On the horizon
Patriarch Bartholomew of Constantinople, the “first among equals” of the Eastern Orthodox Christian world, will join Pope Francis in his visit Cairo on 28-29 April visit. Catholic news portal Crux says the invitation reportedly came from Al Azhar’s Grand Imam Ahmed El Tayeb. “As a result, it may well be that the leaders of both the Christian West and East join the head of the local Coptic Orthodox Church in Egypt, Pope Tawadros II, in presenting a united front in their meetings at Al-Azhar,” Crux adds.
Renaissance Capital’s second Egypt Investor Conference takes place in Cape Town on 24-25 April, “with top executive representation from 13 corporates representing sectors ranging from banking to property development, consumer goods, healthcare, industrials, materials and energy.” What investor expect: RenCap notes that “Now that Egypt’s exchange rate adjustment is out of the way and FX liquidity has returned to the economy, investors will be looking for the government to deliver on its structural reform programme to secure sustainable foreign direct and portfolio inflows (alongside support from the IMF and other institutions). How consumers are coping with the pressure of a weaker exchange rate and higher inflation, and what the banks are seeing in terms of credit quality and demand will be key questions for corporates during the conference.”
Shares in Raya Contact Center will start trading on 27 April, CEO Ahmed Imam told Reuters. Shares in the offering, which involves selling a 49% stake in company, will open at EGP 16.50. “The company aims to double revenues and profit within two years as it expands in Egypt and the region, Imam said, adding that he expects revenue to increase 33 percent this year and profit by more than 40 percent.”
Budget debate next week: The House of Representatives’ Planning and Budget Committee is scheduled to begin discussing the FY2017-18 state budget mid-next week.