Back to the complete issue
Thursday, 20 October 2016

Egypt in the News on 20 October 2016

We end a very busy news week with a lull on the international front this morning. Among the more noteworthy pieces out there today:

“How Eni Bet Big and Won Big on Natural Gas off Egypt”: The New York Times’ Stanley Reed dives deep into Eni to tell the story of how the Italian oil giant “reignited the [oil] industry’s flagging interest in Egypt and the entire eastern Mediterranean region.” Reed is a veteran oil and gas reporter with a strong interest in geopolitics whose decades covering the industry show in an exceptionally readable story that nevertheless provides never-before-told details on how the discovery was made by the team on the ground in Egypt.

Veteran financial writer Patrick Werr speaks for us here at Enterprise this morning when he writes in his weekly column: “Is it not time to pry the sugar industry out of the sclerotic hands of the government and turn it over to the country’s more agile private traders and manufacturers?” Werr’s explainer for the National on the origins of the current sugar crisis is a must-read if you’re getting up to speed on the topic.

The Washington Post’s Sudarsan Raghavan and Heba Mahfouz get in on popular discontentment with economic conditions in Egypt with “As Egypt’s economy struggles, calls for protests against Sissi grow louder.”

Finally, theNew York Times has a solid look at governments’ addiction to petroleum subsidies in which Egypt plays merely a walk-on role, but which is nevertheless great reading. As we’ve been grumbling for some time: “Economists say the vast majority of benefits from the subsidies go to the wealthy, not to the poor, because it is the wealthy who do the most driving and use the most electricity.”

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.