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Author Archives: enterpriseam admin
Posted inON THE HORIZON
On the horizon
House committee wraps Investment Act review, setting up a vote on Monday, 10 April? There may be some tinkering left to do, but we’re nearly at a final draft of the Investment Act. The House Economic Committee has finished its review of the Investment act and will be sending the Investment Act to a plenary […]
Posted inEnterprise+: Last Night’s Talk Shows
Egypt and Saudi Arabia’s reconciliation consumes the airwaves
The Arab Summit in Jordan was at centerstage on the airwaves last night, particularly President Abdel Fattah El Sisi’s meeting with Saudi’s King Salman Bin Abdul Aziz and the cold shoulder both leaders gave Qatari Emir Tamim Bin Hamad (more in the Speed Round). The punditocracy has about as much love for the Gulf statelet […]
Posted inSpeed Round
Saudi-Egyptian reconciliation formalized at Arab Summit
Saudi-Egyptian reconciliation at Arab Summit: With the cameras rolling, Saudi Arabia's King Salman invited President Abdel Fattah El Sisi to visit the Kingdom in a public show of good relations following months of tension. El Sisi welcomed the invitation and in turn invited Salman back to Egypt, according to a statement from Ittihadiya on Wednesday […]
Posted inSpeed Round
Economic optimism increases in Egypt, tourism benefiting from devaluation, JLL report suggests
Economic optimism has increased and foreign investors are attracted to Egypt following the stabilization of EGP, according to real estate consultancy JLL’s Q1 Cairo report. Highlights: The hotel and tourism industry has in particular benefited from the devaluation, as Egypt has become a more affordable destination for international tourists, the report says. Demand for hotels […]
Posted inSpeed Round
Raya Contact Center issues ITF
IPO WATCH- Raya Contact Center (RCC) announced its intention to float (pdf) on the EGX. The company is just under 49 mn shares equivalent to about 49% of outstanding shares. The transaction will include international offer to institutional investors and an Egyptian retail offer. Raya Holding for Financial Investments, the selling shareholder, will effectively reinject […]
Posted inSpeed Round
Careem looking for acquisition opportunities, considering IPO
Ridesharing service Careem is looking for acquisition opportunities and is considering an initial public offering but has no timeframe in mind, founder Mudassir Sheikha told Reuters. Asked if 2019 was a target date, he said “it is hard to predict,” noting that the company has not hired bankers or advisors.
Posted inSpeed Round
Egypt to cut IOC receivables in half within weeks -El Molla
Egypt will repay half of everything it owes international oil companies “within weeks,” Oil Minister Tarek El Molla said, according to Reuters. Egypt’s overdue arrears to IOCs are estimated to be USD 3.5 bn. A source told Al Shorouk the payments will be made using the African Development Bank’s and World Bank’s second tranches of […]
Posted inSpeed Round
Trade and Industry Ministry sees Egyptian exports rising to USD 34 bn by 2020
The Trade and Industry Ministry sees Egyptian exports rising to USD 34 bn by 2020 from a current figure of USD 19 bn, Reuters reports. The Ministry says it has completed a strategy to grow exports “through implementing specific export plans and policies and targeting new export markets,” according to a statement.
Posted inSpeed Round
House forms committee to study repercussions of port fees hike
House committee to study port fee hike: The House Transport Committee formed a committee to coordinate with maritime companies in studying the repercussions of the Transportation Ministry’s decision last year to hike port fees by as much as 100%, Al Borsa reports. The committee will send its first report to the House within the next […]