TL;DR

CBE changes how the FX auction allocates currency (Speed Round)

Dolphinus Holdings expects to ink a final agreement for natural gas imports; some Israelis are protesting to keep the gas at home (Speed Round)

Sisi administration raises growth forecast to 5.5% for FY2015-16 (Speed Round)

Fi Hob Masr sweeps party list seats, while individual seats are swept by Free Egyptians and Mostaqbal Watan (Speed Round)

Nassef Sawiris is about to become an activist investor targeting up to 10 European companies at a time (Speed Round)

Nine Luxor police officers arrested on charges of beating Talaat Shabeeb to death (Speed Round)

No slowdown in investment in Egypt’s booming supermarket sector (Real Estate)

National team fails to make it to Rio Olympics after loss to Mali (Sports)

By the Numbers + Pharos upgrades view on Egyptian equities to “Neutral”

WHAT WE’RE TRACKING TODAY

There will be 98 mn of us walking Earth as of 9:55 pm CLT today, according to CAPMAS. That’s 90 mn within Egypt’s borders, and 8 mn living as expats.

WHAT WE’RE TRACKING THIS WEEK

The Markit / Emirates NBD Purchasing Managers Index for Egypt, Saudi and the United Arab Emirates will be released at 7:30am CLT. You’ll be able to find them here when they’re out.

The new Cairo Airport Museum is set to open on Monday, according to Antiquities Minister Mamdouh El-Damati speaking to AMAY. News of the opening hasn’t been treated too kindly in the foreign press, with travel site Skift’s ‘Egypt Will Open a Museum Inside Increasingly Quiet Cairo Airport‘ prefacing the article with a quote by Skift co-founder Jason Clampet that reads: “Egypt can’t seem to get anything right, and it’s a shame,” followed by a line or two about the news and capped off with the standard Egypt boilerplate. The Telegraph helpfully closes out their coverage with a timeline of all terror-related events in Egypt dating back to 1993.

Wednesday: President Abdel Fattah El-Sisi will meet his counterparts from Greece and Cyprus at a tripartite summit in Athens. Talks will focus on a basket of issues including the regional security climate, containing Turkey and — we would presume — cooperation on energy issues. It’s the third heads-of-state meeting between the three this year, after earlier get-togethers in Egypt and Cyprus.

The RiseUp Entrepreneurship and Innovation Summit 2015 kicks off on Saturday and runs through Sunday night at the Greek Campus. Register online here — we hope to see you there.

MEED’s Egypt Mega Projects Conference take place Tuesday and Wednesday at the Four Seasons Nile Plaza, on Tuesday and Wednesday.

Otherwise, it’s almost all renewables, all the time this week on the conference front:

• Sunday: Day one of Solar-Tec at the Cairo International Convention Center. The conference runs through Tuesday.
• Tuesday: The two-day Mega Project Conference showcasing energy and infrastructure projects begins.
• Thursday: The Middle East Solar Industry Association’s Solar & Energy Storage Middle East 2015 and Solar Energy Awards 2015 take place back-to-back in Dubai.

A tripartite meeting involving the foreign and irrigation ministers of Egypt, Sudan and Ethiopia has been postponed to 11-12 December, having originally been set to run from today until Monday in Khartoum, according to a statement (Arabic) from the Ministry of Foreign Affairs. The postponement was requested by the Ethiopian government, the statement reads.

ON THE HORIZON

Interest rate watch: The U.S. Federal Reserve is widely expected to raise interest rates when it meets 15-16 December (that’s starting a week from this coming Tuesday). The Central Bank of Egypt will also meet next week, convening on Thursday, 17 December for its first session Tarek Amer assumed the governorship.

LAST NIGHT’S TALK SHOWS

Whatever happened to the media law? It was an unusually quiet night on talk shows, mirroring the ongoing lull in national news. Journalist Syndicate boss Yehia Qalash spoke to Lamees El Hadidy on CBC Egypt over the phone with regard to a letter sent by the syndicate to President Abdel Fattah El Sisi. The letter urges the release of the much debated and discussed media law. Qalash highlighted the urgency of the law’s release, saying the its continued absence is already set to cause problems in the appointment of heads of state newspapers next month. Speaking more broadly, Qalash decried the lack of organization resulting from operating without a cohesive media law.

Following the call, El Hadidy endorsed the syndicate’s position, saying the law was completed three months ago and sits in a desk drawer, awaiting the Cabinet’s ratification. Acknowledging the law is yet to be reviewed by the incoming House of Representatives, El Hadidy echoed Qalash’s comments that the domestic media needs the law now to govern its activities.

While the specific topic of jailed journalists did not come up during the phone call, it is a pressing issue in the background in the absence of a media law, especially when considering that the use of pre-trial detention has all but negated Article 71 of the constitution, leaving journalists to work in a legal grey zone with no clearly defined and consistent boundaries. What also did not come up during the discussion but certainly weighed on it without being said was the recent high-profile arrest of the owner of the privately-held newspaper Al Masry Al Youm Salah Diab, in addition to numerous other cases which have been highly publicized in domestic and international media.

During a meeting last Wednesday, the Freedoms Committee of the Journalist’s Syndicate began a campaign seeking the release of detained journalists and more immediately, for an improvement in their conditions while detained, according to a statement released by the syndicate (Read in Arabic). According to the release, the syndicate puts the total number of detained journalists at 32 individuals, 18 of whom are explicitly being held on press charges.

** SHARE ENTERPRISE WITH A FRIEND **

Enterprise is available without charge — just visit our English or Arabic subscription page, depending on which edition you would like to receive. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT (8am for Arabic), and all we ask for is your name, email address and where you hang your hat during business hours.

SPEED ROUND

The CBE will hold its three regularly-scheduled foreign exchange auctions this week, one each on Sunday, Tuesday and Thursday, but with new guidelines that will see the CBE apparently prioritizing the allocation of USD to banks based on their effectiveness in meeting clients’ FX needs, particularly those of smaller businesses, Al-Mal reports. The sudden scrapping of the previous quota system has sparked uncertainty in the banking sector, the newspaper says, and only 14 institutions received USD 39.3 mn at Thursday’s auction, with the auction price unchanged at 7.7301. The CBE may be intentionally trying to confuse the market in a bid to shake out speculators, according to bankers speaking to Reuters. Some insiders, including Emirates NBD Bank-Egypt deputy MD Sahar El Dematy, feel that the move places the onus on banks to explore their own means of securing USD for clients instead relying solely on the CBE.

Banque Misr is looking to ink USD 250 mn facility with GCC based consortium: Banque is about to secure a three-year, USD 250 facility from a syndicate led by Bahrain’s ABC, announced Banque Misr Chairman Mohamed El Etreby. It’s the first time since 2011 that Banque Misr has resorted to the international credit market. The bank had taken a six-month USD 50 mn loan from the African Development Bank finance SME projects. (Read in Arabic)

Dolphinus Holdings expects to ink a final agreement for natural gas imports from Israel’s Leviathan field in the next four to six months, after receiving necessary clearance from the Egyptian government, co-founder Khaled Abu Bakr said by phone from Paris, reports Bloomberg. Dolphinus has the support of a “large shareholder” in the Arish-Ashkelon pipeline, which links Israel to Egypt’s Arab-Gas Pipeline, and is discussing transportation fees, Abu Bakr said, without naming the shareholder. “We’re betting on the liberalization of Egypt’s energy market that will allow the private sector to import its own gas,” Abu Bakr said. As we had previously reported, Dolphinus, co-founded by Abu Bakr and Egyptian businessman Alaa Arafa, is negotiating with partners in the Leviathan field to buy as much as 4 bcm of natural gas a year for 10-15 years.

Meanwhile, thousands took to the streets in Tel Aviv on Saturday to protest the larger gas-export framework agreement between the Israeli government and the Leviathan partners, Haaretz reports (paywall). Protesters are demanding the gas be kept for domestic consumption at lower prices. The protest group also plans to picket the Knesset on Tuesday, when Israeli prime minister Benjamin Netanyahu is scheduled to appear before its economic committee.

The Sisi administration has raised its growth forecast to 5.5% for current state fiscal year, up from a previous outlook of 5.0%. The piece quotes Planning Minister Ashraf Al Araby as noting on Saturday that, “Total GDP for fiscal year 2014-15, which ended in June, was EGP 2.4 tn (USD 307 bn). …The economy has responded favourably to reform processes put in place by the government and economic stimulus measures that have injected huge additional investments into labor-intensive infrastructure projects.” Reuters has the story in English or in Arabic.

Elections committee: 28.3% turnout in both rounds of elections, For the Love of Egypt electoral alliance wins all 120 contested bloc-based seats: With elections fatigue deep in our bones, 28.3% of eligible voters turned out to cast ballots for the House of Representatives, the High Elections Committee (HEC)’s Ayman Abbas said at a press conference on Friday. Turnout was highest in North Sinai (41.6%), while the lowest was Suez’s (18.1%). In terms of parties, the Free Egyptians took the top spot with 65 seats, followed by Mostaqbal Watan [Future of a Homeland] Party with 51 seats. In October, we mentioned The Atlantic Council’s Sarah El Sirgany’s profile on the 24-year old founder of Mostaqbal Watan, Mohamed Badran: The 24 Year Old Party Leader who Seeks to Rule Egypt. Badran’s party was followed by 32 seats for Wafd, and 11 in total for the Salafist Nour Party. Results from the first phase of voting for 13 individual seats across the governorates of Alexandria, Beheira, Damanhour, and Beni Suef were voided by administrative courts.

… On Friday, the US State Department put out a statement on the elections, expressing concern “about low voter turnout and limited participation by opposition parties. The United States continues to have concerns about limits on freedom of peaceful assembly, association, and expression and their impact on the political climate in Egypt, and calls upon the Government of Egypt to ensure these fundamental freedoms.”

EBRD arranges USD 170 mn facility to oil services company, strengthens safety and environmental standards in Egypt’s energy sector: The European Bank for Reconstruction and Development (EBRD) led and arranged a syndicated loan of USD 170 mn to oil services company Advanced Energy Systems SAE, according to a release from the Bank. Part of the loan includes a USD 25 mn Islamic finance tranche together with Arab International Bank. Financing for the facility will also be provided by Société Arabe Internationale de Banque, Al Ahli Bank of Kuwait, Credit Libanais S.A.L., AlexBank and the Federated Project and Trade Finance Core Fund. The facility comes with a policy program on the adoption of health and safety standards for the oil and gas sector in Egypt.

Nassef Sawiris is about to become an activist investor with a special focus on European companies, according to an exclusive from Reuters. The move comes as part of a partnership with U.S. investor Mason Hawkins’ Southeastern Asset Management. The new outfit, dubbed Southeastern Concentrated Value, will “build stakes in up to 10 European companies it deems to be underperforming – to spur boardroom revamps and influence strategy.” Their first target, the newswire suggests: Adidas, where Sawiris already holds voting rights equivalent to a more than 6% stake, according to a Bloomberg story we noted in early November. Reuters notes that Southeastern and Sawiris have previously worked together on investments including “U.S. construction supplies firm Texas Industries and cement and aggregates firm LafargeHolcim.” We would say, “Look out, Carl Icahn,” but Christer Gardell — for his politeness and lack of bombast — is probably the more apt comparison.

The Ismail government wants its own investment bank: Cabinet is apparently supportive of a plan to launch “NI Capital” (because as a name, that’s not going to cause any confusion for the domestic press). The wholly-owned subsidiary of the National Investment Bank would offer advisory and asset management services, Al Mal reports. The move will need approval from the incoming House of Representatives. The government of former prime minister Ibrahim Mahlab was the first to advance the idea of a state-owned advisory house to work on national projects, particularly as regards feasibility studies.

PM cozying up to China in advance of Xi’s visit: Prime Minister Sherif Ismail laid more groundwork for Chinese President Xi Jinping’s upcoming visit to Cairo when the two met on the sidelines of the ministerial-level Forum on China-Africa Cooperation in Johannesburg on Friday. Ismail proposed that China invest in 15 projects at a total investment cost of USD 10 bn, according to Cabinet spokesman Hossam Qaweesh, who said the Chinese are particularly interested in “projects in the Suez Canal zone, especially … power generation, logistics, transportation, and infrastructure.” Al-Mal has a readout on Ismail’s remarks to the forum, in which he stresses infrastructure and emphasizes Egypt’s commitment to Africa and to making the forum’s declaration on deepening ties with China work on a continent-wide level. The Ismail cabinet is looking to fast-track the projects, it seems, before Xi’s visit to Cairo in January. The news came one day before China pledged on Saturday to invest USD 60 bn in Africa over the coming three years, the WSJ reports.

Egypt hopes to increase exports to Russia by 15% on Russian ban of Turkish imports: Egypt hopes to increase exports to Russia by 15% this year on the back of Russia’s sanctions on Turkish imports, according to an unnamed official at the ministry of trade speaking to Reuters. Last week, the ministry of trade released a statement saying Egypt was ” interested to meet the needs of the Russian market in goods, especially those that came from Turkey,” as reported by Sputnik.

Nine Luxor police officers detained for beating Talaat Shabeeb to death while in police custody: Nine police officers have been arrested on charges they beat 47-year old Talaat Shabeeb while in their custody, according to the interior ministry as reported by the AP. The arrests were made over Friday and Saturday, following a coroner’s report that confirmed that Shabeeb had fractures in his neck and back. Officials had first stated that Shabeeb had fallen ill while in custody after having been arrested for allegedly trafficking in illicit substances, saying he was taken to Luxor International Hospital, where he died. The family immediately disputed the claim, saying he was taken in for a personal disagreement with an officer and that Shabeeb had worked as a papyrus vendor. The death resulted in demonstrations in Luxor and wide outrage on social media, where images of his bruised corpse were circulated. President Abdel Fattah El Sisi spoke at the police academy on Thursday, where he praised the efforts of the police and saluted officers slain in the line of duty, while at the same time saying that those who make mistakes will be punished.

Police have arrested three suspects accused of a firebomb attack on an Agouza nightclub that killed 16 people. The men are accused of attacking the venue with Molotov cocktails and firing shots to intimidate bouncers who had earlier denied them entry. The three suspects have allegedly confessed to the crime, according to Interior Ministry spokesperson Abu Bakr Abdel Kerim. Two other suspects remain at large. Four security cameras adjacent to the club filmed the events, AMAY reports. The story is international news in everything from the Financial Times to the Independent. The AP’s report on the story has taken off globally.

Egypt will chair the U.N.’s Counter-Terrorism Committee starting in January, Ahram Online reports, quoting Foreign Ministry spokesman Ahmed Abou Zeid.

The World Squash Championships in Egypt have been “indefinitely” postponed on security concerns after England, France, Germany, the U.S., Canada, Finland, Mexico, New Zealand, Australia, Colombia, and South Africa all withdrew, the AP reports.

Low oil prices will be here to stay for the foreseeable future after the cartel voted on Friday to leave output unchanged at what its president said was 31.5 mn bopd. More interesting is the debate the decision sparked about OPEC’s future: “Lots of people said that OPEC was dead; OPEC itself just confirmed it,” Bloomberg quotes one oil analyst as saying, adding that, “OPEC abandoned all pretense this week of acting as a cartel. It’s now every member for itself.” Barclays head of energy commodities called the meeting “a non-event” after a rumored Saudi initiative to curb production allegedly failed, while Quartz suggests that “all the traditional tools for determining strategy have failed this time.” Bloomberg says the cartel’s police is now “pumping, pumping, pumping until rivals — external, such as Russia and U.S. shale drillers, as well as internal — are squeezed out of market share.”

And apparently, the smart money is on prices falling further. “The failure to reach a clear decision on its oil production ceiling could further raise the prospect of oil prices staying at low levels around USD 40 per barrel until OPEC meets in June next year. Goldman Sachs has warned that prices are at risk of falling to as low as USD 20 per barrel if oil markets remain oversupplied,” said a Reuters Breakingviews columnist, suggesting global oil majors are about to feel the pinch. More on Goldman’s take here in Business Insider.

Moscow has suspended the Turkish Stream gas pipeline project in retaliation for Turkey’s shooting down of a Russian jet shot in Syria, said Russian Energy Minister Aleksandr Novak, reports RT. The pipeline was to have delivered Russian natural gas to Turkey via the Black Sea, and then further to Southern Europe. However, neither Turkish Stream nor Akkuyu were included in the list of economic sanctions against Turkey ratified by the Russian government on Tuesday. The list included an embargo on food products and a ban on charter flights.

Other international headlines this morning that either carry implications for Egypt or that are simply worth noting in brief:

• COP21 negotiators have a draft agreement for ministers to review this week. In the absence of detail on the potential pact, the Financial Times is reduced to quoting U.S. actor Sean Penn, who “said he believed the Paris meeting was taking place in ‘the most exciting time in human history’ because ‘the days of dreams have given way to the days of doing.’ The CBC and the BBC have more.
• One of the most valuable shipwrecks in history has been found off the shore of Columbia. The BBC puts its cargo at worth north USD 1 bn. The Financial Times counters that it’s in the USD 4-17 bn range and the Wall Street Journal walks it down the middle with a USD 10 bn guess.
• The New York Times has run a front-page editorial for the first time since 1920, penning a brief, impassioned plea to “End the gun epidemic in America.”

• Of BRICs, CIVETs and the N-11: “Businesses never used to think about acronyms. But, nowadays, thinking up catchy buzzwords has become a business in itself,” writes the Financial Times. It’s light fare, but worth it if you have a couple of minutes to kill some time today. And speaking of nomenclature: We hope we’re not the only ones bothered that the WSJ is referring to Egypt as a frontier market in “Oil-Importing Frontier Markets Are Poised to Gain.”

EGYPT IN THE NEWS

“Egypt must take sides in the big regional shuffle created by the Syrian conflict.” That’s the conclusion of well-known Saudi journalist Jamal Khoshoggi writing yesterday in the London-based newspaper Al-Hayat. Khoshoggi notes that Russia’s “interference” in Syria has complicated the situation for all Arab countries — Saudi Arabia in particular — especially after Turkey shot-down Russian a fighter jet. Russia or not, the kingdom will never allow its strategic north to fall in the hands of Iran. That’s why Saudi is willing to overcome what the author describes as its “Muslim Brotherhood Phobia” and strengthen cooperation with Turkey. Pointing to the rapprochement between Egypt and Russia in the past year, Khoshoggi says Egypt must pick a side in the Syrian conflict. “Waiting for Egypt to decide, the Saudi leaders are patiently observing — despite media attacks on the kingdom.” As we’ve noted in recent weeks, Saudi media are pushing for Arab countries to commit ground troops to Syria, and Khoshoggi claims “Turkey announced it will carry out a military offense on terrorist in cooperation with Saudi and another unnamed country, forming a new Saudi-Turkish coalition defying all reluctant allies.”

Marina Ottaway writes for the WSJ blog Washington Wire: ‘After Egypt’s Parliamentary Elections, Resignation–and Low Expectations.’ “Egyptians appear disgruntled with the present and uncertain about the future, but many are also convinced that this is as good as it gets—and that alternatives could plunge the country back into chaos.”

Sharm El Sheikh occupancy rates: “Occupancy [rate] this time of the year normally records between 50% to 60% at most, but it currently lies between 13% to 15%,” according to Gilan el Gafy, chairman of the South Sinai branch of the Egyptian Hotel Association speaking to the Wall Street Journal.

 

ICYMI- We missed it the first time around, but Peter Schwartzstein’s “Egyptian Camel Traders and Butchers Are Facing Tough Times” got a new lease on life on Twitter this weekend. Schwartzstein reports from Egypt and Sudan on how changing tastes are resulting in the slow death of an ancient trade.

WORTH READING

International bioethics summit ends in Washington with vague greenlight given to human genetic engineering, despite concerns: Wondering why the gene-editing tool CRISPR has made headlines in nearly every English-language publication around the world over the weekend? The three-day International Summit on Human Gene Editing ended in Washington D.C. on Wednesday, which brought together the highest scientific bodies of China, the United States and the UK as well as researchers from around the world to debate on the ethics of the continued use of human genetic engineering, work which has been vastly facilitated by CRISPR. The joint statement produced at the end of the summit concluded that “Intensive basic and preclinical research is clearly needed and should proceed,” just as long as “the modified cells should not be used to establish a pregnancy.” The statement advises that changes introduced using modern techniques, such as CRISPR, result in permanent changes to the human germline, which includes a whole host of risks such as off-target mutations. Other noted risks include: “the fact that, once introduced into the human population, genetic alterations would be difficult to remove and would not remain within any single community or country,” as well as “the possibility that permanent genetic ‘enhancements’ to subsets of the population could exacerbate social inequities or be used coercively.”

So what is CRISPR, exactly? The best explanation of CRISPR ‘s discovery, how it works and applications, see Carl Zimmer’s 3600+ essay for Quanta Magazine: ‘Breakthrough DNA Editor Borne of Bacteria.’ If you don’t have the time to sit through the essay, you can also find the McGovern Institute for Brain Research at MIT’s video explainer, also embedded in the same essay. (Watch, running time: 4:12)

DIPLOMACY + FOREIGN TRADE

Shoukry, Lavrov discuss Syria: Foreign Minister Sameh Shoukry spoke by phone yesterday, exchanging views on “how to improve internal Syrian dialogue by helping unite Syrian opposition groups opposed to terrorism,” Reuters said, quoting a brief statement on the Russian Foreign Ministry’s website. The two also discussed bilateral issues.

ENERGY

Daily natural gas production to drop to 4.1 bn cubic ft by year’s end
Daily natural gas production will drop 40K cubic ft to 4.1 bn cubic ft by year’s end, down from 4.15 bn cubic ft of gas per day last month, according to a report issued by EGAS. This decline is due to natural maturing of fields. Fields coming online since 2014 only add 700 mn cubic ft every year. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

Moody’s expect Egypt cement consumption to grow by 1-4% in 2016
Moody’s expects cement consumption in Egypt to grow 1-4% in 2016, on the back of expanding regional appetite. This will be reflected in a rise in cement process in the US, UK and Egypt. Moody’s report on the global cement industry predicts an increase in M&A agreements sector-wide in 2016. (Read in Arabic)

MANUFACTURING

IDA to issue 8.5 mn m2 in land tenders for industry projects in three new urban communities
The Industrial Development Authority (IDA) will issue 8.5 mn sqm in land tenders early next year for industry and manufacturing projects in three new urban communities. These will be issued once the New Urban Communities Authority (NUCA) completes developing the prerequisite utilities and infrastructure. Al-Borsa gives figures for land that will be available in 10 Ramadan, Borg El Arab and Sadat City. New land tenders totaling 27 mn sqm will be issued at a later time, IDA head Ismail Gaber said. (Read in Arabic)

HEALTH + EDUCATION

Saudi German Hospitals opens first EGP 1 bn branch in Egypt
The Saudi German Hospitals Group, owned by the Middle East Healthcare Company (MEAHCO), opened their first branch in Egypt with an investment value of EGP 1 bn. The hospital has a capacity of 300 beds in the first phase, CEO Mohamed Hablas told Amwal Al Ghad. The company is eyeing other opportunities in Egypt, Hablas said. MEAHCO owns seven other branches in Saudi Arabia, the UAE, and Yemen. (Read In Arabic)

REAL ESTATE + HOUSING

Developers hungry for more exposure to Egypt’s booming supermarket sector
Real estate developers and other investors are chasing opportunities in the retail sector, reports Al Borsa, with Al Bustan Real Estate Company investing EGP 3 bn to launch four Hyperone malls in New Cairo, Shorouk City, Badr City and New Assiut. The Fath Allah Company invested EGP 70 mn to build a two-storey supermarket in Borg El Arab City. Some 40 sites in 18 cities have been designated for retail development as part of the middle-income Dar Misr housing project. Meanwhile, Spinney’s is investing EGP 5 bn to build out 23 retail locations in the Delta area and Upper Egypt over the coming two years, reports Al Borsa. These will join the six stores already open in Cairo, the Red Sea and Qena, in addition to a EGP 35 mn store in Alexandria opening next February. The company is targeting a 25% market share of the retail sector in Egypt, said Spinney’s manager Mahmoud Meawad.

TELECOMS + ICT

Gov’t to launch 50 e-government services at the Cairo ICT conference
The government is expected to announce 50 e-government services at the Cairo ICT 2015 conference which will be held on 13-16 December. The government platform for these services can be accessed by citizens through internet smart cards, and will include processing subsidy smart cards, receiving government related paperwork, and accessing healthcare. The supply ministry has completed overhauling citizen databases and metadata ahead of releasing the platform, and developed a national social welfare network and database with the Social Solidarity Ministry, said Planning Minister Ashraf Al Araby. (Read in Arabic)

ICT Ministry will build seven tech hubs nationwide
The ICT Ministry is about to begin building seven the hubs in governorates nationwide, starting with Alexandria, said ICT Minister Yasser El Kadi at the Alexandria Chambers of Commerce Board of Directors meeting. He added that these projects have received significant interest from foreign investors, with the Ministry receiving a number of offers. (Read in Arabic)

BANKING + FINANCE

Renewable energy providers are seeking letters of guarantee from banks
39 renewable energy companies that have entered into a cost-sharing agreement with government over solar power plants projects in Aswan are now negotiating with local and foreign banks to issue letters of guarantee worth a combined total of EGP 891.1 mn. This would cover 70% of the companies’ financial share in the agreement, having already paid 30% of their combined obligations worth EGP 350 mn. Renewable energy companies including Abdul Latif Jameel and Philadelphia Solar are in talks with HSBC, CIB, QNB and NBK, while Cairo Solar and other local companies have entered negotiations with local banks. The Electricity Ministry set a deadline of 23 December to obtain LGs. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

International investors are interested in investing in a logistics center for food commodities in Damietta, according to a delegation from the European Bank for Reconstruction and Development (EBRD) and the Food and Agriculture Organization of the UN (FAO), which met with Supply Minister Khaled Hanafi. The delegation called for the signing of MoUs between the organizations and Egypt to cooperate on issuing tenders for the center’s infrastructure development and to organize an investor’s conference in Cairo. The center would make Egypt a global hub for food security, said the supply minister, Al Mal reports.

EGYPT POLITICS + ECONOMICS

Trials, pre-trial detentions, and retrials: Muslim Brotherhood businessman Hassan Malek’s pre-trial detention was extended by another 15 days on Thursday, Daily News Egypt reported. He is accused of harming the economy by manipulating the EGP / USD exchange rate, as well as being a leader of a banned organization.

The Court of Cassation overturned death sentences handed to Muslim Brotherhood Supreme Guide Mohamed Badie and 11 other leading members of the group on Thursday, Ahram Online reported. The court has ordered all defendants be retried in the so-called “Raba Operations Room” case. Badie currently faces the death sentence in three separate cases, two of which are being retried and a third in appeal.

Amnesty International published a letter written by journalist Mahmoud “Shawkan” Abu Zeid, who has been in pre-trial detention since his arrest in August 2013 for photographing the forced dispersal of Rabaa. “Of course after more than 850 days in the black hole without fairness and justice, I am lost in limbo,” Shawkan writes in his letter.

Investigative journalist Ismail Alexandrani had his interrogation rescheduled from last week to this Monday, State Security Prosecution announced on Thursday, as reported by Aswat Masriya (Read in Arabic). Alexandrani is accused of broadcasting false news and was arrested at Hurghada Airport, and is currently in pre-trial detention.

NATIONAL SECURITY

The alleged head of the Daesh affiliate in North Sinai is reportedly in Gaza for talks with Hamas, according to right-wing Israeli media outlet Times of Israel.

SPORTS

Egypt’s Olympic football team will skip Rio Olympics next year after losing to Mali
The Egyptian U-23 football team’s bid for a berth in next year’s Rio Olympics ended yesterday when the team lost 0-1 to Mali. The only goal in the match came on an error by Egypt defender Mahmoud Hamdi. Despite being full of top league players from Al Ahly and Zamalek, the Pharaohs fell short qualifying for the second round of the African qualifiers. With the loss, the team is at the bottom of Group B with two points from two equalizers. (Read In Arabic)

ON YOUR WAY OUT

The government of Hungary has expressed a willingness to fund a desalination plant and a housing development project through the Hungarian Export-Import Bank in addition to growing the number of Hungarian tourists visiting Egypt, said International Cooperation Minister Sahar Nasr. She adds that the move will be part of efforts to grow bilateral trade and cooperation between the two. The statements follows a meeting between the Minister and the Hungarian Ambassador, which also reviewed progress on cooperation agreements between the two countries in trade, investments, energy, tourism, health, and more, Al Borsa reports.