Good morning, folks. As we approach the start of Ramadan, privatization news keep rolling in and we’re hearing more reports of Egyptian companies setting up shop in Saudi Arabia. We’ve also begun to get a clearer idea of the new plan to double some sections of the Suez Canal and details of how they plan to finance the project.

We’ve got a busy issue for you this morning, so let’s jump right in.

HAPPENING TODAY-

#1- It’s day two of the EFG Hermes One on One Conference, the largest gathering of its kind devoted to emerging and frontier equities.

Some 670 investors from 250 global institutions are meeting face-to-face with senior execs from more than 215 companies in industries through Thursday. Presenting companies are from industries ranging from food and fintech to banking and petrochemicals. Companies from 29 countries will be attending.

Investors and corporates participated in EFG Hermes’ unique live poll at the closing of yesterday’s opening session, which also included an interview with our friend Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda for Sustainable Development as well as a panel on what artificial intelligence means to emerging markets and the finance industry.

We have the rundown on the poll in this morning’s news well and will have more coverage from the gathering in the days ahead.

** If you’re in Dubai and want to have coffee or pitch us on an interview, hit us up on 1x1@enterprisemea.com.

#2- PMI incoming: S&P Global will publish Egypt’s PMI figures for February later today. The index last clocked in at 48.1 in January, marking a three-month low and the 38th straight month of contraction for the country’s non-oil private sector.

WATCH THIS SPACE-

#1- Clearing import backlogs? President Abdel Fattah El Sisi has issued directives for the “immediate” release of all goods currently stuck at our ports following the fresh FX injection of funds the country received from the Ras El Hekma transaction, Prime Minister Moustafa Madbouly said, according to a cabinet statement. The decision prioritizes food commodities, meds, feed, and production materials.

How much are we talking?Some USD 2 bn of food commodities, meds, feed, and production materials are currently stuck at the ports, cabinet spokesperson Mohamed El Homsani said in televised interviews last night (watch, runtime: 4:19).

#2- Airport management shakeup underway: The government has kicked off the executive process to offer the management and operation of the country’s airports to the private sector in a bid to improve airport services and boost revenues, according to a cabinet statement. The state is looking for “an international consultant with extensive experience” to set a professional roadmap for the tender.

ICYMI- The move comes on the heels of last week’s announcement that the government will soon launch an international tender for the management and operation of all the airports in the country amid a push to get more private sector players involved in the aviation sector.

#3- Egyptians Abroad Investment Companyto list on the EGX and exchanges abroad: The Egyptians Abroad Investment Company (EAIC) will list on the EGX before it IPOs in foreign markets at a later stage, Emigration Minister Soha Gendy told Asharq Business.

ICYMI: EAIC — which seeks to encourage Egyptians living abroad to invest in the local economy in a bid to bring more hard currency into the country — is expected to kick off operations this year.

PSA- Gov’t launches new solar panel installation initiative: The Electricity Ministry has launched a website to facilitate the installation of solar panels for households and companies and connect them to the national power grid. The platform offers guidance on the installation of PV cells, the costs involved, and the needed capacity and lists qualified installation companies.

EGP WATCH-

S&P Global Ratings thinks the authorities will initially devalue the EGP to 40 against the USD within the coming few weeks,before gradually pushing it to 45 within the coming five to six months, it wrote in a note cited in Asharq Business.The value of the EGP could weaken further in the absence of structural economic reforms outlined by the IMF, it added.

WAR WATCH-

Talks in Cairo between Hamas and Egyptian-Qatari mediators have made“significant progress” on a ceasefire agreement, Al Qahera News reported yesterday. “Talks in Cairo continue for the second day, regardless of whether the occupation’s delegation is present,” a Hamas representative told Reuters.

The sticking point: The current proposal — which reportedly entails a six-week ceasefire in exchange for the release of sick, elderly, and female hostages — was accepted by Israel in Paris last week, and is now awaiting a response from Hamas, an Israeli official told NBC News. However, Hamas is pushing for a longer-term ceasefire and assurances that the war will come to an end, while Israel seems committed to only have a temporary truce in exchange for the release of hostages, a Palestinian official close to the talks told Reuters.

THE BIG STORY ABROAD-

Apple has been slapped with a USD 2 bn fine by the European Commission forbreaching EU antitrust laws by preventing music streaming apps from informing iPhone users about cheaper subscription options paid for outside iPhone apps. The whopping fine for “abusing its dominant position” is designed to deter Apple and other giant companies from taking similar actions in the future. (Reuters | CNBC | Associated Press)

While over in the states, Trump’s legal battles are once again making the front pages: The Supreme Court overturned a ruling by Colorado’s top court that prohibited Donald Trump from running for president in the state on the basis of an anti-insurrection clause in the US constitution. Only Congress has the constitutional power to take a candidate off the ballot under the 14 amendment, the Supreme Court unanimously ruled. (Reuters | Bloomberg | Associated Press | CNBC | BBC | Guardian)

*** 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: We look into how to greenify Egypt’s building materials industry and how to meet European standards to access EU markets amid tighter regulations.

Tags: