Author Archives: enterpriseam admin

Egypt’s improved competitiveness is unlikely to be negatively affected by an expected appreciation of the EGP’s real effective exchange rate (REER) in the short term, the central bank says in its monetary policy report, according to Bloomberg’s Ahmed Feteha. The expected appreciation in the REER will not "neutralize the substantial real depreciation" that took place […]

The Central Bank of Egypt expects FX reserves to jump to over USD 28.5 bn in March, since March 2011 when the figure plunged after the events of 25 January, CBE Assistant Sub-Governor Rami Aboul Naga noted yesterday. Reserves had hit USD 26.5 bn in February, with the increase likely coming from Egypt receiving the […]

The Egyptian treasury’s tax haul rose 27% in 9M2016-17, with total receipts ringing in at EGP 238 bn,Deputy Finance Minister Amr El Monayer said, Al Borsa reports. The Finance Ministry is currently working to amend regulations and procedures for late tax payments, according to El Monayer. The government is targeting EGP 433 bn revenue from […]

M&A Watch- Raya Holding acquired 100% of frozen food producer International Union for Integrated Food industries (IUIFI) according to a regulatory filing with the EGX. Raya will shell out EGP 66.85 mn for IUIFI and take on debt of about EGP 13 mn. Raya Holding had signaled back in December it was contemplating the EGP […]

IPO Watch- Raya Contact Center (RCC)’s listing of c. 49% of its outstanding shares got the royal treatment from Al Borsa yesterday. The retail component of the offer will open for subscriptions on Tuesday, 11 April (not 9 April, as previously expected, said Hilal El Hasry, partner at Zaki Hashem and Partners, local counsel to […]

MOVES- Walid Bakr has reportedly announced his departure from Abraaj Group, Al Mal says. Bakr ran the high-profile private equity firm’s Egypt office. Meanwhile, Hussein El Sherbini was has been named managing director of AAIB’s Arab African Investment Holding, Al Borsa reports.

We can expect to see Chinese textile plants in the Suez Canal Economic Zone (SCZone), according to statements by SCZone chief Ahmed Darwish picked up by Chinese state news agency Xinhua. Darwish expects to ink agreements with a number of Chinese companies in the coming weeks, including Shandong Ruyi Group (website in Chinese), which plans […]

This comes as the Housing Ministry is preparing several investment opportunities to present to Saudi developers during President Abdel Fattah El-Sisi’s anticipated visit to the Kingdom this month, Al Borsa reports. The proposals will focus on projects in the New Administrative Capital, the New Al Alamein City, and East Port Said, unnamed government sources tell […]

Court ruling on the handover of Tiran and Sanafir islands to KSA just muddies the waters. The Cairo Court for Urgent Matters handed down a ruling yesterday that challenged the grounds of a previous order from the Supreme Administrative Court to block the transfer of Tiran and Sanafir islands to Saudi Arabia, Al Ahram reports. […]