Author Archives: enterpriseam admin

The Board of state-owned Alexandria Mineral Oils Company (AMOC) has reportedly decided to tap BNY Mellon to run its GDR program and expects to ink an agreement with the bank next week, Al Shorouk reports, citing an unnamed source at AMOC. The company is reportedly speaking with Baker McKenzie about serving as legal counsel on […]

In other news from the capital markets, the Egyptian Financial Supervisory Authority issued a non-objection to MM Group’s listing on the EGX, Al Mal reports. Final pricing on the transactions will be set after the international offer closes on Tuesday, 4 April, three days before the Egyptian public offering closes on Thursday, 6 April. MM […]

You’re not paying close attention, FT: Egypt is the worst performer among big tourist destinations, Steve Johnson writes in The FT’s EM Squared, “although Russian airlines have resumed flights to Sharm el-Sheikh.” No, Russian airlines have not (yet) resumed flights to Egypt. The piece carries no meaningful insights, focusing instead on uninformed, hackneyed quotes from […]

Over-borrowing from the CBE is the real culprit behind the massive spike ininflation: Egypt’s inflation is symptomatic of a larger problem, that the CBE has been playing loose with the money supply, writes Patrick Werr for The National. He says that since 2011, cash-strapped governments have been forced to resort to extraordinary means to finance […]

Traders raising wheat prices for Egypt after state wheat buyer nixes seven cargoes since January: The General Authority for Supply Commodities (GASC) issued preliminary rejections on seven cargoes of the grain since introducing new import rules in January, prompting many traders to raise prices at state tenders, five traders told Reuters. They complain that under […]

Egypt has temporarily suspended permits for new imports of meat from Brazil, according to Bloomberg. Saudi Arabia, the world’s second-largest buyer of Brazil’s chicken, ordered new inspections of meat from Brazil after allegations that “exporters bribed local inspectors to approve tainted meat for sale.” China has temporarily suspended shipments from the South American country, while […]

Are private free zones making a comeback? The return of private free zones in the Investment Act is still on the table as far as the House Economic Committee is concerned, committee chairman Amr Ghallab said yesterday, according to Al Mal. The committee, which is still reviewing the draft investment act, will study the issue […]

Talks for third USD 1 bn World Bank loan tranche underway: Negotiations for the disbursement of a third USD 1 bn tranche of the World Bank (WB) loan to support the economic reform program are currently underway, according to an e-mailed statement from the Investment Ministry. Minister Sahar Nasr met with a WBG delegation currently […]

More than 400 students in schools in Cairo, Suez, and Aswan have fallen ill due to food poisoning from government-issued school meals over the course of two days this week, the Associated Press reports. The school meals causing the waves of food poisoning are produced by military-owned company, Al Nasr for Services and Maintenance, and […]

Consumer Protection Agency wants actor prosecuted for appearing in ads: The Consumer Protection Agency (CPA) is asking the Prosecutor General to open a case against actor Mahmoud El Guindy, claiming he acted in “misleading” advertisements and promoting painkillers for an unlicensed pharmaceutical company, Al Shorouk reports. CPA head Atef Yacoub said celebrities need to refrain […]