{"id":548059,"date":"2022-07-25T04:00:22","date_gmt":"2022-07-25T04:00:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/"},"modified":"2022-07-25T04:00:22","modified_gmt":"2022-07-25T04:00:22","slug":"this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/","title":{"rendered":"THIS MORNING: Orascom Financial to decide on Chimera\u2019s Beltone bid today + Metro and train fares are going up"},"content":{"rendered":"

Good morning, wonderful people, and welcome to a reasonably quiet (but not dull) Monday morning. <\/strong>It feels a little bit like the summer news slowdown \u2014 a feature of both the Western and Egyptian news cycle \u2014 may be approaching as more and more people in the northern hemisphere head to the beach.<\/p>\n

What news we have is meaty: <\/strong>Russia\u2019s foreign minister was in town yesterday trying to reassure us on wheat supplies \u2014 and we have plenty of M&A, debt market, and infrastructure news. All of that (and more) below.<\/p>\n

<\/a> PSA #1- Metro and train fares are getting more expensive starting August<\/strong>, Transport Minister Kamel El Wazir told El Hekaya (watch, runti<\/a>me: 4:45<\/a>) last night. El Wazir said the ministry hasn\u2019t decided how big the price hikes will be, but suggested that Metro fares will likely rise by EGP 1-2.<\/p>\n

All means of public transport have gotten more expensive recently:<\/strong> Taxis, microbuses and buses across the country raised prices by 5-7%<\/a> in response to the rising cost of fuel. Private companies including Uber<\/a> and Swvl<\/a> have followed suit.<\/p>\n

PSA #2- Egypt has not yet recorded any cases of monkeypox<\/strong> amid a global outbreak that has spread to 72 countries, including Arab nations (among them the UAE<\/a>), presidential health advisor Mohamed Awad Tageldin told Kelma Akhira\u2019s Lamees El Hadidi (watch, runtime: 3:55<\/a>). The World Health Organization declared<\/a> the outbreak a global health emergency over the weekend. Monkeypox is a rarely fatal, milder cousin of smallpox<\/a> and is largely being transmitted as an STD.<\/p>\n

THE BIG STORY ABROAD-<\/strong><\/p>\n

There\u2019s no single story dominating the global front pages this morning:<\/strong> Reuters<\/a> leads with the Russia-Ukraine grain agreement<\/strong> (more on this in this morning\u2019s Diplomacy section, below) and the Financial Times<\/a> has the latest on the race to become the UK\u2019s next prime minister<\/strong>. A report in Axios<\/a>, meanwhile, suggests that Agent Orange\u2019s political clout is on the wane<\/strong> ahead of a potential 2024 run as the Murdoch empire turns against him \u2014 and as GOP rival Ron DeSantis gains in the polls.<\/p>\n

FANCY SOMETHING A BIT MORE \u2026 SALACIOUS? <\/strong>Tesla and Space X boss Elon Musk and Google co-founder Sergey Brin are no longer besties after Elon allegedly slept with Brin\u2019s wife, triggering a divorce, the Wall Street Journal<\/a> reports. The front page story is getting plenty of pickup on social media.<\/p>\n

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

<\/a> OFH\u2019s board will weigh in on Chimera\u2019s bid to acquire Beltone:<\/strong> Orascom Financial Holding\u2019s (OFH) board of directors will meet today to decide on Abu Dhabi investment firm Chimera Investments\u2019 bid to acquire up to 90% of Beltone Financial, CEO Nils Bachtler previously confirmed to Enterprise. OFH is the majority shareholder in Beltone Financial. Our friends at Chimera Investments submitted a bid<\/a> in June at EGP 1.485 per share, valuing the company at around EGP 690 mn. The Financial Regulatory Authority gave regulatory approval<\/a> to Chimera\u2019s offer last week.<\/p>\n

US Special Envoy for the Horn of Africa Mike Hammer is talking GERD in Cairo <\/strong>today: <\/strong>Hammer will a diplomatic resolution to the long-running crisis over the Grand Ethiopian Renaissance Dam (GERD), according to a statement<\/a> from the US embassy. This is Hammer\u2019s first stop of a three-stop tour that will also take him to the UAE and Ethiopia. Egyptian experts have claimed in recent days<\/a> that satellite images show that Addis Ababa has started the third round of filling the dam.<\/p>\n

Hammer arrives in Cairo one day after Russian Foreign Minister Sergei Lavrov was in town<\/strong> to talk grain<\/a> and, in the words of Deutsche Welle, \u201cbreak Russia\u2019s diplomatic isolation<\/a>.\u201d We have chapter and verse on the visit in this morning\u2019s Diplomacy section, below.<\/p>\n

Contracts for Dekheila Port dry bulk terminal will be signed today:<\/strong> The Alexandria Port Authority will sign today an agreement with a consortium of the Egyptian Group for Multipurpose Terminals, the Arab Group for Supply Chains, Gharably Integrated Engineering Company (GIECO) and Saudi conglomerate Ajlan & Bros for a dry bulk terminal at the Dekheila Port, according to the Transport Ministry.<\/p>\n

HAPPENING TOMORROW-<\/strong><\/p>\n

The Federal Reserve starts its two-day policy meeting tomorrow<\/strong>, and the consensus is that policymakers will go ahead with a second-consecutive 75-bps rate hike as it battles to get inflation under control. US inflation reached a fresh 40-year high in June, increasing pressure on the Fed to raise rates despite warnings that it could push the economy into recession. The Fed meets after the European Central Bank raised rates last week for the first time in 11 years.<\/p>\n

Watch this space: <\/strong>The Central Bank of Egypt\u2019s Monetary Policy Committee will have plenty of time to digest whatever the Fed does next \u2014 the MPC next meets to review rates on Thursday, 18 August.<\/p>\n

The IMF\u2019s updated World Economic Outlook is out tomorrow: <\/strong>The Fund has warned that it will \u201csubstantially\u201d downgrade its 2022 global growth forecast as the war in Ukraine, surging global inflation and rising interest rates weigh on the global economy.<\/p>\n

MORNING MUST READ- <\/strong><\/p>\n

Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at a step-by-step guide<\/a> on how to open up a factory in Egypt, starting from land allocation and all the way through maintaining operating licenses.<\/p>\n

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

Your next national holiday is not likely to be before October<\/strong> when we observe Armed Forces Day. The Madbouly cabinet announced yesterday<\/a> that Saturday will be a national holiday in observance of Islamic New Year, meaning it is highly unlikely we\u2019ll be downing tools for a weekday replacement day. 6 October will, in turn, be our last holiday until New Year\u2019s Day 2023.<\/p>\n

THIS IS WHAT THE FUTURE LOOKS LIKE: <\/strong>With holidays tied to the lunar calendar coming up 10 days earlier each year, we\u2019re going to be frontloading our holiday schedule in the first half of the year for some time to come\u2026 It\u2019ll be interesting to see how we all space out our vacation days in response.<\/p>\n

Leaders from across Africa are scheduled to convene in Washington for <\/strong>the US-Africa Leaders Summit from 13-15 December.<\/strong> The summit will bring together leaders to discuss pressing matters including food security and climate change, according to a White House statement<\/a>.<\/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 Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n

In today\u2019s issue:<\/strong> When hiring fresh grads, Egypt\u2019s private sector companies might look for a range of specific technical skills, but all want individuals with broadly similar work attitudes, we reported last week. So just how are Egypt\u2019s fresh graduates being provided with the employment skills they need? Sources from law firms, startups, and companies in a range of industries tell us that while several Egyptian universities do a good job of preparing fresh grads to enter the workplace, many companies also need to take steps to fill in gaps themselves.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, wonderful people, and welcome to a reasonably quiet (but not dull) Monday morning. It feels a little bit like the summer news slowdown \u2014 a feature of both the Western and Egyptian news cycle \u2014 may be approaching as more and more people in the northern hemisphere head to the beach. What news […]<\/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":[812,2078,168,72,7111,7128,553,207,117,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548059","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-beltone-financial","tag-chimera-investments","tag-diplomacy","tag-enterpriseam","tag-infrastructure","tag-ma-watch","tag-orascom-financial-holding","tag-transport","tag-us","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"2a21e625-02ed-463b-931e-c73712f2ec91","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[548057],"teaser":"","voice_url":""},"yoast_head":"\nTHIS MORNING: Orascom Financial to decide on Chimera\u2019s Beltone bid today + Metro and train fares are going up - 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\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: Orascom Financial to decide on Chimera\u2019s Beltone bid today + Metro and train fares are going up\" \/>\n<meta property=\"og:description\" content=\"Good morning, wonderful people, and welcome to a reasonably quiet (but not dull) Monday morning. 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It feels a little bit like the summer news slowdown \u2014 a feature of both the Western and Egyptian news cycle \u2014 may be approaching as more and more people in the northern hemisphere head to the beach. 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EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/#primaryimage"},"thumbnailUrl":"https:\/\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg","datePublished":"2022-07-25T04:00:22+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/#primaryimage","url":"https:\/\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg","contentUrl":"https:\/\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/25\/this-morning-orascom-financial-to-decide-on-chimeras-beltone-bid-today-metro-and-train-fares-are-going-up\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"THIS MORNING: Orascom Financial to decide on Chimera\u2019s Beltone bid today + Metro and train fares are going up"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"}]}},"featured_image_src":null,"featured_image_src_square":null,"author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/egypt\/author\/enterpriseam\/"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":549727,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/this-morning-the-governments-economic-conference-is-not-happening-today-or-this-month-money-for-cop27\/","url_meta":{"origin":548059,"position":0},"title":"THIS MORNING: The government\u2019s economic conference is not happening today. Or this month + Money for COP27","author":"enterpriseam admin","date":"28 September 2022","format":false,"excerpt":"Good morning, everyone, and welcome to a super-busy Wednesday. Let\u2019s jump straight in:NOT HAPPENING TODAY- The Madbouly government\u2019s economic conference, which was slated to take place before the end of the month but will now happen in October. That was according to President Abdel Fattah El Sisi yesterday, who was\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":548094,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/26\/this-morning-ofh-looks-to-have-sold-its-stake-in-beltone-imf-fed-to-dominate-global-conversation-today-energy-rationing-in-germany\/","url_meta":{"origin":548059,"position":1},"title":"THIS MORNING: OFH looks to have sold its stake in Beltone; IMF + Fed to dominate global conversation today + Energy rationing in Germany?","author":"enterpriseam admin","date":"26 July 2022","format":false,"excerpt":"Good morning, wonderful people. It\u2019s hump day, and your reward is a very busy morning on the news front, as our very stacked tl;dr above suggests. Let\u2019s jump straight in: WATCH THIS SPACE #1- Did Orascom Financial just agree to sell its stake in Beltone to our friends at Chimera?\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":567164,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/mitsubishi-bids-for-metro-line-4-train-tender\/","url_meta":{"origin":548059,"position":2},"title":"Mitsubishi bids for Metro Line 4 train tender","author":"enterpriseam admin","date":"14 January 2020","format":false,"excerpt":"Japanese conglomerate Mitsubishi has submitted a EGP 300 mn bid for a tender to supply 23 metro train carriages for the first stage of Metro Line 4, the company\u2019s country deputy director Hany El Leithy told Al Shorouk. The company has handed over the technical proposal, which will be reviewed\u2026","rel":"","context":"In "Automotive + Transportation"","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":547200,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/13\/bidding-war-over-beltone-afoot\/","url_meta":{"origin":548059,"position":3},"title":"Bidding war over Beltone afoot?","author":"enterpriseam admin","date":"13 June 2022","format":false,"excerpt":"UAE\u2019s Chimera puts in an offer for Beltone: Our friends at Abu-Dhabi based investment firm Chimera Investments have submitted a non-binding offer to acquire a controlling stake in Beltone Financial, according to a statement (pdf) by the Financial Regulatory Authority (FRA) and disclosures by Chimera (pdf) and Beltone (pdf).The breakdown:\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/249.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548135,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/chimera-will-get-at-least-56-of-beltone-after-ofh-accepts-offer\/","url_meta":{"origin":548059,"position":4},"title":"Chimera will get at least 56% of Beltone after OFH accepts offer","author":"enterpriseam admin","date":"27 July 2022","format":false,"excerpt":"Orascom Financial sells Beltone stake to Chimera: Chimera Investments will acquire at least 56% of Beltone Financial after Orascom Financial Holding (OFH) decided on Monday to sell its entire stake in the financial services firm, according to a disclosure to the EGX (pdf) from OFH yesterday. The Abu Dhabi-based investment\u2026","rel":"","context":"In "M&A WATCH"","block_context":{"text":"M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/284.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560151,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/17\/ofh-shares-hit-the-egx-today\/","url_meta":{"origin":548059,"position":5},"title":"OFH shares hit the EGX today","author":"enterpriseam admin","date":"17 February 2021","format":false,"excerpt":"Shares of newly spun-off Orascom Financial Holdings\u2019 (OFH) will begin trading on the EGX today in the final step of its split from Orascom Investment Holdings (OIH), OIH said in a regulatory filing (pdf). The Financial Regulatory Authority and OIH shareholders approved the demerger late last year.Trading of OIH\u2019s shares\u2026","rel":"","context":"In "DEMERGER WATCH"","block_context":{"text":"DEMERGER WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/demerger-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/2\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548059","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548059"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548059\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548057"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548059"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548059"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548059"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548059"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548059"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}