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The terms of the USD 12 bn IMF agreement are here, and not a moment too soon, as the local press came close to orchestrating a rain dance for it. It is not surprising that this what was driving the conversation today. The report on the agreement was released through an online presser by IMF […]
Author Archives: enterpriseam admin
Posted inEnterprise+: Last Night’s Talk Shows
No IMF talk; Adib calls on private sector to raise wages; more on Aboutrika
There was conspicuously very little talk on the IMF agreement among the talking heads in one of the dullest nights for talk shows ever. Kol Youm’s Amr Adib championed workers’ rights by calling on the private sector to raise staff salaries by 10-20%, because anything less could push the market over the edge and into […]
Posted inSpeed Round
IMF, Finance reveal terms of the USD 12 bn IMF agreement
The long-awaited details of the USD 12 bn IMF agreement are here: The Fund released yesterday its staff report (pdf) on Egypt’s Extended Facility Fund (EFF), complete with details on the government’s reform commitments and the Fund’s appraisal of Egypt’s current situation and the path forward. Bloomberg’s Ahmed Feteha gives a neat breakdown of the […]
Posted inSpeed Round
Planning Minister announces key economic indicators for 1Q of FY2016-17
Planning Minister Ashraf El Araby announced indicators and performance of key economic sectors during 1Q for the FY 2016-17 fiscal year, in a press conference following the cabinet meeting on Wednesday. Overall, economic growth for the quarter reached 3.4%, in line with the government’s target of 4% by FY 2016-17. Foreign direct investment grew to […]
Posted inSpeed Round
Caravan transaction to cost Nestlé EGP 400-500 mn
M&A Watch- Nestlé’s acquisition of Caravan Marketing Company, which we covered yesterday, will be completed within six weeks, a source told Al Mal. The source says Nestlé is buying 100% of Caravan’s shares for EGP 400-500 mn. Caravan’s Chairman Amr Barakat said company sales recorded nearly EGP 500 mn in 2016. He added that CI […]
Posted inSpeed Round
Amazon said to have walked away from Souq.com acquisition
Not a unicorn after all? Amazon and India’s Flipkart Online Services Pvt have walked away from talks to acquire Souq.com after disagreeing over price, sources told Bloomberg. Souq.com is now seeking other potential investors and is reportedly negotiating with Majid Al Futtaim. Souq.com had appointed Goldman Sachs to find buyers for a stake last year […]
Posted inSpeed Round
Court ruling against Safwan Thabet does not affect company -Juhayna
The court ruling against Juhayna Food Industries Chairman Safwan Thabet concerns him personally, and does not impact companies where he is a shareholder, the company said in a statement yesterday. The EGX had temporarily halted trading on Juhayna’s stock and required clarification on the impact of the decision by the Cairo Criminal Court to place […]
Posted inSpeed Round
MasterCard to allow people to make payments using ID cards in Pakistan
Interesting things happening elsewhere in the world: MasterCard announced it is collaborating with Pakistan’s NADRA Technologies to optimize national ID cards with electronic payments functionality. “The move will allow Pakistani citizens to carry out financial transactions and receive government disbursements by utilizing the unique 13-digit identification number of their identity card. Citizens will also be […]
Posted inSpeed Round
CBE is looking into alternative strategies to gradually develop local auto industry
The CBE is looking to build up the auto-feeders industry: The CBE committee looking into developing a strategy for the auto industry is focusing on diversifying and advancing components manufacturing. It’s plan: starting first with less complex components such as tires, car batteries, and windshields, and gradually working towards more advanced products such as engine […]