Emaar Misr will float shares on EGX. More Egyptian companies looking at LSE listings? BG wants Israeli gas by subsea pipeline. Fuel smart cards are out on Monday. Grown-up’s guide to Snapchat and Periscope. Qatar under pressure from FIFA sponsors.

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WHAT WE’RE TRACKING TODAY

The thirteenth annual Franchise conference, which began yesterday, continues through Saturday with 65 exhibitors, including ten international and 55 from Egypt, according to Al-Masry Al-Youm.

The two-day Egypreneur Forum kicks off tomorrow at Nile University in Cairo. Register online here.

WHAT WE’RE TRACKING NEXT WEEK

It’s all about conferences and exhibitions next week, including two with a focus on energy:

• Arab Construction and Projects Forum, Fairmont Hotel, Cairo (Sunday-Monday, 24-25 May)
• Foreign Press Association Forum on Egyptian-European Relations, featuring EU Ambassador James Moran and other officials. Semiramis InterContinental Hotel, Cairo. (Monday, 25 May starting 18:00 hrs CLT
• Energy and Future of Investment in Egypt (Al-Borsa’s second annual conference on the subject), Intercontinental City Stars. (Monday, 25 May)
• National Bank of Abu Dhabi (NBAD)’s “Egypt’s Renaissance” conference. (Wednesday, 27 May)
• Egypt’s Renewable Energy Summit, Cairo International Convention and Exhibition Centre, although it should be noted that as of Thursday morning the event’s website is down. (Friday-Sunday, 29-31 May)

A large Russian business delegation headed by Russian Minister of Industry and Trade Denis Manturov is set to visit Egypt for two days beginning Monday, 25 May.

LAST NIGHT’S TALK SHOWS

It was an unusually slow night even for a Wednesday on the talk show circuit. After his nightly critique of Prime Minister Ibrahim Mahlab and his cabinet, Youssef El Housseiny hosted Dr. Gamal Shiha, Professor of internal medicine and Head of the Gastrointestinal and Liver Unit at Mansoura University and the Founder and Head of the Association of Liver Patients Care (ALPC).

“The President’s dream to eradicate Hepatitis C in Egypt can become a reality,” said Shiha. “He wants to cure those who have the disease while simultaneously working on prevention. The goal is to cure 1 mn cases each year, this is a great initiative. There are 150,000 new cases diagnosed in Egypt diagnosed each year. If we treat a mn each year and we work on prevention, the disease can be eradicated within 3-4 years.” “ 12% of the Egyptian population currently suffers from the disease,” he added.

Khairy Ramadan focused his program on the increasing prevalence of divorce in Egypt. Callers shared their problems with a panel of psychologists and therapists who analyzed the problems and attempted to provide explanations and make generalizations as to why so many married couples are facing problems in our society.

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SPEED ROUND

Ahmed El Zend was appointed as Justice Minister, according to a statement from Ittihadiya. “[El] Zend, head of the influential Judge’s Club which represents judges across the country, is known as a fierce critic of the banned Muslim Brotherhood group,” Reuters said.

Emaar Properties announced its intention to float 13% of its Egyptian unit, Emaar Misr, on the EGX in a press release. “It is intended that the Offering will comprise (i) a public offering to retail investors in Egypt, and (ii) a private placement to institutional investors in a number of countries, including in Egypt,” according to the statement. Proceeds from the offering will be used to develop non-residential components of the company’s developments, including Emaar Square in Uptown Cairo, a marina and hotels for Marassi on the North Coast, and both retail and office space in the Downtown section of Mivida. Emaar Properties will retain 87% of Emaar Misr in the offering. As is customary, the ITF doesn’t give a figure for the value of the offering, which we have previously reported would be in the USD 367 mn range. Emaar Misr has made total sales of EGP 24 bn from inception through 1Q2015, with EGP 7 bn of that figure being in FY2014 and EGP 2 bn in 1Q2015. Beltone Financial’s Habiba Hegab gets a quote on the story in Lebanon’s Daily Star, which has the best coverage of the morning. The National and Reuters do yeoman’s duty. The news comes amid reports in the local press that Emaar Misr is looking to acquire two plots with a combined size of 600 feddans in West Cairo. Emaar Malls — the mother company’s Dubai-headquartered retail arm — raised USD 1.6 bn in an offering last year.

Are more Egyptian companies looking to list on the LSE? That’s the word from Ibukun Adebayo, head of primary markets for Africa at the London Stock Exchange, who told the paper “there was an expectation that more Egyptian companies would list on the LSE in the future as the north African country reinvigorates its privatisation programme.” Both Edita and IDH get brief shout-outs in the story.

BG in talks over subsea gas pipeline connecting Israel and Egypt: BG Group is negotiating a pipeline to move gas from Israel’s Leviathan gas field to Egypt, Subsea UK reports. The field’s operator Noble Energy and its partners had signed a letter of intent with BG that could involve the supply of 200 bcf per year to BG’s liquefaction facilities in Idku. Delek Group reportedly said the gas would be exported from a floating production, storage, and offloading (FPSO) unit on the Leviathan field and through the subsea pipeline to Idku. “Development of Leviathan remains contingent on final investment decisions by each of the field partners and receipt of approvals from the authorities in Israel and Egypt,” Subsea said.

Seven companies have submitted responses to Egypt’s request for proposals for a second FSRU, according to Al Borsa. EGAS had solicited FSRU units from nine companies to present their bids for an FSRU, including Shell, Hoegh, DW, and Trafigura. Qalaa Holdings was also solicited but has not yet submitted, the newspaper says. The second FSRU will be docked at the Sokhna Port after preparing Al Adabiya proved to require extensive work.

PM Mahlab’s cabinet of ministers met on Wednesday. The major decisions taken at the meeting were:

• Approving a loan from the Arab Fund for Economic and Social Development to finance the construction of the West Cairo power station. (Read in Arabic)
• Approving a USD 400 mn loan from the World Bank to strengthen the social safety net. (Read in Arabic)
• Reallocating land for NUCA to be used in sewage projects. (Read in Arabic)
• Amending some of the specifications for the national roads project to allow more companies in and increase completion rates. (Read in Arabic)
• Allowing the Finance Ministry to acquire land for NDEDCo to construct an electricity distribution panel in Dakahliya. (Read in Arabic)
• Agreeing to allow the distribution of Naglazyme to treat two patients in Mansoura at an annual cost of over EGP 4 mn each. (Read in Arabic)
• Changing the national day of Luxor to 4 November, the date when King Tutankhamun’s tomb was discovered, from 9 December previously. (Read in Arabic)

Cabinet’s social justice working group met yesterday with Prime Minister Ibrahim Mahlab at the head of the table. The group will push cabinet to raise funding for the development of underprivileged areas to EGP 1.3 bn in the next state budget, a 115% increase. It will also press for 35% more spending on health and education (for a combined total of EGP 58 bn) and a 240% rise in budget allocation for potable water projects at a cost of EGP 2.75 bn, Al-Masry Al-Youm reports.

Valeant Pharmaceuticals International is considering purchasing Egypt-based Amoun Pharmaceutical Company. Valeant sees this as an opportunity to, “expand its veterinary and human medicines portfolio.” Bloomberg values Amoun at USD 700 mn to USD 800 mn. (Read)

In other pharmaceutical sector related news, Egyptian pharmaceuticals manufacturer EIPICO has denied rumors that the company plans to establish factories in Sudan and Ethiopia, reports Al Borsa. (Read in Arabic)
Drivers will be able to obtain fuel smart cards on Monday; the cards will control access to subsidized fuel starting in June, according to Ibrahim Sarhan, chairman of eFinance, the company implementing the fuel smart card program on behalf of the government. Cards will be distributed at Traffic Police offices nationwide, according to Al-Masry Al-Youm.

Veteran business writer Patrick Werr’s weekly column on Egypt for The National draws a link between the subsidy program and national creativity in side-stepping rules and regulations, noting: “And of course, people find a way to get around the rules. When the dollar is so cheap, demand increases and supply falls. People find ingenious ways to buy the dollars at the official price – credit cards while travelling abroad, buddies working in the bank who will sign approvals for a transaction, fake invoices for goods imported from abroad or something similar.”

Bisco Misr, now owned by Kellogg, will look at the possibility of delisting from the EGX at its next board meeting on 26 May, according to Al Borsa.

Standard Chartered tumult in Middle East as exits quicken: “Standard Chartered is scaling back from parts of this region as it focuses on rebuilding its capital base by selling non-strategic businesses,” Shabbir Malik, a banks analyst at investment bank EFG-Hermes Holding SAE, said by email from Dubai on Wednesday. “This creates an opportunity for regional banks, which are generally well capitalized and have strong ties with the region, to grow through acquisitions.” (Read in Bloomberg)

The biggest international business story of the day is that six of the world’s largest banks agreed yesterday to pay fines totaling USD 5.8 bn for their roles in rigging global currency markets; five of the six will also plead guilty to criminal charges in the United States. (Yes, in the U.S., a corporation can be found guilty of criminal charges.) Those pleading guilty to a variety of collusion and / or wire-fraud charges include Citi, JP Morgan Chase, Barclays, Royal Bank of Scotland and UBS. The WSJ has more, as do the FTand Bloomberg — or for a U.S.-centric view, check out the New York Times.

The Consulting Random Work Generator promises to help you get “110% from your staff 100% of the time” with helpful randomly-generated consultant-isms overlayed on stills from great films and TV shows, from Wall Street (the original, thank you) to Suits. It’s almost as fun as our two favorite Corporate BS Generators (here and here)

Your kids are using Snapchat. So’s your little sister. And you have no clue why or how. Read this: ‘Snapchat and Periscope: A Grown-Up’s Guide‘. The WSJ’s take is totally on fleek. (And yes, we say that with irony.)

IN FOCUS: SUSPICIOUS LAND MASS AT 25.372426, 51.219055

FIFA sponsors Adidas, Coke and Visa express concern over Qatar: “FIFA came under pressure from sponsors Adidas, Coca-Cola and Visa on Wednesday to push Qatar to deliver reforms for migrant workers as the country rapidly expands to host the 2022 World Cup,” reported the AP. “We continue to be troubled by the reports coming out of Qatar related to the World Cup and migrant worker conditions,” Visa said in a brief statement. “We have expressed our grave concern to FIFA, and urge them to take all necessary actions to work with the appropriate authorities and organizations to remedy this situation and ensure the health and safety of all involved.”

Meanwhile, Marina Hyde of The Guardian asks the very reasonable question: ‘How many slave deaths for the Qatar World Cup can Fifa put up with?’ “This week has seen the launch of a campaign by the International Trade Union Confederation, Play Fair Qatar and the NewFifaNow group to shame them with the appalling conditions endured by labourers building tournament infrastructure for 2022. “As things stand,” declares Play Fair Qatar, “more than 62 workers will die for each game played during the 2022 tournament.”

Germany’s energy producer Wintershall to pull out of Qatar: “Wintershall, Germany’s biggest oil and gas producer, said it was pulling out from exploring for gas in Qatar after it was not given access to local infrastructure that would allow it to profitably develop its field there.” (Read)

***
A MESSAGE FROM PHAROS HOLDING

Pharos Maintains FV Estimate for Oriental Weavers Post-1Q15 Results

Pharos Research maintained its FV estimate for Oriental Weavers at EGP 13.7 per share, after the company published results for 1Q15 showing relatively stable top and bottom lines y-o-y. The company’s attributable net income came in at EGP 146 mn for the quarter, an increase of 2% compared to 1Q14, dampened by lower international sales, which dropped 5.2% due to lower exports to Ikea specifically. The company was also unable to benefit from a drop in raw material prices during the quarter due to the presence of a two-month high-cost polypropylene inventory—the largest contributor to OW’s raw material costs. GPM for the quarter stood at 13.1% vs. Pharos Research’s projected 14.6%

Despite what may be read as negative indicators, Pharos Research’s outlook for Oriental Weavers sees full year figures coming in line with projections, where margins are set to improve as the company burns through its stock of high-cost inventory. Click here for more details.
***

EGYPT IN THE NEWS

Egypt’s judiciary has come into sharp focus in the domestic and international press. Even the most casual of observers is aware that almost all negative international coverage of Egypt is centered on the judiciary at any given time. That trend has only picked up in recent days: Within the space of a few weeks, the justice minister was dismissed for making classist remarks, replaced by a figure also criticized for holding andexpressing the same beliefs. Further, on Wednesday both The Telegraph and IB Times published critical pieces on El Zend’s past statements where he advocated for the implementation of hardline sharia in Egypt, including hudud punishments such as public beheadings and whippings.

On Tuesday, the Justice Ministry shot back at international criticism of the preliminary death sentence against Morsi, saying that such remarks violate international conventions, according to an SIS release. With regard to Morsi, the ministry emphasized that the verdict must still be confirmed by the Mufti. Also on Tuesday, AUC professor Emad Shahin penned in The Atlantic: ‘Sentenced to Death in Egypt.’ “The current Egyptian judicial system is devoid of due process, regard for evidence, and minimum standards of justice, which makes it futile to return to Egypt to appeal my sentence.” (Read)

On Wednesday, Reuters reported: ‘Daesh North Sinai affiliate calls for attacks on Egypt’s judges‘: “It is wrong for the tyrants to jail our brothers,” cleric Abu Osama al-Masry said, referring to judges. “Poison their food… surveil them at home and in the street… destroy their homes with explosives if you can.” In the same story, CFR’s Steven Cook is quoted as saying “The combination of the state’s repressive tactics, mass jailings, death sentences and now the insurgency’s call to kill judges makes it a toxic brew that will likely lead to an escalation of violence.”

DIPLOMACY

President Abdelfattah El Sisi met with U.S. CENTCOM Commander General Lloyd J. Austin on Wednesday, according to a statement from Ittihadiya. The meeting was also attended by Egypt’s Minister of Defense and Military Production Colonel General Sedki Sobhi and the US Ambassador to Egypt Stephen Beecroft, and included discussions on domestic, regional and international terrorism, as well as recent developments in Yemen, Iraq and Syria.

Egypt-Turkey reconciliation update: “I have consistently said at international platforms that I do not accept Sisi as the president. Today, I am also saying the same thing. To me, the president of Egypt is not Sisi, it is still Morsi,” said Erdogan on Wednesday during a joint press conference in Sarajevo with the chairman of the three-man Bosnian presidency. Turkey said it plans to initiate steps to invoke mechanisms at international organizations with regard to Morsi’s death sentence. “Just as we will take steps at UN, we will also follow this task at international platforms,” said Erdogan. (Read in Anadolu Agency)

Delaying President El Sisi’s trip to Germany is currently being considered, the Foreign Affairs Ministry said yesterday, according to Al Shorouk. This follows news that the President of the Bundestag had cancelled a planned meeting with El Sisi. A spokesman for German Chancellor Angela Merkel said she still plans to meet El Sisi next month, while Foreign Minister Sameh Shoukry spoke with his German counterpartabout the visit yesterday.

WORTH READING

On Wednesday, the U.S. Office of the Director of National Intelligence (ODNI) released some of the correspondences and readings seized during the raid that resulted in the death of Osama bin Laden, including recently declassified material. Browse: Bin Laden’s Bookshelf.

One of the more interesting categories is ‘Documents Probably Used by Other Compound Residents,’ as it’s much more entertaining to assume that they belonged to Bin Laden, with such titles as:

• Silkscreening Instructions
• Delta Force Extreme 2 Videogame Guide
• Game Spot Videogame Guide
• Is It the Heart You Are Asking? by Dr. Islam Sobhi al-Mazeny (suicide prevention guide)

WORTH WATCHING

A few segments from David Letterman’s penultimate episode from Tuesday are now available online:

• Bill Murray pops out of a cake (more like, falls out) for David Letterman. (Watch, running time: 1:39)
• Bob Dylan performs “The Night We Called It a Day.” (Watch, running time: 4:47)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Three units at the Assiut power station to begin operating by May’s end
Al Mal | 20 May 2015
Three units at the Assiut power station, which is currently being built by OCI and GE, will begin operations by the month’s end, Electricity Minister Mohamed Shaker said. Developing the station will cost USD 746 mn and it is expected to be able to produce 1000 MW. Shaker said the ministry has completed 65% of its plan to increase electricity production. (Read in Arabic)

OIL & GAS

Shell, Apache finalising fracking assessments
Al Shorouk | 20 May 2015
Shell and Apache are finalising their assessments for the fracking operations set to begin in the Western Desert, an EGPC source told Al Shorouk. The source said that the contract signed with EGPC stipulates the beginning of operations within two years of the signing. The project will require USD 30-40 mn in investments and EGPC had agreed to purchase the product at USD 5.45 per mmBtu. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

EMRA’s tenders in Sinai, Eastern Desert await security clearances
Al Mal | 20 May 2015
Tenders for concessions in Sinai and the Eastern Desert await security clearances, the Egyptian Mineral Resources Authority (EMRA) said. The tenders were for the exploration of 12-13 materials and EMRA is finalising the process to obtain the necessary clearances. EMRA expects the tenders to be particularly attractive. (Read in Arabic)

El Shamadan to add new production lines
Al Borsa | 19 May 2015
Wafer manufacturer El Shamadan is investing EGP 20 mn to add two new production lines in 2H2015. The two lines will produce biscuits and chocolate-filled wafer as the company plans to expand in the African market. Abraaj Capital had acquired a minority stake in El Shamadan earlier this year. (Read in Arabic)

MANUFACTURING

Four companies apply to assemble tuk-tuks in Egypt
Al Mal | 20 May 2015
Four companies have submitted requests to locally assemble tuk-tuks, reports Al Mal. They are: GB Auto, MCV, Saudi Modern Motors, and Arafat Rashid. An industry representing feeder industries for the automotive sector has requested that government require that 60% of the components of a locally assembled three-wheeler be produced domestically. (Read in Arabic)

El Sewedy in negotiations to build four converter stations in Iraq
Al Mal | 20 May 2015
El Sewedy Electric is in negotiations, through a subsidiary, to build four converter stations in Iraq. The 400kV project is set to be undertaken in partnership with Hitachi and is expected to cost USD 160 mn. El Sewedy is leading the project and will be in charge of the design and construction phases with Hitachi supplying the equipment required. (Read in Arabic)

Salman promotes investment in Carbon Holdings
Al Borsa | 20 May 2015
Investment minister, Ashraf Salman, met with representatives of the Export-Import Bank of the United States and its Korean counterpart in addition to other international financial institutions to seek out their support and investment in a USD 7.5 bn Carbon Holdings petrochemicals project in North West of the Gulf of Suez. (Read in Arabic)

HEALTHCARE

Health Ministry allocated EGP 80 bn in next year’s budget
Al Borsa | 20 May 2015
EGP 80 bn will be allocated to the Health Ministry in FY2015/16’s budget, an official at the Health Ministry told Al Borsa. This brings up the total healthcare spending provisions in the budget closer to the constitutionally mandated 3% of GDP, he added. The health insurance sector in Egypt has a large potential from growth, the official believes. (Read in Arabic)

Finance Ministry to cover Vacsera’s bills
Al Mal | 20 May 2015
Vacsera said that the Finance Ministry agreed to cover its payroll cost as well as to finance the re-launch of its veterinary projects, according to Al Mal. The ministry had already agreed to cover the payment of EGP 200 mn from Vacsera’s debts. Vacsera required help from the Finance Ministry as it had already used up its allotted budget. (Read in Arabic)

REAL ESTATE & HOUSING

Contracts for two EEDC-conceived projects to be signed on Thursday
Youm7 | 20 May 2015
Contracts for two EEDC-conceived real estate projects will be signed on Thursday, announced housing minister Mostafa Madbouly. The real estate projects, which are both being developed by Mountain View Holdings and Saudi Arabia’s Sisban Holdings, are based in 6th of October City and New Cairo. The government’s revenue for both projects is approximately EGP 22 bn. (Read in Arabic)

TOURISM

EgyptAir and Banque Misr sign protocol allowing clients more payment options
Al Borsa | 20 May 2015
EgyptAir’s tourism arm, Karnak, and Banque Misr signed an agreement allowing Karnak’s more flexible payment options when they book holidays through the company. The agreement allows Karnak’s clients to pay for their holidays on installments as well as having them benefit from financial facilities on offer from Banque Misr. Karnak said this is the third protocol of its kind following agreements signed with Banque du Caire and the United Bank of Egypt. (Read in Arabic)

Nile City Investments looks to establish hotel management subsidiary
Al Borsa | 20 May 2015
Nile City Investments plans to establish a subsidiary company, which will be responsible for the management, operations, and development of its hotels, reports Al Borsa. Nile City Investments’ board of directors will meet on Saturday to determine the subsidiary’s legal status and shareholding structure. Additionally, the board also plans to hire a security company, which will be responsible for protecting Nile City Investments’ various physical assets. (Read in Arabic)

Marsa Alam businessmen call for dexpan to be used to clear 60% of rocky shoreline
Al Mal | 20 May 2015
Investors in Marsa Alam agonizing over how 60% of their shoreline is rocky, full of coral and unusable for tourism purposes called in the government to demolish these rocky areas. According Atef Abdel Latif, member of both the Marsa Alam and South Sinai investor association, has called for the use of dexpan, non-explosive demolition agent, to assuage environmentalists. He called on the ministries of tourism, the environment and health to form a committee to explore its extensive use across the Red Sea coastline. (Read in Arabic)

TELECOMS & ICT

Unlicensed vendors selling SIM cards face prison sentences, CIT Minister says
Al Masry Al Youm | 20 May 2015
Vendors unaffiliated with the local mobile operators caught selling SIM cards face prison sentences, CIT Minister Khaled Negm said. The threat, which followed the decision to only allow the three telecom operators to sell SIMs, is aimed at combatting terrorism. The government believes that the restriction would limit the terrorists’ ability to communicate effectively. (Read in Arabic)

Cisco allocates USD 1.7 mn for its CSR initiatives in Egypt
Al Borsa | 20 May 2015
Cisco announced it is allocating USD 1.7 mn for its CSR initiatives in Egypt, according to Al Borsa. Cisco will focus on initiatives in health and education as it seeks to extend training programmes to a large number of graduates. In 2014, Cisco spent USD 2.2 mn on its CSR programme. (Read in Arabic)

Chambers of commerce federation requests changes to mobile line sales
Al Borsa | 20 May 2015
The Communication’s division of the Federation of Egyptian Chambers of Commerce requested that the National Telecom Regulatory Authority (NTRA) raise the price of mobile lines to EGP 50 per line. Doing so, according to the division, would encourage mobile line merchants to abide by government regulations and minimize the spread of illegal lines. The division also called on the NTRA to equip all SIM card vendors with ID Reader technology in order to ensure that purchasers of SIM cards provide both retailers and the government with accurate personal information. (Read in Arabic) For their part, Dar al-Ifta has deemed it sinful for worshipers to purchase a sim card without registering their personal information. (Read in Arabic)

Morpho to install four automatic e-gates in Hall 1 of Cairo International
Al Mal | 20 May 2015
French electronic security provider, Morpho, plans to install four new MorphoWay automated e-gates in Cairo International Airport’s Passenger Terminal 1, with plans to build a further eight in Terminal 2. The move after the success MorphoWay has had in Terminal 3. The MorphoWay automatic gates provide instant scabbing, registering and reading of travel and biometric data, allowing for faster and more secure check-ins at airports. The PPP project, whose principle government partners include the Cairo Airport Authority and the interior ministry, is worth EGP 20 mn. (Read in Arabic)

BANKING & FINANCE

Nine banks offer monorail project EGP 5.4 bn in financing
Al Mal | 20 May 2015
A consortium of nine banks have offered to provide EGP 5.4 bn in financing to the monorail project connecting Sixth of October City to Sheikh Zayed City. The consortium which is comprised of NBE, Banque Misr, CIB, QNB Qatar, Arab African Bank, the Arab Bank, Audi Bank, Bank of Alexandria, and Credit Agricole, will also provide a 15 year EGP 800 mn loan and a EGP 400 mn loan to the project, with the banks assuming the burden for the loan. The USD 1.5 bn project will be built by Arab Contractors and Orascom Construction Industries. (Read in Arabic)

EGX plans to lower listing fees
Daily News Egypt | 19 May 2015
The Egyptian Stock Exchange is planning to lower the listing fees for companies floating their shares in the bourse, DNE said. Mohamed Omar, the stock market’s head said “this step will help increase the domestic stock market’s competitiveness in the region.” The relevant law will be amended accordingly. (Read)

OTHER BUSINESS NEWS OF NOTE

Egypt 2.6 mn grant from UNDP to clear mines
Al Borsa | 20 May 2015
The Egyptian government has received an EGP 2.6 mn from the UNDP to undertake phase two of its project to clear the country’s northern coast from mines, reports Al Borsa. The grant will be used to purchase new mine-clearing machinery, offer technical assistance to personnel, and to provide financial support to individuals who have suffered as a result of mine explosions. (Read in Arabic)

Egyptian Olive Council pitches “Olive Branch” project to President El Sisi
Al Masry Al Youm | 20 May 2015
Yesterday, members of the Egyptian Olive Council met with President Sisi on Wednesday to discuss their preliminary plan for the “Olive Branch” project. The project aims to plant 100 mn olive trees throughout Egypt by 2020. The council has requested that the government allocate 70,000 acres of land for the planting of olive trees; the trees would be planted over seven phases. According to the council, this project will not only make Egypt the third largest producer in the world, but will also offer ample export opportunities. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Final draft law organising investment in the Suez Canal zone ready
Daily News Egypt | 19 May 2015
The final draft of the legislation organising investment in the Suez Canal zone (SCZone) is completed, DNE said. The draft is now passed on the Transitional Justice Ministry for review and expected to be approved by President El Sisi within days. Investment Minister Salman said “the new Suez Canal project was designated as an economic zone with a special nature.” The law includes clauses “allowing the economic authority of the Suez Canal area to establish a major development company and own it completely or in partnership with the private sector.” (Read)

Government to increase subsidies to “supply card” users during Ramadan
Al Borsa | 20 May 2015
The cabinet approved today increasing support to those receiving subsidized commodities through “supply cards” during Ramadan, by increasing their access by 50%. Furthermore, government support will include diversifying the range of goods and supplies accessible to supply card users. (Read in Arabic)

Ministry of Investment looking into organizing a COMESA economic conference in October
Al Borsa | 20 May 2015
The ministry of investment is exploring the possibility of organizing a COMESA economic conference in October, hosting around 1,500 political and economic leaders, heads of regulatory authorities, c-suite executives, and members of investment and businessmen associations. Investment minister Ashraf Salman met with the head of COMESA’s Regional Investment Agency to discuss the matter in addition to ways to strengthen Egypt’s contribution to the organization. (Read in Arabic)

REGIONAL

IMF approved a seven-month extension of the standby arrangement for Tunisia
IMF Press Release | 19 May 2015
The Executive Board of the IMF approved a seven-month extension of the standby arrangement for Tunisia. A two-year arrangement in the amount of USD 1.75 bn for Tunisia was approved in June 2013. “The extension will provide time for the Tunisian authorities to implement the policy measures needed to deliver on forward-looking commitments—notably on the banking and fiscal reforms—which will help reduce vulnerabilities and spur higher and more inclusive growth,” the IMF’s press release read. An IMF mission will visit Tunis later this month. (Read)

ON YOUR WAY OUT

Following his fallout with Showtime and the resulting uncertainty over his involvement, on Saturday David Lynch let fans know: “@DAVID_LYNCH Dear Twitter Friends, the rumors are not what they seem ….. It is Happening again. #TwinPeaks returns on @SHO_Network” (View tweet)

BY THE NUMBERS

USD CBE auction (last sale Tuesday, 19 May): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 19 May): 7.68 / 7.675 (+0.02 / +0.015 from Monday, 18 May, Reuters)

EGX30 (Wednesday): 8,877.68 (+0.90%)

WTI: USD 59.09 (+0.19%)
Brent: USD 65.23 (+0.31%)

TASI: 9,811.12 (+0.03%)
ADX: 4,630.99 (-0.13%)
DFM: 4,108.74 (-0.45%)
KSE Weighted Index: 425.33 (-0.47%)
QE: 12,522.30 (+0.52%)
MSM: 6,405.64 (+0.32%)