Author Archives: enterpriseam admin

Egypt’s eurobonds are doing well on the secondary market: Yields on the eurobonds Egypt sold last month have tightened by 0.5-0.6% since issuance, according to BNP Paribas’ weekly debt capital markets report. This reflects tangible appetite on the secondary market as well as liquidity. The report also shows that Egypt’s eurobonds are trading tighter, with […]

Egypt's decision to float its currency can already be declared a success, but it will take time for investment flows to return and revive the nation’s economy, says Orascom Development Holding boss Samih Sawiris. “Now the investment appetite has become bigger...people will start looking at the various opportunities given to them,” he tells Reuters’ Ahmed […]

Are the Russians winking at us to get Daba’a signed before we worry about tourism? “The construction of [Daba’a nuclear power plant] with Russia’s participation is much more important for Egypt than return of Russian tourists,” Russian state-owned news agency TASS quotes Tarek Heggy saying, positioning the former oil industry executive as an Egyptian “political […]

Inching toward an oil agreement with Iraq: Egypt is on the verge of signing an agreement with Iraq’s State Oil Marketing Organization (SOMO) to import a 1 mn barrels of crude oil each month, Iraq’s Ambassador to Cairo Habib Hady Al Sadr tells Al Ahram. Iraq has already signed the contracts and sent them to […]

CBE gets props for helping settle pre-float LC crisis: The Central Bank’s intervention to help companies settle their pre-float LCs received praise on Wednesday from QNBA Chairman Mohamed El Dib, who told Al Masry Al Youm that the banks are in favor of the agreement as it will keep clients in good standing. Companies with […]

The House of Representatives will be voting on the Compensation Act at a plenary session next week, MP and Federation of Egyptian Industries Chief Mohamed El Sewedy said, according to Al Borsa. The remarks come one day after contractors threatened to suspend work on government projects until the legislation — which would compensate suppliers and […]

Tax Authority to chat about VAT with EGPC: Tax Authority officials will meet with the Egyptian General Petroleum Corporation (EGPC) next week to discuss further exemptions from the value-added tax for the industry. International oil companies are seeking VAT rebates for their equipment and machinery suppliers, Tax Authority Deputy Head Mohamed Abdel Sattar said on […]

The new Ismail cabinet approved a presidential decree to streamline the property registration process and impose a standard schedule of registration fees, according to a statement. Other decisions at the new cabinet’s first policy-making meeting included: Approving an EGP 10 mn grant from the AfDB for slum development; Approving amendments to allow the president to […]

Peugeot-Citroën, which had made the automotive directive a condition for its investment in Egypt, has now added the Investment Act to the bundle, Ahram Gate says. The company’s Middle East and Africa Executive VP Jean-Christophe Quémard picked-up the same line other company executives had carried in Cairo in December, telling Trade Minister Tarek Kabil that […]

LG Egypt has doubled exports from its 10th of Ramadan factory, with 80% of the plant’s output geared towards foreign markets, unnamed sources told Al Borsa. The company now exports 100k televisions to the African and Gulf markets every month and allocates 15% of the factory’s output to the local market.