{"id":543514,"date":"2022-02-06T04:00:24","date_gmt":"2022-02-06T04:00:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/this-morning-macros-retail-offering-6-5x-oversubscribed-the-afcon-final-finally\/"},"modified":"2022-02-06T04:00:24","modified_gmt":"2022-02-06T04:00:24","slug":"this-morning-macros-retail-offering-6-5x-oversubscribed-the-afcon-final-finally","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/this-morning-macros-retail-offering-6-5x-oversubscribed-the-afcon-final-finally\/","title":{"rendered":"THIS MORNING: Macro\u2019s retail offering 6.5x oversubscribed + the AFCON final, finally"},"content":{"rendered":"

Good morning, wonderful people, and welcome to another big news day. <\/strong><\/p>\n

Setting the tone this morning: <\/strong>The Central Bank of Egypt left rates on hold as it takes a wait-and-see approach on both inflation and the market impact of the US Federal Reserve\u2019s plan to hike interest rates this year. The news comes as the state\u2019s fuel price committee hiked prices at the pumps once again (oil prices are well ahead of the figure the Madbouly government has penciled into the budget)<\/p>\n

ALSO- Macro Group\u2019s shares are due to start trading by Thursday <\/strong>on the EGX under the ticker MCRO.CA, Swvl just raised money from EBRD and Teklas, and the PMI was down in January despite wide optimism about doing business in Egypt in 2022<\/a>. We have the rundown on all of this and more in this morning\u2019s news well, below.<\/p>\n

WATCH THIS SPACE- <\/strong>The UAE\u2019s biggest Islamic bank, Dubai Islamic Bank, is mulling a <\/strong>move into <\/strong>Egypt<\/strong> as well as Saudi Arabia and Turkey over the next five years as part of its international expansion strategy. \u201cThese are three markets that one cannot ignore,\u201d CEO Adnan Chilwan told Bloomberg<\/a> TV in an interview on Friday.<\/p>\n

It\u2019s AFCON finals night. <\/strong>The Pharaohs advanced to their first Afcon final in five years, edging out hosts Cameroon on Thursday night in another cagey goalless draw that was settled at the penalty spot. Having seen off Ivory Coast in a similar fashion in the quarter-finals, the Pharaohs were well prepped for a spot kick showdown against a Cameroon side who evidently hadn\u2019t practiced their penalty kicks. Two saves by goalkeeper Gabaski and one meek shot blazed wide saw the tie go 3-1 to Egypt, setting up an Egypt v Senegal \/ Mohamed Salah v Sadio Mane showdown in Olembe.<\/p>\n

The bad news:<\/strong> The Pharaohs will be without manager Carlos Queiroz on the touchline after he was sent off for arguing with the referee. His assistant Wael Gomaa will also be in absentia after receiving his second yellow card of the tournament.<\/p>\n

Kick off:<\/strong> 9pm tonight.<\/p>\n

PSA- All travelers to Saudi Arabia will have to present a negative PCR test taken<\/strong> within 48 hours before flying, regardless of their vaccination status, according to an EgyptAir statement<\/a>. The new rules will come into effect at 10am CLT on Wednesday, 9 February.<\/p>\n

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HAPPENING THIS WEEK-<\/strong><\/p>\n

Is the automotive industry about to get a helping hand <\/strong>from government<\/strong>?<\/strong> It\u2019s been six years, but we could finally see some details later this month on the long-awaited package of incentives to stimulate the local car assembly industry, according to statements<\/a> made by Prime Minister Moustafa Madbouly on Thursday. The strategy<\/a>, which has been in the works since 2016 and has seen years of delays, revisions and overhauls, aims to grow a car assembly industry that can compete with European Union, Moroccan and Turkish imports.<\/p>\n

The House of Representatives is holding plenary sessions <\/strong>today through Tuesday<\/a><\/strong> to discuss a handful of laws and amendments, including changes to the Real Estate Registry Act<\/strong>, Al Shorouk<\/a> and Youm7<\/a> report. The amendments, which received the green light<\/a> from the House\u2019s Legislative Committee last week, aim to simplify property registration procedures by significantly reducing the number of required documents, digitizing parts of the procedure, and putting a time ceiling on the process.<\/p>\n

Also on the agenda: <\/strong><\/p>\n