015-16, Oil Minister Tarek El Molla told Reuters. The cost of fuel imports increased significantly since the EGP was floated in November. The newswire says “Egypt […]

Non-oil private sector companies signaled a deterioration in overall business conditions for the nineteenth consecutive month in April, the Emirates NBD PMI reading showed. The PMI reading recorded 47.4 in April from 45.9 in March, a nine-month high, signalling a slower rate of deterioration. Output and new orders fell, albeit at slower rates, and the […]

USD 250 mn investment in steel industry: El Garhy Steel Group is planning to build two smelting and rolling plants at a total cost of USD 250 mn this year, Chairman Gamal El Garhy tells Al Borsa. Once completed, the two factories will increase the group’s smelting production capacity to 1.2 mn tonnes per annum.

Who said nobody’s going to invest in consumer plays this year? Private equity outfit Feather Invest has acquired a 75% stake in Arafa El Sergani Halawa and Tahini, the company that owns the 145-year-old Arafa El Gamea brand name. Feather did not disclose the transaction value, but flagged that it “has allocated an approx. investment […]

Online grocery service GoodsMart has raised USD 750k from Algebra Ventures. Disrupt Africa says Algebra Ventures Managing Partner Tarek Assaad and former SODIC Managing Director and current Marakez CEO Ahmed “Dasha” Badrawi will join the GoodsMart board. The investment will go towards expanding GoodsMart’s operational capacity, increasing service coverage in Cairo, and raising awareness. In […]

Is Infor looking to invest USD 1 bn in Egypt? A delegation from enterprise software provider Infor met with EGX Chief Mohamed Omran yesterday, who said the company is planning to invest nearly USD 1 bn in Egypt. According to the EGX statement, Infor reps took positive note of the float of the EGP and […]

Kenya will be EFG Hermes’ next expansion market under a frontier push that has already seen it acquire a Pakistani brokerage. The firm will receive a securities brokerage license in Kenya in the “very near term,” Bloomberg quotes Kenyan Capital Markets Authority CEO Paul Muthaura as saying. Ali Khalpey, a co-founder of Exotix Africa who […]

IPO WATCH- Financial consultancy firm Fincorp is reportedly working on fair value studies for three initial public offerings that could potentially take place this year, Managing Director Hatem Hady tells Al Borsa. The list includes real estate developer Misr Italia, City Trade, and DBK Pharma.

Smileyface is back: The Consumer Protection Agency has asked the Tax Authority to open investigations into 19 auto showrooms it alleges are engaged in tax evasion, CPA head Atef Yacoub said yesterday, according to Al Masry Al Youm.

The Ismail government approved yesterday amendments to a bill that would grantpermanent residence to foreigners who purchase real estate, according to a Cabinet statement. Under the new procedures, foreigners seeking a one-year residence visa will be required to purchase real estate worth USD 100k, up from USD 50k. Five-year visas will also be granted in […]