What we’re tracking on 07 August 2017
On a quiet summer morning, we have three big pieces of news on personalities who will shape our regulatory and macro environments:
New head of EGX announced overnight: Mohamed Farid Saleh was appointed chairman of the EGX late yesterday in a decree issued by Prime Minister Sherif Ismail. He replaces Mohamed Omran, whose term wrapped last week. Farid returns to government service from the private-sector economic think tank Dcode, where he was chairman and CEO since 2012. He’s been an adjunct at AUC and the Arab Academy for Science, Technology and Maritime Transport and a consultant to the world bank. He was previously vice-chairman of the EGX (July 2010 through October 2011), during which time he worked on weighting of indices as well as the development of a derivatives market. He was earlier a staffer at the Investment Minister during the time of Mahmoud Mohieldin, where served from 2004-2010 and was head of the capital markets unit. You can check out his AUC bio here and his Linkedin page here. Reuters has the news.
Sherif Samy’s last day at EFSA is today: Sherif Samy’s tenure as chairman of the Egyptian Financial Supervisory Authority (EFSA) officially ends today. Ahram Gate notes that Samy’s deputy, Reda Abdel Moati, will lead EFSA in the interim until President Abdel Fattah El Sisi appoints a full-time chairman. The appointment requires parliamentary approval. Samy’s parting gift? Amendments to tighten up listing regulations that could threaten the status of some 30 listed companies (we have more in the Speed Round).
We have a new IMF mission director for Egypt: IMF Egypt Mission Chief Chris Jarvis’ three-year term in the country has ended, according to Al Ahram. Jarvis has passed the torch onto former Portugal Mission Chief Subir Lall, who has previously served as mission chief for Germany, Indonesia, Korea, Malaysia, and the Netherlands. The Brown and Delhi grad’s Linkedin page lists him as mission chief for Egypt and assistant director (Middle East and Central Asia Department) from July at the end of a nearly four-year term in Portugal.
Is your kid Blighty-bound this fall? You may want to look into this: The government has reportedly signed agreements with a number of UK universities to cut the tuition fees for Egyptian students, according to Xinhua. An agreement with Imperial College London will reduce fees for Egyptian engineering students by half, the paper notes. Another agreement with University College London has been renewed to reduce tuition fees for Egyptians by a quarter and another with University of Aberdeen cuts it by 10%.