Author Archives: enterpriseam admin

CI Capital is off CIB’s books: CIB announced it has executed the transfer of 74.75% of subsidiary CI Capital’s shares to a consortium of investors and to CI Capital’s management successfully for EGP 710.16 mn, according to a regulatory filing. The transaction gave CI Capital a valuation of EGP 950 mn and CIB retains a […]

Speaking of which, the government will begin implementing the stamp tax on 1 May, Deputy Finance Minister Amr El Monayer said, adding that it will be collected on transactions in listed and non-listed stocks, bonds, and over the counter securities, as well as mergers and acquisitions, according to Reuters. El Monayer also said the stamp […]

Foreign direct investment in Egypt will hit USD 13-15 bn in FY 2017-18, Minister Amr El Garhy told Reuters. Anything in that range would be the highest volume of FDI in Egypt’s history. El Garhy also narrowed the band of the average oil price that will be used in the FY 2017-18 budget to USD […]

“I think Egypt … should be able to attain the target of 4% [GDP] growth this year. I am pleased to see they started a process of reducing subsidies. It is not going to be easy,” former Chairman Deutsche Bank MENA Henry Azzam said on Bloomberg Markets: Middle East. Azzam also spoke about growth in […]

MM Group filed its public subscription notice for a local offering yesterday, announcing it will offer 118.8 mn shares, representing a 30% stake in the company on the EGX for a maximum price of EGP 6.06 per share. 85% of the offering, representing some 100.98 mn shares, will be earmarked for an institutional offering, while […]

Gov’t timeline to cut down on subsidies ends in 2019: The government does not plan to fully eliminate fuel subsidies, said Oil Minister Tarek El Molla in an extensive interview with Al Shorouk. The timeline to reduce spending on fuel subsidies will end in 2019, but the government will keep paying for fuel subsidies after […]

The World Bank disbursed the second USD 1 bn tranche of its USD 3 bn development loan to Egypt yesterday, Reuters reports. “The government has taken important steps in implementing key policy and institutional reforms that are laying down the foundations for accelerated job creation and inclusive growth,” the bank’s country director for Egypt, Yemen […]

Egypt is poised to become the world’s fastest-growing mortgage market in 2017, ahead of Algeria and Nigeria, according to Daily News Egypt’s pickup of Euromonitor International’s March report on Egypt (paywall). Egypt is a prime market for mortgages with the size and growth rate of its population, which are expected to drive an 18.9% increase […]

Egypt’s non-oil output retreated 2.3% year-on-year in 2Q2016 to EGP 91.8 bn, according to CAPMAS figures released yesterday. Food production, which the state statistics agency says is the largest non-oil sector in the country, fell 2.1% y-o-y but rose 0.5% from the previous quarter on the back of a pre-Ramadan ramp-up in production, the agency […]