THIS EVENING: BdC, Safi, Wataniya, and others added to SFE’s pre-IPO fund + EGP ends the day slightly up against the USD
Good afternoon, wonderful people. We’ve made it to the end of what proved itself to be quite the eventful week. We hope you all have a restful weekend to unwind.
CORRECTION- In this morning’s edition of EnterpriseAM, we incorrectly said Tarek Metwally is currently the deputy managing director of Blom Bank Egypt. Metwally resigned from his position in 2018. Rabih El Halabi (LinkedIn) is Blom Bank Egypt’s current deputy managing director. The story has been amended on our web edition.
THE BIG STORIES TODAY
#1- SFE adds five state + military-owned companies to pre-IPO fund: The Sovereign Fund of Egypt (SFE) has reportedly added military-owned firms Safi and Wataniya, along with state-owned Misr Life Ins., Banque du Caire, and Egyptian Linear Alkyl Benzene (Elab) to its pre-IPO fund, Bloomberg Asharq reports, citing two sources it says have knowledge of the matter. The SFE expects to offer stakes of 20-30% in each of these companies to strategic investors, with a roadshow to market the assets set to take place this month, the sources reportedly said.
#2- EGP WATCH- The EGP closed at 29.61 to the greenback today, after the EGP / USD exchange rate rose to an intraday high of 30.69, according to Bloomberg data. The USD exchange rate fell 0.5% against the greenback compared to yesterday, when it closed at EGP 29.76 / USD 1.
THE BIG STORY ABROAD
The global business press doesn’t have one specific news story driving the conversation this afternoon, with everything from Mark Parker’s appointment as Disney’s next chair (Financial Times | Wall Street Journal) to the mass layoffs at Goldman Sachs (Reuters) getting front-page play.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The EGP tumbled to a new all-time low against the greenback yesterday as authorities continued to transition to a fully flexible exchange rate as agreed with the IMF.
- Gov’t plans EGP 150 bn subsidized loan program for industry and agriculture: The Madbouly government is set to offer EGP 150 bn worth of loans at a subsidized 11% interest rate to industry and agriculture players.
- TE could get in on future flows: Telecom Egypt is looking at future flow securities as a potential debt tool to help fund its expansions and investments.
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???? CIRCLE YOUR CALENDAR-
MENA-focused business network Mindsalike will hold a networking event in Cairo on Monday, 16 January. The event will take place at U Bistro & Bar in Zamalek from 7pm. Register for the event 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- Expect daytime highs of 19°C over the weekend and nighttime lows of 10-11°C, our favorite weather app tells us. Friday’s looking like it’ll be mainly sunny but expect more cloudy skies on Saturday.
ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things. Enterprise — the essential daily read on what’s happening in business, finance, economics and policy in Egypt and the wider region — is looking for writers, reporters, and editors to help us build new publications. We're looking for gifted story-tellers from all walks of life and across all professions, as long as they show a keen interest in learning to write about the stories, topics, businesses, and ideas moving markets. Egyptian and foreign nationals alike are welcome to apply.
NEVER WORKED IN A NEWSROOM BEFORE? We have the Enterprise Business Writing Development Program. The four-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run in our publications. Those who successfully complete the program will then be offered full-time positions on staff.
During the program you will learn:
- The key news stories and trends shaping business and the economy in Egypt and the region, across various sectors;
- Business and finance for non-finance people: Whether it's industry jargon, key concepts, or simply how to read a an income statement;
- How to construct an Enterprise story: From idea formulation down to the structure, style, and tone of writing;
- The ins and outs of a newsroom, including how to develop sources that will give you the key insights needed to tell a complete story;
- How to communicate these stories with the confidence and language of an insider.
Apply directly to jobs@enterprisemea.com and mention “writing development program” in your subject line.