{"id":557968,"date":"2021-09-15T13:18:48","date_gmt":"2021-09-15T13:18:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/tonight-undp-report-tracks-egypts-development-remittances-hit-record-high\/"},"modified":"2021-09-15T13:18:48","modified_gmt":"2021-09-15T13:18:48","slug":"tonight-undp-report-tracks-egypts-development-remittances-hit-record-high","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/15\/tonight-undp-report-tracks-egypts-development-remittances-hit-record-high\/","title":{"rendered":"TONIGHT: UNDP report tracks Egypt\u2019s development + Remittances hit record high"},"content":{"rendered":"

Good afternoon, everyone, and happy almost-THURSDAY<\/strong>, which we\u2019re observing with what is so far proving to be the slowest news day of the month. We hope you\u2019re being happily productive this afternoon \u2014 and that you\u2019re enjoying the cooler weather as much as we are.<\/p>\n

THE BIG STORIES TODAY \u2014 so far:<\/strong><\/p>\n

<\/a> #1- Remittances hit a record high in FY2020-21<\/strong>, growing 13.2% to EGP 31.4 bn compared to EGP 27.8 bn the previous fiscal year, according to a central bank press release (pdf)<\/a>. Remittances rose 15.5% y-o-y in June to EGP 2.9 bn. In 2Q2020 \u2014 during which the initial wave of covid helped trigger a historic slump in the price of oil \u2014 inflows slipped 10% y-o-y, only to rebound immediately the following quarter.<\/p>\n

#2- Our first <\/strong>UNDP Human Development<\/a><\/strong> report in almost a decade was released <\/strong>yesterday<\/strong>, tracking Egypt\u2019s progress in a number of key development areas including investment in human capital, economic development, social protection, women\u2019s empowerment, environmental sustainability, and governance. We\u2019ll have a breakdown of the report\u2019s key findings in tomorrow\u2019s EnterpriseAM.<\/p>\n

#3- <\/strong>Pioneers Holding submitted a request to register its two new subsidiaries<\/strong> with the <\/strong>FRA<\/strong> in preparation for their debut onto the EGX, the company said in a bourse filing (pdf)<\/a>. The new companies \u2014 Pioneers Properties and Gadwa Industrial Development \u2014 will focus on real estate and industrial development, respectively, while the parent company will remain the financial services arm. The company had said it plans to split into three arms<\/a> in what was at the time a first-of-its-kind move in Egypt. The company hopes the move will create value for shareholders by making its various activities more easily understood by investors.<\/p>\n

^^ We\u2019ll have more on all of these stories<\/strong> in tomorrow\u2019s edition of Enterprise AM.<\/p>\n

HAPPENING NOW- Egypt should be sending natural gas to Lebanon by the end of the <\/strong>year<\/strong>, Oil Minister Tarek El Molla told Bloomberg<\/a>. Egypt agreed this month<\/a> to ship gas to Lebanon through a pipeline running through Jordan and Syria to feed the 450 MW Deir Ammar power plant in Lebanon. The goal is to help alleviate the energy crisis currently gripping the country. El Molla told local news<\/a> a few days ago that the gas could be ready to flow to Lebanon in the next three weeks. The agreement is still awaiting Lebanon submitting a funding request to the World Bank, while Jordan and Syria will use the three months to assess the infrastructure of the pipeline and conduct needed repairs.<\/p>\n

ALSO- Elections for the board of Misr for Central Clearing Depository and Registry are <\/strong>taking <\/strong>place today<\/strong>, the Financial Regulatory Authority (FRA) said (pdf)<\/a>, with some 37 candidates running for a number of executive and nonexecutive positions<\/a>. The authority published a number of appeals it had received against individuals barred from running in the elections under new board elections regulations<\/a> for clearing and depository companies issued by the FRA last March. The regulations give an FRA committee a role in screening the candidates for election before a slate is put to a vote in the general assembly.<\/p>\n

** CATCH UP QUICK <\/strong>on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n