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Good afternoon, ladies and gentlemen, and happy Wednesday. In today’s issue, we’ll be talking about Discord and whether TikTok’s restrictions on influencers promoting Ozempic is harming the diabetes community that uses the medicine.
In case you’ve forgotten, we’re in line for a long weekend starting tomorrow. The public, private, and banking sectors will have the day off tomorrow in observance of Sinai Liberation Day, according to statements from the cabinet, central bank, and EGX .
** EnterprisePM Egypt will also be taking a break from your inboxes starting tomorrow, but we will be back in your inbox at our customary time with all the latest on Sunday.
And we’ve got another short work week ahead: The public and private sectors will be off on Sunday, 5 May and Monday, 6 May in observance of Labor Day and Sham El Nessim, according to a cabinet statement.
THE BIG STORY TODAY
More interest in sodium cyanide: Austria’s Petrochemical Holding Company and Czech company Draslovka are planning to jointly establish a sodium cyanide facility in Egypt, with delegations from the two companies discussing their plans earlier today with Trade and Industry Minister Ahmed Samir, according to a ministry statement. The facility would see initial investments of USD 160 mn in its first phase, the ministry said.
SOUND SMART: Sodium cyanide is the solution commonly used for gold extraction from low-grade ore, and can be used to extract other metals, including copper, zinc, and silver.
Not the first time foreign players have eyed sodium cyanide in Egypt:Last month, German cyanide producer CyPlus submitted an investment proposal to set up a USD 150 mn factory that would produce 30k tonnes of sodium cyanide per annum, while another Austrian company separately submitted a proposal for a USD 120 mn factory. It remains unclear whether that Austrian company is the Petrochemical Holding Company.
Foreign investors are falling in love with Egypt again… Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They’re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that’s taking shape after the float of the EGP, and our competitive advantages are clear to many of them: We’re a massive consumer opportunity and the regional export hub of tomorrow.
…but here at home, our community is in a rut. The enthusiasm gap between domestic business leaders and global investors is stark.
We’d all do well to remember: It’s a chicken-and-egg kind of thing. Foreign strategic investors will be reluctant to commit capital here until they see Egyptian businesses leading the way.
The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are “long Egypt.”
We’ll be talking with you about the agenda over the coming couple of weeks.It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow’s opportunities — and who aren’t afraid to answer some tough questions.
*** Interested in attending? Tap or click here to let us know. Seating is limited.
THE BIG STORY ABROAD
It’s a mixed bag of news today but Tesla’s shares recovery and the Senate Bill update are the focus of the international media. The vehicle company’s shares recovered 13% after the promise of more affordable EVs by Q4 2024. Despite a reported 9% drop in profit earlier this year, Tesla shares are seeing an uptick after CEO Elon Musk promised cheaper EVs by end of year. Car manufacturers have been continuously slashing EV prices to encourage demand, and it seems that Tesla is following suit after a 42% decrease in stock prices. Tuesday night saw the US Senate pass a long-suffering bill to approve USD 95.3 bn in aid to Ukraine, Israel, and Taiwan on a vote of 79 to 18. US President Joe Biden is expected to sign the bill as soon as it makes its way to his desk. Part of the USD 26.4 bn earmarked for Israel includes an unspecified amount for “civilians in conflict zones, including Gaza.” (Bloomberg | CNBC | NYT)
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- The draft budget is here: Yesterday, Finance Minister Mohamed Maait delivered his budget statement to the House of Representatives, giving us the first proper look at the draft state and public government budgets (pdf) for the next fiscal year.
- Imported gas, whether piped from Israel or from shipments of LNG, are becoming an increasingly important part of our energy mix: The government is reportedly in negotiations with yet another firm to lease a floating regasification unit as we look towards ramping up LNG imports.
- B Investments to soon snap up a 70% stake in OFH + Al Ahly Capital Holding acquires 51% stake in Easy Lease: Private equity firm B Investments’ board yesterday approved a decision to increase the company’s share capital ahead of its share swap agreement with Orascom Financial Holding. Meanwhile, Al Ahly Capital Holding, the private equity arm of the National Bank of Egypt, has purchased 51% of local financial leasing services provider Easy Lease from El Sewedy Capital.
🌤️ TOMORROW’S WEATHER- Expect temperature to cool down in Cairo tomorrow to a high of 35°C and low of 21°C, according to our favorite weather app.
