USD 7 bn from America? Telecom Egypt CEO El-Nawawy is out. Egypt may still need IMF facility. El Sisi meets pols for talks. Egypt, China sign USD 1 bn clean-water deal. Cars are the “ultimate mobile device,” says Apple.

WHAT WE’RE TRACKING TODAY

For what it’s worth, the weather forecast today is for clear skies and a high of 34C, a welcome respite from wind, dust and 45C yesterday. Heading into the weekend, the national weather service is calling for a high of 31C tomorrow and of 30C on Saturday.

WHAT WE’RE TRACKING THIS WEEKEND

Egypt’s Renewable Energy Summit, Cairo International Convention and Exhibition Centre. (Friday-Sunday)

ON THE HORIZON IN JUNE

The potential confirmation of the preliminary death sentence against former president Mohamed Morsi for his role in the Wadi Natroun prison break of 2011 following the Mufti’s advisory opinion, Tuesday, 2 June.

Ramadan is due to start somewhere around Thursday, 18 June. Iftar will be at about 6:59pm.

LAST NIGHT’S TALK SHOWS

Three stories were the main topics of discussion on last night’s talk shows; the weather, the FIFA scandaland the removal of Telecom Egypt CEO Mohamed El Nawawy.

Rania Badawi took over from Amr Adeeb with the fourth consecutive day of praise for President Abdel Fattah El Sisi for making sure that we all had air conditioning on a very hot and dusty Wednesday.

Her main concern last night, however, was the ambiguity surrounding the government’s decision to replaceMohamed El Nawawy as the CEO of Telecom Egypt. “My issue is not whether he stays or leaves, it’s the lack of transparency. Telecom Egypt is a public company that is owned by the Egyptian people we deserve to know the reasons behind the shake-up,” said Badawi.

She then proceeded to read recent correspondence between the Ministry of Communication and Information Technology and El Nawawy indicating that there has been an ongoing dispute between the two parties over the pricing of infrastructure that mobile phone operators and private internet service providers rent from Telecom Egypt and its subsidiary, TE Data. According to the correspondence, Telecom Egypt refused to reduce its prices. “There is also some speculation as to whether or not the lack of cooperation on the part of TE has something to do with the cancellation of the fourth mobile license which has been promised to the company for some time now,” said Badawi.

“A lot of people didn’t go to work today because of the weather,” said Youssef El Housseiny. “The roads were noticeably empty. I urge every employer — public and private sector — to penalize any employee who didn’t show up for work unless they have a valid medical excuse.” [Mind your own business Housseiny —signed: Enterprise employee who worked from home because of the weather.] El Housseiny also encouraged citizens to continue conserving energy and gave tips on how to stay cool without air conditioning. “We need to give people incentives. If there is a noticeable decrease in energy consumption in certain households, those households should be rewarded or recognized by the government in some way.”

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SPEED ROUND

USD 7 bn from America? The Export-Import Bank of the United States has expressed its willingness to provide Egypt USD 7 bn over 12 years to implement a number of projects, GE Power and Water CEO Steve Bolze told President Abdel Fattah El Sisi, according to a statement from Ittihadiya. Bolze reviewed GE’s efforts to expand Egypt’s electricity production and noted the speed of implementation of the project. In turn, President El Sisi reiterated his praise for GE and the support of the US administration, which “reflects the strength of strategic relations between the two countries.” We have not been able to track down any further reference to USD 7 bn in financing from the U.S. ExIm Bank in any other forum.

MOVES- Mohamed El Nawawy is out as CEO of Telecom Egypt. The dismissal was made official on Wednesday per a decree issued by Prime Minister Mahlab, reports Youm7. Additionally, Mahlab appointed seven additional government representatives to sit on the board of TE, which enjoys an effective monopoly on landline services. The board replaced El Nawawy with Osama Yassin, a company source told Reuters; the same source confirmed that that the new chairman selected was Mohamed Salem, a former telecommunications minister. Also during their meeting on Wednesday, TE’s board of directors reportedly looked into potential share buybacks after the company’s share price dipped below par, according to a statement sent to the EGX.

New TE CEO is a telecom veteran with regional experience, got his start in petroleum industry.A public records search suggests that Osama Yassin was a government-appointed member of the board of Telecom Egypt heading into yesterday’s shakeup. TE’s corporate and IR websites are down this morning at time of writing, so we’re unable to verify when he joined the board. His LinkedIn profile, however, shows that Yassin is an Alexandria University-trained engineer who got his start in the petroleum industry after a stint as a programmer at Al-Ahram in Alex. He came up through the IT side at regional oil companies until moving to Orascom Telecom in 2000, serving in Cairo, Algeria and Iraq before moving to South Africa’s MTN in 2004 as a troubleshooter working on the company’s assets in Cyprus, Syria and Lebanon. He’s served primarily as an industry consultant since 2006, working in Sudan, Afghanistan, the UAE and Egypt, most recently as managing partner of Fortune Consulting Services.

Bloomberg’s Ahmed Feteha quotes a number of foreign analysts as noting that ‘Even With Gulf bns Pouring In, Egypt May Still Turn to IMF.’ The crux of it: “Egypt’s on-off talks with the International Monetary Fund may be back on again, as investors say IMF loans offer a stronger platform for reviving the economy than the Gulf money currently keeping it afloat.”

President El Sisi met with the leaders of political parties on Wednesday for talks that centered primarily on Egypt’s political roadmap. Among the key topics discussed was going ahead with the plan to amend the Elections Law, which was signed by 38 political parties and which will be sent to the cabinet to approve. Presidential Spokesman Alaa Youssef said El-Sisi called for national unity, especially in the period leading up to the parliamentary election, adding that political parties must put their differences behind. The meeting also included discussions on Egypt’s other economic, political and security issues. (Read in Arabic)

Qalaa on track to divest Dina Farms, Rashidi El Mizan by 3Q2015: “We are on track and seeing significant interests from serious buyers, and we’re proceeding through a process that we hope will allow us to maximise the value of these disposals,” Qalaa Co-Founder and MD Hisham El-Khazindar told the Daily News.

The Electricity Ministry has sent a report to the Petroleum Ministry outlining the quantities of fuel required to generate electricity for the rest of the year. The report, which breaks down requirements by month, states that it will need 128 mn cubic meters of fuel to produce 25-27 GW in May; 139 mn cubic meters of fuel to produce 27.5 GW in June; 143 mn cubic meters of fuel to produce 28.5 GW in July; 147 mn cubic meters of fuel to produce 31 GW in August. (Read in Arabic)

The Social Fund for Development (SFD) launched a new venture capital program in cooperation with the World Bank targeting the development and funding of SMEs. The USD 300 mn program will allow investors to target these SMEs through the new venture capital investment framework, said SFD Head Soha Soliman. The MoU with the World Bank stresses the targeting of ICT related SMEs, Al Borsa reports. This comes as the Bank’s representative in the ME and South Africa, Sahar Nasr, stated today that the bank plans to increase its investments in SMEs in Egypt, having funded and provided loans of up to USD 600 mn to the SFD to foster SME development, Al Mal reports.

PM Ibrahim Mahlab met on Wednesday with Jordanian and Egyptian businessmen and investors in Amman, urging them to invest in the opportunities available in Egypt and assuring all that the country is “completely secure”. (Read in Arabic)

The board of Bisco Misr has called for an extraordinary general meeting of shareholders to discuss delisting from the EGX. The board also appointed Pharos to value shares held by minority shareholders as new owner Kellogg is set to present a mandatory offer to buy out small shareholders, according to Al Mal. Kellogg currently owns 85.933% of Bisco Misr’s shares.

As the investigation into the murder of Ain Shams engineering student Islam Salah Eddin Atito continues, former MP Mostafa al-Nagar published on Tuesday a noteworthy op-ed in Al Masry Al Youm, a translation of which has since appeared in sister publication Egypt Independent.

Planning Minister Ashraf Al Araby denied issuing a statement declaring that citizens will need 30 years to see the effects of development, according to Al Masry Al Youm. Al Araby said that what he meant was that the government’s sustainable development goals aimed to have citizens happier in 2030 than they are today.

Egypt and China sign USD 1 bn water sanitation MoU: China Gezhouba Group Company Limited signed agreement with the Housing Ministry on Monday, as reported by China Xinhua News Network Corporation. The project “will provide water sanitation services for 260 villages in four Egyptian provinces.” (Read, autoplay video of the signing ceremony)
Opposition to Shell’s acquisition of BG began to build up immediately after the deal was announced and both companies underperformed the FTSE 100, Rupert Hargreaves wrote for Yahoo Finance. “The market is concerned that Shell is overpaying for BG. Shell’s offer is essentially an enormous multi- bn dollar bet on the price of oil,” Hargreaves adds noting BG operational problems and highlighting concerns within Egypt.

MESIA elects new BoD: The Middle East Solar Industry Association (MESIA) held their AGM on Tuesday in Dubai, at which they elected a new Board of Directors, according to an emailed release. Its members include:

• Imtiaz Mahtab, Managing Director at Air Liquide (President)
• Hadi Tahboub, Executive Director Middle East at Skypower (Vice-President / Programmes Director)
• Ksenia Goncharova, Director of Market and Business Development, Middle East at REC Solar (Treasurer)
• Najib Faris, Managing Director, Bee’ah (Marketing Director)
• Cornelius Matthes, Managing Director at Building Energy (Membership Director)
• Simon Stevens Senior Counsel at Bracewell & Giuliani (Legal Counsel)
• Raed Bkayrat Vice-President – Business Development at First Solar (Research Director)

Palestinians tortured, summarily killed by Hamas forces during 2014 conflict -Amnesty:Following a report titled ‘Strangling Necks’: Abduction, torture and summary killings of Palestinians by Hamas forces during the 2014 Gaza/Israel conflict‘ published on Tuesday by Amnesty International, their press release notes: “It is absolutely appalling that, while Israeli forces were inflicting massive death and destruction upon the people in Gaza, Hamas forces took the opportunity to ruthlessly settle scores, carrying out a series of unlawful killings and other grave abuses … These spine-chilling actions, some of which amount to war crimes, were designed to exact revenge and spread fear across the Gaza Strip.” (Read the release)

Your car is the “ultimate mobile device” says a top Apple executive. Business Insider has more. Learn about Apple’s CarPlay and Google’s Android Auto. Ready to experience the future now? Or at least feed your brain during your mind-numbingly-long commute? Pair your phone with your car’s Bluetooth audio system (it’s actually pretty simple to do) and start playing podcasts like the always-amazing Planet Money, which just finished a series of stories (all of them 15-25 minutes) on whether the rise of artificial intelligence and robotics means we’re heading for a jobless future. Start with episode 621 (‘When Luddites Attack’, run time: 20 mins)

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SPOTLIGHT ON: Schadenfreude, as good as it gets

FIFA SCANDAL: On Wednesday, U.S. officials issued federal indictments of FIFA officials, with 47 counts including bribery, fraud and money laundering. The New York Times notes: “With bns of dollars at stake,Morocco, Egypt and South Africa jockeyed in 2004 for the privilege of hosting soccer’s most prestigious tournament, the World Cup. The outcome hinged on a decision by the executive committee of FIFA, soccer’s governing body, and a single vote could tip the decision. And at least one vote, prosecutors said Wednesday, was for sale. Jack Warner, a committee member from Trinidad and Tobago, shopped his ballot to the highest bidder, federal prosecutors said. In early 2004, he flew to Morocco, where a member of that country’s bid committee offered him USD 1 mn. But South Africa had a sweeter deal, offering USD 10 mn to a group that Mr. Warner controlled, prosecutors said. He voted for South Africa. South Africa got the 2010 World Cup. And Mr. Warner got his USD 10 mn payout, much of which prosecutors said he diverted for his personal use.” (Read)

FIFA president and chief bellydancer Sepp Blatter issued a statement saying the body welcomed the investigation, along with a photo of him folding his hands as if praying for forgiveness.

Despite the arrests and promises of further prosecution, both the FIFA presidential election will go forward on Friday, as will the tainted 2022 World Cup in Qatar, at least for the time being.

The Parliamentary Assembly of the Council of Europe has passed a resolution calling on FIFA to re-run the bidding process which resulted in Qatar’s winning bid for the 2022 World Cup. Business Insider makes the case for re-running the vote on who should host the 2022 World Cup, again noting that “more than 62 workers will die for each game played during the 2022 tournament.”

In the meantime, we’re excited about boredpanda‘s new contest, where designers are submitting anti-logos to pressure corporate sponsors to withdraw their support from the Qatar 2022 World Cup. View some of the excellent submissions here, and keep in mind that 12 days remain to submit your own.

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A MESSAGE FROM PHAROS HOLDING

Will liberalization of the natural gas sector weigh on energy-intensive industries?

The Egyptian Government has recently authorized the private sector to directly import natural gas from upstream providers, which based on Pharos Research’s understanding also entails the direct sale of natural gas by foreign operators in Egypt to the private sector.

Notable, though, is that a recently published Production Sharing Agreement between the Egyptian National Gas Holding Company (EGAS, the state’s lead actor in the sector) and BP Exploration (Delta) Limited and Dana Gas Egypt (together the Contractor), states that “if the Contractor wishes to sell its profit gas directly to the domestic market, it must seek EGAS’ approval on the volume sold, price charged and all other terms of the sale contract.”

It is unclear if new agreements will also maintain this right to EGAS, or whether the state actor will be directly involved in competitive bidding against private sector actors when it comes to the sale of natural gas to energy intensive industries. Pharos Research thus reiterates its concerns over the outlook of natural gas prices and the consequent effect on energy intensive industries until further details on the market’s liberalization are made available. To read more click here.
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WORTH READING

Veteran business writer Patrick Werr published an excellent piece on Wednesday in The National about young Egyptian entrepreneur Khaled Abdel Ghaffar’s attempt to navigate the sometimes-labyrinthine world of microfinance and VC in Egypt. “There is no shortage of business ideas in Egypt. As an investment, venture capital in general does not provide high returns. But the ventures that do make it often do so spectacularly. Setting up the financing infrastructure is best spearheaded by the private sector and not the government. Civil servants tend to have little understanding of the risks of the investment world. “It’s being created,” says Ms [Nevine] El Tahri. “The market is huge, huge, huge, and so underserviced.” (Read Incubators in Egypt provide funds worth relishing)

WORTH WATCHING

If Qatar’s World Cup Bid Video Had Told The Truth, HuffPost UK Comedy. (Watch, running time: 1:16)

Before their appearance on Portlandia, (which Jerry Seinfeld calls “the best comedy on TV right now, and it’s easily one of the best comedies of all time”), the characters of feminist bookstore owners Toni and Candace appeared in an internet series called Thunder Ant. Candace, played by Fred Armisen, opens up about her past with heroin abuse.
Toni: “Um, I can’t say I know what the feeling of heroin is.”

Candace: “Oh I do. [breathless giggle] It’s very addictive.” (Watch, running time: 1 minute, 10 seconds)

DIPLOMACY

Prime Minister Ibrahim Mahlab arrived in Jordan yesterday on an official two-day visit to partake in the 25th Egyptian Jordanian joint commission meetings in Amman. The meeting will discuss bilateral cooperation on security, trade, and energy. The meeting involved the signing of multiple agreements and MoUs strengthening bilateral ties between the two countries, Al Mal reported.

Tony Blair has written to UN Secretary General Ban Ki-Moon to indicate that he will step down as the Quartet’s envoy next month, The Telegraph reports.

Egypt demands the extradition of the fugitive Qaradawi from Qatar: “The international cooperation bureau within the public prosecution prepared official letters for Qatari authorities to extradite Qaradawi and other Muslim Brotherhood figures to execute penalties over charges of violence and inciting violence against citizens, police and judiciary,” Assistant to the Minister of Justice Adel Fahmy told Youm7 Tuesday, as reported by The Cairo Post.

EGYPT IN THE NEWS

The Egyptian Ambassador to the United States Mohamed Tawfik responded on Tuesday to the New York Times’ most recent editorial on Egypt ‘In Egypt, Deplorable Death Sentences‘: “At a time when the Brotherhood’s official media outlets are openly instigating their followers to violence and terrorism, this newspaper makes the claim that the Moslem Brotherhood ‘renounced violence in the 1970s’ without providing a shred of evidence to that effect, and brushing aside the ample evidence to the opposite that has surfaced in recent years.” (Read)

Ed Husain is still peddling the same tired line about Islamists being the hope for democracy in Egypt and the Middle East. “The future of democracy in the Middle East depends on engaging with the pluralists and modernizers within the Muslim Brotherhood.” (Read The folly of Morsy’s death sentence on CNN)

Israel said unfazed by sale of S-300 missiles to Egypt: ““It (an Iranian S-300) is a very big challenge. It is a strategic problem long before it is an operational problem,” [Israeli Air Force Commander Maj. Gen. Amir] Eshel said, according to Reuters. “Someone who has an S-300 feels protected and can do more aggressive things because he feels protected.” Asked if Israel was similarly concerned over reports in March that suggested Egypt was also acquiring the system, Eshel said, “Are you kidding me? We’re at peace with them.” (Read in The Times of Israel)

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

XD EGEMAC awarded EGP 600 mn transformers contract
Al Borsa | 27 May 2015
XD EGEMAC was awarded an EGP 600 mn contract to build four transformer stations in Aswan, Al Borsa reported. The company’s bid beat competition from Siemens, Alstom, and ABB. XD EGEMAC is set build four transformer stations with a capacity of 2,000 MV to transfer electricity produced from the 2,000 MW of electricity to be produced from renewable sources in Aswan. The Egyptian Electricity Transport Company will finance the cost of the project. (Read in Arabic)

AfDB to allocate USD 700 mn for Egypt’s energy sector
Al Ahram | 26 May 2015
The African Development Bank (AfDB), will allocate USD 700 mn for Egypt’s energy sector, Donald Kaberuka, the bank’s president said. Kaberuka expects funding to Egypt to increase as the bank finalises its Egyptian cooperation strategy for the next four years. The bank’s president said the AfDB aims to increase the financing to Egypt’s energy strategy to almost USD 1 bn “soon.” (Read in Arabic)

CTIP Oil and Gas to begin work on solar energy project in Aswan
Al Borsa | 27 May 2015
The New and Renewable Energy Authority has agreed to allocate Italy’s CTIP Oil and Gas 1 kilometer square of land in Aswan for the establishment of a 50 MW solar energy project. Work on the project will begin in the coming weeks. (Read in Arabic)

OIL & GAS

Eni looking into fracking in the Western Desert
Al Borsa | 27 May 2015
IEOC, Eni’s JV in Egypt, is in talks with EGPC over beginning shale oil and gas operations in its Western Desert concession, EGPC’s deputy head told Al Borsa. The move follows deals with Shell and Apache to begin producing shale oil from the Western Desert and announcements that they are set to begin production next February. It is expected that the two companies will be able to produce 50 mcf per day of shale gas in 2016. (Read in Arabic)

Gulf Capital to fund Egypt expansion through the GC Credit Opportunities Fund
Al Ahram | 26 May 2015
GC Credit Opportunities Fund will pump USD 25 mn to expand in Egypt’s petrochemicals’ sector following Gulf Capital’s financing agreement with Carbon Holdings. The fund, a subsidiary of Gulf Capital, is providing the funding for five years. The financing will be used to fund expansions to develop operations in three companies, according to Al Ahram. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

Irrigation and Military Production ministries sign water preservation protocol
Amwal Al Ghad | 26 May 2015
The Ministry of Irrigation and Water Resources signed a cooperation protocol with the Ministry of Military Production. The protocol involves the development of water resources from the Nile as well as in utilising aquifers to ensure safe water resources. In addition, the Armament Authority announced its intention to manufacture irrigation equipment as well as pipelines and water pumps. (Read in Arabic)

GASC announces tender to import wheat
Al Mal | 27 May 2015
The General Authority for Supply Commodities (GASC) announced a tender to import wheat from 1 to 10 July. While the Al Mal article which quotes the GASC VP Mamdouh Abdel Fattah offers no details on the quantity required, GASC’s Tenders page on its Arabic website announced that the tender issued today will be to import 55-60 Ktons and the dates specified were 1-10 October.

HEALTHCARE

Pharmaceutical chamber meets with MOH to discuss hurdles to manufacturing and registering drugs
Al Borsa | 27 May 2015
The pharmaceutical chamber of commerce will meet with the Deputy Minister of Health for Pharmaceuticals on 3 June to discuss some of the hurdles impeding registration and manufacturing of drugs. According to the head of the Pharma Chamber Ali Awf, some of these hurdles include the country delay in adopting the Common Technical Document (CTD) registration system which is in use in Europe, North America and Japan, to replace the current “incoherent” and unclear system. Further hurdles include the government’s plan to end toll manufacturers by not issuing licenses to medicine produced by these facilities. (Read in Arabic)

REAL ESTATE & HOUSING

Developing infrastructure for 17 informal settlements almost complete
Al Ahram | 26 May 2015
Nearly 90% of infrastructure works for the 17 informal area development project is complete, Hisham Ezz El Arab, the Chairman of CIB and the Federation of Egyptian Banks said. Egyptian financial institutions have allocated EGP 300 mn for the project, which is being implemented by the armed forces. (Read in Arabic)

18 companies qualify for the tender to develop 395 feddans in Damietta
Al Borsa | 27 May 2015
18 contractors have satisfied the technical requirement to qualify for the tender offer to develop 395 feddans of land in Damietta earmarked for residential and commercial projects. Leading companies include Arab Contractors, Ez Contractors, Arab Contracting Company, and Helal Co. for Engineering works. According to Deputy Housing Minister for Damietta Governorate, Issam Shokeir, the project will be funded with investments of EGP 600 mn. (Read in Arabic)

Housing ministry approves development of 174.2 feddans earmarked for Cairo University residences
Al Borsa | 27 March 2015
Housing Minister Mustafa Madbouly announced that the ministry approved the development and division plan for a 174.2 feddans plot of land in the northern extension of Sixth of October City which has been earmarked for the development of Cairo University’s new faculty and staff residences. The approved plan will see the completion of the residences in three years. (Read in Arabic)

TOURISM

Egyptian government negotiates USD 3 bn package for in-arrears tourism companies
Amwal Al Ghad | 27 May 2015
The Egyptian government has entered into negotiations with several international financial institutions to obtain USD 3 bn in financing to provide support for tourism companies suffering from unpaid debts accumulated during the industry slump that began in 2011. These international financial institutions include, but are not limited to, the Kuwait Fund for Arab Economic Development, the Saudi Fund for Development, and the Abu Dhabi Fund for Development. There are currently 75 tourism projects worth an estimated EGP 30 bn which have been halted due to various financial troubles. (Read in Arabic)

British Airways to schedule five trips to Sharm from October
Al Borsa | 27 May 2015
Tourism minister Khaled Ramy’s UK leg of his European trip has been marked with encouraging overtures by a number of British companies interested in Egypt. His meetings with the leaders of a number of leading companies in the tourism sector have borne fruit. British Airways will begin running direct flights from Gatwick to Sharm El Sheik, two in the summer and three in the winter tourist season. Travel company Thomas Cook is seeking to expand operations into Upper Egypt, Luxor and Aswan while expanding capacities in its operations in Matrouh. Other companies that he met include German conglomerate TUI Group, Fleetway and Discover Egypt, all of whom have expressed interest. (Read in Arabic)

BANKING & FINANCE

ADIB considering lending USD 150 mn to an energy company
Amwal Al Ghad | 27 May 2015
ADIB is considering extending a USD 150 mn loan to a company in the energy sector, says Zeinab Hashim, CEO of ADIB Capital in Egypt (mis-identified in the story as CEO of ADIB Egypt; ADIB Capital is a subsidiary of ADIB Egypt, which is headed by Nevine Lotfy). The bank did not disclose the name of the company, but said the final decision on the loan will be made within two months. Hashim added that ADIB could participate with other banks for that specific loan and noted that the bank is looking to pump EGP 200 mn in corporate financing. (Read in Arabic)

OTHER BUSINESS NEWS OF NOTE

UAE delivers 200 buses to Egypt
WAM | 26 May 2015
The UAE announced the delivery of 200 buses to Egypt, according to state media outlet, WAM. The delivery is the second installment of a promise to donate 600 buses to Egypt. The buses “were manufactured by Abu Dhabi-based Hafilat Industries and JB Polo Buses Manufacturing in Egypt,” WAM said. The first installment of the delivery took place in early March. (Read)

Sukhoi to deliver 12 aircraft to EgyptAir over two years, could build service center
Al Borsa | 27 May 2015
Russia’s Sukhoi said it is targeting the delivery of 12 aircraft to EgyptAir in the next two years. Al Borsa reports that representatives from Sukhoi and the Civil Aviation Ministry are negotiating adding clauses to allow for more relaxed payment terms given EgyptAir’s financial situation. Sukhoi said that if the deal is approved, ,the company will build a service center to serve North Africa. (Read in Arabic)

REGIONAL

Morocco and Senegal sign 15 economic agreements
Al Mal | 27 May 2015
Morocco and Senegal signed 15 economic agreements during the Moroccan King’s visit to Senegal. Morocco’s Grouppe Addoha will build 17 ten-story residential towers in Senegal for USD 33 mn. The other agreements involve enhanced cooperation in investment, energy, education, and research. (Read in Arabic)

ON YOUR WAY OUT

A delegation from the Embassy of Denmark visited the National Council for Women in Cairo to look into cooperation to empower women socially, economically, and politically, Al Ahram reported.

Public sector employees will receive their salaries for June and July on the 15th of both months, the Finance Ministry announced. A ministry official said this is take Ramadan into consideration, according to Al Borsa.

In a move that hopefully will be replicated the world over, legislators in the U.S. state of Nebraska on Wednesday voted to abolish capital punishment. The New York Times notes that Nebraska “became the first conservative state in more than 40 years to abolish the death penalty.”

BY THE NUMBERS

USD CBE auction (last sale Tuesday, 26 May): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Tuesday, 26 May): 7.675 (unchanged from Sunday, 24 May, Reuters)

EGX30 (Wednesday): 8,966.71 (-0.10%)
Turnover: EGP 636.5 mn (13% above the 90-day average)

WTI: USD 57.82 (+0.54%)
Brent: USD 62.60 (+0.87%)

TASI: 9,753.3 (-0.5%)
ADX: 4,575.3 (-0.9%)
DFM: 3,992.5 (-1.7%)
KSE Weighted Index: 420.3 (-0.1%)
QE: 12,228.8 (-1.5%)
MSM: 6,394.0 (+0.1%)