Author Archives: enterpriseam admin

In other energy news this morning, the state electricity utility is pushing back on the schedule for the phase-out of subsidies, but will still hike prices by as much as 40% in July. The Egyptian Electricity Holding Company (EEHC) committee tasked with studying new electricity prices for FY2017-18 is set on extending the timeline for […]

The EGP continued its slide yesterday, changing hands at an average of EGP 18.23 to the USD, with the punditocracy saying the greenback is strengthening thanks to our insatiable appetite for seasonal imports for Ramadan. Meanwhile, the Finance Ministry has raised the exchange rate for customs to EGP 17 per USD 1 yesterday, according to […]

The cabinet economic group approved yesterday the Finance Ministry’s proposed 0.125% stamp tax on stock market transactions, which will be discussed during the cabinet’s next regular meeting, Youm7 reports. The tax is expected to add EGP 1 bn in revenues to the state budget during the first year of its application, but it is difficult […]

Structure of incentives proposed under draft Investment Act to change, will delay passage of the act by at least a month: The structure of investment incentives offered under the proposed Investment Act could well change after Prime Minister Sherif Ismail said yesterday that amendments are coming. The changes to the bill, now before the House […]

The House Legislative Committee approved yesterday Egypt’s USD 12 bn loan agreement with the IMF and has referred it to the Economics Committee for further review. The agreement will then be put to a vote in a plenary session, Al Mal reports. The committee’s approval came despite a vocal minority that resisted the move at […]

The value-added tax (VAT) is forecast to bring in revenues of EGP 190-200 bn during FY2017-18, the Finance Ministry VAT commissioner Abdel Moneim Mattar said at the Egypt Builders Conference yesterday, according to an emailed statement. According to Mattar, revenues from the tax — which is currently set at 13% and is due to rise […]

Parliament’s Manpower Committee approves bill mandating a 10% annual raise for civil servants across the board: The House of Representative’s Manpower Committee has reportedly made good on its threat on Monday to unilaterally approve a bill that would grant all bureaucrats a 10% annual raise regardless of whether the law applies to them, Al Masry […]

When all is said and done, CIB will sell 60-65% of CI Capital for total consideration of EGP 570 mn, unnamed sources close to the transaction tell Al Borsa. Arafa Group’s Alaa Arafa and Ismail El Turk, the Saudi owner of Habitat Furniture, will reportedly hold the largest stakes of any member of the acquiring […]

Chinese yeast manufacturer Angel Yeast Company plans to invest USD 48 mn in a yeast extraction plant in Egypt, according to Reuters which cites regulatory filings(Chinese) by the company.