What we’re tracking on 2 November, 2016
A random reason to be grateful on this Wednesday morning: If you have a corporate website of any description, you’re probably better-off than Saudi Arabia’s Public Investment Fund. In declaring PIF the world’s most opaque sovereign wealth fund, the Wall Street Journal writes: “The fund has a website with one page in Arabic and another in English that says it is ‘under development.’”
Also: The Supreme Investment Committee met yesterday. We could make fun of the name, and we’d love to repeat our screed against the handling of the capital gains tax (the exemption benefits day traders who do nothing to create jobs or growth, but punishes owners of real business who cash out dividends). That said: The government sent a good message yesterday with a basket of tax exemptions for certain types of strategic projects. More of this thinking (and action on devaluation + subsidies), please.
And finally: Some of us slept without A/Cs on last night. The drone of the A/C did not interrupt our workday yesterday, and it’s not the soundtrack playing in the background as we work on this morning’s edition. Yes, friends: That glorious two-week season known as “fall in Egypt” has begun.
Not-so-random reminder this morning: The EGP strengthened to EGP 17.50-17.70 on the parallel market yesterday, Al Mal reports. That’s still nonsense. Enterprise readers are, in the main, the leaders, owners and senior managers of businesses in Egypt — and 56% of you see the EGP at 11.51-13.50 on 1 January 2017, according to our first-ever reader survey. Another 20% of you think it will be at 13.51-14.50, but only 8.6% of readers expect the EGP to be worth 15.50 or more to the greenback at the start of the year.
Last, but not least: It’s the second day of November. We should know “these days” whether Saudi Aramco is planning to ship petroleum products to Egypt this month. And we should fund out today / tomorrow where reserves stand when the Central Bank of Egypt releases its monthly report.