WSJ carries weekend Sisi interview. Aboul Gheit to lead Arab League? Mars to open 3 production lines in June. Balance of payments swings to deficit. New visa requirements to shave 15% off tourism arrivals. Saudi eyes cement exports to Egypt. CBE clampdown on black market continues.

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WHAT WE’RE TRACKING THIS WEEK

President Abdelfattah El Sisi will travel to Sudan on Monday, 23 March, for a two-day visit, followed by a visit to Addis Ababa where it is expected that Egypt, Sudan and Ethiopia will settle on a consultancy firm to assess the impact of the Renaissance Dam.

The 26th Arab Summit will open on Saturday, 27 March 2015, in Sharm El Sheikh. President Abdelfattah El-Sisi met yesterday with Arab League Secretary-General Nabil Elaraby to review preparations. An overnight statement from Ittihadiya on the talks (picked up in part by Al-Ahram, among others) makes clear that security cooperation on Libya and terrorism will feature high on Egypt’s agenda at the two-day summit.

LAST NIGHT’S TALK SHOWS

Many of the talk shows last night celebrated motherhood with profiles of hardworking mothers. On a special Mother’s Day episode of Lamees El-Hadidy during which El-Hadidy’s own mom called in to the show to wish her daughter a happy Mother’s Day, Minister of Social Solidarity Ghada Waly was the guest of honor.

El Kahera Wel Nas’ Cairo 360 host Osama Kamal and station owner and Tarek Nour engaged in an interesting role reversal: In honor of Kamal’s two-year anniversary with Cairo 360, Nour made a special appearance on the program to interview the media veteran, who he called a friend and “a true professional.” The interview covered a variety of topics including Kamal’s work in broadcast, Egyptian TV, the two revolutions, the ikhwan, media ethics and the negative perception of business leaders in the media.

Asked about ethics — or the lack thereof — in media, Kamal said that in the rush to beat the competition with breaking news, “there is unfortunately very little effort being put into verifying facts. I have always insisted on checking and double checking the facts; unfortunately, there are very few news organizations that still operate this way,” said Kamal. “We are living in an age where people get their news from Facebook, citizen journalism is the order of the day and its changing the media landscape.”

As for the revolutions, both 25 and 30, Kamal said, “There is no sense in debating which one was the true revolution and which one was a military coup or a conspiracy, at the end of the day large numbers of passionate Egyptians took to the streets to make their voices heard and they believed in the causes that they were demonstrating for, so they are both valid in my opinion.”

“Which revolution do you stand by?” Kamal asked Nour in a temporary resumption of his role as host.

“January 25th brought us ikhwan and June 30th brought us Sisi. I think there is no need to say which one I am with,” said Nour.

“I think in the past businessmen were the punching bag because the media was unable to criticize the government. The blame had to be put on someone, and thus businessmen were the villains,” said Kamal.

“I believe that this has started to change, particularly after the Sharm El Sheikh Conference,” said Nour. “Public opinion is starting to sway towards favoring investment.”

Youssef El Housseiny covered the massacre of trees that has been going on inside Heliopolis’ Merryland park.

“We all have childhood memories of this beautiful garden. How can this beautiful green space be turned into a parking garage? Who authorized this? The residents of Heliopolis are rightfully outraged and they have been protesting the massacre of rare trees and plants for some time now. The governor of Cairo has finally put a stop to this but it might be too late. The damage has already been done. He took action only when he knew that the television cameras were coming,” said El Housseiny.

El Houssieny also interviewed Egypt’s new Minister of Education, Dr. Moheb El Rafie. After less than one month on the job, Rafie already has ambitious plans to overhaul Egypt’s ailing system of education. Rafieclaims that a committee of experts is currently studying the entire system and that a social dialogue will be conducted soon so that all stakeholders are consulted during the upcoming process of transformation. Among the things that he would personally like to introduce in the near future: a curriculum that teaches children critical thinking and a move to a semester system particularly for Thannweyya Amma students.

SPEED ROUND

The Wall Street Journal carried an interview with President Abdelfattah El Sisi which has leftists around the world in a white-hot rage: ‘Islam’s Improbable Reformer‘: “Later this month, Mr. Sisi will host an Arab League summit, the centerpiece of which will be a joint Arab antiterrorism task force. He says he won’t put Egyptian boots on the ground to fight ISIS in Iraq, which he says is a job for Iraqis with U.S. help. And he takes care to avoid mentioning Iran’s regional ambitions or saying anything critical of its nuclear negotiations, which he says he supports while adding that ‘I understand the concern of the Israelis.’” But he does say the new force is needed ‘to preserve what is left’ of the stable Arab world. In particular, he stresses that “there shouldn’t be any arrangements at the expense of the Gulf states. The security of the Gulf states is indispensable for the security of Egypt.” He also decries the Western habit of intervening militarily and then failing to take account of the consequences. “Look, NATO had a mission in Libya and its mission was not accomplished…”

Former Foreign Minister Ahmed Aboul-Gheit is seen as likely to be the next head of the Arab League, according to Al Shorouk. The former minister, who served with distinction from 2004-11, has reportedly been nominated by Egypt for the post of Secretary-General of the Arab League following the end of Nabil Elaraby’s term at the end of the 2015, the newspaper claims. It is seen as likely that the Gulf Arab states will support the nomination. Ahram Online has the story in English.

MOVES: LetterOne appointed Dr. Hans-Hermann Ecke as the new General Manager of DEA Egypt. “With our Disouq natural gas project, we have recently been able to more than double our oil and gas production in Egypt. Being the operator, we are working intensively on the further development of this project,” Ecke said, with the DEA’s press release noting that one “important task for Dr Ecke is the upcoming realisation of the West Nile Delta project.”

Ministry of Housing agrees on terms for USD 500 mn World Bank loan: Housing Minister Mostafa Madbouly announced the successful close of negotiations with the World Bank on the terms of a USD 500 mn, five-year facility to support the development of Egypt’s stock of affordable housing. Al-Mal and Daily Newshave more.

Mars to open three new production lines in Egypt in June: Mars will begin operating three production lines in Egypt starting June. The production lines come at an investment cost of EGP 700 mn and will increase the production capacity from 18,000 tons annually to 65,000 tons. 300-400 direct job opportunities are expected to be created. Mars aims to export 80% of its production in Egypt. (Read in Arabic)

Construction of the USD 60 mn first phase of Mashreq Petroleum’s fuel bunkering facility on the Suez Canal is expected to wrap within two months, company chairman Tamer Abu Bakr is quoted as saying by the Daily News (the story misidentifies Tamer as Tarek). Mashreq, a subsidiary of Qalaa Holdings, is now in talks with Asian and European investors as it looks to the next phase of the project, the website says. The facility will be the only fuel bunkering terminal in the southeastern Mediterranean.

Egypt’s 1H FY2014/15 balance of payments (BoP) results showed a reversal from the USD 2.0 bn surplus recorded a year earlier to a deficit of USD 1.0 bn. At first glance, the results might cause some concerns, but the deficit was driven mostly by a marked decreased in foreign financial assistancecompared to last year and two one-off events Repayment of a USD 2.5 bn bond and the return of Qatar’s deposit at the CBE. Our only concern here is the continued weakness of oil and gas exports, which fell 20.6% y-o-y, but the accelerated drive to reform the sector is expected to shore up performance over the course of the year. Two positive notes:

• Tourism continued its steady recovery, bringing in USD 4.0 bn from USD 1.9 bn in 1H FY2013/14.
• Remittances are still buoying the external sector after increasing by 10.5% y-o-y to USD 9.4 bn.

While the 3Q BoP results for FY2014/15 are not expected to impress, the markets’ reaction should remain tempered. A strong set of 4Q results expected from the influx of financial assistance from the GCC countries should close FY2014/15 positively and restore the CBE’s reserves balance. The CBE press release is available here.

Just don’t get your hopes too high for a tourism recovery lasting beyond May 2015 as the Egyptian Travel Agents’ Association warns that tourists numbers could fall by as much as 15% due to new visa requirements. The recent decision to cancel its issuance of visas on arrival will see Egypt lose more than 1 mn tourists per year, an ETAA representative said this weekend. The representative urged the government to repeal the decision, which will likely result in the country losing tourists to nearby competitors during this upcoming summer season. (Read in Arabic)

The euro’s plunge is expected to hurt Egyptian exports: The euro’s plunge threatens Egyptian exports to the EU, the Federation of Chambers of Commerce worries. Exporters are already reporting being asked to reduce their prices by 15%, and tepid domestic demand is unlikely to make up for lost export sales, Al-Borsasuggests.

CBE continues black market clampdown. The CBE has ordered banks to observe more stringent regulations on transfers of funds abroad, a source informed Al-Mal. The story comes as CBE Governor Hisham Ramez pushed on Thursday for banks to tighten further their application of know-your-client (KYC) rules, particularly in the case of cash deposits of foreign currency, the newspaper reported. The CBE has also pushed banks to strictly adhere to the 5 piaster split between buy and sell prices for the USD starting this morning, Al-Mal notes. Al-Borsa, however, takes the opposite tack, suggesting that banks are easing some of their constraints on foreign currency dealings and citing an official at the exporters’ division of the Federation of Chambers of Commerce as suggesting the daily cash deposit limit of USD 10k could be raised.

Saudi cement producers call for lifting of export ban to supply Egypt: Saudi Arabia’s cement producers are requesting that the Saudi government rescind a three-year-old ban on exports so they can supply Egypt with 6 mn tons of cement, according to the chairman of the National Cement Committee in the Council of Saudi Chambers of Commerce and Industry on Wednesday to Saudi newspaper Al-Riyadh, as reported by Emirates 24|7. “We are ready to export six mn tons of our cement surplus to Egypt following the signing of large contracts between that country and global companies this week.” (Read)

MOPCO requests to be listed on the EGX – Omran: Misr Fertilizers Production Company (MOPCO) has submitted a request to the EGX to be listed, the bourse’s Chairman, Mohamed Omran said. The company will have paid-in capital of EGP 2.3 bn, Omran added. This follows the EGX and EFSA’s drives at the EEDC to get more companies to float their shares. (Read in Arabic)

Mubarak-era Interior Minister Habib El-Adly has been acquitted of graft charges in the last remaining case outstanding against him on Thursday, the BBC reports. The freeze on El-Adly’s assets has also been lifted.

The prosecution’s case in the Al Jazeera ‘Marriott Cell’ retrial is quickly unraveling, as the prosecution’s three lead witnesses have all walked back significant elements of their testimony, The Guardianreports.

Ikhwanonomics 101: “[GCC] deposits [at the Central Bank of Egypt are] bound to increase Egypt’s economic crisis …” (Read)

From suicide bombings that left at least 137 dead in Yemen to the war in Libya via the operation to retake Tikrit, terror and the war against Islamist forces were significant components of the weekend news diet. We have a roundup in today’s On Your Way Out. If only for their strategic implications for Egyptian security, the pieces on Libya and Yemen are particularly worth reading.

While it may have no immediate impact on Egypt, the salvaging of Lafarge’s merger with Switzerland’s Holcim in a USD 44 bn transaction has a local angle: Nassef Sawiris’ 15 percent stake in Lafarge makes him one of the company’s largest single shareholders. The WSJ and the NY Times have more on the story, if not the Sawiris angle.

PLANET ERDOGAN:

• Erdogan: Obamacare was my idea. (Politico)
• Whistleblower claims Erdogan apologized to President El Sisi at a secret meeting in Saudi Arabia, says Erdogan “begged” Sisi and Salman not to disclose the meeting. (Today’s Zaman)
• Erdogan’s AKP releases documentary billed as sequel to the Protocols of Zion; claims purpose of 2003 Iraq invasion was so that the Jews could find clues in their search for the lost Ark of the Covenant. (Al Monitor)

Nigerian presidential elections are set to take place on Saturday, 28 March, after having been delayed from their original date on 18 February, a move which opposition party All Progressives Congress (APC) has criticized, saying it has given time for the incumbent President Goodluck Jonathan more time to campaign rather than the official reason stated for the delay, which was to fight Boko Haram. The APC has seen its own campaign finances dwindle as the date has been extended, while the incumbent Peoples Democratic Party has been able to draw on government money. (Read)

For the space geeks out there among you (it’s not just two of us here at Enterprise, right? Guys…?):‘Space Lawyers’ Help Startups Navigate the Final Legal Frontier (WSJ).

We were allowed to roam as kids — why aren’t we letting our kids do the same? The question applies as much here in Egypt as it does in America. Read: ‘The case for free-range parenting.’

ICYMI: When a woman with curlers in her hair is joined on balconies by men in bathrobes playing Arabic and French classics, you may have the makings of viral content. Even non-fans of performance art will appreciate the looks on the faces of the audience in Mada Masr’s ‘In photos: Classical music on Egypt’s balconies,’ chronicling this year’s tour by Mahatat for Contemporary Art.

EGYPT IN THE NEWS

The proposed administrative capital continues to take a beating in the foreign press. Reuters offers up competing views in ‘What can USD 300 bn buy in Egypt? A new capital or a pipedream’: Yahia Shawkat, an urban policy researcher with an independent thinktank, said Egypt had already spent USD 8 bn on 21 new city projects in the last 30 years with mixed results. “There has not been any meaningful population movement … and the average occupancy rate is about 20 percent,” he said. But investment banker Ahmed El-Houssieny, CEO of Planet Investments, disagreed with the many naysayers, arguing that it was ‘a great cause to rally people around,’ especially because it was meant to create a large number of jobs in a country where unemployment stands at about 13 percent.” (Read)

The Economist followed up with ‘Thinking big,’ which mentions some positives that may come out of the project, but largely comes out against it: “There might be many construction jobs for a time. But the main benefits will accrue to Egypt’s dominant big firms, and to the Gulf companies that follow their government’s investments. Most small and medium-sized enterprises will be left on the sidelines.” (Read)

The AP has a widely-circulated piece on the proposed capital titled ‘Egypt, Emirati developers tout nebulous plan for new capital,’ once again calling on David Sims to comment: “‘No one’s looked at it on any serious scale … It is more like a scripted media event than a serious proposal, reflecting the current government’s obsession with foreign, Gulf investments somehow coming to Egypt’s rescue,’ said Cairo-based urban planner David Sims. ‘Real estate is now considered the engine of Egypt’s growth and what better way to stimulate it, in spite of the dismal record of new desert towns to date, than to proclaim a colossal new capital?’” (Read)

‘An underground army challenges President Sisi’: Foreign Policy magazine profiles the only exclusively political Ultras group — the Nahdawys, who were born out of the dispersals of the Rabaa and Nahda sit-ins. (Read) James M. Dorsey at Daily News Egypt argues that, with regard to the Ultras Nahdawy: “An Egyptian prosecutor has set the stage for the banning of a group of hard-core, militant football fans by charging them with accepting money and explosives from the outlawed Muslim Brotherhood to stage last month’s Cairo football riot in which 22 people were killed.” (Read)

WORTH READING

The New Yorker runs a (controversial) piece praising short sellers. “[A] comprehensive study of markets around the world found that ones where short selling was legal and common were more efficient… Stock prices are more accurate when short sellers are more active… can also play a vital role in uncovering malfeasance.”

‘King Salman’s futile coalition building’: While the tone of the headline is slightly disrespectful (writers do not always have full control over the title of their pieces), Jordanian-Palestinian analyst and Harvard fellow Rami G. Khouri makes a compelling argument in some blog called Al Jazeera America. Khouri argues that the reported efforts of Saudi King Salman to create a Sunni bloc against Iran are unrealistic. Simply put: politics and national interest trump any sense of shared religious identity. (Read)

#longread- How Qatar is its own worst enemy: Coming in at over 8,000+ words, this reads more like a Master’s thesis rather than an article. However, James M. Dorsey’s piece is a meticulously-researched and referenced, and argues that Qatar is simply not taking any criticism of its behavior seriously, and that it has defeated its own stated foreign policy objectives of projecting itself as a both a trusted mediator and regional media powerhouse. (Read)

***
A MESSAGE FROM PHAROS HOLDING: Pharos is proud to have presented three mega-projects at the EEDC with an aggregate investment cost of USD 22.5 bn, including a hydrocracker complex in Assiut, a high-end residential and commercial project in Sheikh Zayed, and a USD 20 bn mixed-use urban development in Sixth of October. The latter, the 42 km2 October Oasis, was the subject of an MoU signed at EEDC between Abu Dhabi-based SWF Aabar, the Egyptian real estate developer Palm Hills Developments, and the Government of Egypt. Learn more about these projects here.
***

DIPLOMACY

Following Saudi Arabia’s lead last week, the UAE recalled its ambassador to Sweden citing “abusive remarks” made by Swedish Foreign Minister Margot Wallström that denounced Saudi Arabia’s human rights record and its treatment of women. The UAE deemed the remarks an “interference in internal affairs as they do not respect the religious and cultural peculiarities of states and communities.”

Minister of Trade and Industry Mounir Fakhry Abdel Nour met with the Kenyan Minister of Agriculture, Livestock and Fisheries Felix Kiskei on the sidelines of the Cairo International Fair on Saturday. The two discussed the possibility of increased Kenyan exports to Egypt in tea, meat and cattle ahead of the expected tripartite COMESA SADC and EAC free trade agreement expected be signed in Cairo in two months time. (Read)

WHAT YOU CLICKED ON LAST WEEK

The five most-clicked links in Enterprise last week included:

• The Capital Cairo (official website of the nation’s new administrative capital)
• Cairo tops PwC’s African ‘cities of opportunity’ list (PwC)
• Are analysts undervaluing Egyptian companies? (Pharos)
• Egypt basks in world support at investor conference (AP)
• Energy companies pledge bns of dollars of Egypt investment (FT)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Finance ministry allocates EGP 1.8 bn to the electricity sector
Al Borsa | 19 March 2015
The Minister of Finance agreed to earmark an extra EGP 1.8 bn to support the electricity sector during the summer months. The allocated amount comes on top of other payments to make sure that fuel suppliers are paid and to make importing gas shipments possible. (Read in Arabic)

Ministry of Electricity sets out rules for establishing renewable energies companies
Al Borsa | 19 March 2015
The Ministry of Electricity released a statement detailing the rules and regulation for establishing a company operating in the renewable energies space. According to the statement, a new established company’s capital must be identical to the estimated cost of executing its renewable energy project. Additionally, the company must abide by the rules and regulation set out by law 8 of 1998 of the investment law. (Read in Arabic)

El Wadi El Gedid to get solar power stations
Al Borsa | 21 March 2015
Major General Mahmoud Ashmawi, Governor of Al Wadi Al Gedid, will sign tomorrow a protocol with an investment company looking to establish solar power stations in the governorate. These power stations will feed into the country’s unified power grid. (Read in Arabic)

OIL & GAS

Petrojet engaging in five projects in Iraq
Al Masry Al Youm | 19 March 2015
Petrojet is engaging in five projects in Iraq worth EGP 1.8 bn, Al Masry Al Youm reports. The company has seen its revenues grow by 26% y-o-y to EGP 5.9 bn. At Petrojet’s AGE, it was announced that the company was awarded two projects in Oman and another two in Algeria. (Read in Arabic)

Petrosilah seeking to reduce the cost of drilling in its Fayoum concession
Al Mal | 19 March 2015
Petrosilah, a subsidiary of Merlon Petroleum, is currently in talks with contractors to reduce the cost of drilling at the Fayoum concession. Petrosilah hopes to get the cost down by 30% and is citing the lower energy prices as a main driver. The head of Petrosilah said other companies have managed to secure cheaper deals as demand for new drilling waned. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

Ameriya Cement to add invest EGP 750 mn in energy source, new production line
Al Mal | 21 March 2015
Ameriya Cement’s MD tells the newspaper that the company is planning to invest EGP 750 mn over three years to convert to coal-fired energy (EGP 500 mn) and open a third production line (EGP 250 mn). The MD added that the company is also considering building two additional production lines in the future. (Read in Arabic)

Fertilizer producers ask for written notifications of gas disruptions, EGAS rejects
Al Borsa | 19 March 2015
EGAS was asked to inform fertilizer producers in writing if gas supplies to their factories are going to be stopped, a request that was rejected by EGAS. The producers want to use the written notifications as evidence of the actual amounts of natural gas actually received. EGAS has not yet began its announced production rota for fertilizer plants as the Sokhna power stations is still running on natural gas and not yet converted to mazut. (Read in Arabic)

Supplies minister discusses with FAO reducing the cost of wheat imports
Al Ahram | 19 March 2015
The Minister of Supplies held a meeting with FAO representatives to discuss reducing the cost of wheat imports. The aim is to reduce the strain on foreign currency and develop local production. The whole import supply chain was looked into and following some changes, the import cost is expected to fall by USD 6-10 per ton. (Read in Arabic)

MANUFACTURING

Factories now receiving over 80% of contracted gas amounts – EGAS
Al Mal | 18 March 2015
Factories are now receiving over 80% of the contracted gas amounts, EGAS says. Once LNG shipments arrive, electricity supply disruptions should halt, according to a source at EGAS. The FSRU is expected to arrive at the Sokhna port this month, with the first cargo arriving in April. (Read in Arabic)

TOURISM

Egypt returns to Mediterranean Tourism Bourse event in Naples
ANSAmed | 19 March 2015
Egypt has returned to the Mediterranean Bourse of Naples, an annual event which seeks to highlight archeological tourist destinations around the world, and which this year will be held from 26-28 March at the Mostra d’Oltremare. The Egyptian tourism authority in Italy hopes to promote ‘Classic Egypt’ and cruises on the Nile in addition to Red Sea resorts. The figures on Italian tourists, especially with regard to Red Sea destinations, “are gradually rising again, raising optimism for the next season,” according to the tourism authority’s Italy office. (Read)

BANKING & FINANCE

First Equity Partners acquires a majority stake in White House Securities
Kuwait Times | 19 March 2015
FEP Egypt Direct Investment and Asset Management, an affiliate of First Equity Partners (FEP), has acquired a 67% stake in White House Securities (WHS). WHS lists small and medium-sized companies on the NILEX. Qais Al Maskati, FEP’s MD, commented on the acquisition saying: “. Our vision of the market over the long term is positive… WHS will become FEP’s financial arm in Egypt and an important portal into the country.” (Read)

OTHER BUSINESS NEWS OF NOTE

93.5% of dry digging completed for Suez Canal Expansion project
Al Borsa | 19 March 2015
According to a statement from the Egyptian armed forces, work on the Suez Canal Expansion project is running ahead of schedule. Over the past 7.5 months, the armed forces has succeed in digging 215 mn metres cubed of dry earth, 93.5% of the required amount. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

UAE to be the guest of honor of the Cairo International Fair
WAM | 19 March 2015
The UAE is participating in the 49th Cairo International Fair as the event’s guest of honor. “Participants in the UAE’s pavilion at the trade fair which runs between 18-27 March include Ministry of Economy; Federation of UAE Chambers of Commerce and Industry, FCCI; Sharjah Chamber of Commerce, Sharjah Investment and Development Authority, Shurooq” amongst others. (Read)

Press Syndicate elects Yehia Qallash as its new chairman
Daily News Egypt | 21 March 2015
The Press Syndicate elected a new chairman on Friday, with journalist Yehia Qallash winning on the strength of 1,948 votes versus incumbent Diaa Rashwan’s 1,079. Shahira Amin, former deputy-head of state-owned Nile TV, said in a comment to Daily News Egypt: “[It is] good to see the back of Diaa Rashwan…Egypt witnessed [the] biggest number of journalists jailed in this time. It has also been a time of unprecedented restrictions and censorship of the press. Seventeen editors signed a petition pledging to refrain from criticizing government. He even warned journalists against covering protests for their own safety.” (Read)

REGIONAL

Morocco’s three telecoms operators awarded 4G licenses
Reuters | 18 March 2015
The three telecoms operators in Morocco were all awarded radio spectrum licenses to operate 4G mobile broadband networks. Maroc Telecom, a subsidiary of Etisalat, won the most sought after frequencies and paid one bn dirhams. Both Orange’s Medi Telecom (Meditel) and Wana Corporate, which is controlled by the Moroccan royal family and Zain, paid 500 mn dirhams each for their shares. Reuters notes that the “three operators will have to pay an additional 860 mn dirhams to reorganize the frequencies.” (Read)

Investors expect Netanyahu’s re-election to clear the way for Leviathan’s development
Bloomberg | 19 March 2015
The re-election of Israeli PM Benjamin Netanyahu’s spurred speculation that the regulatory disputes surrounding Leviathan will be resolved clearing the way to develop the gas field. Leviathan’s development stalled following an antitrust inquiry. By last Wednesday, The Tel Aviv Oil & Gas Index had jumped 7.6%, the most on record. “There are still regulatory hurdles that need to be solved, but there is no doubt that Netanyahu’s victory is bringing us closer to a conclusion of the talks between the state and the companies,” an investment manager told Bloomberg. (Read)

Anti-shale gas protests continue in Algeria; Bouteflika says gas exploration in compliance with population’s interests, ecology
Algeria Press Service | 14-19 March 2015
A sit-in against shale gas exploration in Algeria drew a crowd of a few hundred in the southern Algerian city of Ouargla on 14 March, over concerns of environmental and health impacts. Algerian President Abdelaziz Bouteflika on Thursday, 19 March reaffirmed that shale gas exploration is both in the national interest and will not harm either the health of Algeria’s citizenry or the natural environment, in a statement read on his behalf. ‘‘In Salah is the apple of our eyes. It has not deprived Algeria from its resources or the provision of the best for its children … It provided it with two types of wealth, gas and men,” he added. This makes the region of In Salah worthy of “a full recognition and gratitude, and benefit from measures and plans designed to improve the living conditions of its population and make quality change to hoist it to a level of development similar to that prevailing in the north of the country.” (Read about the protest and the Algerian president’s response)

ON YOUR WAY OUT

Yemen’s civil war: Daesh has claimed responsibility for the suicide bombings of two Shiite mosques in the capital Sanaa which went off during Friday prayers, leaving at least 137 dead. The sectarian violence targeting the mosques drew strong condemnation from Egypt’s Ministry of Foreign Affairs on the same day. Also on Friday, Al Qaeda forces seized the southern city of al-Houta, killing 20 soldiers before being repelled by the Yemeni army. The United States reportedly evacuated 100 special operations forces on Saturday, the last remaining American troops in Yemen. On Saturday, Yemeni President Abedrabbo Mansour Hadi made his first televised speech since his house arrest and eventual escape, pledging that “the Yemeni republic flag will fly on the Marran mountain in [the Houthi stronghold] Saada, instead of the Iranian flag.”

Libyan army is targeting the Islamist rebel stronghold in Tripoli: The Libyan military launched an offensive against Islamist rebels in Tripoli on Saturday, security officials from both sides confirmed, with both sides claiming control of the nearby city of Aziziya. (Read)

Over 45,000 Egyptians have fled Libya since the beheading of 20 Coptic Egyptians, according to the AFP citing Egyptian state media. (Read)

Both Al Qaeda and Daesh have issued competing claims for responsibility of last Wednesday’s terror attack in Tunisia that witnessed the gunning down of 23 people, most of whom were foreign tourists. (Read)

The operation to retake Tikrit from Daesh stalled by heavy casualties, discord, reports of atrocities by Shiite militias: “The much ballyhooed Iraqi government operation to capture the central city of Tikrit from the Islamic State has stalled three weeks after it began, amid widespread reports that Shiite Muslim militias and the government are badly divided over tactics and roiled by claims that the militias have engaged in war crimes against the local Sunni Muslim population.” (Read)

Daesh supporters are more likely to tweet from the United States than from Egypt (number five on a list compiled by the Brookings Institute). Number-one source of pro-Daesh tweets? KSA, it seems. Check out the Independent’s infographic on its new ‘i100‘ feature (i.e. The Independent’s Answer to BuzzFeed).

A tragic accident involving a charter bus for Orascom Construction employees saw at least 12 people die on Saturday as the vehicle plunged into the Mariotiya river canal in Giza’s Haram district. Another 15 were injured in the accident. (Read)

A 3-D view of a chart that predicts the economic future: The yield curve: The New York Times features a 3D graphic comparing U.S., German and Japanese yield curves. (View)

Al Ahly Club will launche its first phase of its club in Sheikh Zayed City tomorrow. Prime Minister Ibrahim Mahlab, the housing minister, the youth minister and Giza’s governor are all expected to attend the event. (Read in Arabic)

The Ministry of Awqaf has decreed that all Islamic cultural institutes and preacher training centers in Egypt will fall under its control starting next academic year, in a statement released on Friday. The ministry said it will no longer allow such centers to be used “as a backdoor for extremism or terrorism.” (Read)

BY THE NUMBERS

USD CBE auction (last sale Thursday, 19 March): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Saturday, 21 March): 7.65 (-0.05 from Wednesday, 18 March)

EGX30 (Thursday): 9,518.28 (+0.36%)
Turnover: EGP 673.9 mn (6% above the 90-day average)

WTI: USD 45.72 (+4.00%)
Brent: USD 55.32 (+1.64%)

TASI: 9,174.4 (+0.4%)
ADX: 4,337.6 (+1.3%)
DFM: 3,473.4 (+1.9%)
KSE Weighted Index: 439.6 (+0.3%)
QE: 11,523.8 (+0.9%)
MSM: 6,219.9 (-0.2%)