Back to the complete issue
Sunday, 17 January 2021

Also on our radar on 17 January 2021

Some 25k stores and cafes have been temporarily shut down for not complying with new seasonal opening hours that went into effect on 1 December 2020, according to a Local Development Ministry statement. Winter hours require shops to close at 10pm and restaurants and cafes at midnight. Summer hours start on the last Thursday of April (mid-Ramadan this year) and winter hours on the last Thursday of September. We have more on the hours here.

Other things we’re keeping an eye on this morning:

  • Arabia Investment Holdings sold all of its treasury stock last week, reeling in EGP 45.5 mn for the 67.5 mn shares it had originally purchased for EGP 19.4 mn.
  • Steel rolling mills again demanding the government reverse its decision to impose import tariffs on iron billet, saying the fees are causing raw material shortages that could cause the closure of plants.
  • The Red Sea Water company inaugurated a new wastewater treatment plant in Marsa Alam with a daily capacity of 700 cbm to be used for irrigation.
  • The Social Solidarity Ministry is considering adding 500k beneficiaries to the Takaful and Karama welfare programs in FY2021-2022.

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.