{"id":564107,"date":"2021-08-09T13:54:54","date_gmt":"2021-08-09T13:54:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/"},"modified":"2021-08-09T13:54:54","modified_gmt":"2021-08-09T13:54:54","slug":"tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/","title":{"rendered":"TONIGHT: IMF\u2019s NIB liquidation dreams could come true. + UN climate change report says damage \u201cirreversible\u201d. ALSO: Messi closer to signing with PSG."},"content":{"rendered":"<p><strong>Good afternoon, ladies and gentlemen<\/strong>, and we\u2019re so happy that today is hump day, as this Thursday is off as it is the Islamic New Year.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORY TODAY- Is<\/strong> <strong>state-owned NIB going to be liquidated<\/strong>? It appears that the government could be on its way to close the National Investment Bank (NIB) a move first revealed (and praised) by the IMF in its July 2021 review. The local press appears to have caught on, with the story being front page news in business journals. We\u2019ve known that the government was looking to reform the state-owned investment bank to reduce fiscal risks and had halted its lending and borrowing operations, but this is the first time we\u2019re hearing of an outright move to liquidate the bank.<\/p>\n<p><strong>The bank owns other stakes in several listed companies<\/strong> including Sidi Kerir Petrochemicals, EBE Bank, ADIB, Abu Qir Fertilizers, Misr Fertilizers Production Company, MNHD, Al Ezz Dekheila Steel - Alexandria, Misr Cement Qena, Misr Beni Suef Cement and Egytrans.<\/p>\n<p><strong>We\u2019re currently reaching out to government and NIB officials to get a better understanding of the move<\/strong>, and should have more detailed coverage in tomorrow\u2019s EnterpriseAM, so stay tuned.<\/p>\n<p><strong>Banking news continued to dominate business headlines today<\/strong>, with the sale of Blom Bank Egypt to Bahrain\u2019s Bank ABC getting underway. Shareholders of Blom Bank Egypt will sell a 99.5% stake in the bank to ABC in a mandatory tender offer (MTO) at EGP 22.33 per share, valuing the business at USD 427 mn (EGP 6.7 bn). We cover the transaction in greater detail in the Speed Round below.<\/p>\n<p><strong>** CATCH UP QUICK <\/strong>on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>World\u2019s biggest wastewater plant gets more financing:<\/strong> Emirates NBD <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f168903f-7d98-4f3b-a45f-bf53e8dca81b\">will provide EGP 2 bn<\/a> in financing for the plant in El Hamam which will be built by a consortium of four construction firms.<\/li>\n<li><strong>Even more Sahel vibes: <\/strong>Some 1.3k new hotel rooms <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/260d90e7-2453-4986-a0c2-bbfced4e45e2\">are expected to be built<\/a> in the North Coast, Deputy Tourism Minister Ghada Shalaby said without giving a timeframe.<\/li>\n<li><strong>J&J vaccines land in Egypt:<\/strong> Egypt received its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0d8f73b-53d2-4f08-a603-b95426804f63\">first 260.6k batch of Johnson & Johnson vaccines<\/a> through the African Union as part of the agreement to supply Egypt with 25 mn doses of the single-shot vaccine.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>HAPPENING NOW- Egypt rolled out the red carpet for arrivals on the first <\/strong><strong>Moscow-Hurghada flight in six years <\/strong>as Russia\u2019s ban on direct flights finally came to an end, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/197184402451988\">cabinet statement<\/a>. Assistant Tourism Minister Lamia Kamel welcomed the incoming passengers with gifts and travel advice, saying that the tourists\u2019 reactions upon returning home to Russia would be the best promotion for Egypt.<\/p>\n<p><strong>A second flight also landed right before dispatch<\/strong>, bringing 500 more Russian passengers to the Red Sea town, reports <a href=\"https:\/\/bit.ly\/3ixnzzF\">Youm7<\/a>.<sup><\/sup><\/p>\n<p><strong>Who is operating flights?<\/strong> Today\u2019s tourism group was aboard an Egyptair flight, with the airline planning to operate seven flights from Moscow to Hurghada and Sharm El Sheikh, according to the <a href=\"https:\/\/apnews.com\/article\/lifestyle-africa-business-middle-east-europe-bfda29d669213a6847b23eb6cc164b6d\">Associated Press<\/a>. Meanwhile, the Russian state aviation agency <a href=\"https:\/\/tass.com\/economy\/1323825\">greenlit eight Russian airlines<\/a> to operate five weekly flights to Hurghada and Sharm el-Sheikh from 43 cities across Russia. However, only Rossiya has so far scheduled flights, with a plane to land in each of Hurghada and Sharm later today.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Saudi Arabia will allow 2 mn vaccinated pilgrims to perform Umrah per month: <\/strong>The kingdom will gradually begin receiving Umrah pilgrimage requests from countries starting today, with authorities to greenlight pilgrimage from countries it deems safe, according to the <a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=en&newsid=2270499#2270499\">Saudi Press Agency<\/a>. Saudi has increased the capacity per month to 2 mn pilgrims, given that they are fully vaccinated with a jab that is approved in the Gulf country.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>THE BIG STORY ABROAD- The UN\u2019s panel on climate change has <\/strong><strong>warned <\/strong><strong>of the <\/strong><strong>devastating consequences of global warming<\/strong>, saying in a landmark report that planetary warming is \u201cunequivocally\u201d caused by human activity and has already caused \u201cirreversible\u201d damage. This summer\u2019s heat waves, wildfires, floods and other extreme weather events are the result of a 1.1\u00b0C rise in global temperature from its pre-industrial average, dangerously close to the 1.5\u00b0C limit that would trigger cataclysmic, runaway effects, according to scientists behind the Intergovernmental Panel on Climate Change (IPCC) report. Released ahead of November\u2019s COP26 UN climate conference in Glasgow, UN Secretary-General Ant\u00f3nio Guterres said the report must sound the \u201cdeath knell\u201d for the use of fossil fuels.<\/p>\n<p><strong>You can find the full, near 4,000-page report as well as the 50-page summary<\/strong> for policymakers on the report\u2019s landing page <a href=\"https:\/\/www.ipcc.ch\/report\/ar6\/wg1\/\">here<\/a>, or watch the recording of this morning\u2019s press conference (<a href=\"https:\/\/www.youtube.com\/watch?v=z149vLKn9d8\">watch, runtime: 1:37:40<\/a>) announcing the findings.<\/p>\n<p><strong>Picking up the story are: <\/strong><a href=\"https:\/\/www.wsj.com\/articles\/some-climate-change-effects-may-be-irreversible-u-n-panel-report-says-11628496000?mod=hp_lead_pos5\">WSJ<\/a> | <a href=\"https:\/\/apnews.com\/article\/europe-science-climate-environment-and-nature-united-nations-1d89d5183583718ad4ad311fa2ee7d83\">AP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/features\/2021-08-09\/ipcc-report-human-caused-climate-change-unequivocal?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/environment\/un-sounds-clarion-call-over-irreversible-climate-impacts-by-humans-2021-08-09\/\">Reuters<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/science-environment-58130705\">BBC<\/a> | <a href=\"https:\/\/www.cnbc.com\/2021\/08\/09\/ipcc-report-un-climate-report-delivers-starkest-warning-yet.html\">CNBC<\/a>.<\/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>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>SUPERCYCLE WATCH- Construction (mainly cement) is next up<\/strong>, as global governments invest bns in post-pandemic infrastructure projects, according to the <a href=\"https:\/\/www.ft.com\/content\/41574f1e-58ae-4b17-a1ea-991a46d70932\">Financial Times<\/a>, which cites industry insiders. The supercycle is expected to go on for years, with cement one of the main boosters for the demand that could increase 20-30% in the coming years, a cement executive predicted. Also fueling the cement-led supercycle are the movements by many major economies to undertake green projects in efforts to gain footing on climate change goals. However, the supercycle might not match the speed of that of the 2000s, which was driven by rapid growth by China, instead proving more sustainable over a longer period.<\/p>\n<p><strong>Amazon is stepping up delivery services for its competitors <\/strong>in an attempt to gain the upper hand in the e-commerce delivery market, the <a href=\"https:\/\/www.ft.com\/content\/9a630924-c9d0-4816-9d39-e7519e4dde72\">Financial Times<\/a> reports. Amazon Multi-Channel Fulfillment (MCF) delivers goods for the likes of Etsy and Walmart, giving the company an even greater understanding of the shopping habits of consumers, on top of its 40% market share. But stock level limits at its facilities have frustrated some sellers, and could limit the company\u2019s ability to grow the service, despite upper management\u2019s plans to expand the capacity for sellers on the website.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Messi\u2019s potential move to PSG now has a price tag:<\/strong> France\u2019s Paris Saint-Germain is offering football icon Lionel Messi an initial two-year contract, with an expected worth of GBP 25 mn a year after tax, reports <a href=\"https:\/\/www.skysports.com\/football\/news\/11095\/12374077\/lionel-messi-receives-formal-psg-two-year-contract-offer-after-barcelona-exit\">Sky Sports<\/a>. The footballer has said that \u201cnothing has been closed\u201d but fans following the ordeal over the past few days know that PSG is an almost sure thing. Barcelona refused to renew Messi after \u201cfinancial and structural obstacles\u201d made them unable to fulfil the agreed upon contract.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p><strong>A modern treasure hunt that will get you hooked: <\/strong><a href=\"https:\/\/www.amazon.com\/Storage-Wars-Northern-Treasures\/dp\/B07CSGJY7H\">Storage Wars<\/a> on Amazon Prime and <a href=\"https:\/\/www.netflix.com\/eg-en\/title\/80144666\">Storage Hunters<\/a> on Netflix both have the same premise: bid on the contents of abandoned storage lockers and sift through for buried treasures. When storage lockers are left without payment or activity for a prolonged period of time, the general public are allowed to bid for it and acquire everything inside as long as they empty it out. It\u2019s a business model that has led to a myriad of reality TV shows or episodes on YouTube with people finding items that are valuable, historic, or sometimes just plain weird. You know what they say; one person\u2019s junk is another person\u2019s treasure and this show is the epitome of that statement. The shows are a light watch that will make you wish that we had a similar system here in Egypt that could land you a quick buck and a ton of fun.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><\/p>\n<p><strong>You\u2019ve got two more days to visit the <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/creative-competition-exhibitio\/897406177541528\/\">Creative Competition Exhibition<\/a><\/strong><strong> at Consoleya. <\/strong>The event brings together the winning works of the online competition that asked participants to submit art to raise awareness about \"non-organic waste\u201d. The exhibit will run until tomorrow and is open everyday until 10pm.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>Arabic writer Mohamed Kheir has had his first novel translated into English. <\/strong>Titled <a href=\"https:\/\/www.amazon.com\/Slipping-Mohamed-Kheir\/dp\/1949641163\">Slipping<\/a> and translated by Robin Moger, the book follows journalist Seif who has lost his way as well as Bahr, a former exile, who is on a mission to document all Egypt has to offer. Together the duo explore the intricacies of Egypt on a dreamlike-quest that often loses sight of reality in favor of magic and miracles. Kheir is imaginative in the way he unveils the two main characters, telling their stories through the situations they fall upon in a reflective novel that highlights the shared trauma many Egyptians hold close. <a href=\"https:\/\/www.arabnews.com\/node\/1908061\/lifestyle\">Arab News<\/a> is out with a great review and you can check out the <a href=\"https:\/\/www.goodreads.com\/book\/show\/38256928\">original Arabic version<\/a>.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>No reprieve from 40\u00b0C weather just yet for folks in the capital city. Temperatures will drop to 25\u00b0C at night, our favorite weather app tells us. Meanwhile, Sahel is seeing daytime highs of 32\u00b0C and nighttime lows of 24\u00b0C.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good afternoon, ladies and gentlemen, and we\u2019re so happy that today is hump day, as this Thursday is off as it is the Islamic New Year. THE BIG STORY TODAY- Is state-owned NIB going to be liquidated? It appears that the government could be on its way to close the National Investment Bank (NIB) a [&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":[318,1002,147,130,107,633,219,3697,634],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564107","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-amazon","tag-cement","tag-climate-change","tag-construction","tag-covid-19","tag-enterprisepm","tag-saudi-arabia","tag-umrah","tag-what-were-tracking-tonight","wpautop","entry"],"acf":{"mongo_id":"a9b7d2d1-a767-4a8d-8a0f-b42df390ce59","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[564105],"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: IMF\u2019s NIB liquidation dreams could come true. + UN climate change report says damage \u201cirreversible\u201d. ALSO: Messi closer to signing with PSG. - 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\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TONIGHT: IMF\u2019s NIB liquidation dreams could come true. + UN climate change report says damage \u201cirreversible\u201d. ALSO: Messi closer to signing with PSG.\" \/>\n<meta property=\"og:description\" content=\"Good afternoon, ladies and gentlemen, and we\u2019re so happy that today is hump day, as this Thursday is off as it is the Islamic New Year. THE BIG STORY TODAY- Is state-owned NIB going to be liquidated? It appears that the government could be on its way to close the National Investment Bank (NIB) a [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-09T13:54:54+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=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"TONIGHT: IMF\u2019s NIB liquidation dreams could come true. + UN climate change report says damage \u201cirreversible\u201d. 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The bank is looking\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599632,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/06\/nib-to-select-nine-companies-for-second-phase-of-egypts-privatization-program\/","url_meta":{"origin":564107,"position":3},"title":"NIB to select nine companies for second phase of Egypt\u2019s privatization program","author":"enterpriseam admin","date":"6 January 2019","format":false,"excerpt":"**#2 IPO WATCH- NIB to select nine companies for second phase of state privatization program: The National Investment Bank (NIB) is expected to nominate nine state-owned companies for the second phase of the state privatization program, according to a Planning Ministry statement. The statement did not provide further details on\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":643062,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/29\/nib-shelves-plans-to-acquire-nilesat-stake\/","url_meta":{"origin":564107,"position":4},"title":"NIB shelves plans to acquire Nilesat stake","author":"enterpriseam admin","date":"29 August 2017","format":false,"excerpt":"M&A WATCH- Government-owned National Investment Bank (NIB) has decided to shelve plans to acquire a 40.06% stake in the Egyptian Satellite Company (Nilesat), Al Mal reports, citing unnamed sources. NIB\u2019s decision followed The National Media Authority (NMA)\u2019s objection to the transaction last month. Source say NIB had acted unilaterally on\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571559,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/17\/national-investment-bank-shelves-plans-to-privatize-portfolio-companies\/","url_meta":{"origin":564107,"position":5},"title":"National Investment Bank shelves plans to privatize portfolio companies","author":"enterpriseam admin","date":"17 May 2020","format":false,"excerpt":"National Investment Bank shelves plans to privatize portfolio companies: The National Investment Bank (NIB) has postponed plans to market seven of its portfolio companies to investors due to the covid-19 crisis, Masrawy reports, quoting an unnamed source from the state-owned bank. 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