Tuesday, 6 January 2015

It’s Enterprise, the Tabloid Edition: Clooney says she wasn’t directly threatened with arrest • Guardian profiles Mortada Mansour. In real news: solar tender 2x oversubscribed • kidnapped Copts not released • no change on max wage law?

WHAT WE’RE TRACKING TODAY

If we traded the local market, we’d be feeling pretty defensive (or short-happy) this morning: Egypt bucked the regional and global trend yesterday, with the EGX30 closing up 0.77%. KSA’s Tadawul and the DFM led the regional rout, shedding 3% or more each, and Asian markets are in retreat this morning after the heaviest one-day selloff on Wall Street since October, so…

The Markit / HSBC PMI for Egypt, the UAE and Saudi will be out by 7:30am CLT time, which is around an hour after our customary release time here at Enterprise. Click here to head to their page directly for the pdf. We’ll have quick summaries and a view on the Egypt PMI in Thursday’s edition.

For those among you not in Egypt, a brief reminder: Nobody here will be returning your calls or emails tomorrow. It’s a national holiday in observance of Orthodox Christmas.

We get that most of you are not as into space issues as we are, but: The economics of space travel could be forever changed today if Elon Musk’s SpaceX can land a rocket back on earth after putting its payload into orbit rather than letting the engine crash into the ocean. Musk likens the current practice to “throwing away a 747 jet after a single transcontinental flight.” (Read)

LAST NIGHT’S TALK SHOWS

Lamees El Hadeedy hosted an interfaith and multi-ethnic traditional live music performance (uhm, thanks, Lamees, Merry Christmas), while Youssef El Hosseiny on ONTV hosted Dr. Mostafa El Fiqy, a career diplomat and politician who Hosseiny quizzed on regional and domestic political developments.

That said: The night clearly belonged to Amr Adeeb, who kicked off what he promises will be a recurring feature on Monday nights to present opposition voices outside of the mainstream, along with his sometimes-co-host Rania Badawy.

The series kicked off last night with Marwa Omara, fiancée of the jailed former Al-Jazeera English Cairo bureau chief Mohamed Fahmy. In what was a friendly and largely sympathetic interview, Omara began with a brief recount of Fahmy’s career before working with Al Jazeera, emphasizing that he is not a member of the Muslim Brotherhood and that he participated in the 30 June protests as a citizen and not a journalist. She referred to internal emails that she claimed showed that he did not know that Al Jazeera English was operating without a license. [Editor’s Note: The actual text of the emails is slightly more vague, as he expressed that he was concerned about the channel’s legal status in Egypt, but was rebuffed by Al Jazeera management, as we have previously noted in Enterprise and can be read here].

“You sure don’t look like the fiancée of a Brotherhood member,” said Adeeb of the attractive, unveiled Omara.

Adeeb briefly brought up Amal Clooney and her denial yesterday of being under threat of arrest in Egypt. Omara claiming that Guardian journalist Patrick Kingsley has since apologized to Amal Clooney (for more on this, please see our Egypt in the News section below). Adeeb asked Omara for clarification on Clooney’s role in the Al Jazeera case, with Omara stating that Clooney is solely representing Fahmy and is working to liaise between Canadian and Egyptian authorities.

Adeeb ended the interview on a friendly note, saying that he would hope Fahmy would appear on his show should be released from jail. Adeeb and Badawy then hosted a group of activists, including Nouran Hefzy, wife of jailed activist Ahmed Douma. The idea behind the roundtable may sound good on paper but at times devolved in a shouting match with the activists present (Hefzy excepted) coming off as a little bizarre and unwatchable.

NOTE: In yesterday’s Talk Show review, we missed Amr Adeeb’s acknowledgement of Amal Clooney’s allegation that she had been misquoted by The Guardian, and only mentioned the MOI’s statement.

SPEED ROUND

GCC urged to set up USD 50 bn Marshall fund for Egypt infrastructure: The AFP published a report yesterday quoting well-known Kuwaiti businessman Abdul Salam Al Awadi as saying “Gulf Cooperation Council countries should set up a USD 50 bn Marshall fund to execute infrastructure projects in Egypt…the GCC can contribute to this fund in the medium and long term while Egypt itself can contribute 10-20 per cent to the fund,” to Kuwait’s Arabic language daily Alseyassah. (Read in Emirates 24|7 and read the original article in Arabic here)

Egypt’s recent renewable energy tender was twice oversubscribed for solar projects. More details on the story are provided below in our Energy section.

Israeli gas fields must be developed quickly, US special envoy says. Israeli business news site Globes has an interview with Special Envoy for International Energy Affairs at the US Department of State Bureau Amos Hochstein. “The second issue that bothers us is that we supported Noble Energy’s talks with potential buyers like Jordan and Egypt, and we believe that the gas discoveries in Israel should be an opportunity for fostering a new level of cooperation between the countries in the region: Jordan,Egypt, the Palestinian Authority, Turkey, and Cyprus. It can be an opportunity for bolstering security and enhancing prosperity for all those operating in these areas. We wanted to ensure that the agreements and letters of intent are respected and implemented.” (Read)

Orascom Development Holding completed the sale of a 15% stake in Orascom Hotels and Development with the offering generating EGP 506.1 mn after it was 3.8x oversubscribed. (Read)

The burgeoning market for low-cost flights in the MENA region could get a shot in the arm after UAE’s Air Arabia announced the acquisition of a 49% stake in Jordan’s Petra Airlines. The low-cost Emirati carrier has announced that it is seeking to “open a new international hub at Amman Queen Alia International Airport in Jordan, its fifth fixed-based operation globally, following the acquisition of a 49 per cent stake in Petra Airlines.” The region’s first low-cost carrier, Air Arabia presently serves Egypt out of Alexandria. (Read the company release)

Tunisia’s governing political party Nidaa Tounes appointed Habib Essid as Prime Minister, a former Interior Minister who served in the interim administration following the 2011 uprising. The Islamist Ennahda party, which went down to defeat in October’s Parliamentary elections and didn’t field a presidential candidate, said it was fine with Essid’s appointment, per Bloomberg. (Read)

“Oil has traders absolutely hypnotized”: So said UBS’s Art Cashin in a midday note yesterday quoted this AM by the WSJ as US stocks suffered their steepest one-day selloff since their freakout in October. Why? Oil and Europe, of course. While the media may have given oil stories a wider berth than usual in recent weeks, traders still don’t the bottom for oil after it fell briefly to below USD 50 per barrel yesterday.

The WSJ has a pretty solid roundup on markets’ panic attack yesterday, but the real story of the moment probably remains oil, with a nice Reuters analysis piece suggesting OPEC may not quite grasp how sophisticated the hedging strategies of US shale producers really are. Contrary to earlier assertions by the UAE’s energy minister, the wire service quotes Citigroup commodities research head Ed Morse as noting that “OPEC should not expect to see any impact on U.S. shale growth in the first half of the year and the impact in the second half is being attenuated significantly by producer hedging.” (Read)

How low will it go? How about USD 40, suggests a separate Reuters story, noting, “Some traders seem certain that U.S. crude will be trading in the USD 40 region later in the week if weekly oil inventory numbers for the United States on Wednesday show another supply build.”

On a related note: The Huffington Post, of all places, has Sheiks vs. Shale: the Future of O.P.E.C. by Alexis Crow, co-author of “Quicksand: Why the US Shale Boom is Shorter Than You Think.” Moneyquote: “Like the garish shale energy C.E.O. Harold Hamm, many in the U.S. would like to claim that Middle Easterners ‘can’t live with these prices.’ But in reality, they can.” (Read)

Investors sank more than USD 248 bn into IPOs around the world in 2014, NY Times’ Dealbook notes, picking up on Reuters data for the year that suggests 2014 was the best year for listings since 2010. Dealbook’s Michael de la Merced isn’t alone, however, in noting “The quest for growth has prompted some analysts to question whether investors and start-ups are becoming a little too starry-eyed for their own good, potentially overinflating the markets. Comparisons have been made — though so far largely dismissed in Silicon Valley and on Wall Street — to the dot-com boom and bust of 1999-2000.” Tech and finance firms accounted for more than a third of all offerings through IPOs last year. (Read)

A senior regional commander may have been one of three Saudi border guards killed yesterday in a Daesh attack in Saudi Arabia near the border with Iraq. The attacks, which come as King Abdullah is in hospital with pneumonia, have raised speculation in the international press of more Daesh assaults on the Kingdom. Read more in the Guardian or Simeon Kerr’s take in the FT.

We’re suckers for anything that even gently mocking of Daesh, so imagine our joy this morning at discovering the FT’s “The Isis economy: Meet the new boss” by Erika Solomon, which picks up where we left off last week, noting “signs of discontent are evident across the ‘caliphate’ as people tire of its taxes, price caps and shoddy services.” (Read)

A few large multinational firms in a handful of countries do most of the world’s transfer pricing, according to a new study that found out that multinational firms are, indeed, “knocking on tax havens’ door“. Companies actively work their intra-firm prices to have lower prices charged for exports to low-tax affiliates – shifting profits to low-tax countries. Low-tax countries, in general, drive the process but it goes on overdrive in tax havens with transfer pricing at its greatest when low tax rates are combined with other firm-friendly tax policies. The research’s conclusion: to tackle profit shifting globally, focus on the small number of large companies engaged in transfer-price in a small number of tax havens.

DIPLOMACY

An Al-Ahram report claiming that 13 of 20 kidnapped Coptic Egyptians in Libya had been released was denied last night by Minister of Foreign Affairs spokesman Amb. Badr Abdel Ati, who called in to “Hayah Al Youm” on the satellite television channel Al-Hayah, as reported by Al-Shorouk.

Meanwhile, the Egyptian Foreign Ministry issued a press release detailing the government’s efforts to secure the release of the kidnapped Egyptians: “Based on instructions from [the] President of the Republic, a crisis cell has been created that includes representatives from all the various ministries and security apparatuses to follow up with communications that are ongoing with the concerned Libyan parties with the aim of insuring the safety of kidnapped Egyptians and secure their release.”

Another release by the ministry details the meetings that have been held between ministry officials and the families of the hostages to keep them abreast of the situation and the government’s efforts to free their family members.

Finally, we note that France has signaled that it is willing to undertake limited military action against Islamists in Libya, prompting the internationally recognized Libyan government to note it has not asked for Western military intervention, the AP reports.

EGYPT IN THE NEWS

Amal Clooney has denied that she was under threat of arrest in Egypt from Egyptian authorities in an op-ed titled‘Al Jazeera Journalist Mohamed Fahmy Should Be Released Not Retried in Egypt’: “An article was published in the Guardian newspaper on 2 January 2015 stating that officials threatened Amal Clooney with arrest in Egypt in connection with her representation of Fahmy … Mrs. Clooney … was warned by experts in Egyptian affairs who were consulted on the launch that she and her colleague risked arrest if they launched the report in Cairo … The journalist has since apologized for the misleading presentation of this matter in the article and corrections were made to the text to attempt to address this.” (Read)

While some amendments to the original article in question by Patrick Kingsley have been made, the quote in question remains as-is: “Written before Clooney became involved in the Al-Jazeera case, the report was deemed so controversial by officials that they threatened her team with arrest should they have tried to present its findings inside Egypt. ‘When I went to launch the report, first of all they stopped us from doing it in Cairo,’ Clooney told the Guardian. ‘They said: ‘Does the report criticize the army, the judiciary, or the government?’ We said: ‘Well, yes.’ They said: ‘Well then, you’re risking arrest.’” (Read)

Kingsley hit back with the following tweet: “For the record, Amal Clooney checked and confirmed the quotation before publication.” (Read)

Patrick Kingsley has now turned his attention to Mortada Mansour, God bless him (Kingsley, not Mansour):“Mansour is quieter in person than his on-screen belligerence suggests, a juxtaposition he ascribes to his Gemini star sign, which he claims has left him with 15 separate personalities.” (Read)

Steven A. Cook of the Council of Foreign Relations writes for American tabloid Foreign Policy where he advocates that the United States should increase military aid to Egypt. (Read)

The New York Times’ editorial board is again cross with Egypt, writing this morning about “Egypt’s Appalling Crackdown on [redacted]“ after the AP reported yesterday that the judge in the hammam case may hand down a verdict next week.

“Hackers” in Morocco allegedly defaced Al-Wafd’s website. Morocco World News indulges in some armchair theatrics, given that this is as close to real warfare as they’ve ever come. “Moroccan hackers calling themselves ‘Moroccan Deterrence Forces’ (MDF) carried out what they called ‘Moroccan Vengeance’ by destroying the leading Egyptian news website [sic] Daily Alwafd. The hackers eradicated the content of the news website, replacing it with a photo of the King Mohamed VI of Morocco shaking the hand of Turkey’s President Recep Tayyip Erdogan,” [emphasis ours, colorful vocabulary theirs; and yes, they really do seem to consider Al-Wafd a news website…].

We’ll have to take their word for it as the website for Al Wafd is fine. The only thing funnier than a small group of individuals in Morocco believing they are fighting for their lives in some kind of media war is them thinking that their king being photographed with Erdogan is something to be proud about. If they are at all curious as to what an actual media war is like, they could try walking a day in Egypt’s shoes. Moroccans really don’t seem to understand what they are about to step into. We will simply say the following and leave it at that for the time being: Please take a moment to consider what a country of 90 million perpetually disgruntled and sarcastic people would come up with if Morocco was actually in their sights. (Listen to Morsi’s demo tape with Okka & Ortega for an inkling).

Global Post highlights the often overlooked issue of mental health in Egypt noting the sheer rise in cases of PTSD since 2011. There are lots of obstacles to providing adequate care according to the piece, including concerns of privacy, physician–patient privilege, and society’s perception of mental health issues.

WORTH READING

While it’s a bit unthinkable to link to Huffington Post, we’re going to do it not just once (see Speed Round, above) but twice: the second piece worth your attention is by Deborah Lehr, who as something of an expert on both Egypt and China bears reading when she writes on the implications of the newly forged comprehensive strategic alliance between the two nations:“China has an ally in the new Egypt — which is reestablishing its position as one of the leading forces in the Arab World just as China is facing internal threats by the Muslim minority in Xinjiang province. With Egypt’s participation in the Silk Road and Maritime initiatives, it is well positioned to be China’s route to the Middle East and Africa.” (Read)

In long pieces made up of short takes strung together, both the WSJ and the FT look at disruptors in 2015. (Yes, the tech buzzword has crossed into the mainstream.) Both pieces are too US-centric — the FT, predictably, is better on that front than the Journal, even if its story is narrowly tech-focused — but both are must reads. Topping the FT’s list of who and what will be disrupted by tech: retail, transport, banks and real estate. The Journal, meanwhile, looks at US farm prices, the global impact of Asian tech companies, and the international spread of ride-sharing technology, among other themes.

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Egypt’s solar energy tender twice oversubscribed in Middle East’s first GW-scale tender
PV Tech | 05 Jan 2015
Egypt’s recent renewable energy tender was twice oversubscribed for solar projects, while the wind tender will go out again, according to Michelle T Davies, head of Eversheds’ clean energy and sustainability group. The Egyptian government is expected to reveal the full list of pre-approved projects in the region’s first gigawatt-scale tender soon. The law firm Eversheds hosted an event in December with the chairman of Egypt’s New and Renewable Energy Authority and the managing director of the electricity regulator, EgyptERA. Egypt’s 4.3GW plan includes 2GW of large-scale solar, 300MW of PV projects under 500kW and 2GW of wind. Davies spoke to PV Tech after the event: “They explained more about the programme during that day. They had 178 projects apply for the FiT and they have pre-qualified 67. Forty of those are solar. The rest are wind. “Solar was more than double subscribed and wind was 56% subscribed. So the wind tender will go out again,” she said. (Read)

Kuwaiti fund to increase energy investments in Egypt by USD 1 bn
Amwal Al Ghad | 04 Jan 2015
A Kuwaiti fund will increase investments in the energy sector by USD 1 bn. The increased investments will include an increase of the electricity production capacity by 2 megawatts as well as E&P projects. The increased investments will draw on excess liquidity in Kuwait, according to source speaking to Amwal Al Ghad. (Read in Arabic)

El-Sewedy to build two power plants in Egypt, through one of its subsidiaries:
Company Disclosure | 5th Jan 2015
The contracting arm of El-Sewedy Electric will be constructing two natural gas and solar fired power plants under a USD 706 mn contract. The two plants will be connected to each other throughout various levels of the project, which will begin in May 2015 and wrap up by August. The first plant will be built in the Ataqa area in the Suez governorate, and will have a capacity to generate 650 MW, while the other will be in Al-Mahmudiya in the Beheira governorate, and will generate 330 MW. (Download PDF in Arabic)

OIL & GAS

Idku plant LNG exports collapsed in 2014
Daily News Egypt | 04 Jan 2015
A senior BG Egypt official told DNE that LNG exports from the Idku plant have decreased from 50 shipments in 2013 to just five in 2014 as domestic gas shortage persisted. This was exacerbated by reduced production the Borollos fields to 900 mcf per day in 2014 from 1.2 bcf per day in 2014. In order to become cash-flow positive, the official said, the plant needs to export at least 22 shipments annually. An official at EGAS laid the blame on BG’s slow pace of linking projects with the Borollos fields, delaying the production phase from the 9B site to 2016, and having the project to link the 9A site 10 months behind schedule. The EGAS official insisted that the needs to supply the domestic market will remain prioritized over the Idku plant’s blaming the energy shortage of during the summer of 2014 partly on BG’s lower production rates. The BG official countered by noting that the Ministry of Petroleum was contractually obliged to ensure the Idku plant is supplied with 1.1 bcf per day – an amount that in reality has been fluctuating around 100 mcf per day. (Read)

BASIC MATERIALS & COMMODITIES

Removal of cotton subsidies will harm textile industry — Eastern Cotton chairman
Daily News Egypt | 05 Jan 2014
The chairman of state-owned Eastern Cotton did duty for the entire industry yesterday as he objected to Agriculture Minister Adel El-Beltagy’s decision to provide cash subsidies to cotton farmers rather than subsidized production inputs. Significantly, there was no sign yesterday the minister was backing down. (Read)

REAL ESTATE & HOUSING

Cairo to carry out an EGP 650 mn “smart” housing project
Al Borsa | 04 Jan 2015
The Cairo governorate is carrying out a new “smart” housing project. The EGP 650 mn project aims to compensate residents of numerous unplanned communities who have been evacuated over health and safety concerns. The new projects spans 55 feddans in the Mokattam area and is currently 20% completed. (Read in Arabic)

TELECOMS

State agencies to own 60% of national telecom infrastructure company
Egypt Independent | 5 Jan 2015
The state will be the majority owner of the new national telecom infrastructure company, with military-owned or -affiliated companies holding half of the government’s shares, Egypt Independent reports in a summary of a piece that originally appeared in Al-Alam Al-Youm. Vodafone, Mobinil, Etisalat and Telecom Egypt will split 40% of the equity, with the balance apportioned as 30% military, 10% each for the Ministry of Transport and the Ministry of Electricity, and 5% each to the Ministries of Finance and CIT, the paper claims (Read)

BANKING & FINANCE

Micro-financing laws issued by EFSA
Al Borsa | 05 Jan 2015
Al Borsa published EFSA’s final rules regulating the establishment of micro-financing institutions in Egypt that, once decreed, any institution can apply for a micro-financing license. While not requiring micro-financiers to have risk managers or internal audits, the rules necessitate the formation of a reserve balance and having owners’ equity contribute at least 50% of the working capital at all times. The institutions’ liabilities cannot exceed 10x owners’ equity. The new regulations also cap the funds that could be given to a single recipient at EGP 100,000 with syndication allowed and require the assessment of credit risk before granting any loan larger than EGP 1,000. The micro-financing institution’s board of directors must be made up at least of seven members at least two of whom are non-executive and a managing director who is barred from being a board member of any other micro-financing company. (Read in Arabic)

Tanmeyah to extend EGP 750 mn in loans in 2015
Al Mal | 04 Jan 2015
Tanmeyah Microenterprise Services is planning to extend microfinance loans of EGP 750 mn in 2015, according to Chairman Amro Abouesh. Tanmeyah lent EGP 650 mn in in 2014 and has an active portfolio of EGP 380 mn – short of its EGP 400 mn target. Abouesh added that the company currently serves 86,000 clients and has created over EGP 2 bn in loans since it started operations in 2009. (Read in Arabic)

NBE, Banque Misr to finance solar panels for homes
Daily News Egypt | 06 Jan 2015
The National Bank of Egypt and Banque Misr have reportedly signed up to finance a pilot program that would see homeowners granted low-cost loans to install solar panels, Daily News Egypt reports. Citizens would apparently have the option of selling whatever electricity their panels generate to the state once they’ve paid off their acquisition. The study for the feasibility study for the program was completed by the Egyptian Businessmen’s Association. (Read)

EGYPT POLITICS + ECONOMICS

Egypt-Kuwait ties have never been stronger — Ittihadiyya spokesman
Al Masry Al Youm | 06 Jan 2015
Ittihadiyya spokesman Alaa Youssef says President Abdelfattah El-Sisi’s visit to Kuwait was very successful. Kuwaiti Prince Sheikh Sabah Al Ahmed Al Gaber Al Sabah invested President Sisi in the Order of the Great Mubarak, which is “awarded to Heads of State and foreign Sovereigns and to members of foreign royal families in sign of friendship”. The honor is the highest form of civilian recognition in Kuwait. Al-Sabah reiterated that Kuwait’s economic and moral support to Egypt will be unwavering during this transition period. The two sides discussed mutual concerns regarding security in Libya, with both angling to clamp down on the flow of arms to Islamist militias there. (Read in Arabic)

Salary cap laws unlikely to be amended – Ministry of Finance
Al Masry Al Youm | 05 Jan 2015
Ambassador Ayman El-Kaffas, Official Spokesperson of the Finance Ministry, denied the likelihood of revisiting the newly issued wages cap law or its application on public sector banks or the CBE. El-Kaffas said that such amendments could open the door for more exceptions and thus failing to achieve the law’s primary goal of establishing social justice and eliminating the significant wage gaps in the public sector. AMAY estimates that the application of the wages cap law on CBE and other public sector banks would not result in savings larger than EGP 72 mn. (Read in Arabic)

The Socialist Popular Alliance will not participate in parliamentary elections
Al Masry Al Youm | 6 Jan 2015
Tarek Naguida, a leading figure in the Socialist Popular Alliance, said the fledgling party will not participate in the upcoming parliamentary elections. Naguida said that the party will support the Liberal Party politically, and will play a supporting role in the decision making process. (Read in Arabic)

REGIONAL

Greek oil tanker bombed in Libyan port
Reuters | 05 Jan 2015
A Greek-operated oil tanker anchored at the Libyan port of Derna was bombed by a military jet. The attack left two, injured four crew members, and caused damaged to the front part of the ship but the “ship’s integrity was not compromised” according to the vessel operator’s safety manager. A spokesperson for the chief of staff of Libya’s internationally-recognized government justified the bombing as “the tanker had been bringing Islamist militant fighters into Derna” and after having warned the vessel not to dock without permission. (Read)

ON YOUR WAY OUT

EGAS has completed five projects to support the domestic natural gas network including the regular refurbishing and repairs procedures to the gas pipelines. (Read in Arabic)

Following the news we noted yesterday that Youssef El-Qaradawi’s assets in Egypt have been confiscated, the Egyptian government has reportedly requested that Qatar seize his assets there, which allegedly amount to billions of Egyptian pounds. (Read)

The US is condemning Israel’s freezing of USD 100mn in Palestinian tax returns – these funds represent half the GDP of Palestine. Jennifer Psaki, the spokesperson for the Department of State claims the act “worrisome”. (Read in Arabic)

Abu Dhabi airport’s apparent inability to handle heavy fog and miscues by airline and airport officials saw passengers stranded on planes, on the runway for as long as 13 hours on Sunday. Writes Mashable, which has significantly upped its game since former NYT editor Jim Roberts took over as Executive Editor: “Etihad Flight 183 from Abu Dhabi to San Francisco was held on the tarmac for 12 hours on Saturday, turning a 16-hour flight into 28 hours of misery. And Flight 23 to Dusseldorf, Germany, was delayed for 13 hours because of the same fog. After that plane finally took off, a 73-year-old passenger died on the flight, at which point the plane was diverted to Vienna, an [sic] spokesman confirmed.”

BY THE NUMBERS

USD (CBE auction): 7.1401 (unchanged)
USD (parallel market): 7.79 (down 1 pt)

EGX30 (Monday): 9,011.03 (+0.77%)
Turnover: EGP 506.4 mn (26% below 90-day average)

WTI: USD 50.20 (+0.16%)
Brent: USD 53.25 (0.14%)

TASI: 8,106.8 (-3.0%)
ADX: 4,429.8 (-0.5%)
DFM: 3,565.6 (-3.4%)
KSE: 436.7 (-)
QE: 11,995.7 (-1.9%)
MSM: 6,311.7 (-0.7%)

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.

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