Author Archives: enterpriseam admin

Finance Ministry won’t amend VAT act: The Finance Ministry will not be revising the law for the value-added tax and we can expect the executive regulations “within a week or two at most,” high-ranking officials tell Al Borsa. The ministry plans to study Maglis Al Dowla’s (State Council) proposed amendments to the executive regulations and […]

Shell, BP, and Eni will be at the head of the queue for payments owed by the government, a source told Al Mal. CBE Governor Tarek Amer had said he is coordinating with EGPC on USD 1.5 bn payment in arrears owed to international oil companies this year in his interview with DMC’s Osama Kamal […]

World Bank rejects non-profit watchdog’s criticism of its energy program in Egypt: The World Bank Group is rejecting concerns raised by non-profit watchdog Bank Information Centre (BIC) over the impact of its development programs in Egypt on greenhouse gas emissions and the transition towards cleaner energy. The World Bank insists its engagement in Egypt “is […]

A day after Daba’a contracts announced, officials say we’re closer to getting flights back from Russia: Egyptian officials reportedly said on Sunday that we’re inching closer to meeting all of Russia’s airport security demands, the Associated Press reports. The officials announced that they had installed a number of new security measures requested by the Russians […]

Food manufacturers eye export opportunities, invest in growth: Cheese maker Domty will be expanding its business in African and Russian markets in the upcoming period, IR head Ahmed El Homossany told Al Mal. El Homossany said the company will discuss the volume of its investments and the specific markets it will look to enter in […]

Government looking to resurrect USD 5 bn, 3 GW solar power project signed duringEEDC? The government seems to be thinking about resurrecting a two-year-old solar power agreement with SkyPower and International Gulf Development to develop a 3 GW solar PV project at a cost of USD 5 bn. The cabinet economic group reviewed yesterday a […]

Supply Ministry planning to raise ration card allowance to up to EGP 25 per person per month: Supply Minister Ali El Moselhy is planning to approach Prime Minister Sherif Ismail with a proposal to raise the monthly allowance for ration card holders to EGP 24-25 from a current EGP 21 once studies are complete at […]

Beltone stock manipulation saga continues. The Egyptian Financial Supervisory Authority (EFSA) has submitted documents to the Administrative Court accusing some shareholders in Beltone Financial of manipulating stocks, Al Shorouk reports. Media reports don’t make this clear, but no allegations of wrongdoing have been lodged against Beltone or any company executive. The case dates back to […]

We’re not buying this report until we see data on volumes, but Al Borsa is reporting that the USD hit EGP 18.50 on the parallel market on Saturday after changing hands at EGP 17.00 on Thursday. One trader speaking to the newspaper said that the strengthening greenback came as a result of increased demand that […]

**Earnings watch: The National Bank of Egypt (NBE) reported a 145% year-on-year increase in net profits to EGP 12.5 bn in FY2016, Al Borsa reports.