Author Archives: enterpriseam admin

Foreign investors have reportedly grown their holdings of Egyptian treasuriesto EGP 91.8 bn since the EGP float, Al Borsa reports, citing government sources. Foreign investors snapped up EGP 1.4 bn in T-bills in Sunday’s offering alone, the newspaper said on Wednesday. By Bloomberg’s last count (citing the Finance Ministry), the figure was EGP 79 bn […]

IPO WATCH- Government officials are in talks with local and international investment banks to advise on the sale on the EGX of stakes in state-run companies, Alaa Shahine and David Westin write for Bloomberg. “Egypt has already hired HSBC and EFG-Hermes to advise on the planned IPO of state-owned lender Banque du Caire, while officials […]

M&A WATCH- Global commodities giant Louis Dreyfus’ local affiliate, Al Mona Misr, has presented a bid to acquire Misr Capital Investment’s 42.96% stake in National Company for Maize Products (NCMP), according to an EGX filing. Al Mona’s bid is non-binding, but, if approved, the company will submit a mandatory tender offer to purchase 100% of […]

Donald Trump wants to cut the State Department’s aid budget for Egypt by half: The Trump administration is proposing a 47.4% cut to the US State Department’s Economic Support Fund aid for Egypt, according to State Department documents published by Foreign Policy on Monday (scroll down the page to view the embedded document). The cut […]

The big brawl over who gets to appoint the heads of judicial bodies: The House of Representatives had what may its most productive day ever on Wednesday after passing controversial amendments to the judicial code without so much as holding discussions on the Council of State’s objections to the act. The amendments, which would grant […]

Inflation will average 21.6% by the end of state’s 2016-17 fiscal year, Prime Minister Sherif Ismail said at a government-run youth conference in Ismailia yesterday. Inflation is running at over 30%, but Ismail sees it dropping by the end of June, Al Masry Al Youm reports. The prime minister sees the average inflation rate falling […]

Health Minister Ahmed Rady denied that the government is looking to have the private sector manage the full-service “Takamol” hospitals, according to Al Mal. Rady’s comments are at odds with a cabinet decision last week to allow the private sector to bid to manage as many as 48 Takamol hospitals. Rady said the goal from […]

The e-visa program will go live in May for incoming tourists, who will not be allowed to obtain an entry visa on arrival at Egyptian airports, Tourism Minister Yehia Rashed said yesterday in Dubai, according to AMAY. Other reports, however, claim he said the e-visa will go into effect in early June, Al Mal reported. […]

The ministries of agriculture and trade and industry are working new regulations governing agricultural exports, says Abdel Hamid Al-Demerdash, head of the Agriculture Exports Council. He added that these will set new quality control measures for the goods Egypt exports. Al-Demerdash noted in particular the excessive use pesticides in Egypt’s farming, Al Masry Al Youm […]

Dana Gas to keep full proceeds of Egyptian condensates sale as arrears continueto mount: Dana Gas has made its first international sale of Egyptian gas condensate, selling 150K barrels of condensate produced at its El Wastani gas fields in the El Manzala concession in the Nile Delta, for USD 7.2 mn the company said in […]