THIS EVENING: State privatization program will likely lead with oil companies + Credit Suisse gets a lifeline
Happy THURSDAY, friends. We’re finally winding down a hectic week as we slide into our last weekend before Ramadan rolls around.
THE BIG STORY TODAY
Oil and gas companies are likely going to be first in the chute for state privatization reboot: Six of the first eight state-owned companies that are in line for privatization in the Madbouly government’s rebooted offering program are expected to be oil companies, Asharq Business reports, citing sources close to the matter. The preliminary list of the first eight companies that will see stake sales: Enppi, Midor, Ethydco, Assiut Oil Refining Company, eMethanex, Al Wadi for Phosphate Industries and Fertilizers, Port Said Container Handling, and Damietta Container Handling.
THE BIG STORY ABROAD
Credit Suisse is going to live to see another day, after the Swiss bank secured a USD 54 bn loan from the Swiss National Bank as a liquidity backstop. Credit Suisse will also buy back around CHF 3 bn of its debt to trim its “overall liability composition,” the bank said in a statement. The lifeline — the first for a major global bank since the 2008 financial crisis — has “raised serious doubts over whether central banks will be able to sustain aggressive interest rate hikes,” Reuters says. The story is getting front-page play on the Financial Times, the Wall Street Journal, and Bloomberg.
HAPPENING NOW-
Madbouly inaugurates new projects at SCZone: Prime Minister Moustafa Madbouly inaugurated three new projects during a tour of the Suez Canal Economic Zone today, according to separate cabinet statements (here, here and here). Madbouly’s trip included attending the openings of the Egypt Fan Yang Textile Printing and Dyeing Project, the Kadmar International Company for International Transport and Logistics project and the inauguration of a new production fiberglass manufacturing line at the Goshi-Egypt factory.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Mark April on your calendars: The Madbouly government will take to market some of the state-owned companies earmarked for privatization in its rebooted offering program, Finance Minister Mohamed Maait said yesterday.
- Global banking turmoil hits EGX: The EGX30 saw its biggest single-day drop in three years yesterday as the fallout from the US banking crisis continued to send tremors through global financial markets.
- Hutchison Ports and co. to build two new container terminals at Ain Sokhna + Dekheila ports: The Madbouly government yesterday signed two agreements worth USD 1.6 bn with two international consortiums to develop new container terminals at the Ain Sokhna and Dekheila ports
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???? CIRCLE YOUR CALENDAR-
RiseUp 2023: The RiseUp Summit starts today at the Grand Egyptian Museum. The three-day event runs through to Saturday.
Egypt is playing host to PPP MENA Forum: The two-day Public-Private Partnership MENA Forum kicks off at the Nile-Ritz Carlton in Cairo on 19 March, bringing together over 300 regional and international PPP players to discuss new partnership models and projects to advance the region’s socio-economic growth. Discussions held under the patronage of Prime Minister Moustafa Madbouly will include policies for infrastructure projects, private funding for national projects, governance, and best practices.
☀️ TOMORROW’S WEATHER- We have a pleasant weekend ahead of us: Our favorite weather app is predicting a daytime high of 26°C for a sunny Friday, with a nighttime low of 13°C. Saturday will cool down a few degrees to peak at 23°C and fall to 12°C in the evening.