Author Archives: enterpriseam admin

M&A WATCH- The Egyptian Financial Supervisory Authority (EFSA) has reportedly signed off on the EGP 27.5 mn sale of NBK Capital’s local brokerage arm to consortium led by businessman Ramses Attiya. The group is said to have acquired an 80% stake, while investors Mohamed Keshk and Ali Allouba are each expected to close on the […]

MOVES- Karim Khadr has been appointed managing director of CI Capital Securities Brokerage, taking over from Khaled Abdel Rahman, Al Borsa reports. Khadr was previously the head of research at CI Capital. Abdel Rahman had joined CI Capital in 2010, having earlier been MD at HC’s brokerage arm and had earlier worked in the GCC […]

Private equity firm Actis has reportedly completed its exit from Edita Food Industries, selling the last of what the newspaper says was an 8% holdings in a transaction worth EGP 897.6 mn last Thursday, Al Borsa reported on Thursday. The newspaper is reporting that the full stake was placed with international institutional investors. The emerging […]

The government plans on repaying USD 500 mn of the USD 3.5 bn it owes IOCs next month, top Petroleum Ministry officials tell Al Borsa. The figure differs from what Petroleum Minister Tarek El Molla had announced late last month, when he promised that Egypt would be cutting its overdue arrears by half “within weeks,” […]

WTO delegation to visit Cairo this week for policy review:A World Trade Organization (WTO) delegation will land in Cairo this week for a three-day visit during which they will review Egypt’s economic, trade, and investment policies, according to Trade Minister Tarek Kabil, Al Borsa says. We expect the discussions to extend to the proposed automotive […]

Shockingly, entrenched interest are opposing the Universal Healthcare Act: The self-appointed “Egyptian Committee to Defend the Right to Healthcare” has launched a campaign to oppose the Universal Healthcare Act, which was recently approved by the Ismail cabinet, Ahram Online reports. In a statement on Saturday, the group said that the quality conditions set by the […]

“Banks that lend to women-owned SMEs could tap into a currently unserved credit market worth USD 283 mn,” said Nada Shousha, IFC Senior Advisor in Egypt, at a roundtable discussion. “In Egypt, women represent just 12% of permanent full-time workers and 30% of business owners. Only 7 percent of Egypt’s firms are led by a […]

We’re trying, desperately hard, not to cheerlead: Members of the House of Representatives are reportedly close to completing a draft law that would ban the wearing of niqab in state institutions, according to Asharq Al Awsat. This comes as the State Commissioner’s Agency at the Council of State is urging the Supreme Administrative Court to […]

An Italian court banned the use of Uber in the country in a ruling on Friday which upheld a complaint filed by taxi drivers unions that the app constituted unfair competition, the Guardian reports. The court gave Uber ten days to end the use of its various phone applications on Italian territory, along with the […]