Author Archives: enterpriseam admin

Central Bank of Egypt Governor Tarek Amer sat down for a televised interview with DMC’s Osama Kamal on Friday in which he downplayed the impact of the float of the EGP and denied the central bank had subtly intervened in the market to support the national currency (watch the full interview, runtime 1:16:36). Amer said […]

The Finance Ministry will send draft legislation to the House of Representatives in early March that will create a 0.2% stamp tax on stock market transactions, a Finance Ministry source told Reuters. The Both buyers and sellers will pay the tax on each transaction, making the effective rate on any given transaction 0.4%, split between […]

Could the government be forced to amend the value-added tax act? The executive regulations governing the value-added tax (VAT) may not be handed down as fast as Deputy Finance Minister Amr El Monayer had hoped: Maglis Al Dowla (the State Council) has concluded its review and says it has 30 proposed amendments that may necessitate […]

Egypt and Algeria could see their domestic wheat harvests swell 25% more this year than last if favourable weather projections hold, Bloomberg reports, noting, “That means imports from the region could drop from a record high to a three-year low, according to Chicago-based researcher AgResource Co. … While global demand for wheat has never been […]

Concerns about nuclear waste from the Daba’a power plant dominated debate at the state-sponsored public consultations held in Marsa Matrouh on Saturday, according to Al Mal. Electricity Minister Mohamed Shaker reassured citizens that the 4800 MW nuclear power plant being developed in partnership with Russia’s Rosatom will use the latest technology and safety precautions and […]

Rift between Saudi Arabia and Egypt remains, even if diplomats say everything is okay: Egyptian real estate companies have halted projects that were set to be implemented in Saudi Arabia, according to Reuters. Talaat Moustafa Group (TMG), Al Ahly for Real Estate Development, Orbit Alliance, and Misr-Italia Group had all signed MoUs to build houses […]

Afrexim Bank could extend financing to Egyptian real estate, clean energy and manufacturing projects worth a combined value of USD 1.199 bn, the bank’s director of banking operations, Heba Aboul Ezz, tells Al Borsa. Afrexim Bank president Benedict Oramah said at a press conference on Thursday that the bank has reached an agreement to provide […]

Tourist visas will more than double in price to USD 60 for single entry and USD 70 for multiple entry, up from USD 25, according to Al Shorouk. The Foreign Ministry had originally wanted to raise prices effective in March, but Prime Minister Sherif Ismail has decreed that it will go into effect in July, […]

** Earnings watch: Madinet Nasr Housing & Development reported a 187% year-on-year increase in consolidated net profit in FY2016. Revenues grew 162% to EGP 2.02 bn, the fastest rate of growth in the company’s history, according to a regulatory filing.