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Tuesday, 28 June 2022

THIS EVENING: BP lands new gas exploration rights in Egypt + B Investments Healthcare acquires majority stake in the Egyptian IVF Center + EGX is taking Thursday off

It’s almost the long weekend, ladies and gentlemen, we’re taking off a little early here at Enterprise.

We’ll be taking a publication holiday for tomorrow’s EnterprisePM only to work on our upcoming editorial calendar. We will return to your inboxes on Sunday at our regular appointed hour before 3:30pm CLT. EnterpriseAM will land in your inboxes tomorrow morning at 6am.

On that front, the EGX is taking Thursday off: Following the Madbouly cabinet and the central bank’s announcement that this Thursday is off the EGX announced today that it too will be closed in observance of the 30 June Revolution.


*** Editor’s Note: As we approach the end of the week, we’re also saying goodbye to Mariam Ismail, who is leaving our team of reporters to pursue her graduate degree in Communication and Advocacy at James Madison University. Mariam joined us back in 2019, originally coming to us as our first podcast producer. In the three years since, she was instrumental in the launch of Making It, our first ever podcast. It’s her voice that you hear in the intros and outros of nearly every podcast episode.

She has worn several hats that have made her a crucial part of our team here at Enterprise. Besides her reporting chops that have helped us deliver countless stories in EnterpriseAM and through our various industry verticals, Mariam’s character has been one of the consistent highlights of working with her — as evidenced by her being the recipient of our first-ever Spirit Award earlier this year.

Mariam helped us launch EnterprisePM and had been one of its leading voices for the past 17 months. If you enjoyed a show, or a meal, or were reminded of an important game, it is likely Mariam who had you covered. While tomorrow is her last day with us at Enterprise, this is the last issue of EnterprisePM you’ll be reading with her contribution. We’re going to miss you, Mariam, and wish you the very best.

THE BIG STORIES TODAY-

#1- BP lands new gas concessions in Mediterranean: BP was awarded an offshore exploration block in the western Mediterranean’s King Mariout Offshore concession, the oil giant said in a statement. The block, which was awarded as part of the Oil Ministy’s oil and gas exploration tender last year, follows BP landing another exploration block in early 2022 that it shares with Eni.

#2- B Investments subsidiary B Healthcare Investments completed the acquisition of a 51% stake in the Egyptian IVF Center in a EGP 126 mn transaction, according to a disclosure to the EGX (pdf). The acquisition, which has been in works since December 2021, wrapped after the company completed regulatory approvals.

THE BIG STORY ABROAD-

Leaders of the G7 nations have agreed to study placing a ceiling on the price paid for Russian oil as a new way to curb Moscow’s ability to fund its war on Ukraine, according to a section of the final G7 communique (pdf). Crucial details of the proposed price cap are still being worked out. The G7 nations want to ramp up pressure on Russia while mitigating spiraling inflation, soaring energy prices and an impending global food crisis.

The leaders also agreed to contribute up to USD 5 bn to address global food security, a senior US official told Reuters, with the US providing more than half of the total sum, which would go towards fighting hunger in 47 countries.

HAPPENING NOW- Our GCC charm offensive continues: President Abdel Fattah El Sisi is in Oman meeting with Sultan Heitham bin Tarek Qabus and Deputy Prime Minister of Oman Fahd bin Mahmoud Al Said among other officials, according to an Ittihadiya statement. El Sisi had met up earlier in the day with a number of Omani companies where they discussed what Egypt needs to do to get them to invest in Egypt.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Auto sector’s prayers answered? The Madbouly cabinet is setting up “a mechanism for the orderly release of car shipments” from ports after new import rules created challenges for local car dealers to get shipments through ports.
  • Qatar is back as a bestie: Qatari officials plan to invest USD 2-3 bn in the Egyptian market through purchases in “company stakes and the real estate sector,” Finance Minister Mohamed Maait told reporters yesterday.
  • Can green hydrogen take off in Egypt? Michael Stusch, CEO and chairman of H2-Industries — which signed a USD 3 bn waste-to-hydrogen facility — seems to think so.

FOR TOMORROW-

State grain buyer GASC launches a fresh wheat tender: The General Authority for Supply Commodities (GASC) is seeking an unspecified amount of wheat in an international tender, the state-run MENA agency reported, citing a statement from the authority. The deadline for offers is tomorrow, with the grain set to be shipped between August and October. If successful, this will be only GASC’s third purchase since war broke out in Ukraine, sending international wheat prices sky-high.

🗓 CIRCLE YOUR CALENDAR-

The deadline for companies to submit bids for the redevelopment of the National Democratic Party headquarters is this Thursday, 30 June.

The government’s fuel pricing committee will likely meet to review fuel prices as part of its quarterly review sometime next week.

The national dialogue to set Egypt’s political and economic roadmap will also kick off next week. President Abdel Fattah El Sisi had called for the dialogue in April. Check out our explainer on the dialogue, its agenda, participants, and targeted outcomes here.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit 37°C tomorrow during the day before falling to 23°C at night, our favorite weather app tells us.

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