{"id":555483,"date":"2021-11-16T04:02:35","date_gmt":"2021-11-16T04:02:35","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/this-morning-new-private-sector-strategy-no-three-digit-oil-any-time-soon-el-erian-biden-signs-usd-1-2-tn-infrastructure-bill-into-law\/"},"modified":"2021-11-16T04:02:35","modified_gmt":"2021-11-16T04:02:35","slug":"this-morning-new-private-sector-strategy-no-three-digit-oil-any-time-soon-el-erian-biden-signs-usd-1-2-tn-infrastructure-bill-into-law","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/16\/this-morning-new-private-sector-strategy-no-three-digit-oil-any-time-soon-el-erian-biden-signs-usd-1-2-tn-infrastructure-bill-into-law\/","title":{"rendered":"THIS MORNING: New private sector strategy; No three-digit oil any time soon -El Erian; Biden signs USD 1.2 tn infrastructure bill into law."},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a><strong> Happy hump day, wonderful people. <\/strong>We have a huge issue this morning, and no story has piqued our interest as much as a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/272931261543968?__cft__[0]=AZVZZt3taoqwi34JqU9DtUo2BnXYMwZQGfkxLwISomvv01cirLuKcXAptmYGO7JsU33TzQdxXfU2ST0q-5e4BpGg33ZBI-oOwzvVDG0K2NPIwK8A4GvhSpGzGhXX4FDfUHhR1e7ExKhmEkdfWz33ricK&__tn__=%2CO%2CP-R\">statement from the Cabinet economic group<\/a> last night that suggests <strong>the state is looking to back out of select sectors of the economy<\/strong> in an orderly way.<\/p>\n<p><strong>Sensitive to the notion of \u201ccrowding out\u201d? <\/strong>The ministers are mulling the results of a recent study that will guide cabinet as it decides (a) which \u201cpriority areas for structural reform\u201d will open the door for \u201cmore private sector involvement\u201d in the economy, (b) identify industries from which the state will exit and hand the reins to private business, and (c) which industries are sufficiently strategic for the state to need at least a foothold.<\/p>\n<p><strong>THE KEY QUOTE is right up top: \u201cOur goal is to make it possible for the private sector to <\/strong><strong>participate more in the implementation of many [national] development and service projects.\u201d <\/strong>The study, it says, \u201cconfirms the government's full awareness of the importance of a real partnership with the private sector\u201d and the need for the state to \u201ccreate an enabling and stimulating environment for the private sector.\u201d<\/p>\n<p><strong>THE KICKER- Cabinet is committing to a review every two years <\/strong>of which state-owned enterprises it needs to keep in the government\u2019s portfolio as well as to an annual \u201cdialogue\u201d with private business on the state of play. Ministers are also looking into the possible setup of a body that will \u201csupervise and manage\u201d the companies of which the state retains ownership.<\/p>\n<p><strong>What\u2019s the economic group? <\/strong>Members include the PM \u2014 who heads the committee \u2014 as well as the ministers of planning, finance and public enterprises and a number of key direct reports, among them our friends Vice Minister of Finance Ahmed Kouchouk and top Planning Minister advisor Nada Massoud as well as and GAFI boss Mohamed Abdelwahab.<\/p>\n<p><strong>The statement should be good news for capital markets<\/strong>, as ministers nodded to the privatization of state assets through both sale to strategics and via offerings on the EGX. Sales through IPO have proven compelling for investors this year in Egypt (e-Finance) as well as in Saudi and UAE. There\u2019s sufficient hunger for new paper on the EGX that we see little room for state offerings to \u201ccrowd out\u201d private-sector companies looking to offer shares. <strong>Abu Auf, Macro Group and Ebtikar <\/strong>are all on deck right now eyeing sales as early as 2022, and others have suggested recently they\u2019re keeping an eye on market conditions.<\/p>\n<p><strong>IN THE SAME VEIN- <\/strong>Lawmakers in the House gave approval yesterday to a bill that would make it easier for the private sector to bid for public infrastructure projects in a range of industries. We have the full rundown in the news well, below.<\/p>\n<p><strong>HAPPENING TODAY-<\/strong><\/p>\n<p><strong>The two-day<\/strong><strong><a href=\"https:\/\/africafintechsummit.com\"><\/a><\/strong><strong><a href=\"https:\/\/africafintechsummit.com\">Africa Fintech summit<\/a><\/strong><strong> kicks off today.<\/strong> The summit looks at innovation in the fintech ecosystem, venture capital and other forms of investing, and will also discuss the rise of healthtech.<\/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>THE BIG STORY ABROAD- Biden\u2019s bumper infrastructure bill is everywhere in the <\/strong><strong>foreign press this morning.<\/strong> The US president signed into law yesterday the USD 1.2 tn bill, which will enable the biggest upgrade to America\u2019s roads, bridges, railways and internet infrastructure in more than a decade. The story is everywhere from <a href=\"https:\/\/apnews.com\/article\/joe-biden-congress-infrastructure-bill-signing-b5b8cca843133de060778f049861b144\">AP<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-needing-boost-sign-1-trillion-infrastructure-bill-2021-11-15\/\">Reuters<\/a> to the <a href=\"https:\/\/www.ft.com\/content\/934dff5b-a71c-43dd-8919-c9b23f2afc19\">FT<\/a> and <a href=\"https:\/\/edition.cnn.com\/2021\/11\/15\/politics\/biden-signing-ceremony-infrastructure-bill-white-house\/index.html\">CNN<\/a>.<\/p>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>El Erian\u2019s crystal ball doesn\u2019t see oil hitting USD 100 \/ bbl:<\/strong> Forecasts that rallying oil prices will break the USD 100 mark are overlooking key demand factors, markets guru Mohamed El Erian told <a href=\"https:\/\/www.cnbc.com\/2021\/11\/15\/mohamed-el-erian-pours-cold-water-on-calls-for-100-oil.html\">CNBC\u2019s Dan Murphy<\/a> on the sidelines of the Adipec conference in Abu Dhabi. His comments come as Brent and US crude surged past USD 80 per barrel in recent weeks, thanks to post-pandemic demand outstrippng supply. \u201cIf you look at what is happening on the demand side, there you get some questions. Demand is robust today but will it be robust in six months\u2019 time?\u201d El Erian says.<\/p>\n<p><strong>Abu Dhabi\u2019s Adipec will keep energy in the headlines this week<\/strong>, bringing together CEOs for in-person events with ministers from countries that form the OPEC+ oil alliance, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-15\/italy-s-eni-says-oil-could-reach-100-a-barrel-adipec-update?srnd=premium-middle-east\">Bloomberg<\/a>. The event kicked off yesterday and runs through to Friday.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>We\u2019re getting a royal visit this week:<\/strong> British royal family members Prince Charles and the Duchess of Cornwall will be in Cairo on Thursday and Friday (18-19 November).<\/p>\n<p class='web-image'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** 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<p><strong>In today\u2019s issue: Green finance has been gaining speed in Egypt <\/strong>and a main contributor to this movement is programs implemented by the European Bank for Reconstruction and Development that provide both funding and technical knowledge. We went down the food chain to talk to all the parties involved, from the EBRD\u2019s independent consultants and the local banks which are doing the on-lending, to the private-sector firms which are receiving the finance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy hump day, wonderful people. We have a huge issue this morning, and no story has piqued our interest as much as a statement from the Cabinet economic group last night that suggests the state is looking to back out of select sectors of the economy in an orderly way. Sensitive to the notion of [&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":[7204],"tags":[499,93,72,7111,1887,91,158,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555483","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-biden-administration","tag-energy","tag-enterpriseam","tag-infrastructure","tag-mohamed-el-erian","tag-oil-and-gas","tag-state-owned-enterprises","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"64b9e6d1-bc05-4043-be42-1ff957f42c98","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[555481],"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 MORNING: New private sector strategy; No three-digit oil any time soon -El Erian; Biden signs USD 1.2 tn infrastructure bill into law. - 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\/16\/this-morning-new-private-sector-strategy-no-three-digit-oil-any-time-soon-el-erian-biden-signs-usd-1-2-tn-infrastructure-bill-into-law\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: New private sector strategy; No three-digit oil any time soon -El Erian; Biden signs USD 1.2 tn infrastructure bill into law.\" \/>\n<meta property=\"og:description\" content=\"Happy hump day, wonderful people. We have a huge issue this morning, and no story has piqued our interest as much as a statement from the Cabinet economic group last night that suggests the state is looking to back out of select sectors of the economy in an orderly way. 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El Erian replace Stanley Fischer, who vacated his seat\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":595859,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/08\/what-were-tracking-on-8-august-2019\/","url_meta":{"origin":555483,"position":1},"title":"What we\u2019re tracking on 8 August 2019","author":"enterpriseam admin","date":"8 August 2019","format":false,"excerpt":"We\u2019re officially on holiday in a few hours\u2019 time: Civil servants will be on break to observe Eid Al Adha from Saturday through Wednesday, and resume work on Thursday, according to a cabinet statement. 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