Central bank says you can deposit whatever you bring into Egypt, as long as it’s been declared

TL;DR

CBE lifts caps on foreign currency deposits by travelers, exempts imports via air cargo from restrictions. (Speed Round)

Egypt back to international bond market by June + growth forecast falls to 4-4.25%, budget deficit 11-11.5% of GDP, says Dimian (Speed Round)

FEI predicts 30% drop in car sales this year due to FX crunch. (Speed Round)

Trade Ministry “fundamentally amended” import legislation. (Speed Round)

Supply Ministry, CBE reach arrangement to speed up cooking oil clearance. (Basic Materials + Commodities)

Where is the tourism rescue initiative? + Investors to inject USD 70 mn in ministry’s charter airline. (Tourism)

Health Ministry to introduce Universal Health Ins. Act to the House in three weeks. (Legislation + Policy)

By the Numbers

WHAT WE’RE TRACKING TODAY

Tourism development plan? Tourism Minister Hisham Zaazou is expected to announce the a development plan for the sector today at a conference headlined “Tourism in Egypt 2016 – Planning for Growth.” Zaazou is also expected to announce when we can expect to learn the results of the Control Risks audit of security at Egyptian airports.

If you’re following oil prices, look to Texas this afternoon, where Saudi Oil Minister Ali Al-Naimi will speak at IHS Energy CERAWeek, which Politico calls the “Super Bowl of the oil industry.” As Reuters’ Luc Cohen puts it, it will be the first time Al-Naimi “faces the victims of his decision to keep oil pumps flowing despite a global glut: U.S. shale oil producers.” Al Naimi last spoke at CERAWeek seven years ago, before the dawn of U.S. shale production, where he advocated for a slash in production to support oil prices.

The Suez Canal Global Conference starts its second day today at the JW Marriott Hotel, wrapping on Wednesday.

The fifth Euromoney GCC Financial Forum kicks off today at the Four Seasons Manama in Bahrain. The forum comes to a close tomorrow.

WHAT WE’RE TRACKING THIS WEEK

The official opening of the 8.5 km-long, 18 m-deep East Port Said Side Channel takes place on Wednesday and will be attended by Prime Minister Sherif Ismail.

The first conference of Arab parliamentary chairpersons will be held on 24-25 February, under the auspices of President Abdel Fattah Al Sisi and in coordination with the Arab League and Arab Parliamentary Union, at the Arab League headquarters in Cairo.

ON THE HORIZON

President Abdel Fattah El Sisi kicks off his Asia tour on Sunday, 28 February. He’ll visit Japan through Wednesday, 2 March then make his way to South Korea, visiting from 2-4 March.

The Emirates NBD / Markit Purchasing Managers’ Index for Egypt, the UAE, and Saudi Arabia are set to be released a week from this Thursday. The releases should be available here.

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LAST NIGHT’S TALK SHOWS

Amr Khalil filled in for Lamees El Hadidy on CBC Egypt’s Hona Al Assema, as El Hadidy was attending the offering of condolences (aza) to the family of veteran journalist Mohamed Hassanein Heikal at the Omar Makram mosque in Tahrir. The program began with coverage of the funeral, packed with mourners including business leaders, high-profile officials and celebrities.

It was an otherwise slow night for talk shows, with Khalil spending almost a half an hour describing in an incredible amount of detail an altercation between member of the House of Representatives Mahmoud Khamis and Al Watan journalist Mohamed Tariq. Khamis reportedly assaulted Tariq after House member Tawfiq Okasha was kicked out of the chamber following the latter’s refusal to stop interrupting the Speaker of the House Ali Abdel Aal. Okasha has been denied permission to take the floor since January, as noted by Ahram Online, and has recently called for early presidential elections. Khalil tried to massage some dignity and a larger sense of meaning from an otherwise gossipy story by rightly stating that journalists have been confounded and mistreated while attempting to cover the House since its first session.

[The domestic press is now reporting that the Journalists’ Syndicate has ordered its members to refuse to cover the House — and that Khamis has issued a statement apologizing for the incident. Yes, our legislative future is in their hands…]

Meanwhile: Domestic media have suddenly and inexplicably began singing a different tune on human rights, especially with regard to alleged cases police abuse of civil rights, explored in further detail in today’s Speed Round. In that vein, Khalil also spoke on the phone with Sayed Ismail, the father of the lorry driver killed by a non-commissioned police officer in Darb El Ahmar, which prompted a mob to beat the officer and demonstrate outside the local police station. The NCO has since been arrested and is under investigation. Interior Minister Magdy Abdel Ghaffar on Sunday visited Ismail, father of the slain 24-year old driver Mohamed Sayed, the footage of which aired on Hona Al Assema. Khalil spoke with Ismail over the phone and asked him what the Interior Minister had told him during his visit. “He promised me the officer would be put to death.” That prompted Khalil to pause, then haltingly reply, “I, I think that’s up to the courts to decide?”

Ibrahim Eissa on Al Kahera Wal Nas picked up where the other talk show hosts have left off in recent days, spending more than the first half hour of his program speaking of the prevailing “absence of justice.” He criticized the state’s response to the Darb El Ahmar case, as well as the defamation of doctors following their syndicate’s strike in response to the alleged assault of two of their members by plainclothes, non-commissioned police at the Matariya Teaching Hospital. Eissa claimed there were 15 reported cases of police brutality in the past month, rejecting the explanation offered by the Interior Ministry that these are all separate cases. The issue, Eissa suggested, is systemic. Eissa also ridiculed the protest law, saying it is only applied selectively — ignored during the Darb El Ahmar demonstrations, but applied rigorously to small gatherings of youth activists.

Amr Adeeb on Al Qahera Al Youm likewise not only criticized the Interior Ministry, but also ridiculed Mortada Mansour’s drive to shut down Adeeb’s program within the week by collecting signatures of parliamentarians, noting many of the signatures turned out to be faked. (Watch in Arabic, running time: 8:13)

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SPEED ROUND

The Central Bank of Egypt removed restrictions on the deposit of foreign currency by travelers so long as they can produce a currency declaration. The CBE published a directive dated 9 February allowing individuals arriving in Egypt with more than USD 10,000 in cash to deposit the sums in Egyptian banks without restriction or cap as long as they provide proof that the cash was declared upon arrival. Travelers are not required by law to declare sums less than USD 10,000, Al Mal notes.

The CBE also lifted import restrictions on all goods arriving in Egypt by air cargo, Al Mal reports. Computer hardware, software, and apps have also been declared exempt. Both exemptions are contingent on providing local banks with authentic paperwork from the exporter’s bank. The CBE statement quoted in Al Mal also exempted production inputs and essential goods from the 100% cash-cover requirement for letters of credit.

We might be going back to the international bond market by the end of June: Egypt is hoping to issue an international bond by the end of June, according to Finance Minister Hany Dimian. “Dimian said the size of the issue, the timing and the tenor would depend on market conditions,” according to Reuters. The minister also pointed to a drop in Egypt’s economic growth forecast for the current fiscal year to 4-4.25% from a previous estimate of 5%, with Egypt now “focusing on … how to foster direct investments from the Gulf states,” Bloomberg quotes the minister as saying on the sidelines of an economic conference in Abu Dhabi. Gulf funds were key in bridging in a budget deficit that Dimian estimated at 11-11.5% of GDP for the fiscal year ending June 30, which is higher than the government’s original target, in part because of the “lower growth rate that we now anticipate,” he says. “Tax steps and other measures to strengthen state finances had been delayed,” Reuters writes, with Dimian saying a value-added tax “would be the first legislation to be looked at by parliament this year.” According comments made yesterday from MP Bahaa Abu Shokka, that will likely not be until 1 April — barely three months before the start of the state’s 2016-17 fiscal year.

The Trade and Industry Ministry has “fundamentally amended” import legislation governing the registry of licensed and approved importers, Trade Minister Tarek Kabil tells Al Masry Al Youm. The amendments raised the capital requirements for importers to register and hiked the ins. cover importers are required to carry. An amendment was introduced that sets a minimum required volume of imports to be registered. Kabil states that while specific figures have yet to be worked out, they will incorporate input from the Federation of Egyptian Chambers of Commerce. If you’re not closely following the story, we note that these measures are an extension of the registration requirements imposed in January, which set standards for exporters to Egypt in a bid to curb imports. The the capital requirements for registration is a move to squeeze-out smaller players.

Car sales could drop as much as 30% this year on supply constraints, says Samir Allam, head of the Transportation Division at the Federation of Egyptian Industries, according to remarks carried by Al Mal. Meanwhile, it’s going to cost you 5-10% more to get that Lada you’ve always craved, the car manufacturer’s representative in Egypt says.

“Wrangling over terms for sales to Egypt and slow demand from Middle Eastern buyers hit by low oil prices have dampened hopes for a rush of European Union wheat exports to trim large stockpiles,” Reuters writes (see the Arabic version here). Slow exports mean the EU is well on its way for the biggest end-of-season wheat stocks in seven years, while top producer France is facing its biggest stockpile in 17 years, according to official forecasts. See a pie chart of Egypt’s wheat imports here.

The investment climate in Egypt is “the worst” regionally, Orascom Development Holding CEO Samih Sawiris tells Daily News Egypt. Sawiris says there is no clear plan for the exchange rate, “which he said makes it hard for investors to calculate their return on investments.” Egypt needs to float the EGP to attract investment and reduce unemployment in tandem with a government plan that “protects” the middle class from rising prices, he explains. The government’s handling of the tourism sector gets a scathing critique as well, with Sawiris saying the administration was “complacent and arrogant,” particularly in its handling of the Russian plane crash incident.

…Finance Minister Hany Dimian agrees with one point Sawiris makes, telling Al Mal the ministry is considering issuing cash subsidies to soften the impact of reform measures. Dimian adds that economic reform measures are essential to return to an economic growth path.

The CBE is launching a new EGP 5 bn initiative to support medium-sized companies in the industrial and agricultural sectors, Al Mal reports. The initiative, which will be available to banks as of March 2016, includes 10-year loans with a 7% declining interest rate to finance equipment and the expansion of production lines. Medium-sized companies are defined as companies with sales between EGP 20 mn and EGP 100 mn. Companies can only tap into the program once, with a maximum loan size of EGP 20 mn through one bank. Tarek Amer made mention of the initiative during his interview with Ibrahim Eissa on Sunday night.

EgyptAir announced on Sunday that it lost significant market share to foreign air shipping companies as a result of a ban on air freight out of Egypt to the US and Canada, which we noted last November. The regulations have been in place since the Metrojet disaster and have driven up costs of exports 100%, exporters tell Al Borsa. Restrictions have forced them to ship to the US via Germany since EgyptAir announced it was halting cargo flights to Canada and the US.

MOVES- Deutsche Bank named Jamal Al Kishi its new CEO for the Middle East and Africa. According to Bloomberg, Al Kishi replaces Ashok Aram, who moves to Frankfurt to serve as chief executive for EMEA (ex-Germany and the U.K). Salah Jaidah has been appointed Deutsche’s chairman for MENA at the same time, Reuters adds. Al Kishi will remain head of Deutsche Securities in KSA, while Jaidah will retain his post as head of the firm’s operations in Qatar.

Hatta anta ya Brutus? Police forces have been on the receiving end of scathing criticism from Egyptian talk shows. Al Masry Al Youm notes that usually docile talk are taking a more critical tone than usual toward the Interior Ministry following a recent spate of cases in which members of the police service are alleged to have abused the human rights of civilians, as we’ve noted in recent editions of Last Night’s Talk Shows. The piece gives the rundown host-by-host. It comes as Prime Minister Sherif Ismail held what’s being billed as an ‘emergency meeting’ with Interior Minister Magdy Abdel Ghaffar to discuss President Abdel Fattah El Sisi’s demand they create new legislation “regulating the relationship between the police force and civilians,” Al Masry Al Youm reports. Ismail called on Egyptians not to hold the entire security apparatus responsible for the actions of a few. After the meeting with Abdel Ghaffar, Ismail promised a two-year plan to overhaul the police force, reports Al Borsa, including training courses on how first responders should interact with civilians. The newspaper suggests Abdel Ghaffar said the legislation will “redefine the powers” of members of the police force and could limit the possession of firearms by both non-commissioned members and officers by setting new qualification standards. The meeting came as Al Mal reported that a policeman in Port Said was killed after allegedly being shot by a colleague. AMAY says the officer confessed he killed the man because the victim had bullied him in the past and said his Facebook posts weren’t that funny.

Hezbollah sent a delegation to Cairo on Monday to attend journalist Mohamed Hassanein Heikal’s funeral, Al Arabiya reported. The delegation reportedly included media adviser and foreign relations official Mohamed Afifi and member of parliament Hassan Ezz El Din. (Read in Arabic)

THE MACRO PICTURE

Are global markets on the rebound amid climbing commodity prices? S&P futures are rallying, according to reports, while Chinese stocks have risen to their highest in a month in the wake of a regulatory reshuffle, and Europe stocks have hit a three-week high.

Not doing so well? The GBP, which slid the most since 2010 on Brexit fears, with Moody’s warning that it would consider “assigning a negative outlook to the sovereign’s Aa1 rating following a vote to exit.” Meanwhile, in Canada, the deficit could come in at triple the CAD 10 bn cap promised by Prime Minister Justin Trudeau. Canada is now on track for a CAD 18.4 bn deficit in the year starting April — a figure that rises to CAD 30 bn after adding anticipated spending measures, the Global & Mail reports.

The Eurozone PMI fell to 52.7 this month from 53.6 in January — the lowest in 13 months. Monetary policymakers from across the region will meet at the ECB’s Frankfurt headquarters in early March to possibly unveil measures (paywall) to counter the threat of a slowdown in emerging markets, financial market turmoil, and weak oil prices.

EGYPT IN THE NEWS

The international press is still preoccupied this morning with the conviction in absentia of four-year-old Ahmed Mansour Karni for murder. The BBC penned a piece on the issue, citing a military statement that said the court was meant to sentence a 16-year-old with a similar name instead. To further complicate matters, Mada Masr reports that it was the boy’s 51-year-old uncle Ahmed Karni they were after, according to comments from the deputy interior minister for public relations during a phone interview on Saturday on Al-Ashera Masa’an. “But while the show was live on air, the child’s mother also called in to say the police had just showed up at their home looking for Ahmed and his father.”

The BBC also covered the Nadeem Center shutdown, saying the NGO was given until Monday to cease activities. DNE reports that the center would continue to document the state’s human rights violations, its co-founder Seif Al-Dawla said at a press conference at the Press Syndicate. Al-Dawla said Nadeem’s next report, which address the repression of freedoms that took place in February, will come out on 28 February as scheduled.

WORTH READING

You’re going to be taking cash out of ATMs without a bank card and downloading movies to your cell phone in about five seconds flat. With the global telecom and tech industries gathering in Barcelona for this year’s Mobile World Congress, which kicked-off yesterday, you can expect a ridiculous volume of futuretech stories. Our favourites to date include cardless ATMs, where Business Insider notes that banks are “are installing new ATMs or updating existing ones to allow customers to order cash on a mobile application and then scan a code to get their money without having to insert a bank card.” The New York Times, meanwhile, has a quick briefing on what 5G mobile technology will mean to you and, for the geekier among us, a look at the global race to define a 5G standard with bns of USD at stake for the winners. TechRepublic had an even deeper dive last month, if you’re so inclined.

DIPLOMACY + FOREIGN TRADE

Egypt will not agree to the Nile Basin (Entebbe) Initiative in its current format, Irrigation Minister Hossam Moghazi reiterates. He told Al Masry Al Youm Egypt continues to refuse to sign an agreement that does not stipulate that other signatories inform it of construction plans in Nile.

Five hundred goods that don’t meet Egypt’s trade standards are now ineligible for import as part of the country’s ongoing campaign curb imports, Al Mal reports. The 500 goods, which have seen a tariff hike this month, will not be allowed to be imported from trade blocs that have freetrade agreements with Egypt, says Trade and Industry Minister Tarek Kabil. (Read in Arabic)

Egypt could partner with Sudan to grow strategic crops, the prime minister’s spokesperson tells Amwal Al Ghad. Prime Minister Sherif Ismail met with Sudan’s Investment Minister Mudathir Abdulghani Abdul Rahman to discuss international cooperation yesterday where Abdul Rahman reportedly discussed with the PM areas of arable land and available water supplies that could be used to grow strategic crops.

And it appears that a similar partnership may be developing with Cameroon, with the Egyptian Exporters Association (Expolink) signing an agricultural cooperation agreement with representatives of the private sector there, AMAY reports. The agreement will see Egyptian companies export agriculture equipment, fertilizers, and pesticides, in addition to providing training to increase the output of corn. The agreement will also provide Egyptian exporters with information on the agriculture sector in Cameroon, says head of Expolink Khaled Al Meeqaty.

Tourism Minister Hisham Zaazou and his Greek counterpart Elena Kountoura signed a tourism cooperation agreement that would see each countries promote the other’s industry in places like the U.S. and China, Al Mal reports. The agreement would also see Egypt feature as a destination on Mediterranean cruises originating from Greece and would encourage travel between both countries. Zaazou adds that he will be announcing a cultural tourism initiative that would see direct flights from European airports to Luxor, according to Al Mal.

The Egyptian and Jordanian governments agreed to cooperate on unifying trade standards and measurements to further lift trade barriers between them and facilitating the transfer of goods, says Industry and Trade Minister Tarek Kabil. The move follows a meeting between Kabil and Jordanian Trade Minister Maha Al Ali at the Business for Africa Summit, Al Masry Al Youm reports.

Egypt ready to help Togo with meningitis epidemic: Egypt is ready to provide Togo with the medical aid to support its efforts to eradicate meningitis, President Abdel Fattah El Sisi says during a meeting on Sunday with the Prime Minister of Togo Komi Sélom Klassou, Al Ahram reports.

ENERGY

Orascom Construction tapping OPIC, EBRD to finance renewable energy stations
Orascom Construction is in negotiations with the U.S. Overseas Private Investment Corporation and the European Bank for Reconstruction and Development to finance renewable energy power station projects in Egypt. A source tells Al Mal that an agreement could be signed soon. The value of the potential agreement has not been disclosed. (Read in Arabic)

EGEMAC awarded EGP 47 mn Beni Mazar transformer station tender
The Egyptian German Electrical Manufacturing Company was awarded a tender to build a 66/11 kV transformer station in Beni Mazar in Minya, company Chairman Medhat Ramadan tells Al Mal. The station has an investment value of EGP 47 mn, financed by the Egyptian Electricity Transfer Company. The timeframe of the project is six months and is part of the Electricity Ministry’s plan to increase the grid’s capacity to 30 GW from 27 GW, adds Ramadan. (Read in Arabic)

BASIC MATERIALS + COMMODITIES

Supply Ministry, CBE reach arrangement to speed up cooking oil clearances
The Supply Ministry and the CBE have worked out an arrangement to expedite the issuance of LCs for cooking oil to both the public and private sectors, said Supply Minister Khaled Hanafi at a meeting with importers and distributors. Reiterating statements made yesterday to TV anchor Lamees El Hadidy, Hanafi said factories producing cooking oil and other supplies, including rice and sugar, are operating at full capacity. Bread points have been fully reimbursed, and the ministry has distributed around EGP 800 mn worth of goods in February. His comments come amid reports of shortages of government-subsidized food supplies under the smart-card system due to the FX crunch. As we noted on Sunday, cooking oil had been the worst affected commodity, with payment problems putting suppliers off bidding in state tenders. Reuters reported that with three oil tenders cancelled in the last three months alone, traders say they now have to factor in the cost of expected delays.

MANUFACTURING

MOPCO land to be used for petrochemical factory, says El Molla
EGPC has begun preparing studies to transfer unused land owned by Misr Fertilizers Production Company (MOPCO) in Suez to a new company for production and refining, says Oil Minister Tarek El Molla. The company will use naphtha from the Nasr Petroleum Company. The estimated cost of the project is around EGP 5 bn, with a capacity of 1 mn tons of petroleum products, he adds. The factory project is in line with the government’s strategy to curb petroleum product imports and increase refining capacity. (Read in Arabic)

HEALTH + EDUCATION

CBE expedites pharmaceutical imports clearances amid word of shortages
The CBE has called on banks to tally the list importers who have medicines in customs and who are still on a wait-list for USD, Al Mal reports. Some sources have told Al Mal that Sunday’s FX auction was an extraordinary measure to cover the imports. Pharmaceutical companies have confirmed to Al Borsa that banks have begun loosening the USD purse strings on imports for the sector, which are classified as essential goods. The move was precipitated by news of major shortages of meds as a result of slow clearing rates, with the the Egyptian Centre for the Right to Medicine (ECRM) reporting shortages of 800 drugs that can be sourced locally, 188 of them considered vital, Al Mal reports. The ECRM is reporting that locally sourced alternatives have seen a 200% markup in prices. Health Minister Ahmed Rady denied any shortages or a spike in prices, saying pharmacy shelves are stocked.

EHMS to sign agreement with Pharco to supply cheaper meds
The Egyptian Healthcare Management Society (EHMS) is expected to sign an agreement today with Pharco Pharmaceuticals to provide medication to EHMS member companies at lower costs, Al Borsa reports. Pharco will provide these 44 healthcare companies with meds for diabetes, blood pressure, high cholesterol, and other chronic illnesses at discounts ranging from 30% to 60%, says EHMS Chairman Ehab Abu Al Magd. (Read in Arabic)

TOURISM

Why hasn’t the CBE’s tourism rescue initiative begun yet, the industry asks
Some in the industry have described Central Bank of Egypt Governor Tarek Amer’s statements on supporting the tourism sector as a “media show,” saying his initiative to reschedule debt owed by tourism companies to three years and facilitating EGP 2-3 bn in new financing from banks is not being implemented. Ahmed Balbaa, who heads the Tourism Committee of the Egyptian Businessmen’s Association, urged the CBE to back its statements with actions and honor the initiative. The head of the Egyptian Travel Agents Association Hussam El Sha’er defended the delay in implementing the initiative by saying that the details and timeline of the initiative have not been agreed upon by the sector and banks. (Read in Arabic)

Investors to inject USD 70 in Tourism Ministry’s charter airline, Zaazou says
An unspecified number of private sector investors are putting in USD 70 mn for a charter airline the Tourism Ministry is forming, Minister Hisham Zaazou tells Al Borsa. Zaazou had said the ministry is looking to create a USD 100 mn airline. The minister did not disclose who the investors were. (Read in Arabic)

TELECOMS + ICT

Egyptian market ready for 4G service, says Ericsson Egypt
Egypt is now ready for 4G services, company executives at Ericsson tell Al Masry Al Youm, adding that the responsibility for completing the infrastructure system should not fall on the government alone. Ericsson is working with companies in the domestic market to provide support and build experience ahead of being awarded the 4G license. (Read in Arabic)

AUTOMOTIVE + TRANSPORTATION

JICA to finance Fifth, Sixth Metro line feasibility studies
The Japan International Cooperation Agency (JICA) has agreed to finance feasibility studies for the Fifth and Sixth Metro lines as well as the second phase of the Fourth Metro line, JICA’s Egypt Chief Program Officer tells Al Mal. A verbal agreement was made during a meeting between the Transport Ministry, JICA representatives, and the Japanese Ambassador to Egypt, he adds, saying Japan is waiting for an official request from the Foreign Ministry. (Read in Arabic)

Transport Ministry to issue three Nile taxi licenses as a first phase
The Transport Ministry will approve the conditions set for issuing Nile taxi licenses in the coming days after they are presented to the cabinet, Nile Taxi Chairman Magdy Ghali tells Al Borsa. The ministry will issue three licenses worth EGP 480k for the first phase of the project, he adds. The cost of the license is high, says Ghali, as they require operating at full capacity to cover costs. Nile Taxi in looking to complete regulations for seven Nile ports in the greater Cairo area to increase their capacity to 120 seats from 75 by next year, he adds. (Read in Arabic)

Cairo governorate considers issuing temporary car exhibition licenses
The Cairo Governorate is considering issuing temporary licenses to open car exhibitions in Cairo until the completion of the 25-feddan exhibition city in Katameya, says Cairo Governor Galal Said. The licenses will permit and exhibitions at fixed plots of land in the city, restricting them to those areas. The governorate will issue fines of EGP 1,000 a day for any violations, Al Borsa reports. The exhibition city, which was announced by Industry Minister Tarek Kabil back in November, aims to develop vast exhibition spaces and ease traffic congestion in Cairo by moving exhibitions there. (Read in Arabic)

GB Auto to release G7 Marco Polo buses in 3Q2016
GB Auto subsidiary GB Polo plans on releasing the seventh generation (G7) model of its locally assembled Marco Polo bus during the third quarter of 2016. (Read in Arabic)

BANKING + FINANCE

Misr Ins. wins Egyptian airport ins. tender
Misr Ins. was awarded the Egyptian Holding Company for Airports and Air Navigation’s tender to extend EGP 8 bn in coverage to Egyptian airports, unnamed sources tell Al Borsa. The story includes breakdowns of the coverage. (Read in Arabic)

ADIB net profits fall to EGP 219 mn
Abu Dhabi Islamic Bank-Egypt’s net profits fell to EGP 219 mn in FY2015 from EGP 261 mn in FY2014, according to an entry on the EGX.

OTHER BUSINESS NEWS OF NOTE

SCZone looking for private consultants to price economic zone land
The General Authority for Suez Canal Economic Zone is evaluating offers from four to five consultancy offices to price the land that will be offered as part of the zone. Pricing is not an issue the government should interfere with, it should be left to experts, says authority head Ahmed Darwish. 13 potential offers were received, but were merely testing the waters, even though there was one serious investment offer from a Chinese entity, Darwish says. (Read in Arabic)

LEGISLATION + POLICY

Health Ministry to introduce Universal Health Ins. Act to the House in three weeks despite widespread opposition
The Universal Health Ins. Act is ready and will be introduced to the House of Representatives in three weeks, says Health Minister Ahmed Rady. The bill garnered widespread opposition from the Doctors Syndicate who have protested 13 articles and called for a meeting with the ministry to discuss their objections. Their grievances were ignored by the ministry, says deputy secretary general of the syndicate Rashwan Shabaan. The syndicate will intensify its lobbying efforts in the House to shoot the bill down, he states. As it stands, 74 professional unions and seven political parties have openly declared their opposition to the legislation. (Read in Arabic)

EGYPT POLITICS + ECONOMICS

Suez Canal Authority looks to amend transit fees for gas shipping companies
The Suez Canal Authority (SCA) will hold talks with gas shipping companies to rework their transit fees, says head of planning at the SCA Nagy Ameen. He states that the SCA will keep transit fees for shipping unchanged during 2016 despite the FX crisis. The SCA had reduced discounts on transit fees for gas companies to 25% in February 2015 from 35% previously. He adds that the SCA is projecting a 3% year-on-year increase in Suez Canal revenues this month. (Read in Arabic)

ON YOUR WAY OUT

Two employees from the Antiquities Ministry were killed after striking a landmine in Ismailia, according to a statement from the ministry on Facebook. The Ismailiya police chief put the death toll at four. In a separate incident, two ministry security guards were shot by armed robbers in Minya, Mada Masr reports.