Is this the week? Prime Minister Moustafa Madbouly is expected to reveal the list of at least 20 state-owned companies that the government plans to offer stakes in this year. At a presser last week, the PM said he would announce the details of the government’s privatization program following the weekly cabinet meeting on Wednesday.

Final prep: The PM held a meeting with key ministers and central bank officials over the weekend to review the plans, cabinet said yesterday.

Expect the oil and gas industry to dominate the offering pipeline: That’s according to Oil Minister Tarek El Molla, who told Asharq Business on Thursday that as many as half of the companies on the list are in the petroleum sector (watch, runtime: 1:34).

The EGX flagged a number of oil and petrochemical firms as being candidates for privatization earlier this month: The government could sell strategic stakes in or look to IPO contractors Enppi and the Egyptian Drilling Company; petrochem firms eMethanex, Ethydco, Egyptian Linear Alkylbenzene Company and WAPHCO; and refineries Midor and Assiut Oil Refining Company, according to the EGX’s annual report (pdf).

CBE steers interbank FX towards imports: The Central Bank of Egypt has reportedly instructed local banks to use FX obtained from the interbank market to fund imports rather than to cover overdrawn FX accounts, according to Al Shorouk, which cites anonymous banking sources.

WHAT’S HAPPENING TODAY-

It’s PMI day: We’ll find out how Egypt’s non-oil private sector performed in January just after we ‘send’ on this morning’s email when S&P Global releases its latest purchasing managers’ index. Surging inflation, the weaker EGP and import curbs have weighed on business activity in recent months, leading it to extend its contraction to 25 consecutive months in December.

The Romanian PM is in town: Several MoUs and agreements will be signed today between Egypt and Romania to coincide with Romanian PM Nicolae Ciucă’s visit to Cairo. This is according to Prime Minister Moustafa Madbouly who was speaking yesterday ahead of talks with Ciucă. The two leaders discussed increasing Egypt’s imports of Romanian wheat and upping Romania’s purchase of Egyptian petrochemicals and fertilizer, the Egyptian cabinet said in a statement.

Business meeting today: Egyptian and Romanian businesses will meet at a forum today to discuss commercial ties and investment opportunities, Madbouly said.

Talgo train launches on the Cairo-Luxor line: The second of our seven new Talgo passenger trains will start running today on the Cairo-Luxor line, according to a Transport Ministry statement. Ticket prices range from EGP 250-600 depending on destination and class.

ON THE LEGISLATIVE AGENDA- The Senate is back in session this week with a busy schedule:

• The Industrial Committee will begin discussing a new government-drafted bill on legalizing unlicensed industrial projects.
• The Financial and Economic Affairs Committee will resume discussions over a report by the pro-government Mostaqbal Watan party that aims to overhaul how we approach foreign direct investment (FDI).
• The Agriculture Committee will discuss how to turn the country’s chemical fertilizers industry to a leading export business.
• The Culture and Tourism Committee will look into reasons behind the closure of Cairo’s Nile Meridien Hotel.
• A study on family violence will be up for discussion amid a noticeable rise in domestic violence crimes.

REMINDER- The House is still out of session: MPs are due to reconvene next Sunday, 12 February.

HAPPENING TOMORROW-

Operation Save Lebanon: Egyptian officials are attending an international meeting in Paris called by France to discuss how to end a political impasse in crisis-hit Lebanon, AFP reported, citing statements by the French Foreign Ministry’s spokesperson. Officials from Saudi Arabia, Qatar and the US will also be in attendance.

THIS WEEK-

Palestine talks in Cairo: Hamas leader Ismail Haniyeh is expected to fly into Cairo this week to hold talks with Egyptian intelligence chief Abbas Kamel and other security officials, a Hamas spokesperson said in a statement picked up by the Jerusalem Post. The secretary of Palestinian Islamic Jihad was in Cairo yesterday for talks, the Israeli newspaper reported. The invite came days after Kamel visited Ramallah for talks with Palestinian President Mahmoud Abbas and other officials in a bid to end the recent violence in the West Bank and Jerusalem.

THE BIG STORY ABROAD-

Dominating the conversation in the global press this morning: The US has downed a suspected Chinese spy balloon to the consternation of Beijing, which has accused Washington of breaching international conventions. (AP | Reuters | Bloomberg | FT | WSJ | NYT)

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OBITUARY- Former PM Sherif Ismail has passed away at age 67 after a battle with illness, state news agency MENA said yesterday. Ismail was appointed the country’s prime minister in September 2015 and resigned in June 2018 shortly after President Abdel Fattah El Sisi began his second presidential term. During his tenure, Ismail saw through tough economic reforms as part of his government’s agreement with the IMF for a USD 12 bn loan in late 2016. Prior to his appointment as PM, Ismail served as Oil Minister from July 2013 until September 2015. El Sisi described him as a “great man who took responsibility in the most difficult circumstances and the hardest of times,” in a social media port yesterday.

DATA POINT- The 13 draft oil agreements for oil exploration in the Western Desert, Gulf of Suez, and the Mediterranean will bring minimum investments of USD 650 mn, the Oil Ministry said Thursday. The exploration rights will go to the Egyptian General Petroleum Corporation (EGPC), EGAS, and a number of unnamed international companies.

COME TO OUR NEXT ENTERPRISE FORUM-

We’re excited to unveil our next C-level event: The Enterprise FDI + Exports Forum, where we will take a deep dive into two of the most critical topics affecting our community.

Exports and foreign direct investment (FDI) have never been more important to our economy — or our businesses — than in the wake of the float of the EGP. We think we have a once-in-a-lifetime chance to build an export-led economy that makes us a magnet for FDI and all the benefits that will come with it for our nation.

Want to join the conversation? Drop us a line on events@enterprisemea.com.

CIRCLE YOUR CALENDAR-

The key remaining news triggers this month:

• Foreign reserves: The central bank will release January’s foreign reserves figures next week.
• Inflation: The CBE and Capmas will publish inflation data for January the week after next.

Unis go back this week: The second semester of the 2022-2023 academic year begins for public universities on 11 February.

Petro-show next week: Oil and gas industry figures from Egypt and the region will congregate at the Egypt International Exhibition Center for the Egypt Petroleum Show (Egyps) starting next Monday. The three-day conference runs 13-15 February.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

*** It’s What’s Next day: We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.

In today’s issue: We look at how FX restrictions continue to impact startup’s USD spending capacities, with main budget lines, tech tools and ads taking the hit. Analysts who spoke with Enterprise believe that restrictions would make doing business more difficult, affecting growth trajectories and sales.