{"id":547552,"date":"2022-06-27T03:28:24","date_gmt":"2022-06-27T03:28:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/this-morning-back-to-the-grain-state-privatization-plans-tick-on\/"},"modified":"2022-06-27T03:28:24","modified_gmt":"2022-06-27T03:28:24","slug":"this-morning-back-to-the-grain-state-privatization-plans-tick-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/27\/this-morning-back-to-the-grain-state-privatization-plans-tick-on\/","title":{"rendered":"THIS MORNING: Back to the grain + State privatization plans tick on"},"content":{"rendered":"

We have three working days left to the long weekend, <\/strong>ladies and gentlemen. And yes, we\u2019re counting every day. On that note\u2026<\/p>\n

Bank holiday confirmed: <\/strong>The Central Bank of Egypt (CBE) has confirmed that it will be off this coming Thursday in observance of the 30 June Revolution. Prime Minister Moustafa Madbouly said over the weekend that Thursday will be anational holiday<\/a>for the public and private sector.<\/p>\n

THE BIG STORY here at home: After a brief lull, wheat news is back at the top of the<\/strong> agenda, <\/strong>after we secured some (though not all) of the Indian grain that we\u2019d been hoping to get past the country\u2019s recently introduced export ban. Meanwhile, the state is looking at a range of innovations to make our local wheat stretch further \u2014 including making more flour from the same amount of grain, and making flour from sweet potato.<\/p>\n

Privatization and FDI continues to be a dominant theme, with more potential investments <\/strong>coming from our friends in KSA.<\/strong> This time, we appear to have garnered their sovereign wealth fund\u2019s interest in tourism and in aluminum. We have more in this morning\u2019s Investment Watch story.<\/p>\n

<\/a> On that front, Prime Minister Moustafa Madbouly discussed all things privatization<\/strong> with Planning Minister Hala El Said and Sovereign Fund of Egypt CEO Ayman Soliman yesterday, according to a cabinet statement<\/a>. El Said discussed her ongoing negotiations for further investments with regional sovereign funds, while Soliman discussed setting up the new sub-fund that will manage the sale of state-owned companies.<\/p>\n

The government\u2019s public consultations over its privatization plans continued yesterday <\/strong>with the electronics industry.<\/strong> In attendance were top executives of manufacturers, including SICO, academics and the state\u2019s Arab Organization of Industrialization among others.<\/p>\n

The key takeaway: <\/strong>Much much more is needed to get this fledgeling industry off the ground. This would require incentives from the state, and even investment to crowd in the private sector.<\/p>\n

What sessions, you may ask? <\/strong>Every Sunday and Tuesday will see workshops on how privatization plans will affect specific industries. Look for detailed coverage on the talks in EnterpriseAM or across our various industry features.<\/p>\n

CATCH UP on <\/strong>yesterday\u2019s edition of Inside Industry<\/a><\/strong> where <\/strong>we talked to FMCG business <\/strong>leaders about what they think <\/strong>the state\u2019s plans to privatize the sector. They also discuss with us what else needs to happen in the food sector for the privatization push to play out well. From pricing, to strategy, to changing policy and regulations in the sector, the executives we talked to see positive potential for the move but think there are many steps ahead before the initiative can really take off.<\/p>\n

UP NEXT- <\/strong>The government will hold its next public consultations on telecoms<\/strong>.<\/p>\n

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PSA- Thinking of renting your summer home? <\/strong>Owners of chalets and apartments in tourist towns will need to notify the Egyptian Tax Authority (ETA) before renting out their units as the rent will be considered taxable revenue, ETA Head Reda Abdel Kader said, according to an authority statement<\/a>.<\/p>\n

CORRECTION-<\/strong> In yesterday\u2019s AM, we incorrectly stated that GB Auto\u2019s car finance arm Drive has closed its first EGP 700 mn securitized bond issuance. The issuance was a regular corporate bond. The story<\/a> has been updated on our website.<\/p>\n

THE BIG STORY ABROAD is the latest from the G7 summit<\/strong> being hosted by Germany. Here\u2019s what the international press is leading with as we enter the second day of the three-day meeting:<\/p>\n