THIS MORNING: Tired of 2023 already? Take another long weekend
Good morning, wonderful people, and happy first hump day of the new year. The news cycle is gently easing us back into work mode this morning — though there’s a little more time off just around the corner.
We’re getting two long weekends in a row: Sunday, 8 January, will be a public holiday for both the public and private sectors in observance of Coptic Christmas, which falls on Saturday, 7 January, according to a cabinet statement. Any school and university exams will continue as scheduled, the statement reads. You can expect the central bank and EGX to follow suit with announcements soon.
Today is the first “full” trading day of 2023 worldwide as traders return to their desks in the US, UK and elsewhere — many global markets were closed yesterday in observance of the New Year. Here at home, the EGX started the year in the green, with the benchmark EGX30 closing up 2.5%.
Your next holiday here in Omm El Donia will be at the end of the month, when we observe Revolution / Police Day on Thursday, 26 January.
THE BIG STORY here at home: GB Auto has agreed to sell 45% of subsidiary GB Lease to our friends at Au Dhabi-based Chimera Investments for EGP 855 mn, valuing the company above the figure given in a fair value study.
THE BIG STORY ABROAD: Scores of Russian soldiers were killed in a Ukrainian strike on a military barracks in eastern Donetsk in the first hours of 2023, in one of the deadliest attacks on Russian forces since the war began. Moscow said 63 of its troops were killed, while the Ukrainian military put the death toll at some 400. (WSJ | Guardian | CNN | WaPo | AP | Reuters | FT)
IN MEMORIAM-
Our friend Karim Ragab (LinkedIn) has died in a car accident on the Red Sea coast. Karim was a well-known entrepreneur, executive coach, business advisor, school builder, and investor who co-founded Tabibi 24/7 and, with his wife, Carmen, Kompass Education. In recent years, Karim worked as a part-time operations advisor to the private equity firm Ezdehar, as well as with leadership transformation outfit Aberkyn, a unit of McKinsey. We’ve known Karim since his days at Qalaa Holding (when it was called Citadel Capital) and have always admired his passion for his family and for building businesses that could put a dent in the universe. In addition to Carmen, Karim leaves behind three wonderful boys. God rest your soul.
WHAT’S HAPPENING TODAY-
IN THE HOUSE- Supply Minister Ali El Moselhy faces questions from MPs on how the ministry plans to ensure the availability of key commodities in the lead-up to Ramadan amid soaring prices, as well as on bread subsidies and ration cards.
No price sticker? Big problem: The two-week grace period that was given to retailers to clearly display prices on their products has elapsed, Alaa Ezz, secretary-general of the Federation of Egyptian Chambers of Commerce (FEDCOC), reportedly confirmed to Al Borsa.
REFRESHER- Under new rules introduced last month to tamp down on food price inflation, retailers who don’t comply with pricing rules are now at risk of having their shops shut down and their stock confiscated and sold to citizens. In parallel, we’re still waiting to hear more on the suggested price list the government is drawing up for certain essential foods.
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WATCH THIS SPACE #1- Egypt plans to operate its two gas liquefaction plants at full capacity throughout the year, Oil Minister Tarek El Molla reportedly said. We still had spare capacity at the Idku and Damietta liquefaction facilities as of June last year, El Molla said at the time.
REMEMBER- The value of our natural gas exports jumped 140% y-o-y to reach USD 8.4 bn in 2022, while volume was up 14% to hit 8 mn tons — 90% of which was directed to Europe. Maximum capacity for LNG exports could reach 12 mn tons per annum in the next three years, El Molla said in May. The government has been working to up production in a bid to boost LNG exports, as the country looks to capitalize on hot markets amid the loss of Russian fossil fuel supply to Europe and cement itself as a regional energy export hub.
WATCH THIS SPACE #2- A boost for North Coast tourism in time for summer? El Alamein International Airport will start receiving scheduled flights starting in March, Civil Aviation Minister Mohamed Abbas told reporters yesterday at a presser, according to Ahram Online. The North Coast airport started receiving charter flights in August last year, according to the news outlet.
CIRCLE YOUR CALENDAR-
The key news triggers as we start a new month:
- December’s Purchasing Managers’ Index for Egypt will land on Wednesday, 4 January.
- Foreign reserves figures for December should be out later this week.
- Inflation figures for December will be released on Tuesday, 10 January.
- The national dialogue will kick off on Saturday, 14 January.
- The government’s fuel pricing committee will meet this month to decide quarterly fuel prices.
- Global movers and shakers will descend on Davos for the World Economic Forum’s annual meetings on 16-20 January.
- The IMF will publish an updated World Economic Outlook towards the end of the month.
The EGX will be trialing an update (pdf) to its trading platform on Wednesday, 4 January and Thursday, 5 January from 3pm to 4:30pm. The update includes changes to the way stocks’ daily closing price is calculated and approved.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
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*** It’s Going Green day — your weekly briefing of all things green in Egypt: Enterprise’s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.
In today’s issue: The year ahead. What can we expect from the green economy in 2023?