Monday, 16 February 2015
WHAT WE’RE TRACKING TODAY
In the aftermath of the terrorist killing of 21 Egyptians in Libya yesterday by members of Daesh, President Abdelfattah El Sisi has sent Foreign Minister Sameh Shoukry to the United Nations Security Council for talks on the situation in Libya.
While the social media accounts of the U.S. Presidency, Secretary of State John Kerry, the State Department, and the U.S. Embassy in Cairo were all silent on the massacre in Libya (possibly related to today being President’s Day, a U.S. national holiday), the White House did release a statement condemning the deaths and calling for a political solution in Libya. The United Arab Emirates have also condemned the murders.
French Minister of Defense Jean-Yves Le Drian is scheduled to arrive in Cairo today on an official visit to sign off on the deal that will supply Egypt with Rafale combat jets and naval frigate. Le Drian will meet with President Abdelfattah El-Sisi and Defense Minister Sedki Sobhi in the General Secretariat of the Ministry of Defense. (Read in Arabic) The Voice of America, the official media outlet of the U.S. federal government,expressed their implicit disapproval of the deal, despite State Department spokesperson Jen Psaki’s prior comments to the contrary.
LAST NIGHT’S TALK SHOWS
The video of the beheading of the 21 Egyptian hostages in Libya dominated television screens last night. Talk show hosts, some of whom got the news of the video soon after they went on air, expressed shock and outrage at the most recent atrocity carried out by Daesh. The dramatic video of the hostages dressed in orange jumpsuits being marched to their deaths on a beach near Tripoli was the backdrop to all the commentary and analysis of the shocking incident.
In typical fashion, Amr Adeeb led the tirade against the inability of the Egyptian government to take firm action against terrorist attacks in Sinai and now Libya.
“We don’t want Egyptians in Libya. Let’s get them out,” screamed Adeeb. “I don’t believe that this is Daesh. I mean Daesh is not Daesh. This is not 12,000 individuals that we are dealing with, its much more than that. Don’t wait for anyone’s permission before you act. Don’t be passive. This is a true test for the Egyptian administration. Egyptians will not sleep tonight. To hell with the economy and to hell with the Economic Development Conference, we must retaliate.”
“The language of force is the only language that is understood these days,” insisted Adeeb.
Lamees El Hadidy appeared visibly shaken by the video. She took calls from commentators including Nabil Naeem, a former Egyptian Jihadi leader, who condemned the murder.
Emad Gad, political analyst and member of the Free Egyptians Party, stated that we need an immediate joint regional reaction to the incident. “We need to work with the Libyan authorities to defeat this enemy. There are thousands of Egyptians still in Libya. If we don’t act then this type of thing won’t stop. A group of Egyptian fisherman has already been abducted,” said Gad.
“Does this give us the right to take military action,” asked El Hadidy.
“Yes, it does, but we should do it as part of a coalition and in cooperation with the Libyan army,” answeredGad.
According to Diaa Rashwan, the terrorists are trying to achieve two goals: incite sectarian violence in Egypt and weaken the Egyptian state.
All the talk show hosts took note of the production value of the video. Film director Safwat Ghattas claimed that the professionally produced video was shot at least three or four cameras, with one of the cameras mounted on a crane.
Adeeb commented on what looked like an expensive Breitling watch on the arm of the leader of the Daesh group on the video. ”I think we’re being taken for a ride,” said Adeeb.
At around midnight, the shows were interrupted with a brief statement from President Abdelfattah El Sisiin which he offered his condolences to the families of the martyrs and promised that action will be taken.
“We are not only defending Egypt, we are defending humanity. We have the right to retaliate against these vicious murderers in an appropriate manner and at the right time. I have called on the National Defense Council for an emergency meeting to decide on our course of action,” said El Sisi. He also stated that Egyptians are now banned from traveling to Libya.
The president’s remarks were well received by the talk show hosts, including Adeeb, who changed his tune a bit.
“This was exactly the right thing to say at the right time,” said Adeeb. “The President’s message was clear. I think we can now be reassured that there is definitely more to come. The President is on top of things, he’s in control.”
21 EGYPTIANS MURDERED IN LIBYA BY DAESH
President Abdelfattah El Sisi has called for seven days of national mourning following news of the murder of the Egyptian Christians in Libya. The confirmation of the identities of those killed in the video first came from state news agency MENA, quoting the spokesperson for the Coptic Church, shortly following the appearance of the video online. Out of respect for the deceased, please find below the names of all but one of the victims:
1. Milad Makeen Zaky
2. Abanub Ayad Atiya
3. Maged Solaiman Shehata
4. Yusuf Shukry Yunan
5. Kirollos Shokry Fawzy
6. Bishoy Astafanus Kamel
7. Somaily Astafanus Kamel
8. Malak Ibrahim Sinweet
9.Tawadros Yusuf Tawadros
10. Girgis Milad Sinweet
11. Mina Fayez Aziz
12. Hany Abdelmesih Salib
13. Bishoy Adel Khalaf
14. Samuel Alham Wilson
15. Name unknown, from Awr village
16. Ezat Bishri Naseef
17. Loqa Nagaty
18. Gaber Munir Adly
19. Esam Badir Samir
20. Malak Farag Abram
21. Sameh Salah Faruq
The names above were provided by Bishop Ermia, Bishop General and President of the Coptic Orthodox Cultural Center, via Mai El-Sadany.
The video shows the hostages being led down a beach, each escorted by a member of Daesh, with a caption appearing onscreen identifying the location as Tripoli. A masked man (who appears of Arab descent from what little shows) speaks in an American accent, stating: “We will fight you until Christ descends, breaks the cross and kills the swine.”
As the New York Times notes, a caption on the video mentions that: “The killing is also retaliation for a sectarian dispute that flared in Egypt five years ago over a Coptic Christian woman, Camilia Shehata, then 25, the wife of a Coptic Christian priest. She disappeared for a time, and many Muslims believe she tried to convert to Islam, only to be kidnapped by her husband and members of the Coptic Church. … ‘This filthy blood is just some of what awaits you, in revenge for Camelia and her sisters,’ a caption declares, as blood from the decapitated prisoners darkens the waves.”
Egypt has banned all travel to Libya, and President Abdelfattah El Sisi has sent Foreign Minister Sameh Shoukry to the United Nations Security Council. As noted above, the President convened the National Defense Council and made a brief televised address to the nation.
The President expressed his condolences to the families of the victims and to the nation at large. “At this moment, we the people of Egypt feel sad and angry. This rampant terrorism requires us to unite and stand together in order to rip it out from its roots so it does not spread further. Now is the time to deal with it with full force and strength. Egypt has done this before and will do it again.” The president declared that Egypt reserves the right to respond in whatever manner it sees fit, and at whatever time it finds suitable. He added that the country will make the necessary arrangements to care for the victims’ families. “From this moment forward, travel to Libya is banned, and we will take all steps necessary to facilitate and secure the return of all of our citizens.” He noted that Foreign Minister Sameh Shoukry is travelling to New York to speak with the UNSC to seek aid the campaign against this terrorist epidemic. (Watch in Arabic; running time: 3:59 or read the transcript in full in Arabic)
The AP’s take, which is the story to which most in the English speaking world will wake up, quotes the president as saying: “‘These cowardly actions will not undermine our determination,’ said el-Sissi, who also banned all travel to Libya by Egyptian citizens and said his government reserves the right to seek retaliation. ‘Egypt and the whole world are in a fierce battle with extremist groups carrying extremist ideology and sharing the same goals.’”
The Coptic Church in a statement called on its followers to have “confidence that their great nation won’t rest without retribution for the evil criminals,” the AP noted.
The Council of Egyptian Churches convened, calling on the international community to help Egyptians in Libya: The Council of Egyptian Churches offered its condolences to the families of the 21 Coptic Christians killed in Libya yesterday and urged the international community to intervene and save the remaining Christians in Libya. The council also called on Egypt to support the families of those killed, both financially and emotionally. The Orthodox Church issued a statement that the victims should be considered martyrs by the state. (Read in Arabic)
A statement from Ittihadiya issued to the international press shortly after the video broke was to the point: “It is with deep sorrow that President Abdel Fattah El Sisi mourns the Egyptian victims of an abhorrent act of terrorism in Libya and offers his deepest condolences to the Egyptian people for their grave loss. The President has called an urgent meeting of the National Defense Council and has declared a seven-day mourning period.”
The head of the internationally recognized Libyan parliament called ONTV to express condolences and full support: Aguila Saleh Kouaider (often referred to in the English press as Aguila Saleh Issa) offered his condolences to the Egyptian people. Asked about President El Sisi’s speech, specifically where he says that Egypt reserves the right to respond in whatever capacity it sees fit, Kouaider responded by saying that the Libyan tribes will do all they can to aid Egypt in bringing the terrorists to justice. (Read in Arabic in the Libyan newspaper Al Wasat)
The breakaway Islamist rebels Libya Dawn, who as we’ve noted in the past have received a Turkish envoy on an official visit, and who the United States and European powers have portrayed in equivocating terms as simply one faction in Libya’s civil war rather than the group that initiated an Islamist coup against the internationally recognized government, issued a statement that the entire beheading video was simply a staged, false flag operation by the Egyptian government. The statement reads that the video is a fake, orchestrated by infidel allies: the Sisi administration, General Khalifa Haftar, and Ahmad Qaddafi Al Dam. (Read in Arabic)
As for the Egyptian Islamist response, while the Brotherhood’s English language Twitter account noted its condolences to the victims and their families, the website of their former Freedom & Justice political party only one month ago released a statement suggesting four possible scenarios as to why the 21 Egyptians had been kidnaped, namely: 1) The killings were orchestrated by the Sisi administration to give the Egyptian Army a reason to enter Libya and come to the rescue of Khalifa Haftar’s rebellion. 2) The Coptic church of Egypt is looking to find a new home for its subjects, and Libyans are not having it because Libya is a Muslim country and having Copts move to it is blasphemous. 3) Haftar is trying to get Egypt to aid his rebellion so his soldiers planned and executed the whole thing to bring the Egyptian Army into the mix. 4) Libyan pro-Islamic rebels are punishing Egypt for its involvement in carrying out attacks against them and supporting Haftar’s regime.
Prime Minister Ibrahim Mahlab has reportedly signed MoUs for USD 6.8 bn in petrochemicals projects with Kuwaiti companies, according to a report carried yesterday by Reuters, which cites a statement from the PM’s office. The newswire says the projects are due to start in 3-5 years and cites companies involved as including EK Holding, Kuwait Gateway Holdings and Boubyan Petrochemical Co.
Egypt extends registration period for House of Reps: Egypt’s High Elections Committee (HEC) announced yesterday that the registration period for candidates running in upcoming parliamentary elections will be extended to close on Thursday 19 February rather than 17 February as originally scheduled, Ahram Online reports. The move is designed to give candidates, especially those living abroad, more time to complete required paperwork and medical exams, which have also been simplified. The HEC also announced that Egyptians residing abroad will be able to vote at their nearest embassy solely with either their national ID card or their passport, with no prior registration required. As many as 3,910 candidates have already registered, Al-Borsa suggests.
You can check your eligibility to vote on the HEC’s official site here.
Wafd joins ‘For the Love of Egypt’ election list: The Wafd Party has confirmed it will join the Fi Hob Misr electoral list for the upcoming parliamentary elections, with the list headed by Sameh Seif El-Yazal, a former intelligence officer and chairman of the Gomhouria Centre for Political and Strategic Studies. (Read)
Morsi ‘espionage’ trial opens, goes into recess until 28 February: The trial for former president Mohamed Morsi for conspiring with a foreign entity opened yesterday, with Morsi apparently having declared, “This court does not represent anything to me …I am the legitimate president … and this trial is a farce.” CBC, among others, has the details. Morsi and 10 others could face the death penalty if found guilty of conspiring with Qatar. Trial judge Mohamed Fahmy set 28 February as the next hearing in the case to give Morsi the opportunity to meet with defense counsel. The court also issued an order for the arrest of other co-conspirators still at large, Al-Mal reported.
Drug pricing scheme to be reconsidered, Health Minister says. Adel Adawy, the Minister of Health, announced that the ministry is currently in process of reassessing the pricing scheme for medications and bio-similars, echoing statements made by his predecessors since the first significant wave of devaluation this century back in 2003. The announcement came during the inauguration of the AUG Pharma production plant, which the minister hailed as a step towards provide safe and affordable medications to Egyptians. The Minister also stressed that having access to decent healthcare facilities is a right, not a privilege. (Read in Arabic)
Emaar Properties has no immediate plans to expand its investments in Egypt. The high-profile UAE property developer, which is already seeking an IPO for its Egyptian arm, issued a statement yesterday to the DFM in which it noted that while the “investment climate in Egypt is extremely positive” and is “generating significant interests [sic] for new investments in the country … Emaar continues to pursue appropriate opportunities in Egypt.” That said, the company has made no decisions to make new investments here. The news comes in the wake of last week’s reports that either Emaar (or Chairman Mohamed Alabbar personally) was looking to making new investments here. (Read the disclosure in pdf)
That news came as Emaar Properties posted a 14% rise in 4Q2014 profit according to a company release yesterday. Emaar reported a quarterly net profit of AED 861 mn (USD 234.6 mn), up from AED 756 mn y-o-y. Recurring revenue from malls, retail and hospitality stood at USD 1.46 bn, or 54% of total revenue. Emaar also distributed over USD 4.66 bn in dividends, representing 250% of the par value of shares following the IPO of their Emaar Malls business. Chairman of Emaar Properties Mohamed Alabbar is quoted in the release as saying: “Our focus for the future is to develop smart communities that support the Dubai Plan 2021 announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum … to establish Dubai as a pivotal hub in the global economy.” (Read the earnings release)
Lactalis has again raised its bid for Arab Dairy, this time to EGP 65.75 per share, topping a rival offer from Pioneer Holdings, Reuters notes. The new bid values Arab dairy at about EGP 395 mn, some EGP 10 mn more than does Pioneers. The Egyptian Financial Supervisory Authority has extended until 22 February the deadline for receipt of additional bids. Lactalis had previously offered EGP 63.00 per share before Pioneers offered EGP 64.30 a week ago. Pioneers holds a 25% stake in Arab Dairy. See more color from Al-Mal here.
DHL is reportedly looking at growing its investments in Egypt and is helping with logistics for the March economic conference in Sharm El-Sheikh, the Daily News reports.
The always-classy Daily Mail has penned a love letter to El-Gouna. It’s the first time we recall agreeing with the Mail’s taste about, well, just about anything.
Egypt condemned yesterday a lone gunman’s two terror attacks in Copenhagen, Denmark which took place on Saturday. (Read) As we’d noted yesterday, the attacker first opened fire on a free speech event, killing documentary filmmaker Finn Norgaard. Later, the same attacker, who at the time of writing is suspected to be 22-year-old Omar el-Hussein, traveled by stolen car to Copenhagen’s main synagogue, and shot and killed Dan Uzan, 37, an economist at the Danish treasury, who was acting as a volunteer security guard. El-Hussein was released from prison only two weeks ago. (Read)
As Daesh fighters have been identified in other photographs in Libya carrying sophisticated equipment, this report from the NYT in 2012 notes that the United States discovered that after secretly allowing arms shipments from Qatar to Libyan rebels fighting Qaddafi, American officials later learned that Qatar was channeling some of these weapons to Islamist militants. (Read)
Russian security firm Kaspersky Lab has said that a group of hackers have infiltrated over 100 banks in 30 different countries over the past two years, making off with c. USD 1 bn. (Read)
4,000 U.S. troops to be deployed to Kuwait, likely to fight Daesh: A brigade of over 4,000 U.S. troops from Colorado, many of them Iraq war veterans, are preparing for deployment to Kuwait. The mission is contingent upon Obama’s recently submitted formal request to the American Congress to authorize deployment of ground troops in Syria or Iraq. (Read)
The United Nations Security Council met yesterday in a rare Sunday evening session, where they issued a statement calling on Shiite Houthi rebels in Yemen to “immediately and unconditionally” withdraw from Government and security institutions, as well as “safely release President Hadi, Prime Minister Bahah, members of the Cabinet and all individuals under house arrest or arbitrarily detained,” the Houthi spokesperson hit back.
Hundreds of graves at a Jewish cemetery were vandalized with swastikas and Nazi slogans in France near the border with Germany, the BBC reports.
*** WANT AN ARABIC EDITION OF ENTERPRISE? ***
We’re looking for talented writers and editors of Arabic interested in full-time employment creating an Arabic edition of Enterprise. If you have a passion for news, context and analysis, we have positions with competitive salaries, a casual (but fast-paced) working environment and the opportunity to help shape the editorial and commercial direction of the product. If you’re interested or want to recommend a candidate, drop us a note at firstname.lastname@example.org.
Maged Attiya, who tweets and blogs under the pseudonym salamamoussa, argues that the same justifications for NATO intervention in Libya against Qaddafi still apply in light of the Libyan state’s implosion in: It Is Libya. His essay is not just a call for action against a state whose own instability threatens the stability of its neighbors, and whose recognized government has requested assistance, but it is also a litmus test to see if those same arguments under the fairweather theoretical principle of “right to protect” will be invoked here, or if it will conveniently fall by the wayside.
Hisham Melhem of Al Arabiya writes a scathing critique of U.S. foreign policy under Obama: “Today the United States and Iran (with its numerous Shiite proxies) are de facto allies in the war against ISIS and other radical Sunni groups in Iraq, Syria and Lebanon. The control of the Houthi (Zaydi/Shiite) rebellion of the Yemeni capital Sana’a, could lead to tacit cooperation with the Houthis, supported by Iran, against Al Qaeda in Yemen, considered by the U.S. as the most dangerous branch of Al Qaeda. The Obama Administration sees the prosecution of this war, and the potential for a nuclear agreement with Tehran requires illicit collaboration with Iran. It is not an exaggeration to say that the U.S. has acquiesced to Iran’s emergence as the regional power with the most influence in four Arab capitals; Baghdad, Damascus, Beirut, and the recent prize, Sana’a.” (Read America in the mind of President Obama)
ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM
Raya to partner with German solar energy firm
EGX Statement | 15 Feb 2015
Raya Holding Company for Technology and Telecommunication reports that it has entered into a partnership with German solar energy company ERIFS, according to a statement by Raya submitted to the EGX. Raya will take a 50% share in the venture and will begin preparing studies on the available opportunities in the Egyptian market.
(Read in Arabic)
OIL & GAS
Ministry of Petroleum to tap EGX for oil companies’ financing, restructuring
Al Ahram, Al Borsa | 15 Feb 2015
The Minister of Petroleum met with the head of Egyptian Stock Exchange to discuss stronger cooperation between state-owned oil companies and the EGX. Chief amongst the issues discussed was a more active role the EGX could have in financing the oil companies particularly given the extensive project pipeline pending currently. Also, the petroleum minister discussed the possibility of using the EGX’s expertise in restructuring some of the oil and gas sector’s companies. (Read in Arabic and here)
Petroleum projects in line with the government’s development plans – Khalda Petroleum
Amwal Al Ghad | 14 Feb 2015
Khalda’s, Apache’s subsidiary in Egypt, Engineering General Manager, Khaled Mowafi said that the petroleum sector’s projects are in line with the government’s development plans. Mowafi believes the challenges facing the energy sector presently could be overcome through more E&P projects. However, the biggest problem in Egypt currently remains the rapidly growing demand for energy products especially since the government is tasked with providing fuel for power stations. (Read in Arabic)
BASIC MATERIALS & COMMODITIES
Kharafi to set up phosphate JV, announce an increase in investment in Egypt
Al Borsa, Al-Shorouk | 15 Feb 2015
Phosphate Misr Co., Kharafi International and Abu Qir Fertilizers have successfully concluded negotiations over the formation of a new joint venture. The new company will develop and run both a phosphoric acid and fertilizer manufacturing facility, with a combined value of USD 1.2 bn, by tapping into Phosphate Misr’s reserves in Abu Tartur. In a statement from Beirut following his participation in the Lebanese-Egyptian Business Forum, Minister of Investment Ashraf Salman said: “Al-Kharafi is interested in real estate investment, tourism, and long-term investments in Egypt”. He also noted that Kharafi is set to announce an increase its investments in Egypt from USD 500 mn to USD 750 mn during the upcoming Egypt Economic Development Conference in Sharm El-Sheikh next month. The minister also said the government is trying to resolve some of the company’s disputes in the tourism sector, stressing the importance of the strategic partnership between Egypt and the Kharafi Group. (Read in Arabic on the phosphate JV and the anticipated increase in investment in Al-Borsa or in Al-Shorouk)
Plans to create an environmentally friendly trade hub east of Suez Canal corridor
Al Borsa | 15 Feb 2015
The Minister of Supplies outlined plans to create a trade hub to the east of the Suez Canal corridor that is completely environmentally friendly. The project will not just create multiple job opportunities but will also be the first step to start a commodities exchange. The minister believes Egypt is primed to become a regional commodities hub given its location and the Suez Canal’s global reach. (Read in Arabic)
P&G Egypt exported USD 515 mn worth of products in 2014
Amwal Al Ghad | 15 Feb 2015
Procter & Gamble Egypt exported USD 515 mn worth of products in 2014 as it was responsible for 46% of all soaps’ exports from Egypt for the year. Galaxy Chemicals Egypt had the second largest share in soap exports with the largest market for the exports coming from Kenya, Lebanon, Libya, and Turkey. (Read in Arabic)
OCI’s EGM approves company’s split
Al Mal | 15 Feb 2015
Orascom Construction Industries’ EGM approved the board’s decision to split the company into two. One arm will focus on the construction business and the other on fertilizers. This is a step of OCI’s plans to list shares on EGX and in the UAE in 1Q15. (Read in Arabic)
REAL ESTATE & HOUSING
Housing ministry negotiating a USD 150 mn loan from the Arab Fund for Economic and Social Development
Al Borsa | 15 Feb 2015
The Ministry of Housing is planning expansions for its project to extend sewage systems to more villages through adding new sources of financing. The ministry is currently in negotiations for a USD 150 mn loan from the Arab Fund for Economic and Social Development and is looking into extending the project to 50 villages. The housing minister noted that Chinese and Russian companies have expressed their interest in helping with the project’s implementation. (Read in Arabic)
BANKING & FINANCE
EFG Hermes among banks promoting investment projects for the March Conference
Al Mal | 15 Feb 2015
EFG Hermes is currently conducting feasibility studies on four key projects in the energy, housing and retail sectors, ahead of the March conference. The move comes as part of an effort by five major investment banks to promote 17 strategic projects at the Sharm El Sheikh conference. (Read in Arabic)
EGYPT POLITICS + ECONOMICS
CBE dismisses rumors of amending dollar deposit cap
Al Mal | 15 Feb 2015
A high-level official within the CBE has denounced to Al Mal rumors that the Bank might amend the recent USD 10K cap on dollar deposits, reaffirming that the regulation will persist for some time. According to the official, these rumors are category false, alleging that their origins lay among the very parallel market traders whose efforts these policies are trying to hinder. (Read in Arabic)
CBE explains rising inflation in January
Al Mal | 15 Feb 2015
According to the CBE rising costs of food and consumer goods contributed to a 0.52% rise in core inflation in January with the overall annual inflation rate for January dropping to 7.06%. In a report published on the Bank’s website, the CBE announced that rising costs of butane gas was the main driver behind this inflation rate, contributing to 0.99% rise in consumer goods prices. (Read Article in Arabic; Read the CBE January Inflation Report in Arabic)
Dar Al Handasah: Suez Canal Development Project presentation ready for investment summit
Al Mal | 15 Feb 2015
In an interview with Al Mal, Yahya Zaki, CEO of Dar Al Handasah—the company spearheading the consortium planning the development of the new Suez Canal project—discussed the project’s updates and highlights ahead of the Sharm El Sheikh conference. Zaki revealed that the consortium is concluding the final drafts and details of the plan. He went on to detail some of the major sites of development. He also discussed amendments to legislation governing the development of the project (namely law 83 of the year 2002), adding that full completion of the whole plan will require between USD 10-15 bn in investment. In statements made to Al Borsa, Zaki noted that the Suez Canal project presentation is ready for the upcoming investment summit, and that several other projects, including the Port of East Port Said and Port Sokhna will also be presented at the conference. (Read in Arabic in Al Mal and Al Borsa)
D’Appolonia picked to conduct the technical plan for the Golden Triangle project
Al Borsa | 15 Feb 2015
Italy’s D’Appolonia was picked to conduct the technical plans for the Golden Triangle project in Safaga, Al Qusayr and Qena. This followed news yesterday about a decision being made by the Industrial Development Authority (IDA), without naming the winning bid. The project will see the construction of a sizeable industrial and commercial complex, in addition to a number of tourist facilities in and around the Red Sea. D’Appolonia’s bid beat offers from Bechtel and EMC with one of them, according to the head of the IDA, being offered the project if D’Appolonia does not agree to the IDA’s terms and conditions. (Read in Arabic)
Egypt to sign an agreement with Lebanon to facilitate GAFTA
Al Ahram | 15 Feb 2015
Egypt will sign a trade agreement with Lebanon by the first week of March at the latest, according to Minister of Trade Mounir Fakhry. The agreement will facilitate implementing the Greater Arab Free Trade Area (GAFTA) agreement. The agreement will allow for exemptions relating to potato exports to Lebanon, which will be limited to just 50,000 tons and the timing for citrus exports. Fakhry will also convey Lebanese concerns regarding the registration of new medications in Egypt to the health minister. (Read in Arabic)
ON YOUR WAY OUT
Ahmed Ezz’s inaugural tweet- “Salute to 25 Jan and 30 June”: What is alleged to be the personal Twitter account of Egyptian businessman, Mubarak-era crony, and former inmate Ahmed Ezz came to life with the words: “Salute to the revolutions of 25 Jan and 30 June.” The move marks the first social media activity of the MP-hopeful ahead of parliamentary elections. While the account is labeled as ‘official,’ it has yet to be verified. (View tweet here)
Following reports that 14 Caribbean countries are planning to seek reparations for slavery from the UK, France and the Netherlands, Martin Plaut of the New Statesman asks: Should Arab countries pay reparations for the slave trade too? (Read)
The Obama administration has made the possibility of drones for commercial use in the United States by 2017 a step closer to realization through a proposed set of rules governing their use yesterday, which will still need to go through a commentary phase before passing. Commercial purposes for drones may include agriculture and photography. (Read)
BY THE NUMBERS
USD CBE auction (Sunday 15 Feb): 7.5301 (unchanged since Monday 02 Feb)
USD parallel market (Sunday 15 Feb): 7.66 (-0.04 from Saturday 14 Feb)
EGX30 (Sunday): 9,785.31 (+0.39%)
Turnover: EGP 349.0 mn (49% below the 90-day average)
WTI: USD 52.85 (+0.13%)
Brent: USD 61.70 (+0.29%)
TASI: 9,467.1 (+2.3%)
ADX: 4,695.3 (+1.5%)
DFM: 3,963.3 (+1.5%)
KSE Weighted Index: 451.7 (+0.4%)
QE: 12,692.9 (+0.7%)
MSM: 6,675.2 (+0.3%)
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.