Author Archives: enterpriseam admin

The Egyptian economy looks like it will soon take off, veteran finance writer Patrick Werr writes in The National. He’s pinning his expectation on five factors, expecting natural gas exploration to continue booming, with scope for exports in the near future. Tourism is also on an upward trajectory, he says, noting that “the real test […]

Kramers will not live to mooch another year after all: The Supply Ministry is not shelving plans to remove subsidy fraudsters from the system. Supply Minister Ali El Moselhy told reporters on Wednesday that the ministry intends to purge welfare rolls of some 10% of ration card holders in April and May, according to Al […]

Much ado about nothing: The local and international press alike are making a bit too much out of a disclosure yesterday that N.R. Investments Sàrl has bought 135.4 mn shares of GB Auto, or about 12.4% of the company. A senior company official tells us that the transaction was simply a restructuring of ownership by […]

Saudi’s Al Hokair Group is planning to invest USD 100 mn in Egypt’s solar power sector this year, Al Borsa reports. Cabinet has approved Al Hokair subsidiary FAS Energy’s financial model for a 50 MW solar station it is proposing to build under phase one of the feed-in tariff program, FAS Energy CEO Sabri Asfour […]

With one day to go in the subscription period, MTI’s retail offering is 4.7x oversubscribed, Al Borsa reports. The company previously announced that its institutional offering of 25.5% of the company’s shares at price of EGP 5.96 per share was 9x oversubscribed, the newspaper reports citing company sources. Trading on MM Group is set to […]

Naeem Holding started a private placement for a EGP 1 bn real estate fund, the company's CEO Yousef Al Far said, according to Reuters. The private placement will take place for one month and will be followed by an initial public offering before Ramadan. Al Far said the three-year fund will aim to return at […]

The slump in car sales is likely to last through the rest of 1H2017 as prices continue to climb, Federation of Egyptian Chambers of Commerce member Alaa El Sabaa tells Al Mal. The drop in sales is the sharpest since 2004. We noted earlier this week that car sales for February were down 60% year-on-year, […]

Kuwait renewed yesterday its oil and fuel supply agreement with Egypt for another three years, AFP reports. Under the agreement Kuwait will supply Egypt with 2 mn bbl of crude per month, in addition to 1.5 mn tonnes of petroleum products per year for USD 4 bn, the Kuwait Petroleum Corporation said in a statement. […]

El Sisi’s interview with Fox News aired last night: FoxNews’s Bret Baier sat down with President Abdel Fattah El Sisi for a brief interview in which the president was asked about everything from aid to human rights to his opinion on US foreign policy toward the Middle East and the changes he expects to see […]