{"id":549978,"date":"2022-10-10T03:21:52","date_gmt":"2022-10-10T03:21:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/this-morning-its-inflation-day-egx-plans-october-investment-roadshow-in-the-gulf\/"},"modified":"2022-10-10T03:21:52","modified_gmt":"2022-10-10T03:21:52","slug":"this-morning-its-inflation-day-egx-plans-october-investment-roadshow-in-the-gulf","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/10\/this-morning-its-inflation-day-egx-plans-october-investment-roadshow-in-the-gulf\/","title":{"rendered":"THIS MORNING: It\u2019s inflation day + EGX plans October investment roadshow in the Gulf"},"content":{"rendered":"

Good morning, wonderful people. <\/strong>It\u2019s a quiet Monday morning \u2014 but expect the newsflow to pick up pace as the day wears on. September inflation figures are due out today and the Senate will be discussing key legislation meant to power up our electric vehicle industry.<\/p>\n

THE BIG STORY here at home: The Supply Minister is breaking a months-long silence on <\/strong>bread subsidy reform.<\/strong> Supply Minister Ali El Moselhy is calling on MPs to form a committee to discuss ways to target the country\u2019s gargantuan subsidy program more effectively and cut what we pay to import wheat. Subsidy reform \u2014 traditionally a \u201cthird rail\u201d of Egyptian public policy \u2014 has been a no-go area for years, but is back in the spotlight as more households are squeezed by the rising cost of living.<\/p>\n

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

<\/a> The EGX is looking to drum up interest<\/strong> in <\/strong>listed companies on a roadshow <\/strong>to Dubai and Abu Dhabi later this month<\/strong>, an EGX source told Enterprise. The bourse has tapped Al Ahly Pharos to help manage the roadshow, with EGX boss Rami El Dokany set to meet with as many as 100 regional and international financial institutions, the source said.<\/p>\n

It\u2019s inflation day:<\/strong> Capmas and the Central Bank of Egypt are set to release inflation figures for September today. 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<\/a>.<\/p>\n

ALSO- A green Monday for the Senate:<\/strong> The Senate will discuss legislation today that could set up a new regulatory body to set policies to localize the auto industry, including electric vehicles (EV). Enterprise Climate last week reported<\/a> in depth on the 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 50k levied on new diesel and gas vehicles. As the bill currently stands, some 80% of the proceeds would go towards localizing our climate-friendly vehicle industry, with the rest to be split between the Environment` Protection Fund and the state budget.<\/p>\n

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

** CORRECTION- <\/strong>In yesterday\u2019s editions of EnterpriseAM and EnterprisePM, we incorrectly reported that the \u201cgreen fee\u201d would be set between EGP 1k and EGP 500k.<\/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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<\/a> SETTING THE TONE GLOBALLY: The IMF and World Bank <\/strong>annual meetings<\/a><\/strong> kick off today <\/strong>in Washington, DC, and wrap up on Sunday, 16 October. The theme of the in-person gathering is clear from the very first session: \u201caddressing multiple crises in an era of volatility<\/strong>.\u201d You can explore the meetings\u2019 website here<\/a> or dive deeper into the day-by-day agenda here<\/a>.<\/p>\n

Not (yet) on the agenda: A meeting of the executive board to discuss an assistance <\/strong>package for Egypt. <\/strong>The public agenda of the IMF\u2019s top body so far shows no meetings penciled in for this week. The board would have to approve any loan or other assistance to Egypt.<\/p>\n

Central Bank Governor Hassan Abdalla, a number of cabinet members, and a who\u2019s who <\/strong>of the Egyptian banking community <\/strong>are all descending on Washington for the get-together.<\/p>\n

OTHER BIG GLOBAL STORIES worth knowing about this morning:<\/strong><\/p>\n