Back to the complete issue
Tuesday, 24 January 2017

What we’re tracking this week

More noise about the cabinet reshuffle: Following from the reports by Al Ahram that eight ministers will be replaced in the upcoming reshuffle, including an “economic” one, Al Mal’s source in parliament said the reshuffle will only encompass seven positions but will include the investment minister and the trade and industry’s. Other cabinet members reportedly facing the axe are the ministers of: education, higher education, health, and agriculture, along with the wildcard guess of the justice ministry as well. Other sources said consolidating the ministries of antiquities and tourism into one and reintroducing the information ministry are among the options being assessed. Part of why speculation is at all time high is that so many of the candidates tapped to replace current ministers have so far refused, Al Ahram reports. The reshuffle is expected to be completed by the start of next week.

More talks on LC debt-relief: Members of the Union of Egyptian Investors Associations will meet with Central Bank Governor Tarek Amer and Finance Minister Amr El Garhy this week to resume talks on the repayment of their pre-float LCs, Al Mal says. Members of the organization proposed a seven-year repayment period with at 7% interest rate at an earlier meeting with Prime Minister Sherif Ismail, where CBE officials had suggested setting an 18% interest rate.

We hope you’ll be watching the Egypt’s national team playing Ghana in the Africa Cup of Nations tomorrow at 9 pm, it’s hardest game to date in the competition. What’s at stake: Egypt needs to at least draw with Ghana and Mali needs to lose to Uganda if we ever stand a chance of moving to the knockout stages.

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; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.