What’s your definition of “richest 10% of Egyptians”?

TL;DR

• If you have EGP 3,497 or more a month to spend, you’re among the richest 10% of Egyptians
• Eni find sparks talk of a much brighter energy future for Egypt — if we get the policy piece right
• Plus: Petroceltic and Edison could yet make Eni-sized finds
• Fuel smart card implementation date to be announced this week?
• Mahlab tries to bring Civil Service Act critics in line
• Naguib insists he’s serious about buying a Mediterranean island for refugees
• ** By the Numbers + Egypt’s total goods and services in FY2015 **

WHAT WE’RE TRACKING TODAY

The Fifth Annual EFG Hermes London MENA Conference. The three-day gathering kicks-off today in London at Emirates Stadium.

The 20th anniversary Euromoney Egypt Conference begins this morning, running for two days.

Foreign Minister Sameh Shoukry will visit both France and the UK starting today to discuss bilateral relations and regional developments, Al Shorouk reports. Shoukry will meet with French Foreign Minister Laurent Fabius and U.K. Secretary of State for Foreign and Commonwealth Affairs Philip Hammond. Shoukry will also participate in the opening ceremony of the Osiris exhibition at the Institut du Monde Arabe in Paris on Tuesday.

Okay, it’s not technically today, but the iSheep among us are pretty chuffed that it’s nearly time for Apple’s annual unveiling of its next iPhone. We could care less about the new watch some expect to hit stores at the same time, but think the Netflix and Hulu should be a bit freaked out about the next-generation Apple TV. (It won’t have streaming now, so don’t cancel Netflix and your VPN quite yet. But it’s coming.) The iPad Pro could also be interesting, should it make an appearance. We like 9 to 5 Mac‘s roundup the best, or you can geek-out on the business side with the FT’s “Apple aims to prove iPhone momentum is still strong.” The event takes place on 9 September at 7pm CLT, and the live stream should be here.

WHAT WE’RE TRACKING THIS WEEK

The fifteenth OECD International Economic Forum on Africa is due to take place in Berlin on Wednesday.

The Egypt Cyber Security Summit will run 8-10 September at the Novotel Cairo Airport, while Qalaa Holdings will host on 9 September Rift Valley Railways: An Integrated Logistics Solution in East Africa.

LAST NIGHT’S TALK SHOWS

Lamis El Hadidy, host of Hona El Assema, kicked-off her program with coverage of the Egyptian national football team’s 5-1 thrashing of Chad on Sunday. Sports journalist Othman Salim called-in with some color commentary: “Egypt is on the right-track … The players are young, but we have world-class coach leading the team.”

El Hadidy then transitioned to a far more serious discussion of the treatment of Syrian refugees in Europe. Mostafa Abdallah, head of Al-Ahram’s Vienna bureau, provided viewers with additional color commentary. “Austria’s Interior Ministry announced the arrival of 8,000 Syrian refugees from Hungary on Saturday…. the [Austrian] government and people have treated the Syrian refugees humanely. The country’s Interior Minister [Johanna Mikl-Leitner] held a dinner with a group of refugees today. She criticized the Hungarian government over its poor treatment of the refugees.”

Meanwhile, Youssef El Housseiny, host of ONtv’s El Sada El Mohtaramoon, took a unique stance on Sunday by defending the controversial Civil Service Act. For over 20 minutes, the host exhorted viewers to accept the law.

El Housseiny: “For our economy to develop, we must develop and reform the public sector. In order for this to happen, we must introduce new legislation…We suffer from a bloated public sector, an overweight elephant that is incapable of movement.”

Osama Kamal, host of Al Kahera 360, was off on Sunday.

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A MESSAGE FROM SODIC

Re-building Egypt together

Our journey with social responsibility has shown us that a lasting commitment to one’s community and nation should be a way of living, a way of doing business. And for it to be authentic — to have a real, lasting and quantifiable impact — we must align what we do in social responsibility with our core competencies and true values as an institution.

That’s why SODIC’s two social responsibility platforms are Education and Community Development. They’re about helping people live up to their potential, no matter their personal resources. We are honored to support early childhood education programs and art education for kids as young as six, in addition to vocational training for women and microfinance counselling. We facilitate access to credit, access to education and access to healthcare. Even the rebuilding from the ground-up of one of Cairo’s most underprivileged neighborhoods.
As part of our continuous efforts to develop Egypt’s informal areas, we have signed a protocol with Cairo Governorate and the Ministry of Housing to connect 1,000 homes to the fresh-water and sewage networks in Ezbet Khairallah.

From Cairo to Minya and beyond, you can learn more about the facts and figures of who we’ve worked with here. Or watch a short video (run time: 3:52) about our education program, or another about our community development platform (run time: 3:47). We hope they might inspire you this morning.
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SPEED ROUND

If you can afford to spend EGP 3,497 or more a month, then congratulations, you’re among the richest 10% of Egyptians. The estimate was used by the Finance Ministry to assess the inflationary impact of applying VAT. The poorest 10% of households, which can only afford to spend EGP 1,207 a month, will see an EGP 0.20 daily increase in their expenditures, which is why Finance Minister Hany Dimian downplayed the potential inflationary impact of the policy as resulting price increases are expected to range between 1.5-2.5%. If you’re keen to learn more about Egyptians’ income and expenditure patterns, check out CAPMAS’ 2012-13 income and expenditure survey, which is not updated and only available in Arabic, unfortunately.

Among this morning’s must-reads, even if you’re not an oil and gas type: “Gas find promises sea change in the Med,” reads the banner headline in the FT, in which correspondents including the inimitable Heba Saleh declare Eni’s Zohr field could be of a size to “transform an economy.” The field could turn Egypt once again into an energy exporter and upend “all other plans for developing gasfields” in the Med. Qalaa’s Ahmed Heikal is among those pointing out that the Eni discovery will be transformative only if it’s accompanied by a steady policy hand: Past mistakes include governments allowing “huge growth” in LNG exports and of industries reliant on cheap gas, all while ignoring the needs of the power-generation sector. Read that alongside Eric Knecht’s take for Reuters, which calls on Dana Gas CEO Patrick Allman-Ward to make the point that “People in petroleum tend to have a feeding frenzy kind of response to this kind of discovery. It will no doubt kick off a lot more interest from international oil companies in Egypt as an exploration destination.”

“Egypt could re-establish its energy independence with natural gas supplies, ending several challenging years for the country’s energy sector,” suggests private intelligence outfit Stratfor. Because of the low price the Egyptian government has been offering producers for their produced gas, exacerbated by payment delays, Egyptian production fell from 61 bcm in 2012 to 49 bcm two years later. Following sector reforms, companies including BP and Eni have increased their investments, Stratfor notes, even though Eni’s Zohr production timetable appears optimistic. Still, “international oil companies probably will remain interested in Egypt because it is one of the few places where returns have increased over the past five years while global energy prices have dropped.”

Keep a close eye on Edison and Petroceltic: In his weekly column on the Egyptian economy, finance writer Patrick Werr boldly declares: “Hold on to your seats, folks. The Egyptian gas story looks like it is going to get far more dramatic than the … Eni [discovery].” Specifically, Werr writes, “among the blocks to keep your eyes on are North Thekah, awarded in April 2013, and North Port Fouad, awarded in September last year, both to a joint venture between Italy’s Edison and Ireland’s Petroceltic. They contain extensive unexplored acreage smack in the middle of the massive Egyptian, Israeli and Cypriot finds.”

Following renewed commitment to Egypt by Russian energy providers, Reuters says that “all eyes were on Egypt.” Rosneft has been confirmed to supply Egypt with 24 LNG cargoes over five years starting from 4Q2015. The cargoes are being priced at a slope to Brent crude between 13-14.2%. Rosneft’s LNG will be fronted by Shell, Reuters reports, allowing the company to meet delivery obligations in Egypt. In addition, Russian Energy Minister Alexander Novak said Gazprom is going to supply Egypt with 1 mn tonnes of LNG per year, double the volume the company had first flagged in statements.

Routine talks with the International Monetary Fund will take place before Eid Al-Adha, Finance Minister Hany Dimian said yesterday, noting that the talks are the standard precursors to the annual Article IV consultations due to take place early next year. Al Masry Al Youm has the story; we noted the pending kickoff of talks last week. Also yesterday, Dimian said that Egypt will not to rely on building its economy through “the fortune and wealth granted to us by God.” Dimian suggests that Eni’s supergiant Zohr field must be harnessed in a way that it spurs growth of the non-oil economy.

In the Department of Massively Big, World-Changing Gargantuan Exaggerations: China’s three-vessel Fleet 152 is wrapping a five-day port call to Alexandria Port as we write these words. That’s three ships, folks: Everyone from the Cairo Post to DPA is running with this being a 152-vessel visit. Were that the case, Europe would likely be concernced about invasion: 152 ships would represent one-third to one-half of the People’s Liberation Army Navy’s surface fleet, depending on who you believe. (And don’t get us started on ‘People’s Liberation Army Navy.’)

The Cabinet’s economic group will meet this week to finalize setting a date to begin requiring drivers hand over a smart card to fill up their tanks with gasoline. A source told Al Mal that implementation could begin by October at the latest. Khaled Abdel Ghani, head of the fuel smart cards project, expects the implementation date to be set within days, Al Shorouk adds. More than 90% of fuel stations are already using the smart card system (to log deliveries, it was previously reported) and over three mn cards have already been issued to motorists, Abdel Ghani added. The smart card system was originally set to be deployed by June 2015 but was delayed following a decision by President Abdel Fattah El Sisi.

Vodafone has followed Etisalat and TE Data in issuing new — and nearly identical — internet access plans, Al Masry Al Youm reported. The move followed TE Data’s price reduction despite not having Telecom Egypt approve a reduction in network infrastructure prices. Former TE CEO Mohamed El Nawawy was believed to have been removed from office following his refusal to reduce prices, claiming it would have affected the company’s profitability.

1,250 forced disappearances since beginning of year Egyptian NGO claims: The Egyptian Coordination for Rights and Freedoms (ECRF) released a report last week claiming that 1,250 people have been forcibly disappeared in Egypt since January, Daily News Egypt reported. According to Article 54 of the constitution: “All those whose freedoms have been restricted shall be immediately informed of the causes therefore, notified of their rights in writing, be allowed to immediately contact their family and lawyer, and be brought before the investigating authority within twenty-four hours of their freedoms having been restricted.”

Government employees continue to protest the Civil Service Act, with an estimated two dozen bureaucrats from the Tax Authority — the body leading the opposition — hitting the pavement yesterday as part of a build toward a planned 12 September demonstration in Fustat Park. Yesterday’s protest came one day after Prime Minister Ibrahim Mahlab made remarks deploying both the carrot and the stick to try to defuse the situation. Speaking at a press conference on Saturday, Mahlab told disgruntled public sector employees that (a) their salaries would not decrease as a result of the legislation, but that (b) continuing to demonstrate against it could well see them arrested if their actions obstruct access to government buildings.

Dispute over control of Libya’s USD 67 bn sovereign wealth fund reaches London court: Hassan Bouhadi, chairman of the Libyan Investment Authority (LIA) appointed by the internationally recognized Libyan government based in Tobruk, said he has initiated proceedings in the London Commercial Court over who may appoint the fund’s board of directors to oversee the fund’s UK assets, Reuters reported. Bouhadi’s Tripoli-based rival, AbdulMagid Breish, once the undisputed chairman of the fund, says he was reinstated by a Libyan court after temporarily stepping aside amid a legal challenge. Breish said he was “disappointed” by the move, adding that it was “contrary to the spirit of the U.N. process” currently underway between Libya’s rival rulers. For more on the story, see Forbes’ Chris Wright’s interviews with the rival LIA chairmen: AbdulMagid Breish of the Islamist Tripoli-based rebels, and Wright’s interview with Hassan Bouhadi from the internationally-recognized government.

Algeria power struggle intensifies with arrest: A power struggle in the highest echelons of Algeria’s security services appears to be taking place, The Daily Star of Lebanon notes. “The latest move came with the unprecedented arrest on Aug. 27 of Abdel-Kader Ait-Ouarab, also known as Gen. Hasan, who served for two decades as Algeria’s anti-terrorism chief … His arrest came several weeks after the firings of three security chiefs including two considered close to Mediene, who has led the DRS since 1990.” (Read)

Etisalat shares will open to foreign investors on 15 September, the company announced yesterday. “Foreign individuals, foreign corporate entities, UAE free-zone entities and UAE incorporated entities,” will be allowed to buy into the communications giant. The UAE’s The National has more, including a reminder that Etisalat’s inclusion in the next MSCI rebalancing in November “would result in it representing 0.14 per cent of the index, according to the Cairo-based investment bank EFG-Hermes.”

Egypt may be happy with low oil prices, but our friends in KSA aren’t having as nice a fall. BBC quotes Saudi Finance Minister Ibrahim Al-Assaf as telling CNBC Arabia that spending cuts are in order. “We have built reserves, cut public debt to near-zero levels and we are now working on cutting unnecessary expenses while focusing on main development projects and on building human resources in the kingdom,” the BBC notes Al-Assaf as saying. The finance minister stopped short of specifying where the cuts would take place, but suggested spending on health, education and infrastructure would remain largely unchanged.

Driven to Kill: Why drivers in China intentionally kill the pedestrians they hit: Geoffrey Sant writes for Slate on how Chinese laws regarding pedestrians hit by cars have created the perverse incentive for motorists to make sure they kill whoever they hit to reduce their financial liability. “In China the compensation for killing a victim in a traffic accident is relatively small — amounts typically range from USD 30k to USD 50k — and once payment is made, the matter is over. By contrast, paying for lifetime care for a disabled survivor can run into the mns.” (Read)

EGYPT IN THE NEWS

The top story on Egypt in the foreign press on Sunday evening going into Monday morning was the release of the court’s ruling from the recent retrial of Al Jazeera English journalists Mohamed Fahmy, Baher Mohamed and Peter Greste. “The ruling … says the three men … were by default members the banned Muslim Brotherhood group, which Egyptian authorities consider a terrorist organization,” the AP reports, citing state news agency MENA. The story is also front-page news in Al Ahram this morning, suggesting the state (or at least the judiciary) is intent on sending a message.

BBC Trending: The star pupil who scored zero in all her exams: The High School Exam of the Century has hit international headlines, with BBC Trending reporting on the case of Mariam Malak, a straight-A student who was shocked to discover that she had received zeroes in all seven of her final high school exams — exams which determine which field Egyptian undergraduates may pursue in university. “Either the school or the examination board swapped her papers with another pupil who obviously wasn’t doing as well,” said Mariam’s brother, Mina. “Thousands of Egyptians rallied behind her using the hashtag ‘I believe Mariam Malak‘ and a Facebook page set up to support her gathered more than 30,000 likes,” as reported by the BBC. …Meanwhile, Malak will meet a committee of five forensics experts from the Forensics Authority in Cairo on Tuesday to plead her case, a member of Malak’s legal team told Al Masry Al Youm.

Foreign Journalists Under Fire: It’s time for the New York Times Editorial Board’s fortnightly vilification of Egypt. This time, Egypt is presented as part of a larger rogues gallery of states that jail journalists, including Turkey and Azerbaijan. (Read)

Naguib Sawiris to urge Greek and Italian leaders to sell him island for refugees: Naguib Sawiris upped the ante following a series of tweets in which he proposed buying a Greek or Italian island and investing in developing it for the use of migrants and refugees, saying on Sunday that he will send formal letters of intent to the leadership of the aforementioned countries. “I am serious with my intentions … I want to feel good about having done something good. Provide me with the island and I will do the rest.” (Read)

WORTH WATCHING

The Battle of Algiers, (1966). The film was initially banned in France before its release there in 1971. (Watch the trailer in French with English subtitles, running time: 2:33)

IMAGES OF THE DAY

The brutality of the Syrian Civil War has inspired artists all over the world to use their artform to speak for its mns of victims. The latest outpouring was inspired by the now iconic image of Kurdish toddler Aylan Kurdi, who was found dead face down on the shores of Turkish resort town Bodrum on Wednesday. Art submission site Bored Panda has an image gallery of submissions from artists who have immortalized his image in their work.

Comic book origins story- The Syrian Civil War: ‘Syria’s Climate Conflict’ is a short 2014 comic book that illustrates and contextualizes the origins of the Syrian civil war as being driven by a five-year drought which witnessed mass internal migrations to overcrowded urban centers. That drought, researchers argue, were likely exacerbated by human-caused climate change. (Read Syria’s Climate Conflict, written by Audrey Quinn, illustrations by Jackie Roche, May 2014).

DIPLOMACY

Egypt, Ethiopia and Sudan in talks to save Renaissance Dam negotiations… In a statement on Sunday, Water Resources and Irrigation minister Hossam Moghazy expressed dissatisfaction with the Dutch and French consultation companies for failing to submit technical proposals to the Renaissance Dam tripartite committee by yesterday’s deadline. Moghazy said that Egypt will hold discussions with Ethiopia and Sudan to reach a consensus on the next steps for the Renaissance Dam negotiations. (Read in Arabic) Worth re-reading, in light of this second missed deadline, are the comments of former minister of irrigation Mohamed Nasr Allam, whose interview we previously cited on 20 August, noting that by the time studies are completed with input from the three riparian states, “Ethiopia will have finished, or almost finished, the first filling of the dam, and the studies would have no value.” (Read)

Foreign Minister Sameh Shoukry met with the President of the African Export-Import Bank (Afreximbank), Benedict Oramah, the Ministry said. Oramah is taking up the role officially on 20-21 September when the new headquarters building of the bank will also be inaugurated.

Egypt’s Consulate-General in Mumbai organized a talk on Indo-Egyptian relations with a large number of business representatives in attendance, the Foreign Affairs Ministry said. Egypt’s consulate staff presented an overview of the investment facilities provided to investors in Egypt.

ENERGY

EGAS resumes LNG negotiations with Sonatrach
Al Shorouk | 05 Sep 2015
EGAS has revived talks with Algeria’s Sonatrach to source LNG shipments starting next year. A visit to Algeria is set to take place in October or November to finalize an agreement, a source said. EGAS had already agreed on six LNG cargoes from Sonatrach last March. (Read in Arabic)

Gas talks with Cyprus ongoing; BG officials looking to secure Block 12 agreement
Cyprus Mail | 04 Sep 2015
Talks on an agreement to export Cypriot gas to Egypt are ongoing despite Eni’s gas discovery in Egypt. Cyprus’ Energy Minister, Giorgos Lakkotrypis, met with representatives of BG interested in obtaining gas from the Aphrodite prospect in Block 12 to process it at their liquefaction in Idku. Egyptian and Cypriot “officials have been at pains to stress that the recent discovery does not negate Egyptian interest in Cypriot gas imports, although Ismail did indicate that the final decision rests with the oil and gas companies,” Cyprus Mail says. Cyprus is also awaiting the results of updated surveys in Block 11 for Total, which could also drill an exploratory well there with it being understood that the Cypriot government is open to renewing exploration licences beyond the expiry date of February 2016, if requested by Total. (Read)

Delek committed to developing Cyprus’ Aphrodite field, Egypt gas exports still on the table
Cyprus Mail | 04 Sep 2015
Delek drilling said it is committed to developing Cyprus’ Aphrodite field “in line with its strategy of supplying the Cypriot and Egyptian markets with natural gas in the fastest and most efficient way,” according to Delek Drilling’s CEO Yossi Abu. “We are seeing a very positive outcome of the discovery of ENI in Egypt… The discovery in Egypt brings us to a place that we assess the Egyptian market and the need for gas in this market… We see more potential in the local market of Egypt for more demand for natural gas,” Abu added. The Egyptian market’s gas needs, estimated by Abu to be 60-70 bcm annually, show that there is also room for supplies from Cyprus. (Read)

BASIC MATERIALS + COMMODITIES

Egypt signs MoU to build a farm in Togo
MFA Press Release | 06 Sep 2015
Egypt’s Ambassador to Togo signed an MoU with the Togolese agriculture minister to build an Egyptian farm, the Foreign Affairs Ministry said. Togo’s agriculture minister said the MoU is the beginning of increased cooperation between the two countries. The signing came on the final day of four-day visit by delegation of Egypt’s agriculture ministry to Lomé. (Read in Arabic)

Egypt making progress in using nanotechnology in agriculture, Mostafa El Sayed says
Saudi Gazette | 06 Sep 2015
Egypt has made “significant progress in the use of nanotechnology in the agricultural research and animal health research,” Mostafa El Sayed, Director of the Laser Dynamics Laboratory at Georgia Tech University, said. El Sayed is currently working with fellow researchers in Egypt to prepare two research papers on the use of nanotechnology in the treatment of cancer through application on small animals, Saudi Gazette reported. The comments were made at the second international conference on the food safety and technology. (Read)

MANUFACTURING

Unilever adds new EGP 21 mn production line to Borg El Arab
Al Borsa | 05 Sep 2015
Unilever Mashreq group is aiming to add a new production line in the Borg El Arab factory with investments of EGP 21 mn. The line will increase output by 10% according to Sherif El Agamy, General Manager of the Lipton factory. The factory has the highest production rate in Egypt, with an output of 20k tonnes of tea annually. According to plans, the factory will also begin producing green tea locally by November and will offer it on the market starting early next year. Lipton has been importing green tea to Egypt from the Jebel Ali factory in the UAE. (Read in Arabic)

Cabinet orders release of production inputs backed up in port
Al Borsa | 06 Sep 2015
Cabinet ordered on Sunday that port and customs authorities fast-track clearance of production inputs in general — and chemical inputs in particular — that had backed up in Egypt’s ports. The move came after a complaint filed by the Federation of Egyptian Industries. Importers and exporters alike had complained in late August that labs at the General Organization for Export & Import Control (GOEIC) had slowed down testing of shipments. A clean test from GOEIC is a requirement for exports and imports alike. (Read in Arabic)

REAL ESTATE + HOUSING

** Further reading in Real Estate & Housing: Ahram Hebdo follows up on the forced evictions of the residents of an informal settlement near Sudan Street in Dokki. Among the concerns of those who have been relocated is the question of how their large families will be able to live in the 45 sqm apartments the government has provided. (Read Residents worried after police attempt to evacuate Giza slum, translated from Ahram Hebdo by Ahram Online)

TOURISM

Alfa Star bankruptcy costs Travco USD 150 mn
Al Shorouk | 06 Sep 2015
Polish travel agency Alfa Star S.A, which was bought for USD 150 mn by tourism tycoon and head of Travco Group Hamed El Chiaty, announced its bankruptcy following a Polish travel ban on Egypt. Poland is among the top 10 tourism exporters to Egypt, accounting for 35 flights weekly, Al Shorouk reports. The ban was imposed after a Polish tourist was killed by a terrorist attack in Tunisia. (Read in Arabic)

BANKING + FINANCE

Etisalat in talks to provide mobile money transfers internationally
Daily News Egypt | 05 Sep 2015
Etisalat is partnering with National Bank of Egypt (NBE) and engaging in talks with the CBE to provide mobile money transfers internationally to its clients. “The negotiations also target reaching the controls organizing the mobile money transfer process from abroad in the case of the CBE’s approval to activate the service,” Daily News Egypt reported. This, the company says, will allow if to provide “the best service” for its customers. (Read)

Egyptian Arab Land Bank sells EGP 300 mn land, assets
Al Mal | 06 Sep 2015
The Egyptian Arab Land Bank (EALB) has successfully sold assets in Al Shorouk and Ras Sedr worth EGP 300 mn. The assets were acquired by the bank in settlements with non performing clients, according to sources within the bank, assuring that the bank intends on selling new assets worth the same amount of money within the coming year. EALB has a real estate portfolio worth EGP 3.4 bn that’s up for sale. (Read in Arabic)

Banks issue EUR 607 mn letters of credit to El Sewedy, Siemens
Al Shorouk | 06 Sep 2015
The National Bank of Egypt (NBE) and Banque Misr have agreed to issue EUR 117 mn letters of credit to El Sewedy Electric to build the Beni Suef power station. El Sewedy Electric had inked a EUR 2 bn agreement with Siemens to build a combined cycle power plant. Meanwhile, a five-bank consortium led by NBE and CIB issued EUR 490 mn letters of credit to Siemens to complete construction at the Beni Suef and New Cairo power plants being built in cooperation with Orascom Construction. Both projects are part of the Egyptian Electricity Holding Company (EEHC) agreements with Siemens and domestic partners El Sewedy Electric, Orascom Construction and Hassan Allam, to build three combined cycle power stations with a total output of 14400 MW in Beni Suef, El Borolos, and the New Administrative Capital. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Leftist coalition: We won’t be a Trojan horse for the NDP or Ikhwan
Al Shorouk | 06 Sep 2015
The neutral committee in the secular democratic coalition Sahwet Masr, that’s led by Abdel Galil Mostafa, has picked 120 candidates for the parliamentary elections, from a total of 1800 candidates from different independent and political bodies, according to Sahwet Masr spokesperson Ramy Galal. The party says it won’t back any candidate thought to have been too closely associated with the “systems that have been ousted by the people through two revolutions.” The Sahwet Masr electoral bloc includes the Egyptian Socialist Party, the Egyptian Communist Party, the Egyptian Social Democratic Party, as well as the Tagammu Party, Dignity Party, Socialist Popular Alliance, and Reform and Renaissance Party among others. (Read in Arabic)

ON YOUR WAY OUT

Worth a quick read: “Seed funding for African tech startups is really taking off – here’s why“.

Investigators from the Interior Ministry’s Public Funds Investigation Unit arrested yesterday lawyer and former parliamentarian Hamdi Al Fakhrany, president of a corruption watchdog NGO in Six October, on charges he took an EGP 5 mn bribe from an unnamed businessman to drop his case Arabia Cotton Ginning in a land dispute. Al Ahram reports has more, and you can catch Lamis El Hadidy’s discussion of the case on her show last night here. Al Fakhrany’s file has been handed over to the South Giza Prosecutor’s Office for further investigation.

Edita’s board approved a capital increase for its subsidiary, Edita Confectionery Industries, via an EGP 37.3 mn debt-to-equity conversion, according to a statement sent to the EGX.

The Egyptian national football team won its second game in a row in the 2017 AFCON qualifiers defeating Chad 5-1 behind Zamalek player Bassem Morsi’s hat-trick on Sunday, FilGoal reports. A.S. Roma international Mohamed Salah and Zamalek player Ahmed Kahraba scored a goal apiece. Egypt now tops its qualifying group with six points, with Nigeria now in second place with four points after it drew eve with Tanzania on Sunday. (Watch game highlights here in Arabic, running time 3:09)