{"id":549941,"date":"2022-10-09T04:08:14","date_gmt":"2022-10-09T04:08:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/this-morning-its-a-big-week-for-the-global-economy-maait-says-egypt-could-be-preparing-new-investment-incentives-for-manufacturing-and-agriculture\/"},"modified":"2022-10-09T04:08:14","modified_gmt":"2022-10-09T04:08:14","slug":"this-morning-its-a-big-week-for-the-global-economy-maait-says-egypt-could-be-preparing-new-investment-incentives-for-manufacturing-and-agriculture","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/09\/this-morning-its-a-big-week-for-the-global-economy-maait-says-egypt-could-be-preparing-new-investment-incentives-for-manufacturing-and-agriculture\/","title":{"rendered":"THIS MORNING: It\u2019s a big week for the global economy + Maait says Egypt could be preparing new investment incentives for manufacturing and agriculture"},"content":{"rendered":"

Good morning, friends. We hope the last long weekend of 2023 was kind to you <\/strong>\u2014 and that you\u2019re ready for what is shaping up to be a very busy news week.<\/p>\n

BUT FIRST- Happy Thanksgiving to our Canadian readers<\/strong>, who celebrate turkey day tomorrow. Our readers in the US are also enjoying a long weekend in observance of Columbus Day.<\/p>\n

THE BIG STORY here at home: At least four banks have imposed limits on credit card <\/strong>transactions in foreign currencies and \/ or cash withdrawals abroad. <\/strong>The move does not appear to have been ordered by the Central Bank of Egypt: The National Bank of Egypt (the nation\u2019s largest lender) has not yet changed its policy on FX use and Banque du Caire tells us the limits were not ordered by the CBE. We have chapter and verse in this morning\u2019s news well, below.<\/p>\n

The news comes as the ministers of <\/strong>finance, planning, and trade and industry are set to <\/strong>appear before the House Industry Committee<\/strong> this week to discuss the availability of FX and a pileup of goods at ports.<\/p>\n

\n

<\/a> IT\u2019S A BIG WEEK FOR- The global economy as the <\/strong>IMF and World Bank<\/a><\/strong>annual meetings<\/a><\/strong> take place<\/strong> in Washington, DC, starting tomorrow and wrapping up a week from today.<\/p>\n

Clouds are darkening the IMF\u2019s crystal ball: <\/strong>The global economy could lose USD 4 tn in output through 2026 as we head toward recession, Bloomberg<\/a> reported IMF Managing Director Kristalina Georgieva as saying ahead of the annual meetings. Things are \u201cmore likely to get worse than to get better,\u201d Georgieva said, warning that we could be in for yet more economic shocks in the near future.<\/p>\n

Egyptian officials are expected to attend the meetings <\/strong>alongside a number of senior members of the banking community. It so far seems unlikely that the IMF\u2019s executive board will sign off on an assistance package for Egypt during the meetings: The board\u2019s public schedule shows no sessions this week.<\/p>\n

\n

WATCH THIS SPACE #1- New incentives for business coming?<\/strong> Global economic conditions demand new investment incentives to shore up local manufacturing and the agriculture sector, Finance Minister Mohamed Maait said at a conference on Wednesday, according to a statement<\/a>. The incentives are needed to make space for more private sector participation in the economy and clear \u201churdles\u201d facing the business community to create a better business environment, Maait said. The minister did not give hints about the types of incentives that might be in the pipeline.<\/p>\n

WATCH THIS SPACE #2- Bulgaria wants LNG from Egypt:<\/strong> Bulgaria is interested in importing liquefied natural gas from Egypt, Bulgarian Energy Minister Rossen Hristov told Oil Minister Tarek El Molla during a meeting on Wednesday, according to a ministry statement<\/a>. Egypt\u2019s natural gas could make its way to other southeastern European countries through Bulgaria, the statement says. Egypt has been looking to ramp up<\/a> its exports of natural gas to bring in additional foreign currency.<\/p>\n

SOUND SMART- <\/strong>Greece and Bulgaria recently commenced commercial operation of a natural gas pipeline that\u2019s designed to decrease southeast Europe\u2019s reliance on Russian gas and to bolster energy security, Reuters<\/a> reported.<\/p>\n

PSA- No National Dialogue before economic conference, COP. <\/strong>The Sisi administration\u2019s National Dialogue<\/a> won\u2019t begin until after the COP27 climate summit has wrapped, sources with first-hand knowledge of the matter told us yesterday. The Madouly government\u2019s planned economic conference in late October and the major UN summit in early November \u201cwill make it difficult\u201d to hold the dialogue in the next few weeks, we\u2019re told.<\/p>\n

\n

KUDOS- Naguib Samih Sawiris is launching an elite, leadership- and service-oriented <\/strong>boarding school in El Gouna \u2014 with need-based scholarships <\/strong>to attract students from across the country, whether they\u2019re coming from public, private or international schools. Two nonprofit foundations will help ensure Egypt\u2019s best and brightest can afford to attend Manara School, which Sawiris said in a statement (pdf)<\/a> will \u201cprovide students with a rigorous educational program, along with an academic, leadership and athletic program, in addition to community service activities and daily household tasks.\u201d Teachers and faculty will also live on the Gouna campus, which will enroll its first class in 2023. Manara aims to cap class sizes at 15 students. More of this, please. <\/strong><\/p>\n

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

Inflation to notch new highs?<\/strong> Analysts are expecting inflation to have continued rising in September due to the weakening EGP after reaching highs not seen since November 2018 in August. We\u2019ll find out when Capmas and the CBE release figures tomorrow.<\/p>\n

A green Monday for the Senate:<\/strong> The Senate will on Monday discuss legislation that could set up a new regulatory body to make policy for the electric vehicles (EV) industry. Enterprise Climate last week reported<\/a> in depth on the EV bill, which would also set up a fund to provide financing and incentives to investors looking to get in on local EV assembly in Egypt.<\/p>\n

The Senate will also discuss amendments to the Environment Act<\/strong> that would see a \u201cgreen fee\u201d of between EGP 1k and EGP 500k levied against new diesel and gas vehicles. As the bill currently stands, some 80% of the proceeds would go towards localizing our EV industry, with the rest to be split between the Environment Protection Fund and the state budget.<\/p>\n

ICYMI- <\/strong>The government\u2019s automotive committee held its first meeting last month<\/a>, inching us closer to the long-awaited automotive strategy.<\/p>\n

enterprise<\/a><\/p>\n

COUNTDOWN TO COP<\/strong>-<\/p>\n

US President Joe Biden will attend the Sharm El Sheikh <\/strong>climate summit<\/strong>, the Washington Post<\/a>reports. Biden\u2019s attendance will bring extra heft to the conference, the Post says \u2014 and likely more than makes up for last week\u2019s news that the UK\u2019s King Charles III is set to skip the climate gathering<\/a> at UK Prime Minister Liz Truss' request.<\/p>\n

MEANWHILE- The UAE is already talking up COP28<\/strong>, saying the gathering next year will be the \u201cmost significant climate conference since Paris<\/strong>,\u201d according to a report in the National<\/a>.<\/p>\n

GFANZ is allowing banks to set their own green rules: <\/strong>Bank of England governor Mark Carney\u2019s Glasgow Financial Alliance for Net Zero (GFANZ) will allow member firms to set their own governance structures, after banks reportedly threatened to leave<\/a> the alliance due to legal risks associated with meeting strict decarbonization rules, Bloomberg<\/a> writes. The move that will likely hurt ties with UN-backed Race to Zero, which had called for the banks to sign up to binding rules on cutting out fossil fuels.<\/p>\n

*** <\/strong>
Take our EV survey:<\/a><\/strong> Are you an ex-petrolhead shopping around for your first electric vehicle? EV-curious and wondering what all the fuss is about? Or are you not ready to say goodbye to that sweet smell of benzene as you wait at the gas station?<\/p>\n

We want to hear from you:<\/strong> We\u2019re taking the pulse on how the nation feels about Egypt\u2019s nascent EV transition. Take a few minutes to fill out our short survey<\/a>. We\u2019ll be back with the results in a couple of weeks.
***<\/strong><\/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

OPEC+ on Wednesday pushed ahead with <\/strong>deep oil production<\/a><\/strong>cuts<\/a><\/strong> of 2 mn barrels per day<\/strong> \u2014 drawing the ire of US President Joe Biden, who had asked members of the oil cartel to help alleviate tight markets, Reuters<\/a> reports. Ties between the US and key OPEC member Saudi Arabia will be strained by its biggest production cut<\/a> since 2020, with US officials reportedly seeing the move as evidence of a Saudi shift toward Russia. Saudi officials are reported to have told counterparts in Washington that if it wants more oil in the markets, it should pump more of its own. The announcement saw oil prices<\/a> rise some 4% on Friday to a five-week high, with Brent crude closing at USD 97.92 \u2014 bringing it closer to the USD 100-mark that was breached in the aftermath of the outbreak of war in Ukraine.<\/p>\n

ALSO- An explosion yesterday caused damage to Russia\u2019s crucial Crimea road and rail <\/strong>bridge<\/strong>, which serves as the country\u2019s connection to the occupied Crimean Peninsula and the most important supply line for Russian forces located in southern Ukraine. Noone has yet claimed responsibility for the explosion, which killed three people. Russian President Vladimir Putin called on authorities to investigate. Rail traffic and some road traffic has already resumed.<\/p>\n

The story is on the front page of every major foreign publication<\/strong>, including Reuters<\/a> | FT<\/a> | Washington Post<\/a> | Wall Street Journal<\/a> | AP<\/a>.<\/p>\n

DATA POINT-<\/strong><\/p>\n

MENA is the world\u2019s fastest-growing crypto payment market<\/strong>, with USD 566 bn in crypto payments received between July 2021 and June 2021, rising 48% y-o-y, according to a Chainalysis<\/a> report. Turkey \u2014 which the report considers part of the region \u2014 leads the pack with the largest crypto market, although its y-o-y growth has lagged behind other countries in MENA. Egypt comes in second, with Chainalysis noting the role of remittances and plans<\/a> between the National Bank of Egypt and California-based Ripple to set up a \u201cremittance corridor\u201d allowing Egyptian expats in the UAE to send funds home.<\/p>\n

REMEMBER- Crypto trading remains unregulated here <\/strong>and the central bank has issued several warnings \u2014 most recently last month<\/a> \u2014 against trading digital assets.<\/p>\n

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

Fuel prices to rise this month?<\/strong> We\u2019re expecting the government to hike fuel prices<\/a> for the seventh consecutive quarter when the fuel pricing committee meets this month. Fuel prices have risen by as much as 28%<\/a> over the past 18 months in response to heightened international oil prices, which surged earlier this year on the back of Russia\u2019s invasion of Ukraine.<\/p>\n

The <\/strong>CEO Women<\/a><\/strong> Conference takes place in Cairo on Monday, 10 October. <\/strong>The event will bring together Arab and African businesswomen together to discuss women\u2019s leadership and forge closer ties.<\/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<\/a><\/p>\n

*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n

In today\u2019s issue:<\/strong> Amid margin pressures and a slowdown in global VC funding, B2B e-commerce players are amending their financial models, including integrating new verticals and reworking their transaction costs and margins.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. We hope the last long weekend of 2023 was kind to you \u2014 and that you\u2019re ready for what is shaping up to be a very busy news week. BUT FIRST- Happy Thanksgiving to our Canadian readers, who celebrate turkey day tomorrow. 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Khosrowshahi\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":639018,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/19\/what-were-tracking-on-19-october-2017\/","url_meta":{"origin":549941,"position":1},"title":"What we\u2019re tracking on 19 October 2017","author":"enterpriseam admin","date":"19 October 2017","format":false,"excerpt":"** A NOTE TO YOU FROM US: One of our smartest readers pointed out earlier this week that some of you might not know why we deliberately redact or shorten some words in Enterprise \u2014 or make passing references to \u201calgorithms that govern our deliverability to your inboxes.\u201d It\u2019s not,\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":607139,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/maait-confirms-oil-hedge\/","url_meta":{"origin":549941,"position":2},"title":"Maait confirms oil hedge","author":"enterpriseam admin","date":"27 September 2023","format":false,"excerpt":"Good morning, everyone. It\u2019s the last day of the workweek (and last workday of September) for all of us here in Egypt, and a three-day break couldn\u2019t have come soon enough. We hope you\u2019re looking forward to unwinding as much as we are. THE BIG STORY THIS MORNING is word\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\/2023\/9\/1613.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":646905,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/03\/could-maait-be-the-next-imf-executive-director-representing-arab-states\/","url_meta":{"origin":549941,"position":3},"title":"Could Maait be the next IMF executive director representing Arab states","author":"enterpriseam admin","date":"3 October 2024","format":false,"excerpt":"Good morning, all. We got another packed issue for you this morning to wrap up one busy week. BEFORE WE DIVE IN- We are heading into a three-day weekend. The private and public sectors, as well as banks and the EGX, are taking Sunday off in observance of Armed Forces\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\/2024\/10\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588752,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/15\/this-evening-govt-released-goods-worth-usd-16-8-bn-from-ports-in-the-last-two-months-maait\/","url_meta":{"origin":549941,"position":4},"title":"THIS EVENING: Gov\u2019t released goods worth USD 16.8 bn from ports in the last two months -Maait","author":"enterpriseam admin","date":"15 June 2023","format":false,"excerpt":"Happy THURSDAY, ladies and gentlemen. We have a relatively calm afternoon here at home to ease the slide into the weekend. THE BIG STORY TODAY Goods worth a combined USD 16.8 bn were released from our ports over the past two months, with around USD 8.4 bn-worth of goods released\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\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":615162,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/13\/egypt-targets-usd-6-5-bn-from-the-privatization-program-in-2024-maait\/","url_meta":{"origin":549941,"position":5},"title":"Egypt targets USD 6.5 bn from the privatization program in 2024- Maait","author":"enterpriseam admin","date":"13 February 2024","format":false,"excerpt":"Good afternoon ladies and gentlemen, and happy hump day. We\u2019re not sure about you, but this week feels to us like it\u2019s moving particularly slowly, even if the news cycle isn\u2019t. THE BIG STORY TODAY New privatization program targets just in: Egypt aims to raise some USD 6.5 bn through\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\/2024\/1\/1308.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\/549941","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=549941"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/549941\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/549939"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=549941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=549941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=549941"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=549941"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=549941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}