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Thursday, 28 December 2017

What we’re tracking on 28 December 2017

2017 is coming to a close. We’d like to wish our readers a very happy New Year. This will be our final issue of Enterprise for 2017.

The banking sector and EGX are officially off this coming Monday in observance of the first day of the New Year, state news agency MENA reports.We’ll be taking the day off as well and returning to you with our first full 2018 edition of Enterprise on Tuesday, 2 January.

It’s interest rate day: The central bank’s Monetary Policy Committee convenes today to review key interest rates, with the emerging consensus being that the meeting won’t see interest rates cut after a surprise m-o-m surge in inflation in November.

The Finance Ministry will announce today the names of five joint lead managers for the USD 3-4 bn USD-denominated eurobond issuance set to take place at the end of January or in early February, Minister Amr El Garhy tells Al Borsa. 22 international banks, including “all the big names,” had submitted offers, El Garhy previously said. Some of the names we’re hearing include BNP Paribas, JP Morgan, Goldman Sachs, and Morgan Stanley.

Egyptian banks funded USD 70.8 bn-worth of trade finance transactions since the EGP float last November and until 14 December this year, the central bank announced yesterday in a statement carried by Al Masry Al Youm.

Orascom Hotels and Development has received the bourse’s green light for its name change to Orascom Development Egypt. The amendment was reflected on the bourse’s database as of yesterday, according to Al Borsa

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.