Back to the complete issue
Sunday, 12 February 2017

The new economy, the new cabinet, Lionel Messi

It was an eventful night at the airwaves, with the talking heads discussing everything from the economy to Trump campaign adviser Walid Phares, to Lionel Messi’s visit to Egypt this week.

Hona Al Assema’s Lamees Al Hadidi appeared weary of the optimism about a strengthening EGP. Despite an improved exchange rate, importers seeing the backlog getting cleared, the banking sector returning to form, our economy is still slowing down, said Al Hadidi. “We did not see a surge in local production or exports. The rise in [CBE] reserves was on the back of loans,” she added (watch, runtime: 5:51). Banque Misr Chairman Mohamed El Etreby told Lamees that the banking sector has tripled its intake of USD since the EGP float. Banque Misr has brought in USD 6.8 bn since the float just from remittances alone, he said, adding that tourism has started to rebound (watch, runtime: 10:02).

A stronger EGP should not be our target, said Beltone Head of Research Hany Genena, who added that he expects the rate to stabilize at around EGP 17 to the greenback. Speaking on inflation, he tells Lamees that the prices of food and other commodities have gone up worldwide. Genena predicts that export figures will improve either by the end of 2017, or at beginning of 2018. He also urged the government should further raise the minimum income required to pay taxes by the end of 1H 2017 (watch, runtime: 3: 34).

Lamees talked cabinet shuffle and the House’s expected vote on it with MP Ahmed El Sherif. The perception appears to be that those tapped to head ministries are refusing due to the expected salary cuts, as Lamees called on Ismail to raise cabinet salaries to attract “qualified ministers.”

Lamees interviewed Lebanese President Michel Aoun ahead of his state visit to Cairo to discuss the Syrian conflict and the Egyptian-Lebanese relations (watch, runtime: 41: 17).

Naturally, the first thing on Kol Youm’s Amr Adib mind is Barcelona star Lionel Messi, who will be arriving in Egypt this week to promote the Tour n’ Cure hepatitis C medical tourism program, said Tamer Wagih, chairman of Prime Pharma, which is spearheading the campaign (watch, runtime: 20: 56). He reminded viewers that Messi’s Real Madrid rival, and FIFA Ballon d’Or winner Cristiano Ronaldo, will also be in Egypt at some point for his own CSR work.

Adib interviewed Walid Phares, Donald Trump’s advisor on the Middle East during his campaign. Adib asks Phares why Human Rights Watch, the New York Times, the Washington Post and LA Times are warning Trump against including the Ikhwan on the list of terrorist organizations. Phares’ reply was cut from the same cloth as Sean Spicer and Kellyanne Conway: That most of those who work at these organizations attended universities that count a large number of Ikhwanis among their faculty. In other words: Liberals are beard-huggers (watch, runtime: 11:07).

Adib then spoke with senior Siemens executive Sherif Qotab on progress on the power plants in Beni Suef, Burullus and the New Capital. The take-home message: The plants will save Egypt USD 1.3 bn in natural gas bills per year (watch, runtime: 6:26).

Speaking on Al Hayah Al Youm. Consumer Protection Agency (CPA) head Atef Yacoub called on citizens to use the CPA’s mobile application to report restaurants and cafes that impose minimum charges. (watch: runtime: 5:23).

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.