Visit the Grand Egyptian Museum with us

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What We're Tracking Today

We’re looking forward to a busy, productive day before we enjoy what is quite possibly the last three-day-weekend of the year, and we’re doubly chuffed to have learned overnight that not two but three of us here at Enterprise share today as a birthday. Better still, Enterprise itself will blow our three candles at its birthday party next week. Pardon us as we dislocate our collective shoulder patting ourselves on the back.

It’s iOS 11 day, folks — and the first reviews of the iPhone 8 and 8 Plus are out. Anyone with an iPhone 5S or up should upgrade to iOS 11 this morning, and if you’re an iPad user, it’s simply a must. For iPad fans, the productivity features make your tablet a near-perfect laptop replacement for home, meetings and if you’re roaming around your office practicing “MBWA” (management by walking around). It even has a rather functional Microsoft Office suite (just forget about building a model in Excel on it). Among the iOS 11 features business users will love: A proper file system through Files.app, a macOS-style dock, dragging and dropping files and links and text between apps, searchable handwriting in Notes.app — the list is long. (And it’s also quite pretty…)

What to read: The best short overview of the iOS 11 is on Macrumors, and as always MacStories, Ars Technica and iMore have the best and most comprehensive (and most epic) overviews for true iOS geeks. And the best roundup of all of the reviews is unquestionably over at 9to5 Mac.

How do I upgrade to iOS 11? Simple, really. Connect to WiFi. Go to Settings > General > Software Update and tap check for update, then follow the instructions. Or head over to Apple’s iOS 11 page to learn more, troubleshoot, etc.

What about iPhone 8 and iPhone 8 Plus? There’s still no release date for iPhone X in Egypt — that’s basically how we feel about iPhone 8. The latter looks lovely (it’s an iterative improvement in the 7 and 7 Plus that we have liked very much), but the “big toy” of the year will be the all-screen iPhone X. The reviews are starting to trickle out: The Apple press is generally in love (but like us, waiting for X). In the mainstream press, the New York Times’ Farhad Manjoo has pronounced it “A Worthy Refinement Before the Next Generation,” while the Wall Street Journal’s Geoff Fowler warns it is “Not the Upgrade You’re Looking For.” A professional photographer who has blasted through more than 2,000 images with iPhone 8 Plus’s new features meanwhile, was left very impressed with the new tech.

There’s no new macOS today — High Sierra launches this coming Monday in the US, so look for it here in Egypt on Tuesday.

Geeky tech fact about Enterprise readers: Of the more than 52% of you who read us on a phone or tablet, a bit over 82% of you use an Apple device.

President Abdel Fattah El Sisi is set to meet with US President Donald Trump in New York today, while his delegation should be meeting with the president of the World Bank and other US investors, a number of whom (among them Mars and Uber) have already pledged to expand their Egypt operations, Investment Minister Sahar Nasr had said.

Trump said he may have “no choice but to totally destroy North Korea” if the DPRK’s leader — who he called “Rocket Man” — continues on his “suicide mission.” The Donald made the remarks in his address to the UN General Assembly in New York yesterday. “The United States is ready, willing and able but hopefully this will not be necessary.” Trump’s speech emphasized the need to focus on respective national interests, adding that “countries must respect both their own people as well as other nations, spotlighting Ukraine, South China Sea, Iran and uncontrolled migration,” according to the FT (paywall). Closer to home for some of us, Trump says he sees the regional rift with Qatar being solved “pretty quickly,” Reuters reports.

This comes as unidentified sources tell Bloomberg that Trump had warned Saudi Arabia and the UAE earlier against taking military action to remove the Qatari regime. Saudi and Emirati officials have denied ever considering military action.

Take a tour of the Grand Egyptian Museum with us: A longstanding friend of Enterprise invited us to visit the Grand Egyptian Museum in what was the ultimate field trip. From our jaws dropping in awe of the immensity of the complex overlooking the Giza Pyramids to a tour of some never before seen exhibits courtesy of the museum’s director, Dr. Tarek Tawfik, it truly was a day to remember. We are happy to report that the museum’s main buildings are completed. With construction now down to the outer and inner finishings, this mammoth USD 1 bn project is well on its way to meet its soft opening deadline of mid-2018. Stay tuned for periodic features on Enterprise on the progress of the museum leading up to the opening.

Tap or click here to get an exclusive, behind-the-scenes look at our magical day and some of the artifacts, facilities, and how museum honchos want to open the facility to the private sector.

*** TAKE OUR READER SURVEY and tell us how you feel about business (and Egypt) this morning. It’s the largest quarterly survey of senior execs doing business here and of the folks who invest in them, and it won’t take more than a couple of minutes to complete unless you’d like to leave us a note at the end (optional, but it would be cool if you did). We’ll have the results ready for you next week.

IMF review coming up end of October, third loan tranche in December: An IMF delegation is expected to visit Egypt at the end of October for a review ahead of the disbursal of the third USD 2 bn tranche of the country’s extended fund facility, which is scheduled for December, Finance Minister Amr El Garhy told Reuters. Egypt has already received USD 4 bn out of USD 12 bn agreed on with the IMF last year.

The Egyptian-American Business Council is meeting with a delegation of US companies in November to encourage them to consider Egypt as an investment destination.

The Investment Ministry is giving itself until the end of the year to release its investment map of 600 or so projects it plans to pitch to investors. The Trade and Industry ministry, meanwhile, plans to release its own investment map by the end of September, minister Tarek Kabil said in aninterview with Daily News Egypt.

Kol Youm’s Amr Adib hosted American businessman and the (very respected) former US ambassador to Cairo Frank Wisner, who said that US-Egyptian relations are strategic and that the US “can’t see a stable region without Egypt being an active partner.” Of particular importance is the brokering of a peace deal between Israel and Palestine, which is in everybody’s best interest, he said. Wisner added that he is optimistic about what the cards hold for Egypt in terms of stability and security, and that he hopes “Egypt will return to a path of full respect for all of its citizens” (watch in English, with Adib providing running, asynchronous Arabic translation for viewers, runtime 31:22).

Adib then dissected speeches at the UN from El Sisi and US President Donald Trump. He pointed to Trump thanking El Sisi as the “highlight” of the former’s speech, but also as an indicator of confused US policy on Egypt in light of the recent aid cuts. The host lauded El Sisi for not focusing on Egypt’s economic challenges or using his speech as a platform to pitch investment, and instead taking the chance to make the country’s political stances crystal clear (watch, runtime 32:28).

House Foreign Relations Committee MP Dalia Youssef told Masaa DMC’s Osama Kamal that El Sisi’s speech hit all the right notes by touching on terrorism and regional issues, as well as the Palestine-Israeli peace process. (watch, runtime 1:43).

On Hona Al Asema, Lamees Al Hadidi discussed Egypt’s diplomatic performance with State Information Service head Diaa Rashwan, a terrorism and security analyst at the state-run Al Ahram Center for Political and Strategic Studies who was favoured by many foreign journalists prior to being tapped to run the government’s information service. Egypt has struck a balance between opposing powers and diversified its network of allies, a testament to the success of El Sisi’s multipolar foreign policy, Rashwan said (watch, runtime 3:54).

Lamees also delved into the Fatah-Hamas reconciliation brokered by Egypt, which political science professor at Cairo University Tarek Fahmy said was a welcome development for Israel (watch, runtime 4:58). Fatah advisory council secretary Mohamed Horani phoned in from Ramallah to pile on the praise for Egypt’s mediation efforts and say that its participation in the process acts as a guarantee that the agreement will be implemented (watch, runtime 4:40).

The host discussed Qatari Emir Sheikh Tamim bin Hamad’s speech with Emirati political science professor Abdel Khalek Abdullah, who said the address was riddled with contradictions and double standards (watch, runtime 5:31).

Egypt beat South Africa to the top stop of Rand Merchant Bank’s “Where to Invest in Africa” report for 2018. This is the first time South Africa has not been in top spot since the report was initiated seven years ago, Fin24 reports. Analyst Celeste Fauconnier tells Bloomberg TV that Egypt came ahead of South Africa because of its better economic growth prospects, despite lagging behind in terms of business environment. The report contained a “surprise” in its omission of Nigeria and Algeria from the Top 10 list “due to the erosion of its short-term investment appeal by recessionary conditions,” Fauconnier explains. Overall, the report said Africa could be “on the brink of disaster” if its economies do not become more diversified. While Morocco, Ethiopia, Ghana, and Kenya followed to make up the top six respectively, a standout entry was Rwanda, which reentered the list in eighth position. The report says Rwanda was helped by being one of the fastest reforming economies in the world, with high real growth rates and making a continuing attempt to diversify its economy.

The government will decide the specifics of its coming bond issuance in the coming two weeks, including whether it will begin by issuing eurobonds denominated in EUR or in USD as well as the timing of the issuances, Finance Minister Amr El Garhy told Reuters in an interview. The aim of issuing EUR-denominated eurobonds is to diversify the basket of currencies in Egypt’s funding mix, he says. A roadshow to support the issuance is in the cards.

El Garhy added that it was not settled yet whether the government will use the same issuers and arrangers as in last time’s issuances or not. The previous eurobond issuance was managed by BNP Paribas, Citigroup, JP Morgan, and Natixis. El Garhy added that he expects the economic growth rate in 1Q 2017-18 to come in between 4.75-5%.

Moody’s obstinance on credit rating continues: “Egypt's B3 stable credit profile reflects its large and diversified economy and strong reform momentum, set against constraints which include its very weak government finances,” Moody's said in an annual report yesterday. The credit agency insists that its rating on Egypt strikes the right balance between progress on the economic reforms and government debt levels.

Moody’s wants to see “faster-than-expected” progress on the reform program beforemoving to raise Egypt’s credit rating — because a 180° change in a year and a half is apparently not fast enough. (Do we really need to remind any of you that, as recently as a year ago, it felt as if we were driving the economy off a cliff Thelma and Louise style, giving every appearance that we didn’t particularly care?) Moody’s, a leading player in an industry whose vigilance and careful attention to conflict of interest guidelines helped bring us the Global Financial Crisis, also wants to see more rapid fiscal consolidation and improvements in debt metrics. “Conversely, any signs of reform slowdown would jeopardize the stable outlook,” it warned.

That said, the agency did acknowledge progress. "Although Egypt's economic growth is still below pre-revolution levels, it has started to pick up, and investor sentiment has also improved on the back of strengthened reform momentum," said Steffen Dyck, a Moody's Vice President and co-author of the report. "We also expect that Egypt's high fiscal deficits and government debt levels will gradually reduce."

Moody’s sees the budget deficit in FY2017-18 reaching 10% of GDP, higher than 9.2% projected by the government, but down from 12.1% of GDP in FY2015-16. It sees GDP growth reaching 5%, but only in FY2018-19.

Egypt will be the major driver of growth for Attijariwafa Bank in coming years, and the bank plans to expand operations her significantly by adding new branches and hiring staff, Tamim Elyan writes for Bloomberg. General Manager Ismail Douiri expects the Egyptian unit to contribute 12-14% of the group’s net income on 2018 as revenue is set to grow by 20-25% a year, the most among its foreign units. “In Egypt, everything we saw as a potential is materializing and can grow even faster than we initially thought,” Douiri says, adding that the Egyptian unit “is not only an important contributor today, but it will also be a major growth driver tomorrow.” Attijariwafa acquired Barclays’ Egyptian unit earlier this year and it now operates in more than 20 countries including Tunisia, Niger, Gabon and Cameroon, as well as France, Germany and Italy.

IPO WATCH- BPE Partners has tapped EFG Hermes to Sigma Capital to manage is planned listing on the EGX this year, source told Al Mal. The company has said it plans to list 25-30% of its shares. Zaki Hashem & Partners are legal advisors on the transaction and Grant Thornton is preparing the fair value assessment.

IPO WATCH- Clothing outfit Dice’s general assembly approved a plan to list 65% of its shares on the EGX, sources close to the matter tell Al Borsa. The newspaper had previously reported that the company was considering listing up to 49%. The assembly also ratified the fair value share price of EGP 30.90 established by Pharos Holding in its capacity as independent financial advisor on the transaction. EFG Hermes was tapped to manage the listing, while Matouk Bassiouny is serving as legal counsel.

Is the Finance Ministry looking to exempt certain oil and gas activities from the VAT? The Finance Ministry has put together a preliminary list of oil and gas exploration and drilling operations which may be exempt from the value-added tax (VAT), said Vice Minister of Finance Amr El Monayer, according to Al Mal. The list has been sent to the EGPC for review, he added. Apparently, the government had been planning on setting an exemption list of oil and gas activities for some time now but hadn't gotten around to it. Under the current VAT law, the sale of oil, gas and other minerals is VAT-exempt, but activities associated with their exploration and extraction are not.

The resumption of Russian flights to Egypt probably won’t happen before the winter season, Vice President of the Russian Union of Travel Industry Uri Barzykin tells Russia’s Parliamentary Gazette. Cairo Airport’s security measures have passed Moscow’s inspections, but security at the Sharm El Sheikh and Hurghada airports are more important, Barzykin says.

China is expected to edge out the European Union and become Egypt’s “fastest growinginvestment partner,” Trade and Industry Minister Tarek Kabil tells Reuters in an interview. The minister pointed to the benefits Egypt stands to gain from the Belt and Road initiative, pointing out that negotiations were already ongoing “with major [Chinese] players in terms of textiles and automotives.”

Speaking on the second day of the Euromoney Egypt Conference (pdf), Kabil mostly talked up the need to develop local industry and boost exports. The ministry will be primarily focused on construction, textiles, engineering, and chemical manufacturingover the next few years and is in the process of establishing industrial complexes for textiles, leather, furniture, and plastic that will specifically target exports. That is in addition to an industrial complex in Sadat City and two others in Badr and in Port Said.

Local investors are vital to narrowing Egypt’s trade deficit, since foreign directinvestment is still picking up, Kabil said. He explained how recent legislative reforms have helped local businesses: 80% of applicants now have their requests processed in under a month since the Industrial Permits Act came into effect in May. The Trade Ministry has also allocated 16 mn sqm of land for industrial purposes since the start of 2016, compared to 9 mn sqm between 2007-15. As for trade procedures, exports are now processed in six days instead of nine, while imports are processed in 21 days instead of nine, according to the minister.

The ministry’s next big priority is to develop legislation on SMEs, the minister said, noting that the state allocated EGP 7 bn to supporting small business last year.

Other speakers and panelists yesterday included:

Export Development Authority CEO Sherine El Shorbagi
Engineering Export Council of Egypt Chairman Amr Aboufreikha
EBRD Regional Lead Economist Hanan Morsy
Helmy, Hamza and Partners (Baker McKenzie) Partner Mohamad Talaat
Sawari Ventures Partner Wael Amin
Egypt Ventures Managing Director Amr El Abd
RiseUp Founder and CEO Abdelhameed Sharara
BasharSoftCo-Founder and CEO Ameer Sherif

Gov’t is still looking to the private sector to play a role in the overhaul of the nation’s rail system: On private sector partnerships, Arafat said the ministry is actively studying offers from foreign companies to build new rail lines and provide maintenance services. This comes as legislative amendments are being drafted to give the private sector full freedom to build, manage, and maintain rail infrastructure. As for the electric rail linking Salam City to the new capital, Arafat said the interest rate on the first tranche of the USD 739 mn loan from China was dropped to 1.8% from an initial 2%. The tranche will have a 15-year maturity and a five-year grace period. Negotiations are still ongoing for the second USD 460 mn tranche. The state will spend EGP 12.3 bn will be spent on purchasing 32 new locomotives and renovating 23 others, in addition to EGP 1.9 bn for signaling systems, Arafat said.

Investing in the Metro: Separately, the ministry is also still in negotiations with the European Bank for Reconstruction and Development for USD 350 mn in funding to develop Metro Line 1, Arafat added. The government is spending EGP 998 mn on the supply and manufacturing of four trains for Metro Line 2. As for Metro Line 3, which the government wants to manage through a private sector company, negotiations are ongoing with a number of international finance institutions to obtain USD 500 mn in funding for the section linking Heliopolis to Cairo Airport.

You reap what you sow — GASC pays the high price of a confused wheat import policy: The General Authority for Supply Commodities (GASC) purchased 175k tonnes of Russian wheat yesterday, but at a significantly higher price. The above-average prices are largely due to suppliers’ concerns over the Romanian and French wheat cargoes rejected by the Agricultural Quarantine Authority for containing poppy seeds, Agrimoney reports. Also contributing to the hiked prices, however, is a spike in demand on Russian wheat and the difficulties Ukraine is facing in meeting GASC’s new protein content requirements, according to Agrimoney.

GASC also received significantly fewer offers than usual, and the offered prices included a USD 4-11 premium per tonne, Reuters reports. “The way in which they are going about acquiring wheat is turning into a circus and will ultimately pull wheat off the table,” a source from the US’ Halo Commodity Company tells Agrimoney. Sources had said earlier this week that the sieving process for the two cargoes could take up to eight months, and would require the shipments to be moved to a separate port.

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COME WORK WITH US: We’re looking for bright, talented analysts and writers to join our team to work on the current Enterprise Morning Edition and new products we have in the pipeline. You’re likely an equities / macro / research analyst, IR professional or journalist, but we’re less interested in your formal education than we are in amazing writing and storytelling skills, intellectual curiosity, fluency with numbers and passion for business / finance / economics / politics. Bilingual candidates preferred (English-Arabic). A sense of humor is a must, as is healthy skepticism. We prefer Egyptian nationals, but can sponsor work permits for particularly talented foreign applicants. Want to get the conversation started? Send a great cover letter and an updated CV to editorial@enterprise.press. Emails and cover letters opening with “Dears” will be summarily deleted.

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On terrorism and regional politics, El Sisi lambasted the international community for allowing countries that fuel terrorism to be active participants in the conversation on combating terror — a not-so-veiled stab at Qatar. He reiterated Egypt’s policy on supporting political resolutions to the crises in Libya and Syria and said Egypt will not back foreign intervention in either country. The president also highlighted Egypt’s reemergence as the main interlocutor in regional peace by addressing the Israeli and Palestinian people. He urged Israelis to replicate the “excellent” experience of peace it has shared with Egypt for nearly four decades and pursue the same peace with Palestine through a two-state solution.

Nile Basin Initiative given serious reconsideration? El Sisi surprised many when he said that the NBI holds up as a legal framework of cooperation between Egypt, Sudan, and Ethiopia “as long as good faith persists and the parties apply the agreement fully and with integrity.”

El Sisi also spoke on the widening economic gap between the developed and developingworld, calling for increased involvement of developing countries in international economic governance and facilitated access to financing to allow for their economic growth.

The president also met yesterday with European Council President Donald Tusk andEuropean Commissioner for Migration Dimitris Avramopoulos in New York, to discuss Egypt’s efforts in stemming the flow of illegal migrants and combating terrorism, according to an Ittihadiya statement. The talks also covered the crises in Libya, Syria, and Palestine. El Sisi also met several of his counterparts (pdf), including Cypriot President Nicos Anastasiades, Brazilian President Michel Temer, Romanian President Klaus Iohannis, Serbian President Aleksandar Vučić, and Ghanaian President Nana Afuko-Addo.

Meanwhile, Foreign Minister Sameh Shoukry also discussed migration with EU HighRepresentative for Foreign Affairs and Security Policy Federica Mogherini, the ministry’s spokesperson said. Yesterday’s talks also centered on completing negotiations for the cooperation framework for 2017-2020, as well as ongoing efforts to reach a political solution for the Libyan crisis.

Is it time to worry now that emerging market sovereign debt tops USD 11.7 tn? That’s the question Capital Economics asks in its latest note (pdf). Despite the Nostradamus undertones of the question and Capital Economics itself estimating that EM debt is leaning closer to USD 13.6 tn, the note is not all that negative. “Emerging markets GDP has grown significantly over the past 15 years – meaning the flow of income available to service government debt has also increased,” according to the note. As a share of aggregate GDP, EM government debt was actually lower last year than it was in 2000. Meanwhile, EMs ability to service debt has improved, with around 75% of EM government debt now issued in local currency (up from 69% in 2000) and average maturities lengthening.

But it’s not all rosy, as the combination of debt and high budget deficits is worrisome. Over the coming decade the amount of budget deficits which are “sustainable” will be reduced, structurally impacting GDP growth. A global bond sell-off would start to present problems for several emerging markets, notably Egypt and Brazil, the analysts warn. It also notes that while the trend of local currency bond issuance is growing, it is not universal among EMs. Another factor to look for is how private debt can then be transferred to the public sector as credit bubbles unwind.

Leading the conversation on Egypt in the foreign press is its pledge to help Libya reorganize its national army under the command of General Khalifa Haftar, which Egypt’s military spokesperson announced in a statement. The announcement came after a meeting of the Egyptian committee on Libya in Cairo, where Libyan officers promised Egypt’s army Chief of Staff to maintain Libya’s unity and work towards establishing a “modern democratic state,” as well actively taking part in the battle against terror. The Associated Press also has the story.

Egypt’s efforts are coinciding with those of the UN Secretary General’s special envoy for Libya to amend the 2015 peace agreement that set up the Government of National Accord, Reuters reports. The GNA “never fully established itself in Tripoli, leaving Libya with three competing governments,” including that of Egypt-backed General Haftar in the east. The new proposal would eventually lead to the nomination of a new transitional government.

Coming in at a close second is El Sisi’s first public sit down with Netanyahu and its potential for bringing further stability: President Abdel Fattah El Sisi’s meeting for the first time publicly with Israeli Prime Minister Benjamin Netanyahu in New York is a signal of closer ties between Jerusalem and Cairo as Egypt works to broker a peace deal between Israel and Palestine, analyst Eric Trager tells The Algemeiner. Their meeting “has once again proved that he is the bravest Arab leader in the region,” The Times of Israel’s Avi Issacharoff says. He believes the meeting creates “something of a paradox. One the one hand, [El Sisi]’s regime has recently grown very close to Hamas, and the terror organization’s leadership have become welcome guests in Cairo. On the other hand, the conversation between [El Sisi] and Netanyahu might pave the way to a more stable security situation between Israel and Hamas.”

After all, it was pressure from Egypt that secured concessions from Hamas that should (in theory) begin a reconciliation process with rival faction Fatah. It takes more than words to end lifelong feuds, though, the Associated Press notes adding that "ending the division between the bitter rivals is far away and far from certain.”

International stories worth noting in brief this morning include:

Shopkeepers and vendors lament the busy days of tourism that existed before 2011 and say that while tourism is on the rise their businesses are a far cry from doing what they were doing before, in a story by the AFP.

Egypt’s mediation efforts in several regional crises show it is reasserting its traditional role as a regional power, Emad Gad says in a column penned for El Watan. He points to the reconciliation deal Egypt brokered for Palestine’s Fatah and Hamas, in addition to the agreement to unify Libya’s national army. Gad says the next step in cementing Egypt’s power is to achieve the same kind of leap in its economic strength, which would render international economic aid (and its burdensome influence on our policies) non-essential.

MIGA to provide guarantees worth USD 210 mn for FiT projects

The World Bank’s Multilateral Investment Guarantee Agency (MIGA) approved providing guarantees worth USD 210 mn for feed-in-tariff projects in Benban, according to an Investment Ministry statement. The guarantees will go to six consortiums of local and international companies developing 11 solar power plants. This is the first such decision from MIGA in seven years, Minister Sahar Nasr noted. The project is co-financed by the European Bank for Reconstruction and Development and the International Finance Corporation, which is contributing USD 660 mn to the project. The news comes as the Africa50 Infrastructure Fund signed a joint development agreement last week with Scatec Solar and Norfund to invest USD 8 mn for Scatec’s 400 MW solar power plant in Benban, according to a press release from the fund.

Will the private sector actually get to own and operate desalination plants?

The government is considering opening the door for the private sector to invest in desalination plants and move beyond just a mere contractor, government sources tell Al Borsa. The Investment Ministry has commissioned a feasibility study to look into it, the source added. Initial conclusions find that plenty of regulations need to be put in place before private ownership of desalination plants can begin. While the study focuses on all governorates the emphasis is on the Red Sea, the Sinai and the North Coast areas and include both fully private projects and the private sector working in conjunction with the government.

Edita wants to export 14% of total production

Edita Food Industries is planning on increasing its exports to 14% of total annual production,according to Al Mal. Chairman Hani El Barzi said that exported goods made up around 7% of their total inventory. The company is looking to bump up those numbers to expand into new markets in Africa and the Middle East.

Flavor developer International Flavors & Fragrances (IFF) announced opening its fully renovated and expanded facility in Cairo. IFF’s Cairo facility has been operational since 1979 and the new investment “supports both the Company’s regional focus on growth in the Middle East and Africa, as well as its focus on key categories, providing enhanced services to customers and strengthening its presence in this key market.” Chairman and CEO Andreas Fibig says “we believe the expansion and upgrade of our Cairo facility will support our efforts to grow in this exciting and dynamic region.”

Egypt has capacity to produce 100k cars a year

The Egyptian market has the capacity to produce up to 100k cars a year, Federation of Egyptian Industries’ auto division member Alaa El Sabh tells Ahram Gate. Auto makers currently manufacture between 50-60k vehicles per annum. Trade and Industry Minister Tarek Kabil had said thatEgypt was looking to attract USD 5 bn in new auto investments to ramp up its production capacity to 500k units a year by 2022.

Used car dealers said sales in their segment have seen a modest recovery over the summer, according to Al Mal. The traders added that they think the rise comes from stabilizing prices and a seasonal rise in the summer. Dealers, however, doubt that the good times will continue, as inventory of cheaper cars clears out and the seasonal boost evaporates. We have been noting on the upswing in the second hand car market of late, withthe National Bank of Egypt betting that the used car market would be seen as a feasible alternative to imported or assembled cars.

Tawassol looking to launch Al Hayat English channel

Tawassol for Public Relations is considering launching an English channel of Al-Hayat, which it acquired last week, Chairman Sherif Khaled said yesterday, Al Mal reports.

Aswan court orders release of 24 Nubian protesters on EGP 1,000 bail

A court in Aswan ordered yesterday the release of 24 Nubian protesters on bail of EGP 1,000 each, the Associated Press reports. The protesters were arrested earlier this month for marching in an unsanctioned protest to call for the return to their ancestral homeland.

RAF delegation in Cairo to discuss cooperation on search and rescue

A British Royal Air Force (RAF) delegation arrived in Cairo Monday to discuss search and rescue operations with their Egyptian counterparts, according to an official statement from the British Embassy. The search and rescue are from the RAF’s 84th squadron and are discussing areas of cooperation and joint rescue efforts where the need arises.

Egyptian online platform Tyro is connecting students to qualified instructors through online sessions, Menna Farouk writes for Wamda. Just this month, Tyro closed its first slice of funding from a Dubai-based investor for an undisclosed value. The startup offers classes for EGP 70 and EGP 200 per hour in subjects including languages, business, and programming. Students can also find sessions to prepare for IELTS, TOEFL, CFA and SAT exams.

ON THIS DAY- On this day in 1990, the legislative chambers of the Federal Republic of Germany and the German Democratic Republic approved the reunification treatybetween the two countries. 20 years earlier, the Russian space probe, Luna 16, landed on the moon and became the first unmanned probe to be used to bring objects back to Earth from space. Enterprise readers were introduced to Prime Minister Sherif Ismail’s cabinet this time two years ago and last year then US Presidential hopeful Donald Trump pledged to be a “loyal friend” of Egypt.

THE MARKET ON TUESDAY: The EGX30 ended Tuesday’s session up 1.0%. CIB, the index heaviest constituent closed up 0.3%. EGX30’s top performing constituents were: SODIC up 4.3%; Heliopolis Housing up 4.2%; and Egyptian Financial and Industrial up 4.0%. Yesterday’s worst performing stocks included: Qalaa Holdings down 2.7%; Domty down 2.6%; and Egyptian Iron and Steel down 1.3%. The market turnover was EGP 1.4 bn and regional investors were the sole net buyers.

Foreigners: Net Short | EGP -32.5 mn

Regional: Net Long | EGP +32.9 mn

Domestic: Net Short | EGP -0.4mn

Retail: 63.4% of total trades | 60.9% of buyers | 65.9% of sellers

Institutions: 36.6% of total trades | 39.1% of buyers | 34.1% of sellers

Foreign: 18.9% of total | 17.8% of buyers | 20.1% of sellers

Regional: 12.5% of total | 13.7% of buyers | 11.4% of sellers

Domestic: 68.6% of total | 68.5% of buyers | 68.5% of sellers

WTI: USD 49.84 (+0.73%)

Brent: USD 55.14 (-0.61%)

Natural Gas (Nymex, futures prices) USD 3.12 MMBtu, (-0.06%, October 2017 contract)

Gold: USD 1,314.5/ troy ounce (+0.3%)

TASI: 7,351.15 (-0.57%) (YTD: +1.95%)

ADX: 4,464.11 (+0.25%) (YTD: -1.81%)

DFM: 3,655.07 (-0.15%) (YTD: +3.52%)

KSE Weighted Index: 442.00 (-0.32%) (YTD: +16.29%)

QE: 8,289.23 (+0.13%) (YTD: -20.58%)

MSM: 4,997.53 (+0.21%) (YTD: -13.58%)

BB: 1,302.59 (+0.32%) (YTD: +6.73%)

CALENDAR

20-23 September (Wednesday-Saturday): 2017 Automech Formula car expo, Cairo International Convention Center, Nasr City, Cairo.

21 September (Thursday): Islamic New Year, national holiday.

22-24 September (Friday-Sunday): CairoComix Festival, AUC Tahrir Campus, Cairo.

25-27 September (Monday-Wednesday): Egypt Downstream Summit and Exhibition, Kempinski Royal Maxim Palace, Cairo.

23-25 September (Saturday-Monday): Invest In Africa Conference and Exhibitors Summit, Gala Theater Complex, Cairo.

28 September (Thursday): Central Bank of Egypt’s Monetary Policy Committee to review policy rates.

September — The House of Representatives is due to begin discussion of the proposed bankruptcy bill.

30 September-01 October (Saturday-Sunday): Techne Summit, Bibliotheca Alexandrina, Alexandria.

03 October (Tuesday): Egypt’s Emirates NBD PMI reading released.

03-05 October (Tuesday-Thursday): J.P. Morgan’s Credit and Equities Emerging Markets Conference, London, UK.

06 October (Friday): Armed Forces Day, national holiday.

11-12 October (Wednesday-Thursday): 2030 Mega Projects Conference, Nefertiti Hall, Cairo International Convention Center, Cairo.

11-13 October (Wednesday-Friday): Middle East and Africa Rail Show, Cairo International Convention Center, Cairo.

15-16 October (Sunday-Monday): The Marketing Kingdom Cairo 3 conference, Dusit Thani Lakeview Hotel, Cairo.

17 October (Tuesday): The Narrative PR Summit, Four Seasons Nile Plaza, Cairo.

18-19 October (Wednesday-Thursday): Middle East Info Security Summit, Sofitel El Gezirah, Cairo.

18-20 October (Wednesday-Friday): AfriLabs annual gathering with the theme “Future of Cities: Innovation, Spaces and Collaboration,” The French University, Cairo. Register here.

23-27 October (Monday-Friday): 29th Business and Professional Women International Congress themed “Making a Difference through Leadership and Action,” Mena House Hotel, Cairo. Register here.

06-07 November (Monday-Tuesday): Crisis Communications Conference, Four Seasons Nile Plaza Hotel, Cairo.

16 November (Thursday): Central Bank of Egypt’s Monetary Policy Committee to review policy rates.

19-21 November (Sunday-Tuesday): 11th Annual INJAZ Young Entrepreneurs Competition, Four Seasons Nile Plaza, Cairo.

26-29 November (Sunday-Wednesday): 21st Cairo ICT, Cairo International Convention Center, Nasr City, Cairo.

01 December (Friday): Prophet’s Birthday, national holiday.

03-05 December (Sunday-Tuesday): Solar-Tec, Cairo International Exhibition & Convention Centre.

03-05 December (Sunday-Tuesday): Electrix, Cairo International Exhibition & Convention Centre.

07-09 December (Thursday-Saturday): The Africa 2017 forum: “Business for Africa, Egypt and the World” Conference, Sharm El Sheikh.

08-10 December (Friday-Sunday): RiseUp Summit, Downtown Cairo.

28 December (Thursday): Central Bank of Egypt’s Monetary Policy Committee to review policy rates.

17-21 February 2018 (Wednesday-Saturday): Women For Success - Women SME's "World of Possibilities" Conference, Cairo/Luxor.

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