Back to the complete issue
Monday, 27 March 2017

Parliament becomes after school at the mall; EFSA publishes measures against brokers in the Official Gazette

Last night’s talks shows nearly put us to sleep until Kol Youm’s Amr Adib started ranting about the rumble in the jungle that is the House of Representatives fight over the National Elections Act, where MPs got into a fist fight. MP Mahmoud Mohie El-Din phoned in to blamed the fight on House Speaker Ali Abdel Aal’s attempt to split votes between the majority coalitions and the opposition in a bid to rescue the bill (watch, runtime 5:44). The squabble had been over the role the judiciary will hold in running the new regulator set up by the law to govern national elections. .In the end, MPs gave a preliminary nod to the law, Al Shorouk reports. Adib (along with probably everyone else tuning in) was clearly just waiting for the juicy details on the fight, of which we could not find a video by dispatch time. Look to our Worth Watching section this week — we’ll have it when it (inevitably) leaks.

Adib also showcased a report on the “recession” hitting shopping stalls and food markets in Cairo (watch, runtime 3:50). Showing off his economic chops,Adib said the economy will not improve if prices drop — what’s really needed is an increase in incomes (watch, runtime 2:49).

Over on Masaa’ DMC, Eman El Hossary hosted Egyptian Financial Supervisory Authority head Sherif Samy for a chat about what happens to brokers who violate securities regulations (watch, runtime 2:00). Bad things, apparently, including suspensions of licenses for three months while EFSA investigates and publication of alleged ne’er-do-wells’ names in the Official Gazette. (Al Masry Al Youm has more on the story).

Al Hayah Al Youm’s Lobna Assal aired a report on Supply Minister Ali El Moselhy’s press conference at the “Ahlan Ramadan” Supermarket Expo (watch, runtime 3:20). He noted that private-sector companies will offer food at discounted prices during the holy month. Nothing like a bit of moral suasion to “guide” us all on prices…

Ali Faramawy, Microsoft’s boss for the Middle East and Africa, gave Hona Al Assema’s Lamees El Hadidi the low-down on a digital transformation unit he established within the company that will consult on ways technologies can benefit emerging markets (watch, runtime 25:51).

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.