THIS EVENING: Farid is stepping into Omran’s FRA position + It’s a slow afternoon in the foreign press
Good afternoon, ladies and gentlemen. We’re easing gently into this new workweek with a comparatively calm news cycle today.
THE BIG STORY TODAY
Farid is stepping into Omran’s shoes at the FRA: EGX boss Mohamed Farid has been tapped as acting head of the Financial Regulatory Authority (FRA) for one year, effective today, according to an EGX statement. Farid is taking over the position from Mohamed Omran, who has been at the FRA’s helm for the past five years and was given a one-year extension on his term in office on 8 August 2021. Prime Minister Moustafa Madbouly is expected to announce Farid’s successor as the head of the bourse soon, the newspaper reports.
THE BIG STORY ABROAD
It’s a mixed bag of nuts and bolts in the international business press this afternoon, as is often the case on Sundays. Reuters’ front page leads with China and Taiwan carrying out military drills in close proximity to each other in the wake of US House Speaker Nancy Pelosi’s visit to Taiwan last week, while the Wall Street Journal is squarely focused on the US’ tax and climate bill, which is expected to be passed today. Elsewhere, Turkey’s FX reserves got a shot in the arm thanks to transfers from Russian nuclear player Rosatom to a subsidiary in Turkey, Bloomberg reports.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Introducing the SEIC: Saudi Arabia’s sovereign wealth fund has set up a company to manage its investments in Egypt as it prepares to deploy bns of USD in the country in the coming months.
- Egypt’s current account deficit widened more than 2% to USD 5.79 bn in 3Q 2021-2022, as capital outflows and surging commodity prices put pressure on the country’s external position.
- Another EBRD loan to NBK Egypt? The European Bank of Reconstruction and Development is considering providing a USD 40 mn senior unsecured loan to the National Bank of Kuwait Egypt for on-lending to MSMEs.
*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.
In today’s issue: With the government continuing its consultations on its state ownership policy document, the printing and packaging industry had its turn late last month to discuss the government’s privatization plans for the industry. We look at the biggest issues facing the industry today, and what stakeholders see as viable solutions for these hurdles moving forward.
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???? CIRCLE YOUR CALENDAR-
Inflation data for July should land on Wednesday, 10 August.
Ghazl El Mahalla IPO: The retail portion of Ghazl El Mahalla’s mini-IPO will wrap next Sunday, 14 August.
MNHD shareholders have the final word on SODIC takeover bid: Madinet Nasr Housing and Development will hold a general assembly meeting on Tuesday, 16 August, to decide whether to allow SODIC to conduct due diligence ahead of a potential takeover.
Interest rates: The Central Bank of Egypt will meet to discuss interest rates next Thursday, 18 August.
National Dialogue: The board of trustees overseeing the National Dialogue will hold its next meeting on 27 August. On the agenda: Choosing the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and preparing the agenda and topics of discussion for the dialogue.
☀️ TOMORROW’S WEATHER- Temperatures in Cairo will hit a high of 39°C tomorrow during the day before falling to 26°C at night, our favorite weather app tells us.