Good afternoon folks, and happy Thursday. We’ve got all the latest to kick off your weekend, including fresh details on our airport privatization plans, car import restrictions, millennials’ unhappiness at work, and the future of digital publishing.
THE BIG STORY TODAY
#1- The Investment Ministry has issued a new decree that restricts individuals from importing more than one car every five years, according to the Official Gazette. The decree also requires proof of financial solvency and payment through Egyptian banks, with diplomats and Egyptians abroad the only parties allowed to pay for their vehicles from outside the country. The new rules will not apply to cars that were shipped to or arrived at Egyptian ports after the date of the decision; to cars that have already received letters of credit or payments; or to foreign embassies and select international organizations.
#2- All of Egypt’s airports are now up for privatization, with the International Finance Corporation (IFC) set to spearhead the project after getting the Cabinet greenlight, Prime Minister Mostafa Madbouly told private sector players at a a meeting yesterday. Madbouly also noted that the IFC’s offerings of airports’ managements and operations should be accompanied by the private sector’s establishment of new airlines, which will help Egypt expand its aviation fleet. The move brings the number of airports on offer up from the previously announced five.
THE BIG STORY ABROAD
Assad loyalists clash with Syrian authorities: Forces loyal to ousted Syrian president Bashar Al Assad reportedly attacked security personnel of Hayat Tahrir Al Sham (HTS), the former rebel group that has become Syria’s de facto ruling authority, killing 14 individuals. The so-called “ambush” took place in western Tartus Governorate, where HTS launched a campaign to pursue pro-Assad militias. Some reports claim that the attack was provoked by HTS’ attempt to arrest an official linked to the now-notorious Sednaya prison. A curfew has been imposed until 8am local time Thursday, with the incident marking the highest period of unrest the country has seen since Assad’s ouster over two weeks ago. (Bloomberg | Reuters | BBC | The Guardian)
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Private sector players, assemble: Prime Minister Moustafa Madbouly held a meeting with a number of prominent players in the local private sector yesterday (watch, runtime: 2:21:47). The two sides discussed the challenges facing the private sector and the measures private sector players want from the state in the years to come.
- A 3.1 GW hybrid renewables station is coming to Zafarana: The UAE’s Alcazar Energy and the Madbouly government have reportedly agreed to set up a hybrid renewable energy project in Zafarana with some USD 2.5 bn worth of investments.
- Madinet Masr secures fresh funds to complete Sarai, Taj City projects: Property developer Madinet Masr has secured an EGP 9 bn mid-term revolving loan facility from a syndicate of local and regional banks to fund part of the investment costs of its Sarai and Taj City projects.
☀️ TOMORROW’S WEATHER- Temperatures are stable with tomorrow’s mercury expected to reach a high of 19°C in the capital and a low of 10°C at night, according to our favorite weather app.





