Author Archives: enterpriseam admin

Price controls are a thing of the past -El Moselhy. Commodity prices will be set by supply and demand — and price controls are not coming, Supply Minister Ali El Moselhy told reporters yesterday, Al Shorouk reports. The minister stressed that abandoning price controls does not mean that chaos will reign in the market, saying […]

The IMF may not be here in March, but World Bank will be: A delegation from the World Bank Group is reportedly coming to town in the first half of March to discuss progress on Egypt’s economic reform agenda, said Investment and International Cooperation Minister Sahar Nasr. The World Bank has yet to send over […]

A consortium led by Canada’s Bombardier and Orascom Construction will begin implementing the monorail project connecting Sixth of October to Giza in the second half of this year, Canadian Chamber of Commerce in Egypt Chairman Fayez Ezeldin told Al Mal. The project, which costs USD 1.1 bn, will take two years to complete. Ezeldin said […]

Eni’s offshore exploration “gamble” looks “set to pay off,” Andrew Ward writes in the Financial Times. Ward covered Eni CEO Claudio Descalzi’s trip to Port Said to oversee the development of a gas processing plant to serve Zohr, which he says “would be the fastest a project of its size has started production in industry […]

Saddiq Afifi and Mamdouh Abbass back out of CI Capital sale: Tiba Group’s Saddiq Afifi and former Zamalek football club chairman Mamdouh Abbass have reportedly backed out of a consortium that is looking to acquire investment bank CI Capital, citing “loss of interest” and “personal reasons” as the cause, Al Borsa reports. The two businessmen […]

Welcome, Comrades: Russian delegation outlines USD 22 bn in investment in new industrial zone. A framework agreement that will set a timeline for the Russian Industrial Zone (RIZ) in East Port Said is set to be signed in June and will include 17 projects with total investment of USD 22 bn, First Deputy Minister of […]

Egyptian artichokes still outperforming in Italy: Italian wholesale fresh food distributor Cambo Frutta said this year is the first it has imported artichokes from Egypt. “The company decided to import Egyptian products, in this case Violetto artichokes, because in early 2017 the artichoke crops in the region of Apulia suffered heavy damage as a result […]

** EARNINGS WATCH- Edita announced net profit of EGP 47.4 mn in 2016, down 86.4% y-o-y even though revenues increased by 12.5% y-o-y to EGP 2.5 bn. Edita posted a very strong top line performance in the fourth quarter despite widespread expectation of a pullback in consumer spending on the back of spiraling inflation. Edita […]

WEEKLY CABINET ROUNDUP: The Ismail cabinet’s focus at its weekly meeting held yesterday was on a basket of agreements and legislative amendments. Among them: Amendments to the supply law that will impose prison time and fines on anyone involved in buying, selling, or smuggling subsidized food or oil with the intention of reselling at a […]

President Abdel Fattah El Sisi addressed the targeting of Coptic Christians inNorth Sinai by Islamist terrorists and the growing perception both in and (mostly) out of Egypt that his administration wasn’t doing enough to protect them. He said that this was playing into the hands of the terrorists. Speaking at an event on Tuesday (footage […]