Tuesday, 7 April 2015

Pyramid scheme in Upper Egypt. State company IPO details by week’s end. Sand storm inbound. GCC deposits “within 2 weeks”. One-stop shop will take 18 months to ramp-up. E-Visa system in 6-7 months. No Whatsapp Voice in Egypt? Jay Z / Abdel Halim ‘Khosara Khosara’ case in US court.


Prime Minister Ibrahim Mahlab will meet with political figures today to discuss the electoral law, with an aim of seeing parliamentary elections by mid-June. Ahram Online and Al-Masry Al-Youm have more.

A sand storm is expected to sweep the Greater Cairo Area today, with temperatures rising to 38 degrees according the Egyptian Meteorological Authority. Temps will apparently stay high nationwide tomorrow before plunging into the low 20s on Thursday, where they will remain through the holiday weekend.

Speaking of which: banks, businesses and markets will be closed 12-13 April in observance of Coptic Easter and Sham El-Nessim.


Net reserve figures for March should be issued today or tomorrow.

Details of state company IPOs to be revealed this week: The government will list four public-sector companies on the EGX in the coming months, according to the Minister of Investment, including two unnamed state-owned petroleum companies, Ahram Online reports. The details of the first two IPOs are set to be announced this week.

The consultancy firm tasked with evaluating Ethiopia’s GERD is reportedly set to be selected and announced this week.


Alabbar’s role to change at Emaar Misr AGM on 20 April? Emaar Misr disclosed yesterday that shareholders will vote on 20 April on whether to amend chairman Mohamed Alabbar’s position on the board, as well as other proposed changes to the company’s corporate governance, according to a statement filed with the EGX. A company spokesperson declined to specify whether this meant Alabbar’s position might change in view of recent reports of shareholder dissatisfaction with the company founder’s outside business interests. Read the statement to the EGX here (in pdf) or check out Reuters’ report here, quoting a spokesperson as saying, “In order to create a proper corporate governance structure for the company, certain amendments have been made to positions at the board level.”


Interview with Minister of Education: In a lengthy telephone interview with Education Minister Moheb El-Rafie and Lamees El Hadidy discussed a number of topics including regulations for international schools, a new maximum number of absences requirement that will be implemented in public schools, training for teachers, ikhwani schools and the revision of the national curriculum.

“I really can’t understand why our system of education has deteriorated so drastically over the years. Can’t we just turn back the clock 25 years? My generation received a proper education. Why don’t we go back to the way things used to be,” said El Hadidy, who appeared skeptical about the Ministry’s efforts to revise the curriculum. “I’m not necessarily asking for innovation, we just want our kids to learn proper Arabic and Islamic history. This is a lost generation, they know nothing about the beautiful Arabic poetry and literature that is a part of our heritage. We grew up to be balanced, moderate and patriotic. I know people today who can’t write a proper Arabic sentence. Without education we will never advance.”

Cleanup of Downtown Cairo: El Hadidy also spoke to Cairo Governor, Galal El Saeed about the governorate’s ongoing effort to clean up downtown Cairo. Saeed said that the crackdown on street vendors has been successful but it is an ongoing battle. Today the focus is on Ramses Square where they are trying to remove microbus drivers and the remaining illegal vendors.

Massive pyramid scheme in Upper Egypt: Amr Adeeb spoke to Ahmad Mostafa a.k.a “El Mesterayyah” (which means comfortable or well-off), a so-called businessman from Qena who is currently being investigated for orchestrating Egypt’s most recent pyramid scheme.

“This young man who is being called the Rayan of Upper Egypt, began his business career selling prepaid phone cards. He has collected vast amounts of money from ordinary people in Upper Egypt. Some are claiming that he has collected up to EGP 2 bn and has been paying his investors 6-12% interest per month for the past five years,” said Adeeb.

El Mesterayyah was unclear about what exactly he invests in. The only concrete thing he mentioned was his attempt to acquire land from GAFI to build a fertilizer factory. His request for land was apparently refused. “I haven’t cheated anyone. I have contracts with all my clients. Anyone who invests with me can have their money back in full after 6 months.”

Minister of Investment Ashraf Salman called in to comment on the pyramid scheme. “Anyone who wants to invest in any project has to do so through formal channels, through the purchasing of shares. Investment has to be regulated and documented. I have heard different figures; some are saying that he collected 200 mn from one village alone and 360 mn from another.”

“This is not the first time we have seen a pyramid scheme in Egypt and it will not be the last. What’s interesting to note is that there is a lot of money in the country, money that is in the hands of ordinary citizens, outside the banking system. We are swimming in money,” said Adeeb. “The trick is to get this money working in proper channels. How do we bring it into the system.”

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GCC deposits at the CBE are set to arrive in two weeks, according to Investment Minister Ashraf Salman, who also announced that the ministry is liaising with the CBE and the Ministry of Finance to create a secondary market for treasuries, according to Al-Ahram.

There’s hope for summer yet: Now safely docked at Ain Sokhna Port, the Höegh Gallant FSRU will undergo testing and trial runs until Algerian LNG shipments arrive some time this week, a source at EGAS said. The FSRU is designed to receive and store LNG, which it then re-gasifies, and pumps into the national natural gas grid; the Gallant’s operations are sufficiently critical that they will be overseen directly by the Presidency and the PM’s office, the source added. The Gallant arrived with 160,000 cubic meters of LNG as part of a five-year contract inked last November to provide an import terminal. EGAs has, according toReuters, linked up LNG cargoes including 33 from Trafigura, nine from Vitol, seven from Noble, and six from Algeria’s Sonatrach, all to be delivered in this year and next, as well as a further 35 from Gazprom over five years.

State budget ahead of projections on fuel subsidy cuts: The fuel subsidy bill has fallen c. 39% y-o-y to approximately EGP 56 bn, according to an unnamed source at the Ministry of Petroleum, against the Petroleum Minister’s December forecast of a 30% decrease in FY2014-15, Al-Mal reports.

Grab your blood pressure medication: The one-stop investment shop will begin processing applications for agricultural projects within two weeks — that’s great, right? The catch is that the agency’s ability to expedite other investor paperwork is to be phased-in over the next year and a half. The news was delivered by Minister of Investment Ashraf Salman at an American Chamber of Commerce event as reported by Ahram Online. While the government will seek the assistance of the IFC and the World Bank for implementation, there’s no indication of when the facilitated licensing process will be available for other sectors.

Bourse chairman asks government to delay enforcing capital gains tax on EGX trades: The government should delay implementing the capital gains tax on transactions executed on the stock market, Mohamed Omran, the bourse’s chairman believes. Omran notes that the poor performance of the stock market does not allow for another tax to be imposed on investors. He cited the property tax as a precedent for the government delaying tax enforcement when economic conditions did not allow for it. Omran said the EGX is facing stiffer competition with exchanges in Saudi Arabia, Qatar, and the UAE opening and urged the government to not hamper the EGX’s competitiveness further still. (Read in Arabic)

E-visa system to be implemented within 6-7 months: Egypt plans to have an electronic visa system in place for individual travellers within six to seven months, the Tourism Ministry says. The announcement comes just days after the government postponed its deadline for requiring individuals travellers to obtain pre-arrival visas.

No Whatsapp Voice for Egypt? You can do internet voice and / or video calls on FaceTime, Viber and Skype, but the National Telecommunications Regulatory Authority isn’t sure Egypt is ready for the newly released Whatsapp Voice, Al-Masry Al-Youm reports. The service, which works so far only on Android handsets, is to be studied by a technical committee at the NTRA tasked with assessing its impact on the telecoms sector. Included in the assessment will be the Whatsapp Voice’s expected impact on the state treasury through foregone international calling revenues, a trigger that could see it banned in Egypt.

Labor action causes shutdown at Suez Cement’s Tourah plant: Operations have apparently come to a standstill at Tourah Cement, a unit of Italcementi Group’s Suez Cement, after some workers reportedly prevented management and other employees from entering the facility, according to a company statement cited by Al-Mal. Management decided put operations on hold due to safety and quality concerns and hopes the situation can be promptly resolved. No cause of the labor action has been publicly disclosed. The news comes not quite two weeks after Suez Cement announced (pdf) it would donate a total of EGP 30 mn to the Tahya Misr Fund over three years.

9.2 mn Egyptian children live in poverty: Per the latest from CAPMAS: Nearly half of the 22 mn Egyptians living in poverty are under the age of 17, and more than half of those children live in Upper Egypt.Egypt Independent has more.

One step forward, two leaps back for Christians: The President issued a decree yesterday to grant a license for the construction of an evangelical church in Maadi. The news comes in contrast with the situation in rural Egypt, which Samuel Tadros writes on once again for The National Review, due to the fact that in the space of the week that has passed, the exact same situation which took place in the village of Al Our outside Minya has happened again, this time in the village of El Galaa. Once again, the government has acquiesced to mob rule, undermining the state’s authority and indirectly and unintentionally encouraging further violations. More on this can be found in Samuel Tadros’ ‘In Egypt, Copts are being persecuted again.’

The legal feud over Jay Z’s sampling from Abdel Halim Hafez’s Khosara Khosara will finally see its day in court in the United States in October, The Guardian reports. While the estate’s complaint over copyright infringement may have merit, a little more difficult to prove would be damages for the compromising of moral values under Egyptian law, given the content of Jay-Z’s song lyrics over the sampled track.

PHOTO ESSAY: Talented AP photojournalist Mosa’ab Elshamy (@mosaaberizing) has a visually stunning look at daily lives — and health and safety conditions — of limestone quarry workers in Minya. The series is best viewed on your desktop, but works on the phone if you tap the first photograph and then scroll through subsequent images.  

YEMEN UPDATE- The conflict in Yemen looks nowhere near de-escalating, as Saudi Arabia has officially requested air, naval and ground support from Pakistan, The New York Times reports. The response of the Pakistani government thus far remains unclear. The same piece says 318 people in six provinces affiliated with Yemen’s branch of the Ikhwan, Al Islah, have been abducted by Houthi rebels. Meanwhile:

  • A plane loaded with 48 tons of medical supplies provided by the Red Cross was unable to land in Yemen on Monday due to the ongoing violence.
  • At least 525 Egyptians have fled Yemen since airstrikes began, the MFA reported yesterday. Evacuees are being directed to leave through the Al-Tawal crossing on the Saudi border.
  • India’s efforts to evacuate 1,000 of its nationals from Yemen has been so speedy and effective that over 23 countries have requested the country’s assistance in safely getting their own citizens out of the country, including Egypt.


‘Private equity: Recovery on the horizon’:  Zawya runs an article from Funds Global on the outlook for private equity in the MENA region for 2015. “… industry experts remain hopeful about 2015. They point to very real improvement in the economy of Egypt, which was always on the radar for investors prior to the 2011 revolution, and are confident about the UAE and Saudi Arabia, where local companies and capital markets are becoming more open to foreign investment and fiscal scrutiny … ‘The region does have a heightened risk of political instability and conflict. However, these risks are understood and managed by local fund managers,’ according to Imad Ghandour, managing director of MENA-based private equity firm CedarBridge Partners. ‘For example, many fund managers who invested in Egypt in 2012 and 2013 are reaping significant gains today, despite the currency depreciating.’” (Read)

Turkey blocked Twitter, YouTube and Facebook yesterday simply by the order of the country’s prosecutors and not a court order, as erroneously stated by Reuters, over the photograph of the slain prosecutor  Mehmet Selim Kiraz, who was killed by terrorists. Service resumed for both Twitter and Facebook, however YouTube as of the time of writing appears to remain blocked. The news came as Turkey deported a German photojournalist from Der Spiegel on suspicion of involvement in terror, Turkish media reported.

Saudi taking the long view in oil price game: The FT’s oil and gas correspondent has a solid analysis piece this morning in ‘Saudi strategy to retain oil dominance,’ which notes that far from pressing the ‘pause’ button amid presently low prices, the kingdom is continuing to invest in production capacity. Saudi, the paper says, is “running its energy sector hard, investing in oil, gas and refining and pushing for new business in troubled times, will enable Opec’s largest producer to retain its dominance.”

El-Erian: Markets are looking pretty bubble-like at the moment. In a wide-ranging interview with the Orange County Register, Allianz economic advisor Mohamed El-Erian covers everything from what he does when he wakes up at 3:30am now that he doesn’t go to work at that hour to his views on the market today. The entire interview is worth a read — if only for his thoughts on work-life balance — but the TL;DR:

Q: Where is your money? Stocks? Treasuries? Bonds?
A. It is mostly concentrated in cash. That’s not great, given that it gets eaten up by inflation. But I think most asset prices have been pushed by central banks to very elevated levels.

Q. So we’re nearing a bubble?
A. Go back to central banks. Central banks look at growth, at employment, at wages. They are too low. They don’t have the instruments they need, but they feel obliged to do something. So they artificially lift asset prices by maintaining zero interest rates and by using their balance sheet to buy assets. Why? Because they hope that they will trigger what’s called the wealth effect. That you will open your 401k, see it has gone up in price, and you’ll spend. And that companies will see their shares are going up and they will be more willing to invest. But there is a massive gap right now between asset prices and fundamentals.

** Save us from the tyranny of the calendar: Name the New Capital. Enterprise is opening up nominations for naming the newly proposed administrative capital, as we’ve nearly exhausted the calendar while naming the rest of Egypt. In fact, a calendar-based name would be just about the only thing worse than calling it The Capital Cairo.  The best nominations will be shortlisted and put up for a straw poll on our website soon. We’ll keep nominations open until next week — 16 April, to be exact. Shoot us your suggestions on editorial@enterprise.press with the subject line #downwiththecalendar — h/t Hassan B. for the contest idea and Hussein B. for the hashtag.


FRIENDS OF ENTERPRISE HIT SUDAN in this video by El-Sheikh Films. Marvel at the stunning underwater life. Grumble that you haven’t taken a vacation with such a tight-knit group of friends in a dog’s age. Be jealous they do this annually. Watch ‘Wehoush do Sudan 2015‘ (YouTube. Running time: 7:38).Now go do something about it.


The Qatari ambassador returned to Cairo just one week ago today. While some analyst and media types have been praising this second attempt at rapprochement as if it were anything other than fleeting and illusory, it seems that the Qatari authorities simply could not contain themselves — even for a week. It is unclear if they had banked on no one reading their reprint of Robert Kagan and Michele Dunne’s ‘The Nixon Doctrine,’ given that no one has ever heard of the Qatari publication The Peninsula, or perhaps that they were simply hoping no one would be able to make out their tiny font, which was most likely manually typeset by little enslaved elves that fit in the palm of your hand who long ago had their passports taken away and were told they could never again leave Qatar.

The piece has been reprinted under the title ‘Obama repeats old US mistake in Egypt.’ This backsliding to their old ways should come as no surprise to anyone, except perhaps for certain individuals who give bizarre interviews to the Daily News Egypt who will go unnamed. It should also come as no surprise to anyone who has accidentally stumbled upon a blog named “Al Jazeera America,” which has its Egypt coverage under a section titled ‘Egypt in Turmoil.’ However, we are open-minded, and are always willing to give second, third, fourth and fifth chances. It is in this spirit of Sunni-brotherly-military-alliance-whatever that we are more than happy to present a video message of friendship from the rulers of Qatar to the Egyptian people: (Watch, running time: 2 minutes)

‘The Long U.S.-Egypt Goodbye’: CFR’s Turkey and Egypt-specialist Steven A. Cook argues in The National Interest that the rationale behind the Egyptian-American is no longer applicable, and is more or less in its death throes: “ The U.S.-Egypt relationship has been in search of a purpose well before Mubarak fell from office five Februarys ago. The bases for the strategic relationship have weakened or disappeared …” (Read)


NBE posts record-high net profit for FY14, but lags behind in corporate and retail loan growth.

Egypt’s largest bank, the National Bank of Egypt (“NBD”), recorded 23% growth in its bottom line, posting a Net Profit after Tax of EGP 3.7 bn in 2014. NBE, however, lagged behind private-sector banks in terms of the recovery in core corporate operations. Pitted against Commercial International Bank (“CIB”), for example, NBE recorded only 3% growth in its corporate loan portfolio compared to CIB’s 14.7%. Meanwhile, retail loan growth stood at 18% for NBE, almost half of CIB’s 30.8%. We believe that this falls back to the bulk of NBE’s deposit growth being channeled  to government-issued securities, owing to its historic role of funding both the budget deficit and state-owned corporations. (continue reading here)


Foreign Minister Sameh Shoukry received a phone call from U.S. Secretary of State John Kerry on Saturday, according to a statement from the MFA, which states that the two discussed the ongoing crises in Yemen and Libya, as well as the recently signed framework agreement between Iran and the P5+1 states.

Minister Shoukry will visit Prague from 16-17 April to discuss bilateral relations with his Czech counterpart and the country’s Prime Minister, the Czech Republic’s Ambassador to Cairo said.

Morocco to lead joint Arab military force, according to headline that has nothing to do with its accompanying article, or reality: Morocco World News runs a misleading headline implying that Morocco will lead the proposed joint Arab military force, when in actuality it will be commanded by a Saudi general, as both the Morocco World News article and its source Defense News clearly states.


Any economy faces many policy trade-offs including an impossible trinity where it is impossible to have all three of the following at the same time: a stable FX rate, free movement of capital, and an autonomous monetary policy. Michael Bordo and Harold James show that this trilemma could be just as easily applied to issues of financial stability, democracy, and international order. The authors conclude that “[t]hinking about a broader concept of democracy in an international setting reduces the political logic of a zero-sum game mentality in which one country’s gains can only be achieved through losses imposed on others. A larger security umbrella can therefore provide a framework for a system of rules about capital movement and a framework for stability that would limit or circumscribe the destructive capacity of capital mobility fuelled credit booms. But such grand compacts… are hard to achieve without a substantial measure of fear… The sad lesson of Bretton Woods is that things need to be extremely dangerous before a political dynamic of reform develops. It may be that today’s world, for all its anxieties, is simply not obviously dangerous enough.”


ACWA Power sets up three companies for renewable energy investments in Egypt
Al Mal | 06 April 2015
ACWA Power has finalized the process to set up three companies to channel its renewable energy investments in Egypt, according to NREA. The companies are expected to invest USD 300 mn in total in wind and solar energy production. The company has already paid EGP 80 mn to link its prospective projects to the national electricity grid. A source at NREA said land for ACWA’s projects has already been allocated. (Read in Arabic)


56 E&P agreements inked since November 2013 are worth a combined USD 12.1 bn, says oil minister
Al-Borsa | 06 April 2015
Oil Minister Sherif Ismail said yesterday the Egyptian government has signed a total of 56 oil and gas explorations agreements between November 2013 and March 2015, amounting to USD 12.1 bn in fresh investment. Since signing these agreements, companies have drilled 254 exploration wells throughout the republic. The ministry hopes to increase exploration activities in order to help the country overcome its chronic energy shortages, added the minister. (Read in Arabic)

PM Mahlab visits Rashpetco’s operations, inaugurates production linkages
Al Masry Al Youm | 06 April 2015
PM Mahlab visited the liquefaction and production operations at Rashpetco and in Rosetta. The PM’s visit comes to inaugurate the linking of nine wells from the Borollos WDM concession to BG’s liquefaction networks. BG Egypt’s President, Arshad Sufi, accompanied the PM during his visit. Residents of areas nearby had asked the PM to give them time to air their grievances and list their complaints. (Read in Arabic)

Shell expands in Western Desert concession project to 153 wells
Al Mal | 06 April 2015
Shell is now running 153 wells in its Western Desert concession, Al Mal was informed. Through its JV, Bapetco, Shell currently runs 80 crude-producing wells and 73 that produce natural gas and is planning on expanding its upstream activities further still. Bapetco’s output reached 130 thousand barrels of crude and oil equivalent per day. (Read in Arabic)

Sea Dragon to invest USD 25 mn in its South Ramadan concession, USD 9 mn in Dessouk
Al Mal | 06 April 2015
Sea Dragon announced its intention to increase investments with PICO and EGPC at the South Ramadan concession in the Gulf of Suez to USD 25 mn. The companies are currently finalizing technical studies on-site and are set to drill the first well next year. The South Ramadan concession is 50% controlled by EGPC, 12.75% by Sea Dragon, and 37.25% by PICO. Sea Dragon has also increased spending on its exploration activities at its Dessouk concession to USD 9 mn. The company is looking for a contractor to conduct the seismic mapping for the site. (Read in Arabic and here)

PICO to begin second phase of developing the Amal Development Lease
Al Mal | 06 April 2015
PICO, through its JV Amapetco is preparing to begin the second phase of developing its offshore Amal Lease. The phase, which will take two year for completion, entails building a new platform at a cost of USD 75 mn and has already assigned the project to a contractor. The company aims to drill nine new sites after completing the platform’s construction. The first phase of the project is now being run following USD 180 mn in investments as the company seeks to develop its infrastructure network and aims to be able to store its crude out at Petrogulf’s facilities instead of EGPC. (Read in Arabic)


CBE to extend supplies ministry letters of credit to import cooking oil
Amwal Al Ghad | 06 April 2015
The CBE has agreed to extend the Ministry of Supplies letters of credit to allow it access to foreign currency liquidity needed to import cooking oils. The increased imports are aimed at increasing the capacity of the Food Industries Holding Company. The news came through the supplies minister, Khaled Hanafy, who also alleviated any concerns regarding sugar supplies noting that Egypt did not have to import any additional quantities. (Read in Arabic)


Mintra Egypt targeting USD 120 mn in sales in 2015
Al Borsa | 06 April 2015
Mintra Egypt, a paper products manufacturer, is targeting USD 120 mn in sales revenues in 2015, according to Mintra Egypt GM Hani Cassis as quoted by Al Borsa. The company is targeting a 35% y-o-y growth and a doubling of sales through building a detergents factory and a textiles plant. Cassis expects operations in the two plants to begin in 2H2015. (Read in Arabic)


Ministry of Health: 44,000 Hep C patients treated with Sovaldi
Al Mal | 06 April 2015
Dr. Waheed Dos, head of the ministry of health’s National Committee to Combat Viral Liver Disease, announced at the Egyptian Society for Endoscopy Conference today that the number of registered users receiving Hepatitis C government-sponsored treatment have reached 44,000 patients. In addition to Sovaldi, the drug currently in use, Dos also announced that a number of new drugs will be heading to market in the near future, citing one produced by AUG Pharma. According to the general secretary of the society, Dr. Siraj Al Din Zakaria, up to seven new drugs treating Hepatitis C with a success rate greater than 90% will be ready for market. (Read in Arabic)


Housing ministry allocates third phase homes of mn units’ project
Al Borsa | 06 April 2015
The Ministry of Housing will begin allocating housing units to applicants eligible for the third phase of the mn units’ project. The allocation will take place after all applications are considered and the ministry will begin inputting the data for applicants for the fourth phase. Units will be delivered to the applicants upon completion and the cabinet of ministers had raised the eligibility age to 50 from 45 and extend the tenor of the allowed mortgage financing to 20 years from 15. (Read in Arabic)


Local banks deny restrictions on providing USD 100 notes
Daily News Egypt | 05 April 2015
Following multiple rumors over the past few weeks, local banks denied receiving any instructions from the CBE to not hand out any USD 100 bills to clients. “No such instructions were issued. These are mere rumors,” said Ahmed El Khouly, head of treasury at the Housing and Development Bank told DNE. According to circulated rumors, the limitations were to reduce foreign currency smuggling and curb the black market. (Read)


Sinai Development Law to be amended to accommodate Suez Canal project zone
Al Mal | 06 April 2015
The 2012 Sinai Development Law will be amended to accommodate the new Suez Canal project zone (sometimes referred to as SCZone) investments that will be governed by the special economic zones’ law, according to the CEO of Dar Al Handasah. The amendments will relate to how land is allocated given the status quo only allows non-Egyptians land on a right-to-use basis for a maximum of 30 years, which is at odds with the special economic zones’ law as it allows it for 49 years. Dar Al Handasah also noted that the government is seeking more private sector involvement in the project, with the President giving asking for the construction operation at the East Port Said Port to be accelerated. (Read in Arabic)

Giza Power looks to complete purchase of Giza Electrical Cables
Al Borsa | 06 April 2015
Giza Power, a joint venture between Pioneer Holdings and Electro Cable, is set to acquire Giza Electrical Cables, a factory that is wholly owned by prominent Egyptian businessman, Hisham El Sewedy. Early last week, Pioneer Holdings and Electro Cable agreed to acquire Giza Electrical Cables from Elsewedy for EGP 280 mn. A third of this amount will be paid in cash, while the remainder will come in the form of Pioneer Holdings’ equity. (Read in Arabic)


Revenue from Goods and Services Tax rises in FY 2014/2015
Al Mal | 06 April 2015
Egypt’s tax on goods and services generated EGP 74.5 bn in government revenue in the period spanning from July 2014 to February 2015. This is a significant rise from the EGP 49.3 bn during the same period a year earlier. (Read in Arabic)

Azerbaijani business delegation to visit Egypt: Minister of Commerce and Industry
Al Masry Al Youm | 05 April 2015
An Azerbaijani business is set to arrive in Egypt in the upcoming months in order to examine investment opportunities in the country, revealed Mounir Fakhry Abdelnour, the Minister of Commerce and Industry. The business delegation will be made of 50 individuals representing many of Azerbaijan’s largest corporations, added the minister. (Read in Arabic)

President El Sisi allocates EGP 500 mn of Tahya Masr Fund to aid neediest villages
Al Mal | 6 April 2015
President Abdelfattah El Sisi held a meeting today with representatives from some of the leading NGOs, civil society organizations, and charities do discuss means of better coordinating efforts, resource allocation, and how to better strengthen their endeavors. According to a statement by the spokesman for the president, the meeting concluded with the president announcing the allocation of EGP 500 mn from the Tahya Masr fund to help provide development to some of Egypt’s neediest villages. Among the organizations attending the meeting were the Magdy Yacoub Foundation, the Orman Foundation, the Sawiris Foundation for Social Development and the Vodafone Egypt foundation. (Read in Arabic)


Arab Contractors and GCC submit joint-bid for Nile basin projects: The Arab Contractors and GCC will submit a joint bid for the execution of several irrigation network projects spanning three Nile basin countries, namely Kenya, Ethiopia, and South Sudan. The projects, according to a representative from GCC, aim to limit Nile River water loss. Financing for the projects will provided in the form of loans and grants from the African Development Bank and the UNDP. (Read in Arabic)

Limited quantities of Egyptian gas begin reaching Jordan: Egypt has pumped limited quantities of natural gas to Jordan recently, a source told Jordanian news website Al Ghad, without specifying exact quantities. Supplies of Iraqi oil to Jordan have halted since December 2013 due to security concerns. (Read in Arabic)

President Abdel El Fattah El Sisi met yesterday with Sheikh Ossama Al Azhari, who chairs the Council for Social Development, to discuss the role the Council should play in building a more balanced and contemporary Islamic mindset based on tolerance of other faiths and moderation. (Read in Arabic)

Ittihadiya: The state budget will not bear any costs or expenses pertaining to the new capital. (Read in Arabic)

Egyptian Power & Electricity Summit to take place from 10-11 June to address energy shortfall:The summit is supported by the Ministry of Electricity & Energy, and seeks to address Egypt’s ongoing energy challenges, according to a release. The electricity minister is listed as a keynote speaker, as are a number of officials from the NREA and World Bank senior energy specialist Mohab Hallouda, among others. The official website for the event may be found here.

The 11th Al Mal-GTM Money and Finance Conference will take place from 21-22 April at the Nile Plaza Four Seasons Hotel. The stated purpose of the conference, being held under the auspices of the Cabinet, will be to provide an open forum to discuss the way forward following the success of the EEDC. The event will reportedly feature representatives from 20 different government entities and ministries. Last years’ conference witnessed the participation of over 1,300 delegates. Contact +20 (0)3749 1734 / 8 / 9 or info@almalgtm.com for more details.

The Arab Fund for Arts and Culture (AFAC) Film Week 2015 will be held this year at arthouse cinema Zawya, in the renovated Odeon Theater in downtown Cairo from Wednesday, 15 April to 22 April. The festival will feature movies by filmmakers from throughout the Arab world, with most films being screened with the director in attendance. Find the complete schedule of films at AFAC’s official website here, and check Zawya’s website here for more information about the theater, including directions.

Meanwhile, in La-La Land: The Islamist “Egyptian Revolutionary Council” decided to once again name Dr. Maha Azzam as its Chairman, and Councilor Walid Al Sharabi as her deputy. The council posted a statement after its assembly, which also included the remainder of the members and their positions, as well as its work plan. Dr. Azzam proceeded to thank the members for their confidence in her and declared that the Council will keep fighting until the ‘current regime’ is toppled, Al-Mal reports

Game of Thrones author George R.R. Martin has released a chapter from his upcoming sixth novel from the planned seven-novel series. Readers may find the chapter here. Keeping track of the death count on the show can be a bit taxing, which is why The Washington Post has published this very detailed infographic to help.


USD CBE auction (Monday, 06 April): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Monday, 06 April): 7.64 (unchanged from Sunday, 05 April)

EGX30 (Monday): 8,508.24 (-1.16%)
Turnover: EGP 565.6 mn (11% below the 90-day average)

WTI: USD 51.73 (-0.79%)
Brent: USD 57.72 (-1.03%)

TASI: 8,618.6 (+0.3%)
ADX: 4,553.7 (+0.3%)
DFM: 3,710.5 (+1.2%)
KSE Weighted Index: 423.2 (-0.4%)
QE: 11,731.6 (-0.3%)
MSM: 6,297.5 (+0.2%)


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.