Monday, 30 March 2015
WHAT WE’RE TRACKING TODAY
How slow a news day is it? Coverage of the (very successful) pricing of Edita’s offering on the EGX is still front-page news this morning as we prepared to dispatch, as are a couple of dozen people protesting against the EGX generally and bourse chairman Mohamed Omran specifically (with some particularly wild allegations in the latter case). All of it, of course, has forced Omran to respond. Not convinced of the slowness of the news day? You can also read about the specs of a pickup truck you can’t (easily) buy in Egypt, or about a regulatory change that may see the right to participate in a Qatari capital increases become tradable. The latter doesn’t even bother to gloat that “Egypt did it first.”
Meanwhile: Action in the Egyptian Premier League gets underway once more today, seven weeks after 20 Zamalek fans were left dead in violence outside Cairo’s Air Force Stadium, Ahram Online reports.
Also: The 18th COMESA Heads of State Summit begins today in Addis Ababa, continuing through tomorrow. Prime Minister Ibrahim Mahlab arrived in Addis Ababa on Sunday to lead the Egyptian delegation, according to a release from SIS. The website for the Summit may be found here.
NUCA will issue through an auction system 195 pieces of land in 22 cities for service projects, the authority announced, as reported by DNE, and the two-day Middle East Investment Summit, at the Ritz-Carlton DIFC, Dubai, also gets underway today. View the official website here.
WHAT WE’RE TRACKING THIS WEEK
The USD’s global rally against other currencies could get a boost tomorrow from the release of IMF data that analysts expect will “provide fresh evidence that central banks are embracing the greenback.” IMF figures, the WSJ says, “are likely to show central banks piling into the dollar and lightening up on the euro, traders and analysts said.”
LAST NIGHT’S TALK SHOWS
In case Egyptians are still on too much of a high after the EEDC, the presidential visit to Ethiopia and the Arab Summit, Amr Adeeb gave us a reality check last night with reminders that we still have a lot of unresolved issues: garbage has to be collected, butane cylinders have to be made available, road accidents must be dealt with, electricity problems have to be resolved, additional subsidy cuts have to be communicated and, “Oh, by the way, what are we doing about that little thing called Parliament?”
Warned Adeeb: “When President Al Sisi goes to visit Merkel, the first thing she will ask is where is your Parliament.”
Meanwhile, Ibrahim Eissa was very critical of the way Syria was dealt with at the Arab Summit.
“Syria has been destroyed and you are talking about a political solution? Isn’t it a bit too late for that? Who are you kidding? Yes, Bashar is a dictator with blood on his hands, but funds coming from Gulf States (Saudi Arabia and Qatar) are also responsible for the killing the Syrian population. You are equally responsible for the bloodshed. Saudi Arabia, Qatar and Turkey are funding the terrorism in Syria, they are funding the opposition that his killing the Syrian people. The victims in all this are the Syrian people. Where is the unified Arab stance on this? Where is Egypt’s voice,” asked Eissa.
Lamees El Hadidy presented a special focus on tourism and the new visa requirements for foreign visitors to Egypt.
Her guest, Khaled El Mennawi, Chairman of the Chamber of Tourism Industries, said, “We were taken completely by surprise with these new visa requirements. As of 15 May, groups will continue to get visas at the airport, but individuals have to apply for visas prior to arriving. This is really not practical. Our goal is to have 20 mn tourists by 2020, this new regulation has completely obliterated our chances of meeting that goal. I estimate that we will lose 20-25% of our incoming tourists if we implement this law.
“We need to set up an infrastructure for an electronic visa system before we can even talk about this kind of law. No one understands how competitive the tourist market is. We are competing with destinations around the world. If you complicate the visa requirements, tourists won’t come. We have asked for an extension until the electronic system is set up,” said El Mennawi.
Samih Sawiris called in to the program to say that two Ministers have previously tried to pass this law. “It is not the law per se that I am against, but rather the haphazard way that decisions are being made. I have yet to see any real study on how the law will be implemented. Our embassies abroad have not been informed. I had two ambassadors personally tell me that our embassies are not equipped to process visas. And does it really make sense for us to make it more difficult for individual travelers to enter the country? These are the tourists who spend the most money here, not the groups. We know that national security is important. I’m not telling the government not to do this, I’m just saying that you have to study the implementation of the law before you pass the law. We must at the very least postpone until we have a proper system in place.”
Sawiris said that he expects a cancellation rate of around 50% if this goes forward by May 15th.
“It is clear that if this moves forward it will lead to a catastrophe for the tourism industry. I hope that the government will reconsider. I am sure that the Ministry of Interior and the Foreign Ministry will understand and act accordingly,” said El Hadidy.
** SHARE ENTERPRISE WITH A FRIEND **
Enterprise is available without charge — just visit our subscription page. We give you just about everything you need to know about Egypt, in your inbox Sunday through Thursday before 7am CLT, and all we ask for is your name, email address and where you hang your hat during business hours.
Aabar, Arabtec consider more investments in Egypt: The Wall Street Journal interviews Khadem Abdulla Al Qubaisi, Chairman of both Arabtec and Aabar, who reaffirmed their commitment to both the 1 mn units project and to the Egyptian market in general – although the article seems careful not to affix a solid number on the total units. “Egypt will play a big role in our portfolio in the future and Egypt, with respect to the challenges, is really a promising country,” Al Qubaisi is quoted as saying. “Mr. Qubaisi said he hopes soon to start phase one of the housing project that would initially involve the construction of 100,000 units. Arabtec will work with local contractors such as Orascom Construction to build those middle-income houses and is currently in talks with banks to secure between USD 100 mn and USD 200 mn to kickstart the first part which is expected to take five to seven years to complete.”
Also considering new investments in Egypt: Majid Al-Futtaim, as we have previously noted. The high-profile retail player expanded on its plans for Egypt and the UAE yesterday at the same time as it denied plans to IPO, Gulf Business reported.
“THE INFORMATION MUST NOT BE SHARED WITH ANY EGYPTIAN CITIZEN”: Jeff Gerth ofProPublica and Sam Biddle of Gawker are breaking a story that alleges that Hillary Clinton ran her own private spy ring (or at least, run for her by long-time Clinton loyalist Sidney Blumenthal, who regularly dispatched reports written exclusively for her) with much of the leaked material (pages 1-16) dealing with Egypt, immediately before Morsi’s election up until the constitutional declaration and the Port Said curfew and civil disobedience. While a batch of leaked emails from Clinton first appeared online in 2013, it would seem that these regarding Egypt are new, as discussed online by long-time Egyptian observers / masochists March Lynch and Evan Hill. Most of the reports are prefaced with the words: “The following information comes from an extremely sensitive source and should be handled with care,” with one going the extra step of warning: “The information must not be shared with any Egyptian citizen.” While there’s no way to determine the veracity of the leaks, some of it just doesn’t sound right, especially the report on page 15 regarding Port Said. There also exists the possibility that the leaked reports were in fact forwarded to Clinton from Blumenthal using private spies, who inflated their access and misread the situation in the country, which might help, in part, to understand why American foreign policy is so upside down in the Middle East. The alleged leaks may be found here.
Judiciary interviewing female judges for appointment to bench: An unspecified number of female judges working on the staff of judicial bodies including the State Litigation Authority and the Administrative Prosecution Service are moving through a testing and interview process that could see them appointed to the bench, where they would actively hear cases. The move appears to be the first time since 2007 that a significant group of women could be appointed to roles that would see them actively hearing cases rather than providing administrative support: Ahram Online notes that Mme. Justice Tahani El-Gebali’s 2003 appointment to the Supreme Constitutional Court (as the nation’s first sitting female judge) opened the door to the 2007 appointment of 31 women who now hear cases in family and civil courts. One jurist quoted by the newspaper suggests it possible the new round of appointments could see women tapped to serve in criminal courts.
Amer Group to launch universities, hospitals: “In the past period, the group began working in health projects that will be opened soon. A university project in the 6th of October City has been re-opened after a halt during the 25 January Revolution. The project is supposed to be finished before the end of this year,” said CEO of Amer Group Mansour Amer, as reported by Daily News Egypt. (Read)
EGP 300 mn to develop Gardenia Compound Project’s final phase -Al-Shams CEO: The Al-Shams Company for Housing and Development will inject EGP 300 mn in investments this year to complete the final phase of the Gardenia Compound Project in 6th of October City, a project which is set to consist of 85 buildings and target middle-income residents, according to the company as reported by Daily News Egypt. (Read)
Yemen: Brig. Gen. Ahmed bin Hasan Asiri declared on Saturday that: “Houthi militias no longer possess any planes and they no longer have command and control, inside or outside the air bases,” as reported by the Saudi Press Agency. Hadi loyalists in Aden on Sunday reported a gunbattle in the central district in which three people were killed. Fighters loyal to the legitimate government said they recaptured the airport, which has changed hands several times in recent days. The Health Ministry, loyal to the Houthi fighters who control the capital, said Saudi-led air strikes had killed 35 people and wounded 88 overnight. The figures could not be independently confirmed. (Read in Reuters) Thus far, no ground forces from the 10-state Arab coalition have made any move to land in Yemen.
Curious about the ‘Arab Joint Intervention Force’ approved by the Arab Summit? The NY Timescarries a quick Q&A by the Associated Press. Read that alongside this comprehensive take by the AP’s indispensable Hamza Hendawi, which uses the rapid reaction force as the jumping-off point for a longer take on the wrap-up of the Arab Summit.
The Egyptian military has discovered the longest Gaza-Sinai tunnel yet — at 2.8 km in length — under the yards of three homes in the border town of Rafah.
Two pieces of note this morning in the FT: Abu Dhabi is marketing Abu Dhabi Global Markets (ADGM) as an alternative not just to Swiss banking, but also to the Dubai International Financial Center: “Abu Dhabi Global Markets is an expression of world ambition, intended to elevate the oil-and-gas-rich emirate to the tables of the most influential global institutions, such as the Basel Committee on Banking Supervision and the Group of 20 Nations, using Singapore rather than Switzerland as its model, its chairman told the Financial Times.” Also worth a read: ‘Middle East tensions heighten as pressure builds over Yemen,’ which comprehensively links the conclusion of the Arab Summit to Saudi-Egyptian military intervention in Yemen, the establishment of an Arab rapid reaction force, talks over Iran’s nuclear ambitions, and Tehran’s regional influence.
Tunisia anti-terrorism march draws hundreds of thousands; heads of state in attendance:Tunisian president Beji Caid Essebsi on Sunday led a march in downtown Tunis to the site of a recent terror attack Museum Bardo, accompanied by hundreds of thousands of Tunisians, as well as visiting heads of state, including France’s François Hollande, as reported by The Guardian. A leftist party boycotted the march over the participation of an Islamist party in the march, who the leftists blame for the rise of Islamist extremism,according to the BBC.
How Yemen’s US-backed ex-dictator is tearing his country apart: “… one of the first things Mr Saleh did when his three-decade rule was threatened by the 2011 Arab Spring was strike a secret deal to give an entire southern province to al-Qaeda. The more he could portray Yemen as falling into militant hands, he calculated, the more the West want to keep him in office at all costs … Having fought tooth and nail against the Houthis himself during his time in power, he has now joined their side, instructing cronies and relatives in the army to join forces with the rebels. Thus has a small local rebellion become a nationwide civil war – and thus has the wily Mr Saleh maneouvred himself back into the centrestage of power. A Machiavellian leader even by the standards of Middle East, Mr Saleh once observed that ruling turbulent Yemen was like ‘dancing on the heads of snakes’.” (Read)
EGYPT IN THE NEWS
Egypt’s Ambassador to the U.S. Mohamed Tawfik published a response to The New York Times’ editorial “Abetting Egypt’s Dictatorship“ published on 19 March, and which left little to nothing untouched — from Egypt’s civil society, to its media, which it says is tightly controlled (evidence: a link regarding the pledge newspaper editors took to unconditionally support the government, which was quickly derided by scores of journalists). Ambassador Tawfik rightly points out: “In accusing Egypt of a ‘crackdown on Islamist movements…who denounce the use of violence,’ the Times chose to ignore the fact that these same Islamists have been openly calling for jihad against Egyptians and foreigners alike. Their blatant calls to violence have been followed by terrorists killing dozens in northern Sinai, and tens of bombs exploding around the country, in a desperate attempt to disrupt Egypt’s economic recovery.” But then again, the New York Times never met an Ikhwani it didn’t like. (Read Ambassador of Egypt’s response to the New York Times’ editorial)
The leading story on Egypt this morning in the foreign press (other than Yemen) was news that former Supreme Guide of the Ikhwan Mohamed Badie, along with his deputy Khairat al Shater and several other leaders of the outlawed group, have been declared terrorists by the public prosecutor on Sunday, in what appears to be the first instance of the application of the newly-passed terrorism law. The story is currently being carried by Reuters, the AP, Iran’s PressTV, Xinhua, and others.
The family of 35-year old computer programmer Hany Amer claims that Amer is set to be executed for crimes in which he is accused that took place in March 2014, despite him having been held in detention since 16 December 2013. (Read in The Guardian)
President Abdelfattah El-Sisi shored-up relations with North African allies on day two of the Arab Summit in Sharm El-Sheikh, with the key meeting being his sit-down with Moroccan PM Abdelilah Benkirane where, the standard expressions of mutual admiration aside, El-Sisi confirmed he “looks forward to visiting Morocco at the earliest opportunity to enhance relations between the two countries in all fields,” according to a statement from Ittihadiya.
We see the nod to a visit as key after a protracted period of low-level tensions between the two nations that began with Moroccan state media attacking Egypt has having a “coup regime.”
El-Sisi also met yesterday with UN Secretary General Ban Ki-moon, with the latter making positive mention of the EEDC and of Egypt’s signing of the declaration of principles on the Grand Ethiopian Renaissance Dam project with Sudan and Ethiopia. The read-out on the meeting from Ittihadiya notes the “placed special focus on the Palestinian issue and emphasized the need for donor countries and institutions to fulfill the pledges” made at the October 2014 Gaza reconstruction conference.
As expected, the discussion also included talk of regional security issues, particularly Libya, Yemen and Syria, where El-Sisi pushed not just for the de-fanging of Islamist extremist militias in Libya, but also for a lifting of the arms embargo on the Libyan National Army.
Foreign Minister Sameh Shoukry made several comments regarding the joint Arab force, as well as relations with fellow Arab states following the Arab Summit, in a joint press conference with Arab League Secretary General Nabil Elaraby. Elaraby stated that the Arab defense ministers will convene in one month’s time to discuss the force, and that its ultimate composition will be decided within four month’s time. With regard to relations with other Arab states, Foreign Minister Shoukry noted that [despite rumors to the contrary], he was uncertain if Qatar would be returning its ambassador to Cairo, following his recall in light of statements made by an Egyptian envoy that Qatar is a country which supports terrorism.
A MESSAGE FROM PHAROS HOLDING: In an unprecedented move to boost investor confidence and the expectations of anchor creditors and donors, the Ministry of Finance published highlights of the FY16 budget three months ahead of the close of FY15. Highlights include an expected real GDP growth of 5% to USD 333 bn and a budget deficit of around 9.5-10% of GDP or EGP 253.3 to EGP 266.7 bn, at par with FY15’s EGP 256 bn. During the period between late 2010 and 2014, banks have been almost fully geared towards financing government requirements where the ratio of EGP T-bills and bonds to total assets at commercial banks jumped from 34.4% at the end 2010 to 45.9% by the end of 2014. Pharos Holding views that the stability in cash deficits in FY16, on the back of the ongoing fiscal consolidation measures and the windfall from lower oil prices, suggests that the percent of deposits channeled to treasuries at the banking sector has reached its cyclical peak. (Continue reading)
From a perspective which at times seems otherworldly, Iranian propaganda machine PressTV recently hosted someone no one has ever heard of named Danny Makki along with right-wing thinktank analyst Daniel Pipes of the Middle East Forum to debate with one another (and the host, of course, who naturally defended the Houthis and Iran, rather than just host the show) regarding, as they put it: “The Saudi invasion of Yemen.” At 23 minutes, this might be something you can listen to in the background while working rather than watch. It’s definitely worth a look to see what the Iranian Al Jazeera-esque channel produces. (Watch the embedded video, running time: 23:06)
The Season 5 finale of The Walking Dead aired last night. Rather than give away any spoilers, one may simply watch this bad lip reading of scenes from Season 4. Some of them are hit and miss, but anything with the scenes with the two young sisters is pretty great. (Watch, running time: 4:53)
ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM
Fuel supplies to power stations restored, power generation uninterrupted in the past two days
Amwal Al Ghad | 29 March 2015
Fuel supplies of natural gas and mazut to power stations have been restored, the Ministry of Electricity’s spokesperson said. Coupled with unimpeded operations in power stations, electricity supplies across Egypt were uninterrupted, the spokesperson said. The ministry expects the load on the national grid to decrease compared to the weekend as temperatures stabilise. (Read in Arabic)
ET Solar, Enara negotiating financing for a proposed solar power plant in Egypt
Al Borsa | 28 March 2015
The consortium of ET Solar and Enara Technologies are negotiating with Chinese financiers the possibility of financing their proposed solar power plant in Egypt. The consortium is currently finalizing the paperwork necessary to start a company in Egypt to build a 50MW plant with an estimated cost of USD 80 mn. Alone, Enara is building a 22MW solar power plant at a cost of USD 35 mn. (Read in Arabic)
Assiut governorate assessing options to handle industrial waste from new power station
Al Borsa | 29 March 2015
The Assiut governorate is setting up a committee to assess the possible options to handle industrial waste expected from the new Assiut power station. The station, which is expected to have a capacity of 1000MW, requires the capability to handle to 200 cubic meters of industrial waste per hour. Given the size of the operation, the governorate does not believe a temporary solution is feasible and would prefer to reach a permanent mechanism to handle the waste. (Read in Arabic)
Fuel subsidy smart cards for tuktuks considered
Al Borsa | 28 March 2015
In cooperation with the Ministry of Finance, e-Finance said it is considering extending the fuel subsidy smart card programme to tuktuk drivers. The company awaits the ministry’s plan in order to begin implementation, but notes it has already issued around 100 thousand cards for other projects including the bread ration and for commercial fishing. e-Finance says it hopes to implement the fuel subsidy smart card system in 2Q2015. (Read in Arabic)
50 MW solar energy project in Aswan underway
Al Mal | 29 March 2015
Saudi Arabian investment company, Abdellatif El Gamil, will invest EGP 750 mn in 50MW solar energy plant in Aswan, according to Governor Moustafa Yousry. After much wait, the project was approved by the New and Renewable Energy Authority, a division of the Ministry of Electricity, and the Ministry of Environment. This project is the first of many energy projects that were signed during the EEDC, according to the governor. (Read in Arabic)
OIL & GAS
EGPC seeks to renegotiate the terms of its EGP 10 bn loan
Al Mal | 29 March 2015
EGPC has asked banks to readdress the terms of their EGP 10 bn loan, which will be used to resolve financial issues with the electricity sector. EGPC want to amend the clause requiring informing the banks if the EEHC fails to meet its payment deadlines as well as revisit the guarantees by the finance ministry, which were not obtained. (Read in Arabic)
First LNG cargo to arrive at Ain Sokhna port tomorrow –EGAS source
Al Ahram | 29 March 2015
The first LNG cargo is expected to arrive at the Ain Sokhna port tomorrow night along with the FSRU, an unnamed source at EGAS told Al Ahram. Technical assessments will be conducted as soon as the FSRU is deployed, the source said, to ensure the safety of the regasification. The source said that once LNG cargoes arrive the shortage in natural gas domestically will be resolved. (Read in Arabic)
Dana Gas to focus strategy on Egypt, Kurdistan
Mubasher | 29 March 2015
Dana Gas’ board of directors met today to discuss the company’s targets and performance in 2015. According to the company’s CEO, Patrick Allman-Ward, Dana Gas will focus on developing its onshore and offshore concessions in Egypt as well as its sites in Kurdistan. Dana Gas recorded a net profit of USD 125 mn in 2014, down from USD 156 mn in 2013. (Read in Arabic)
BASIC MATERIALS & COMMODITIES
12 companies to apply for cement licenses –Amwal Al Ghad
Amwal Al Ghad | 29 March 2015
12 companies have applied for cement licenses, Amwal Al Ghad reports. The licenses allow for a production capacity of 1.5 mn tons each. The cities of Al Wadi Al Gadeed, Minya, and Sohag have applied to have cement factories built there. Cement Egypt and South Valley Cement applied for new licenses and other producers, including Qena Cement ASEC Cement have applied for licenses to install new production lines. (Read in Arabic)
BCC establishes new dairy and juice factory in Egypt
Youm7 | 29 March 2015
A representative from the French Embassy announced that a new dairy and juice factory, Noor 2, will commence operations on Tuesday, 7 April. The factory is wholly owned by BCC Egypt a joint venture between Lactil and prominent Egyptian businessman, Mohamed Halawa. Noor 2 will be BCC Egypt’s fifth factory in Egypt. (Read in Arabic)
Egyptian Iron and Steel choses METPROM for a complete overhaul of its operations
Al Mal | 29 March 2015
Egyptian Iron and Steel (EIS) announced that it signed a memorandum of understanding with Russia’s METPROM to carry out a strategic overhaul of its operations, with a view to returning to profitability. (Read in Arabic)
State-owned pharmaceuticals companies’ profits down 6% y-o-y
Al Shorouk | 29 March 2015
Profits generated by state-owned pharmaceuticals companies have decreased by 6% y-o-y to EGP 335 mn in FY 2013/14, the investment ministry said according to Al Shorouk. The 11 state-owned companies generated EGP 9 bn in revenues, a 7.2% y-o-y increase. (Read in Arabic)
TELECOMS & ICT
Etisalat Egypt denies internet services negotiation talks
Al Mal | 29 March 2015
An unnamed source from Etisalat Egypt denied reports that the company is negotiating to establish an alliance of internet providers to compete with TE Data, Egypt’s leading internet service provider. Last week, Noor Data Network, suggested the establishment of a joint-stock company — encompassing Vodafone Egypt, Etisalat Egypt, Mobinil and Noor — that would be tasked with providing data and internet services on behalf of the four entities. There are a total of 48.3 mn internet users in Egypt. TE Data leads the market, with a market share of 65.5%, and a is followed by Linked dot net ( 23.5%). (Read in Arabic)
BANKING & FINANCE
Middle East firms facing higher costs combating financial crime
Reuters | 29 March 2015
Half of the companies in the MENA region surveyed by Thomson Reuters and Deloitte are reporting an increase of over 25% in the cost incurred fighting financial crime over the past two years. Reuters notes that the survey indicates that 82.5% of the firms had anti-money laundry policies as they were “the top priority for most companies in combating financial crime.” 54.8% of companies said they expect the number of personnel hours handling compliance or staffing levels combating financial crime to increase. (Read)
Takaful-branded insurers’ assets increased threefold since 2010 –Sherif Samy
Al Borsa | 29 March 2015
The assets of takaful-branded insurers in Egypt have grown threefold since 2010, the head of EFSA, Sherif Samy said at the third annual meeting of takaful insurers. With eight companies currently provided takaful-branded insurance, the intake of takaful insurance premiums increased by 400% since 2010. Samy added that EFSA is currently finalizing a new law overseeing the takaful insurance market and organizing their operations as well as amendments to the capital markets law relating to sukuk issuances. (Read in Arabic)
OTHER BUSINESS NEWS OF NOTE
A moratorium on fishing in Ras Mohammed imposed
Al Mal | 29 March 2015
A moratorium on all fishing activities has been imposed in the Ras Mohammed national park, the Minister of Agriculture announced. The moratorium begins in May and expires at the end of June and aims to restore the national park’s fish stock. Fishermen will be compensated, according the minister and the ministry is coordinating with the ministries of environmental affairs and tourism as well as with representatives from the oil ministry and the South Sinai fishermen union. (Read in Arabic)
EGYPT POLITICS + ECONOMICS
Freedom of information law to be decreed this week –CIT minister
Amwal Al Ghad | 29 March 2015
Laws organizing data protection and freedom of information will be passed this week, Khaled Negm, the Minister of CIT said. This follows last week’s approval of laws defining and setting penalties to data-related crimes. Negm also said the government’s cyber-security council will begin operations soon. (Read in Arabic)
ON YOUR WAY OUT
Minya church commemorating beheaded Egyptians subject of protest, attack: On Friday, scores of mostly young Muslims gathered in Minya governorate after midday prayer, protesting against the construction of a church meant to commemorate the 20 Christian Egyptians beheaded by Daesh in Libya. Later in the evening on the same day, a smaller number of anonymous militants attacked the church with Molotov cocktails, leaving seven injured and a car set ablaze, as reported by Daily News Egypt. (Read)
There was never really a “Little Ice Age” in Europe. Two economists found that European weather appears constant from the Middle Ages until 1900, with the European Little Ice Age being nothing but a statistical artifact.
Social Fund for Development allocates USD 15 mn from World Bank for entrepreneurship:Egypt’s Social Fund for Development (SFD) allocated USD 15 mn from a USD 300 mn World Bank-led loan to finance entrepreneurship projects, the fund’s secretary-general Soha Soliman announced. (Read)
Minister of Population Dr. Hala Youssef announced that her ministry, along with the Chamber of Media Production, will launch a new batch of public service announcements and awareness campaigns regarding population matters. (Read in Arabic)
BY THE NUMBERS
USD CBE auction (Sunday, 29 March): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Sunday, 29 March): 7.65 (unchanged since Monday, 23 March)
EGX30 (Sunday): 9,062.99 (+0.12%)
Turnover: EGP 1.4 bn (EGP 1.2 bn executed through special transaction)
WTI: USD 48.18 (-1.41%)
Brent: USD 56.04 (-0.66%)
TASI: 9,071.2 (+1.9%)
ADX: 4,370.3 (-0.1%)
DFM: 3,437.8 (+0.9%)
KSE Weighted Index: 433.0 (+2.2%)
QE: 11,488.4 (+0.7%)
MSM: 6,189.0 (+1.2%)
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.