Back to the complete issue
Monday, 6 March 2017

Will Smith is here; Supply Minister promises no price controls; everyone loves Sahar Nasr as Investment Minister

Will Smith’s arrival in Cairo expectedly dominated the airwaves last night, with the talking heads joining the rest of Egypt in losing their minds over the Fresh Prince of Bel Air’s visit to Om El Donia.

But before we show Smith some groupie love, Yahduth Fi Masr’s Amer interviewed Siemens AG CEO Joe Kaeser, who attributed the speedy completion of the project to President Abdel Fattah El Sisi, who insisted on the shortened timeframe. “We would normally finish working on such large-scale projects in 24-30 months, but we finished it in 18 months.” The Siemens chief also said that the company installed 400 MW of the plants’ combined capacity on its own dime.

Amer spoke to Walid El Batouty, an advisor to the Tourism Minister, who said the ministry was notified 45 days ago that an American actor would visit Egypt, but only found out that the actor in question was Will Smith on Saturday. El Batouty said that Zahi Hawas — who is not one to miss an opportunity to be in the spotlight — joined Smith at the Pyramids. Smith reportedly asked El Batouty, whom he met a TIME magazine event, to share pictures of his visit with the media “because he wants to support tourism to Egypt,” and promised to return to Egypt for a longer visit.

Hona Al Assema’s Lamees Al Hadidi fawned over Smith’s visit during a call-in with Hawas. According to Hawas, he received a call from a Dubai-based agency 10 days ago informing him that Smith would be visiting Egypt and wanted to meet both Hawas and Egyptian singer Mohamed Mounir. Smith unfortunately didn’t get to meet El King, who “just got back from Germany, where he was undergoing surgery” (watch, runtime: 5:32).

Lamees then returned to her customary topic of prices, with Supply Minister Ali El Moselhy phoning in to stress that the state is against imposing price controls, and said that the ministry sat down with sugar producers, traders, and distributors to talk prices. “We signed an agreement to reduce sugar prices to EGP 10.5 per kilo, effective after 15 days,” he said. Next on El Moselhy’s to-do list: Rice, cooking oil, and wheat (watch, runtime 9:57).

Carbon Holdings CEO Basil El Baz gave Al Hadidi the low-down on Investment and International Cooperation Minister Sahar Nasr’s meeting with some 40 Egyptian investors yesterday to address obstacles they face. According to El Baz, the outcomes of the meeting included an agreement to hold a meeting on a bimonthly basis, while Nasr will hold industry-specific meetings with investors each month (watch, runtime: 3:23).

Kol Youm’s Amr Adib piled praise on Nasr for her meeting with investors, likening the minister’s paying heed to investors’ needs to his local grocer giving him special attention to entice him into buying more cheese and feseekh (wow, watch, runtime 5:18).

Speaking to a Kol Youm reporter, Nasr said that the attendees discussed how to reduce bureaucracy by authorizing governmental employees to resolve investors’ issues, saying that relying on the Investment Act “is not enough” (watch, runtime 2:29).

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.