EMG says no deal with Dolphinus on Israeli gas. Travco to invest EGP 750 mn this year. El-Sisi continues re-engagement with Nile Basin. World Bank to offer USD 1 bn facility to fund sanitation infrastructure. Destruction of Merryland still making headlines. NBE to float dollar bond.

WHAT WE’RE TRACKING TODAY

President Abdelfattah El Sisi kicks off the latest phase of his drive to re-engage with the nation’s Nile Basin neighbors, arriving in Sudan for talks on security, Nile water use, and Ethiopia’s Renaissance Dam. He is scheduled to fly from Khartoum to Addis Ababa tonight for talks during which Egypt, Sudan and Ethiopia are expected settle on a consultancy firm to assess the impact of the Renaissance Dam. On the eve of the visit, Sudanese President Omar Al-Bashir had nice things to say about Egypt; the visit is winning considerable attention domestically, though more in the state-owned press than in independent media. Moreover, Trade and Industry Minister Mounir Abdelnour has reportedly negotiated what could turn into an Egyptian-Ethiopian industrial zone in Addis. Readers will recall that the president cut short his historic January 2015 visit to Addis after the killing of some 30 soldiers and police officers in Sinai.

Otherwise, we’re hoping the pain of a slow news week draws to a quick end with good news and not more discussion of whether shooting victims could have survived had they not been “skin and bones”. How slow a news week are we facing? Front page stories this morning across the media spectrum includes a review of special offers at Carrefour, the cancellation of a digital marketing conference, reassurance that there’s no way the government would invite Turkey or Qatar to an international Qur’an competition and, of course, car and gadget reviews.

WHAT WE’RE TRACKING THIS WEEK

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

The destruction of Merryland continues to be an issue on the talk shows. Lamees El-Hadidy conducted telephone interviews with angry residents of Heliopolis who claim that a part of Egypt’s cultural heritage has been destroyed.

“Instead of developing and preserving our green spaces we are adding more concrete,” said El Hadidy.

Ali Mostafa, the head of Heliopolis Housing and Development, the company that owns Merryland, called in to the show. “The plan was to build an underground garage for 120 cars. All we were doing is moving trees, under the supervision of experts, from one place to another. Nothing has been destroyed,” said Mostafa. As he spoke, footage of chopped down trees and broken statues flashed on the screen.

Environment Minister Khaled Fahmy also called in, claiming that no environmental approvals were taken for the project: “The trees were improperly removed and cannot be replanted. The main problem here is the lack of transparency. If this is a legitimate project, why wasn’t the community informed, why didn’t they have a public dialogue? If you explain what you are doing and people see that you are going about it in the right way, then there would not have been a problem. Unfortunately, this is not the case.”

Mohamed Mokhtar Gomaa, the Minister of Awqaf, called in to express his extreme displeasure with “the misguided terrorists” who attacked his house in Beni Suef with Molotov cocktails. “These terrorist organizations are on their last legs. They are desperate. The only language these people understand is the language of violence and destruction…”

Amr Adeeb took issue with just about everyone last night from the Egyptians who are still refusing to leave Libya to the pedestrians who insist on crossing dangerous roads and highways, putting their lives at risk even in areas where pedestrian bridges have been constructed.

SPEED ROUND

EMG denies consenting to Tamar’s Egypt gas deal: In the latest twist regarding Israeli natural gas, East Mediterranean Gas Company (EMG), the operator of the Arish-Ashkelon pipeline, has come out to say that not only has it not been engaged in negotiations over importing gas from Israel, but tells Israeli business site Globes that it views the endeavor itself as being far from feasible: “EMG was surprised to read in the press about an agreement that assumes the use of its pipeline for a ‘reverse gas flow’ between the partners in the Tamar Israeli natural gas reservoir and Dolphinus,” wrote Niv Sever, from the M. Firon & Co. Advocates law firm, the attorney for EMG, in a letter sent yesterday to the partners in the Tamar reservoir. “EMG protests the repeated unauthorized use of its name, apparently designed to profit from its assets.” (Read in Globes)

National Bank of Egypt to issue dollar bond by end of June-CEO: National Bank of Egypt CEO Hisham Okasha told Reuters on Sunday that the bank is considering a dollar-denominated bond by the end of this June. While he did not specify the size of the bond, he stated that it would be in the range of a 2010 issuance, which was for USD 600 mn and paid interest of 5.25%. Reuters speculates that a successful issuance could prompt other banks to tap foreign markets with similar offerings. (Read)

Travco to invest EGP 3.8 bn in hotels, EGP 750 mn of it this year: High-profile travel operator Travco said it is investing EGP 3.8 bn in developing hotels including EGP 750 mn this year. The company will begin developing two new hotels this year in Sharm El Sheikh and Hurghada, bringing up its stock to 11,000 hotel rooms. The group’s Chairman, Hamed El Chiaty, also announced that Travco is also preparing to unveil the second phase of the Almaza Bay project on Egypt’s North Coast and finalizing technical studies for an affordable housing project in Sixth of October. (Read in Arabic)

CPC invests USD 500 mn in Egypt: Saudi Construction Products Holding Company (CPC), signed an MoU with Ayadi Company for Development and Investment to build five industrial cities for SMEs at a cost of USD 500 mn at the EEDC, according to a release. (Read)

Children’s Cancer Hospital Egypt (CCHE) honors Ola Ghabbour. Perhaps better known as the ‘57357’ Children’s Cancer Hospital from the iconic Tarek Nour-produced TV spots that have helped institutionalize fundraising for the world’s largest paediatric cancer hospital, the CCHE honored on Saturday the memory of the late Ola Ghabbour. Mrs. Ghabbour was one of the driving forces behind the expansion of the hospital, including the opening of a satellite facility in Tanta linked digitally to the Cairo facility. The Mothers’ Day celebration saw the opening of 60 more beds, bringing the hospital’s total to 300. Mrs. Ghabbour’s husband Dr. Raouf Ghabbour; daughter Dina Ghabbour; and Mrs. Ghabbour’s mother were called upon to offer words of remembrance at the Saturday gathering, which was attended by Trade and Industry Minister Mounir Abdelnour and Suez Canal Authority chief Mohab Mamish, among others. Visit the hospital’s website here to learn more about how you can help children battle cancer.

President El Sisi conducts interview with religious radio broadcast, rallies against ‘extremism’:President Abdelfattah El Sisi gave an interview to the public religious radio service, the first of its kind, as reported by Ahram Online. During the address, the President reiterated a call to reform religious discourse which he first made in January to an assembly of Azhar scholars. (Read)

Egypt’s political parties disagree over proposed electoral reforms: Over 120 proposals have been submitted by various political parties suggesting amendments to two election laws, according to minister of state for the house of representatives affairs Ibrahim El-Heneidy, as reported by Ahram Online. “These proposed amendments tackle two key election laws: the division of electoral constituencies and the workings of the house of representatives,” said El-Heneidy, indicating that “political forces are still allowed to submit more proposed amendments until the end of this week.”

Italcementi makes progress on energy diversification at Egyptian facilities: Italcementi is currently focused on energy diversification for its facilities, focusing on new and renewable energy through previously announced investments of USD 400 mn over the next four years. Italcementi CEO Carlo Pesenti said two of four plants have already been converted from natural gas to other sources of energy, and the company’s previously announced EUR 120 mn wind farm should be completed within the next 24 months. (Read)

World Bank to offer Egypt USD 1 bn for sanitation project -Housing Ministry: In addition to the USD 500 mn we mentioned in yesterday’s report to support social housing, the World Bank will also offer Egypt USD 1 bn in a sanitation to establish sanitation networks for over 760 villages, according to the housing ministry as reported by Daily News Egypt. The Bank’s delegation should arrive in October to begin work on the project, according to the ministry. (Read)

The Middle East and North Africa is home to 6% of the world’s population but only 2% of the world’s renewable water supply, the World Bank’s Arab Voices blog notes in a post about the water crisis in the region. The most worrying facts:

• Water availability in the region is six times less than the worldwide average.
• The rate of freshwater reserve losses regionally was the fastest in the world in 2009.
• Two thirds of Saudi Arabia’s ground water supply was lost in connection to poor agricultural methods.

Publicly shaming delinquent taxpayers does not always work, although it may be used to target penalties towards delinquents who are less vulnerable to the financial punishments, researchers concludedfrom a field experiment. Either way, remember that personal income taxes in Egypt need to be filed before 1 April.

The Central Bank of Egypt is in talks with GCC donors to secure 5-7 year terms for the deposit components of the USD 12.5 bn in assistance pledged by the UAE, Saudi Arabia, Kuwait and Oman at the EEDC, according to Central Bank Governor Hisham Ramez. In a televised interview, Ramez also noted that Egypt will repay on time USD 700 mn to the Paris Club in July and will return some USD 1 bn to Qatar in October.

** SHARE ENTERPRISE WITH A FRIEND: Enterprise is available without charge — just visit oursubscription page. All we ask for is your name, email address and corporate / institutional affiliation. Give us that, we give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT.

Chamber for renewable energy to be established: Hisham Tawfiq, chairman of Cairo Solar for Renewable Energy, tells Al-Mal that steps are being taken to create a chamber for renewable energy investors in Egypt to serve as an interface with government.

Madbouli: The New Capital is not a replacement of Cairo: Housing Minister Mostafa Madbouli has begun a defense of the nation’s new administrative capital, saying the development proposed at EEDC is not a replacement for Cairo, but a new administrative and financial hub designed to alleviate pressure on Cairo and allow it to reclaim its place as one of the most beautiful cities in the world. Read more in Al-Mal.

Mada Masr conducted a more in-depth interview with EIPR housing expert Yahia Shawkat, who was quoted in the Reuters piece we mentioned yesterday titled ‘What can USD 300 bn buy in Egypt? A new capital or a pipedream‘ [?] From the Mada Masr interview:

“MM: Historically, the idea to develop new cities and revamp old ones has appeared more than once. How would you trace these plans and ideas?

“YS: The idea started in the 1970s, with an unsuccessful project to move the capital to the Sadat City. In the middle of the last decade, a plan for “Cairo 2050” began and included moving the ministerial buildings, except Parliament and the Presidential Palace, from the residential areas to the peripheries of Cairo near the ring road. The plan, however, did not materialize and its future became unclear. According to the “Cairo 2050” plan, which is based on a study conducted by the Japan International Cooperation Agency (JICA) and the Ministry of Housing, the idea was to alleviate the overpopulation in the heart of Cairo from 11 to 9 mn people by moving them to the new cities.” (Read Egypt’s new capital: A city for investments or for alleviating overpopulation?)

ON THE KILLING OF SHAIMAA AL SABBAGH: Many of us who love Egypt often become inured at the regular occurrence of calamities and disasters — or as we like to call them, a regular work week. But every now and then, for some, an event comes along that despite all best efforts, manages to get underneath one’s skin. The killing of activist of Shaimaa al-Sabbagh in a peaceful march on 24 January was one such incident for many, but the explanation for her death offered by Medical Examiner’s Office spokesman Hesham Abdel Hamid on last Saturday’s episode of Ahmed Moussa’s talk show is the kind of statement that should make anyone’s blood run cold. Saying that her death “defied science,” Abdel Hamid went on to give an explanation that one might expect an elderly relative with no scientific training to use: Al-Sabbagh was “skin and bones” and “did not have enough fat to prevent the birdshot from penetrating her body.” But rest assured: “It was her time.” Mada Masr is covering the story, which has already been picked up by The New York Times. Given the dearth of Egypt news following the EEDC, this story is just ripe to explode.

Now for something lighter: Russia threatens to aim nuclear missiles at Denmark ships if it joins NATO shield. “If that happens, Danish warships will be targets for Russian nuclear missiles,” said Mikhail Vanin, the Russian ambassador to Denmark. (Read)

Daesh hacked the website of Saudi newspaper Okaz, temporarily replacing the landing page with a call to recruitment for the terror group. The site is now operating normally. (Read in Arabic)

Poor Dubai: Only the eighth most expensive city in the world in which companies can base a staff member, according to a ranking that combines the cost of both office space and housing, per what appears to be a 2H2014 ranking by Savills that’s become a thing on Twitter after Bloomberg’s Patrick Gower tweeted this image of the rankings. Topping the rankings: London, Hong Kong and New York.

Arabtec swings to Q42014 loss; chairman says delay on Egyptian 1 mn homes project is good for both sides: Arabtec posted a net loss of USD 25.7 mn in the fourth quarter of last year, according toReuters estimates, missing forecasts by two analysts polled by Reuters who had expected a quarterly profit of c. USD 107.3 mn. “Last year’s profits were hit by non-recurring general and administrative expenses, which jumped 75 percent to AED 749.9 mn … Meanwhile, the company has suspended its operations in Russia and Pakistan to reduce costs, the statement said.” Meanwhile, company chairman Khadem Al Qubaisi said a delay in finalizing the contract to begin building the Arabtec’s 1 mn homes project is actually good for both parties,Al-Ahram reports. The delay has been caused by both parties working together to ensure that the best possible outcome is reached. Al Qubaisi said negotiations were at their final stages and assured that the Egyptian market remains vital to Arabtec.

Lee Kuan Yew, the founding father of Singapore, dies at 91: Lee, who in many ways provided a template for the creation of modern Dubai, was a long-time friend of Egypt dating to the Nasser era and Lee’s friendship with Dr. Mursi Saad El-Din. Among his best quotes in a lifetime full of them is noted in New York Times obituary: “‘We are ideology-free,’ Mr. Lee said in an interview with The New York Times in 2007, stating what had become, in effect, Singapore’s ideology. ‘Does it work? If it works, let’s try it. If it’s fine, let’s continue it. If it doesn’t work, toss it out, try another one.’”

Pirelli is selling a majority stake to China National Chemical Corp. in a transaction that values the Italian tires company at USD 7.7 bn, according to the WSJ. The deal would be “the largest acquisition by a Chinese state firm since oil giant Cnooc Ltd.’s USD 15 bn acquisition of Nexen Inc. in 2012.”

The Toronto Star has published a hugely entertaining list of North Korean propaganda sloganswhich appear on banners and billboards throughout the country. These slogans are not funny simply because they are propaganda, but because nearly each takes a sudden left turn at some point in the sentence, inviting readers to consider new worlds they may have not thought possible beforehand. Some of these slogans are presented below, sans exclamation marks so that Enterprise may actually reach your inbox:

• “Let us turn ours into a country of mushrooms by making mushroom cultivation scientific, intensive and industrialized”
• “More stylish school uniforms and quality school things for our dear children”
• “Kindle the flames of a fresh revolution in cinema, starting from the production of animations” (Read inThe Star)

Oh, and one more thing: Would anyone care to tell us when (if?) Shake Shack is due to open at Cairo Festival City? Please?

EGYPT IN THE NEWS

Coverage on Egypt in the foreign press this morning was diffuse, not centering on any particular story, although what was receiving the most sustained criticism (often a synonym for coverage with regard to Egypt) was a belated critique over a law that was first proposed last month that would give judges the discretion of not having to bother with things like defense witnesses. Human Rights Watch has led the attack in ‘Egypt: Law Changes Would Threaten Fair Trials‘: “Amendments to the Code of Criminal Procedure adopted by Egypt’s cabinet on February 18 appear to give judges the sole authority to decide whether witnesses can be called and their testimony heard, based on an official cabinet statement.” Jurist and Russian news site Sputnik have both picked up the story.

VICE News picks up the interview we noted yesterday of President Abdelfattah El Sisi in The Wall Street Journal, but with a clearly negative slant, headlining their piece: ‘Sisi Says Egypt Now Knows Muslim Brotherhood Members ‘Do Not Deserve Sympathy‘‘

***
A MESSAGE FROM PHAROS HOLDING: Is the story of steel in 2014 a replay of the story of crude oil in 2H2014? If so, it’s negative news for one of Egypt’s largest steel players. Pharos has been bearish on Ezz Steel for almost a year due to deteriorating industry fundamentals. Although Egypt’s economy is recovering and projects announced during the EEDC are expected to trigger a boom in infrastructure spending and demand for steel, Ezz Steel has not been a capacity utilization story in as much as a steel price story. Pressures on international steel prices will continue to dictate domestic prices, by virtue of import parity constraints. In 2015YTD, international iron ore prices have plunged 18%, after crashing 47% in 2014 on the back of significant demand contraction coupled with the buildup of excess supply of steel in China. Interestingly, on 19 March 2015, traders noted that seaborne trade in iron ore came to a standstill as prices touched a record low. This steep supply / demand imbalance poses significant downside risks to steel prices in 2015, akin to the crash in crude oil prices of 2014. What does this mean for Ezz Steel? (ESRS on the EGX; FV EGP 16.60 per share) (Continue reading here)
***

WORTH READING

Fuel Subsidy Policy and Popular Mobilization in Syria: The Middle East Research and Information Project (MERIP) has a pretty fascinating piece by Zachary Cuyler that argues that fuel hikes in Syria helped lead to both the Muslim Brotherhood-led revolt in the early 1980s, to which Bashar al Assad’s father responded by destroying Hama. Further, Cuyler argues that fuel price hikes in 2011 did not lead to protests in Syria per se, but certainly came at the worst possible time. “Recognizing its misstep, the government lowered diesel prices in May, but Syria’s uprising had already begun.” (Read)

WORTH WATCHING

What to watch if you’re choking to death at this very moment (Watch, running time: 2 minutes)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

ACWA Power the only bidder for the Dairut power station
Al Mal | 22 March 2015
ACWA Power was the only bidder for the Dairut power station, a source told Al Mal. The project involves building a 2,250 MW power station and the source said that most companies didn’t bid for the project as no agreement on the amount of fuel that will be provided was reached. The concerns were compounded by the delaying of the parliamentary elections. (Read)

Analyzing bids for connecting the electricity grid with Saudi Arabia’s to be completed in May
Al Borsa | 21 March 2015
Analyzing the bid presented to connect the cables linking Egypt’s electricity grid with Saudi Arabia’s will be completed in May, a source told Al Borsa. Four companies have presented bids for the project so far, the source said, and the project aims to secure 3,000 MW. The connecting cables will be buried below in the Gulf of Aqaba to protect the marine wildlife and the coral reefs in the Red Sea. (Read in Arabic)

Social Development Fund raises its financing ceiling for solar projects
Al Borsa | 22 March 2015
The Social Fund for Development has raised its ceiling for the financing of solar project from EGP 2 mn to EGP 5 mn per project. According to a representative from the fund, SFD, working in tandem with Ministries of Finance and Electricity, is looking to provided financing to SMEs that are interested in installing solar panels. The SFD is looking to finance EGP 500 mn as an initial stage. (Read in Arabic)

Butane Gas cylinders to be distributed using smart cards
Al Borsa | 22 March 2015
In an effort to address the problems which plague the distribution of gas, the Ministry of Supply and Internal Trade has taken steps to allow citizens to purchase butane gas cylinders using their government issued smart cards starting from May of the year. Additionally, the ministry will hire individuals to conduct quality control in order to ensure that citizens receive cylinders that are of an appropriate size and weight. According to a representative from the Federation of Egyptian Industries, the ministry has yet to make a decision on the amount of gas that will be given to each family. (Read in Arabic)

OIL & GAS

Gazprom gives Egypt preferential pricing for LNG cargoes
Al Borsa | 22 March 2015
Gazprom is selling Egypt LNG at preferential rates, EGAS’ head Khaled Abdel Badie told Al Borsa. 14 cargoes have already been agreed to and had their delivery dates set with rest to be confirmed. One cargo will contain 140-170 thousand cubic meters of LNG, enough to provide 500 mcf of gas Abdel Badie said. He also added that Gazprom agreed to grant EGAS a 30-day grace period to make the shipments’ payments. (Read in Arabic)

ADNOC plans to invest EGP 10 bn in Egypt
Al Borsa | 22 March 2015
The Abu Dhabi National Oil Company is planning on investing EGP 10 bn in Egypt over the next five years. According to the company’s executive VP, ADNOC plans on operating 1,000 gasoline stations in Egypt and is considering operating a plant to market oils domestically with a capacity of 200 thousand tons. (Read in Arabic)

Decreased natural gas supply to Ain Sokhna is temporary – EGAS
Al Borsa | 21 March 2015
The decrease in natural gas supply to Ain Sokhna is only temporary, EGAS says. This is because the Ain Sokhna power plant, which is set to be run on mazut, is still using gas. Factories in the area did not receive their contracted natural gas shares as a result. In the next few days, the power plant will receive its mazut shipments and natural gas will flow to the factories in the area at the contracted quantities again, EGAS noted. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

USD 1.9 bn invested in the ethylene production complex at ETHYDCO
Al Borsa | 22 March 2015
USD 1.9 bn have been invested in the ethylene production complex at ETHYDCO’s petrochemicals plant, the Minister of Petroleum, Sherif Ismail, announced. Ismail stressed that the project should begin producing before the end of the year noting that it is 86% complete so far. The project has a capacity of 460 thousand tons of ethylene, 400 thousand tons of polyethylene, and 20 thousand tons of butadiene. (Read in Arabic)

REAL ESTATE + HOUSING

Housing ministry issues construction tender for the 1 mn units’ project
Al Borsa | 22 March 2015
The Ministry of Housing began the tendering process of construction works for 60 thousand units of the mn unit’s project. The units will be built in eight cities with the construction works set to being in FY 2015/16. In order to account for the lower income levels there, the ministry will scale down the units’ size in Upper Egypt to 70 square meters instead of 90. (Read in Arabic)

Ministry of Housing: Administrative capital for all Egyptians
Al Borsa | 22 March 2015
The Ministry of Housing and representative from Capital City have  agreed to take into consideration all of Egypt’s socioeconomic classes when deciding on housing projects for Egypt’s administrative capital. Additionally, the Minister of Housing, Dr. Moustafa Madbouli, added that the companies and workers who are responsible for the execution of the project will be 100% Egyptian. Dr. Madbouly, concluded his statement by adding that a draft law for the project, as well as an official name for administrative capital, will be revealed to the public in a month’s time.  (Read in Arabic)

TELECOMS

Etisalat and Ericsson to deploy Egypt’s first radio dot system
ITP | 22 March 2015
Etisalat and Ericsson have announced their partnership to deploy Ericsson’s radio dot system in Egypt. The system is “designed to support operators in delivering a better user experience for both voice and data in the broadest range of enterprise buildings and public venues.” The system will fully integrate with Etisalat’s network to provide coverage for the mobile operator’s consumers and enterprise customers. (Read)

BANKING & FINANCE

NBE arranging a USD 500 mn loan to the EEHC
Amwal Al Ghad | 22 March 2015
NBE is leading a consortium to provide the Egyptian Electricity Holding Company (EEHC) with a USD 500 mn loan. The loan is needed to accelerate the construction of power plant as well as increasing capacity. NBE is currently gauging local banks’ interest in participating in the loan with the Egyptian Arab Land Bank reportedly offering its intention to participate with EGP 100 mn. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

PM establishes National Radio Company
Al Borsa | 22 March 2015
Prime Minister Ibrahim Mahlab issued a decree establishing a government-owned National Radio Company. The company, which will operate under the auspices of the Egyptian Radio Television Union, will be responsible for managing the commercial activities of all state-owned FM radio stations. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

AfDB to increase fund to Egypt to USD 3 bn over the next three years – Amwal Al Ghad
Amwal Al Ghad | 22 March 2015
The African Development Bank (AfDB) is set to pump USD 3 bn in Egypt over the next three years, Amwal Al Ghad reports. Currently, AfDB has allocated USD 500 mn for Egypt in 2015 – an amount that will increase as the Egyptian economy continues to improve, a source said. USD 140 mn of that amount will go towards developing the Sharm El Sheikh Airport, with the rest directed to other project in irrigation, agriculture, and improving the social safety net. (Read in Arabic)

Negotiating the GCC deposits at the CBE to be completed soon
Al Mal | 22 March 2015
Negotiations over the pledged GCC deposits at the CBE are ongoing, Hisham Ramez, the CBE Governor said. The parties are negotiating the interest rate and tenor of the deposits. Ramez expects the money to be deposited in a single transaction. (Read in Arabic)

ON YOUR WAY OUT

German tourist killed in shark attack on Red Sea coast: A 53-year old German tourist fell victim to a shark attack on the Red Sea coast near Al-Qusair. (Read)

National Bank of Kuwait – Egypt reported a net profit of EGP 375.5 mn in 2014, a 9.1% y-o-y increase from 2013. The bank’s total assets grew by 35.8% y-o-y to EGP 27.7 bn and its deposit base increased by 27.5% EGP 22.3 bn.

Mohamed Farid Khamis, founder of Oriental Weavers and head of the Investors Union, says entrepreneurs are still facing the same difficulties post the EEDC: bureaucracy, inflation, and governmental incentives, which are considered bad for business and can have crippling effects on a country’s economy. During a recent meeting with Investment Minister Ashraf Salman, Khamis added that investing in Upper Egypt is very problematic, and the country is not doing enough to market for that region. (Read in Arabic)

Investment Minister Ashraf Salman says his ministry and GAFI are working on an investment map for the country, segmented into sectors and economic resources, and including a map of available land not owned by any governmental entity. The inventory will facilitate the work of the one-stop-shop foreseen by the unified investment law. (Read in Arabic)

Finally, In a story that bears following simply as a case study (one which will probably be studied for decades, if not centuries) of unmitigated public relations fiascos, Starbucks baristas will reportedly stop writing “Race Together” on coffee cups served to customers in the United States. As we mentioned last week, the coffee company had taken it upon itself to hold dialogues with in-store customers on race relations in the United States – conversations which were to be initiated by writing the now-abandoned nonsensical phrase on cups. “This phase of the effort — writing “Race Together” (or placing stickers) on cups, which was always just the catalyst for a much broader and longer term conversation — will be completed as originally planned today, March 22,” according to Starbucks CEO Howard Schultz in a letter addressed to franchise partners. “As originally planned.” Ok. (Read)

BY THE NUMBERS

USD CBE auction (Sunday, 22 March): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Sunday, 22 March): 7.66 (+0.01 from Saturday, 21 March)

EGX30 (Sunday): 9,354.73 (-1.72%)
Turnover: EGP 335.4 mn (47% below the 90-day average)

WTI: USD 45.95 (-1.33%)
Brent: USD 54.68 (-1.16%)

TASI: 9,314.5 (+1.5%)
ADX: 4,323.2 (-0.3%)
DFM: 3,425.7 (-1.4%)
KSE Weighted Index: 436.6 (-0.7%)
QE: 11,517.5 (-0.1%)
MSM: 6,235.1 (+0.2%)