Author Archives: enterpriseam admin

Shake up at Telecom Egypt: Telecom Egypt has appointed Ahmed El Beheiry as its new CEO, the state-owned landline monopoly announced in a regulatory disclosure. El Beheiry succeeds Tamer Gadalla, who was the subject of rumors surrounding his future in the company circulating earlier this week. The board of directors also announced adding Mohamed Barakat […]

Government employees who don’t fall under the Civil Service Act are getting a 10% social welfare raise after the Finance Ministry signed off yesterday on the measure, which will apply retroactively from last July (the first month of the current fiscal year), Al Borsa reports. The minimum raise per employee was set at EGP 65 […]

IPO Watch- The Oil Ministry has greenlit the beginning of the process to offer up to 24% of state-owned oil and gas engineering contractor Enppi on the EGX, according to Al Masry Al Youm. The next step now is for issuance manager NI Capital to arrange the company’s fair value assessment.

The second USD 500 mn tranche of the African Development Bank’s USD 1.5 bn loan to Egypt will be disbursed within two weeks, pending final government procedures, Central Bank of Egypt Governor Tarek Amer tells Al Borsa.

Raising the value-added (VAT) rate to 14% from 13% in FY 2017-18 should bring in an extra EGP 7-8 bn in revenues, Deputy Finance Minister Amr El Monayer told Reuters. The newswire notes that the delayed implementation of the VAT had the state targeting around EGP 20 bn in revenues from it in the current […]

Schneider Electric Egypt has had no trouble repatriating its profits out of Egypt since the EGP was floated in November, regional head of North East Africa and the Levant Walid Sheta tells Reuters. The company is also not meeting any issues sourcing FX since the float to purchase equipment and production inputs, said Sheta. His […]

Unnamed company to build USD 624 mn pharma plant in Suez Canal Economic Zone: SCZone chief Ahmed Darwish said at a press conference yesterday that a USD 624 mn pharma plant will be built in the zone, a story getting considerable traction in the local press on a slow news day. The former minister provided […]

CIB has taken home two awards from Asian Banker magazine for Achievement in Operational Risk and Liquidity Risk Management for 2016 at the Future of Finance Middle East & Africa Summit held in Dubai, according to a statement.

Amazon announced yesterday it has reached an agreement to acquire regional e-commerce platform Souq, fending off last-minute rival bid. Subject to closing conditions, the transaction should be executed this year. Goldman Sachs advised on the transaction and although values and terms were not disclosed, a source described it as “the biggest-ever technology M&A transaction in […]