Back to the complete issue
Monday, 21 August 2017

Egyptian bulls are running

A flattering report on CNBC finds all our asset classes looking more and more attractive. The article lauds the emergence of Egypt’s new investment law, which it says will pave the way for foreign investors. The article runs through what we all know and pray for: that the float and the higher interest rates that came with it have allowed liquidity to flow freely and that the less-costly EGP is creating a sweet spot for those looking to export. While there are still some questions around the currency, holding rates steady will be taken by many as a sign of confidence and that the bull run the EGX30 has had will ripple out into other asset classes and the investment environment as a whole. Thanks for the love CNBC, late as it may be.

Oh, and the average yields on Egypt’s three- and nine-month treasury bills fell yesterday, Reuters reports.

Also worth a skim on a very slow news morning for Omm El Donia:

  • Egypt, Lebanon and Iran are among the top countries in the world in which folks seek out surgical procedures designed to have a positive impact on one’s appearance , says the Sunday Times (paywall).
  • Tribes in Sinai are taking up arms to help the Egyptian Army fight terror groups, George Mikhail writes for Al-Monitor, which is rather late to the story.
  • Egyptians are enrolling their infant children in swimming classes to help improve their sleep and flexibility, Mohamed Zaki writes for Reuters.
  • Former Cairo resident Noor Naina Zafar recounts the details of her visit to Cairo and Alexandria seven years after she left Egypt in a piece for Pakistan’s The News on Sunday.
  • Prickly pears, a summer fruit only sold by street vendors, remain affordable amidst soaring prices, and are thus called “the fruit of the poor,” writes Ramadan Al Sherbini for Gulf News.

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.