{"id":548989,"date":"2022-08-30T04:00:48","date_gmt":"2022-08-30T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/30\/this-morning-the-fras-first-policy-announcement-of-the-farid-era-big-announcement-today\/"},"modified":"2022-08-30T04:00:48","modified_gmt":"2022-08-30T04:00:48","slug":"this-morning-the-fras-first-policy-announcement-of-the-farid-era-big-announcement-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/30\/this-morning-the-fras-first-policy-announcement-of-the-farid-era-big-announcement-today\/","title":{"rendered":"THIS MORNING: The FRA\u2019s first policy announcement of the Farid-era + Big announcement today?"},"content":{"rendered":"

Good morning, everyone, and happy hump day.<\/strong> Thank you to the incredible number of people who have written to us in the past couple of days about our launch of Enterprise Climate. We\u2019ve read every email and are sending replies as fast as we can. You folks are simply fantastic \u2014 we couldn\u2019t ask for better, smarter, more-engaged readers.<\/p>\n

***<\/p>\n

Take our <\/strong>Fall Reader Survey<\/a><\/strong> today and we\u2019ll have the results for you in a <\/strong>couple of weeks <\/strong>\u2014 just in time to give you a sense of what everyone else is thinking heading into budget season.<\/p>\n

How has 2022 been for your business? And how do you feel about what\u2019s left of the year? <\/strong>Are you investing? Do you plan to hire new staff (or make cuts to your existing staff) now or in 2023? What\u2019s the USD \/ EGP rate you expect to use for your 2023 budget? Where do you see your industry as a whole heading?<\/p>\n

Let us know in our Fall Reader Survey.<\/a><\/strong> It won\u2019t take more than a few minutes to complete \u2014 and we\u2019ll be sharing the results with the entire community.<\/p>\n

***<\/strong><\/p>\n

<\/a> We kick off this morning with a report <\/strong>FROM THE DEPT. OF GOOD NEWS- M&As will be on the fast-track in the <\/strong>Farid era. <\/strong>The Financial Regulatory Authority (FRA) said in a statement (pdf)<\/a> yesterday that it will work with the General Authority for Investment and Freezones (GAFI) to fast-track M&As for companies under its jurisdiction. Recently appointed FRA chief Mohamed Farid understands from his time at the EGX that investors and business leaders value clarity above all else in a regulator, particularly after we saw Emirati lender FAB call off its in April its bid<\/a> for EFG Hermes amid reports that FRA was slow-walking the transaction.<\/p>\n

<\/a> WATCH THIS SPACE #1- Some importers could be in line for a measure of relief <\/strong>as the Madbouly government looks set to announce measures that will allow the release of some of the goods that have piled up in Egypt\u2019s ports. Expect an announcement as early as today, Finance Minister Mohamed Maait said last night (watch, runtime: 1:13:18<\/a>), with the measures coming into effect later this week. Maait did not get into policy specifics ahead of the announcement.<\/p>\n

^^ That wasn\u2019t all from Maait:<\/strong> We have the full rundown on his presser in the news well, below.<\/p>\n

In the background: <\/strong>A week of speculation<\/a> that policymakers are looking for ways to ease the requirements to use letters of credit (L\/Cs) for some imports, which since being introduced by the central bank in March<\/a> have made it almost impossible for importers to get most goods into the country. Prime Minister Moustafa Madbouly has met with the new central bank governor, Hassan Abdalla<\/a>, and Trade and Industry Minister Ahmed Samir<\/a> to discuss allowing importers to purchase certain goods \u2014 including raw materials and manufacturing essentials \u2014 via documentary collection rather than L\/Cs.<\/p>\n

\n

EGP WATCH- <\/strong><\/p>\n

The EGP continued to slide yesterday, hitting 19.26 against the USD <\/strong>amid continuing speculation that the currency will be allowed to continue sliding against the greenback. The currency has now fallen more than 22% against the USD since the devaluation in March and is now just 30 piasters away from its all-time-low of 19.56 set in 2016.<\/p>\n

Deval, not default:<\/strong> \u201cStrong positive catalysts\u201d in the form of support from the IMF and our GCC friends mean the economy will likely avoid a default, Standard Chartered MENA economist Carla Slim told Bloomberg TV yesterday (watch, runtime: 05:20<\/a>). Instead, \u201cwe\u2019ll see the adjustment happen on the currency basis,\u201d Slim said, becoming the latest market watcher to predict a further devaluation of the EGP.<\/p>\n

Slim predicts a gradual 10-15% devaluation over the coming months<\/strong>, adding her voice to growing expectations<\/a> that the central bank\u2019s new leadership will manage the depreciation over time to avoid stoking inflation, rather than in a 2016-style shock move.<\/p>\n

DATA POINT-<\/strong> Natural gas production at the Zohr supergiant natural gas field averaged 2.7 bn cubic feet per day in FY 2021-2022, according to Oil Ministry figures<\/a> out yesterday. Zohr, one of the Mediterranean\u2019s largest gas fields, also produced an average 5k barrels of condensate a day, the statement said.<\/p>\n

The more gas, the better:<\/strong> Egypt is trying to maximize its natural gas exports<\/a> to bring in vital hard currency revenues, and recently inked an agreement<\/a> with Israel and the European Union that will see it ramp up shipments across the Mediterranean. European appetite for natural gas will be particularly strong this winter in the absence of additional supplies from Russia.<\/p>\n

\n

WATCH THIS SPACE #2-<\/strong> Is Alex Medical back in play?<\/strong> Regular readers may remember how last year\u2019s bidding war for healthcare provider Alex Medical fizzled out<\/a>. It may be that the Alex Medical is back in play after Tawasol Holdings and LimeVest sent a letter (pdf)<\/a> to the Financial Regulation Authority (FRA) yesterday offering to purchase 74% of the company at EGP 47.67 a share. The revision reflects approximately 1.3 mn additional shares issued by Alex Medical to raise capital since the consortium's last bid to purchase the 74% stake at EGP 52 a share<\/a> in June 2021, the letter reads. Tawasol already owns 26%<\/a> of Alex Medical, meaning an acquisition would give the consortium 100% ownership. At the time of dispatch, it is unclear how many other interested parties are still in play for acquisitions of the company. We\u2019ll be following up on the story in the coming days, so keep your eyes peeled.<\/p>\n

In context: <\/strong>2021 was a big year for healthcare M&A, ending with the late-December announcement of the transaction that saw a unit of CI Capital take a 23% stake<\/a> in Cleopatra Hospitals after Fahad El Khater\u2019s Alameda Healthcare called off its merger with the EGX-listed business. Healthcare was the top sector for inbound M&A activity<\/a> in Egypt last year and number three (behind oil and gas and real estate) in total transaction value, according to our in-house M&A tracker<\/a>.<\/p>\n

<\/a> SIGN OF THE TIMES- Attention, Egyptian Premier League fans:<\/strong> Games will start earlier next season to comply with the government\u2019s measures to reduce public electricity consumption<\/a>, Sports Minister Ashraf Sobhy told ON Time Sports (watch, runtime: 6:23<\/a>). The last kickoff for games next season \u2014 which will begin on 15 October \u2014 will be at 7pm CLT, as opposed to the current 9pm, he said. Sports facilities (including stadiums, clubs, and gyms) were instructed to hold events in daylight as far as possible and to turn off their lights once evening events are over as part of measures implemented earlier this month.<\/p>\n

Background: <\/strong>Stadiums were among a list of buildings and facilities that were told to begin rationing their use of electricity earlier this month as the government looks to redirect more natural gas towards exports and increase inflows of foreign currency.<\/p>\n

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

The UN\u2019s <\/strong>Africa Climate Week<\/a><\/strong> continues today in Gabon:<\/strong> Foreign Minister Sameh Shoukry is attending the five-day gathering which wraps on Friday. On the first day of the event, Shoukry met Gabonese President Ali Bongo Ondimba<\/a> and the country\u2019s environment minister, Lee White<\/a>.<\/p>\n

The Madbouly government will hold consultations with representatives from the food <\/strong>and hospitality sector on its privatization strategy<\/strong>. The government is holding workshops and consultations with stakeholders from different industries every Sunday, Tuesday, and Thursday on its privatization plans. You can find more details on the schedule of the meetings here<\/a>.<\/p>\n

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

Beltone Financial shareholders will elect new board members<\/strong> following Chimera Investments\u2019 acquisition of a majority stake<\/a> in the firm, it said in a disclosure (pdf)<\/a> to the EGX yesterday. The company confirmed that it is planning to go ahead with a capital increase but only once it has formed a new board. The Abu Dhabi-based investment company purchased Orascom Financial\u2019s 56% stake in Beltone earlier this month and appointed<\/a> former investment minister and Masar chairwoman Dalia Khorshid the following week.<\/p>\n

PSA #1- <\/strong>Tomorrow <\/strong>is your deadline to catch a 65% break off late payment fines for your <\/strong>taxes<\/strong>.<\/strong> The waiver applies to late payment fees for customs tariffs, income, real estate, and sales taxes, VAT, and stamp duties among others. The remaining 35% of your due payments will need to be paid before next March.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

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

It\u2019s a mixed bag on the global front pages this morning:<\/strong> US monetary policy is the main thing on Bloomberg<\/a> and CNBC\u2019s<\/a> minds, the Financial Times<\/a> is leading with the European energy crunch, and the FBI\u2019s investigation into The Donald\u2019s use of classified information is getting attention from the AP<\/a> and Reuters<\/a>.<\/p>\n

And:<\/strong> \u201cOne small step for \u2026 wait a minute, can we try that again?<\/strong>\u201d The New York Times<\/a> and the Wall Street Journal<\/a> cover the abortive launch of Nasa\u2019s Artemis moon rocket yesterday, which was shelved due to technical issues.<\/p>\n

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

The <\/strong>Africa Women Innovation and Entrepreneurship Forum (AWEIF)<\/a><\/strong> is taking <\/strong>place in Cairo for the first time on 26-27 September<\/strong>, according to a press release (pdf)<\/a>. The hybrid event will bring together more than 60 African and global policy and business experts to discuss how gender integration can boost SME growth.<\/p>\n

The <\/strong>Arab Pensions and Social Ins. Conference<\/a><\/strong> takes place on 28-29 September in Sharm El Sheikh. The conference will bring together state-run social ins. organizations and public and private pension providers to discuss widening coverage through region-wide pension reform.<\/p>\n

PSA #2- Exporters have until 15 September to apply to join the fifth phase of FinMin\u2019s <\/strong>export subsidy program<\/strong>, according to a statement<\/a>. Cabinet has given its approval<\/a> to pay a total EGP 10 bn out to exporters, with payments to be made on 1 October and 1 December. The program<\/a> allows exporters to receive overdue subsidies in a single payment rather than in installments over four to five years, in return for a haircut.<\/p>\n

Ration card holders<\/strong> now have until 30 September<\/strong> to register their mobile numbers to their cards, in a move meant to make it easier for the Supply Ministry to contact them, the ministry said in a statement<\/a> yesterday.<\/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 Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>A minor oil spill in the Gulf of Aqaba hit Dahab\u2019s shores earlier this month. Community organizers and local authorities helped clean it up.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, everyone, and happy hump day. Thank you to the incredible number of people who have written to us in the past couple of days about our launch of Enterprise Climate. We\u2019ve read every email and are sending replies as fast as we can. 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Thank you to the incredible number of people who have written to us in the past couple of days about our launch of Enterprise Climate. We\u2019ve read every email and are sending replies as fast as we can. 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We\u2019re easing gently into this new workweek with a comparatively calm news cycle today.THE BIG STORY TODAY Farid is stepping into Omran\u2019s shoes at the FRA: EGX boss Mohamed Farid has been tapped as acting head of the Financial Regulatory Authority (FRA) for one year,\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":562305,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/19\/this-morning-farid-signals-new-listings-stake-sales-are-in-the-offing-and-theres-still-no-ceasefire-in-gaza\/","url_meta":{"origin":548989,"position":1},"title":"THIS MORNING: Farid signals new listings, stake sales are in the offing \u2014 and there\u2019s still no ceasefire in Gaza","author":"enterpriseam admin","date":"19 May 2021","format":false,"excerpt":"Good morning, everyone. The big news here at home this morning: We could see as many as five more companies offering shares on the Egyptian Exchange before the year is out. EGX boss Mohamed Farid did not specify yesterday how many of the transactions were likely to be initial public\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":548408,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/08\/this-morning-mohamed-farid-named-new-fra-chief-the-egx-rally-continued-for-a-fourth-day-yesterday\/","url_meta":{"origin":548989,"position":2},"title":"THIS MORNING: Mohamed Farid named new FRA chief; The EGX rally continued for a fourth day yesterday","author":"enterpriseam admin","date":"8 August 2022","format":false,"excerpt":"Good morning, friends. We\u2019re going to start this morning\u2019s edition with a brief report from: THE DEPT. OF GOOD NEWS- We have a new head of the Financial Regulatory Authority (FRA). EGX boss Mohamed Farid has been appointed as acting chairman of the FRA for one year, the exchange announced\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":549361,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/this-morning-el-sisi-to-meet-qatari-emir-today-us-inflation-data-raises-fears-of-100-bps-fed-rate-hike\/","url_meta":{"origin":548989,"position":3},"title":"THIS MORNING: El Sisi to meet Qatari emir today + US inflation data raises fears of 100-bps Fed rate hike","author":"enterpriseam admin","date":"14 September 2022","format":false,"excerpt":"The Madbouly government has a message for you this morning: \u201cWe\u2019re serious about making nice with private business. Begad.\u201d (Okay, we\u2019re paraphrasing. But still\u2026)EXHIBIT #1- The super-detailed rundown on where things stand with nine companies that pledged to make investments worth a combined USD 1 bn. Government communiques are usually\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":560713,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/10\/what-were-tracking-on-10-march-2021\/","url_meta":{"origin":548989,"position":4},"title":"What we\u2019re tracking on 10 March 2021","author":"enterpriseam admin","date":"10 March 2021","format":false,"excerpt":"Good morning, nice people, and welcome to a very busy newsday. M&A is again the big story here at home, this time in the country\u2019s red-hot non-bank consumer finance sector as the National Bank of Egypt begins what looks to be an aggressive push into the sector that will include\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":627185,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/25\/what-were-tracking-on-24-july-2018\/","url_meta":{"origin":548989,"position":5},"title":"What we\u2019re tracking on 24 July 2018","author":"enterpriseam admin","date":"25 July 2018","format":false,"excerpt":"The House of Representatives will continue discussing the Madbouly Cabinet\u2019s policy program today, Al Ahram reports. The House had begun deliberations on the program yesterday, with the majority of representatives signaling their approval of the new cabinet\u2019s agenda.The Usual Suspects: Members of the 25-30 Coalition, however, said they would refrain\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548989","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=548989"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548989\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548987"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548989"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548989"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}