What we’re tracking on 11 March 2018
It’s a busy news day today, with no sign that the presidential election has slowed down foreign or domestic investors’ appetite for Egyptian opportunities.
The Financial Regulatory Authority (FRA) announce the launch a movable collateral assets registry today, Al Mal reports. The FRA had signed an agreement with the Egyptian Credit Bureau (iScore) last year to establish the registry, which officials say will make it easier for banks to loan to SMEs and drive financial inclusion by allowing machines, patents, and engineering designs to be used as collateral.
AmCham’s 40th annual Doorknock mission to Washington, DC, kicks of tomorrow and runs until 16 March. The mission will include a delegation of 35 companies from the Federation of Egyptian Industries who will meet with members of Congress, lobbyists, and representatives of various DC-based think tanks to discuss the results of Egypt’s ongoing economic reform program and explore the potential for a trade liberalization agreement with the US, which is currently on the hunt for a gateway to the African market, according to Egyptian-American Business Council Chairman Omar Mehanna. The delegation will also be sharing its concerns about US media coverage of Egypt with the Washington crowd. Enterprise is on the road with AmCham, so we’ll have updates from the ground in DC for you this week.
EGX head Mohamed Farid plans to hold meetings this week with financial industry lobby groups to discuss establishing an industry federation as per amendments to the Capital Markets Act, sources tell Al Mal. The meeting will include representatives of the securities division of the Federation of Egyptian Chambers of Commerce as well as the Egyptian Capital Markets Association.
Egypt is fielding proposals from 10 investment banks to manage its EUR 1-1.5 bn eurobond issuance in April, according to Finance Minister Amr El Garhy. The minister had said last week that Egypt will settle on the winning banks within two weeks.
French business delegation in town this week: A delegation from France’s main business union, MEDEF International, will be visiting Egypt on Monday and Tuesday. The delegation will be headed by Marc Rennard, head of the union’s digital taskforce and the deputy CEO of Orange Group in charge of customer experience and mobile banking. The delegation will be meeting with the central bank as well as the finance, health, and CIT ministries. They will also meet with private sector players in the payment solutions sphere to discuss cybersecurity, e-government, e-identity, payment dematerialization, and digital transformation.
Alfanar is hosting an interactive discussion about trends in social entrepreneurship and sustainable development in vulnerable communities in Egypt and the region. The session takes place this morning at the Nile Ritz Carlton, kicking off at 9:00am CLT. Panelists include Social Solidarity Minister Ghada Waly, Olayan Financing CEO and Alfanar Chairman Lubna S. Olayan, and our very good friend Nadine Okasha, SODIC director of strategy, research & PR. Nadine will be talking about SODIC’s CSR work and how the company has been investing in social enterprises with the goal of making them scalable and sustainable in lieu of charitable donation. You can sign up here.
Watch this space: Italy’s Eni and the UAE’s ADNOC will be signing an agreement today following a meeting between Italian Prime Minister Paolo Gentiloni meets Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed, the Italian government said. Sources tell Reuters it is an offshore agreement.
Want to stay healthy well into old age? Hop on a bike. (Or, odds are, try just about any other aerobic exercise.) “Doing lots of exercise in older age can prevent the immune system from declining and protect people against infections,” the BBC reports, saying a recent study in the journal Aging Cell found “followed 125 long-distance cyclists, some now in their 80s, and found they had the immune systems of 20-year-olds.”
Coca-Cola is planning to launch an alcopop-style alcoholic drink for the first time in the company’s 125-year history, BBC reports. However, the 3-8% alcohol product will be on shelves in Japan and is unlikely to be sold elsewhere.