Back to the complete issue
Wednesday, 23 January 2019

Apple eyeing investments in Egypt

INVESTMENT WATCH- Is Apple mulling an investment in Egypt? Apple Inc is interested in learning more about investment opportunities in Egypt, CEO Tim Cook told Prime MinisterMoustafa Madbouly on Tuesday on the sidelines of the World Economic Forum in Davos, according to an Investment Ministry statement. Cook said the company is open to cooperating with Egypt in educational technology and is open to holding further meetings. Madbouly also invited Cook to visit Cairo and kick the tires on potential investments in the new administrative capital. No details were provided on the nature, timing or value of any potential investment. Attending the meeting were Investment Minister Sahar Nasr, Trade Minister Amr Nassar and Finance Minister Mohamed Maait.

No word on ECA’s warning: The statement did not make clear whether the two sides addressed a warning late last year to Apple by the Egyptian Competition Authority. The ECA alleged that the world’s most valuable device maker may be in violation of antitrust regulations by restricting parallel imports by Apple authorized resellers.

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.