{"id":568698,"date":"2020-02-02T04:32:02","date_gmt":"2020-02-02T04:32:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/02\/what-were-tracking-on-2-february-2020-2\/"},"modified":"2020-02-02T04:32:02","modified_gmt":"2020-02-02T04:32:02","slug":"what-were-tracking-on-2-february-2020-2","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/02\/what-were-tracking-on-2-february-2020-2\/","title":{"rendered":"What we\u2019re tracking on 2 February 2020"},"content":{"rendered":"

enterprise<\/p>\n

The business community is mourning Khaled Bichara<\/strong>, who tragically passed away on Friday in a car accident<\/a> on the Ring Road near El Remaya Square. Bichara was an iconic startup founder who went on to become CEO of Orascom Development Holding and co-founder and CEO of tech-focused investment firm Accelero Capital<\/a>.<\/p>\n

Bichara, 48, kicked off a storied career when he founded internet service provider Link Company<\/strong> a few years after graduating from AUC<\/a> with a BSc in computer science. The company launched MSN Arabia in partnership with Microsoft at a time when \u201cweb portals\u201d were cutting edge and went on the first tech-flavoured M&A rollup in Egypt before later becoming Mobinil\u2019s ADSL arm.<\/p>\n

A fixture in the Orascom empire and close associate of Naguib Sawiris<\/strong>, Bichara went on to lead the fixed line and portal business unit at Italy\u2019s at Wind Telecomunicazioni<\/a>, a subsidiary company of Sawiris\u2019 Wind Telecom<\/a>, where he later served as COO. Bichara was later CEO of Orascom Telecom and helped lead the USD 6.6 bn merger<\/a> of Wind and VimpelCom, which created what was at the time the world\u2019s fifth-largest mobile operator with some 174 mn subscribers.<\/p>\n

Bichara was an enthusiastic supporter of young entrepreneurs <\/strong>and shared his experience<\/a> in interviews and social media posts on best practices for startups in Egypt and abroad<\/a>.<\/p>\n

Members of the community wishing to pay their respects<\/strong> may do so at a funeral service scheduled for tomorrow (Monday) at St. Mark\u2019s Cathedral, Heliopolis, at 12pm CLT. The family will receive condolences on the same day at the Virgin Mary Church, Zamalek, from 6pm CLT. He is survived by his wife Marianne and sons Sherif and Galal.<\/p>\n

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International stories dominate the headlines this morning<\/strong>, with news of a GERD agreement between Cairo and Addis Ababa, the global spread of a novel coronavirus and The Donald\u2019s latest on the Israel-Palestine conflict dominating headlines. We have the rundown on all three stories in this morning\u2019s Speed Round, below.<\/p>\n

Investors\u2019 federation to meet Maait this week to lobby for tax changes: <\/strong>Top representatives from the the Egyptian Federation of Investors Associations will be sitting down<\/a> with Finance Minister Mohamed Maait this week to air their grievances about the country\u2019s tax system, which is expected to be getting a face-lift soon with a new income tax law<\/a>. The federation is looking to abolish real estate taxes on industrial land, which businesses have for years<\/a> been lobbying for, as well as ending the practice of freezing investor bank accounts for late tax payments. The investors will also bring up the 0.25% levy on company toplines to fund the government\u2019s new universal healthcare system. Members of the association say the fee should only be paid by businesses operating in governorates where the system has been rolled out.<\/p>\n

News triggers<\/strong> to keep your eye on over the coming weeks:<\/p>\n