Good afternoon, ladies and gentlemen, and happy Sunday. We’re off to a rather slow start to the week as far as the domestic news cycle goes, giving us no significant or major news to speak of so far today.

THE BIG STORY ABROAD

Not much has changed since we last wrote to you this morning, with the Houthi attack on a fuel tanker operated by a multinational corporation carrying Russian fuel continuing to lead headlines in the international press after putting 3 mn barrels of Russian crude oil and fuel headed for Asia at risk daily, says Bloomberg.The Friday missile strike comes as a surprise because non-American, British, and Israeli ships were said to be exempt from attacks, senior Houthi official Muhammed Al Bukhaiti previously said, considering Moscow’s alliance with Tehran.

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

  • S&P sees a devaluation in our future: S&P Global Ratings is expecting authorities to devalue the EGP to half its current value to unlock the remainder of the IMF package.
  • Gov’t gears up to sell off or repurpose state-owned properties: President Abdel Fattah El Sisi issued a decree that will see the government transfer its ownership of a set of ministerial headquarters to the Sovereign Fund of Egypt (SFE).
  • Houthis hit Russian fuel tanker: Houthi fighters carried out a fresh round of attacks on vessels sailing through the Red Sea over the weekend, hitting a ship carrying Russian fuel operated by multinational commodities trader Trafigura.

CORRECTION: In the Egypt AM issue this morning, we mistakenly reported that the Finance Ministry wanted to issue EGP-denominated bonds on the Hong Kong Exchange (HKEX), instead of denominated in the local currency of Hong Kong. The story has been updated on our website.

enterprise

*** 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: Facing a combination of higher fodder prices leading to lower milk output, and a fragmented industry that lacks adequate quality standard enforcement, dairy producers in Egypt are struggling to keep up with rising costs while protecting quality.

⛅ TOMORROW’S WEATHER- Look out for a partly sunny, partly cloudy day with a high of 18°C and a low of 12°C in the evening, according to our favorite weather app.

Tags: