Monday, 21 November 2022

It seems Nafeza won’t take flight for a while yet

Happy Monday, wonderful people. We’ve got a slow but steady stream of news trickling in this afternoon as we ease back into post-COP normality.

THE BIG STORY TODAY-

Nafeza rollout to air freight pushed “until economic conditions stabilize:” The rollout of the Advance Customs Information (ACI) customs system to air freight has been pushed for a second time to give importers, customs brokers, shipping agents and overseas companies more time to get used to the system amid volatility in the global economy, the Finance Ministry said in a statement. Use of the ACI for air freight was due to become compulsory on 1 January, having already been pushed back from an original October start date. The ministry will now extend the trial period until local and global conditions are stable, the ministry said.

There’s no single BIG STORY ABROAD leading the conversation in the international press this afternoon:

  • The return of Bob Iger as CEO of Walt Disney less than a year after his retirement is making waves in the business press. (Wall Street Journal | Reuters)
  • An earthquake in Indonesia has killed more than 50 people and wounded hundreds more. (Reuters | BBC)

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

  • Renewable power company Lekela Power is looking to invest USD 2 bn in Egypt over the next four years as part of a USD 6 bn plan to quadruple its energy production capacity to 4 GW from a current 1.1 GW.
  • The Central Bank of Egypt is going to stop providing funding for subsidized loans and pass the responsibility to the housing, finance and tourism ministries
  • A planned roadshow for the Sovereign Fund of Egypt’s pre-IPO fund has been pushed to late December or the beginning of January from November, thanks to COP27.

FOR TOMORROW-

The Fingerprint Summit is taking place tomorrow and Wednesday (22-23 November) at the Nile Ritz Carlton Hotel. Speakers include Finance Minister Mohamed Maait and Planning Minister Hala El Said.

???? CIRCLE YOUR CALENDAR-

enterprise

Are you a C-suite executive or investor and want to attend our Enterprise Climate X Forum? Drop us a note on climatexrsvp@enterprisemea.com to signal your interest, letting us know your name, title and where you work.

The event takes place on Tuesday, 6 December 2022 at the Grand Egyptian Museum.

The deadline to apply for the Chicago Booth Executive Program in El Gouna is Sunday, 27 November. The two-week program, which kicks off in March 2023, offers executives from Egyptian public and private sector the skills to help them “become a better leader for your organization and support Egypt’s growth in the years ahead.”

Payment and fintech conference Pafix will be held as part of Cairo ICT 2022 from 27-30 November at the Egypt International Exhibition Centre in New Cairo.

☀️ TOMORROW’S WEATHER- Expect another sunny day tomorrow with a daytime high of 27°C and a nighttime low of 15°C, according to our favorite weather app.

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