Author Archives: enterpriseam admin

IPO WATCH- The government is reportedly considering increasing the percentage of Banque du Caire shares set to be listed to 30% from an initial plan of 20%, sources told Al Shorouk. The extra shares would be listed as GDRs in London to “attract foreign investors.” Banque du Caire had informed the EGX of its desire […]

Egypt’s foreign reserves rose to USD 26.363 bn in January, the CBE said in a statement, a gain of just under USD 2.1 bn as the proceeds from the USD 4 bn eurobond issuance were partially offset by a USD 700 mn payment to the Paris Club, Al Borsa reports. CBE Governor Tarek Amer had […]

Sorry shipping lines, our reserves are good and we don’t need an advance on FX. The Suez Canal Authority has suspended negotiations with international shipping lines to collect shipping fees three years in advance in USD in exchange for reduced fees, SCA Chairman Mohab Mamish told Al Mal. The initiative, which was intended to shore […]

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.