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Thursday, 21 July 2022

Last Night’s Talk Shows on Safi and Wataniya’s long awaited EGX debuts

The decision to move forward with the IPOs of military firms Safi and Wataniya Petroleum got headline treatment on the talk shows last night. The cabinet yesterday approved pre-listing procedures for the share sales, which have now been in the works for over two years. We have more on the upcoming listings in this morning's IPO Watch, above.

Can the sales pull the EGX out of its tail spin? “The move will have a positive impact on the EGX and investors,” Rania Yacoub, a member of the FRA’s advisory committee, said on Ala Mas’ouleety last night (watch, runtime: 3:07). Medhat Nafei, an advisor to Ministry of Supply, wasn’t so sure, telling Yahdoth Fi Masr (watch, runtime: 4:55) that the EGX needs to be revived and reformed before new companies can be listed. The benchmark index is currently trading at its lowest level since November 2016 and is down more than 23% YTD as the war in Ukraine, rising interest rates, and soaring inflation fuel volatility in the financial markets.

El Sisi’s time in Serbia was once again on the airwaves last night: President Abdel Fattah El Sisi held talks with Serbian President Aleksandar Vučić yesterday then held a joint presser (watch, runtime: 7:34 | 3:43). Masaa DMC also had the story (watch, runtime: 0:29). We have more on this in this morning’s Diplomacy section, below.

Cabinet’s decision yesterday to allow people to take pictures in public without the need for permits or payments will give our tourism sector an online image boost, Tourism Minister Khaled El Enany told Yahduth Fi Masr (watch, runtime: 3:34). More on that and the cabinet’s latest batch of decisions in the Cabinet Watch above.

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