Author Archives: enterpriseam admin

A proposed stamp tax on stock market trades will be set higher than the 0.1% that was imposed temporarily in 2013, sources told Al Shorouk. The Finance Ministry is discussing the exact rate with the Egyptian Supervisory Authority (EFSA), a source at EFSA said. The stamp tax will be collected on both sides (buy and […]

CIB posts record full-year earnings as it releases FY2016 results. Leading commercial bank CIB “posted another year of record performance despite the unfavorable macroeconomic environment and increasingly challenging regulatory requirements, generating consolidated full-year revenues of EGP 11.3 bn and net income of EGP 6.01 bn, up 11% and 27% from 2015, respectively,” the bank said […]

Total inflows into the banking sector since the float of the EGP in early November have now hit USD 9 bn, according to a comment from a senior Central Bank of Egypt official carried yesterday by Reuters. The story does not make clear where Assistant Sub-Governor Rami Aboulnaga made the remarks.

The Supply Ministry has raised the prices of subsidized staples including cooking oil, vegetable margarine, and sugar sold to ration card holders, Al Borsa reports. The price of an 800 ml bottle of cooking oil is now EGP 12 (up from EGP 10), while one kg of sugar now costs EGP 8, a rise of […]

The private sector will have a limited role in storing the 4 mn tonnes of wheat expected of this season’s harvest, said Supply Minister Mohamed Ali El Sheikh. Private sector storage facilities will be used in places where the government’s capacities have been maxed out, added El Sheikh. The ministry, however, will outsource inspection of […]

The Electricity Ministry is planning to spend around USD 29 bn to upgrade the national distribution grid in 2017. The investment will both improve efficiency and ensure the grid can transmit new generation capacity coming online from power plant projects, Al Ahram’s breaking news website reports. The program will see the construction of nine new […]

Majid Al Futtaim (MAF) Group says it is moving ahead with expansions Egypt and the GCC after recording an 8% y-o-y increase in earnings in 2016, according to The National. MAF will carry forward plans to expand in markets including the UAE, Egypt, Oman, and Saudi Arabia and will also bolster its operations in Africa […]

Is Egypt in trouble with global ad agencies? The Tourism Development Authority (TDA) is allegedly 15 months behind on paying global advertising agencies some USD 16 mn for overseas promotional campaigns, Al Borsa reports, quoting JWT Chief Hany Shoukry. JWT, which signed a USD 68 mn, three-year contract with the TDA in 2015, says it […]

MOVES- The European Bank for Reconstruction and Development (EBRD) has appointed Janet Heckman as its new Managing Director for the southern and eastern Mediterranean region. Based in Cairo, Heckman will also become EBRD’s head of Egypt and assumes both her roles today. Her deputy will be Catarina Bjorlin-Hansen. Heckman succeeds Hildegard Gacek, who is retiring. […]