Did we just stand up the IMF? Markets love Egypt’s 10-yr bond. Talks on World Bank loan? Budget falling short of Dimian’s deficit target. New electricity law in “days.” El Sisi tears strip off police, cabinet. Africa Trade Zone talks open in Sharm.

WHAT WE’RE TRACKING TODAY

Did Egypt just stand-up the IMF? What had been billed as routine talks with a visiting delegation from the International Monetary Fund appear to have foundered on the rocks of state indifference — or bad scheduling, at best. Al Masry Al Youm is reporting that the IMF delegation began its visit to Cairo yesterday, but that the Finance Ministry was unprepared for the discussions, with some officials unavailable. AMAY notes that discussions were to have centered on energy policies and fuel smart cards, not an IMF assistance package. Al-Shorouk takes it a step further, claiming the IMF delegation scrapped its visit, citing “last-second changes” to the schedules of senior Egyptian government officials. The two sides have yet to agree on a date for a future visit, the newspaper adds.

A Chinese business delegation will meet today with members of the Egyptian Businessmen’s Association, headed by Hussein Sabbour. Delegates are reportedly interested in renewable energy, petrochemicals, oil and gas, telecommunications opportunities, Al-Masry Al-Youm reports.

WHAT WE’RE TRACKING THIS WEEK

The Central Bank of Egypt’s Monetary Policy Committee will meet on Thursday, 11 June.

The executive regulations to the new Investment Law are due out this week, per Prime Minister Ibrahim Mahlab’s call-in to Lamis El Hadidy on Saturday.

Notable conferences taking place this week include:

• The Euromoney Lebanon Conference, Four Seasons, Beirut. (Tuesday, 9 June)
• Egyptian Power & Electricity Summit, Fairmont Towers, Heliopolis, Cairo. (Wednesday-Thursday, 10-11 June)

ON THE HORIZON

Saudi Arabia, the region’s largest economy, will open its stock market to qualified foreign investors a week from today on Monday, 15 June.

Ramadan looks set to begin on Thursday, 18 June. Iftar will be at about 6:59pm CLT on the first day. Now would be a good time to schedule your company / department iftar and — to the delight of your staff — decide on your Ramadan work hours, if you’re so inclined.

LAST NIGHT’S TALK SHOWS

How slow a news day was it? Amr Adeeb wasn’t as entertaining as he usually is, instead mining old videos for laughs, such as Morsi’s defiant and out-of-touch speech made on 26 June, 2013. The choice was likely made as a contrast to President Abdel Fattah El Sisi’s first year in office, marked on Sunday.

Afterwards, Adeeb, deciding that he was just in a video-sharing mood and that we all had to see this, showed a clip of some sort of talent contest being held in memory of the great Egyptian composer and singer Sayed Darwish and hosted by the socialist Tagammu party. The clip featured one performer lip-synching electro-shaabi mahraganat while two women “danced” alongside him. After showing this video for its full duration — which felt like five full minutes — Adeeb quoted Tagammu officials including Rifaat El-Said, who defended the performance, saying that instead of criticism, others should seek to emulate their party’s initiatives. “Maybe Hezb Al Nour, for example,” Adeeb suggested.

Even Adeeb tried his hand at seeing the bright side of things. “At least they’re covered up,” he offered. “Some people I’ve seen — I don’t mean these people in the clip; they’d sue me tomorrow — other people’s wedding parties, for example, even in rural areas – the dancers are wearing what could only be called bathing suits. Things we can’t show you on television.”

Youssef El Housseiny hosted Magued Osman, CEO of polling outfit Baseera, in his studio. The two discussed the results of Baseera’s latest poll, which we mentioned in yesterday’s issue and which found that 9 out of 10 people polled held a favorable view of President El-Sisi, with 85% of total respondents saying that would vote for him again. Baseera conducted the survey by telephone, polling 8,554 from all governorates.

Lamees El Hadidy had the most engaging program of the evening, hosting a debate in her studio betweenTamer Elnahas of the Egyptian Social Democratic Party and Mohamed Nabawy, the official spokesperson of Tamarod.

El-Nahas was intensely critical of the new government’s performance, saying in answer to a question from El Hadidy that the government had “not met the ambitions of two revolutions.” He went on to dispute Nabawy’s claim that promises to free jailed youth actually materialized, at least not for those who were special focuses of concern in lists submitted by parties and civil society. El-Nahas also criticized the pace of the organization for the parliamentary elections, with Nabawy accusing political parties for being behind all of the delays with their insistence to amend the elections law.

El-Nahas replied that the his party had attempted to bring attention to the fact that the previous election law was unconstitutional to then-president Adly Mansour as well as the minister of transitional justice Ibrahim El-Heneidy, but that their concerns were ignored. El-Nahas also rejected the President’s call to participate in a unified electoral list for the parliamentary elections, saying that this would mean an electoral alliance with Hizb Al Nour, which El-Nahas said was out of the question. He also alleged that the government consults with the Nour Party, and is not serious about disbanding the political Islamist party on constitutional grounds.

It seemed the only real common ground the two guests shared with each other and El Hadidy was their obvious distaste for the continued existence of the Nour Party.

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SPEED ROUND

Egypt’s balance of payments was largely flat in the third quarter of FY2014/15 with a deficit of just USD 29.6 mn, according to the quarterly CBE report. This means that for the first three quarters of the fiscal year, the balance of payments is in a deficit of USD 1.05 bn. The report shows three main positives:

• Strong FDI performance in 1Q2015 with an inflow of USD 2.9 bn recorded.
• Sustained strength in remittances inflows, with USD 4.8 bn received.
• Financial support from Saudi Arabia, UAE, and Kuwait.

Over the first three quarters of the fiscal year, the tourism sector showed signs of healthy rebound with tourist nights increasing by 43.4% y-o-y, despite a contraction of 7.3%% in 1Q2015, which could be attributed to the Ruble crisis. A warning sign in the report was the current account deficit, which for the third quarter of FY2015/16, weakened to a deficit of USD 4.1 bn on increased merchandise imports and lower petroleum exports.

Markets love Egypt’s 10-year bond: Reuters has a long take this morning at strong global appetite for Egypt’s first international bond in five years, speculating that the nation might tap global markets again later this year with a five-year issuance. “Given the strong demand, Egypt might follow up with another public market issuance maybe in the five year space or maybe, if they can get the legal issues sorted, a sukuk which I think the market would look at positively,” the newswire quotes one analyst as saying. “Asset managers took 72% of the issue, bank and private banks 13%, hedge funds 9%, and supra-national, insurance and pension funds together took 6%.”

Egypt in talks for Word Bank loan package: The Mahlab government is working to finalize a loan agreement with the World Bank for USD 500 mn to finance the “mn Feddans” project, low-income housing projects, in addition to water and road infrastructure development. According to an unnamed source at the World Bank, the loan will be paid over 30 years with a 3% interest rate and a five year grace period. Planning Minister Ashraf Al Arabi told Al Borsa the agreement is expected to be signed by World Bank President Jim Yong Kim, who is due in Cairo after he gives a keynote address at the Tripartite Summit on 10 June. Kim is expected to hold meetings with President Abdel Fattah Sisi, cabinet members and the governors of Luxor and Aswan, according to an IMF press release issued last Thursday.

New budget carries 14.5% deficit. The preliminary budget for FY2015/16 that was presented to the cabinet contained a projected deficit of 14.5% of GDP, sources told Al Borsa. The Finance Ministry attached a set of fiscal reforms that need to be implemented to bring the gap in line with Finance Minister Hani Dimian’s stated target of 10%.

New electricity law “within days”: President Abdel Fattah Sisi is set to approve the government’s Electricity Law in the coming days, reports Al Borsa. The president was originally supposed to sign the bill into law prior to his visit to Germany, but postponed the matter until after his return. The law aims to liberalize electricity production and distribution, potentially opening the state grid to the private actors for the first time, with the government retaining a regulatory role.

The Telecoms Ministry is moving away from the unified license policy it has been pushing for three years now amid failures of the big network providers to reach an agreement that would allow Telecom Egypt to enter the mobile market as the fourth operator. According to sources within the ministry, the ministry is will hire a global consulting firm to assess the viability of Telecom Egypt in the market and whether the policy has merit. (Read in Arabic)

President El Sisi admonishes police, government on anniversary of first 100 days in office:President Abdel Fattah El Sisi marked his first year in office on Sunday, using the opportunity to critique both the government and police on their performance while speaking at an event “to launch army-backed infrastructure projects,” state news agency MENA noted as reported by Reuters. “I apologise to every Egyptian citizen who has been subjected to any abuse. I am accountable for anything that happens to an Egyptian citizen,” El Sisi said. With regard to the government’s performance, the President “reprimanded the oil minister for delays in digging wells: ‘I told you to bring the equipment so we can finish the work within two years, but this has still not happened.’” (Read more in Arabic) During the course of the event, Sisi declared open 39 projects, including new highways and projects in both healthcare and agriculture, worth EGP 5.8 bn.

The COMESA, EAC, SADC Tripartite Summit began yesterday in Sharm El Sheikh, with preparatory meetings between representatives 26 African countries, including some heads of state attending. The main item of discussion was the expected signing on Wednesday of a continent-spanning the African Trade Zone (AFTZ) agreement between the three blocks, which will be merged into a new 26 nation free trade zone. This milestone agreement would facilitate access to a population of 625 mn people from “Cairo to Cape Town.” Trade and Industry Minister Mounir Fakhry Abdel Nour said the deal would tariffs within the zone fall 65-85% over a 5-8 year period, Al-Ahram reports. Monday’s proceedings will see the official meeting between all 26 trade ministers. More heads of state are expected to arrive on Tuesday, ahead of meetings with President Sisi on Wednesday and the expected signing of the agreement, according to the State Information Service. The Summit enters its second day today.

Egypt’s foreign currency reserves fell to USD 19.559 bn at the end of May, from USD 20.525 bn a month earlier, according to the central bank, reports Reuters. A dip in May was largely expected in view of investor repatriation of funds and the CBE’s flooding of the market with additional liquidity to support commodity imports ahead of Ramadan.

A message to the U.S.? Russia and Egypt are holding joint naval exercise for the first time. The maneuvers, which began on Saturday, are the first of their kind and will go on for eight days. “The goal of the exercise is to strengthen and develop military co-operation between Egypt’s navy and Russia’s navy in the interests of security and stability on the sea,” Russia’s Defence Ministry said. The exercises follow a meeting on Thursdaybetween Chief of Staff Lt. General Mahmoud Hegazi and U.S. army officer and commander of the Joint Special Operations Command Lt. General Raymond A. Thomas.

EFG Hermes launching KSA fund: Majed Kabbara, the firm’s director of asset management in Saudi, made the announcement in sit-down with Gulf News. The freestyle open-ended fund will invest in shariah-compliant equities on the Tadawul. Kabbara’s remarks come just one week before the kingdom is due to open up to qualified foreign investors. Kabbara also notes that he expects Saudi bank stocks to “outperform in the coming months” on the back of rising interest rates in view of the Saudi peg to the USD and banks’ appetite for state paper.

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Cyprus’ Aphrodite gas field is commercially viable and has plans to produce 8 bcm a year that will be connected to Egypt via a pipeline, partners Noble Energy and Delek Group said. The 8 bcm of gas will be processed using a floating production storage and offloading vessel (FPSO). Noble and Delek “would submit their plans to the Cypriot government in the near future,” Reuters said.
Central Bank Governor Hisham Ramez is in Abu Dhabi to discuss with UAE government officials Emirati investments in Egypt and other aspects of economic cooperation, Amwal Al Ghad reported.

CBE ups auction volume to USD 100 mn: The Central Bank of Egypt sold USD 98.6 mn at a foreign exchange auction on Sunday, keeping the official exchange steady at EGP 7.53 to the USD. The Central Bank offered a total USD 100 mn during Sunday’s regular auction, a significant rise from USD 40 mn it usually offers. (Read in Arabic or English)

‘Egypt’s new desert capital: metropolis or mirage?’ The FT’s Heba Saleh asks “Will the construction of a new USD 45 bn city solve Cairo’s overcrowding issues or prove to be another failed vision?” Her question suggests the answer, as does her reliance on urban planner David Sims and AUC historian Khaled Fahmy. As you would expect from Saleh, the piece is engaging and, in its own way, a love letter to Cairo. Read it here, orlisten to an excerpt from her interview with Sims.

Thanaweya Amma exam leaks online: The national high school exam for hundreds of thousands of Egyptian seniors appeared online 45 minutes into the three-hour ordeal yesterday, Ahram Online reports.

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Rachel Williamson profiles “the man spearheading the introduction of small-scale, mobile, natural gas processing units to the Middle East,” Tarek El Barkatawy, the CEO of Tanmia Petroleum Company, on Wamda. El Barkatawy wants oil companies to stop flaring, which he says uses a considerable amount of gas, “not only just for the sake of helping humanity… but also from an economic standpoint.” Tanmia’s solution relies on chilling gas to below -40 degrees Celsius to separate heavier gases using modular units “small enough to fit on the back of a truck and handle volumes as low as 0.5m cubic feet of gas a day.”

Apache Corporation announced the sale of its Australian subsidiary Apache Energy Limited to a consortium of private equity funds managed by Macquarie Corporate Holdings and Brookfield Asset Management generating USD 1.9 bn in the process, according to a press release.

Shakeup at Deutsche: Co-CEOs Jain and Fitschen Resign. Former UBS CFO John Cryan has been tapped to become the new CEO of Deutsche Bank following the resignation yesterday of Co-CEOs Anshu Jain and Jürgen Fitschen. Jain, who made his career in fixed income, departs at the end of this month, while Fitschen will stick around until the bank’s AGM next may. Reuters has the back story, the WSJ looks at what the shakeup could mean for Deutsche, and the New York Times‘ Dealbook has a profile of new CEO Cryan, who it describes as “pragmatic,” noting: “is smart, clinical and, perhaps most important, knows how to make big banks swallow bitter pills.”

Turkey’s ruling AKP has lost its long-held parliamentary majority, but with 41% of the votes has secured the largest number of seats of any party. The results deals a significant blow to President Recep Tayyip Erdogan and the party, and might end up being a major hurdle in his agenda to turn Turkey into a presidential democracy. Another surprise result was the Kurdish HDP winning 13% of the vote, securing seats for the first time, reports the BBC. The formation of a coalition government now becomes the only alternative to early elections. The AKP can form a bilateral coalition. A non-AKP future will require a coalition of all the other parties, reports state-run TRT. Erdogan had included in his campaign rhetoric heavy emphasis on his stance toward Morsi. “This nation [Turkey] will be the one to set the tone; that’s why your stance on June 7 is very important,” said Erdogan to his supporters. He, in other words, asked his followers to vote for his Justice and Development Party (AKP) in the upcoming general elections for the sake of Egypt as well. The next day, the daily Star, one of many pro-Erdogan newspapers, underlined the connection with a banner headline: “Egypt’s fate is tied to June 7.” (Read)

Horizon isn’t endless for Gulf SWFs? GCC sovereign wealth funds that had hoped inflows would continue despite low oil prices may be in for a surprise, writes the FT‘s Simeon Kerr, who speculates that sovereign funds in the Gulf may face pressure for withdrawals by governments when cash gets tight. The development comes about four months after Fortune had noted earlier this year that GCC funds continued making significant investments despite tightening liquidity in the region.

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A MESSAGE FROM PHAROS HOLDING

Pharos Holding places Ezz Steel ‘Under Watch’

A mix of low capacity utilization, decreased steel prices, higher SG&A and an FX loss has seen Ezz Steel report an attributable Net Loss of EGP 696.6 mn in FY 2014. Year-end results are not surprising since the first nine months of 2014 saw the steel giant close with an attributable Net Loss of EGP 461.1 mn on the back of electricity and natural gas shortages. Although said shortages were expected to wane in 4Q14, the company’s bottom line suggests no noticeable operational improvements during the last quarter of the year, with finished steel capacity utilization at the company’s most profitable subsidiary, EZDK, averaging 88.3% in 2014 compared to 102.5% in 2013.

Meanwhile, lower demand and increased competition from Chinese manufacturers saw steel prices drop from EGP 5,096/ton in 2013 to EGP 4,639/ton in 2014. Add to that the new electricity tariff applied in July 2014 and the hike in natural gas price from USD 4.0/MMBTU to USD 7.0/MMBTU and it becomes clear why the company’s Gross Profit Margin plummeted from 10.9% in 2013 to 3.6% in 2014.

Overall, operational metrics did improve in 4Q14 albeit not by the magnitude Pharos Research had projected. And while the stock price is already below our fair value estimate, uncertainty over energy supply during 2015 forms the basis of our ‘Under Watch’ recommendation at least until 1Q15 results are out. Click here to read more.
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WORTH WATCHING

Chinese scientists have successfully carried out head transplants. They’ve started with mice, and monkeys are next on the list: (Watch with narration and English subtitles, running time: 3:40, from WSJ).

The entire line of experimentation recalls the infamous “Experiments in the Revival of Organisms” by the Russians in the 1940s. The authenticity of the video itself has been called into question, but by all accounts the experimentation did occur. The video shows what purports to be a reanimated decapitated dog head. (Watch, running time: 19:23, skip ahead to 5:55 for footage of the reanimated severed dog head, from the Prelinger Archives).

Honorable mentions: These prescient scenes from Mars Attacks (Watch, running time: 1:10) and of course, Re-Animator (Watch, running time: 48 seconds)

EGYPT IN THE NEWS

Mixed messages from the United States on Egypt: David Kirkpatrick from the New York Times catches a report issued by the White House to Congress on 12 May which went under the radar, and which reportedly alleges that Egypt “is moving away from democracy, stifling freedom of expression, arresting thousands for political dissent and failing to hold the security forces accountable for “arbitrary or unlawful killings.” (Read)

However, Taimur Khan from the UAE’s The National notes that on 2 June, “he US congress moved a step closer to fully returning to the status quo aid relationship, with a House subcommittee introducing a draft of the 2016 foreign aid budget, worth USD 1.5b n overall (including military and non-military aid), which is free of any such reform conditions.” (Read)

Turkey’s news network, Anadolu Agency, says “Silence on Egypt’s coup brings deals worth [bns].”Western companies have inked a number of massive trade deals following the ouster of former President Morsi,” the piece goes on. Although western companies signed USD 138 bn worth of deals in Egypt, Anadolu says, “the world still awaits a ‘response’ to the ousting of Morsi.” Meanwhile, Anadolu closed their Cairo officeaccording to a report last week.

The many battles of Egypt’s Muslim Brotherhood: Al Jazeera polls only scholars who are sympathetic to the Ikhwan, such as Brookings’ Shadi Hamid and Khalil al-Anani, regarding the group’s future in Egypt. Much hemming and hawing follows. (Read)

WORTH READING

Renovating Cairo’s Downtown: Contested visions of the heart of the city: While it isn’t politically correct in some circles to say this, but downtown Cairo has become infinitely more bearable following the government’s clearing of street vendors and completion of a parking garage in Tahrir. These initiatives have been just one part of this government’s efforts to see a renaissance of the city center, as detailed in this well-researched piece from Ahram Online. “Namely Al-Ismaelia for Real Estate Investment, which takes its name from Ismailite Cairo, or that built by Khedive Ismail, has been under the spotlight in recent years as a main player in Downtown Cairo … “Our vision is to bring this area to its heydays where all Egyptians used to live, work, shop and socialise. We revive the area through acquiring and refurbishing properties,” says marketing manager Moushira Adel.” (Read)

DIPLOMACY

President Abdel Fattah El Sisi met with Italian Foreign Minister Paolo Gentiloni. The discussion focused largely on how to stem illegal migration across the Mediterranean and the security situation in Libya.Al-Ahram has a readout on the meeting.

Tony Blair is back in Egypt, and nobody knows why (or seems to care). Former UK Prime Minister Tony Blair arrived in Cairo on Sunday night for a two-day visit, reports Al Masry Al Youm. Blair, who (last we checked) does not hold any formal government position, will be discussing regional developments with Egyptian officials during his short stay.

ENERGY, RENEWABLE ENERGY & SUBSIDY REFORM

Aqaba Gas Port could generate a surplus, export to Egypt, says Jordanian minister
Petra | 06 June 2015
The Aqaba Gas Power would experience a “quantum leap” making it able to cover Jordan’s electricity demand and possibly export a surplus to Egypt, Jordan’s Energy Minister said. “Aqaba Gas Port is set up to import liquefied natural gas petroleum gas, which is used in residential homes,” according to Petra. The Minister added that Egypt had agreed to export surplus gas to Jordan following the most recent meeting in Amman, which the Minister sees as a more efficient fuel to be used in electricity generation. (Read)

GE proposed a new energy generation centre, Electricity Ministry assessing the offer
Daily News Egypt | 06 June 2015
The Electricity Ministry is currently studying an offer from GE to build “a new centre to generate energy in Egypt,” DNE reported. President El Sisi had demanded that the Ministry assess the project before preparing an MoU for it. The project, which targets adding 4,500 MW through the combined cycle technology, will be located in Helwan. (Read)

Oasis Energy and Abraj Misr mull 2 MW solar energy project
Al Borsa | 7 June 2015
Oasis Energy has entered into negotiations with Egyptian real estate developer Abraj Misr to establish 2 MW solar energy project at one of the company’s various compounds. Abraj Misr is in the process of developing Egypt’s first Green Building Certified compound. The total cost of the project is USD 6 mn. (Read in Arabic)

OIL & GAS

EGAS issues onshore tender for three sites
Al Shorouk | 05 June 2015
EGAS will issue an E&P tender for three new sites, a source told Al Shorouk. The tender will be issued by the end of the year following the completion of the bidding round for a current one. In March, EGAS had issued an E&P tender for eight sites, which was then expanded to 12. (Read in Arabic)

GUPCO, Environment Ministry sign integration protocol
Al Borsa | 06 June 2015
GUPCO, BP’s JV in Egypt signed a protocol with the Ministry of Environmental Affairs, Al Borsa reported. According to the protocol, the Ministry will provide GUPCO with technical support to abide by environmental regulations and train the company’s employees to become environmental specialists in order to be able to assess the environmental impact of GUPCO’s projects. GUPCO will prepare environmental data sets about its concessions and will provide technical assistance in removing any oil spills and combat pollution, as part of the agreement. (Read in Arabic)

Dana Gas begins drilling its first horizontal well in the Nile Delta
Al Borsa | 08 June 2015
Dana Gas announced today that t it has commenced drilling the Balsam-2 development horizontal well in the Balsam Development lease onshore Nile delta, the first of its kind drilled by the company in Egypt and one of the first on the Nile Delta region. According to a company press release, the well is the first of 30 wells expected to be drilled in the next 3 years and forms part of the Gas Production Enhancement Agreement (GPEA) work commitment. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

Supplies Ministry in talks with Visa over ration cards
Amwal Al Ghad | 07 June 2015
Supplies Minister Khaled Hanafy held discussions with a delegation from Visa on how to develop the electronic food ration cards the Ministry dispenses. Amongst the issues discussed was how to get the cards to be usable in major supermarket chains and different outlets. Visa’s delegation offered to improve the current system in ways that include connecting the cards to the banking system. (Read in Arabic)

HEALTHCARE

President commissions Armed Forces to develop the National Heart Institute
Amwal Al Ghad | 07 June 2015
President El Sisi has commissioned the Armed Forces’ Engineering Authority to repair and develop the National Heart Institute. El Sisi called for works at the medical institute to be completed in a month’s time despite the head of the Engineering Authority saying it would require a year. The President also called on the construction of the Damietta military hospital to be completed within a year. (Read in Arabic)

REAL ESTATE & HOUSING

Real estate tax on devolved assets’ “crisis” persists, Egyptian banker tells DNE
Daily News Egypt | 06 June 2015
Banks and the Finance Ministry continue to face a crisis over the implementation of the real estate tax on assets devolved to banks, the Federation of Egyptian Banks’ Amr Tantawy told DNE. The Finance Ministry is requiring banks to pay tax on real estate assets devolved to them as clients default on debt. A settlement is yet to be reached and the Federation of Egyptian Banks has asked for CBE Governor Hisham Ramez’ mediation. The banks proposed a five-year exemption from paying the tax or not having it payable until the assets are sold. (Read)

OTHER BUSINESS NEWS OF NOTE

Works on the Cairo-Alexandria desert highway to be completed on 30 June
Amwal Al Ghad | 04 June 2015
The development of the Cairo-Alexandria desert highway will be completed on 30 June, Transport Minister Hani Dahy said. Dahy added that works on the Wadi El Natroun-Alamein, which links Cairo to the North Coast, will be completed in August and half of the road will be closed to ensure the fast-tracking of operations. There are some diversions on the road currently, the Minister said, and in case the road will be closed, an announcement will be made publicly. (Read in Arabic)

ON YOUR WAY OUT

Egyptian Financial Supervisory Authority chief Sherif Samy met with a delegation from the Dubai International Financial Center to discuss potential cooperation and share experiences in regulating financial markets, Al Ahram reported.

Several board members from Telecom Egypt will meet on Monday with their counterparts from mobile operator Etisalat Misr to discuss the pricing of internet services. The ICT Ministry has been pushing for ISPs to negotiate among themselves to resolve the matter. (Read in Arabic)

Punish operators of Egypt balloon flight that ended in tragedy -victims’ relative: “A relative of two of the nine Hong Kong tourists who died in a hot-air balloon accident in Egypt two years ago has called on the Cairo authorities to prosecute the balloon operator in addition to the captain and an engineer … The call came as The Scottish Mail on Sunday, citing a full report of the accident it had obtained, reported possible negligence on the part of balloon captain Moman Mourad, 30, and a maintenance engineer who was not named.” (Read in the South China Morning Post)

BY THE NUMBERS

USD CBE auction (Sunday, 07 June): 7.5301 (unchanged since Monday, 02 Feb)
USD parallel market (Sunday, 07 June): 7.67 (+0.02 from Saturday, 06 June)

EGX30 (Sunday): 8,728.87 (-0.59%)
Turnover: EGP 287.0 mn (42% below the 90-day average)

WTI: USD 58.59 (-0.91%)
Brent: USD 62.84 (-0.74%)

TASI: 9,588.0 (-0.8%)
ADX: 4,554.0 (-0.7%)
DFM: 3,988.9 (-1.1%)
KSE Weighted Index: 423.2 (-0.2%)
QE: 11,982.0 (-0.9%)
MSM: 6,454.4 (-0.1%)