{"id":554430,"date":"2021-12-07T14:17:19","date_gmt":"2021-12-07T14:17:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/this-evening-aldar-adq-acquire-86-of-sodic-green-stimulus-package-coming-march-2022-uae-employees-get-4-5-day-work-week\/"},"modified":"2021-12-07T14:17:19","modified_gmt":"2021-12-07T14:17:19","slug":"this-evening-aldar-adq-acquire-86-of-sodic-green-stimulus-package-coming-march-2022-uae-employees-get-4-5-day-work-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/this-evening-aldar-adq-acquire-86-of-sodic-green-stimulus-package-coming-march-2022-uae-employees-get-4-5-day-work-week\/","title":{"rendered":"THIS EVENING: Aldar \/ ADQ acquire 86% of SODIC; Green stimulus package coming March 2022; UAE employees get 4.5-day work week."},"content":{"rendered":"<p><strong>Good afternoon, ladies and gents:<\/strong> We have a brisk news flow to bring you today following the closure of Aldar \/ ADQ\u2019s mandatory tender offer to acquire SODIC, and more signals that the green economy is going to be occupying a larger place in Egyptian policymaking in 2022 ahead of the COP27 climate summit in November.<\/p>\n<p><strong>THE BIG STORIES TODAY-<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>Aldar \/ ADQ\u2019s SODIC takeover is definitely going through:<\/strong> The Aldar-ADQ consortium bidding to acquire SODIC has obtained 85.5% of the company\u2019s shares at the end of the mandatory tender offer, which closed at the end of today\u2019s trading session, Enterprise has learned.<\/p>\n<p><strong>FinMin prepares green stimulus package:<\/strong> The Finance Ministry is working on a package of measures to stimulate the green economy, Vice Minister of Finance Ahmed Kouchouk told a conference today. A program of targeted financial incentives to encourage economic activity that reduces carbon emissions will be announced ahead of budget season in March, he said.<\/p>\n<p><strong>SFE jumping on the green bond bandwagon?<\/strong> We also have news that the Sovereign Fund of Egypt may turn to the debt markets next year and issue green bonds. This comes from fund CEO Ayman Soliman who told the conference that the fund is considering selling the climate-linked securities in collaboration with \u201cpartners.\u201d<\/p>\n<p><strong>^^ We\u2019ll have more on these stories in tomorrow\u2019s EnterpriseAM.<\/strong><\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Egypt\u2019s foreign currency reserves inched up slightly in November, reaching USD <\/strong><strong>40.909 bn <\/strong>from <a href=\"https:\/\/www.cbe.org.eg\/en\/Pages\/HighlightsPages\/NIR-October-2021.aspx\">USD 40.849 bn<\/a> in October, according to <a href=\"https:\/\/www.cbe.org.eg\/ar\/Pages\/HighlightsPages\/NIR-November-2021.aspx\">official figures<\/a> released today. Reserves have been on the rise since June 2020, getting closer to their pre-covid peak of USD 45.5 bn in February 2020 after dropping almost USD 10 bn on the impact of the pandemic.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from <strong>this morning\u2019s EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>SODIC is getting Emirati owners: <\/strong>SODIC shareholders have so far <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b73926df-08a8-4acd-8f9a-cb4c466c694f\">agreed to sell shares equivalent to a 77.26% stake<\/a> (275.2 mn shares) in the company to a consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ in a mandatory tender offer.<\/li>\n<li><strong>US consortium gets EGP 3.5 bn Mogamma revamp contract:<\/strong> A US-UAE consortium <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec6542ef-2669-479e-800f-97fc8d864564\">signed yesterday a EGP 3.5 bn (c.USD 200 mn) contract<\/a> to redevelop Tahrir Square\u2019s Mogamma yesterday with the Sovereign Fund of Egypt.<\/li>\n<li><strong>The tobacco tender is back on:<\/strong> The Industrial Development Authority (IDA) has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9ddc8fb-651a-42f8-9482-2702c816abc2\">relaunched a tender<\/a> for a license to manufacture cigarettes, potentially ending the historical monopoly by state-owned Eastern Company.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Fancy a Monday-midday Friday workweek? Head to the UAE<\/strong>, where workers will enjoy a 4.5-day work week starting January 2022. All government workers will shift from a Friday-Saturday to a Saturday-Sunday weekend, with the last day of the work week ending at 12pm to allow employees to attend Friday prayers. The move comes to align the country\u2019s financial sector with global markets and boost work-life balance among employees, according to the state-owned <a href=\"https:\/\/wam.ae\/en\/details\/1395303000412\">Emirates News Agency<\/a>.<\/p>\n<p><strong>We\u2019d love to see this spread: <\/strong>There have been plenty of <a href=\"https:\/\/www.4dayweek.com\/\">calls<\/a> lately for a shortened work week, with <a href=\"https:\/\/www.henley.ac.uk\/news\/2019\/four-day-week-pays-off-for-uk-business\">research<\/a> showing that it could increase employees\u2019 happiness, reduce stress and result in fewer sick days off. And while a <a href=\"https:\/\/www.forbes.com\/sites\/jackkelly\/2021\/10\/29\/interest-and-excitement-about-the-adoption-of-a-four-day-workweek-is-picking-up-speed\/?sh=65b1f5492c47\">number of companies<\/a> have taken up the shorter work week, the UAE is the first government to implement the decision. Here\u2019s to hoping it kickstarts a global trend in the process. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-07\/uae-switches-weekend-to-saturday-sunday-from-next-year?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/uae-announces-move-saturday-sunday-weekend-state-news-agency-2021-12-07\/\">Reuters<\/a> | <a href=\"https:\/\/www.cnbc.com\/2021\/12\/07\/uae-to-shift-weekend-to-saturday-and-sunday-from-next-year.html\">CNBC<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2021\/dec\/07\/uae-cuts-working-week-and-shifts-weekend-back-a-day\">The Guardian<\/a> | <a href=\"https:\/\/apnews.com\/article\/business-middle-east-religion-dubai-united-arab-emirates-69e8768ab573388691be2cd84264ceee\">AP<\/a>)<\/p>\n<p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>OMICRON WATCH- The new variant may spread fast, but it doesn\u2019t seem to hit as hard: <\/strong>Data coming out of hospitals at the center of South Africa\u2019s latest covid outbreak suggests that while Omicron may be more transmissible than earlier covid variants, it has also resulted in milder cases. Just 2% of covid patients in hospitals in the country\u2019s Gauteng province are on ventilators, compared with 11% during the Delta wave, offering hope to medics and scientists over the severity of the new variant, the <a href=\"https:\/\/www.ft.com\/content\/d315be08-cda0-462b-85ec-811290ad488e\">Financial Times<\/a> reports.<\/p>\n<p><strong>And GSK says Omicron is not, in fact, an untreatable super-mutant: <\/strong>Initial research suggests GlaxoSmithKline\u2019s covid-19 antibody treatment is effective against the spike mutations in the Omicron variant, the drugmaker said in a <a href=\"https:\/\/www.gsk.com\/en-gb\/media\/press-releases\/sotrovimab-retains-activity\/\">statement<\/a> today.<\/p>\n<p><strong>The markets are starting to think that perhaps it\u2019s not doomsday after all: <\/strong>MSCI\u2019s broadest Asia Pacific index was on track for its biggest jump in two months as Asian stocks staged a recovery today, after the index fell to its lowest level in a year on Monday, according to <a href=\"https:\/\/www.reuters.com\/markets\/europe\/global-markets-wrapup-1-2021-12-07\/\">Reuters<\/a>. The Europe-wide Stoxx 600 <a href=\"https:\/\/www.reuters.com\/markets\/europe\/tech-miners-lift-european-shares-omicron-worries-fade-2021-12-07\/\">bounced back to gain 1.8%<\/a>, largely on the back of a boost for tech stocks, signaling a correction after last week\u2019s Omicron-induced panic selloff. The UK FTSE 100 <a href=\"https:\/\/www.ft.com\/content\/a0ebc4a7-c8b6-4564-a4b6-ca537e0cd615\">gained 1.1%<\/a>.<\/p>\n<p><strong>An extra USD 188 bn for China\u2019s economy didn\u2019t hurt: <\/strong>The rise in Chinese and Hong Kong markets (and Europe-listed mining stocks) was partly down to a second round of easing measures from China\u2019s central bank, which will see USD 188 bn in long-term liquidity released into the economy. The move is meant to shore up China\u2019s recovery amid a recent slowdown in manufacturing, Evergrande-related property-sector wobbles, and covid outbreaks, <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/china-central-bank-cut-reserve-requirement-ratio-second-time-this-year-2021-12-06\/\">Reuters<\/a>reports.<\/p>\n<p><strong>Speaking of which, Evergrande apparently failed to meet another payment deadline: <\/strong>The Chinese real estate giant sailed on by the expiration date of a 30-day grace period on a USD 82.5 mn repayment deadline yesterday, Reuters <a href=\"https:\/\/www.reuters.com\/world\/china\/developer-china-evergrandes-shares-set-rise-66-restructuring-looms-2021-12-07\/\">reports<\/a>citing informed sources. At the risk of sounding like a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49595660-7253-4fad-bcdd-eddfa6fba4c7\">broken record<\/a>, failure to pay could trigger cross-default for the troubled property giant, putting the company at risk of becoming China\u2019s biggest defaulter. The group had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49595660-7253-4fad-bcdd-eddfa6fba4c7\">warned over the weekend<\/a> that it couldn\u2019t be certain it would meet its financial obligations.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>CLARIFICATION-<\/strong> In <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec6542ef-2669-479e-800f-97fc8d864564\">our coverage<\/a> of the Mogamma development agreement this morning we noted that Alliance Law Firm advised on the transaction. It has since come to our attention that Adsero - Ragy Soliman & Partners provided counsel to the Sovereign Fund of Egypt and Alliance advised to the consortium of US investors. Colliers International conducted the market study to help advise the decision.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The two-day <\/strong><strong><a href=\"https:\/\/northafricatradefinance.com\/\">North Africa Trade Finance Summit<\/a><\/strong><strong> kicked off today<\/strong>, bringing together business leaders, people from the financial industry, logistics experts and policymakers to discuss trade finance.<\/p>\n<p><strong><a href=\"https:\/\/www.gfhsegypt.com\/\">Global Forum for Higher Education and Scientific Research<\/a><\/strong><strong> runs tomorrow through to <\/strong><strong>Friday<\/strong> at the St. Regis Al Masa Convention Center.<\/p>\n<p><strong><a href=\"https:\/\/www.woodshowglobal.com\/cairo\">The Cairo Woodshow<\/a><\/strong><strong> kicks off on Thursday<\/strong> at the Cairo International Convention Center<\/p>\n<p><strong>Booster shot registration:<\/strong> The Health Ministry will begin allowing senior citizens with chronic medical conditions, as well as all medical staff, to register for a booster covid-19 vaccine as of next Sunday, 12 December.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">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<p>? <strong>TOMORROW\u2019S WEATHER- Tomorrow promises the coldest day of winter so far<\/strong>, with the mercury falling below the 20\u00b0C mark for the first time during the day to 19\u00b0C, while nighttime lows are at 11\u00b0C, our favorite weather app tells us. Meanwhile, we could have a rainy week ahead of us, with nearly every day boasting a chance of rain.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gents: We have a brisk news flow to bring you today following the closure of Aldar \/ ADQ\u2019s mandatory tender offer to acquire SODIC, and more signals that the green economy is going to be occupying a larger place in Egyptian policymaking in 2022 ahead of the COP27 climate summit in [&hellip;]<\/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":[7213],"tags":[782,369,147,107,633,276,224,246,370,90,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554430","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-ahmed-kouchouk","tag-ayman-soliman","tag-climate-change","tag-covid-19","tag-enterprisepm","tag-finance-ministry","tag-green-bonds","tag-green-economy","tag-sovereign-fund-of-egypt","tag-uae","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"e0c1d13c-f6e3-42ef-8c20-75ddf4e7d3be","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[554428],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Aldar \/ ADQ acquire 86% of SODIC; Green stimulus package coming March 2022; UAE employees get 4.5-day work week. - 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\/2021\/12\/07\/this-evening-aldar-adq-acquire-86-of-sodic-green-stimulus-package-coming-march-2022-uae-employees-get-4-5-day-work-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Aldar \/ ADQ acquire 86% of SODIC; Green stimulus package coming March 2022; UAE employees get 4.5-day work week.\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gents: We have a brisk news flow to bring you today following the closure of Aldar \/ ADQ\u2019s mandatory tender offer to acquire SODIC, and more signals that the green economy is going to be occupying a larger place in Egyptian policymaking in 2022 ahead of the COP27 climate summit in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/this-evening-aldar-adq-acquire-86-of-sodic-green-stimulus-package-coming-march-2022-uae-employees-get-4-5-day-work-week\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-12-07T14:17:19+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/this-evening-aldar-adq-acquire-86-of-sodic-green-stimulus-package-coming-march-2022-uae-employees-get-4-5-day-work-week\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/07\/this-evening-aldar-adq-acquire-86-of-sodic-green-stimulus-package-coming-march-2022-uae-employees-get-4-5-day-work-week\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: Aldar \/ ADQ acquire 86% of SODIC; 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US inflation at 30-year high; Deadline for Anghami SPAC merger.","author":"enterpriseam admin","date":"11 November 2021","format":false,"excerpt":"Good morning, wonderful people. We\u2019ve nearly made it through another workweek together, and our reward is a blockbuster issue on a morning that\u2019s simply jam-packed with news.SOMETHING THAT DELIGHTED US this morning: EFG Hermes is hosting a PHYSICAL One on One. 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