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Posted inWhat We’re Tracking This Week
What we’re tracking this week
The Emirates NBD Egypt PMI by Markit is due out tomorrow morning by 6:15am or so. The Saudi and UAE PMIs are due out at the same time. Strong reserves report expected: The central bank is expected to tell us by Thursday how much reserves were in its coffers at the end of 2016, and […]
Posted inON THE HORIZON
On the horizon
Look for news on the eurobonds in the coming 2-3 weeks. We expect the Finance Ministry to announce Egypt’s planned USD 2.5-3 bn eurobond issuance sometime in the coming two to three weeks. The plan, as announced in December, was to move ahead with the issuance mid-January. Deputy Finance Minister Mohamed Maait said at the […]
Posted inEnterprise+: Last Night’s Talk Shows
Suicide of senior judge in police custody dominates airwaves last night
A senior Egyptian judge arrested early this week on corruption charges was found dead in his detention cell yesterday and is believed to have committed suicide, Reuterssaid. Wael Shalaby, a deputy chief justice in the administrative courts system and secretary-general of Maglis Al Dowla, had been arrested on suspicion of bribery and corruption along with […]
Posted inSpeed Round
Education Ministry publishes list of actions it took against a number of private and international schools
The Education Ministry has published a naughty list of international and language schools in Egypt and the actions it has taken against them. On top of the list are SABIS’ International School of Choueifat and the American International School in New Cairo, both of which have been put under the Ministry’s financial and administrative control […]
Posted inSpeed Round
Prime Minister sees exchange rate stabilizing in three months
Sending a message to the public: The exchange rate should stabilize in three months’ time as overall economic conditions begin to improve, Prime Minister Sherif Ismail promised. Paving the way for that stability is Egypt’s transformation into a free market economy through legislative reforms, the gradual phase-out of subsidies, and the shift in focus from […]
Posted inSpeed Round
Maglis Al Dowla could need up to a month to review investment act -source
We got a bit excited about the prospect of a new investment act, but then the realities of Egyptian bureaucracy hit us: It will take Maglis Al Dowla (the State Council) almost a month to complete its review of the investment act from the date of receiving it — and it has not officially received […]
Posted inSpeed Round
Finance Ministry behind cancellation of private free zones?
The Finance Ministry was allegedly behind the scrapping of private free zones, an unnamed source told El Watan, claiming that the ministry was primarily concerned that private free zones could become hotbeds of corruption. The head of the importers’ division at the Cairo Chamber of Commerce told the newspaper separately that private free zones are […]
Posted inSpeed Round
Finance Ministry amends law to allow contractors to reprice contracts every 3 months
Good news for government contractors: Finance Minister Amr El Garhy will allow government contractors to revise their pricing in line with movement in the FX rate every three months instead of every six, as was previously the case, Al Mal reports. The minister signed off on the change in amendments to the executive regulations to […]
Posted inSpeed Round
Parliament approves directing EGP 0.40 of VAT from cigarettes towards healthcare
Sin tax to support healthcare spending: The House of Representatives has approved a bill that will see EGP 0.40 of the VAT on each cigarette pack sold be directed towards healthcare, Aswat Masriya reported. Also yesterday: The Health Ministry has allocated EGP 8 bn to develop and renovate public hospitals over the next two years, […]