Back to the complete issue
Sunday, 10 July 2016

Three questions you should be asking this morning: Devaluation, the state budget and the June purchasing manager’s index

If you’re anything like us, you’re recovering from the first long weekend of Sahel, a transatlantic flight and / or the reintroduction of ethanolic beverages in your diet — and could probably do with a reminder of where we left off last week. Among the issues of broad importance making headlines before the Eid:

  • Egypt repaid debt to both Qatar and the Paris Club totaling more than USD 1.7 bn and there was speculation we may have opened informal talks with the IMF on a facility of as much as USD 10 bn.
  • Industry was worried EGAS will cut natural gas supplies to manufacturers for the coming two month as we pass through high demand season for electricity.
  • Mobile network operators faced the specter of foreign competition if they don’t take the 4G licenses on offer (and, of course, if there’s a foreign player out there interested in our market). The industry continues to bemoan the lack of FX, to fret about repatriation of funds and jockey for position, particularly over the fate of Telecom Egypt’s stake in Vodafone Egypt.
  • Bank managing directors found they could still face term limits, Central Bank of Egypt Governor Tarek Amer suggested, setting up continued conflict between industry and private-sector institutions despite a court ruling against the earlier imposition of the nine-year limit.
  • We seemed to be on the verge of a mini-IPO boomlet, with CIB’s CI Capital being the most recent to be rumored to want to file. We’ll have an updated IPO tracker for you soon.
  • And Beltone Financial said it is suing the heads of the Egyptian Financial Supervisory Authority and the EGX, claiming it was being unfairly treated.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.