What we’re tracking on 25 September 2017
We’re three years old this morning, and we’re feeling a little chuffed about that. On this day in 2014, we sent out the first issue of Enterprise to just under 50 friends and family, and the rest is history. In the time since, we’ve written roughly 6,171,000 words about business, finance and the economy Egypt — nearly double that if you add in our Arabic edition.As we mark the passing of another year, we offer our deepest thanks to Pharos Holding, CIB and SODIC, whose generosity makes Enterprise possible, and to each and every one of the more than 30k readers in Egypt and 184 other countries who start their business days with us. You’re the reason we stay up all night or wake at an ungodly hour every day. We have lots more in store for the years ahead and, as always, welcome your feedback, comments, ideas and criticism on email@example.com — we read every single email we receive.
We can think of no better morning than our birthday morning to acknowledge the success of some of our favourite people. The Middle East Investor Relations Association handed out its IR awards while we were all taking a long weekend. The plaques are based on Extel’s survey of buy- and sell-side analysts — in other words, the folks who consume what comes out of IR programs. We were over the moon to hear that CIB CEO Hussein Abaza was acknowledged as “Best IR by CEO” for the Middle East as a whole. If you’ve ever had the pleasure of sitting in the room while Hussein wrangles investors, you know he sets the gold standard for IR storytelling — and that’s before you throw in the wit and self-deprecating humor. Meanwhile, Heba Makhlouf’s program at SODIC was acknowledged as “Leading Corporate for IR — Egypt” and CIB’s Yasmine Hemeda was named “Best IR Professional — Egypt.” The full list of winners has yet to be posted to MEIRA’s website, but a little birdie sent us this photo of the list, and you can check out the nominees here in full (pdf).
The deadline for the management shakeup at public-sector banks expired last night. Nothing was announced by dispatch time, but Youm7 reports it was told industry sources that the changes would be announced by Prime Minister Sherif Ismail. The newspaper’s rundown of the personnel changes in the offing:
- CBE Deputy Governor Tarek Fayed will go to Banque du Caire as chairman, replacing Mounir El-Zahed;
- Hisham Okasha (National Bank of Egypt) and Mohamed El Etreby (Banque Misr) will remain in place;
- Sahar El Damaty could take the post of vice-chairman at Banque Misr, replacing Ahmed Abu El Ezz.
- Hany Seif El Nasr looks set to continue as chair of the Arab Investment Bank, while Maged Fahmy will continue to run the Industrial Development and Workers Bank of Egypt.
President Abdel Fattah El Sisi is visiting the UAE today, Al Ahram reports, suggesting that a sit-down with UAE Defense Minister Sheikh Mohamed Bin Zayed on regional affairs is in the offing. Expect the Qatar Smackdown to feature on their agenda.
We’re keeping our ear to the ground for news from the UK trade delegation that’s in town this week. Media reports have suggested the mostly-new-to-Egypt companies along for the ride are interested in infrastructure, health, transport and labor-intensive industries.
The United States has a new travel ban this morning after an earlier version expired last night. Sudanese nationals are now off the list, but US President Donald Trump signed off last night on a proclamation adding North Korea, Venezuela and Chad to the list alongside Iran, Libya, Syria, Yemen and Somalia, Reuters reports. “Iraqi citizens will not be subject to travel prohibitions but will face enhanced scrutiny or vetting,” the wire service added.