TL;DR

Amer says devaluation isn’t in the cards, will continue to enforce official rate; CBE closes four exchange offices. (Speed Round)

Gov’t denies it rejected a Canadian wheat shipment as Bunge looks to offload a cargo from France.(Speed Round)

EBRD mulls commitment of up to USD 50 mn to MENA Infrastructure Fund II LP. (Speed Round)

Salah Diab gets heavier sentence after Mortada Mansour appeals lower court verdict in “insult” case. (Speed Round)

Electricity subsidy to be phased out by 2019, ministry approves national grid development plan (Speed Round, Energy)

“Egypt will not hesitate to send military forces into the territory of Arab Gulf allies” if asked, El Sisi says.

Journalism icon Mohamed Hassanein Heikal dies at age 92. (Speed Round)

By the Numbers

WHAT WE’RE TRACKING TODAY

The Egypt Energy Investment Summit is on its final day today. We have some coverage on news coming out of the conference in Speed Round, below.

WHAT WE’RE TRACKING THIS WEEK

The “Africa 2016: Business for Africa, Egypt and the World” conference is shaping up to be a tad more interesting than we’d originally thought. The Sharm El Sheikh gathering is running through the weekend (Saturday and Sunday, 20-21 February), with highlights so far being:

• Egypt, Ethiopia, and Sudan will meet to talk GERD on the sidelines of the event.
• AfDB President Akinwumi Adesina is also set to meet with President Abdel Fattah El Sisi to discuss advancing the bank’s role in development projects.
• Qalaa Holding’s Rift Valley Railways is expected to sign a protocol with the FEI-affiliated Chemical and Fertilizers Export Council use its railway to transport African exports.
• The presidents of Nigeria and Kenya and the prime minister of Ethiopia are among the senior government officials due to be on the ground.
• You can download the agenda as a pdf here.

On Saturday, the Doctors Syndicate plans to hold protests at hospitals in the first escalation after its general assembly meeting last week drew a crowd of over 10,000 doctors. The labour action comes after physicians at Matariya Teaching Hospital were allegedly assaulted by enlisted members of the police service; marchers last week denounced everything from alleged police violence to the privatization of healthcare.

ON THE HORIZON

We finally have a date for President Abdel Fattah El Sisi’s Asian tour: The president will be in Japan from 28 February-2 March. The Japanese embassy is currently coordinating with a number of government officials on the agreements El Sisi is expected to sign, which will focus largely on energy and infrastructure, according to Japanese Ambassador to Egypt Takehiro Kagawa. Kagawa declined to be specific, but did suggest the value could exceed Japan’s present investments in Egypt. He adds that Japan will be closely eying investments in the Suez Canal Development Area, Al Mal writes. Last week an Electricity Ministry source said the four MoUs and three loans are expected to be signed in the power sector. The president will follow this trip with a visit to South Korea on 3 March, accompanied by a delegation of senior Egyptian business leaders.

Former Ambassador to Japan Hisham El-Zimaity puts the president’s Asian trip in context for you here (run time: 24:05).

And as a general reminder that next week will be a fairly busy one:

• 23-24 February: The fifth Euromoney GCC Financial Forum takes place at the Four Seasons Manama in Bahrain (press release here, conference website here).

• 22-24 February: The Suez Canal Global Conference is being held at the JW Marriott Hotel.
• 24 February: N Gage is holding its Customs Debates 2016 at the Four Seasons Nile Plaza.
• The official opening of the Port Said side channel has been set for Wednesday, 24 February and will be attended by Prime Minister Sherif Ismail. A number of projects in the Suez Canal Development Axis are being prepared to showcase during French President Francois Hollande’s visit in April, Al Masry Al Youm reports.

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LAST NIGHT’S TALK SHOWS

Mohamed Hassanein Heikal, (1923-2016), El Ostaz. The passing of famed journalist, writer, intellectual and icon Mohamed Hassanein Heikal dominated the airwaves, with television hosts justifiably struggling to attempt to explain the extent of his influence and depth of knowledge on Egypt. Heikal could be considered to be Egypt’s “black box” (in the aviation sense of the term): From his vantage point as Gamal Abdel Nasser’s advisor and ghostwriter, he became a living witness to Egypt’s modern history. As such, one can begin to conceive the impact he had on the spread of pan-Arabism. Heikal became an indispensable source of advice and wisdom to subsequent rulers and observers of Egypt. He came to be emblematic of what it meant to be a public intellectual in Egypt.

Lamis El Hadidy devoted the entirety of her episode last night to the iconic journalist and intellectual, who was 92 years old when he passed yesterday. Heikal had been a frequent guest on El Hadidy’s program over the years, appearing in over 35 episodes. El Hadidy aired footage from his funeral yesterday, attended by writers, politicians and public figures, some of whose statements of condolences and memories of Heikal were presented. El Hadidy then showed some excerpts from his last interview she conducted with him just last December.

Former foreign ministers Amr Moussa and Nabil Elaraby both called in to outline the impact Heikal had on Egypt and the Arab world and the void his passing will leave in public life. (Watch Amr Moussa’s comments in Arabic, running time: 1:49) and (Watch Nabil El Araby’s call in Arabic, running time: 1:36).

El Hadidy explained that his nickname ‘El Ostaz’ [The Professor], was instantly and universally recognized to be synonymous with Heikal and Heikal alone, a point repeated by Ibrahim Eissa on Al Kahera Wal Nas.

Eissa reiterated there is no ambiguity with regard to whom Heikal’s popular title ‘El Ostaz’ refers. Eissa actually made an excellent point when noting that despite spending the latter half of his career (c.41 years) formally on the outside of Egypt’s political life (Heikal advised nearly every president, including President Abdel Fattah El Sisi), his being in opposition in no way diminished his influence or ability to have his viewpoints heard.

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SPEED ROUND

Central Bank Governor Tarek Amer confirmed the CBE has no intention of devaluing the EGP and will continue to enforce the official exchange rate. Speaking in an interview with Al Ahram, Amer attributed the rapid devaluation of the EGP in the parallel market to a spike in demand for USD to meet the previous monthly cap on USD deposits of USD 250k, suggesting that the policy had managed to funnel USD from the parallel market to the banks. (We noted yesterday a “senior central bank official” had put the figure for inflows at something north of USD 1 bn.) He adds that the central bank’s primary monetary policy objective was to curb inflation on essential goods and services in the interest of the majority of Egypt’s citizens. Amer had stern words for the parallel market, saying that FX exchanges that don’t abide by central bank regulations will be permanently closed and have their licenses revoked. He did acknowledge their role in stabilizing the currency and urged cooperation with the CBE.

And sure enough, the CBE “closed down four exchange companies, with a total of 27 bureaux across Egypt, over the past two days for violations including selling foreign currency at unofficial rates,” sources tell Reuters. One source claims to have information the CBE intends to shut down 10 companies, with the four already shuttered due to pricing violations. “Many companies are now studying the temporary halt of operations for fear of being closed for good by the central bank as part of their campaign on exchange bureaus,” another source said.

Apparently reports by Reuters and Bloomberg of the Agricultural Ministry rejecting a Canadian wheat shipment (which we noted yesterday) over high ergot content were not true, according to a media consultant working for the Agriculture Ministry, Al Mal reports. The source did acknowledge that a Canadian wheat shipment had been rejected months ago.

Anyone in the market for a large wheat shipment? Bunge is looking to resell the cargo of French milling wheat rejected by Egypt, Reuters reports. The tender to sell the wheat is set to close, traders said, but Bunge was not immediately available to comment.

The EBRD said it is considering making an equity commitment of up to USD 50 mn to MENA Infrastructure Fund II LP. The fund is looking to raise a total of USD 500 mn in capital with the intention of promoting more widespread private ownership of infrastructure projects in North Africa and Turkey. The EBRD will also “promote infrastructure equity as an asset class” in that region.

The Economic Appeals Court sentenced businessman Salah Diab to six months in jail and slapped him with an EGP 20,000 fine on Wednesday for insulting member of parliament and almost-always-controversial-figure Mortada Mansour during a phone call that, surprise to none, Mansour had taped, Ahram Online reports. The Economic Appeals Court has set Diab’s bail at EGP 5,000, Youm7 reports. Diab was sentenced in absentia.

The Electricity Ministry anticipates subsidies for electricity will be lifted by 2019, said New and Renewable Energy Authority chief Mohamed El Sobky at the Egypt Energy Investment Summit. El Sobky noted that the primary beneficiaries of the current subsidy regime is industry. An Electricity Ministry report published on Al Masry Youm yesterday estimates that energy subsidies will be cut 50% from their 2014 levels by 2020 and fully eliminated by 2025. The summit is focusing on key issues in energy, will announce upcoming BOO projects, and discuss the Electricity Ministry’s capacity-build-up strategy (which we noted yesterday). Also on the agenda: Announcing the legal and contractual framework for the feed-in tariff program. The summit will also focus on the emerging role of the private sector. The government will work hand in hand with the private sector and investors in developing a competitive legislative framework governing power generation, says head of the  Egyptian Electric Utility and Consumer Protection Regulatory Agency Hatem Waheed. Also speaking at the summit was head of the EGX Mohamed Omran, who delved into what possible role the organization can play in developing the sector, adding that the EGX is committed to providing financial solution to help realize energy projects, AMAY reports.

The Ismail cabinet held its weekly meeting yesterday. Their message: Large projects need to be wrapped on time and on budget. The meeting looked at building up wheat storage capacity. Key decisions taken at the meeting include:

• Approving a USD 600 mn loan from the European Investment Bank to fund upgrades to the Damanhour power plant to raise its generation capacity to 1.8 GW;

• Classifying the following developments as national projects: a UAE-funded project to develop 25 wheat silos with a 60,000 ton storage capacity, the development of 105 wheat storage warehouses, 68 UAE-funded housing projects, Zagazig Hospital, and the Zuwail Science and Technology City in Sixth of October;
• Approving a customs cooperation and dual taxation agreement with Kuwait signed on 16 December 2014;
• Ratifying decisions and rulings of the cabinet’s investors disputes committee.

Speaking of the Damanhour power plant: The African Development Bank (AfDB) will be signing an agreement to extend USD 100 mn in financing for the plant by next June. The head of the energy sector at the bank said the financing will be approved by May and expects the loan to be payable over 20 years.

“Egypt will not hesitate to send military forces into the territory of Arab Gulf allies to offer protection if asked by the leaders of those countries,” President Abdel Fattah El Sisi said at a briefing with Kuwaiti journalists on Wednesday, Reuters reports. Egypt, which has received bns of USD in aid from Saudi, Kuwait, and the UAE, entered a Saudi-led coalition fighting in Yemen but has not committed to sending ground troops.

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A LIFE WELL-LIVED: Veteran Egyptian journalist and political commentator Mohamed Hassanein Heikal passed away yesterday at the age of 92. Heikal, a former editor-in-chief of Al Ahram, began his career as a reporter in the Second Battle of El Alamein in 1942. He later became a confidant of President Gamal Abdel Nasser, with whom he had a well documented and close relationship, and, to a lesser extent, with President Anwar El Sadat. Heikal served as information minister from 1970 to 1974 before being pushed out of cabinet — and out of Al-Ahram — by Sadat, who later jailed him in September 1981 along with hundreds of other opponents. Heikal was later released by President Hosni Mubarak after Sadat’s assassination as part of the former’s “national reconciliation” initiative. He was, to quote Mostafa El-Fiqqi, “the nation’s authentic memory.”

Heikal published more than three dozen books in Arabic and English throughout his life, including Autumn of Fury: The Assassination of Sadat, a critical take on Sadat. Productive until his last days, Heikal was a model for what a public intellectual could and should be, engaging in print, on his own television program and in interviews on controversial topics ranging from Hamas to the Egyptian revolution and the meaning of history. His byline was a fixture in the newspaper he once led, and his long-form interviews with television personalities including Lamis El Hadidy were certain to deliver audiences.

Although Heikal officially (and famously) “retired” with a column on his 80th birthday in 2003, he went on to pen occasional pieces in Al-Shorouk headlined Weghat Nazar, or “Points of View.” President Abdel Fattah El Sisi expressed his condolences in a statement from Ittihadiya, saying “Mr. Heikal will always remain a symbol of the dedicated journalist and great tutor for generations of journalists. He has enriched Egyptian journalism with unceasing giving and endless dedication.” Reuters has catapulted the story into western media, and Heikal’s passing has prompted an outpouring of obituaries (also here) and remembrances as well as takes and photo essays. Al Masry Al Youm has published a selection of Heikal’s earliest news reports and interviews. Also worth checking out: Heikal’s “last message” to El Sisi (summarized here, with a video clip from his sit-down with CBC’s Lamis El Hadidi). The New York Times has picked up AP’s rather nice obit, which notes that “Heikal remained relevant long after Nasser died, respected for his wide network of international contacts and extraordinary analytical skills.”

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

• Twenty-eight people were killed and dozens wounded in Turkey’s Ankara on Wednesday when a car bomb went off near military buses close to the armed forces’ headquarters, parliament and other government buildings, Reuters reports. No group has yet claimed the attack.
• Canadian aircraft and train maker Bombardier plans to cut 7,000 jobs over the next two years, according to Reuters. The company’s quarterly results missed analyst expectations, and it also forecast lower-than-expected revenue for 2016. Bombardier is contracted to build the Cairo monorail project.

THE MACRO PICTURE

The U.S. Federal Reserve is considering changing its rate path, according to minutes from a central bank meeting issued Wednesday, Reuters reports. “Policymakers were wary of rushing to premature conclusions about the implications of the month’s financial turbulence, but most agreed that the outlook had become more clouded and uncertain,” the FT (paywall) writes. Mexico got on the bandwagon, handing out surprise rate rise by half a point to 3.75% a meeting on Wednesday, the FT (paywall) writes.

Oil made headlines again yesterday as Iran’s rather tepid embrace of the freeze on oil output sowed seeds that there may be hope in taming the global surplus and pushing up oil prices, Bloomberg reports. The FT (paywall) writes that Tehran did not offer to freeze production at January levels, “highlighting how difficult it would be for the country to scale back its full return to world oil markets after years of sanctions.”

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EGYPT IN THE NEWS

International coverage of Egypt yesterday included wide attention to the death of Mohamed Heikal, with the likes of the New York Times and Washington Post picking up the story.

Authorities have ordered the closure of the Nadeem Center for the Rehabilitation for Victims of Violence and Torture, an NGO that documents human rights abuses and treats torture victims, the NGO and security sources said on Wednesday, Reuters reports. Sources in the Health Ministry, which issues licenses for the centre, said it committed unspecified violations. However, authorities agreed to hold off on shutting it down until next week to allow more time to explain the reasons for the move, security sources and a lawyer for center said. Nadeem centre director Aida Seif el-Dawla told Reuters that the move is part of the toughest crackdown on dissent in Egypt’s modern history.

The Economist has coverage on the Guilio Regeni case, writing, “Some think pressure from the Italian government, a trading partner of Egypt, and intensive coverage in the Italian press, will lead to answers in the case of Mr Regeni. But don’t count on it.”

Lives depend on the wheat sub­sidy programme, writes veteran financial reporter Patrick Werr in the National in the wake of the wheat shipment rejections plaguing traders (and the nation soon enough). “If the government doesn’t deal with [the issue] urgently, the country could face an unprecedented emergency.”

Israeli press is having a field day with Egypt having included for the first time the Egypt–Israel Peace Treaty of 1978 in one of the schoolbooks taught as part of the national curriculum, the Times of Israel reports. “The peace deal is described in a matter-of-fact way, without bias or any attempt to present Israel in a negative light,” according to a report. The paragraphs describing the assassination of President Anwar Sadat, who signed the treaty, made no mention of the fact that he was murdered by figures who objected to the accord.

WORTH WATCHING

GB Auto analyst Andre Valavanis beat Mohammed Abbas last week in a second round TKO to claim the Egyptian Professional Boxing Association International Welterweight Title. The full bout is available on YouTube (run time 13:51).

DIPLOMACY + FOREIGN TRADE

President of Indonesia Joko Widodo has invited President Abdel Fattah El Sisi to attend the Organization of Islamic Cooperation’s extraordinary summit on the Cause of Palestine and Al-Quds Al-Shareef in Jakarta on March 6 and 7, 2016, according to an Ittihadiya statement. El Sisi met with the special envoy of the president of Indonesia, former Minister of Foreign Affairs Nur Hassan Wirajuda, who delivered the invitation. During the meeting, in which Foreign Minister Sameh Shoukry as also in attendance, the “president assured that Egypt’s participation at the conference would be at a very high level.” El Sisi added that he looked forward to receiving the Indonesian president in Cairo.

ENERGY

Electricity Ministry approves national grid development plan
The Electricity Ministry approved a plan to support the national electricity grid, Al Masry Al Youm reports. The plan involves investing USD 13.9 bn and assumes a 7% annual growth in electricity consumption. The ministry expects to increase electricity output to 21,952 MW as part of the plan. (Read in Arabic)

Factories need to reduce energy consumption by 20%, says NREA chief
Factories need to reduce their energy consumption by 20% to improve the grid’s efficiency, says NREA Chief Mohamed El Sobky. The cement sector can stand to reduce energy usage by 20%, he adds, while glass factories can reduce their consumption by up to 25%. Egypt can secure energy needs for all industrial consumers, says El Sobky, but needs the cooperation of investors to do so. (Read in Arabic)

Siemens begins supplying first turbine for Beni Suef power plant
The first gas turbines for the Beni Suef power plant are on their way to Egypt, Siemens announced. The turbines will arrive in three months and are scheduled to be installed in mid-May. The plant is expected to feed into the national grid in the winter of 2016-2017, said Power and Gas division CEO Willi Maixner. (Read in Arabic)

Oil Ministry seeks to turn Alexandria and Suez into int’l refining hubs
The Petroleum Ministry has plans to establish Alexandria and Suez as international hubs for refining, and is working on developing infrastructure which would increase the refining capacities of both cities, said Oil Minister Tarek El Molla. The Ministry plans to expand the development of petrochemical projects in those two areas, El Molla added. (Read in Arabic)

INFRASTRUCTURE

Suez Canal Development Area signs agreement with European Investment Bank for logistical project studies
The Suez Canal Development Area Project signed agreements with the European Investment Bank that would see the bank conduct studies on two upcoming projects. One will be a railway line connecting East Port Said port with the dry port in Tenth of Ramadan City while the second study will be developing a logistical zone in East Port Said in collaboration with the International Cooperation Ministry, said head of the Suez Canal Development Area Ahmed Darwish. (Read in Arabic)

Minister of trade announces establishment of textile industry city in Minya
Trade and Industry Minister Tarek Kabil announced the establishment of a textile industry city in the Minya governorate over an area of 306 feddans in the industrial zone in Matahra, in cooperation with a Chinese investor, according to AMAY. The project also aims to expand 12 production units under the “Work By Your Home” initiative, which encourages factories and workshops to boost employment in local communities to quell the flow of workers to urban centers. The ministry also aims to increase the competitiveness of the textile and garment industries to bolster Egyptian exports, Kabil adds. In that context, Vice President of the Supreme Council of Engineering Industries Mohammed Qassem says the council seeks to start a campaign called “Destination Africa” through a conference in November aimed at making Egypt the fulcrum of African markets. (Read)

BASIC MATERIALS + COMMODITIES

Government working on new wheat subsidy program
The government is working on a new wheat subsidy program that will combine elements from the old program, which pays farmers EGP 420 per ardeb, and the system adopted last November, which purchased wheat at international prices but topped off farmers with EGP 1,300 per feddan. This approach the government is taking now, which it hopes to roll out for the April harvest, will purchase wheat at international prices but will pay farmers EGP 1,000 per ton of wheat, Al Masry Al Youm reports. This compromise hopes to eliminate the dual pricing system from the market between imported wheat and domestically grown wheat. Pressure from Parliament had forced the government to abandon the system adopted last November. (Read in Arabic)

REAL ESTATE + HOUSING

Amer and Porto Group report FY2015 results.
Amer Group’s FY2015 net income fell to EGP 167.9 mn compared to EGP 213.0 mn last year while consolidated revenues grew 5% y-o-y to EGP 1.847 bn, according to a statement). Porto Group reported net profit after tax of EGP 37 mn in the last quarter of the year, which also happens to be the first results since the Amer spinoff.

TOURISM

Tourism initiative looking at “emerging” sources of traffic
Private-sector tourism operators that signed on to a Tourism Ministry-led initiative to develop new markets have concluded a study looking at how to grow inflows from Georgia, Slovenia, Azerbaijan, Kazakhstan, Morocco, Romania, Poland, Ukraine, Armenia, Latvia, Estonia, and Hungary. The industry is looking to reduce Egypt’s reliance on Western European markets. (Read in Arabic)

TELECOMS + ICT

NTRA in talks with TE to extend internet, mobile services to Halayeb, Shalateen
Egypt’s National Telecommunications Regulatory Authority (NTRA) is negotiating with Telecom Egypt (TE) on extending network infrastructure to Halayeb and Shalateen. A source tells Amwal Al Ghad that the region now only awaits the underground cables connecting stations, noting that the NTRA aims to provide the region’s residents with a similar level of service to the rest of the country. ICT Minister Yasser Al Kady had said that connecting Halayeb and Shalateen should be completed this month. (Read in Arabic)

AUTOMOTIVE + TRANSPORTATION

GB Auto looking to sell 400 Volvo trucks
A subsidiary of GB Auto is looking to sell 400 Volvo trucks by the end of this year, says deputy VP for truck sales Ahmed Fathy. Ghabbour Misr sold 260 units last year despite the FX crunch, he adds. The company is looking to boost its sales 54% by the end of 2016 in light of increased demand on trucks for government mega-projects. (Read in Arabic)

Regular issuances of LCs could lead to a 15-20% y-o-y growth in sales
Sales of cars can expect to jump 15-20% year-on-year in 2016 if the letters of credit were issued at a regular pace, said the head of the Transportation Division of the Chambers of Commerce Adel Badeer. The FX crunch has delayed the issuance of L/Cs to between two to three months, Al Mal reports. Car sales have seen an overall drop of 5% year on year in 2015. A source from Al Mansour Automotive, the licensed distributor of GM’s Chevrolet and Opel cars stated that company managed to compensate for the decline in sales by growing its market share. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Spanish companies sign EUR 8 bn agreement with Suez Canal Development Area
Suez Canal Development Project head Ahmed Darwish signed a preliminary five-year agreement that includes projects worth nearly EUR 8 bn with a consortium of Spanish firms seeking to invest in the Suez Canal Area, AMAY reports. “The [Barcelona-Suez Canal consortium] has expressed interest in investing in the East Port Said region and will have a consultancy role in renewable energy, water desalination, and housing projects,” said Darwish. (Read)

LEGISLATION + POLICY

Caretaker act to govern civil service
President Abdel Fattah El Sisi issued a decree that sets law 47 for the year 1978 as the placeholder legislation governing the civil service after the Civil Service Act was shot down, according to numerous local media sources. A number of legal experts speaking to Youm7 described the move as a formality, as the 1978 law had been in effect since the Civil Service Act was shot down by the House of Representatives. The move throws cold water at accusations leveled by some MPs this week that the Civil Service Act continues to be implemented. This law will presumably be in use until parliament approves the amendments to the Civil Service Act.

Joint Trade-Investment committee will allocate land to industrial zones
The Investment Ministry and the Trade Ministry have formed a committee to allocate land in industrial zones to be tendered without fees as part of the incentives mandated by the Investment Act, a decision taken by the cabinet in last week’s meeting. The committee will prioritize land in Upper Egypt, says Investment Minister Ashraf Salman. Terms and conditions for investors looking to get in on the tender will be set by the cabinet in the next few days, he added.

EGYPT POLITICS + ECONOMICS

Tarek Amer calls on importers to rely on locally manufactured goods
Egypt currently imports USD 20 bn worth of goods it can do without, says Central Bank Governor Tarek Amer, adding that the development needs of Egypt must now be shifted toward industry and manufacturing and away from imports at a meeting with the Egyptian Manufacturers Society on Tuesday. Amer called on importers to increase reliance on locally manufactured goods and criticized individual importers (as opposed to companies) who have imported around USD 10 bn worth of goods, says head of the Egyptian Manufacturers Society Walid Helal. (Read in Arabic)

Social Fund for Development receives first tranche of USD 200 mn grant from  Saudi Fund for Development
The Social Fund for Development (SFD) has received EGP 62.5 mn as the first tranche of a USD 200 mn grant from the Saudi Fund for Development to finance small projects, according to head of small projects at the SFD Niveen Gamea. The Saudi fund reached an agreement with the International Cooperation Ministry to provide USD 200 mn, of which EGP 250 mn were allocated toward South Sinai development projects. (Read in Arabic)

USD 1 bn in expected investments in renewable energy sector, says Investment Ministry advisor
Egypt is expecting direct investments of up to USD 1 bn in the renewable energy sector this year, says Investment Ministry advisor Sherif Atifa. The total amount of foreign investment expected this year is around USD 8 bn, he adds, noting the role the European Bank for Reconstruction and Development played in financing this sector. (Read in Arabic)

International cooperation minister discusses aid with visiting US delegation
International Cooperation Minister Sahar Nasr and representatives of the US Congress and USAID discussed ways to maximize the effectiveness of the US economic aid program to Egypt in a meeting that took place on Wednesday in Cairo, AMAY reports. The US delegation’s primary goal was to better understand the ministry’s vision and priorities of its proposed programs so it can bolster aid in the upcoming period. Nasr emphasized the importance of USAID in providing support for water and sewage projects, especially in provinces of Upper Egypt, as well as support for small and medium-sized businesses. (Read)

25-50% inflation in retail market, says Cairo Chamber of Commerce
Retailers have had to raise prices of some products as much as 25-50% as a result of import restrictions imposed by the Trade and Industry Ministry, says Osama Ga’ffar, a board member of the Cairo Chambers of Commerce. Traders have complained of “severe” shortages in supplies, said Ga’ffar adding that these restrictions could risk 20 mn jobs and 850K outlets. (Read in Arabic)

ON YOUR WAY OUT

A sign of things to come? A hotel investor has received approval from the Luxor Governorate to convert his hotel to a hospital, due to dwindling tourist numbers, Al Mal reports. Occupation rates in the governorates have fallen to 50%, said Luxor’s governor, while analysts are reporting that healthcare is increasingly being seen as the most prospective lucrative sector in the region.

No large suitcases on the metro y’all: The Cairo Metro announced that any passengers carrying large suitcases or boxes, electric equipment, sharp tools, flammable liquids, and fireworks, among other materials, would be slapped with an immediate EGP 100 fine, Al Borsa noted. Passengers will be screened using X-ray devices when entering the stations.

You know you messed-up badly if you drive the Pope to yell at you in person. According to CNN, Pope Francis was “greeting a crowd in the city of Morelia on Tuesday when someone apparently grabbed him by the hand and wouldn’t let go. The worshiper ended up pulling the Pope down onto a young man in a wheelchair… [the Pope’s] normally smiling face morphed into a look of anger as he apparently yelled at the person in the crowd.”