Back to the complete issue
Sunday, 19 March 2017

El Molla on the resurrected Aramco agreement; Wael Fakharany takes his case against Careem to int’l arbitration

Lamees Al Hadidi was finally back on the airwaves last night and took a moment to reassure everyone that Amr Adib is out of the hospital and on his way to a full recovery from his unspecified health crisis (watch, runtime: 2:56).

Al Hadidi spoke with Petroleum Minister Tarek El Molla about the resumption of oil shipments from Saudi Arabia’s Aramco this weekend (we have more on that in the Speed Round), which he said cost Egypt an average USD 320-340 mn a month, or about 40% of the country’s monthly spending on petroleum products. El Molla also said that the return of Aramco’s fuel shipments will not affect Egypt’s agreement to import crude oil from Iraq (watch, runtime 9:47).

She then spoke to Careem’s former managing director Wael Fakharany, who had threatened to sue the company last week after he was fired unexpectedly. Fakahrany told Lamees that a non-disclosure agreement prevents him from sharing the exact details of what happened, but confirmed that he was going to pursue international arbitration because he had been sabotaged and then fired “without cause” (watch, runtime 10:22).

Meanwhile on Masaa DMC, host Eman El Hosary spoke to Union Capital CEO Hany Tawfik about his alliance with BPE Partners to establish a EGP 150 mn bailout fund for distressed factories. Tawifk said that the process would prioritize certain types of facilities, such as those where operations are suspended due to liquidity shortages, very labor-intensive, or facilities that don’t rely much on imports or export (watch, runtime 6:55).

El Hosary also hosted the new head of the Press Syndicate,Al Ahram managing editor Abdel Mohsen Salama, who was elected by a high margin of 67% on Friday, according to AMAY. He tells El Hosary that his first order of business will be to free jailed reporters and lobby for legislation that guarantees and protects the free flow of information (watch, runtime 3:07).

Yahduth fi Masr’s Sherif Amer was off last night.

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.