Saturday, 14 March 2015
THE WEEK AHEAD
Arabian Cement will hold its 4Q2014 results call at 5pm CLT on Tuesday (17 March).
WHAT WE’RE TRACKING THIS MONTH
The Terrapinn Middle East Investment Summit gets will take place 30-31 March
(Monday-Tuesday) in Dubai. Details here.
Developer and investor briefing on Egypt’s feed-in tariff program (Cairo, Tuesday 31 March). In conjunction with Eversheds, DNV GL and IFC, Apricum will present at an official briefing on behalf of the Egyptian government for companies who have pre-qualified for Egypt’s FIT program. For further information, please contact Dr. Moritz Borgmann at firstname.lastname@example.org
A SPECIAL ANNOUNCEMENT FROM ENTERPRISE
As Enterprise nears its half-birthday, we’ve been asked more than a few times what our plans are — a question that’s typically followed without pause by: “When do you think you’re going to start charging for subscriptions?” Today, as we kick off our special coverage of the Egypt Economic Development Conference in Sharm, we’re in a position to answer the second question, because we have some business news of our own to share for the first time: Enterprise has its first commercial sponsor.
At Enterprise, our passion is to deliver concise, accurate, actionable information — sometimes with a bit of humor — to your mobile device before you wake up every workday. Your morning edition of Enterprise has been and always will be without charge. We may offer other paid products in the future, but we can’t imagine charging the more than 2,000 (and counting) CEOs, c-suite executives, entrepreneurs, country heads, heads of departments, senior government officials, diplomats and others to whom we have the honor of writing every business day.
Sponsorships show support, enable us to stick to this creed, and allow us to invest in creating new information products that will benefit our readers. Enterprise will always remain a fiercely independent publication with an editorial voice and is unabashedly pro free-market, pro-reform and secular.
If you’re interested in discussing sponsorships or other commercial opportunities, please do feel free to drop us a line at email@example.com.
As we build-out a premium, mobile-first business information brand, we want to thank those of you who have supported Enterprise since our zero issue back in September — and promise to always be the most informative part of your mornings.
KEY TAKEAWAYS FROM DAY 1 OF THE EEDC
Egypt’s GCC allies pledged a further USD 12.5 bn in assistance, breaking down as USD 4 bn from each of the United Arab Emirates, Saudi Arabia and Kuwait, as well as USD 500 mn from Oman in the form of grants and investments. USD 2 bn of the UAE’s pledge and USD 1 bn from KSA will be in the form of deposits at the Central Bank of Egypt. More below on this story, which is dominating the domestic international narratives on Egypt this morning.
The total value of deals signed at the conference should be in the USD 15-20 bn range said Investment Minister Ashraf Salman. (That’s apparently signed agreements, not MoUs.)
Egypt’s New Administrative Capital is the brainchild of Emaar Chairman Mohamed Alabbar. Phase 1 of the capital will reportedly require investments of c. USD 45 bn and will take 5-7 years to complete. The official website for the project is here; more coverage and Housing Minister Mostafa Madbouly’s introduction of the capital are below.
President Abdelfattah El Sisi signed the new investment law on the eve of the summit on Thursday.
Final attendance count, per the Ministry of Foreign Affairs: 100 countries, 25 regional and international organization. All Arab countries are present, including Qatar, though the latter’s delegation wasn’t “official” and wasn’t greeted at the airport, according to International Cooperation Minister speaking with Osama Kamal. Not invited: Turkey, Iran and Israel.
Nearly all the speakers, be they political leaders or heads of financial institutions, were remarkably on message, with almost all clearly confirming that Egypt’s stability and prosperity are intrinsically tied to those of the region and the world.
LAST NIGHT’S TALK SHOWS
Osama Kamal on Al Kahera Wel Nas had a number of guests on his program, including CEO and Managing Director of Telecom Egypt Mohamed El Nawawy, as well as Mahmoud Muslim from Al Masry Al Youm. El Nawawy stated that TE is ready to build the ICT infrastructure of the proposed administrative capital, and also noted that his company will increase its total investment in Egypt’s telecommunication infrastructure from EGP 2.5 bn in 2014 to EGP 3.3 bn by year-end 2015. Watch for yourself (Arabic, running time: 2 hours)
Amr Adeeb and co-host Rania Badawy on Al Qahera Al Youm presented the entirety of the speeches of heads of states with commentary in between. After having spent months criticizing the organization and planning that went in to the EEDC, Adeeb heaped praise at how smoothly it went. “It started on time. People couldn’t believe that a conference in Egypt started on time.” He also briefly joked about some Islamist-related hashtags that appeared on Twitter yesterday, including one that translates to “coup regime earns USD 12.5 bn in one hour.”
Lamees El Hadidy and Khairy Ramadan of CBC Egypt co-hosted a panel of three guests: Carbon Holdings Chairman and Chief Executive Basel El-Baz, Taqa Arabia Chairman and Executive Chairman Khaled Abubakr, and Emirati investor Sheikh Ahmed El Sweden. Sheikh El Sweden praised the organization and security of the conference, and congratulated all Egyptians on its success. Abubakr of Taqa Arabia emphasized that the conference is an auspicious start but it is just the beginning, and that we need to build on this. El-Baz stated that Egypt should focus in the coming phase on developing its exports.
El Hadidy interviewed IMF managing director Christine Lagarde, asking the latter to comment on a number of common perceptions of the Fund in the region: That it doesn’t care for the welfare of the disadvantaged when it advocates its reform programs, as well as why the IMF stepped in to assist Ukraine, but has not done likewise with significant amounts in recent times to any of the MENA countries. Watch for yourself (Arabic, with Arabic voiceover for Lagarde, running time: 14:08)
SPOTLIGHT: PRESIDENT ABDELFATTAH El-SISI’S OPENIN ADDRESS AT EEDC
Watch for yourself (Arabic, running time: 30 minutes)
The President opened the EEDC by thanking delegates and honoring the memory of the late King Abdullah of Saudi Arabia, crediting King Abdullah with originating the idea of the conference. The President organized his speech along three themes: achieving macroeconomic stability, attracting foreign investment and highlighted large national projects.
Macroeconomic stability: The President stressed the importance of reducing the deficit and reaching fiscal sustainability. On the revenue side, this will be achieved by implementing a more just tax system and broadening the tax base. On the spending side, continuing the program of energy subsidy reform begun last July. With regard to monetary policy, Egypt will seek to balance price stability with the need for economic growth. President Abdelfattah El Sisi reiterated a GDP growth target of over 6% and a reduction of the unemployment rate to below 10% within five years
Attracting foreign investment: El-Sisi noted efforts to improve the investment climate through legislation, improving dispute-resolution mechanisms, and honoring debts to foreign companies, likely in a nod to IOCs.
National investments: The President commented not only on large projects such as the New Suez Canal, the proposed administrative capital and land reclamation, but also emphasized that sustainable development demands we also invest in Egypt’s human capital. This will be achieved in concrete terms in the short term by strengthening the social safety net while ensuring better targeting of state benefits to those truly in need, and in the long run by meeting constitutionally-mandated spending targets on healthcare, education and scientific research.
REMARKS BY JABER AL AHMAD AL SABAH, EMIR OF KUWAIT
Watch for yourself (Arabic, running time: 15:46)
The Emir also said that Kuwaiti investments are grounded in firm belief in Egypt’s ability to achieve economic development, and pledged his unbounded support to Egypt and its effort not just to attract investment, but to serve as a bulwark of regional stability and security.
REMARKS BY CROWN PRINCE MUQRIN BIN ABDULAZIZ, SAUDI ARABIA
Watch for yourself (Arabic, running time: 10:08)
Best Quote: “We welcome the collaboration of both the World Bank and the IMF and other international financial institutions in the conference, praising their technical as well as fiscal contributions, asking them to provide Egypt with more aid.”
REMARKS BY MOHAMMED BIN RASHID AL MAKTOUM, UAE VP, PM AND RULER OF DUBAI
Watch for yourself (Arabic, running time: 9:14)
Key Takeaway: Sheikh Mohammed bin Rashid Al Maktoum announced a USD 4 bn in financial assistance package that includes a USD 2 bn CBE deposit and USD 2 bn in other direct investments.
REMARKS BY U.S. SECRETARY OF STATE JOHN KERRY
Read the full transcript.
Key Takeaway: Secretary Kerry made no new political, military or economic announcements, but rather urged Egypt to grow sustainably, with openness and accountability, inclusively and transparently. He noted the large-scale U.S. trade delegation which visited last year, and reiterated the United States’ commitment to Egypt’s security and stability.
REMARKS BY CHRISTINE LAGARDE, MANAGING DIRECTOR OF THE IMF
Read the full transcript.
Key Takeaway: While still positive, Lagarde’s comments were more critical than other speakers, focusing on the challenges facing Egypt, but also expressing confidence that they can be overcome.
DISCOVER EGYPT’S USD 45 BN ‘NEW ADMINISTRATIVE CAPITAL’
Watch for yourself (Arabic, running time 17:24) or visit the official website here.
A new administrative capital is proposed to be located east of Cairo, between New Cairo and Suez City. It will be located past New Cairo (map here), about a 45-minute drive on a clear day from Downtown Cairo.
The main goal of the project is to ease congestion and overpopulation in Cairo, said Housing Minister Mostafa Madbouly, who presented the project. The current capital’s population is expected to double over the next 40 years. The proposed city will house government buildings and embassies to ease pressure on downtown Cairo.
Upon completion, the administrative capital’s area will be 700 sq km and will have an estimated 5 mn inhabitants. Phase 1 of the capital will reportedly require a total of a USD 45 bn in investments and will take 5-7 years to complete. The city will rely primarily on renewable energy for electricity.
Capital Cairo, as the project is being called, is being master-planned by Capital City Partners, whose founding partner is none other than Emaar Chairman Mohamed Alabbar. Capital City Partners will also be responsible for sourcing funding for the project.
Best Quotes from Housing Minister Madbouly:
Domestic Reaction on the administrative capital: AUC history professor Khaled Fahmy is upset that no one asked him for his opinion on the new administrative city. (Read in Cairo Observer) Domestic print media outlets’ coverage of the new capital has been largely neutral. So far, most media outlets have provided readers with overviews of the administrative capital without giving opinions on its feasibility or benefits to the national economy.
BG Egypt announced on Thursday the signing of a tie-in agreement with BP Egypt and RWE DEA to allow the utilization of BG Egypt’s infrastructure, whereby BP’s offshore North Alexandria Concession will be connected to BG Egypt’s West Delta Deep Marine offshore facilities. (Read)
GE isn’t just selling, it’s investing: The global power systems giant will invest USD 200 mn in a manufacturing and training facility to be located in the new Suez Canal economic hub. The company is also selling gas turbines, having delivered 34 of 46 contracted units in what Bloomberg says is a USD 1.7 bn deal; in total, the 46 turbines will generate more than 2.6 GW of electricity — enough, the company says, to power more than 2.4 mn homes. The manufacturing facility will make products for the renewables, power and rail industries and should create as many as 500 jobs, the WSJ notes. “I track this project personally. We know how important this is to Egypt,” GE co-CEO Jeff Immelt told Reuters. The Minister of Electricity said the turbines are part of Egypt’s plan to add 6 GW to the country’s electricity grid. GE says it currently generates about 30% of Egypt’s installed power capacity.
Government settles Saudi-Egyptian dispute for EGP 30 mn: The recently-created cabinet dispute resolution committee has scored its first big success by settling a dispute between the Red Sea governorate and the Saudi-Egyptian Red Sea Investment Company, with the company agreeing to waive 16 lawsuits and on arbitration lawsuit. (Read)
The WSJ is running a lengthy weekend profile of satirist Bassem Youssef, who’s now a fellow at Harvard. Read: ‘Bassem Youssef on Humor, Politics and Egypt: The ‘Jon Stewart of Egypt’ on satire’s role in politics, why he left Egypt and what he’ll do next’
In the build-up to the conference, CNBC asked if the money is flooding back to Egypt, noting that the “economy is enjoying modest recovery as it prepares to welcome international investors to Sharm El-Sheikh.” The event follows improved economic data a reform drive, says CNBC, “[the EEDC] comes just days after the announcement of a cut to Egypt’s top tax rate. The event is being billed as a key milestone for the government’s medium term economic development plan”
Reuters took a slightly different view, arguing that Egypt is pinning its hopes for an economic revival on the EEDC in hopes that it will “put [Egypt] back on investor radar by projecting an image of stability… If all goes according to plan, Egypt expects to double foreign investment this fiscal year to USD 8 bn.” The newswire also looks at how Egypt’s economic indicators have changed since the fall of Mubarak.
Rights activists are making heavy buys on Twitter to send targeted messages to those interested in EEDC, as underscored by this omnipresent advert by the Human Rights Campaign headlined ‘Potential Investors Warned of Egypt’s Persecution of its LGBT Community.’
As many as five IED explosions rocked the usually quiet neighborhood of Maadi late on Thursday night / Friday morning. There were no casualties and the explosives appear to have had targeted electricity boxes and the Supreme Constitutional Court.
Senior associate editor of the Washington Post Lally Weymouth has a very interesting interview with President Abdelfattah El Sisi, where he makes a few statements that have not really ever been expressed anywhere else before:
Q: “Reportedly, the police are a problem in this country, and I’ve heard even you aren’t happy with them.
EL SISI: That’s right.…
EL SISI: Westerners believe that political Islam did not have a chance to be part of the political process, so [Islamists] resorted to violence. This eventually led to terrorism. This is not true. Their ideology requires them to get power but never give up power.
Q: Who are you speaking of? Hamas? The Muslim Brotherhood?
EL SISI: This is just a general description of political Islam. They consider that being on top is a means to apply their own mind-set, to establish a greater Islamic state. They think that they have the absolute truth, so everybody must listen and obey. If anybody disagrees, then they should die.
Q: Why did he [Morsi] pick you?
EL SISI: He knew that I am a devout Muslim, so he thought I would be of the same mind-set. But I’m trying to be a real Muslim, who respects others and respects the freedom of the people to choose their own religious denominations or even to not believe in God in the first place.” (Read Egyptian President Abdel Fatah al-Sissi, who talks to Netanyahu ‘a lot,’ says his country is in danger of collapse)
Given recent events in Libya, and the comments of Italian Prime Minister Matteo Renzi at the EEDC yesterday regarding the importance of a stable Libya, this piece appearing in The Guardian is a must-read: Islamists are leading Libya to annihilation – and the west is letting them, by Joseph Walker-Cousins, stabilisation adviser to the UK’s special envoy in Benghazi from 2011 to 2014. It is rare for any public official to ever write with such candor on any topic, especially that of Islamists, whose mention many in the West take great pains to avoid. From the article: “the Libyan parliament remains resolute in tribally secure Tobruk. The army and police, with whom we share security and commercial interests, are (albeit only just) containing the extremists in Benghazi. And the administration, backed by the Muslim Brotherhood, occupying Tripoli – with whom we have nothing in common – has been called out on its covert relationships with extremists.”
A MESSAGE FROM PHAROS HOLDING: Are analysts under-valuing Egyptian companies? The Stern School of Business’ Aswath Damodaran has backed Pharos’ assertion that analysts may be undervaluing Egyptian companies due to an error in commonly accepted terminal value calculation methodology. Learn more here.
1,000 Sharm taxi and microbus drivers were gifted suits and ties by South Sinai governor Khaled Fouda just before the EEDC kicked off, Mada Masr reports. Photographic evidence of happy cabbies here andhere. It’s about dignity, ladies and gentlemen.
EGYPT IN THE NEWS
Specific commentary on any of the speeches from the first day of the events has yet to be made for the most part, although there was significant reporting on the combined pledges from GCC representatives.
The two editorials to emerge thus far include one by the UAE’s The National and an opinion piece in the English-language edition of Asharq Alawsat by the UK’s Foreign Secretary Philip Hammond, who is heading his country’s delegation at the EEDC. Read the National’s editorial and Philip Hammond’s opinion piece, both of which call for continued economic reform.
Most international reporting highlighted the differences in support from the Gulf relative to that of the U.S., highlighting that Kerry offered nothing solid:
Meanwhile, other outlets focused on the newly announced aid and investment package as a vote of confidence on the President:
From CNBC and the FT to Reuters and Bloomberg, plenty of interviews are taking place on the sidelines of the conference, alongside sidebars about panels and presentations:
And the New York Times underwhelms with a short, tepid piece from David Kirkpatrick that headlined ‘3 Persian Gulf Nations Pledge USD 12 bn in Aid for Egypt‘.
Egypt’s banking sector is a beacon of stability, writes Hisham Ezz El-Arab, CIB’s Chairman in a piece fully supportive of CBE Governor (and former colleague) Hisham Ramez in The Hill. “Egyptians for thousands of years have overcome seemingly insurmountable threats to their survival. In the latest upheaval, that will was fortified by the resilience of the country’s banks,” Ezz El-Arab said, adding that the banking sector is making prosperity, stability, and inclusion possible.
The UAE’s Minister of State, Sultan Ahmed Al Jaber, writes an op-ed for the WSJ to convey that “reform is working for Egypt’s economy” as the EEDC is a chance to talk about “steps being taken to implement structural reforms, amend outdated laws and regulations, and create an environment for deeper engagement.” A Jaber closes by saying “The U.A.E. welcomes Egypt’s re-emergence as a strong regional economy … Our decisive action to help stabilize Egypt’s economy and continued investment in building the country’s human capital demonstrates a deeply held belief that a strong Egypt is central to the prosperity of the entire Middle East. Now is the time for Egypt’s international partners to similarly demonstrate their genuine commitment to support Egypt with both words and deeds.”
ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM
Hassan Allam Holding negotiating a solar power station loan with CIB and NBD
Al Borsa | 12 March 2015
Hassan Allam Holding is negotiating USD 90 mn loan with CIB and NBD. The loan will be used to finance the construction a 50 MW solar power station. Hassan Allam is creating a company with First Solar and finalizing the project’s feasibility studies. The company expects to be bidding for the Ministry of Electricity’s second solar power tender. (Read in Arabic)
New Assiut power plant 20% complete, three power blocks by the end of May
Al Shorouk | 12 March 2015
The New Assiut power plant, currently being built by Orascom Construction and General Electric, is 20% complete, according to the governor of Assiut. In total, the power plan is expected generate 1000 MW and to contain eight power blocks, three of which are set to begin production by the May’s end and another three before July, according Orascom Construction. The remaining two blocks are expected to come on-stream in August. (Read in Arabic)
OIL & GAS
Negotiations with Eni for a USD 5 bn project, shale tender before the year’s end
Al Borsa | 12 March 2015
The Minister of Petroleum, Sherif Ismail, was interviewed by Al Borsa in preparation for the EEDC’s coverage. Ismail highlighted negotiations with Eni for a USD 5 bn project as well as the government’s set target of producing daily quantities of 695 thousand barrels of crude and 4.7 bcf of natural gas in FY2015/16. The minister mentioned that there will be another shale gas tender on offer by the end of the year. Also, a deal with Cyprus’s CHC will be signed at the EEDC to connect Egypt with the Aphrodite gas field. Ismail also said that negotiations are currently under way to reassess the purchase price of BG’s production from its 9B wells. (Read in Arabic)
Egypt consumes 14.2 mn tons of diesel annually
Youm7 | 12 March 2015
Egypt consumes 6.2 mn tons of gasoline and 14.2 mn tons of diesel every year, the Ministry of Petroleum said. The ministry is currently acceleration the roll-out of the smart card system and will pilot the programme in Suez, Ismailia, Port Said, and Damietta followed by four other cities. (Read in Arabic)
Dana announces new oil discovery
UI Oil | 11 March 2015
Dana Gas announced that the Al Baraka-4 well has discovered a new pool in the Six Hills “E” reservoir. The Al Baraka-4 well is currently on-stream producing at a rate “more than 5 times the sustained flow rate from any previous well” in the Al Baraka Field in the Komombo Concession in Upper Egypt. The well produced oil with a natural flow to surface at a rate of 220 barrels of oil per day, and with artificial lifting at a maximum rate of 1300 barrels of oil per day. “Al Baraka-4 expands a new era of petroleum exploration in Southern Egypt. The fact that oil has flowed naturally to surface from a new layer with better reservoir quality demonstrates that the Kom Ombo basin is more prolific than originally thought,” Dr. Hany Elsharkawi, Dana Gas Egypt President commented. (Read)
BG announces the signing of a tie-in agreement with BP and RWE
Zawya | 12 March 2015
BG Egypt released a press statement regarding the tie-in agreement signed with BP Egypt and RWE Dea almost two weeks ago. BP’s Libra and Taurus fields will be connected to BG and Petronas’ WDDM pipeline infrastructure and the produced gas will be processed at the WDDM onshore facilities. Production from the Libra field will be regulated under a unitisation agreement signed between the parties. A separate agreement was signed by BG Egypt with BP Egypt and RWE Dea, whereby the right of use of the Rosetta onshore facilities will effectively be transferred from BG Egypt and Edison to BP and RWE Dea as of mid-2016, while still leaving BG and Edison holding the rights to the Rosetta concession. (Read)
BASIC MATERIALS & COMMODITIES
Government bans the planting of cotton after April
Al Borsa | 12 March 2015
The Ministry of Agriculture banned the growing of cotton after April. The head of the Central Administration for Seed Production said the decision implies that the target set for cotton production will not be met as farmers in the northern parts of Egypt do not begin growing before 20 March. Further delays are caused by having seeds not yet disbursed. (Read in Arabic)
Egyptian Steel considers building USD 600 mn power station
Al Mal | 12 March 2015
Egyptian Steel is considering investing USD 600 mn to build a power station, CEO Ahmed Abou Hashima said. The power station will have a capacity of 100 MW; 40 MW of which would go directly to the steel plant, with the balance being fed into the national grid. The company is currently pursuing an active expansion strategy. (Read in Arabic)
Government reaches settlement with Saudi Egyptian Red Sea Investments
Al Borsa | 12 March 2015
The government has agreed to a settlement with the Saudi Egyptian Red Sea Investments company of the Hurghada Sheraton. According to the settlement, the company will be required to bear the cost of moving a coastal road behind the project’s site, a move expected to cost EGP 25-30 mn. In return, both parties agreed to drop all pending court and arbitration cases against one another, with the government extending assurances that it will grant the company all the necessary approvals to resume the project. (Read in Arabic)
World Bank urges Egypt to include private sector in railway projects
Al Borsa | 12 March 2015
The World Bank Group has sent the government a letter urging it to include the private sector in passenger railway projects, a source told Al Borsa. The current law regulating passenger railways remains an obstacle as it bars any private sector involvement. The deputy head of Egyptian National Railways said the WBG views the Egyptian Railways as entity that provides services to the Egyptian public without regard to economic viability, which hinders the sector’s ability to repay loans. Egyptian National Railways has outstanding loans of over USD 1 bn from the WBG, Al Borsa notes. (Read in Arabic)
President approves EUR 126 mn EBRD railway loan
Al Ahram | 12 March 2015
President El Sisi approved a EUR 126 mn loan from the EBRD to modernize the Egyptian railway system. The loan will be used to finance the purchase of trains to operate on the Cairo-Alexandria route and improve the service and safety standards. In total, six trains are expected to be purchased and ready by March 2017. (Read in Arabic)
BANKING & FINANCE
Axa receives preliminary approval from EFSA
Al Borsa | 12 March 2015
EFSA granted Axa a preliminary approval to establish a company in Egypt. Once all of the administrative and technical requirements are complete, Axa will be granted a license to operate as an insurance broker, EFSA said. (Read in Arabic)
Americana to get Egyptian assets insured by GIG and Delta Insurance
Al Borsa | 12 March 2015
Americana has reached an agreement with GIG and Delta Insurance to insure its assets in Egypt. The agreement is worth EGP 10 bn and includes an insurance cover to 26 companies in Egypt. The policy covers a wide range of threats including theft and arson. (Read in Arabic)
OTHER BUSINESS NEWS OF NOTE
Suez Canal Containers to receive four new cranes by July 2016
Al Mal | 12 March 2015
Suez Canal Containers signed an agreement with ZPMC to purchase four new cranes to operate on its piers. The total investment Suez Canal Containers has put into acquiring new cranes amounts to USD 42 mn and the four new ones are set to be delivered by July 2016. This would bring up the total amount of cranes owned by the company to 24. (Read in Arabic)
Asus to invest USD 20 mn in Egypt, aims for a 15% market share
Al Borsa | 12 March 2015
Asus plans to increase its investments in Egypt in 2015 to USD 20 mn from USD 5 mn at present. Asus believes that the Egyptian market remains promising due to the high rates of return generated and estimates that the market can absorb 100 thousand devices annually, a pie of which Asus is seeking a 15% share. (Read in Arabic)
Qatar’s fiscal year’s end moved to 31 December
Reuters | 11 March 2015
Qatar moved the end of its fiscal year from 31 March to 31 December, following a new financial system law. The law also gave the finance ministry more power “to priorities economic development projects if there are disputes about them among state entities, enlist the aid of other government councils and ministries, and issue government debt.” (Read)
ON YOUR WAY OUT
The Tahrir Institute for Middle East Policy published their Egypt Security Watch Briefings report for February(in pdf), with 109 attacks reported across Egypt in February.
Apple may be about to open three official stores in the Middle East — all of them in the UAE, with one each going to Mall of the Emirates, Downtown Dubai and an unspecified location in the UAE, according tointernet chatter.
Jackhammers can be used to demolish unlicensed buildings in Alexandria following a decree by Alex Governor Hani El-Messiri. The new mechanism reduces the time taken to implement the court orders by 50%, Al Mal says. Here’s a video of this new jackhammer demolitions at work.
BY THE NUMBERS
USD CBE auction (Thursday, 12 March): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Thursday, 12 March): 7.68 (up 0.02 from Wednesday, 11 March)
EGX30 (Thursday): 9,640.77 (+0.67%)
Turnover: EGP 821.9 mn (EGP 255.71 mn of which were executed through special transaction)
WTI: USD 44.84 (0.00%)
Brent: USD 54.67 (-4.22%)
TASI: 9,691.0 (+0.3%)
ADX: 4,483.5 (-0.4%)
DFM: 3,707.8 (+0.3%)
KSE Weighted Index: 446.0 (flat, -0.09%)
QE: 12,080.7 (-0.4%)
MSM: 6,399.8 (-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.