Back to the complete issue
Wednesday, 6 February 2019

What we’re tracking on 6 February 2019

** The Enterprise 2019 CEO Week continues today as we touch base with some of Egypt’s top CEOs about the questions that will define the coming 12 months across all industries. The conversations replace our industry news roundups, which will return next week.

The format: Each CEO answered roughly the same set of questions, tailored only for their industry. The interviews have been condensed and edited for clarity and are presented in “as told to” format — that’s journalism speak for “in their own words.”

Today’s participants are:

  • F. John Matouk, founding partner, Matouk Bassiouny
  • Basel El Hini, chairman and managing director, Misr Insurance Holding Company

So far this week, we have heard from:

President Abdel Fattah El Sisi is on a national listening tour as he held yesterday the second in a series of occasional meetings with government officials and members of civil society at the governorate level. El Sisi met in Port Said with the governor as well as other local officials, members of civil society and students. “The meetings come within the framework of the President's keenness on following up on the implementation of developmental plans and services' programs delivered to the citizens,” Ittihadiya said in a statement (pdf) after the meeting. El Sisi spoke yesterday about the new national healthcare program (which Port Said will pilot) as well as conservation of national resources, SME financing and job creation. The meetings kicked off in mid-January in Wadi El Gedid.

The Donald has picked vocal World Bank critic David Malpass to lead … the World Bank,the WSJ reports. The US treasury official has been staunch in his criticism of the bank, particularly over its lending to China. The bank’s board has the final call and will begin considering nominations this Thursday. Tradition since the bank was created after the Second World War is that it is headed by an American. The US controls 16% of votes at the World Bank, but the European Union as a bloc holds 26%.

Whoever gets the nod, the next head of the bank is going to have to get a grip on emerging markets, former World Bank head honcho Robert Zoellick says in an opinion piece for the Financial Times. Zoellick says policymakers need to pay more attention to market dynamics in emerging economies or face the consequences. “When the next downturn or financial crisis hits, emerging markets are likely to prove even more important than they were a decade ago,” he writes. “The new World Bank president should help developing countries to prepare now.”

Also worth knowing this morning:

  • A dead(?) cryptobro has taken with him the passwords needed to unlock USD 150 mn in other people’s digital assets. The story, broken by Bloomberg, is getting play everywhere from Coindesk to the Financial Times. CCN has a look at why the case smells a bit fishy.
  • The Donald was powering through his state of the union address as we were putting the finishing touches on this morning’s edition. Head on over to the New York Times for the latest.
  • Apple’s retail boss is quitting after five years. Angela Ahrendts, who went over from Burberry in 2014, said only she that she was going to pursue (new personal and professional pursuits.” The story is getting plenty of ink in the WSJ and the FT.

It is now the year of the pig in China — the Chinese zodiac sign of the porker represents good fortune and wealth.

PSA- Expect more rain this morning and into the afternoon after a night that included dust, wind and rain. You can expect a daytime high of 18°C and an overnight low of 10°C. The outlook for tomorrow: Sunny with a high of 20°C.

Is there anything better than crisp air in Cairo after a rainstorm? Maybe the air in Cairo on a Friday morning after a rainstorm?

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.