Car prices up in April. New power plants for Siemens? Election law amends approved ‘in principle.’ Is an IMF loan in the offing? Kuwaiti funds not yet in CBE coffers. No fuel price hikes in July. More tourists, shorter stays.

WHAT WE’RE TRACKING TODAY

Mobile Developer Weekend II, Information Technology Institute (ITI) in the Smart Village, 16-18 April (Thursday-Saturday)

WHAT WE’RE TRACKING NEXT WEEK

Emaar Misr will hold its AGM on 20 April (Monday). Look for any change in Mohamed Alabbar’s role at the Egyptian subsidiary to be change Alabbar has requested: The chairman was unanimously reappointed at parent company Emaar Property’s annual shareholder meeting yesterday. Noted the National: “Some analysts had expected the meeting to be an occasion for shareholders to express their disquiet about the share price performance and Mr Alabbar’s role in other property ventures, but there was no controversy and no unexpected questions from the floor at the meeting.”

The 11th Al Mal-GTM Money and Finance Conference will take place at the Four Seasons Nile Plaza Hotel, Cairo on 21-22 April (Tuesday-Wednesday)
World Green Economy Summit, Dubai. 22-23 April (Wednesday-Thursday). Visit the official website here.

The CBE’s Monetary Policy Committee meets on 23 April (Thursday)

LAST NIGHT’S TALK SHOWS

From news of the car bomb that killed two military academy students in Kafr El Sheikh to the follow up on the story of the Ministry of Education’s book burning incident, it’s safe to say that no one was happy about anything last night.

Khairy Ramadan led the tirade against Bothaina Kishk, the Ministry of Education official from Giza who participated in a book burning along with a group of government officials at an Ikhwani school while waving Egyptian flags and singing patriotic songs.

Despite an official condemnation of the incident by the Minister of Education — who confirmed that any books promoting extremist thought are to be confiscated, but not burned — Ramadan remained skeptical. “If this wasn’t carried out in response to an official order by the Ministry, how come all those Ministry officials were in attendance?”

Kishk, who is currently under investigation, called in to the program: “I have been in this field for 32 years, I have a masters and a PhD, I know what I am doing. I went to the school myself after four different committees told me about the existence of these books. They have fake covers so as to appear legitimate. They say things like if your mother works outside the home, don’t eat her food because her money is haram. These are the books that are being read by the people who are killing our children. We have standing orders to execute such books.”

Ramadan moved on to Sherif El-Shoubashi, the Egyptian journalist who has called for a millioneyya (mn-person march) against the veil. “El-Shoubashi is asking Egyptian women to march in Tahrir in the first week of May and remove their headscarves because it’s the veil that is holding us back as a society. Is the veil really the problem?”

Commenting on the news that former National Democratic Party (NDP) headquarters on the Nile Corniche — which was torched during the 25 January Revolution — is finally going to be demolished, Ramadan said, “As usual, this piece of news that came out of today’s Cabinet of Ministers meeting is incomplete. Why weren’t we told what is going to be done with this strategic location once the building goes down. Will it be used for something that we aren’t going to like?”

The Ministry of Education got more than its fair share of attacks last night. In addition to the negative publicity it got for burning books, Rania Badawi took issue with the Minister of Education’s alleged bid to do away with foreign education in Egypt. “Why do you care about half a mn students who go to international schools? What about the other 18 mn in the public school system that aren’t learning anything? Shouldn’t you be focusing on providing them with a good education instead of trying to take away the educational opportunities from others? Do you want all of us to be ignorant? When you fix the national curriculum and solve the problems of teachers and schools then you can cancel international education because there will be no more use for it.”

“This is the same Minister who came up with the brilliant idea of jamming mobile phone signals to prevent students from cheating on their thanaweya amma exams,” added Badawi.

And finally, everyone was dumping on Minister of Culture, Abdel Wahad El-Nabawy, because he allegedly has a problem with overweight women.

Azza Abdel Moneim, the curator of the Mahmoud Saeed Museum in Alexandria, called in to Youssef El Houssieny’s program (and at least three other shows) to complain about the fact that El-Nabawy made offensive remarks about her weight during a surprise visit to the museum.

“It’s inappropriate for any man to talk to any woman in that manner, much less a minister to a staff member,” said El Houssieny. “Shouldn’t the Minister of Culture be cultured? Azza, I apologize to you in behalf of all Egyptian men. He is not one of us, we don’t know him.”

“The Minister called me personally and asked me not to be upset. He said that his remarks were taken out of context and that they were only meant to encourage me to lose weight. He also offered me a job at the ministry of culture in Cairo and told me that all my issues will be resolved. He promised me a formal apology, but that hasn’t happened yet, and now I am under investigation,” said Abdel Moneim.

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SPEED ROUND

CBE Governor denies USD 2 bn CBE deposit from Kuwait received: The Egyptian ambassador to Kuwait was quoted by Anadolu Agency as saying that Kuwait had deposited USD 2 bn at the Central Bank of Egypt. CBE Governor Hisham Ramez denied the story, according to statements made to Amwal Al Ghad andAl Mal. The Anadolu report expects an additional USD 2 bn will be invested in Egypt by the Kuwait Investment Authority imminently noting that “Kuwait’s previous financial pledges to Egypt over the past year, which amounted to USD 4 bn, have been delivered.” Saudi Arabia, UAE, Kuwait, and Oman pledged a combined USD 12.5 bn in new assistance at the EEDC.

Prime Minister Ibrahim Mahlab’s council of ministers met yesterday where they allocated land plots for public purposes and discussed a proposal to create a company to manage tourist sites (detail here). Al-Ahram’s overview of the cabinet meeting is here, and you can drill down into individual decisions here:

• Approving a lease-to-own agreement with the Islamic Development Bank for equipment that will be use to connect the electricity grid with Saudi Arabia. (Read in Arabia)
• Approving an agreement with International Islamic Trade Finance Corporation to finance the purchase of staple commodities. (Read in Arabic)
• Ratifying a customs cooperation agreement with Albania. (Read in Arabic)
• Allocating land in Aswan to the residents of Nubian villages for the purposes of reclamation and agricultural development. (Read in Arabic)
• Allocating land on the Cairo-Alexandria Desert Road to build a Central Security Forces camp and training facility. (Read in Arabic)
• Approving amendments pertaining to the political rights, parliamentary election, and electoral district laws and sending them to the State Council for review. (Read in Arabic)
• Approving a decision to demolish the NDP headquarters. (Read in Arabic or in English)
• Also yesterday: State-run news agency MENA noted that civilian victims of terror attacks will be eligible for special pensions per a decree issued by Mahlab yesterday. (Read in English or in Arabic)

Election law amendments approved “in concept”: Cabinet signed-off in principle on redistricting and other provisions that could pave the way for parliamentary elections by summer. Said Parliamentary Affairs Minister Ibrahim El-Heneidy: “The Constituencies Law was amended to go in line with last month’s ruling by the Supreme Constitutional Court (SCC) which ordered that an equilibrium must be struck among independent constituencies in terms of the number of voters. To meet this objective, the number of seats allocated to independents increased by 22, from 420 to 442. … Some constituencies will be represented by one independent MP, others by two MPs, some by three MPs, and a few by four, while many constituencies were merged together, with their boundaries redrawn.” Prime Minister Ibrahim Mahlab later briefed President Abdel Fattah El-Sisi on the proposed amendments. Ahram Online has more on the amendments, while Al-Ahram notes the presidential meeting.

Siemens chief, El Sisi discuss new power plants: Siemens could be building three additional power plants in Egypt within the next two years if Al-Ahram‘s pickup of an Ittihadiya readout on a meeting yesterday between the president and Siemens chief Joe Kaiser is to be believed. The story makes no mention of theagreement, inked at the EEDC, to build a combined 6.4 GW of renewable and traditional generation capacity; instead, Al-Ahram appears to suggest Siemens could be building three additional plants with a combined capacity of 13.2 GW.

State owes USD 3.28 bn to IOCs, domestic petroleum product prices won’t rise soon:International oil companies were owed a total of USD 3.28 bn by the end of 1Q2015, according to commentsmade yesterday by EGPC chief Tarek El-Molla. In separate remarks yesterday, Oil Minister Sherif Ismail denied the government had plans to time rises in prices at the fuel pumps to coincide with the start of the state’s next budget year in July.

‘Shell acquisition of BG jeopardizes Leviathan deal’ -Globes: Israeli business news site Globes quotes Israeli energy analysts as saying that Royal Dutch Shell’s recently-announced intention to acquire BG Group poses a potential threat to any future export agreement from the Leviathan offshore gasfield. “The geopolitical considerations of a giant company like Shell are different than those of BG,” Mor says, adding that when Royal Shell considers the composition of its investment portfolio, it takes many factors into account, such as future business in Iran and other Arab countries, and says, “I’m not sure how much Royal Shell will want to be linked with Israel.” (Read in Globes)

ISPs told  CIT Minister Khaled Negm that internet service price decreases are dependent on Telecom Egypt decreasing the prices it charges providers to use its cable infrastructure, Amwal Al Ghad reports. A source said that renting TE’s cables accounts for more than 90% of the cost. In response, Negm has asked the NTRA to submit an official request to TE to reduce the price it charges ISPs in order to improve the provision of internet service domestically.

Official Gazette: PM Mahlab issued a decree creating the ‘Africa Unit’ at the Cabinet, with ten ministers as members including: industry and trade, international cooperation, agriculture, and investment. The unit will monitor and work on improving Egypt’s relations with African countries.

The Egyptian Finance Association (EG Finance) is filing a court case next week against the Ministry of Finance, calling for the annulment of the tax law, Al Mal reported. EG Finance’s case focuses on eight main issues that the association views as unconstitutional, saying they “infringe on the freedom to pursue investments.” Other issues supporting the case, from EG Finance’s view, include the likelihood that the new tax regime has multiple clauses that effectively amount to double taxation.

Car prices up in April: Al-Borsa hit the pavement to prepare a table summarizing price increases on popular car models in April. The table is provided as a .JPG, so be ready to pinch and zoom. Included are Ford, Renault, Audi, Mitsubishi, Honda, Geely, Hyundai, Kia, Jeep, BMW, Brilliance, Toyota and Suzuki.

Oriental Weavers will pay a dividend of EGP 0.4 per share, according to Reuters. The company had reported a net profit of EGP 377.47 mn in 2014.

MOVES- Investment bank Arqaam Capital has appointed Radi El Helw and Cherif Hechmat to the senior management of Arqaam Securities Brokerage. Radi El Helw was previously the founding partner of WealthProtectSA (Geneva), an investment advisory business, and has also served as the Managing Director of Beltone Securities Brokerage. Hechmat joins Arqaam from his previous position at Pharos Securities as Executive Director.

Abraaj appointed Huda al-Lawati as a partner and chief investment officer for the MENA region. Lawati was previously a managing director at Abraaj.

Catherine Hughes, a member of Statoil’s BoD, has resigned to avoid conflict of interest. While the reasons were not stated, Norwegian newspaper Dagens Næringsliv stated it was due to her marriage to BG Group Chairman Andrew Gould.

Three dead and four injured in Kafr El Sheikh stadium bomb: According to security sources, the terrorist attack which hit a stadium in Kafr El Sheikh led to the deaths of three people and injured four, adding that the four were in stable condition. The source stated that the attack’s target was a congregation of military academy students. Police and military have cordoned off the area and are conducting an investigation. (Read in Arabic) In response, Ahram Online reports that hundreds took to the streets in Kafr El Sheikh to demonstrate against the terror attack.

Ikhwan activist and Canadian-Egyptian dual national Khaled Al-Qazzaz is set to return to Canada on Thursday, after being detained for several months without charge, and after having waited for nearly four months for clearance to leave. Al-Qazzaz’s case had caused an international outcry, partially stemming from his poor health and need for surgery. (Read)

Drafter of treaty with Egypt, Meir Rosenne, dies at 84, The Jerusalem Post reports.

‘Shares in Tullow Oil jump as Goldman Sachs highlights potential takeover’: Shares in Irish oil player Tullow Oil spiked earlier this week following a Goldman Sachs note stating that Tullow is a potential takeover target, along with Dragon Oil and others. (Read)

Bloomberg has a rather lazily / sloppily put together infographic on the winners and losers of falling oil prices, lumping the entirety of North Africa into one region negatively affected, when the reality is that Libya and Algeria have been negatively affected, while Tunisia, Morocco and Egypt have all clearly benefitted from the reduced subsidy bills. (View the infographic and accompanying article here)

‘EU formally accuses Google of antitrust violations’: Following five years of investigation, the EU is formally charging Google for violating antitrust regulations by favoring its own search results over competitors, Wired reports, as well as opening a new investigation into the Android mobile operating system. (Read)

“More than 700m people leave ranks of the ‘unbanked’“, says the FT this morning in a story on how newmobile payment platforms have contributed to growth in the ranks of bank account holders in the developing world.

It’s not just banks and government: Small businesses are being taken hostage by hackers. TheWSJ has a disturbing article this morning for the small business owners among us, explaining that “more small businesses are falling victim to ‘ransomware,’ in which malicious code locks up computer files and cybercriminals demand a ransom to free them.”

Yemen Updates: Fractures in the Saudi-led coalition are forming in a number of places, including a recent flare-up between Iraqi Prime Minister Haider al-Abadi and Saudi ambassador to the United States Adel al-Jubeir, The New York Times reports.

The UN Yemen envoy Jamal Benomar resigns, with German media outlet DW stating: “The veteran Moroccan diplomat has apparently irked Riyadh for his handling of the Yemen crisis.” (Read)

‘An oil-drenched slap’: A Pakistan-Gulf war of words’: Abubakr al-Shamahi has a good roundup of the media war currently taking place between the Saudi and Pakistani press following the latter’s parliament throwing cold water on any Pakistani military engagement in Yemen. “‘That’s 180 mn pairs of Pakistani hands slapping this Arab cheek till it turns crimson with fury, and shame. Go threaten someone else.’ … If you’re looking for the rest of the article, it will be hard to find. The Express Tribune have taken it down, apparently in response to a request from the Pakistani government.” (Read) Bloomberg reports that Pakistani Prime Minister Nawaz Sharif’s brother is heading to Saudi Arabia in what is likely an attempt at damage control.

Claude Berube, Stephanie Chenault, Louis M-v, Chris Rawley at The Center of International Maritime Securityanalyse the role of navies in the current Yemen conflict, in terms of both civilian evacuation and securing waterways. (Read)

Playbook by Politico announced in a supplemental email yesterday news of it and Politico’s major expansion. Not only will its parent outlet Politico expanding its hiring and coverage, but the email also unveiled plans to create Playbooks for specific localities: “New Jersey, California, Illinois and Massachusetts, with more states soon thereafter,” the email reads. As also noted in the email, and as reported by the Columbia Journalism Review: “Capital New York, the city- and state-focused news organization bought by Politico’s parent company in 2013, will be rebranded as Politico New York.”

** Save us from the tyranny of the calendar: Name the New Capital. ** Nominations close today for our contest to name the newly proposed administrative capital, as we’ve nearly exhausted the calendar while naming the rest of Egypt. In fact, a calendar-based name would be just about the only thing worse than calling it The Capital Cairo.  The best nominations will be shortlisted and put up for a straw poll on our website soon. Shoot us your suggestions oneditorial@enterprise.press with the subject line #downwiththecalendar. (h/t Hassan B. for the contest idea and Hussein B. for the hashtag).

***
A MESSAGE FROM PHAROS HOLDING

The Scent of an Imminent IMF Loan Bodes Well for Egypt

IMF officials have been nodding to recent economic developments in Egypt, which suggests that a sizeable and much-needed loan from the Fund might just be at the Arab country’s doorstep after nearly four-years of failed negotiations. In the wake of the 2011 uprising, a troubled Egypt had tried and failed to meet conditions set by the IMF for a c. USD 5 bn facility, mainly implementing unpopular economic and structural reforms as well as mobilizing bilateral financial support. With promises of bns in aid and loan packages from neighboring Gulf states, and renewed investor confidence following the Sharm El Sheikh economic summit, the rules of the game might just be changing.

Click here for more in-depth analysis.
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WORTH READING

The Daily Beast has an in-depth look at how the Ikhwan are nesting in Turkey, in ‘Turkey Nurtures Egypt’s ‘Terrorist’ Muslim Brothers.’ The article documents how the Ikhwan are using Turkey as a base of operations for their media as they continue to incite violence in Egypt. A particularly incendiary and slanderous quote is provided by Maissa Abdel Latif, a representative of the Islamist Egyptian Revolutionary Council (ERC): “The ERC has also been trying to get the U.N. to appoint a special rapporteur to investigate the Rabaa massacre, but it’s a long shot, says Maissa Abdel Latif, an ERC representative Paris. ‘There are red lines, because if a U.N. special rapporteur, for instance, investigates and finds fault, he has the right to raise the issue with the International Criminal Court. So those opposing us, like the UAE, Saudi, etc., would never allow that.’ The reality is that perhaps the Ikhwan should have used the time they had while they dominated parliament to ratify the Rome Statute, rather than having spent it trying to figure out ways to marry 14-year old girls. There is also the inconvenient fact that the ICC has already turned down the Ikhwan’s request to investigate Egypt almost one year ago, as the group is a non-state actor.

Sharif Abdel Kouddous writes for The Nation a harrowing account of the impact of the Yemeni war on its civilians, in ‘As the War Escalates, Yemen Risks Disintegration, With No End in Sight.’

VIDEO

Bassem Youssef,  whose show AlBernameg recently won the 2015 New York Festivals’ World’s Best Television & Films category for Egypt, was featured on Jon Stewart’s The Daily Show on Monday, where he attempted to explain the various conflicts in the region in: ‘Constant Intractable Madness,’ (Watch, running time: 4:58)

EGYPT IN THE NEWS

The lead story on Egypt in the foreign press this morning is the story we noted on yesterday regarding the deportation and refused admittance of a Libyan LGBT national, as reported on by The Guardian, The New York Times, and many more.

The second lead story is news that ‘Egypt Official Says She Burned Books ‘Corrupting’ Children’ as it is being reported by AP. “Fighting terrorism will never be by burning books,” Education Minister Moheb el-Rafie said in a statement to journalists.” (Read)

Sinai listed among UN’s “conflict-affected airspace”: The United Nations has launched a new website this month monitoring and ranking the airspace of countries affected by conflict, as reported by Al Borsa. On Wednesday, the website’s updated list included a number of regional countries such as Libya, Iraq, Egypt and South Sudan. The site, which was launched on the back of the downing of Malaysia Airlines flights in the Pacific and in Ukraine, cites the prevalence of anti-air weapons in Sinai as the reason why Egypt has been listed. (Read in Arabic) The notice itself specifically cites the airspace over Sinai, not the entirety of Egypt, and advises against an altitude of less than 25,000 feet. Readers may view the notice on the site for the International Civil Aviation Organization (ICAO), a UN Specialized Agency. The notice was lodged by the UK and is valid until 12 June 2015. (Note: the link will likely expire before being clicked, which will take readers instead to a page asking readers to click “I Agree” following a disclaimer and exclusion of liability. The following page presents a drop-down menu, where after selecting ‘Egypt,’ one may view the notice. Keeping the aforementioned steps mind, the notice may be viewed here.

‘Feast and famine define Egypt’s economy’: Parick Werr at The National believes he has stumbled upon an ‘economic model’ for Egypt’s economy: seven years of “feast,” or economic growth, followed by seven years of the decline. Werr draws on historical performance going back to 1941. (Read)

Egypt among most countries in the Middle East most vulnerable to cybercrime -PwC: According to PricewaterhouseCoopers Egypt is among the countries most susceptible to cybercrime in the region at both the commercial and government institutional level, as reported by Al Mal. At a workshop hosted by PwC and attended by officials from the CBE, banks, IT companies, Egypt’s cyber security infrastructure is extremely vulnerable allowing for it fall prey to cyber warfare or cyber terrorism activities. The workshop explored ways to plug the cyber security gaps in both the private and public sectors. (Read in Arabic)

‘Egypt: Writer calls for protest against hijab’: The call by Egyptian writer Cherif Choubachy for women to remove their veils at a rally in Tahrir in May has been picked up by BBC News, along with a link to a video posted on the writer’s Facebook page where he stated in July of last year that he believes many adopt the veil out of fear.

DIPLOMACY

The Saudi Minister of Defense arrived in Cairo on Tuesday. He was received by defense minister, Sidqy Sobhy, and met with President El Sisi.
Khaled Fahmy, the Minister of Environmental Affairs, met with EU Ambassador James Moran to discusscooperation on environmentally friendly policies. Fahmy discussed with Moran preparations for the United Nations Climate Change Conference, which will be held in Paris in November and December.

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Two electricity projects MoUs to be finalized by end of May –Salman
Amwal Al Ghad | 15 April 2015
Two MoUs for electricity projects will be finalized into signed contracts by the end of May, according to Minister of Investment Ashraf Salman. The government is in the final stages of reviewing the terms of the contract, Salman added. The EEDC witnessed the signing of MoUs with ACWA Power and Masdar worth USD 2.4 bn and another with ACWA Power for USD 7 bn amongst others. (Read in Arabic)

Enel Green Power targets USD 300 mn investments in Egypt; Enel possibly mulling sale of Egypt assets -Bloomberg
Al Mal, Bloomberg | 14 April 2015
Enel GreenPower is targeting USD 300 mn in investments in Egypt, a source at the company told Al Mal. Enel is currently bidding, along with six other companies, for a BOO wind farm project to generate 250MW of Energy in the Gulf of Suez. The company said it has no plans to start a manufacturing facility domestically and is now looking to secure financing for its Egyptian projects. (Read in Arabic) However, yesterday Bloomberg reported that “Enel is working with financial advisers on the possible sale of its upstream operations in Algeria, Egypt and Italy, two of the people [with knowledge of the matter] said, asking not to be identified as the discussions are private.” (Read)

OIL & GAS

Ain Sokhna Port chosen for second FSRU, EGAS source says
Youm7 | 14 April 2015
Youm7 reports that the Ain Sokhna Port was chosen to dock the second FSRU Egypt will commission at, according to an unnamed source at EGAS. Ain Sokhna was preferred as preparations to accommodate the Hoegh Gallant were already complete. The head of EGAS had said, reportedly, that the ports of Adabiya and Ain Sokhna were being assessed as potential sites for the second FSRU. (Read in Arabic)

Shell Egypt begins marketing motorcycle oil in Egypt
Amwal Al Ghad | 15 April 2015
Shell Oils and Lubricants presented their new motorcycle oil, Shell Advance. The new oil was produced in time for fourth Arabian Bike Week festival, which was held in Ain Sokhna. Amwal Al Ghad reports that the new product cleanses and cools motors, thereby prolonging their lives. (Read in Arabic)

No need to worry about investments in Egypt after BG’s acquisition, says “expert”
Youm7, The National | 14 April 2015
There is no need to worry about oil and gas investments in Egypt after Shell announced its intentions to acquire BG Group, an industry expert told Youm7. The cited expert believes investments will not be affected since both, Shell and BG, have a strong track record in their investments domestically and presence in the Egyptian market. No (further) reasons were given to back up this opinion. (Read in Arabic) The article flies in the face of comments made by Shell chairman Ben van Beurden earlier this month which we noted in our 9 April issue, where he stated: “In valuation of things we haven’t given it [Egypt] a lot of value in our assessment of the combined company going forward.”

MANUFACTURING

Voith considers train parts factory in Egypt
Al Borsa | 15 April 2015
German multinational Voith is studying the possibility of establishing a train parts factory in Egypt, according to a source from the company. The Egyptian government’s recent push to upgrade the country’s aging railways system has offered new opportunities for the company, added the source. Voith was present at the ‘Future of Egypt’s Railway and Metro Systems Conference’ which took place earlier this week. (Read in Arabic)

REAL ESTATE & HOUSING

Palm Hills expects 75% y-o-y increase in Q1 sales
Al Borsa | 15 April 2015
Palm Hills Developments expects a 75% y-o-y growth in 1Q2015 sales to reach EGP 1.3 bn. Strong sales figures are reported from projects in west and east Cairo as well as the North Coast as the value of reservations more than doubled compared to last year to EGP 1.1 bn. Al Borsa expects Palm Hills to announce the 1Q2015 results formally by the end of the month. (Read in Arabic)

Zawya Al Hamra urban renewal project to be delivered in four months says Eskander
Al Mal | 15 April 2015
Minister of State for Urban Renewal, Leila Eskander, announced that the groundwork for the Zawya Al Hamra urban renewal project has been laid out and the work has progressed to building the steel frames, adding that she expects the completion of the project in four months. The EGP 26 mn project whose construction is being managed by Arab Contractors, will be powered by solar energy. The move comes as part of the government plan to redress informal settlements in and around Greater Cairo. (Read in Arabic)

TOURISM

Egypt saw a 3.8% annual increase in tourist visits in February: CAPMAS
Ahram Online | 15 April 2015
More tourists arrived to Egypt in February 2015 than in the same month last year, but their visits were shorter. Total tourist arrivals in February rose 3.8% to 640,200, according to CAPMAS. 40.4% of visitors were from Western Europe, 32.4% from Eastern Europe and 13.4% were from the Middle East. Tourism nights fell to 5.6 mn in February from 6.2 mn a year ago. (Read)

More German tourists visiting Egypt in 2015 -Egyptian Ambassador to Germany
SIS Release | 15 April 2015
Egypt’s Ambassador to Germany Mohamed Hegazi reports an increase in the number of German tourists visiting Egypt during 1Q 2015, reaching 208,887 visitors, with the number of tourists in March at 92,500. The ambassadors credits the increase to Egypt’s participation in the Berlin International Bourse as well as the successfully organized and executed EEDC. (Read)

TELECOMS & ICT

50 Egyptian companies to participate in Mobile Developer Weekend II
Al Mal | 15 April 2015
The ICT chamber of commerce announced that it will be sponsoring the Mobile Developer Weekend II which will be held from 16 – 18 April at the Information Technology Institute (ITI) in the Smart Village. The developer conference will host over 50 Egyptian companies and will focus on the interesting new opportunities available in Egypt for mobile technology and app development for both cell phones and tablets. The conference will also provide an avenue for entrepreneurs to showcase their products. (Read in Arabic)

BANKING & FINANCE

Sinai-based companies have right to float shares, court decides
Al Masry Al Youm | 15 April 2015
Companies based in Sinai have the right to list some of their shares on the stock market to Egyptians without having the need to obtain prior approvals EFSA’s, the administrative court decided. The ruling applies to all companies established before 2005 and follows a case filed by Nabq Sinai that was not able to get EFSA’s approval for its EGX listing. The bourse’s VP said the stock market is now legally required to accept all subsequent listing requests. (Read in Arabic)

HSBC and Barclays seek to lend EGP 2.3 bn to MAF
Al Mal | 15 April 2015
An alliance of HSBC and Barclays are seeking to lend Majid Al Futtaim (MAF) EGP 2.3 bn. The loan is sought to finance part of the investment cost of building an EGP 3 bn shopping in Almaza. Two other consortia and competing for the loan, one includes NBE, Banque Misr, AAIB, QNB, and CIB. MAF will select the winning consortium before the end of the month. (Read in Arabic)

CBE to assess refinancing factories in arrears
Al Borsa | 14 April 2015
CBE has asked state-owned banks to present a list of all their manufacturing clients whom are in arrears. Negotiations between the sides aim to refinance struggling factories in order to restore their operations. The CBE is prioritizing the textiles sector as, Al Borsa notes, it was the most severely affected after January 2011. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

Tunnel authority mulls investments in Cairo tram and metro systems
Al Mal and Al Borsa | 15 April 2015
The National Authority for Tunnels (NAT) plans to establish a company which will be responsible for the management of tram lines in Cairo, revealed Ismail El Nagdy, the head of the NAT. Upgrades to Cairo’s tram system will cost EGP 1 bn, added the source; the World Bank has reportedly expressed its readiness to assist in the financing the project. On a related note, the NAT has entered into talks with government representatives from China, Korea, and the EU for the financing of lines 5 and 6 of Cairo Metro. This project is estimated to cost EGP 44 bn.(Read in Arabic) On a related note, work on phase 4 on line 3 of Cairo Metro will begin today. Phase 4 comprises 5 station and connects Cairo Airport to Heliopolis.

Sudanese government buys back stake in Ariab Mining Company
Al Borsa | 15 April 2015
The Sudanese government has repurchased its stake in Ariab Mining Company from COMINOR SAS for USD 100 mn, Al Borsa reports. COMINOR is a subsidiary of gold mining firm La Mancha Resources, which is owned by Naguib Sawiris. The Sudanese Ministry of Mines plans to issue a portion of the company’s shares to the private sector, in the coming days. The decision to repurchase the stake came after the Sudanese government’s refusal to offer Sawiris a majority stake in the mining company. According to the conditions of the agreement, the Sudanese will be required to pay USD 75 mn to Sawiris at signing, while the remaining USD 25 mn will be paid over four months. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Social insurance funds are constitutionally protected –Ghada Waly
Al Mal | 15 April 2015
Funds allocated for social insurance and pensions are protected by articles in the constitution, said social solidarity minister Ghada Waly. She added that a committee has been formed to assess the investment strategy of public funds in order to ensure the safety of investments and increasing returns. (Read in Arabic)

ON YOUR WAY OUT

South Sinai to spend EGP 500 mn on flood control: The governorate of South Sinai plans to spend EGP 500 mn on the construction of dams and reservoirs in the region. The projects are meant to protect citizens from frequent flash floods and enhance water conservation efforts, explained the governor. (Read in Arabic)

BY THE NUMBERS

USD CBE auction (Wednesday, 15 April): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Wednesday, 15 April): 7.65 (-0.01 from Tuesday, 14 April)

EGX30 (Wednesday): 8,896.68 (-0.35%)
Turnover: EGP 540.4 mn (4% below the 90-day average)

WTI: USD 56.21 (-0.32%)
Brent: USD 62.88 (-0.69%)

TASI: 9,164.5 (+2.2%)
ADX: 4,622.3 (+0.6%)
DFM: 3,941.8 (+3.0%)
KSE Weighted Index: 430.8 (+0.3%)
QE: 11,892.2 (+1.0%)
MSM: 6,232.0 (-0.2%)