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German Chancellor Angela Merkel is due in Cairo tomorrow, accompanied by a 10-company trade delegation, Ambassador Julius Georg Luy told Al Borsa. Luy described Egypt’s economic reform program as bold and positive and said the EGP float helped attract foreign currency inflows. In addition to meetings with senior government officials including President Abdel Fattah El […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
El Garhy on next year’s budget projections; the House’ aversion to free speech; Mall of Egypt opening tomorrow
Finance Minister Amr El Garhy phoned in to Hona Al Assema last night. El Garhy said the2017-18 deficit should come in at c. 9.5% of GDP, with GDP growth estimated to reach 4%. The budget will be presented to the House on 1 April. “We are still not sure when the IMF mission will visit, […]
Posted inSpeed Round
Sahar Nasr to meet with brokerages and securities firms over stamp tax next week
Government to meet with brokerages houses next week to hash out the stamp tax: Investment and International Cooperation Minister Sahar Nasr is planning to sit down with brokerage firms next week to address their concerns about a proposed stamp tax on stock market transactions, Al Borsa reports. Finance Minister Amr El Garhy said on Sunday […]
Posted inSpeed Round
Subsidy system purge put on hold, ministry to pursue structural reforms first
Subsidy system purge on hold? Supply Minister Ali El Moselhy reportedly plans to pursue structural reforms to the subsidy system before pushing on with his predecessor’s drive to purge welfare cheats from the rolls of citizens eligible for support, Al Shorouk reports, citing unnamed senior ministry officials. Former minister Mohamed Ali El Sheikh had planned […]
Posted inSpeed Round
SODIC reports record earnings in 2016
SODIC announced record results yesterday with net profit after tax and minority interest coming in at EGP 429 mn for 2016, up 38% y-o-y. Revenues for the year also grew by 40% y-o-y to record EGP 2.07 bn. “The main contributors to revenue growth during 4Q16 and the 12 months ended December 2016 were Eastown […]
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Tanmiya Capital Ventures announces new partner
MOVES- Youssef Ayoub has joined Tanmiya Capital Ventures (TCV), the mid-cap private equity firm, as a managing partner. TCV’s other partners include founding partner Ahmed El Guindy (former head of investment banking at EFG Hermes), ex-Raya Holding Chief Investment Officer Karim Hassan and former EFG Hermes investment banker Omar Ekram. Ayoub was previously marketing manager […]
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Is Saudi Foreign Minister Adel Al-Jubeir coming to Cairo next week?
Is rapprochement with Saudi Arabia in the cards? Senior Egyptian and Saudi officials are laying the groundwork for a visit to Cairo by Saudi Foreign Minister Adel Al-Jubeir next week. Al-Jubeir could meet with Foreign Minister Sameh Shoukry and possibly President Abdel Fattah Al Sisi, an unnamed diplomatic source tells Youm7.
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Second tranche of IMF loan to come in June now visit has been pushed to April - Jarvis
Egypt can expect to receive the second USD 1.25 bn tranche of the USD 12 bn IMF extended fund facility sometime in June after a review that had been set for March was tentatively postponed to April, Egypt mission chief Chris Jarvis tells Al Shorouk. The delegation — which will assess the Ismail government’s progress […]
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Final contracts for Daba’a power plant to be signed in 2H2017
The final contracts with Russia for the Daba’a nuclear power plant won’t be signed until the second half of the year instead of the first quarter, as was previously expected, an unnamed source from the Electricity Ministry tells Al Mal. Drafting is still in progress, and in any case the government won’t sign the contracts […]
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33% of Egyptians approve of Sherif Ismail as Prime Minister
33% of Egyptians apparently approved of keeping Sherif Ismail on as prime minister after the latest cabinet shuffle, according to a poll by the Egyptian Center For Public Opinion Research (Baseera) conducted a little over a week after the new cabinet was sworn in. 25% of survey-takers felt that Ismail should have been replaced in […]