{"id":544682,"date":"2022-03-16T04:00:15","date_gmt":"2022-03-16T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/this-morning-its-fed-decision-day-swvl-on-course-to-hit-the-nasdaq-on-31-march-afdb-in-town-for-cop-27-talks\/"},"modified":"2022-03-16T04:00:15","modified_gmt":"2022-03-16T04:00:15","slug":"this-morning-its-fed-decision-day-swvl-on-course-to-hit-the-nasdaq-on-31-march-afdb-in-town-for-cop-27-talks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/this-morning-its-fed-decision-day-swvl-on-course-to-hit-the-nasdaq-on-31-march-afdb-in-town-for-cop-27-talks\/","title":{"rendered":"THIS MORNING: It\u2019s Fed decision day; Swvl on course to hit the Nasdaq on 31 March; AfDB in town for COP 27 talks"},"content":{"rendered":"

Good morning, wonderful people, and welcome to almost-THURSDAY<\/strong>, which longtime readers know is how we prefer to think of the day normals call \u201cWednesday.\u201d<\/p>\n

THE BIG NEWS TODAY has to be the ongoing policy maturity the Madbouly government <\/strong>is showing <\/strong>in what are indeed \u201cvery challenging times\u201d (to recycle a crazily overused corporate euphemism that makes us miserable every time we read it). Vice Minister of Finance Ahmed Kouchouk was out yesterday noting that the ministry is revising the budget deficit target in light of a hit to the commodities line item<\/strong> and ministers have given the green light to price caps on unsubsidized baladi bread<\/strong>. We hate price controls almost as much as we do subsidies, but this is common sense in light of what\u2019s happening now. Ministers should go a step further and make clear that there\u2019s a sunset clause for the price caps.<\/p>\n

Ministers are also showing more willingness to deploy smart incentives. <\/strong>Measures expected \u201cwithin hours\u201d (we\u2019re as tired of that phrase as we are of \u201cvery challenging times\u201d) will give farmers incentives to plant more wheat \u2014 with a corresponding requirement they sell more of their harvest to the state.<\/p>\n

And looking beyond the current crisis, Cabinet announced a series of on-point incentives to drive investment in the green economy <\/strong>as well as other priority sectors including artificial intelligence, education, and localizing industry. More of this, please.<\/p>\n

^^ We have chapter and verse on all of this and more in this morning\u2019s news well, below.<\/p>\n

WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n

An African Development Bank (AfDB) delegation <\/strong>is in town<\/a><\/strong> to talk COP 27.<\/strong> Led by VP Kevin Kariuki, the team is holding talks with several ministers to discuss our preparations for the climate summit, which will take place in Sharm El Sheikh in November. Foreign Minister Sameh Shoukry (who is double-hatted as president of COP 27), International Cooperation Minister Rania Al Mashat, Environment Minister Yasmine Fouad, and Electricity Minister Mohamed Shaker are all meeting with the delegation to discuss how the bank can assist the government with its preparations. The visit wraps up tomorrow.<\/p>\n

Also from the AfDB: <\/strong>The development bank plans to invest USD 1 bn to boost wheat production in African countries, noting that much of the continent is heavily reliant on imports from Russia and Ukraine, Bloomberg<\/a> reports. AfDB will channel the money into \u201cclimate-resilient technologies\u201d that will help 40 mn farmers on the continent raise their output of wheat and other crops, the bank\u2019s president, Akinwumi Adesina, told the business news information service.<\/p>\n

<\/a> It\u2019s Fed decision day: <\/strong>The Federal Reserve will end its two-day meeting to review interest rates today and is expected to kick off its long-signposted tightening cycle with a 25-bps hike. The market previously anticipated the central bank to go bigger and raise interest rates by 50 bps, but now expects the uncertainties triggered by the conflict in Ukraine to have changed its calculations. Look for an announcement this evening, Cairo time.<\/p>\n

The Central Bank of Egypt will hold its policy meeting next week<\/strong> on Thursday, 24 March, and analysts are increasingly expecting policymakers to raise rates in response to surging global inflation.<\/p>\n

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Are the Saudis really serious about ditching the petrodollar in favor of the yuan?<\/strong> Analysts tell Bloomberg<\/a> that talks<\/a> between Riyadh and Beijing to sell some of its oil in yuan is more about geopolitical posturing than a serious reconfiguration of how global oil is traded. \u201cI don\u2019t know if it is really real,\u201d said one strategist. \u201cIt happens at a moment when the geopolitical order is moving. The Saudis are trying to play with what they can. It is just a signal sent to the US they want more consideration.\u201d US-Saudi relations deteriorated with the election of Joe Biden as president, who described it as a \u201cpariah state\u201d during his election campaign. Riyadh reportedly refused to take Biden\u2019s phone call<\/a> last week as his administration accelerates its pursuit of a nuclear agreement with Iran.<\/p>\n

CIRCLE YOUR CALENDAR-<\/strong><\/p>\n

<\/a> Swvl<\/strong> is on course to hit the Nasdaq on 31 March:<\/strong> Egyptian mass transportation firm Swvl will go public on the Nasdaq \u201con or around the 31 March\u201d should the shareholders of its SPAC, Queen\u2019s Gambit Growth Capital, approve the listing in a meeting on 30 March, the company said in a statement (pdf)<\/a> confirming that the merger has received the greenlight<\/a> from US regulators. The company will list 35% of its shares<\/a> on the tech-heavy exchange following a merger with Queen\u2019s Gambit, and will trade under the tickers \u201cSWVL.\u201d<\/p>\n

Backing the listing:<\/strong> The SPAC has raised USD 300 mn from investors and has secured USD 121.5 mn in PIPE investments from the EBRD<\/a> and several US-based investors, Abu Dhabi-based Chimera Capital and Kuwaiti VC Zain Group.<\/p>\n

A busy year for Swvl:<\/strong> The company has entered two new continents via its acquisition of Barcelona-based Shotl<\/a> and the South American firm Viapool<\/a>, which operates transit services in Chile and Argentina.<\/p>\n

A call for agribusiness SMEs: <\/strong>CARE Egypt<\/a> is calling on SME owners to apply for a training program aiming to equip agripreneurs to raise funds. You can apply for the program here<\/a>.<\/p>\n

Green energy forum:<\/strong> The German Arab Chamber of Industry and Commerce is hosting the Egyptian-German Green Energy Forum next Tuesday, 22 March. The event runs 5:30-9pm CLT at the InterContinental Cairo Semiramis.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

\"enterprise\"<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n

In today\u2019s issue: <\/strong>The commodity price shock is pushing up prices of building materials in Egypt, with local steel and cement prices soaring since the start of the Ukraine conflict. Local manufacturers say that these price increases are necessary as they face soaring input costs, including the prices of key energy sources such as coal and pet coke. Contractors, on the other hand, are feeling the pinch, and are lobbying for government support to help them absorb the shock.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people, and welcome to almost-THURSDAY, which longtime readers know is how we prefer to think of the day normals call \u201cWednesday.\u201d THE BIG NEWS TODAY has to be the ongoing policy maturity the Madbouly government is showing in what are indeed \u201cvery challenging times\u201d (to recycle a crazily overused corporate euphemism that […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[1376,7286,317,228,72,564,182,349,1341,439,507,639,207,74,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544682","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-african-development-bank","tag-climate","tag-commodities","tag-cop27","tag-enterpriseam","tag-food","tag-inflation","tag-interest-rates","tag-russia-ukraine-conflict","tag-spacs","tag-swvl","tag-technology","tag-transport","tag-what-were-tracking-today","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"c2cf39a5-a923-4fc5-aa2e-2910aab828a4","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[544680],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: It\u2019s Fed decision day; 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It\u2019s a shockingly slow news day here on the home front today \u2014 that Ramadan news slowdown appears to be finally kicking in as we make our way towards the long weekend.** SO, WHEN DO WE EAT? We\u2019ll be breaking our fasts at 6:20pm CLT today.\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/wp-content\/uploads\/2022\/03\/egypt-wheat-field.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545192,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/","url_meta":{"origin":544682,"position":1},"title":"THIS EVENING: Annual urban inflation rose to highest since mid-2019 + Trade Ministry bans exports of key food commodities + Hopes for Russia-Ukraine ceasefire dashed","author":"enterpriseam admin","date":"10 March 2022","format":false,"excerpt":"Happy Thursday, wonderful people. We hope the howling winds and thoroughly brown view from our windows aren\u2019t putting too much of a damper on this final day of the workweek.THE BIG STORIES TODAY Annual urban inflation rose in February to 8.8% \u2014 its highest since mid-2019 \u2014 from 7.3% in\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585162,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/11\/this-evening-is-swvl-considering-acquisition-offers-plus-leaked-us-military-files-prompt-internal-reviews\/","url_meta":{"origin":544682,"position":2},"title":"THIS EVENING: Is Swvl considering acquisition offers? Plus: Leaked US military files prompt internal reviews","author":"enterpriseam admin","date":"11 April 2023","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and welcome to hump day. We\u2019re halfway through the week and are very much looking forward to the next few long weekends ahead.Speaking of which: The private sector will get a paid day off next Monday, 17 April for Sham El Nessim, the Manpower Ministry\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/224.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":554234,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/27\/this-morning-cbe-extends-pandemic-fee-cuts-tourism-support-measures-anghami-swvl-in-a-race-to-see-who-spacs-first\/","url_meta":{"origin":544682,"position":3},"title":"THIS MORNING: CBE extends pandemic fee cuts, tourism support measures + Anghami, Swvl in a race to see who SPACs first","author":"enterpriseam admin","date":"27 December 2021","format":false,"excerpt":"Good morning, friends, and welcome to the final business week of 2021. We hope Santa Claus found you \u2014 and that Christmas was wonderful for all of our readers who observe.We have an incredibly packed issue this morning so we\u2019re going to jump right in after quickly reminding you all\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":580278,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/this-evening-el-moselhy-sets-up-task-force-to-impose-fair-price-for-commodities-were-about-to-settle-in-for-our-last-world-cup-match-until-2026\/","url_meta":{"origin":544682,"position":4},"title":"THIS EVENING: El Moselhy sets up task force to impose fair price for commodities + We\u2019re about to settle in for our last World Cup match until 2026","author":"enterpriseam admin","date":"18 December 2022","format":false,"excerpt":"Good afternoon, ladies and gents, and welcome to the start of a new week \u2014 and World Cup Final Day. 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