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Monday, 1 October 2018

Your top 5 for September

We interrupt this time warp to give the five most important business and economy stories out of Egypt in September (2018, that is):

  • Noble Energy, Delek, and Egypt’s East Gas sign agreements paving the way for gas exports to Egypt — a milestone moment in Egypt’s drive to be a regional energy hub.
  • Egypt called off its fourth treasury bond auction as yields climb amid the emerging markets selloff.
  • The EGX30 dropped 3.6% — its lowest level since January 2017 — following the arrest of Gamal and Alaa Mubarak on charges of stock market manipulation.
  • The Egyptian Competition Authority (ECA) publicly warned Uber and Careem against a merger, which sources said was ongoing and could potentially be worth USD 2.5 bn.
  • Advisers for the first two share sales of the state privatization program chosen: HSBC has won the mandate to lead the Alexandria Mineral Oils Co. (AMOC) sale, EFG Hermes to lead Eastern Company.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.