Back to the complete issue
Tuesday, 24 April 2018

CI Capital IPO, fines for harassing tourists, military denounces HRW report on North Sinai

The airwaves offered up a mixed bag of nuts last night, which included CI Capital’s IPO, a new anti-tourist harassment law, and a Human Rights Watch report claiming North Sinai residents are in need of urgent aid.

Subscription for the retail offering of CI Capital’s IPO closes today, CI Capital Chairman Mahmoud Atallah reminded Hona Al Asema’s Lamees Al Hadidi. Atallah said that favorable economic conditions encouraged the company to follow through with its initial public offering this month, adding that the institutional tranche of the offering was more than 6x oversubscribed. The company had priced the share in at EGP 7.70. Trading should start on 30 April (watch, runtime: 1:41:43).

Anyone caught harassing a tourist will face a fine of up to EGP 10,000: The House of Representatives approved yesterday to legislative amendments that imposes penalties of EGP 3,000-10,000 on anyone who “harasses tourists or visitors of archaeological sites or museums. The amendments define harassment in a list of activities that includes, but is not limited to promoting, offering, or selling any good or service to tourists (presumably without a permit to do so), and also begging. The House also gave a preliminary nod to amendments that impose harsher penalties of up to life in prison and fines ranging between EGP 1-10 mn for the smuggling, looting, or damaging of Egyptian artefacts, Ahram Gate reports.

The amendments were necessary since harassment of tourists drives visitors away from Egypt, said the Secretary-General of the Supreme Council of Antiquities, Mostafa El Waziri, on Al Hayah Al Youm (watch, runtime: 5:39). They are, however, not enough, according to Egypt’s self-proclaimed Indiana Jones Zahi Hawass, who said that tourist harassment should be punishable with prison sentences (watch, runtime: 4:29).

Egypt is once again in the spotlight on human rights following a Human Rights Watch report claiming the military campaign to root out Daesh in North Sinai has stopped essential goods from reaching 420k residents in four northeastern cities. Armed Forces spokesperson Tamer El Refai dismissed the report, calling it untrue and based on “flawed sources” in a statement to Youm7 on Monday.

Supply Minister Ali El Moselhy also reaffirmed that North Sinai residents have full access to food commodities and other essential goods. He told Lamees that some goods were in short supply early on in the campaign, but that close coordination between the ministry and Armed Forces quickly plugged the gap (watch, runtime: 9:43). The report, however, is naturally receiving widespread coverage from a foreign press hungry to air any dirt on Egypt, including from the Guardian.

Meanwhile, Lamees dove into the legal aspects of a marriage between Egypt’s smaller political parties under the Support Egypt Coalition (parliament’s majority bloc) with legal expert Shawki El Sayed (watch here, runtime: 3:57 and here, runtime: 6:10). While Labor Minister Mohamed Saafan spoke to Al Hayah Al Youm’s Khaled Abu Bakr about progress on government efforts to register seasonal, private-sector workers (watch, runtime: 8:28).

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; and Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt.