{"id":554939,"date":"2021-11-23T13:31:28","date_gmt":"2021-11-23T13:31:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/"},"modified":"2021-11-23T13:31:28","modified_gmt":"2021-11-23T13:31:28","slug":"tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/","title":{"rendered":"TONIGHT: We\u2019re getting more development financing from AIIB + SODIC shareholders have 10 days to respond to Aldar-ADQ MTO. Plus: Biden turns on the oil taps"},"content":{"rendered":"<p><strong>Happy hump day, wonderful people, and welcome to another relatively calm afternoon for<\/strong><strong> the news<\/strong> as we slide towards the weekend.<\/p>\n<p><strong>THE BIG STORIES TODAY- <\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <sup><\/sup><strong>The Asian Infrastructure Investment Bank (AIIB) approved a USD 360 mn loan to<\/strong><strong> support Egypt\u2019s post-covid economic recovery<\/strong>, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/278939097609851\">statement<\/a>. The loan comes following the World Bank\u2019s approval of a separate but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f884fc7b-c86b-4af4-80f7-385a02aaa39e\">identical loan<\/a> in October, under a larger <a href=\"https:\/\/ent.news\/2021\/10\/PR-Egypt-DPF-eng-Final.pdf\">development policy financing framework (pdf)<\/a> set by the International Cooperation ministry in partnership with the two lenders. The two loans, amounting to a combined USD 720 mn, will be used to support the private sector, increase transparency at state-owned enterprises and promote women\u2019s participation in the workforce, in a bid to bolster the second phase of Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/880fe75b-3a07-477a-93c3-c87eaad7936f\">economic reform program<\/a>.<\/p>\n<p><strong>Regulators set 10-day subscription period for Aldar-ADQ acquisition of SODIC:<\/strong> SODIC shareholders have 10 working days, starting tomorrow, to weigh in on the mandatory tender offer (MTO) from the UAE\u2019s Aldar Properties and sovereign wealth fund ADQ to acquire 90% of the real estate developer, according to <a href=\"https:\/\/ent.news\/2021\/11\/EGX-announcement-%E2%80%94-Aldar-_-SODIC-MTO.pdf\">an announcement (pdf)<\/a> displayed on EGX screens today. SODIC made public <a href=\"https:\/\/ent.news\/2021\/11\/SODIC-Aldar-offer-announcement.pdf\">the details (pdf)<\/a> of the MTO, in which Aldar and ADQ are offering EGP 20 per share. The MTO subscription period wraps on Tuesday, 7 December. The Financial Regulatory Authority had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0a12ab5-51fd-4f47-a266-6e199dafba68\">greenlit<\/a> the MTO yesterday.<\/p>\n<p><strong>HAPPENING NOW- <\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.comesa.int\/\">Comesa head of state and government summit<\/a><\/strong><strong> is currently underway<\/strong> at the new administrative capital. President Abdel Fattah El Sisi assumed Egypt\u2019s chairmanship of Comesa at the opening ceremony of the summit earlier this morning, according to an Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/450339819788085\">statement<\/a>. The president will be involved in setting the summit\u2019s medium-term goals for 2021-2025, which will include improving regional trade between the summit\u2019s nations, in tandem with the African Union\u2019s Continental FreeTrade Area (<a href=\"https:\/\/au.int\/en\/ti\/cfta\/about\">AfCFTA<\/a>). You can see his opening remarks here (<a href=\"https:\/\/www.youtube.com\/watch?v=s1RIgaln2zc\">runtime: 15:16<\/a>).<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Aldar-ADQ acquisition of SODIC approved by FRA:<\/strong> <strong>New tariffs on imported phones:<\/strong> All imported mobile phones will be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2913d0ad-bce1-47be-8b4e-7b1388e7a610\">subject to<\/a> a 10% import tariff, double the 5% originally imposed last year, with only phones assembled by local electronics outfit Sico exempt.<\/li>\n<li><strong>Slightly less cement oversupply: <\/strong>Production is on course to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2c765dd-07a0-489c-919e-8a64ab7bddb2\">easily outstrip demand<\/a> in 2021 despite production cuts being introduced in July to ease the years-long supply glut.<\/li>\n<li><strong>A national hydrogen strategy is in the works: <\/strong>The government is currently contracting with a global consulting office to develop a national hydrogen strategy, Electricity Minister Mohamed Shaker said. <sup><\/sup><\/li>\n<\/ul>\n<p><strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Biden turns on the crude taps in defiance of OPEC: <\/strong>The US will release 50 mn bbl of crude oil from its Strategic Petroleum Reserve over the next few months, according to a White House <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2021\/11\/23\/president-biden-announces-release-from-the-strategic-petroleum-reserve-as-part-of-ongoing-efforts-to-lower-prices-and-address-lack-of-supply-around-the-world\/\">statement<\/a>, as part of an unprecedented effort to bring down global prices in tandem with countries including China, India, Japan, Korea and the UK. The move is likely to draw the ire of the Saudi-led OPEC group of oil exporting nations, which has repeatedly ignored calls from the US and other countries to up supply as demand rebounds following the pandemic, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-23\/u-s-announces-coordinated-oil-release-that-may-draw-ire-of-opec?sref=mmeFTDW1\">Bloomberg<\/a> reports. US benchmark oil prices slid slightly on the news, with WTI futures for January<a href=\"https:\/\/www.cnbc.com\/quotes\/@CL.1\">s<\/a><a href=\"https:\/\/www.cnbc.com\/quotes\/@CL.1\">lipping 0.6% to U<\/a><a href=\"https:\/\/www.cnbc.com\/quotes\/@CL.1\">SD 76.33\/bbl<\/a> as of dispatch time.<\/p>\n<p><strong>It\u2019s a risky move, and OPEC is baring its teeth: <\/strong>Biden has arranged the largest ever privately agreed release of oil from global reserves, as he attempts to break what some see as an OPEC-led stranglehold on supply. But OPEC+ officials have warned that they could cancel their own planned supply increases in response at the group\u2019s December meeting, setting the stage for a tug-of-war on oil prices in the global market. Meanwhile, a resurgence of covid across Europe and the US could slow the momentum behind the recent pickup in demand, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-22\/oil-slips-as-investors-assess-opec-response-to-reserve-release?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>TRY takes a tumble (again):<\/strong> Turkey\u2019s TRY extended its losses today to reach fresh lows with one of its biggest one-day drops after the country\u2019s central banks decided to slash interest rates <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c185dc5-4954-421f-af20-b91e9614cc65\">last week<\/a>, while President Recep Tayyip Erdogan insists lower interest rates are crucial for boosting economic growth. The currency has been steadily falling 11 days in a row \u2014 its longest losing streak in 20 years \u2014 and is down around 40% against the greenback YTD. Erdogan\u2019s grip on Turkey\u2019s central bank has seen him fire multiple governors and other committee members who were not on board with his monetary policy visions, leading market confidence in a potential reversal of the rate cuts to all but dissipate. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-23\/lira-weakens-past-12-per-dollar-after-erdogan-defends-low-rates?sref=mmeFTDW1\">Bloomberg<\/a> and the <a href=\"https:\/\/www.ft.com\/content\/42c4a40c-8aec-4aee-94dc-dba5208a12f9\">Financial Times<\/a> have the story.<\/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>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The Home Appliances and Table Show (<\/strong><strong><a href=\"http:\/\/hatsegypt.com\/\">HATS Egypt<\/a><\/strong><strong>)<\/strong> is ongoing and will wrap up tomorrow. The event is organized by the Engineering Export Council of Egypt and brings together companies working in the home appliances sector.<\/p>\n<p><strong>Startup gathering <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/857701738279267\/\">RiseUp<\/a><\/strong><strong> starts on Thursday <\/strong>and runs through Saturday.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/CairoFilms\/photos\/a.386668088207064\/1611462495727611\/\">Cairo International Film Festival<\/a><\/strong><strong> kicks off<\/strong> its weeklong run this coming Friday.<\/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>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mercury has started to inch upwards, with a daytime high of 25\u00b0C tomorrow and a nighttime low of 17\u00b0C, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy hump day, wonderful people, and welcome to another relatively calm afternoon for the news as we slide towards the weekend. THE BIG STORIES TODAY- The Asian Infrastructure Investment Bank (AIIB) approved a USD 360 mn loan to support Egypt\u2019s post-covid economic recovery, according to a cabinet statement. The loan comes following the World Bank\u2019s [&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":[96,2399,2378,101,633,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-554939","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-abdel-fattah-el-sisi","tag-asian-infrastructure-investment-bank","tag-comesa","tag-development-finance","tag-enterprisepm","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"c881293b-debd-49bd-8243-00c63ef98242","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[554937],"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>TONIGHT: We\u2019re getting more development financing from AIIB + SODIC shareholders have 10 days to respond to Aldar-ADQ MTO. Plus: Biden turns on the oil taps - 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\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TONIGHT: We\u2019re getting more development financing from AIIB + SODIC shareholders have 10 days to respond to Aldar-ADQ MTO. Plus: Biden turns on the oil taps\" \/>\n<meta property=\"og:description\" content=\"Happy hump day, wonderful people, and welcome to another relatively calm afternoon for the news as we slide towards the weekend. THE BIG STORIES TODAY- The Asian Infrastructure Investment Bank (AIIB) approved a USD 360 mn loan to support Egypt\u2019s post-covid economic recovery, according to a cabinet statement. The loan comes following the World Bank\u2019s [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-23T13:31:28+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=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"TONIGHT: We\u2019re getting more development financing from AIIB + SODIC shareholders have 10 days to respond to Aldar-ADQ MTO. 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Plus: Biden turns on the oil taps - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/","og_locale":"en_US","og_type":"article","og_title":"TONIGHT: We\u2019re getting more development financing from AIIB + SODIC shareholders have 10 days to respond to Aldar-ADQ MTO. Plus: Biden turns on the oil taps","og_description":"Happy hump day, wonderful people, and welcome to another relatively calm afternoon for the news as we slide towards the weekend. THE BIG STORIES TODAY- The Asian Infrastructure Investment Bank (AIIB) approved a USD 360 mn loan to support Egypt\u2019s post-covid economic recovery, according to a cabinet statement. The loan comes following the World Bank\u2019s [&hellip;]","og_url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/","og_site_name":"EnterpriseAM Egypt","article_published_time":"2021-11-23T13:31:28+00:00","author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/tonight-were-getting-more-development-financing-from-aiib-sodic-shareholders-have-10-days-to-respond-to-aldar-adq-mto-plus-biden-turns-on-the-oil-taps\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"TONIGHT: We\u2019re getting more development financing from AIIB + SODIC shareholders have 10 days to respond to Aldar-ADQ MTO. 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The development policy financing (DPF) loan will be used\u2026","rel":"","context":"In &quot;Development finance&quot;","block_context":{"text":"Development finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/development-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/324.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589291,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/aiib-is-a-potential-guarantor-for-our-next-green-bonds-sale\/","url_meta":{"origin":554939,"position":3},"title":"AIIB is a potential guarantor for our next green bonds sale","author":"enterpriseam admin","date":"25 June 2023","format":false,"excerpt":"This would be AIIB\u2019s first guarantee of a country\u2019s green bonds issuance","rel":"","context":"In &quot;DEBT WATCH&quot;","block_context":{"text":"DEBT WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/debt-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1206.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555151,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/03\/nbe-wants-to-borrow-usd-1-5-bn-from-intl-lenders-in-2022\/","url_meta":{"origin":554939,"position":4},"title":"NBE wants to borrow USD 1.5 bn from int\u2019l lenders in 2022","author":"enterpriseam admin","date":"3 November 2021","format":false,"excerpt":"The National Bank of Egypt (NBE) is in the market to borrow USD 1.5 bn from international institutions next year, Deputy Chairman Yehia Aboul Fotouh told Hapi Journal. 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