Wednesday, 4 March 2015

Salvaging Arabtec’s mn homes project. PMI falls to lowest level in 17 mos. El-Sisi convenes Economic Development Council. MasterCard, gov’t ink deal to expand financial inclusion. Cabinet to discuss investment law today.


Arabtec CEO Khadem Abdulla Al-Qubaisi is due in Cairo today for talks on the 1 mn homes project, which we reported earlier this week the Sisi administration had placed on hold in the wake of a reported dispute. Reuters quotes a “source familiar with the matter” as saying Al-Qubaisi “will meet officials of Egypt’s housing ministry on Wednesday to renegotiate the terms” of the USD 40 bn project. Reuters’ source has background on the dispute — the contract Arabtec received from the Housing Ministry reportedly had terms different from those it negotiated with the Army in the first place — and says the dispute could be resolved today or tomorrow. Meanwhile, Al-Shorouk quotes the deputy head of the New Urban Communities Authority as denying any intention to call off the Arabtec deal. He also added that Arabtec will rely completely on foreign funding for at least the first phase of the project.

Also today: The Mahlab cabinet is widely expected to review the new investment law at its weekly meeting; Investment Minister Ashraf Salman has said the law could be public as early as this coming Sunday or Monday.

And: The re-trial of former Al-Jazeera English bureau chief Mohamed Fahmy and freelance producer Baher Mohamed resumes today.

Finally: The Wall Street Journal has three solid stories on Egypt out today. One each on terrorism, growth vs. inflation, and gas imports from Israel. Details and links in Egypt In The News, below.


The three-day Egypt Economic Development Conference kicks off in Sharm El-Sheikh on 13 March. Prime Minister Ibrahim Mahlab was in Sharm yesterday with no fewer than five cabinet members to follow up on preparations, Al-Ahram reports.


Egyptian talk shows last night ran the gamut from boring to just strange, with “The Youth” (with a capital “Y”, like “The People”) as the focus of two programs.

In Amr Adeeb’s chair was co-host lawyer Khaled Abu Bakr, who hosted Abdel Moneim El Said, chairman of Al Masry Al Youm newspaper. The wide-ranging interview touched on a number of topics, but mainly revolved around the delay of the upcoming parliamentary elections and El Said’s forecasts for what a future parliament may look like. After identifying his own political affiliation with the Wafd Party, El Said finally said that it was not unreasonable to expect the next election results to resemble that of the most recent parliament, sans FJP, which he admitted would leave the Salafist Nour Party in the lead, followed by the secular Free Egyptians Party as the potential second in terms of seats secured. (The inner authoritarian of at least one writer for this product just had the most wonderful vision of the Supreme Constitutional Court striking down one provision of the electoral law after another…)

Youssef El Hosseiny on ONTV hosted Minister of Social Solidarity Ghada Wady, who mainly focused on a training program for 300 youth with an eye on political and civic awareness and responsibility, as well as to prepare the initial group to hold training sessions of their own for other young people.

Following El Hosseiny on ONTV, Ibrahim Eissa deviated from his usual format, hosting four of “The Youth” — each facing a computer screen with Eissa’s picture as the desktop background, along with a 30/25 logo [in reference to 30 June and 25 January] overlay on the bottom of the screen for the duration of the episode.

It was unclear to this guest reviewer who these individual youth were — if they were employees, or just who knows. The four young people sat — arms folded, staring ahead, sullen and silent. One of the guys looked like he was opening his Facebook page, but it wasn’t completely clear from the camera angle. One young woman was holding the only microphone allotted to the four. She alone shouldered the burden of having to interact with a surly Eissa, although to be fair the young man sitting next to him also had to laugh at Eissa’s jokes, every time Eissa turned to him looking for some sort of reaction.

Seemingly bored and listless, Eissa filled the broadcast with tiresome jokes, constantly interrupting the young woman with wisecracks that fell flat. After she had brought up that a number of businessmen had complained about recent restrictions on the USD as causing import backlogs, Eissa instructed the young woman to go find out the CBE’s answer and report on it the following day — “And bring us back some mango juice and cake while you’re at it.”

This particular episode of Eissa’s program was astonishingly unwatchable. Incredibly tense action movie music played softly in the background in what seemed like an endless loop of the same 5 seconds of ever-ascending crescendo. His own behavior was off, like he seemed incredibly unhappy about being the host of his own show, with his behavior coming across as if the idea of hosting the ‘best-seen-and-not-heard’ representatives of The Youth was not his idea.

Eissa, whose Wikipedia bio has been edited by a third party to note him as a “political apologist,“ at one point decided to get up and walk away from The Youth, as apparently he’d had his fill. As he left them, they continued to stare ahead in silence as the camera panned away from them, as the supporting actors in a play might do as the lead launches into a soliloquy.

Eissa started recalling a story, wandering around backstage with a single camera following him. It seemed to this guest reviewer that Eissa was slowly making his way to the elevator to go home, which seemed like as good a point as any at which to stop watching.

Of course, any discussion of The Youth would be remiss without a My Cousin Vinny clip.(Watch, running time: 18 seconds)


HSBC’s Purchasing Manager’s Index for Egypt in February fell to 46.8, the lowest reading in 17 months as “business conditions worsened at the quickest rate since September 2013.” Following the CBE’s decision to cut interest rates and with hard currency remaining in short supply, new orders placed at the non-oil private sector fell for the second month running with weaker demand tempering activity further still. The reduction in activity radiated across the supply chain with the private sector’s buying activity reduced at a sharper rate as producers opted to use up their stocks of pre-production inventories. As the EGP depreciated and USD remained in short supply, input prices were driven up and purchasing managers looked to control costs. The PMI readings showed that the deterioration was also reflected in the labour market, with payroll numbers falling at their fastest rates since September 2013. This all leads us to expect a return to double-digit inflation in February with the CBE watching closely how this price shock will propagate across the economy after the Sharm investment conference. Read the PMI release here in pdf.

Accept your FX risk? Of course. Egyptian companies with foreign-currency cost structures are being hammered by the Central Bank of Egypt’s ongoing push to enforce Article 111 of Chapter 2 of the Banking Law (here in official translation, pdf – however, please note that as of this morning the CBE’s website appears to be down), which we’ve been droning on about lately. The latest news sees the Federation of Chambers of Commerce warning its members against using any currencies other than EGP in their domestic transactions,Amwal Al-Ghad reports. The head of the federation asked members to report companies dealing in USD domestically and continues to monitor the market for changes in hard currency availability. And while private-sector companies are being squeezed, it seems we should all have pity for EGPC because it, too, has USD-denominated obligations: The Daily News reports the authority has denied a request from airlines to pay for fuel in EGP, citing the “burden of import” as demanding they receive payment in hard currency. The Union of Private Airlines had submitted a request to EGPC to allow them to continue paying for fuel in EGP, especially as access to USD remains a challenge. EGPC boss Tarek El Molla countered that he has to pay in USD.

Meanwhile, the Federation of Chambers of Commerce is reportedly working to quantify the hard-currency requirements of import-export companies as part of its bid to lobby the CBE to free up the liquidity its members need to get their shipments out of port, Al-Mal reports.

Apparently, we now have an Economic Development Council affiliated with the presidency.President Abdelfattah El-Sisi convened yesterday morning the first meeting of Egypt’s Economic Development Council, according to a statement receive overnight from Ittihadiya. El-Sisi told members of the council — whose composition and authority were not spelled out in the release — that he expects them to “propose practical and implementable ideas in coordination with the relevant state institutions, to develop unconventional means to contribute to Egypt’s economic development. Particular emphasis should be placed on reducing the budget deficit, combating poverty, and meeting the growing demands from a number of vital state sectors, including the energy, education and health sectors.” El-Sisi’s instruction that the council “take advantage of state resources in order to fulfill its mission” and that it should “coordinate with other specialized councils affiliated to the presidency as well as ministries to harmonize work” suggests this is something akin to a U.S.-style “Council of Economic Advisors” and not the earlier-suggested “Supreme Investment Council.” Al-Ahram and Al-Masry Al-Youm have spin on yesterday’s committee meeting, and Al-Mal quotes the Ministry of Trade and Industry’s Hisham Ragab as saying the Supreme Investment Council appears unlikely to be established anytime soon.

There are conflicting reports in the media as to when Egypt plans to fully repay its USD 3.1 bn debt owed to international oil companies. Reuters is running a piece widely-circulated in the foreign press quoting a statement released by the Ministry of Petroleum on Monday that says Egypt aims to repay the entirety of the debt by mid-2016, around a year later than previously indicated. “All current operational payments have been made on time and are on track to repay any remaining arrears before mid-2016.”  However in the Arabic press, both Al Borsa and Al Shorouk are quoting Investment Minister Ashraf Salman as saying at the EFG Hermes One-on-One on Monday that almost the entirety of that amount, USD 2.8 bn, will be repaid by August 2014. We’ll keep our ears to the ground for a resolution on this one.

Two high level meetings have taken place in the past two days between Egyptian and Russian security officials in both Moscow and Cairo. On Monday in Russia, Defense Minister Sedki Sobhi met with the Russian Defense Minister Sergei Shoigu, according to a statement issued by the Russian Defense Ministry. “I suggest to give a concrete substance to the protocol. Let’s focus on mutual cooperation in the field of counterterrorism. Of course, the attention will be paid to the issues of instruction of Egyptian servicemen in Russian institutions of higher education which constitute mutual interest for both parties,” said General of the Army Sergei Shoigu, according to the statement. Another interesting development in light of recent events in Libya: “Egyptian servicemen will continue participating in exercises held by the Russian Armed Forces and will conduct a naval exercise in the Mediterranean Sea as well as a Rapid Response Force antiterrorist exercise.”

Meanwhile in Cairo, National Security Advisor Fayza Aboulnaga held talks on Monday with the Secretary of Russia’s Security Council Nikolai Patrushev, according to an emailed statement from Ittihadiya. The Egyptian delegation was made up of high-ranking officials from the security, intelligence and foreign affairs agencies. According to the statement, the Russian delegation “presented to the Egyptian side a memorandum of understanding for cooperation between the two councils in areas of mutual interest. It will be reviewed ahead of a signing ceremony that Ambassador Aboulnaga will attend during her visit to Russia in June …”
IMF loan a decision for the next government to make, Al-Araby says. Egypt’s next government will have to decide whether to ask for IMF assistance, Planning Minister Ashraf Al Araby has said, noting that despite the successful conclusion of Article IV consultations earlier this year, the decision belongs to whichever cabinet is brought in after the now-delayed parliamentary elections. (Read in Arabic)

Pioneers Holding BOD approves EGP 3 bn capital increase, seeks three acquisitions by end of 2015: Pioneers Holding’s BoD have agreed on a proposed capital increase of EGP 3 bn, according to adisclosure sent to the EGX yesterday. According to a recent interview with Reuters, Pioneers’ CEO Walid Zaki said the capital increase should take place during 2Q2015, as the company hopes to close three more acquisitions in the food and real estate sectors by the end of the year. (Read)

Egypt and MasterCard to collaborate on digital National ID program to provide mobile banking to 54 mn unbanked Egyptians: MasterCard will team up with the Egyptian government, using the pre-existing inter-operator mobile payment exchange infrastructure in place to add the national IDs of 54 mn previously unbanked Egyptians, in a joint announcement made yesterday by Minister of Communications Atef Helmy and MasterCard CEO Ajay Banga at the Mobile World Congress 2015 in Barcelona. MasterCard chief Banga was quoted as saying: “Financial inclusion is the foundation for economic growth that’s more inclusive, equitable, and sustainable. It is not only about how to better pay, and get paid, in situations where banking infrastructure is absent. It’s also about leveraging technology and access to resources so that communities can grow and achieve new things. We are proud and honored to announce this partnership with the Government of Egypt. We have a long and rich history with the country, and this partnership further highlights our commitment to Egypt and its future.” (Read)

Bloomberg TV Africa interviews Qalaa Holdings’ Ahmed Heikal: Chairman and Founder of Qalaa Holdings Ahmed Heikal sat down for a brief interview on the expected revenue of USD 3 bn from the Egypt Refining Company by 2017 based on current depressed prices for energy. (Watch, running time: 3:48)

Qalaa Holdings has retained Russian investment bank Renaissance Capital to assess its options in securing international financing, according to a disclosure sent to the EGX. Options “may include the issuance of bonds which are convertible into shares, as part of its [Qalaa Holdings’] efforts to restructure its financial obligations.”

PR advice for the tourism industry: Following the recent Luxor Conference organized by the Egyptian Tourism Authority late last month, which included a delegation of 25 U.S. tour operators and travel writers, the reviews are starting to trickle in. Darlene Buonauro, president of an American tour company who has specialized in Egypt trips and has visited 37 times, titles her review of the conference: Still in Love with Egypt. Her deep appreciation for Egypt’s rich cultural history and tourist potential aside, she offers some valuable constructive criticism which warrants a listen: “The industry needs to come up with a plan of how in the United States we can combat that fear [of visiting Egypt]. We need support from the Egyptian Tourist Authority in Washington, a PR firm that can get behind any news whether it’s good or bad. We need to get out on the road and educate agents, the people, as tour operators, with support of Egyptian government … With the change in government and some positive press, if we educate people we will see a change. We’re starting to see an increase again.”

Judge orders closed session in Morsi’s Qatar spying trial,’ Ahram Online reports, noting the gag order came to protect state secrets as the court reviewed evidence that includes classified documents on state and military intelligence, “the armed forces, its armaments and the state’s policy secrets.”

MOVES: CI Capital appoints Tarek Tantawi as chief operating officer. Tantawi served as CEO of Telecom Egypt from 2009 until 2011, Al-Mal notes.

CNBC Africa takes a look at the Africans who made the 2015 Forbes billionaires list here. Egyptians make up 27.5% of all Africans on the list and seven are in the top 20 with a combined net worth of USD 22.4 bn. Some 40 Arabs are on the list, with KSA leading the region in representation with 10 billionaires, followed by Egypt with eight people in the rankings. The list pegs OCI’s Nassef Sawiris (the 225th richest globally, per Forbes) as the richest man in Egypt. The Forbes list is here.

Daesh have seized Libya’s Bahi oil station and Mabrouk oilfield, according to a Libyan oil security official as reported by Reuters. (Read)

CORRECTION- In yesterday’s issue, we mistakenly gave the link to the EY Renewable Energy Country Attractiveness Index (RECAI) for February 2014. Please find instead the link to the most recent report issued for March 2015 as a pdf here. H/t Omar Massoud.


Israeli Prime Minister Benjamin Netanyahu gave his third annual State of the Union speech to the U.S. Congress over his concerns that the United States will saddle the world with an ineffective deal governing Iran’s civilian and potential military nuclear program. Egypt gets a couple of mentions in Bibi’s sprawling and epic speech – and by epic we mean spanning nearly the entirety of human history, from the Jews escape from Egypt under the leadership of Moses to Netanyahu’s request for assistance to the United States when the Israeli embassy in Cairo was under siege. (Watch, running time: 43:18 and or read the full transcript here.)


It is never “a stock picker’s market:” Noah Smith explains convincingly why you shouldn’t bet the farm on a return to active management regardless of what happens to volume, volatility, Fed policies, and correlations.


The Wall Street Journal has a hat-trick of stories on Egypt worth considering today:

Egypt Open to Gas Exports From Israel, Oil Minister Says: The Wall Street Journal carries this piece which has basically been repeated on a nearly monthly basis since at least December 2014, stating that Egypt would accept importing natural gas from Israel as long as Union Fenosa would be willing to drop international arbitration regarding previous gas agreements. Minister of Petroleum Sherif Ismail is quoted as saying “they have to finalize their deals first before coming to us and they have not yet.” Which is definitely an understatement, as Israel’s antitrust chief David Gilo has thrown a monkey wrench in the plans of the two countries, threatening to break up what he sees as a monopoly of Leviathan partners Noble Energy and Delek Group. Gilo announced last month that he has postponed any decision on the Leviathan gas field’s fate until April.

Egypt’s Low-Burn Insurgency: Al Sisi’s methods are harsh, but he’s an ally against radical jihad. The takeaway: “The low-burn insurgency there isn’t an urgent threat to the Cairo government, but it needs watching and perhaps some American help to put down. … The Middle East is already chaotic and dangerous, and it would only get worse if Egypt descends into an urban civil war à la Algeria in the 1990s. The foremost U.S. interest in Egypt now is to defeat radical Islam and promote the forces of tolerance and moderation.”

Egypt Walks a Fine Line With Interest Rate Strategy is the weakest of the three pieces, but shows at least there’s an understanding of the balancing act at play here: “…And that is one of Egypt’s biggest problems. It needs to accelerate growth to create more jobs, but can’t ignore inflation as that might infuriate the very same people.”


Desalination plants to be built with new power plants on the Mediterranean and Red Sea
Al Borsa | 03 March 2015
Desalination plants will be built along with all new power plants being built by the Mediterranean and Red Sea, according to the Minister of electricity, Mohamed Shaker. Shaker also said the ministry has plans to build power stations running on clean coal technology. (Read in Arabic)

Emirati project to generate solar power in Siwa to be inaugurated on Thursday
Al Borsa | 03 March 2015
The electricity minister, the UAE minister of state, and the governor of Matrouh will attend the inauguration of the project to generate electricity from solar power at the Siwa Oasis. The project is a small scale one and aims to generate 10 MW. The UAE provided a USD 25 mn grant to build the station. (Read in Arabic)

EGAS to run the Sokhna Power Plant on Mazut
Al Borsa | 03 March 2015
EGAS said it will begin running the Sokhna Power Stations on Mazut in order to be able to pump the natural gas used there to three fertiliser factories. The power station used to receive 180 mcf a day, which will be now directed to the fertiliser producers who have only received an average of 183 mcf a day out of a total of 510 mcf. A source at the Egyptian Electric Holding Company said the efficiency of production at the Sokhna Power Station will not be affected. (Read in Arabic)


Tamar partners trying to keep deal with BG and UFG alive
Globes, Al Borsa | 01-02 March 2015
Senior executives from Delek Group and Noble Energy have travelled to Egypt and the UK to reassure BG and Union Fenosa Gas (UFG) that gas exports from the Tamar and Leviathan reservoirs are still on the agenda, according to Israeli business news site Globes. BG and UFG own the liquefaction facilities in Idku and Damietta. This comes as increasing concerns about Egypt not needing gas imports by 2020 are becoming widespread in Israeli media as the deals involving the Tamar and Leviathan partners are becoming jeopardised. (Read in Globes and in Arabic)

Greece’s Energean set for EUR 6 mn exploration venture in Egypt
EnergyPress (Greece) | 03 March 2015
Greece’s Energean Oil & Gas is preparing to launch a EUR 6 mn exploration in the West Kom Ombo area following receipt of permissions from EGPC. The exploration will include test drilling, seismic surveys, and aeromagnetic research. Energan, which holds a 60% stake in the West Kom Ombo venture, is Greece’s only producing E&P player. (Read)

Sea Dragon issues its Business Update and 2015 Outlook
News Wire | 02 March 2015
Sea Dragon presented their 2015 Outlook in a press release and announced the completion of farm out of the South Disouq block in the Nile Delta. For 2015, Sea Dragon, believes “Egypt continues to provide a positive business environment … with no outstanding receivables.” The company expects production to average 10,000 barrels of oil equivalent per day from North West Gemsa, of which 1,000 will be net to Sea Dragon. Paul Welch, Sea Dragon’s CEO said “Given the challenges the E&P sector is facing, relinquishing Shukheir Marine, which was a high operating cost block, was a positive strategic decision in reducing our cost base and improving further our operating cash flow generation. We are now well placed to drive the 2015 work program… we are well placed to unlock the potential across the portfolio” (Read)

No increases in household natural gas prices – Petrotrade
Al Borsa | 03 March 2015
There were no increases in the household prices of natural gas since May 2014, according to the head of Petrotrade, Amal El Eleimy. El Eleimy noted that there is no intention to raise price currently. The current price scheme remains at EGP 0.4 per the first 25 cubic metres, EGP 1 for the extra 25-50 cubic metres consumed, and EGP 1.5 for anything more than that. (Read in Arabic)


Chinese investor seeks to establish animal feed factory in Hoosh Eissa
Al Wafd | 03 March 2015
Nadia Abdo, deputy governor of Beheira, announced that an unnamed Chinese investor has agreed to establish an animal feed factory in Hoosh Eissa. The governorate will provide the investor with 20,000 sqm of land to establish the factory. The factory is expected to produce 100,000 tons of fodder annually and employ between 300 to 400 individuals. (Read in Arabic)


EFSA accepts Triquera B.V.’s offer to acquire Minapharm
Al Mal | 03 March 2015
EFSA submitted its preliminary approval on Dutch Triquera B.V.’s bid to acquire 46.71% of Minapharm Pharmaceuticals’ shares. Triquera submitted an offer of EGP 37.5 per share for 5.7 mn shares. Triquera intends to submit an offer for 100% of the Minapharm’s shares. (Read in Arabic)


Misr Travel to present Magawish Village & Resort at investment summit
Shorouk | 03 March 2015
MIsr Travel, a state-owned entity, will showcase the Magawish Village & Resort to investors at this month’s Egypt Economic Development Conference. The Magawish Village & Resort was established in the early 1980s and has a total area of 850,000 sqm. In spite of its large size, an areas of 450,000 sqm of the project has yet to be developed. As such, Misr Travel’s Chairman Rashad Al Rifaie seeks to attract investments to the unused area in order to establish a resort, a shopping mall, and a medical center. (Read in Arabic)


AAIB acquires Bank of Nova Scotia’s operations in Egypt
Al Mal | 03 March 2015
The Arab African International Bank has acquired Scotiabank (also known as the Bank of Nova Scotia)’s operations in Egypt. AAIB chief Hassan Abdallah said AAIB acquired Scotiabank’s loan portfolio, deposits, LCs, LGs, and other assets and liabilities in a transaction worth EGP 1 bn. The deal could help AAIB expand its activities in new markets including Canada and Asia, Abdallah added. (Read in Arabic)

Barclays African Unit May Buy Parent’s Zimbabwe, Egypt Banks
Bloomberg | 03 March 2015
Barclays Africa Group, the South Africa-headquartered subsidiary of Barclays Plc, is looking to buy its parent company’s stakes in its Egypt and Zimbabwe operations, Bloomberg reports, quoting Barclays Africa Group CEO Maria Ramos as saying, “We’re keen to acquire them, but it has to be done at a competitive price and be value accretive and that’s the process we’re in with Plc. The balance of the story focuses not on the potential Egypt or Zim acquisitions, but on Barclays Africa’s performance since its 2013 acquisition of stakes in other Barclays-branded operations previously held by Barclays Plc. (Read)


Hurghada Port remains closed due to poor weather conditions
Al Borsa | 03 March 2015
The Red Sea Ports Authority announced that the Hurghada Port remains closed for the fourth day in row. Weather conditions remain unconducive to navigation with traffic from Saudi Arabian ports halting completely. (Read in Arabic)

Newspaper prices to rise: Supreme Council of the Press
Youm7 | 03 March 2015
Prices for both private and state-owned newspapers will go up starting from 15 March 2015, according to Egypt’s Supreme Press Council yesterday. According to the council, the price of daily newspaper editions will rise to EGP 2. Weekly editions will experience a similar increase, rising to EGP 2.50. The decision to raise prices was taken in light of the ever-increasing financial challenges facing companies in the print media sector, according to the council. (Read in Arabic)

Arrival of new metro train, expected to be operational end of April
Youm7 | 03 March 2015
A new metro train arrived at the Port of Alexandria on Tuesday. The train, which was manufactured in South Korea by Hyundai Rotem, is intended for use on the dilapidated first line of Cairo Metro, and is expected to be operational by the end of April. The delivery is the initial part of USD 2.2 bn package between the Ministry of Transportation and Hyundai Rotem for 20 air conditioned trains. The deal was signed in December 2012. (Read in Arabic)


CBE: Foreign reserves rise to USD 15.456 bn
Youm7 | 03 March 2015
The CBE announced on Tuesday that Egypt’s foreign reserves climbed to  USD 15.456 bn at the end of February, a USD 27 mn increase from the previous month. Egypt’s foreign reserves stood at USD 15.33 bn at the end of January. (Read in Arabic)

30 Indian companies to participate in investment summit
Dostor | 03 March 2015
India’s ambassador to Egypt, Navdeep Suri expressed his country’s strong support for this month’s investment summit, at his meeting with representatives from the Dakahlia Chamber of Commerce on Tuesday. According to the ambassador, 30 Indian companies, engaged in a wide array of sectors, are set to take part in the investment summit. Bilateral trade between India and Egypt stood at USD 5 bn in 2014, according to the ambassador. He also expressed his country’s strong support for Egypt’s fight against terrorism. (Read in Arabic)


Egypt third globally in kidnapping and ransoms –Gras Savoye: Egypt comes in third place globally when it comes to kidnapping, according to Mark Doust, a kidnapping and ransom specialist at insurance broker Gras Savoye. Mexico and India top the charts, said Doust, who attributed the increase in kidnapping to the wider presence of Islamist militants. Doust added that Egyptians make up 19% of all those who are kidnapped. (Read in Arabic)

Peaceful demonstrations expected in protest of lawyer Karim Hamdy’s death: Lawyers across Egypt’s second capital Alexandria are calling for mass peaceful demonstrations to protest the death of lawyer Karim Hamdy, who was reportedly tortured and killed while in detention at Matariya police station. (Read in Arabic) Prosecutor General Hisham Barakat has agreed to allow lawyers to observe the hearings of the police officers under investigation in the case, according to a statement from the Barakat’s office, as reported byDaily News Egypt.

The Ministry of Antiquities announced that American archeologists discovered a 3000-year-old tomb near Luxor belonging to a nobleman. (Read)


USD CBE auction (Monday, 02 March): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 02 March): -no quote-

EGX30 (Tuesday): 9,475.27 (+0.20%)
Turnover: EGP 479.3 mn (25% below the 90-day average)

WTI: USD 50.62 (+0.20%)
Brent: USD 60.77 (-0.41%)

TASI: 9,487.7 (+1.0%)
ADX: 4,678.9 (+0.2%)
DFM: 3,757.5 (-0.8%)
KSE Weighted Index: 451.6 (-0.2%)
QE: 12,291.9 (-1.3%)
MSM: 6,566.6 (-0.1%)


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.