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Wednesday, 21 March 2018


** No fake news here: We’re not typically in the mood to apologize for our occasional sarcasm or insertion of opinion into your morning read. This daily briefing is offered without charge, and we invite those born without a sense of humor to exercise their democratic right to unsubscribe if they do not appreciate our (admittedly sometimes sophomoric) commentary. That said, we are dogmatic about factual accuracy. If ever you think we have misspoken on the facts, email us at — we’ll look into it right away and set it right.

In that spirit, we offer you:

CLARIFICATION #1- From the good Mr. Ahmed Marwan, founder and chairman of Sigma Capital, whose firm has been in the news of late thanks its contemplated IPO, commentary from its analysts and its role quarterbacking the IPO of B Investments: “I write with reference to your news item related to MBC networks in today’s issue. We at Sigma Capital would much appreciate if you would kindly issue a clarification tomorrow that the Sigma referred to in the news piece is not Sigma Capital and you are referring another specific company.” Ahmed is entirely correct: The vehicle to which we had referred in the MBC vs. Al Hayat TV case has absolutely nothing to do with Sigma Capital.

CLARIFICATION #2-  Sigma Capital chief economist Aya Abdullah tells us she was misquoted by Al Shorouk in her phone interview on whether the government was able to meet its budget deficit targets of 8.4%. The newspaper had mistakenly written that she attributed the possibility of the government reaching that target to the state IPO program. What she had said was that the target was feasible in light of further fiscal consolidation the government is planning and that the target is not far off from the IMF’s projections. The state IPO program was another sign that the government is committed to the reform agenda.

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