{"id":565061,"date":"2021-03-16T13:41:05","date_gmt":"2021-03-16T13:41:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=565061"},"modified":"2025-12-16T04:48:48","modified_gmt":"2025-12-16T04:48:48","slug":"enterprise-banque-misr-completes-ci-capital-takeover","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-banque-misr-completes-ci-capital-takeover\/","title":{"rendered":"Enterprise Banque Misr completes CI Capital takeover"},"content":{"rendered":"<section id=\"565063\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"565063\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TONIGHT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/what-were-tracking-tonight-on-16-march-2021\/\">\r\n                            What we\u2019re tracking tonight on 16 March 2021                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/what-were-tracking-tonight-on-16-march-2021\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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That also brings us two days closer to Ramadan, with the holy month being 28 days out from where we sit right now.<\/p>\n<p><strong>THE BIG STORY here at home this afternoon <\/strong>has to be the finalization of Banque Misr\u2019s EGP 3.06 bn acquisition of 65% of CI Capital. That gives the state-owned behemoth a 90% stake in the financial services outfit. We have chapter and verse in this afternoon\u2019s Speed Round, below.<\/p>\n<p><strong>Continuing the theme of state-owned banks actively expanding into the wider finance industry<\/strong>, we also have news that four state banks are looking to collectively take a 75% in the new futures exchange.<\/p>\n<p><strong>CATCH UP QUICK<\/strong> on the top stories from this morning\u2019s very (policy focused) issue of EnterpriseAM:<\/p>\n<ul>\n<li><strong>More countries are temporarily suspending use of the AstraZeneca jab<\/strong> \u2014 but there\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/460ad639-db64-4ae4-b482-2553df847c61\">no evidence<\/a> it\u2019s causing blood clots.<\/li>\n<li><strong>Egypt is poised to ride the green finance wave in 2021<\/strong>, we report in the first edition of Going Green, our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0e31922-4f76-4856-a3d1-6cd562a59fd1\">new weekly vertical on the green economy<\/a>, brought to you in association with our friends at Infinity.<\/li>\n<li><strong>Minimum wage increase for civil servants are coming in July<\/strong> \u2014 and pensioners will also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d15c184c-b6a0-4eda-afd1-3d0695707906\">get a boost<\/a>.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD- <\/strong>No single story dominates the global business press this afternoon. <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-astrazeneca\/health-experts-pore-over-astrazeneca-safety-data-as-europe-reels-from-vaccine-suspensions-idUSKBN2B81AX\">Reuters<\/a> is leading with the ongoing (and still unfounded) concerns about the <strong>safety of the AstraZeneca covid-19 jab<\/strong>, while <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-16\/saudi-economy-contracted-3-9-in-fourth-quarter-oil-drags?srnd=premium-middle-east\">Bloomberg<\/a> notes that <strong>the Saudi economy<\/strong> contracted 3.9% in the fourth quarter. The <a href=\"https:\/\/www.ft.com\/content\/520ccdae-202f-45f9-a516-5cbe08361c34\">Financial Times<\/a> says <strong>Chinese tech giants are looking for ways around Apple\u2019s privacy rules<\/strong> with tech from a state-backed group, and the <a href=\"https:\/\/www.wsj.com\/articles\/fed-seen-standing-firm-on-interest-rates-bond-purchases-11615887002\">WSJ<\/a> sees <strong>the US Federal Reserve holding its ground<\/strong> on rates as the economic outlook brightens.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>YOUR MANDATORY COVID STORY- The UAE has started administering third doses of the <\/strong><strong>Sinopharm vaccine amidst concerns<\/strong> that the Chinese vaccine hasn\u2019t generated enough protective antibodies, reports <a href=\"https:\/\/www.wsj.com\/articles\/u-a-e-giving-third-shot-of-sinopharm-vaccine-to-some-11615575099\">The Wall Street Journal<\/a>. UAE health officials have declined to disclose how many people are getting a third jab.<\/p>\n<p><strong>What does this mean for Egypt? <\/strong>Our own vaccine rollout here at home involves the Sinopharm and AstraZeneca jabs, with both vaccines now in use as some 1-2k people per day are being vaccinated. Egypt has not yet commented or given any signals that people may need to get a third dose of the Sinopharm jab.<\/p>\n<p><strong>Egypt has no plan to stop using AstraZeneca vaccines <\/strong>as the Health Ministry has not detected any negative side effects from the jab, an unnamed source from the ministry told <a href=\"http:\/\/bit.ly\/3rTIbEG\">Masrawy<\/a>. A number of European countries have temporarily paused use of AstraZeneca amid concerns it may have caused blood clots in a small number of recipients. Canada and Belgium, meanwhile, are among those still using AstraZeneca, and both a top European regulator and the WHO believe that there\u2019s nothing to be concerned about. As we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/460ad639-db64-4ae4-b482-2553df847c61\">discussed this morning<\/a>,<\/p>\n<p><strong>Egypt is currently waiting for the first 6 mn of an 8.6 mn dose order<\/strong> of the AstraZeneca vaccine.<\/p>\n<p><strong>Looking ahead, there could be 6-8 new vaccines on the market by the end of the year<\/strong>, including \u201cones that don\u2019t require needles and can be stored at room temperature,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-15\/better-covid-vaccines-are-coming-who-s-chief-scientist-says?sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p>\n<p><strong>Meanwhile, another mutant virus strain has been discovered:<\/strong> The French government has found a new covid-19 strain in Brittany, said the country\u2019s health ministry in a statement (<a href=\"https:\/\/solidarites-sante.gouv.fr\/actualites\/presse\/communiques-de-presse\/article\/a-la-suite-de-l-identification-par-sequencage-en-bretagne-d-un-nouveau-variant\">read in French<\/a>) picked up by <a href=\"https:\/\/www.reuters.com\/article\/us-health-coronavirus-france-variant-idUKKBN2B80GQ\">Reuters<\/a>. The variant still isn\u2019t seen as more serious or transmissible than others.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The CIB PSA Black Ball Open 2021 women\u2019s squash event is underway <\/strong>and will run until Thursday while the men\u2019s event will start on Friday and run until 25 March. Players from all over the world, 48 men and 48 women, will compete for a USD 350k purse split across both divisions in what will be the opening PSA World Tour event of 2021. <strong>You can check out the <\/strong><strong><a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11508?tab=womens_results\">results for women so far<\/a><\/strong>, and you can stream the event live on <a href=\"https:\/\/psaworldtour.com\/accounts\/login?next=\/tv\/live\">SquashTV<\/a> or the official Facebook page of the <a href=\"https:\/\/www.facebook.com\/PSAworldtour\/\">PSA World Tour<\/a> (excluding Europe and Japan). You can also <a href=\"https:\/\/www.ticketsmarche.com\/cib-psa-black-ball-open-2021_se_2034.html\">snag tickets online<\/a> to attend in person at the Black Ball Sporting Club in New Cairo.<\/p>\n<p><strong>Photopia\u2019s <\/strong><strong><a href=\"http:\/\/bit.ly\/3qeZi2a\">Cairo Photo Week 2021<\/a><\/strong><strong> is up and running until 20 March<\/strong>. The photo festival features over 100 activities including workshops, panels, photo challenges, exhibitions, portfolio reviews and photo walks throughout the week, all led by more than 80 local and international photographers. You can check out the event program on <a href=\"https:\/\/www.photopiacairo.com\/cairophotoweek-2021?fbclid=IwAR1VINWsHs0sOu3TMtc8ylAWapzWrTthzPq_f0xf6tF5q2zjqh6I0KszU-k\">Photopia\u2019s website<\/a>, there\u2019s plenty to look at on the group\u2019s Instagram feed <a href=\"https:\/\/www.instagram.com\/cairophotoweek\/?hl=en\">@cairophotoweek<\/a>, and both physical and virtual tickets are available <a href=\"https:\/\/ticketing.eventtus.com\/y5flju015b0uv2qe11v8twbfvxdd7hs5\/tickets?fbclid=IwAR2TtnBFF17ilmZhScxWpLXXXQR2nK7zxjFkXDmk0Cfh1J17Da7dm2MLEpk\">here<\/a>.<\/p>\n<p><strong>Photographer <\/strong><strong><a href=\"https:\/\/www.instagram.com\/karimelhayawan\/?hl=en\">Karim El Hayawan<\/a><\/strong><strong> will be giving a <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/164779755409780\">workshop<\/a><\/strong><strong> on concept building and <\/strong><strong>development <\/strong>starting tomorrow and running for four days as part of Cairo Photo Week.<\/p>\n<p><strong>AUC Press\u2019s <\/strong><strong><a href=\"http:\/\/bit.ly\/3rl944d\">Mad March<\/a><\/strong><strong> book sale will be ongoing for the rest of the month. <\/strong>The sale is open to the general public every day from 10am\u20136pm CLT at AUC Tahrir Bookstore & Garden.<\/p>\n<p>? <strong>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><strong>The Oracle of Omaha\u2019s Berkshire Hathaway thinks its climate record is none of your <\/strong><strong>business:<\/strong> The USD 600 bn conglomerate is pushing shareholders to dismiss a proposal that would oblige it to undergo a formal annual assessment of the climate risks presented by its businesses, saying the additional scrutiny was not \u201cnecessary,\u201d the <a href=\"https:\/\/www.ft.com\/content\/adb9bf15-92f1-4302-ad9d-7cc0eadc2d0d\">Financial Times<\/a> reports. This comes in response to a proposal by three funds that hold USD 2.5 bn of the company\u2019s stock as investors across the board push companies towards more transparency over their impact on the environment. Warren Buffett\u2019s company also shot down another proposal by an advocacy group concerning a review of its diversity and inclusion programs.<\/p>\n<p><strong>What the world could look like in 2030 could scare the <\/strong><strong>?out of you. <\/strong>We\u2019re down with the end of poverty and the notion of a permanent moon base (thank you, For All Mankind), but the notion of a climate apocalypse and a genetic surveillance state and the end of genetic privacy? No thanks. Read about it all in the surprisingly brief (but meaty) <strong><a href=\"https:\/\/www.wired.com\/story\/heres-what-the-world-will-look-like-in-2030-right\/\">Here\u2019s what the world will look like in 2030 ... right?<\/a><\/strong><\/p>\n<p><strong>Netflix\u2019s crackdown on password sharing could see it dealing with higher user-turnover <\/strong>as the streaming platform tests people\u2019s willingness to pay for content, writes <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-15\/netflix-s-password-crackdown-seen-boosting-risk-of-user-turnover?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. Netflix is currently testing a feature that prompts non-paying viewers to buy a subscription to \u201censure people using Netflix accounts are authorized to do so,\u201d a company spokesperson was quoted as saying. While analysts are somewhat confident that users won\u2019t want to give up their \u2018Netflix and Chill\u2019 sessions, the move comes as other streaming platforms add mns of subscribers of their own.<\/p>\n<p><strong>SUPERCYCLE WATCH-<\/strong> <strong>Aluminum prices are seen going nowhere but up, <\/strong>with the high demand and positive sentiment generated from the vaccine rollout in late 2020 to carry over into 2021, Emirates Global Aluminium CEO Abdulnasser Bin Kalban told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-16\/uae-aluminum-giant-sees-metal-s-price-staying-elevated-this-year?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. Futures seem to be on track to stay above USD 2k throughout the year, after having joined most other commodities and staged a historic rally from its pandemic low of nearly USD 1.4k, Bloomberg says.<\/p>\n<p><strong>Developing nations are struggling to bounce back from the economic fallout from <\/strong><strong>covid-19<\/strong> as growing spending and financing costs cause debt to pile up, according to <a href=\"https:\/\/www.ft.com\/content\/b9164299-5a57-4548-9204-370316f47814\">the Financial Times<\/a>, picking up on an OECD forecast.<strong> That could mean EMs need more multilateral support to avoid \u201ca lost decade,\u201d <\/strong>writes Megan Greene of the Harvard Kennedy School in <a href=\"https:\/\/www.ft.com\/content\/3a7c6479-dc08-4383-a93d-3a4b359898a9\">an op-ed<\/a> for the salmon-colored paper. The IMF\u2019s recent approval of new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f015b9d6-2861-4d65-bdd3-e8dcea2d822d\">Special Drawing Rights (SDRs)<\/a>, which increases its development lending firepower, is an encouraging step, but the lender needs to compromise, Green says. Earmarking more SDRs, and reallocating them from richer to poorer countries, will likely come with a set of conditions some EMs might not be able to meet, putting them in a position \u201ctoo robust \u2026 but too weak to make it without support as the pandemic toils on,\u201d especially as the cost of private borrowing continues to rise in response to higher US treasury yields, Greene writes.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p>(All times in CLT)<\/p>\n<p><strong>The 2021 Oscar nominations are out:<\/strong> Coming out right after the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/05bd9131-9a83-4359-989d-5fe3d6560705\">Grammys<\/a>, the Oscars nominee list also put women front and center, with 70 women receiving a total 76 nominations and Chlo\u00e9 Zhao became the first woman of color to be nominated in the best director category for her film Nomadland, reports <a href=\"https:\/\/edition.cnn.com\/2021\/03\/15\/entertainment\/oscar-nominations-2021\/index.html\">CNN<\/a>. Riz Ahmed, meanwhile, became <a href=\"https:\/\/www.forbes.com\/sites\/danafeldman\/2021\/03\/15\/first-muslim-nominated-in-oscar-history-for-best-actor-riz-ahmed-hopes-sound-of-metal-inspires-connection\/?sh=6ee2c67c14be\">the first Muslim<\/a> to be nominated for best actor for his role in Sound of Metal. Netflix\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/719131cc-5fd3-485d-9b88-de139a812a2a\">Mank<\/a> was the most-nominated flick with 10 nods including for best director (David Fincher), best actor (Gary Oldman) and best supporting actress (Amanda Seyfried) and best picture.<\/p>\n<p><strong>Catch up with the best picture nominations before the award show airs: <\/strong>Films up for best picture include:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.imdb.com\/title\/tt10272386\/\">The Father<\/a><\/li>\n<li><a href=\"https:\/\/www.imdb.com\/title\/tt9784798\/\">Judas and the Black Messiah<\/a><\/li>\n<li><a href=\"https:\/\/www.imdb.com\/title\/tt10633456\/\">Minari<\/a><\/li>\n<li><a href=\"https:\/\/www.imdb.com\/title\/tt9770150\/\">Nomadland<\/a><\/li>\n<li><a href=\"https:\/\/www.imdb.com\/title\/tt9620292\/\">Promising Young Woman<\/a><\/li>\n<li><a href=\"https:\/\/www.amazon.com\/Sound-Metal-Riz-Ahmed\/dp\/B08KZCFW1C\">Sound of Metal<\/a><\/li>\n<li><a href=\"https:\/\/www.netflix.com\/eg-en\/title\/81043755\">The Trial of the Chicago 7<\/a><\/li>\n<li><a href=\"https:\/\/www.netflix.com\/eg-en\/title\/81117189\">Mank<\/a>.<\/li>\n<\/ul>\n<p><strong>The Oscars are slated to take place on 26 April <\/strong>\u2014 a bit later than usual thanks to the pandemic.<\/p>\n<p><strong>Streaming sites have beat out major theatrical studios this year<\/strong>, with Netflix raking in a total of 35 nominations while Amazon Prime snagged 12, according to <a href=\"https:\/\/deadline.com\/2021\/03\/oscar-nominations-2021-scorecard-movies-studio-chart-netflix-record-1234714785\/\">Deadline<\/a>. The Academy relaxed eligibility conditions last year that insisted Oscar contenders must screen first in a cinema, and play for at least seven days in Los Angeles, amidst the covid-19 pandemic and closed cinemas, writes <a href=\"https:\/\/www.ft.com\/content\/f1e8d8d4-bd3e-4b73-b4d0-446886c88516\">The Financial Times<\/a>. This paved the way for more streaming platforms to stand out and participate during the awards show. <strong><a href=\"https:\/\/www.oscars.org\/oscars\/ceremonies\/2021\">Tap or click here<\/a><\/strong><strong> to check out the full list of nominations<\/strong><strong>.<\/strong><\/p>\n<p><strong>The CAF Champions League up and running and Al Ahly are already on the field against <\/strong><strong>Congo\u2019s Vita Club.<\/strong> Later tonight, Al Zamalek will go head-to-head with ES Tunis at 9pm. Winners of the matches will qualify for the quarterfinals of the African league.<\/p>\n<p><strong>The Egyptian Premier League<\/strong> will see Ceramica Cleopatra play Wadi Degla at 5pm and El Gaish kick off against Ismaily at 7pm.<\/p>\n<p><strong>Real Madrid will hit the field against Atalanta at 10pm in Europe\u2019s<\/strong> <strong>Champions League<\/strong> while Manchester City will go up against Monchengladbach at 10pm.<\/p>\n<p><strong>? EAT THIS TONIGHT- <\/strong><\/p>\n<p><strong>Enjoy eating healthy with Lychee: <\/strong>What started off as a juice bar has transformed into a full blown eatery boasting jars of fruity Greek yogurt, breakfast plates, wraps, and a recently added salad bar. Lychee has also expanded its products to include foods you can add to your kitchen at home, among them peanut butter, energy bars, and sealed juices and milk. If you\u2019re doing carbs, we recommend their berry land smoothie, chocolate chip Greek yogurt, and chicken melt wrap. You can find Lychee outlets across Greater Cairo as well as in Gouna, Alexandria, and North Coast. You can also check out their <a href=\"https:\/\/www.lycheeegypt.com\/\">online store<\/a>.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><\/p>\n<p><strong>Egyptian female cartoonists are putting a spotlight on gender issues<\/strong> in an exhibition in the Greater Cairo Library in Zamalek. The exhibition, titled <a href=\"http:\/\/bit.ly\/3qUczxc\">Heya<\/a>, features more than fifty artworks covering topics ranging from violence to child marriage.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Do you love dark or sardonic humor? Does sarcasm brighten your day, even as you\u2019re <\/strong><strong>secretly a marshmallow inside when it comes to your family? <\/strong>If you answered yes, you\u2019ve probably already discovered the work of New York Times chart-topping author Harlan Coben. Coben\u2019s often-dark thrillers are centered on family, memory, identity and loss. He started out strong with his Myron Bolitar series before his stand-alone novels vaulted him to the top of his field.<\/p>\n<p><strong>Coben\u2019s \u201cWin\u201d is out today<\/strong>, a standalone that draws a central character from the Bolitar series out on his own. <a href=\"https:\/\/www.amazon.com\/Win-Harlan-Coben-ebook\/dp\/B089Q37QPL\/\">Check out Coben\u2019s 33rd book on Amazon<\/a> or dive into the New York Times\u2019 with the New Jersey author (don\u2019t hold that against him) ahead of the novel\u2019s release: <a href=\"https:\/\/www.nytimes.com\/2021\/03\/10\/books\/harlan-coben-win.html\">Harlan Coben, suburban dad with 75 mn books in print<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p>? <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect will be more of the same with daytime highs of 25\u00b0C and lows of 13\u00b0C, our favorite weather app tells us.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n    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id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF 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Banque Misr officially holds 90% of CI Capital                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/banque-misr-officially-holds-90-of-ci-capital\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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data-image-title=\"484.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/484.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/484.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565065\" class=\"content-area-description single-story post-565065 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-ma-watch tag-banque-misr tag-ci-capital tag-enterprisepm tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Banque Misr\u2019s EGP 3.06 bn <\/strong><strong>acquisition of 65% of CI Capital<\/strong><strong> went through today, <\/strong>after completing a mandatory tender offer that saw the sale of 652.8 mn shares at EGP 4.7 per share, the EGX announced in <a href=\"https:\/\/ent.news\/2021\/3\/BM-CI-bulletin.png\">a bulletin<\/a> today. The MTO was reportedly 1.1x oversubscribed when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f89a92c6-03f6-4a5c-9bfa-29a1d79a7de9\">closed<\/a>last Thursday, with shareholders agreeing to sell some 720.8 mn shares. Banque Misr, which already held a 24.7% stake in CI Capital before the transaction, now owns 90% of the company, with the remaining 100 mn shares remaining in freefloat on the EGX. CI Capital\u2019s shares stayed flat during trading today, closing at EGP 4.29 per share.<\/p>\n<p><strong>Banque Misr<\/strong><strong> had announced it was <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3da37303-847e-4b5b-a75e-01a4a5a377b9\">targeting a stake<\/a><\/strong><strong> in CI Capital early last month, <\/strong>and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9cbfe2e7-47e4-41cd-a878-33418a18e656\">launched its MTO<\/a> days later. CI Capital had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e33c6974-7afc-4f39-90cd-158e7ff20b45\">originally rejected<\/a> Banque Misr\u2019s offer price, saying it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ba68f3f-257b-4913-a461-983a8a81e40d\">undervalued the company<\/a> by around 20%, following which Banque Misr said it had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97999dac-0931-46ba-8396-70766c1c9218\">no plans to hike its offer<\/a>.<\/p>\n<p><strong>The acquisition is the latest in a trend of state-owned banks buying out private investment banks.<\/strong>The acquisition of <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/31\/egypts-ahly-capital-to-fully-acquire-pharos-securities-9411\/\">Pharos by NBE\u2019s Ahly Capital<\/a> in late 2019 in an EGP 120 mn transaction kicked off the M&A spate, and was followed by the and of Bank Audi\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17740c6f-660e-4865-9b5b-076394c10c0b\">Arabeya Online brokerage by NI Capital<\/a> in late 2020.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565067\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"565067\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">SPEED ROUND: IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/state-banks-eye-stakes-in-new-futures-exchange-ahead-of-potential-listing\/\">\r\n                            State banks eye stakes in new futures exchange ahead of potential listing                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/state-banks-eye-stakes-in-new-futures-exchange-ahead-of-potential-listing\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The banks will be vying for the 75% stake of the exchange on offer to financial institutions that meet solvency standards or with experience in futures contracts, as stipulated in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b805c88e-18b0-492c-8450-5cd655a0a2fb\">regulations<\/a> issued last December by the FRA. Some of the banks that are petitioning for a stake want to own over 5%. The regulations limit the ownership each institution can grab at 10%.<\/p>\n<p><strong>What\u2019s banks so excited? Well it could have something to do with the futures exchange potentially being listed on the EGX. <\/strong>The FRA had <a href=\"http:\/\/www.fra.gov.eg\/content\/efsa_ar\/efsa_news\/efsa_939.htm\">allowed<\/a>the exchange to potentially list up to 25% on the stock exchange.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federation-of-egyptian-banks\/\">Federation of Egyptian Banks<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-bank\/\">United Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565069\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"565069\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">SPEED ROUND: COMMODITIES<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/russias-wheat-export-tax-may-not-be-permanent\/\">\r\n                            Russia\u2019s wheat export tax may not be permanent                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/russias-wheat-export-tax-may-not-be-permanent\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/russias-wheat-export-tax-may-not-be-permanent\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/russias-wheat-export-tax-may-not-be-permanent\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Russia\u2019s wheat export tax may not be permanent&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/russias-wheat-export-tax-may-not-be-permanent\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/russias-wheat-export-tax-may-not-be-permanent\/&title=Russia\u2019s wheat export tax may not be permanent\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Russia%E2%80%99s+wheat+export+tax+may+not+be+permanent+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F03%2F16%2Frussias-wheat-export-tax-may-not-be-permanent%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/russias-wheat-export-tax-may-not-be-permanent\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/486.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"565070\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/russias-wheat-export-tax-may-not-be-permanent\/486-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/486.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"486.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/486.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/486.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565069\" class=\"content-area-description single-story post-565069 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-commodities tag-commodities tag-enterprisepm tag-food-security tag-russia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt\u2019s top wheat supplier is open to relaxing grain export duties it recently introduced, <\/strong>but only when it first ensures it has secured supply for its local market, Russian news agency <a href=\"https:\/\/www.interfax.ru\/russia\/756142\">Interfax<\/a> quoted the country\u2019s agriculture minister, Dmitry Patrushev, as saying. The Russian government may start to look at an alternative approach to regulate the market once it makes sure it has enough wheat for the country and that high exports don\u2019t lead to a supply glut and domestic inflation, Patrushev said. Down the line, Russian authorities may stop interfering with grain markets at all, he added.<\/p>\n<p><strong>Egypt\u2019s state grain buyer dialed back Russian wheat purchases after the export tax<\/strong> <strong>was <\/strong><strong>introduced in February<\/strong>. Russian authorities had introduced the restrictions to attempt to slow down domestic inflation and protect local supplies as the pandemic took a tool on Russian household incomes. That prompted GASC to source wheat from the EU, including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2ace3f13-366d-4599-8108-11cc8bc5abc9\">French<\/a>, <a href=\"https:\/\/www.dostor.org\/3387707\">Ukrainian<\/a> and <a href=\"https:\/\/www.reuters.com\/article\/instant-article\/idARAL8N2L95SS\">Romanian<\/a> varieties in recent tenders \u2014 and saw it cancel a tender <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d48acd9-1dbc-4600-8e19-e075b2db98b5\">in January<\/a> until it got more clarity on the new tax.<\/p>\n<p><strong>How much is the Russian tax? <\/strong>Moscow imposed a levy of EUR 50 per tonne on wheat, EUR 25 per on corn and EUR 15 on barley, as well as a quota on the amount of wheat allowed to leave the country. The flat rate has been effective since 15 February. The system will switch to a floating tax regime on 2 June, with the tax being applied only on wheat sold for more than USD 200. Each USD 1 above the USD 200 mark will be subject to a 70% tax rate.The same goes for corn and barley over the USD 185 mark. This could hurt us considering Russian wheat constituted 80% of Egypt\u2019s wheat purchases <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f927d6e4-0d10-4d72-8de5-db92560e6c9b\">last season<\/a>, with 2.5 mn tonnes bought as of August.<\/p>\n<p><strong>Until the restrictions are eased, wheat trade from the world\u2019s largest producer could face <\/strong><strong>further disruptions, <\/strong>reports <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-15\/russian-wheat-trade-faces-disruption-from-inconvenient-taxes?sref=mmeFTDW1\">Bloomberg<\/a>. This is because once the system switches to a floating tax regime, shippers will only know how much they\u2019re going to be paying when a cargo sails. This limits a trader\u2019s ability to make advanced sales of the cargo<\/p>\n<p><strong>OTHER COMMODITIES NEWS- <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/profile\/company\/1397235D:LN?sref=mmeFTDW1\">Thani Stratex<\/a><\/strong><strong> could sell an 85% stake in the Hodine gold <\/strong><strong>exploration concession in Egypt<\/strong> to private investment company Red Sea Resources, AIM-listed <a href=\"https:\/\/orioleresources.com\/\">Oriole Resources<\/a> \u2014 Thani\u2019s parent company \u2014 said in <a href=\"https:\/\/www.londonstockexchange.com\/news-article\/ORR\/investment-update-on-thani-stratex-resources\/14900934\">a regulatory filing<\/a>. The non-binding heads of terms agreement could see Red Sea Resources acquire interest in Hodine for committing USD 2.2 mn to fund the exploration and paying other outstanding fees and charges. Thani subsidiary Thani Dubai acquired the Hodine concession in an international tender conducted by EMRA in 2006.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565071\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"565071\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">SPEED ROUND: CATCH UP QUICK<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/a-private-bump-to-the-sector-minimum-wage-us-gaining-steam-ha-utilities-ma-and-more\/\">\r\n                            A private bump to the sector minimum wage us gaining steam + HA Utilities\u2019 M&#038;A \u2014 and more                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/a-private-bump-to-the-sector-minimum-wage-us-gaining-steam-ha-utilities-ma-and-more\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/a-private-bump-to-the-sector-minimum-wage-us-gaining-steam-ha-utilities-ma-and-more\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/a-private-bump-to-the-sector-minimum-wage-us-gaining-steam-ha-utilities-ma-and-more\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=A private bump to the sector minimum wage us gaining steam + HA Utilities\u2019 M&#038;A \u2014 and more&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/a-private-bump-to-the-sector-minimum-wage-us-gaining-steam-ha-utilities-ma-and-more\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/a-private-bump-to-the-sector-minimum-wage-us-gaining-steam-ha-utilities-ma-and-more\/&title=A private bump to the sector minimum wage us gaining steam + HA Utilities\u2019 M&#038;A \u2014 and more\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=A+private+bump+to+the+sector+minimum+wage+us+gaining+steam+%2B+HA+Utilities%E2%80%99+M%26%23038%3BA+%E2%80%94+and+more+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F03%2F16%2Fa-private-bump-to-the-sector-minimum-wage-us-gaining-steam-ha-utilities-ma-and-more%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/a-private-bump-to-the-sector-minimum-wage-us-gaining-steam-ha-utilities-ma-and-more\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565071\" class=\"content-area-description single-story post-565071 post type-post status-publish format-standard hentry category-speed-round-catch-up-quick tag-egytrans tag-enterprisepm tag-hosni-mubarak tag-speed-round-catch-up-quick tag-tourism tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Picking up where <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d15c184c-b6a0-4eda-afd1-3d0695707906\">we left off this morning<\/a><\/strong><strong>, the story about a bump to the private-sector <\/strong><strong>minimum wage seems to have legs. <\/strong><a href=\"https:\/\/www.elwatannews.com\/news\/details\/5376113\">Al Watan<\/a> quotes a source at the National Wages Council, which sets the minimum wage, as saying the body may indeed push through a hike that would bring the minimum to EGP 2k per month some time this year. Planning Minister Hala El Said, who is head of the wages council, is set to meet with private sector players soon to hash out how this could take place, we said this morning.<\/p>\n<p><strong>Other stories we\u2019re watching <\/strong>as the workday starts to slow down:<\/p>\n<ul>\n<li><strong>EgyTrans and HA Utilities Holding will wrap up due diligence<\/strong> and potentially move forward <a href=\"https:\/\/alborsaanews.com\/2021\/03\/16\/1425773\">within three months<\/a> on a high-profile transaction that will see HA Utilities take a majority stake in EgyTrans through a reverse merger (background <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87cd18b5-f1ca-4e94-9556-be003f2311c5\">here<\/a>).<\/li>\n<\/ul>\n<ul>\n<li><strong>Tourism from the Baltics: <\/strong>Tour operator Novaturas Group is <a href=\"http:\/\/www.globenewswire.com\/news-release\/2021\/03\/15\/2192986\/0\/en\/AB-Novaturas-resumes-flights-from-Latvia-to-Egypt-at-the-end-of-March.html\">doubling the number of<\/a><a href=\"http:\/\/www.globenewswire.com\/news-release\/2021\/03\/15\/2192986\/0\/en\/AB-Novaturas-resumes-flights-from-Latvia-to-Egypt-at-the-end-of-March.html\">weekly flights<\/a> from Latvia to Hurghada and Sharm El Sheikh to four starting April.<\/li>\n<li><strong>Production of Egyptian oranges<\/strong> <a href=\"http:\/\/bit.ly\/3rPBDqF\">could rise<\/a> by almost 6.3% to reach a total of 3.4 mn tons in FY2020-2021 thanks to favorable weather conditions.<\/li>\n<li>The <strong>Mubarak family<\/strong> is <a href=\"http:\/\/bit.ly\/3qOwdL5\">mulling<\/a> lodging a lawsuit against the <strong>European Council<\/strong> for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5abb050-d9c2-43c2-bc03-cd443579f7df\">erroneously sanctioning<\/a> five members of the family over the past decade.<\/li>\n<li>The Prosecutor General <a href=\"https:\/\/bit.ly\/3bUIcml\">ordered the detention<\/a> of three men yesterday over their alleged involvement in the death of <strong>a woman who died after falling from her apartment balcony. <\/strong>The suspects are alleged to have physically assaulted the woman and a man inside the flat.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egytrans\/\">EgyTrans<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hosni-mubarak\/\">Hosni Mubarak<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round-catch-up-quick\/\">SPEED ROUND: CATCH UP QUICK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565072\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"565072\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">GO WITH THE FLOW<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/meet-our-analyst-of-the-week-rencaps-ahmed-hafez\/\">\r\n                            Meet our analyst of the week: RenCap\u2019s Ahmed Hafez                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/meet-our-analyst-of-the-week-rencaps-ahmed-hafez\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n      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data-attachment-id=\"565073\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/meet-our-analyst-of-the-week-rencaps-ahmed-hafez\/487-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/487.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"487.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/487.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/487.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565072\" class=\"content-area-description single-story post-565072 post type-post status-publish format-standard has-post-thumbnail hentry category-go-with-the-flow tag-economy tag-enterprisepm tag-go-with-the-flow tag-renaissance-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>OUR ANALYST OF THE WEEK-<\/strong> Ahmed Hafez, the head of MENA research at Renaissance Capital (<a href=\"https:\/\/www.linkedin.com\/in\/ahmed-hafez-63554080\/?originalSubdomain=eg\">Linkedin<\/a>).<\/p>\n<p><strong>My name is Ahmed Hafez and I head up MENA research for Renaissance Capital<\/strong>, covering mainly consumer names and diversified industrials. I started my career at HSBC\u2019s global research division, where I was mainly focused on sectors including mining, metals, utilities, and some consumer names. In a big organization, you don\u2019t always get to dip your toes in everything and mostly stay within your own scope. However, that changed when I went to HC Securities in 2011 as an analyst and got more exposure to many sectors, eventually becoming the co-head of research alongside Nemat Choucri.<\/p>\n<p><strong>In 2018, I moved to RenCap and was one of the first people at the Egypt office<\/strong> when they started operating locally. It was difficult in the beginning \u2014 from an office space perspective, I felt like I had joined a startup. It's very rewarding to now see everything up and running, but it was a long journey to get here.<\/p>\n<p><strong>The best part of my job is the learning that comes with client interaction.<\/strong> I always say that there is nothing better than a good discussion. Working in this field you often get to meet people with different backgrounds and perspectives that you wouldn\u2019t have thought of otherwise. There\u2019s also the need to always work harder to be more comprehensive and able to cover everything. That often means going back in history to draw parallels between events. I believe if you stop learning at a job, you\u2019ll lose interest or even become complacent, so this field forces you to always be on your toes.<\/p>\n<p><strong>The worst part of my job is when there\u2019s no interest in the product, country, or region <\/strong><strong>you\u2019re working on \u2014 you can feel alienated.<\/strong> There have been instances in the past few years where things haven\u2019t been heading in the right direction for investors and it's quite demotivating. Being an analyst is a people\u2019s job so without the people it just becomes a routine.<\/p>\n<p><strong>Less travel is more efficient, but I wouldn\u2019t call it better. <\/strong>You can squeeze in more meetings during the day since there isn\u2019t a commute time to factor in. It remains to be seen whether we\u2019ll return to the same world post-covid, but I do think that travelling and road shows will still be part of the job.<\/p>\n<p><strong>RenCap remains very positive on Egypt in 2021<\/strong>, and while it might not be the year of Egypt, it will definitely be a better year. Last year was unfortunate because we saw some stories people have been looking for in Egypt play out such as capex recovery and faster private consumption, but covid-19 delayed these stories a bit. Nonetheless, there are other stories to get people excited for the year such as the bullish outlook on emerging markets in general.<\/p>\n<p><strong>I think 2022 could be the year of Egypt as key longer term themes start to materialize <\/strong>such as tourism becoming less depressed and monetary policy normalizing. We expect to start seeing more excitement in the tail end of this year.<\/p>\n<p><strong>My advice to retail investors or newcomers to the market is to buy what you understand. <\/strong>When you understand what you\u2019re investing in so you can have clearer judgement when you make decisions. You should know the broad dynamics of an investment and have a good answer if someone asks you, \u2018Why are you investing in this?\u2019 It\u2019s the same advice I would give someone buying an apartment or a car. It's very similar since at the end of the day you\u2019re putting your wealth into all of them. I also advise investors to not get greedy when investing in the stock market.<\/p>\n<p><strong>A less obvious factor people should look at before investing is the governance of a <\/strong><strong>company. <\/strong>It\u2019s often harder to make a judgement on governance as opposed to earnings, growth, and similar factors. However, as we\u2019ve seen in the past period, things can go wrong. So it\u2019s important to be comfortable with the governance or else your investment could be vulnerable to things like inaccurate reported numbers or figures. So governance is really at the base of everything else.<\/p>\n<p><strong>When recommending calls or top picks, I try to get a good sense of what would make a <\/strong><strong>stock reprice and what wouldn\u2019t. <\/strong>There are some stocks that are [underpriced], but won\u2019t necessarily rerate quickly while other stocks are more expensive but continue to outperform. This kind of thinking necessitates a more top-down approach to be able to judge the direction a stock is going and make a good call that materializes.<\/p>\n<p><strong>If I had to switch to another industry, I would like to go into operations.<\/strong> It\u2019s a position I would like to explore in any field, whether it's a steel plant or an engineering firm.<\/p>\n<p><strong>I\u2019m a numbers person.<\/strong> I\u2019ve always been comfortable with numbers since I was younger. Meanwhile, words have had to come the hard way [laughs] and a lot of investment has been put into that while on the job.<\/p>\n<p><strong>The last great things I\u2019ve watched were the last season of <\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt8714904\/\">Narcos Mexico<\/a><\/strong><strong> as well as <\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt8111088\/\">The<\/a><\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt8111088\/\">Mandalorian<\/a><\/strong><strong>. <\/strong>My taste in TV shows varies with my mood \u2014 sometimes I want to watch something light and comedic while other times I\u2019ll go for something more serious and deep. The last great thing I read was probably <a href=\"https:\/\/www.amazon.com\/Lord-Rings-One-J-R-R-Tolkien-ebook\/dp\/B007978OY6\/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=\">Lord of the Rings<\/a> from my school\u2019s library.<\/p>\n<p><strong>When I\u2019m not working, I like to travel. <\/strong>It astounds me how you can find similarities in culture in the most unexpected countries. I was recently married and went to Hawaii for my honeymoon, so I think that is now my favorite destination. In the future, I think I\u2019d like to devote more of my vacation time to exploring Egypt\u2019s offerings such as Al Wahat and St. Catherine.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The EGX30 fell 0.3% at today\u2019s close<\/strong> on turnover of EGP 805 mn (45.5% below the 90-day average). Local investors were net buyers. The index is up 3.2% YTD.<\/p>\n<p><strong>In the green: <\/strong>GB Auto (+2.5%), Abu Qir Fertilizers (+2.0%) and Orascom Development (+1.9%).<\/p>\n<p><strong>In the red: <\/strong>Ezz Steel (-4.1%), Orascom Financial (-3.8%) and Edita (-3.5%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renaissance-capital\/\">Renaissance Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565074\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565075\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"565075\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/\">\r\n                            Is this UN facility a silver bullet for African indebtedness?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Is this UN facility a silver bullet for African indebtedness?&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/&title=Is this UN facility a silver bullet for African indebtedness?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Is+this+UN+facility+a+silver+bullet+for+African+indebtedness%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F03%2F16%2Fis-this-un-facility-a-silver-bullet-for-african-indebtedness%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/488.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"565076\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/is-this-un-facility-a-silver-bullet-for-african-indebtedness\/488-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/488.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"488.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/488.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/488.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565075\" class=\"content-area-description single-story post-565075 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-africa tag-emerging-markets tag-enterprisepm tag-the-macro-picture wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Egypt could have access to a proposed UN facility that would boost liquidity in <\/strong><strong>African sovereign bond markets <\/strong>through a special type of rich-help-poor model. The model for the so-called Liquidity and Sustainability Facility (LSF) <a href=\"https:\/\/www.un.org\/sites\/un2.un.org\/files\/part_ii-_detailed_menu_of_options_financing_for_development_covid19.pdf\">put forward (pdf)<\/a> by the UN and fixed-income asset manager Pimco in September proposes a new mechanism to provide short-term liquidity to developing countries in Africa that have come under severe fiscal and economic pressure because of the pandemic.<\/p>\n<p><strong>The goal?<\/strong> To make African sovereign bonds less risky for investors, to lower borrowing costs and to provide debt relief for poor and middle-income nations.<\/p>\n<p><strong>How would it work?<\/strong> Rather than convince bondholders to take losses on their investments, the LSF would subsidize their holdings via repurchase agreements (if you don\u2019t know what these are, check out <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7113b95d-160d-435b-aaa9-5b01a1430a5d\">our explainer here<\/a>). Investors would effectively borrow cash from the facility in exchange for their sovereign debt portfolio, incentivized by the interest rates and potential haircuts on short-term repo transactions, which are lower than in the private debt markets. <strong>This would<\/strong>, in theory at least, <strong>increase liquidity and demand for African sovereign debt and lower borrowing costs for distressed governments.<\/strong><\/p>\n<p><strong>There\u2019s a problem though \u2014 where to get the money:<\/strong> The obvious place to turn is the developed world. The UN and Pimco propose persuading central banks in OECD countries to lend out USD 50-100 bn to the facility, but given the damaging effects of the virus on their economies, the political will to sanction bns more in overseas lending is lacking.<\/p>\n<p><strong>Enter the IMF:<\/strong> A recent statement by US Treasury Secretary Janet Yellen <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af214fd5-5918-46c5-aed3-db02f1c55ef6\">backing more firepower for the IMF<\/a> to lend poorer countries is a signal the Washington-based lender could have an alternative plan in mind. In particular, it could use SDRs \u2014 which are its way of giving member countries claims over the hard currency of other members \u2014 to fill in the gap and provide the needed lending capacity to the LSF. The IMF\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f015b9d6-2861-4d65-bdd3-e8dcea2d822d\">recent approval<\/a> to issue USD 500 mn more SDRs already aims to help emerging-markets ease through the covid recovery.<\/p>\n<p><strong>Why this is crucial for Africa: <\/strong>The African Development Bank (AfDB) forecasts that average debt-to-GDP in African countries will grow 10-15% this year due to the fiscal shock of the pandemic. Debt relief efforts were made, including an initiative by G20 Debt Service Suspension Initiative to get rich country lenders to suspend repayments. Even then, already indebted African countries <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aae95744-986e-460f-a13b-3289cc0c3636\">continued to tap debt markets<\/a> as their financing needs grew. They were reluctant to ask for debt relief in fear of losing access to capital markets.<\/p>\n<p><strong>Sounds cool, right? Well, the idea doesn\u2019t come without risks, <\/strong>neatly rounded up by <a href=\"https:\/\/www.ft.com\/content\/d1751724-e66b-4b00-96f1-6b13e7257e78\">the Financial Times<\/a>:<\/p>\n<p><strong>#1 Will the facility be around in hard times? <\/strong>The LSF would use sovereign bonds as collateral as a way of boosting liquidity, meaning it will adopt margin calls, or ask for more securities from repo borrowers when bonds drop in value. As a result of better ratings in good times and worse ratings when conditions worsen, the LSF could create only \u201ccyclical improvements in liquidity,\u201d or access to it only when African borrowers need it least.<\/p>\n<p><strong>#2 Will it accept local bonds as collateral? <\/strong>If it doesn\u2019t, sovereign borrowers could start disproportionately borrowing in foreign currencies, making them more vulnerable to foreign debt outflows, the report says.<\/p>\n<p><strong>#3 Can it undermine monetary policy?<\/strong> The LSF could undermine its efforts to raise liquidity in the markets should it increase haircuts on investors if and when the bonds it holds as collateral become riskier. This threatens to make it more difficult for African monetary policymakers to keep a lid on bond market volatility during stressful times.<\/p>\n<p><strong>Does Egypt really need it? <\/strong>Egypt isn\u2019t on the list of EMs most vulnerable to a debt crisis. The government continued to be able to issue debt during the pandemic and was able to negotiate up to USD 8 bn in emergency funding from the IMF under favorable conditions. The country was also not on <a href=\"https:\/\/www.worldbank.org\/en\/topic\/debt\/brief\/covid-19-debt-service-suspension-initiative\">the list of nations<\/a> eligible for G20 debt service relief. At the moment, our policy priority is to reduce short-term refinancing needs by issuing more long-term debt. Still, the potential existence of the LSF will give access to short-term financing that can be used to refinance longer-term obligations.<\/p>\n<p><strong>DIG DEEPER-<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.ft.com\/content\/c784b7f5-6a07-4500-bb4a-da4f95f891f8\">Africa needs its own 'repo' market<\/a>.<\/li>\n<li><a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/31\/us-economy-dodges-a-bullet-as-repo-rate-took-sharp-rises-this-month\/\">What is the repo rate and why does it matter?<\/a><\/li>\n<li><a href=\"https:\/\/www.youtube.com\/watch?v=gzCkXNrjFQM&ab_channel=WallStreetJournal\">Repo: How Roughly $1 Trillion Moves Overnight<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/africa\/\">Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-macro-picture\/\">THE MACRO PICTURE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565077\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/16\/your-essential-business-calendar-on-16-march-2021-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565077\" class=\"content-area-description single-story post-565077 post type-post status-publish format-standard hentry category-calendar tag-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>March: Potential visit to Cairo by Russian President Vladimir Putin.<\/p>\n<p>11-20 March (Thursday-Saturday): Photopia\u2019s <a href=\"http:\/\/bit.ly\/3qeZi2a\">Cairo Photo Week 2021<\/a> will take place with this year\u2019s theme being Depth OFF Field.<\/p>\n<p>16 March (Tuesday): AmCham webinar featuring business tech expert Patrick Schwerdtfeger. <a href=\"https:\/\/www.amcham.org.eg\/events-activities\/events\/online-paid-registration\/1348\">Non-members can register here<\/a>.<\/p>\n<p>18 March (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23 March (Tuesday): The second edition of the <a href=\"https:\/\/tinyurl.com\/vf98kbgf\">Egypt Retail Summit<\/a> takes place at the Nile Ritz Carlton hotel.<\/p>\n<p>23 March (Tuesday): The British-Egyptian Business Association (BEBA) virtual conference on sustainable manufacturing in Africa.<\/p>\n<p>25-27 March (Thursday-Saturday): <a href=\"https:\/\/www.therealgate.com\/visit\/register-your-interest-to-visit\/\">The Real Gate real estate exhibition<\/a>, Egyptian International Exhibition Center, Cairo.<\/p>\n<p>29-30 March (Monday-Tuesday): <a href=\"https:\/\/arab-exchanges.org\/conference\/\">Arab Federation of Exchanges Annual Conference<\/a> 2021.<\/p>\n<p>31 March (Wednesday): Deadline to visit the moroor and get an RFID sticker affixed to your car\u2019s windshield \u2014 or run afoul of the Traffic Police.<\/p>\n<p>31 March (Wednesday): Income tax deadline for individuals. Real estate tax deadline.<\/p>\n<p>1-3 April (Thursday-Saturday): <a href=\"http:\/\/hvacregypt.com\/\">HVAC-R Egypt Expo<\/a>.<\/p>\n<p>8-10 April (Thursday-Saturday): The TriFactory\u2019s Endurance Festival at Somabay.<\/p>\n<p>13 April (Monday): First day of Ramadan (TBC).<\/p>\n<p>25 April (Sunday): Sinai Liberation Day.<\/p>\n<p>29 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC),<\/p>\n<p>29 April (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1 May (Saturday): Labor Day (national holiday).<\/p>\n<p>2 May (Sunday): Easter Sunday.<\/p>\n<p>3 May (Monday): Sham El Nessim.<\/p>\n<p>13-15 May (Thursday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>25-28 May (Tuesday-Friday): The World Economic Forum annual meeting, Singapore.<\/p>\n<p>1 June (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>7 June-9 June (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>17 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 June (Thursday): End of the 2020-2021 academic year (public schools).<\/p>\n<p>26-29 June (Saturday-Tuesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/?utm_source=Adestra&utm_medium=email&CID=003D000002UIHn4IAH&utm_campaign=Egyp%5Bt%20postponement%20generic%20exp%20visp&utm_term&utm_content=7014G000001cG3zQAE&CNAME=Enterprise\">The Big 5 Construct Egypt<\/a>, Cairo International Convention Center, Cairo, Egypt.<\/p>\n<p>30 June (Wednesday): 30 June Revolution Day.<\/p>\n<p>1 July: (Thursday): National holiday in observance of 30 June Revolution.<\/p>\n<p>30 June- 15 July: National Book Fair.<\/p>\n<p>1 July (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61c78b1b-ec60-46e8-9760-c995c81f34b9\">will suffer a host of penalties<\/a>, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.<\/p>\n<p>19 July (Monday): Arafat Day (national holiday).<\/p>\n<p>20-23 July (Tuesday-Friday): Eid Al Adha (national holiday)<\/p>\n<p>23 July (Friday): Revolution Day (national holiday).<\/p>\n<p>5 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>9 August (Monday): Islamic New Year.<\/p>\n<p>12 August (Thursday): National holiday in observance of the Islamic New Year.<\/p>\n<p>16 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 September-2 October (Thursday-Saturday): <a href=\"https:\/\/www.egypt-projects.com\/\">Egypt Projects 2021<\/a> expo, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>1 October (Friday): <a href=\"https:\/\/www.expo2020dubai.com\">Expo 2020 Dubai<\/a> opens.<\/p>\n<p>6 October (Wednesday): Armed Forces Day.<\/p>\n<p>7 October (Thursday): National holiday in observance of Armed Forces Day.<\/p>\n<p>18 October (Monday): Prophet\u2019s Birthday.<\/p>\n<p>21 October (Thursday): National holiday in observance of the Prophet\u2019s Birthday.<\/p>\n<p>28 October (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1-12 November (Monday-Friday): <a href=\"https:\/\/ukcop26.org\/\">2021 United Nations Climate Change Conference<\/a> (COP26), Glasgow, United Kingdom.<\/p>\n<p>13-17 December: <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/396604\/Egypt\/Politics-\/Egypt-to-host-UN-anticorruption-conference-in-.aspx\">United Nations Convention against Corruption<\/a>, Sharm El Sheikh, Egypt.<\/p>\n<p>16 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>27 June - 3 July 2022 (Monday-Sunday): <a href=\"https:\/\/www.insidethegames.biz\/articles\/1103867\/fisu-world-university-squash-new-giza\">World University Squash Championships<\/a>, New Giza.<\/p>\n<p><strong>Note to readers: <\/strong>Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":565062,"template":"","categories":[],"tags":[],"class_list":["post-565061","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"24d23e14-714a-4f3c-be68-f095caed4cd6","teaser":"","photo_url":"https:\/\/ent.news\/2021\/3\/483.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Enterprise Banque Misr completes CI Capital takeover - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-banque-misr-completes-ci-capital-takeover\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise Banque Misr completes CI Capital takeover\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-banque-misr-completes-ci-capital-takeover\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T04:48:48+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/483.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-banque-misr-completes-ci-capital-takeover\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-banque-misr-completes-ci-capital-takeover\/\",\"name\":\"Enterprise Banque Misr completes CI Capital takeover - 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