This is the last issue this week: See you Tuesday + EDF Renewables, AMEA Power sign major agreements to produce green energy in SCZone
PSA #1- This is our last edition of this week. We’re taking a publication holiday tomorrow (we do this each year so we can gather as a team for iftar) in addition to the bank holiday on Sunday and Monday’s national day off (confirmed by the EGX this morning). Our AM and PM editions will be back in your inboxes at the appointed hour on Tuesday.
REMINDER- The private sector won’t be taking the entire week off for Eid, unlike the public sector. The private sector will officially get Labor Day (that’s 1 May) and the first two days of Eid as paid vacation days, the Manpower Ministry said yesterday. Now it’s up to you (or your bosses) to decide if your company will bridge the entire week.
PSA #2- You only have a few hours left to file your ESG report: EGX-listed companies and all non-bank financial services outfits regardless of listing status need to submit their first quarterly ESG questionnaire by the end of today. The regulator is making it mandatory for companies to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023.
SO, WHEN DO WE EAT? You’ll be breaking your fast at 6:25pm CLT this evening in the capital city, and fajr prayers are at 3:51am.
THE BIG STORIES TODAY-
#1- Two agreements signed today may help turn the Suez Canal Economic Zone into a green energy hub:
- A consortium of EDF Renewables and ZeroWaste have signed a USD 3 bn agreement with the SCZone and the Sovereign Fund of Egypt (SFE) that will see them produce 350k tonnes of green fuel for ships in Ain Sokhna. (Cabinet statement)
- UAE energy company AMEA Power will produce 390k tonnes of green ammonia in Ain Sokhna after inking an agreement with the SCZone and the SFE. (Cabinet statement)
#2- Another fintech platform is setting up shop in Egypt: FlexxPay, a UAE-based company that offers flexible salary payment services to its users, is expanding to Egypt, it announced in a press release (pdf) yesterday. Already active in the UAE and Saudi Arabia, the company has made Egypt its third market and has opened an office at the Greek Campus.
^^ We’ll have more on these stories when we return to your inboxes on Tuesday morning.
THE BIG STORY ABROAD
The war in Ukraine is still front-page news as far as the eye can see: The deadline for Russia’s ultimatum to Ukraine to give up Mariupol expired a couple of hours before we hit dispatched, with no signs of surrender from Ukrainian fighters. This comes as Russia presses ahead with its eastern offensive in a final attempt to take full control of Donbas’ two administrative regions. Western governments are pledging to ship more arms and military support to Ukraine in what’s being billed as the country’s “last stand.” (Reuters | Washington Post | The Guardian | Wall Street Journal)
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- IMF upgrades Egypt’s GDP growth in 2022 despite a “significant slowdown” globally: The IMF has cut its global GDP forecast for this year and the next as surging inflation and economic fallout from the war in Ukraine hit growth prospects, but the lender revised upwards Egypt’s growth for the current fiscal year despite soaring food and energy prices threatening to weigh on economic activity.
- CIB management gets vote of confidence from (new) largest shareholder: Alpha Oryx, a subsidiary of Abu Dhabi sovereign wealth fund and the new holder of a 17.5% stake in CIB, has no intention of doing anything that would “negatively impact the bank’s management or the interests of its shareholders.”
- CIRA to launch its new schools in 6 October, Qena this fall: EGX-listed private sector education outfit CIRA is looking to open the doors of three new schools at the beginning of the upcoming school year in September.
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???? CIRCLE YOUR CALENDAR-
REMINDER- The corporate tax deadline is approaching. Companies with financial years ending 31 December have to submit their corporate tax returns by Saturday, 30 April.
Also on the final day of the month: The fixed customs exchange rate introduced last month following the EGP devaluation will be lifted. Greenbacks used for importing essential items such as basic commodities and materials used for manufacturing are currently changing hands at a fixed rate of EGP 16, a move introduced to minimize exchange rate volatility in the wake of the deval.
☀️ TOMORROW’S WEATHER- Expect a daytime high of 28°C tomorrow and a nighttime low of 13°C, our favorite weather app tells us.
Enterprise is currently in the market for the following positions:
Senior editors who will manage a team of reporters on our current and future editions. Candidates should have at least three years of experience in journalism and a minimum of one of those should have been spent as an editor — but we would deeply value someone with at least five years of work experience. Strong knowledge of Egypt and the region, a demonstrated interest in business / finance, and people management skills are musts.
Seasoned reporters to join our team and create stories that fascinate and inform our readers. Applicants should have serious English-language writing chops, a strong interest — and preferably some professional experience — in business / finance or business journalism, and solid analytical skills. You’ll be expected to pitch stories and take assignments, as well as develop leads into full-blown stories. Reporters should be fluently bilingual, though exceptional unilingual (English) candidates may apply.
We have a preference for Egyptian nationals but will consider international applicants.
Are you a career switcher? Investment bankers, lawyers and other folks trained to be analytical and tell stories do well with us. If you want out of the rat race, consider us an offramp.
Interested in applying? To apply for the editor / reporter positions, please submit your CV along with 2-3 writing samples and a solid cover letter telling us a bit about who you are and why you’re a good fit for our team. Please submit all applications to jobs@enterprisemea.com.