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Euler Hermes upgrades Egypt’s risk rating, forecasts zero growth this year: Euler Hermes has upgraded Egypt’s risk rating (pdf) to D3 from D4 in its 1Q2017, but expects the economy to record zero growth this year (pdf). Inflation will skyrocket to 26% in 2017, and social discontent will prove to be the biggest obstacle to […]
Author Archives: enterpriseam admin
Posted inSpeed Round
CBE provides USD 28 bn in trade financing since EGP float
The central bank provided USD 28 bn for foreign trade financing from 3 November through 10 April, CBE Assistant Sub Governor Tarek Fayed said. Al Masry Al Youm adds the trade finance included collecting USD 19 bn worth of letters of credit and the opening USD 9 bn in new LCs.
Posted inSpeed Round
ECA files complaint to Prosecutor General against Uber
The Egyptian Competition Authority (ECA) has reportedly filed a complaint against Uber with the Prosecutor General for allegedly failing to cooperate with an investigation into an antitrust complaint filed by rival ride-hailing apps, Al Borsa reports. The ECA has not yet found that Uber violated anti-trust regulations. Instead, the ECA’s complaint to prosecutors was that […]
Posted inSpeed Round
SODIC contracted sales up 64% y-o-y in 1Q2017 to EGP 1.2 bn
SODIC booked net contracted sales of EGP 1.2 bn in 1Q2017, a 64% leap over the same period last year, according to an EGX filing (pdf). “Net contracted sales grew on the back of three launches with EGP 1.7 bn worth of inventory introduced in February and March of 2017. The first quarter of 2017 […]
Posted inSpeed Round
Talaat Mostafa Group bought 500 feddans for in the new administrative capital
Talaat Mostafa Group (TMG) bought 500 feddans in the new administrative capital, Housing Ministry sources told Reuters. “Talaat Mostafa received the land two weeks ago after it came to an agreement with the administrative capital company on all the conditions,” a ministry source said without providing further details. Al Mal says TMG will pay the […]
Posted inSpeed Round
Shahid Law Firm expands into Ethiopia
Our friends at Shahid Law Firm are expanding into Ethiopia, signing an affiliation agreement with the country’s Meseret and Associates Law Office to better serve Egyptian and international clients doing business there and in other East African countries, the firm announced in an exclusive statement to Enterprise (pdf) last night. It’s the first move into […]
Posted inSpeed Round
Nissan appoints Mansour Group COO Ankush Arora as new India president
MOVES- Nissan has reportedly appointed Mansour Group COO Ankush Arora as its new India president, Business Standard reports. Arora joined Mansour Group in 2014 after a one-year stint at Tata Motors and more than 17 years at General Motors.
Posted inSpeed Round
El Sisi meets with King Salman, negotiations on joint projects back on track
President Abdel Fattah El Sisi met with Saudi Arabia’s King Salman in Riyadhon Sunday amid much fanfare and celebration. El Sisi was also received by Deputy Crown Prince Mohammed bin Salman along with a number of princes, ministers and senior officials, Saudi Press Agency reports. Beyond talk of strengthening bilateral ties and coordinating on regional […]
Posted inSpeed Round
Salman rolls back austerity measures, Qatar shifts to passive investing, Macron to face Le Pen in French presidential runoff
A handful of international stories worth your time this morning: If we did this… Saudi Arabia’s King Salman rolled back unpopular austerity measures on Saturday at the same time as he appointed two of his children to key positions; one, Abdulaziz bin Salman, will head the ministry of energy affairs, while Khalid bin Salman will […]
Posted inUncategorized
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