Author Archives: enterpriseam admin

The nation’s Christians marked Easter scaled-back church services under tight security and in a somber mood, Reuters reports. Soldiers were stationed outside the St Mark’s and St George’s cathedrals in Alexandria and Tanta, where worshipers attended Mass one week after the two churches were bombed on Palm Sunday. “We are paying our condolences to [the […]

Raya Contact Center’s international offering to institutional investors was c.4.0x oversubscribed, the company said in a statement (pdf) announcing that RCC is pricing its IPO at EGP 16.50 per share. The company had originally guided on EGP 16.00-17.91 per share. That makes the IPO worth about EGP 808 mn and will give Raya Contact Center […]

Cabinet spent the long weekend hyping up social welfare spending ahead of its budget debate in the House after its draft 2017-18 budget ‘leaked’ to the media. The Ismail government spent the long weekend promoting its social welfare spending as it prepares to sell the House of Representatives on its FY2017-18 budget, a draft of […]

Egypt is not sending 40k troops to Yemen, an unnamed government official said after a spokesman for the Saudi-led coalition fighting in Yemen alleged that Egypt had volunteered to send as many as 40k troops as well as naval forces and warplanes. Coalition spokesman Ahmed Al Asiri had told Al Arabiya in an interview on […]

Feed-in tariff program to receive USD 3 bn in investment? Norway’s Scatec Solar, the International Finance Corporation, and the European Bank for Reconstruction and Development are planning to invest a total of USD 3 bn under the feed-in tariff program, Scatec’s regional director Morten Langsholdt said on Saturday, without providing details on the timeline. Langsholdt […]

A Cairo court acquitted Egyptian-American activist Aya Hijazi and sevenothers associated with her Belady NGO of charges of human trafficking and child abuse on Sunday, Reuters reports. Prosecutors can appeal the verdict, which comes after Hijazi had been held for nearly three years for her work with street children. The decision also comes two weeks […]

EARNINGS WATCH- The Egyptian Resorts Company reported consolidated net profit of EGP 10.2 mn in FY 2016 compared with EGP 217.5 mn in 2015, according to its earnings release (pdf). Net revenues in 2016 were EGP 208 mn, down from EGP 400.4 mn in FY 2015. The company continues to “control the supply of land […]

Charge Egyptians for using Facebook? Good luck. Some MPs are reportedly looking to making Egyptians pay a monthly fee for using Facebook, and will discuss proposals for a draft bill on this soon, Egypt Independent reports. “The purpose behind the suggested subscription is to put all users under government surveillance so it can effectively restrict […]