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The Finance Ministry was allegedly behind the scrapping of private free zones, an unnamed source told El Watan, claiming that the ministry was primarily concerned that private free zones could become hotbeds of corruption. The head of the importers’ division at the Cairo Chamber of Commerce told the newspaper separately that private free zones are […]
Author Archives: enterpriseam admin
Posted inSpeed Round
Finance Ministry amends law to allow contractors to reprice contracts every 3 months
Good news for government contractors: Finance Minister Amr El Garhy will allow government contractors to revise their pricing in line with movement in the FX rate every three months instead of every six, as was previously the case, Al Mal reports. The minister signed off on the change in amendments to the executive regulations to […]
Posted inSpeed Round
Parliament approves directing EGP 0.40 of VAT from cigarettes towards healthcare
Sin tax to support healthcare spending: The House of Representatives has approved a bill that will see EGP 0.40 of the VAT on each cigarette pack sold be directed towards healthcare, Aswat Masriya reported. Also yesterday: The Health Ministry has allocated EGP 8 bn to develop and renovate public hospitals over the next two years, […]
Posted inSpeed Round
House approves establishment of national food safety authority
The House of Representatives voted yesterday in favor of a bill that will see the establishment of a national food safety authority to monitor products in the market and ensure their compliance with set health and safety standards. According to Ahram Gate, the authority will report directly to the presidency. The head of the new […]
Posted inSpeed Round
MNOs place limits on number of TE clients on each of their networks
Mobile network operators, Telecom Egypt still dancing around infrastructure sharing agreement: The three existing mobile network operators (MNOs) have submitted their pricing formula for allowing Telecom Egypt (TE) to use their 2G and 3G networks. The proposal would cap the total number of TE subscribers who could be active on the rented infrastructure, sources told […]
Posted inUncategorized
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Posted inTHE MACRO PICTURE
Events to watch for in 2017
Following on the Financial Times’ list of events that would set the tone for the year, economist Tyler Cowen published his own list of what emerging market watchers should keep an eye on in 2017. The list, similar to the FT’s, keeps an eye on presidential elections in Iran and whether Xi Jinping will overturn […]
Posted inEGYPT IN THE NEWS
Suicide judge case will be on international media’s radar today
The suicide while in custody of the secretary-general of the Maglis El Dowla is the leading news item on Egypt, complete with the use of quote marks around “kills himself” (BBC) and “hanged himself” (Al Jazeera). Most major news outlets are picking up wire copy, particularly from Reuters). That could change in the days ahead: […]
Posted inWhat We're Tracking Today
EGP strengthens 4% to 18.3817 on Thursday
The EGP strengthened noticeably on Thursday, rising just over 4% to a market average sell rate of 18.3817 to the greenback from 19.1723 the day before. One day does not a trend make, but we confess to having breathed a sigh of relief.
Posted inWhat We're Tracking Today
What Enterprise readers expect of 2017
Speaking of the exchange rate: More than 40% of you are budgeting for a USD : EGP exchange rate at EGP 18.51 or above, but only one third of you see the currency staying in that band by midyear. Our latest reader survey also found that almost half of you see your company or fund […]