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Monday, 9 September 2019

What we’re tracking on 9 September 2019

It’s shaping up to be an eventful few days, which could see the pace of the news cycle pick up after a bout of humdrum news.

The key news trigger this week: The Central Bank of Egypt and Capmas will release August’s inflation figures on Tuesday. Inflation fell unexpectedly to a four-year low of 8.7% in July.

The EBRD is in town today: A delegation from the European Bank for Reconstruction & Development’s board of directors arrives in Egypt today for a four-day economic fact finding mission. The team will meet with Prime Minister Moustafa Madbouly, Investment Minister Sahar Nasr, Finance Minister Mohamed Maait, Electricity Minister Mohamed Shaker, Transport Minister Kamel El Wazir and CBE Governor Tarek Amer, as well as a number of business and diplomatic representatives. The delegation will also visit a number of projects financed by the bank.

SWF boss to be announced within a month? The board of directors of our EGP 200 bn sovereign wealth fund is expected to announce who will helm the fund within a month, Planning Minister Hala El Said tells Hapi Journal. The board had come up with an additional nine nominees after previously shortlisting four candidates, and has whittled down the list to the final two potential hires.

Calling all fintech businesses: FinTech Abu Dhabi, a financial tech-focused event organized by Abu Dhabi Global Market, will be in Cairo on Monday, 16 September to give fintech businesses a chance to attend the event in Abu Dhabi without charge by pitching their business. The deadline to apply to pitch is this Thursday, 12 September.


Is China pulling ahead in the race to dominate 5G technology? China is on track to have 100 mn 5G users by the end of 2020 — far more than any other country, according to the Wall Street Journal. US wireless providers are expected to significantly outspend their Chinese counterparts in 5G construction in the coming five years as part of a bid to maintain their lead in early deployment of the technology. Except it’s much cheaper to build in China.

Trump’s Mideast peace plan dealt blow as Jason Greenblatt resigns: US Middle East peace envoy and the brains behind US President Donald Trump’s Mideast peace plan Jason Greenblatt has resigned, the Associated Press reports. As Trump’s chief envoy for international negotiations, Greenblatt played a key role in developing and drafting the plan, which has been repeatedly delayed amid growing doubts over its viability.

This doesn’t bode well for the future of the plan, former peace negotiator Aaron David Miller tells the Times of Israel. Greenblatt’s resignation before the plan is rolled out “speaks to the absence of seriousness and credibility… What does this say about their confidence and hopes for implementation?” he said.

JPMorgan close to locking down lead advisor role in Aramco IPO: JPMorgan is reportedly close to landing the lead advisory role in Saudi Aramco’s imminent initial public offering, sources in the know tell Reuters. The investment bank is up against Morgan Stanley — which is said to have hurt its chances with its work leading the Uber IPO. A final decision is expected later this week, the sources said. The Saudi oil giant is also likely to give IPO roles to banks Citigroup, Goldman Sachs, HSBC, and Samba Financial Bank, according to the newswire.

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