“Any 4×4 seen off road [in Sinai] could be the target of an air strike.”

TL;DR

• We have a new budget
• Is the head of the Central Auditing Organization about to be sacked?
• AXA Group acquires 100% of CIL in EGP 763 mn all-cash transaction
• EGP stable against USD again yesterday
• Cops shoot lawyer inside Nasr City Criminal Court
• The Re-Education of Yasser Borhamy
• “Any 4×4 seen off road [in Sinai] could be the target of an air strike.”

TL;DR is slang for a summary, because the content is “too long, didn’t read.” Sometimes the summary is meant tongue-in-cheek, other times in earnest. We’re using it as a clickable table of contents, responding to requests from many readers for a “clickable subject line.”

Please note that the limitations of coding for 6.02×10^23 combinations of email clients, operating systems and hardware devices mean TL;DR won’t work for everyone. iPhone 4 users may have to click on a title twice. Users of the Gmail app on iPhone 6 / 6 Plus will find the links place the text they want to read near the bottom of their screen. We’re working to optimize the code in the days ahead.

WHAT WE’RE TRACKING TODAY

#ThisIsACoup: “European leaders worked through a self-imposed midnight deadline and into Monday in the face of deep divisions over giving Greece another bailout and holding their common currency together,” the New York Times reports. Among the options on the table is reportedly an one that could see Greece“temporarily” leave the Eurozone if an agreement on a new bailout isn’t reached. Greek voters are waking up to the fact that the offer on the table may even be worse than the one they resoundingly rejectedduring the referendum last week. In the overnight hours, the hashtag #ThisIsACoup was trending on twitter as thousands of Greeks demanded Prime Minister Alexis Tsipras leave talks with the EU in protest of the agreement on offer. A close second: #TsiprasLeaveEUSummit

Not crazy enough for you? Fox Business reported that the IMF had suggested it would be constructive for Tsipras to resign, prompting an IMF spokesman to retort that the story — first broken by Bild — was “completely false.”

The P5+1 and Iran are still negotiating on a nuclear pact. Maybe they’ll have an agreement today, diplomats suggest.

When do we eat? Iftar will be at 6:59pm today, while the cut-off for sohour will be at 3:21am, according to Islamic Finder.

WHAT WE’RE TRACKING THIS WEEK

The first day of Eid will be Friday, 17 July, per calculations by the National Astronomy and Geophysics Research Institute. We’re still waiting for word from Cabinet or the CBE on the small matter of whether we’ll have Monday off to replace the first day of the Eid, as often happens when day one falls on a Friday.

LAST NIGHT’S TALK SHOWS

Lamees El Hadidy interviewed Cairo Governor Galal El Saeed, who spoke about the government’s most recent crackdown on unlicensed cars, abandoned vehicles and — her personal pet peeve — tuk-tuks. According to El Saeed, unlicensed and abandoned vehicles are a terrorist threat and are currently being towed away from the streets of Cairo. He also said that after the Eid holiday, a new EGP 1,500 fine will be imposed on tuk-tuks found on the streets of central Cairo as they will only be allowed in certain neighborhoods and governorates where they are deemed to be a necessary mode of transport. He was, however, unclear about the areas in which tuk-tuks would be permissible.

This was apparently not enough for El Hadidy, who insisted that there should also be a crackdown and fines imposed on the underage tuk-tuk drivers as well. “We can’t have children under the age of 18 driving these so-called vehicles.”
In news that won’t be welcomed by Sahel goers, El Hadidy announced that the Wadi El Natrun Road that links the Cairo-Alexandria Desert Road with popular destinations on the North Coast, will be officially closed from 14 July until Saturday, 15 August, during the peak of the summer season.

Amr Adeeb and co-host Khaled Abu Bakr on Al Qahera Al Youm, like some of their colleagues in the media, were overly concerned with the comments of Hazem Abdel Azim, former campaigner for President Abdel Fattah El Sisi who tweeted on Saturday a 70-point criticism of the President, (starting with this tweet) including his disapproval of what he perceives as ill-treatment toward former prime minister Ahmed Shafiq. Abdel Azim called in to the program, only to say that all Egyptian media follows the same line and that there was no room for dissent.

In that moment, Khaled Abu Bakr suddenly remembered “That’s not true — we used to have Opposition Mondays.” Which is true, Khaled; you used to. Before his momentary flash of recollection, it would seem that the only people in the world who remembered that Al Qahera Al Youm used to host dissidents are Enterprise’s talk show reviewers and readers. Adeeb didn’t linger on the point: “Everyone has a right to express themselves … One should sit with one’s opponents more often than with friends.” Abd El Azim made a closing remark to the effect that Egypt now needs a civilian mindset.

This was all quickly swept aside when a Category 5 Mostafa Bakry called in to the program to let everyone know what’s what. “Dr. Hazem and his Israeli friends … the only people who should speak should be patriots who care about this country. We are in a state of war; criticism is treason.”

After the sudden gust of wind died down, Khaled Abu Bakr proclaimed: “We listen to all opinions, as long as they do not speak ill of the army or the police.”

Following this, the program received another call, this time from Assistant Minister of the Interior for Human Rights, Abu Bakr Abdel Karim. With regard to the incident involving a police officer shooting a lawyer inside a Nasr City criminal court on Saturday, (more on that story below in Egypt in the News), the assistant interior minister asserted that no conflict exists between the lawyer and the police officer who committed the shooting, and Khaled Abu Bakr said that he awaits the results of the MOI’s investigation.

Adeeb then switched to the topic of Omar Sharif’s funeral, which took place on Sunday at New Cairo’s Moshir Tantawi Mosque, and which Adeeb and El Hadidy both criticized rather sharply for its lack of attendance by state officials and poor organization. He also chastised people for speculating as to whether or not Sharif was an atheist or a Muslim. [Sharif converted from Christianity to Islam in order to marry the woman he described as the love of his life, screen icon Faten Hamama, who passed away earlier this year. Sharif was dogged up until 2007 and beyond with interview questions asking if he was atheist, with Sharif always affirming that he was Muslim.]

“Who cares what he was; this was the best news that happened all week.” While Adeeb’s statement is callous no matter which way one looks at it, Adeeb was not stating that he was happy that Sharif is dead, but that rather the respect and condolences that came on his passing was the most positive, in a way, attention that Egypt has received in the foreign press in a long time. The absence of state officials at the funeral, then, wasn’t a slight to Sharif’s memory, as Adeeb saw it, but rather the relatively modest funeral was bad for Egypt’s image.

“The only figure to have served in government who showed up to the funeral was former minister of culture [he means antiquities, not culture] Zahi Hawass,” Abu Bakr noted, without mentioning that Hawass and Sharif were longtime friends.

Adeeb then began to call for the government to reinstate the post of Minister of Information, at which point this reviewer decided it was time to stop watching.

** READ ENTERPRISE IN ARABIC **

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SPEED ROUND

We have a new budget: President El Sisi issued a decree ratifying a budget for FY 2015-16, according to the Official Gazette. The decree, which is backdated to 2 July, sets total budgeted expenditures at EGP 1.148 tn and total revenues at EGP 638.56 bn, leaving a cash deficit of EGP 509.23 bn to be financed through borrowing. All the brave souls out there can view the decree in full here.

Central Auditing Organization chief to be sacked? Calls for removal of Hisham Geneina from his post as head of the Central Auditing Organization have grown louder following the passing of a presidential decree that allows the president to dismiss the heads of Accountability State Authority (as the Central Auditing Organization is formally known) if his actions are found to be contrary to national security. The decree applied to the heads of three other independent state agencies, including the governor of the Central Bank. Sada Al Balad’s Ahmed Moussa demanded that President Sisi sack Genena, accusing the CAO chief of being an Ikhwan sympathizer. Meanwhile media pundit and lawyer Khaled Abu Bakr opined via Twitter that the passing of the decree provides El Sisi with legal grounds for the removal of Genena. Legal expert Nour Farahat, however, made the case to the contrary in Al-Wafd. For his part, Geneina appears to have seen the writing on the wall over a month ago, suggesting it was only a matter of time until he was pushed out.

Euronext-listed AXA Group to acquire 100% of Egypt’s CIL in EGP 763 mn all-cash transaction.AXA announced late yesterday that it is acquiring 100% of Commercial International Life Insurance Co. (CIL), the third-largest life and savings insurance player in Egypt with a 15% market share. The selling parties are leading private-sector bank CIB (45% stake) and Legal & General (55%). As part of the agreement, AXA will enter in to an exclusive 10-year life and savings distribution agreement with CIB in Egypt; the partnership will focus on unit-linked, protection and health insurance. AXA will pay to CIB an access fee and commissions under the bancassurance agreement, the insurer noted in an emailed statement. AXA plans to offer life, health as well as property and casualty insurance covers to individuals, SMEs and corporate clients. AXA Group serves 103 mn clients in 59 countries and closed FY2014 with a top line of EUR 92 bn; the group had AUM of EUR 1.3 bn at the end of 2014. CI Capital Investment Banking acted as the exclusive financial advisor to Legal & General and CIB on the transaction. Check out coverage in the domestic press here and here, or in French, or read the company’s statement (pdf download).

President Abdel Fattah El Sisi passed a law that allows the Interior Ministry, Defense Ministry, and General Intelligence Directorate to establish protective services companies specializing in building security and cash transport. The Interior Minister will issue the executive regulations of the law within the next three months. (Read in Arabic)

** DID YOU KNOW that we publish every business day — Sunday through Thursday? If your copy of Enterprise doesn’t arrive, it’s likely because the algorithms that decide whether we are delivered to your inbox were having a bad morning. if that’s the case, check out our website, where each morning’s issue appears within a few minutes of publication.

EGPC is considering forming an agency to regulate the domestic market for petroleum products similar to the one being created for the natural gas market, a source told Al Shorouk. The agency is set to be created within the next five years and will allow the private sector to allocate its energy needs directly while using the national grid for a fee. The formation of the natural gas regulatory entity is yet to be finalised.

Egypt to begin food imports via direct order -supplies ministry: Egypt will begin importing cooking oil, meat, frozen chicken and fruits and vegetables by direct order agreements with an aim to decrease costs, according to supplies ministry spokesperson Mahmoud Diab in a statement on Sunday, as reported by Reuters.

Devaluation watch: The CBE held the line on the official exchange rate as it sold USD 37.5 mn at EGP 7.7301 at auction yesterday. According to Reuters, the EGP strengthened on the parallel market with traders saying the USD was selling for as low as EGP 7.85 — barely above the official bank rate of EGP 7.83 per USD.

The National Authority for Tunnels will issue a global tender to choose a consultant for the third phase of the Cairo Metro’s third line, which will link Gamal Abdel Nasser station in Downtown Cairo to the Imbaba Bridge station. The tender will drop some time this month, NAT chief Ismael Al Nagdy told Al Mal. The consultancy work will cost around EUR 40,000, which the authority will pay for though a USD 40 mn grant offered by the European Investment Bank and the French Development Agency (AFD), alongside the EUR 900 mn loan offered by both parties towards the project two years ago, which should cover up to 50% of the total cost of the project. Meanwhile, the National Authority for Tunnels announced it will sign contracts with the Arab Contractors and Orascom Construction to complete the second segment of the fourth phase of the third metro line, reported Amwal Al Ghad.

Egyptian companies ready to bid for the Capital Cairo if Alabbar agreement collapses: Egyptian contractors are jockeying to form consortia to bid for the implementation of the Capital Cairo project, sources told Al Masry Al Youm. The sources said the government is engaged in a last ditch effort to revive negotiations with Mohamed Alabbar’s Capital City Partners before retendering the project officially. The main issue of contention remains Alabbar’s inability to secure financing internationally, the newspaper reports.

Internet prices will be reduced before the Eid break (i.e. this week), a source told Amwal Al Ghad. The results of the network infrastructure price assessments being conducted currently by Pharos Holding are set to be announced today, giving the CIT Ministry the ammunition to begin pushing forward with its repricing proposals. CIT Minister Khaled Negm says the state will subsidize the price reductions, if need be. In his ongoing crusade to bypass any opposition to price reduction plans, sources said Negm is planning to sack NTRA head Hisham El Elayly. The sources also added that regulatory authorities have so far refused all of the potential replacements for El Elayly proposed. In other news, El Elayly announced that five government entities have been linked to internet networks having speeds of 20Mbps. Also: The Planning Ministry is implementing a new network system to allow for information sharing across different government entities to improve the provision of services and allow for information-backed decision making.

The Re-Education of Yasser Borhamy: Yasser Borhamy, founder and vice-president of the Salafist Call, has reportedly been following the Ministry of Awqaf’s dictates regarding the length and content of his Friday sermons, according to AMAY, with the ministry recording and reviewing his sermons to ensure he doesn’t go out of bounds. His learner’s permit / license is set to expire on 28 July, at which point he can seek to renew it for another three-months, as long as he abides by the ministry’s regulations. It is also important to note that Borhamy’s zabeeba (the prayer callus on his forehead) bears a striking resemblance to the cobra hood emblem on Cobra Commander’s face mask.

CAPMAS to re-calculate CPI after revisiting rent and retail expenditures: CAPMAS is currently reassessing the cost of rent and purchases from retailers to rebalance its consumer price index (CPI) basket, according to the head of the Authority Abu Bakr El Guindy. El Guindy says the reassessment seeks to clarify the cost increases that were added to rent expenditures. Changes in consumption activity will also be unraveled through the reassessment, the results of which will be known by July’s end, El Guindy said. (Read in Arabic)

Luxury goods imports in the cross-hairs? The state looks set to open a new front in its battle to break the back of the parallel market for foreign exchange, with Trade and Industry Minister Mounir Abdelnour reportedly saying yesterday that his ministry could move to curb imports of non-essential luxury goods. Abdelnour’s remarks came at a meeting of the Alexandria Businessmen’s Association, Al-Borsa reports.

Bank Audi Egypt cracked the list of Africa’s top 20 mega-lenders in 1H2015, occupying the tenth spot with a total market share of major transactions equal to 3.46%, according to a Bloomberg report cited in Al Mal. Meanwhile, the National Bank of Egypt ranked thirteenth’, with a market share of 2.78%. Africa’s top 20 lenders have led some 40 debt issuances worth an aggregate USD 8.487 bn in the first half of this year.

Saudi Arabia is borrowing on the domestic market to sustain high levels of spending even as oil prices slump, the FT’s Simeon Kerr reports, picking up in some respects where the Gulf News left off a couple of weeks back.

[Redacted] your plans for the long weekend: Prime Minister Ibrahim Mahlab issued a decree banning four wheelers, regardless of their kind, from any area the Armed Forces designates in the governorates of North and South Sinai. Lamis El Hadidy discussed the ban on her show last night, with an army spokesperson, Gen. Mokhtar Kandeel, calling in to explain that the vehicles are going to be banned in certain areas designated by the army. “Any 4×4 seen off road could be the target of an air strike.”Click here to check out the text for yourself from the Official Gazette (jpg extract).

CLARIFICATION: Yesterday’s edition included a link to a Bloomberg story from earlier this year on devaluation of the national currency against the USD, quoting EFG Hermes Research strategy chief Simon Kitchen. The piece appeared on our screens this weekend, but was in fact published 10 February 2015, not over the weekend as we had indicated.

***
A MESSAGE FROM PHAROS HOLDING

Amid global price slump, 2Q earnings will be telling for Juhayna

Against a backdrop of plummeting international dairy product prices, Pharos Research has reiterated its concerns over Juhayna’s valuation, sighting trouble ahead for Egypt’s top dairy and juice producer. International dairy prices hit a six-year low at the Global Dairy Trade (GDT) Auction on July 1, a bimonthly auction established by New Zealand’s Fonterra Group that is considered a reference for the segment’s prices worldwide. With the market oversupplied and whole-milk powder prices down 10.8% from the auction on June 16 to USD 2,054/ton, the outlook for the industry is negative.

Pharos has set Juhayna’s 2Q15 results — which coincide with Ramadan, the peak season of dairy products — as the key for making a clear judgment call on the stock; Juhayna trades at annualized multiple of 28.9x, which Pharos believes is overstretched given current market dynamics and the fact that the EGP is still expected to devalue further against the USD, meaning the ride ahead may be bumpy. Click here for the full report.
***

EGYPT IN THE NEWS

Italian PM Matteo Renzi to Al Jazeera- “El-Sisi is a great leader.” In an interview with Al Jazeera, Italian prime minister Matteo Renzi was asked the following: “Three Al Jazeera journalists are facing retrial in Egypt for allegedly spreading false news and aiding and abetting terrorism. The case has been condemned by the White House, the EU as well as human rights groups like Amnesty. Italy and Egypt have a relatively close relationship and when President Sisi came to Europe you were the first person that he visited. What do you think of Egypt’s clamp-down on … media and do you think that these journalists should be released and all the charges against them wiped?”

PM Renzi: “I think el-Sisi is a great leader. I think the position for Egypt is absolutely crucial in the Mediterranean and I think after a lot of crisis, polemics, tensions, finally Egypt invested in the future on the leadership of el-Sisi. Obviously, it’s a long way, it’s a difficult way and we need a lot of effort to support this process. At the same time I think it’s absolutely important to Egypt to open the legislation for … media and I am convinced Egypt and for every part of this region it’s important to permit journalists to continue to do their jobs and for this reason I will be in contact with the Egyptian government to support every correct and position to solve this case. But let me be very frank. In this moment Egypt will be saved only with the leadership of el-Sisi, this is my personal position and I am proud of my friendship with him and I will support him in the direction of peace because the Mediterranean without Egypt will be absolutely a place without peace.” (Read Q&A with Italian PM: ‘I think Sisi is a great leader’ in Al Jazeera)

Lawyer shot by police inside Nasr City criminal court on Saturday: Mohamed el-Gamal was shot in the chest on Saturday inside Nasr City’s criminal court, with the reason for the shooting in dispute. An unnamed police official, who was anonymous as he was not authorized to speak to the media, said that “El-Gamal then ran to the lawyers syndicate room at the courthouse, the official said, prompting an officer to run after him ‘to calm him down.’ Another officer mistook this for a chase and shot the lawyer, the official said. Lawyers syndicate member Khaled Abu Kirsha disputed the police account.” Lawyers stopped working at both the Nasr City criminal court as well as the court in the Nile Delta hometown of El Gamal, in protest of the shooting. (Read in AP)

Pro-Morsi demonstrations at the Temple Mount: On Saturday, a pro-Morsi demonstration reportedly took place at the Temple Mount in Jerusalem, the holiest site in the Jewish faith and home to Al Aqsa mosque, the third-holiest site in Islam, according to Palestinian news outlet Shehab News Agency and as reported by the Jewish Press. (Watch in Arabic, running time: 35 seconds)

Turkey should improve relations with Egypt -Former Turkish president Abdullah Gül: Speaking at an iftar on Saturday that was also attended by Turkish President Recep Tayyip Erdoğan, former Turkish president Abdullah Gül called for an improvement in Turkey’s relations with Egypt, among other Arab countries, saying, “To be honest, I think it would be useful to revise our policies with regards to the Middle East and the Arab world with a more realistic approach.” (Read in Zaman)

DIPLOMACY

U.N. peace agreement signed in Libya despite lack of participation by Islamist rebel parliament in Tripoli: The internationally-recognized Libyan government operating out of Tobruk signed a U.N.-brokered peace agreement on Sunday, Reuters reports, however the agreement has yet to include signatories from the Islamist, rebel General National Congress (GNC) based in Tripoli. Following an electoral defeat, the GNC seized Tripoli by force one year ago, which was followed by an even greater security vacuum and encroachment by a Daesh affiliate. Despite the lack of participation by the Tripoli rebel parliament, “Some representatives from municipalities in Tripoli and the western city of Misrata allied to Libya Dawn” signed the agreement, according to Reuters. Representatives of the U.N., the U.S. and the Islamist rebels all noted that the opportunity remains for the GNC to sign on to the agreement. Despite the lack of involvement by the Islamist rebels in the peace agreement,

Italian FM to visit Egypt on Monday following consulate attack: Italian Foreign Minister Paolo Gentiloni is set to visit Cairo today, according to state news agency MENA and as reported by Ahram Online. Gentiloni told Italian newspaper La Republica that “there is no doubt that the aim of the attack targeted was the Italian consulate.”

Foreign Ministry denies rumors of a change of Egypt’s position on Yemen, Yemen’s PM in Cairo, Saudi-led airstrikes break humanitarian truce, kill 10 people -Sources: The foreign ministry reiterated Egypt’s commitment to supporting the legitimacy of Yemeni President Mansour Hadi in a statement on Friday, in light of recent rumors circulating in the media that suggested otherwise. “Egypt also asserts its continuous and close coordination with the alliance to support legitimacy in Yemen, in particular with Saudi Arabia in regards to the situation in Yemen,” the statement reads. Meanwhile, Prime minister Ibrahim Mahlab signed a number of memorandums in Cairo on Sunday with Yemeni prime minister Khaled Bahah; among them: one against terrorism Ahram Online reports. On Sunday, the Saudi-led coalition launched airstrikes that killed at least 10 people (with the Houthis claiming 12), according to medical sources speaking to Reuters. The airstrikes are reportedly in contravention of a temporary humanitarian ceasefire.

ENERGY

Four-company consortium prepares to submit bid for 1,000 MW solar power station
Al Borsa | 11 July 2015
A consortium of four Arab and international companies is preparing to submit a bid to build a solar power station with a production capacity of 1,000 MW. Future Energy, a member of the consortium, said the final technical and feasibility studies are being finalised now. The company’s head, Ramy Khorshid, declined to name the other members of the consortium. (Read in Arabic)

BASIC MATERIALS & COMMODITIES

Juhayna subsidiary Al-Enmaa invest EGP 400 mn over two years
Al Borsa | 12 July 2015
Al-Enmaa for Agricultural Development and Livestock, a subsidiary of Juhayna, plan on investing EP 400 mn over 2015 and 2016 spread out between three projects, one of which will be completed this month. (Read in Arabic)

Only 18% of quarries licensed, says Ministry of Local Development
Al Mal | 12 July 2015
The Ministry of Local Development recently surveyed all quarries throughout Egypt, revealing only 18% are licensed, said local development minister Adel Labib. The executive regulations for quarries issue recently will provide large revenues to the state that are difficult to calculate as of yet, he added. (Read in Arabic)

MANUFACTURING

Industrial production up 4.9%, says CAPMAS
Al Mal | 12 July 2015
The Central Agency for Public Mobilization and Statistics (CAPMAS) reported an increase in industrial production (excluding petroleum) to EGP 84.3 bn in 4Q14, versus EGP 80.4 bn in 3Q14, a 4.9% uptick. (Read in Arabic)

HEALTH & EDUCATION

Ministry of Education considers minimum wage for private school teachers
Youm7 | 12 July 2015
The Ministry of education will consider a minimum wage for private school teachers next year, according to Minister of Education Mohamed Refa’y. Refa’y told Youm7 that some private school teachers earn only EGP 500-600 per month. The Minister of Education added that the proposed minimum wage is based on a mechanism to ensure that parents do not incur new financial burdens, an oblique reference to the practice of teachers omitting material in class and then charging for private lessons to “make up” the gap between class work and exam requirements. (Read in Arabic)

REAL ESTATE & HOUSING

Alhokair asks for a two month extension before signing off on debt restructuring
Al Shorouk | 12 July 2015
Fawaz Alhokair Group asked its creditors to grant it a two month extension before signing off on a restructuring of EGP 1.565 bn in debts owed, a source told Al Shorouk. Alhokair is believed to be negotiating with foreign banks the possibility of obtaining credit facilities that could be used to cover its debts in Egypt until its dispute with NUCA is resolved. NUCA had issued a decision to withdraw 61 feddans from Alhokair claiming the company had fallen behind on payments due to the authority. (Read in Arabic)

Giza Governorate to launch 6th of October investment zone in a few months
Al Mal | 12 July 2015
The Giza Governorate is planning an investment zone on the Wahat Road in 6th of October, stretching over 8,300 acres as part of its plan for FY2015-16, said Giza governor Khalid Zakariya El Adly. The government will facilitate paperwork and approvals to entice investors, he added. (Read in Arabic)

Housing Ministry backs settlement fund for ESA to the tune of EGP 1 bn
Al Mal | 12 June 2015
The Housing Ministry will make up to EGP 1 bn available to the Egyptian Surveying Authority to settle disputes and expropriate property along the Rod El Farag Axis and Port Said-Ismailiya Road, known now as 30 June Road. The Ministry of Housing began constructing the 105 km-long 30 June Road at an estimated cost of EGP 1.8 bn after receiving approval from the armed forces for its exact route. (Read in Arabic)

** Further reading in Real Estate & Housing: Photojournalist Mosa’ab Elshamy has produced an AP photo essay on the loss of Egypt’s agricultural land to unplanned urbanization. “In 2011, a U.N. report on combating desertification and drought ranked Egypt as the country losing fertile lands faster than any other in the world.” (Read the accompanying article and / or view the image gallery of urban encroachment on farmland in the Nile Delta)

AUTOMOTIVE & TRANSPORTATION

ENR may offer land for investment, gears up for peak season
Al Mal | 12 July 2015
The Egyptian Railway Projects and Transport Co (ERJET), a subsidiary of the Egyptian National Railways (ENR), will offer land assets for investment, says ERJET’s head of investments, noting that 1 mn meters has been surveyed so far in seven governorates. Among the projects under consideration is one to build a commercial center and garage in partnership with the private sector following an international tender, Al Malreports. In other ENR news, the authority is reportedly ready for the peak Eid travel season, having laid on additional trains for high-demand routes and moving to raise ticket prices as previously announced, Al Borsareports.

Al Hajeri Group will execute Helwan-Sokhna freight line
Al Mal | 12 July 2015
Al Hajeri Group affirmed they are set to build the freight train tracks connecting Helwan and Ain El Sokhna, noting that two consultancy firms have submitted offers to conduct project studies. The Al Hajeri Group had signed an MoU with the Ministry of Transportation at the Egypt Economic Development Conference (EEDC) last March to build the tracks with investments of USD 450. (Read in Arabic)

Egyptian Co. for Metro Management & Operation requests 850 ticket machines from Indra
Al Mal | 12 July 2015
Spain’s Indra received an offer from the Egyptian Company for Metro Management and Operation to import 850 new ticket machines at EGP 120 mn, to renew and upgrade existing machines, said head of operations Ahmed Hafez. The company is waiting for a response from Indra. The new machines are set to work with a smart card system to prevent losses caused by passengers not buying tickets.(Read in Arabic)

BANKING & FINANCE

Salman issues amendments to laws governing special insurance funds
Al Masry Al Youm | 12 July 2015
Ten amendments to the law governing special insurance funds have been enacted by Investment Minister Ashraf Salman. The amendments came following recommendations from EFSA, Chairman Sherif Samy told Al Masry Al Youm. The amendments include changes to the governance structure of the funds and will allow for the appointment of non-executive experts to their boards. Funds larger that EGP 100 mn in volume will now be required to appoint a financial manager to oversee it. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Presidential decree to pardon some prisoners in celebration of Eid Al-Fetr
Al Masry Al Youm | 12 July 2015
President Abdelfattah Al-Sisi issued a decree on July 12, 2015 to pardon some prisoners in celebration of Eid Al-Fetr and the 23 July 1952 Revolution. The Prosecutor General’s Office and the Prison Service will determine who meets the terms for release. Among the most notable decisions in the decree includes the release of prisoners sentenced to life who have already served 15 years. Those receiving early release will be on probation for a five-year period. (Read Presidential Decree here)

Temporary housing for Maspero Triangle victims of Italian Consulate explosion
Amwal Al Ghad | 12 July 2015
Cairo governor Galal Saeed announced that temporary housing in Six October will be provided for families in the Maspero Triangle that saw their homes damaged by the Italian Consulate explosion. Saeed added that families will receive compensation from their respective district and that their homes will be fully restored. (Read in Arabic)

ON YOUR WAY OUT

Bakery chain TBS continues to make headlines for all the wrong reasons, with additional details on its alleged closure by the Health Ministry crossing into the mainstream press. Al-Borsa reports that inspectors found health code violations at its Six October factory as well as at branches in Maadi and Dokki.

Morsi espionage trial postponed to 21 July -sources: The next session in Morsi’s espionage trial has been postponed until 21 July, according to Turkey’s Anadolu news agency, citing unnamed judicial sources.

Court sentences 14 Islamists to death on murder, violence charges: A single court in Mansoura sentenced 14 Islamists to death on Thursday in two separate cases, Ahram Online reports. The charges include the murder of a judge’s security guard in one case and violence-related charges during a demonstration in the second. The defendants in the second batch of death sentences also faced charges of murder, attempted murder and belonging to the outlawed Muslim Brotherhood.

UNESCO has named Dr. Mansoor Al Awar, Chancellor of Hamdan Bin Mohammed Smart University and Chairman of the UNESCO Institute of Information Technologies in Education Governing Board, as aMember of the Expert Committee of Digital Strategies for Higher Education in the Arab World. According to the appointment’s press release, the committee “will begin its first tasks in Egypt… to help them develop a digital strategy for the country’s higher education sector… In addition, it will undertake field visits to some higher education institutions as well as hold discussion with specialists. The visit will help the committee in evaluating the use of ‘smart’ technology in these institutions.”

Mexican drug lord Joaquin ‘El Chapo’ Guzman escaped from the Altiplano maximum security prison through a tunnel more than 1 km long. If you’re wondering, “Guzman was last seen in the showers of the jail on Saturday. It was the second time he had escaped from a top security jail,” according to the BBC.

COMIC CON 2015 ROUNDUP
The annual descent of nerds upon San Diego wrapped up on Sunday, offering fans a first look at many of their returning television shows as well as new movies:

• The Walking Dead season 6 trailer premiered at Comic Con. (Watch the trailer, running time: 4 minutes)
• Evil Dead is returning as a television series titled Ash Vs. Evil Dead, set to premiere on Halloween 2015 on Starz. (Watch the trailer, running time: 3:19)
• The incoherent-looking Suicide Squad, featuring Jared Leto as the Joker, and slated for an August 2016 release, had its trailer leaked by Movie Web. (Watch, poor audio/video quality, running time: 3:26)
• Warner Bros. released a longer trailer to Batman v Superman, set for a March 2016 release. Still looks boring. (Watch, running time: 3:39)
• Trailers for X-Men Apocalypse as well as Warcraft were both screened at Comic Con, but as with Suicide Squad, the trailers were not released to the public, and unlike the former, neither the Apocalypse nor the Warcraft trailers have leaked as of the time of writing. That didn’t stop The Verge from recreating the trailer for Warcraft by drawing stick figures on graph paper.

BY THE NUMBERS

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