Author Archives: enterpriseam admin

Nasr orders full report on stamp tax, including alternatives: Investment and International Cooperation Minister Nasr ordered a “full report” on the effects and alternatives to imposing a stamp tax on stock market transactions to ensure the market and the government’s reform program are not harmed, at a meeting with Egyptian Financial Supervisory Authority head Sherif […]

Egypt’s foreign reserves rose to USD 26.54 bn in February, the central bank said in a statement, marking a gain of USD 178 mn from the previous month. The CBE also says that fluctuations in FX rates are reflective of supply and demand, and the USD/EGP rate reaching 16.10 shows the market is self-correcting, according […]

Inching closer towards a Turkey-style migration agreement with the EU: German premier Angela Merkel promised Egyptian President Abdel Fattah El Sisi additional aid to “help to thwart migration to Europe” through Egypt during her two-day state visit, according to Bloomberg. The EU has offered Turkey some EUR 6 bn in aid for refugees and has […]

Egypt has implemented 90% of Russia’s security requirements to resume flights, and four items remain, Russian Federation Council chairwoman Valentina Matviyenko said at a joint presser with House of Representatives speaker Ali Abdel Aal yesterday, Al Shorouk reports. Once Egypt completes the remaining requirements, a Russian delegation will visit to discuss the possibility of resuming […]

Ampal says arbitrator’s decision means Egypt has to pay up: Ampal-American Israel Corporation, the Israeli company involved in the failed plan to import natural gas from Egypt through its 12% stake in Eastern Mediterranean Gas (EMG), says a decision by the International Centre for Settlement of Investment Disputes (ICSID) means that it is on track […]

Auto companies are reportedly looking into reducing their prices to counteract a recent slump in sales, following the lead of big industry names such as GB Auto and Mansour Group, Al Mal reports. The move to reduce prices has stimulated car sales, encouraging other companies to follow suit, an unnamed auto distributor tells the newspaper. […]

Int’l business journalists get a taste of Egypt at AUC benefit dinner in Manhattan: On Wednesday evening at the Mandarin Oriental in New York, the American University in Cairo held its 6th annual benefit dinner honoring Suad Al-Husseini Juffali, an AUC advisory trustee and chair of the Ahmed Juffali Foundation, a philanthropy dedicated to social […]

An internal investigation carried out by French cement giant LafargeHolcim uncovered that a Lafarge cement plant in northeast Syria’s Jalabiya indirectly paid off local armed groups to protect the facilities from being overtaken by Daesh, Al Mal reports. According to the report, the factory’s management paid an intermediary to arrange with various armed groups to […]