Author Archives: enterpriseam admin

1.2 mn Kramers purged as cabinet looks to make further moves on subsidies: Some 1.2 mn welfare cheats have lost access to state food subsidies rolls in phase one of a purge of the nation’s welfare rolls. The names removed were dead, duplicates and individuals living abroad, said Supply Minister Mohamed Ali El Sheikh. Phase […]

We have a list of industries that will qualify for investment incentives granted under the proposed Investment Act, and it is as varied as one would expect. The list comes courtesy of Youm7, with highlights including: Industry, which we assume to mean manufacturing of any form; Mining; Desert reclamation and arid agriculture; Animal products; Transportation, […]

EFG Hermes tops January brokerage league tables. EFG Hermes closed January 2017 with a 18.8% market share, followed by CI Capital (8.8%), Pioneers Securities (5.4%), Beltone (5.3%), and Sigma Securities (3.4%).

Is the government is looking to regulate tuition fees at int’l schools, again? Prime Minister Sherif Ismail announced the formation of a committee which will look into how international and private schools set tuition fees, according to a cabinet statement. The move comes in response to complaints of a sharp rise in private school tuition […]

Tourism Development Authority (TDA) head Hisham El Demery confirmed allegations that the authority is behind on payments to ad agency JWT, but said that the authority is not to blame (shocker, we know), according to Al Mal. El Demery also said the TDA is working on a payment schedule for German companies in preparation to […]

MOVES- Yasser Sobhi has reportedly left the Finance Ministry to join the International Monetary Fund as an expert advisor starting from mid-Feb, an unnamed source told Reuters. The newswire identifies Sobhi as the deputy finance minister for macro-fiscal policies, a role we know has been held by former World Bank economist Ahmed Kouchouk since March […]

MOVES- Hussein Abd Rabo was appointed chairman and editor-in-chief of Al Borsa newspaper. The paper says Abd Rabo partnered in setting up Al Borsa in 2008 and was, most recently, the paper’s deputy editor-in-chief.

**Earnings watch: Credit Agricole Egypt reported a 24.2% y-o-y rise in net interest income to EGP 3.35 bn in FY2016 from EGP 2.70 bn the year before, the bank said in a statement. Net profit after tax rose to EGP 1.35 bn from EGP 1.04 bn in FY2015.

Al Azhar (carefully) rejects El Sisi’s move to modernize divorce law. More significantly this morning: The Associated Press’s excellent Hamza Hendawi picked up Al Azhar’s “carefully-worded statement” that openly rejects President Abdel Fattah El Sisi’s proposal that the House of Representatives take up legislation that would strip a man of the ‘right’ to verbally divorce […]

Cross-border M&A activity in the Middle East was “robust” in 2016, despite global activity taking a hit from political and economic events, according to Baker & McKenzie’s Cross-Border M&A Index. The Middle East’s position on the index hit 181.6 in 4Q2016, with the UAE topping the list as the most active in the region in […]