Author Archives: enterpriseam admin

Can Egypt’s economy really surpass Canada’s by 2050? Yes, says PwC: Emerging economies could be twice the size of developed markets by 2050, growing to make up almost 50% of world GDP, according to a PricewaterhouseCoopers report (paywall) which is receiving wide coverage. “By 2050, emerging economies such as Mexico and Indonesia are likely to […]

The general optimism on the economy continues as Egypt’s economy should bottom out and start improving in FY2016-17, according to a report by BNP Paribas. “Several factors will undoubtedly have a positive macroeconomic impact, including the floating pound, improvements in foreign currency liquidity, the accelerated pace of fiscal reforms, and the start-up of production at […]

This comes as foreign inflows have continued to gain steam since the EGP float, with foreign holdings of T-bills growing to USD 1.53 bn in January, up from USD 552 mn in December, and from USD 111 mn, the CBE said, according to Al Borsa. This is the highest level it has been since 2011, […]

Egypt’s banks have grown their combined net profits 60% year-on-year to EGP 56 bn in 2016, said CBE Deputy Governor Gamal Negm in an email statement on Tuesday. The sector’s capital adequacy ratios scored 14.9% for the year, he said, adding that industry liquidity is ample.

Elsewhere, the CBE has launched an initiative to provide affordable financing for the tourism industry, urging banks to make funds available for hotel renovations and the overhaul of the tourism industry’s fleet of cars, buses and other vehicles, Al Masry Al Youm reported. Banks will offer combined funding of EGP 5 bn in loans at […]

e-Visas are back on the table: The Supreme Tourism Council, led by President Abdel Fattah El Sisi, agreed during its first meeting held yesterday to introduce electronic visas and “facilitate visas for Arab citizens” to stimulate the tourism industry, according to an emailed statement. Deregulation of the airlines industry could also be in the cards […]

Orascom Hotels & Development (OHD) has selected EFG Hermes to act financial adviser on the sale of its financial services subsidiary Tamweel Financial Holdings, said OHD CEO Khaled Bichara, who provided no further detail on the transaction, Al Borsa. He added that the company has had to shutter four of the seven hotels it owns […]

Capitalists beware. Parliament and the Consumer Protection Agency (CPA) are getting awfully close: A number of MPs have come out strongly in favor of strengthening the CPA through the amendments to the Consumer Protection Act. House Economics Committee chair MP Ali El Moselhy and MP Ashraf Amara, who introduced the legislation, have both said that […]

Mining authority hears complaints, says “Toz.” Officials from the Egyptian Mineral Resources Authority (EMRA) have admitted that the terms of its gold exploration tender are scaring away investors. But before you see this as the first step to progress, hear them out. EMRA officials tell Al Shorouk that investors simply refused the terms altogether without […]