{"id":569494,"date":"2020-02-26T04:40:54","date_gmt":"2020-02-26T04:40:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/what-were-tracking-on-26-february-2020\/"},"modified":"2020-02-26T04:40:54","modified_gmt":"2020-02-26T04:40:54","slug":"what-were-tracking-on-26-february-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/26\/what-were-tracking-on-26-february-2020\/","title":{"rendered":"What we\u2019re tracking on 26 February 2020"},"content":{"rendered":"

Egypt is observing three official days of mourning after former president <\/strong>Hosni Mubarak passed away<\/strong> yesterday at age 91, Ittihadiya said in a statement<\/a>. His funeral and burial will take place today<\/a>, and the Mubarak family will be accepting condolences on Friday at the Mosheer Tantawy mosque. The former president\u2019s passing is leading the conversation on Egypt in the regional and foreign press this morning, and saw widespread coverage in the domestic press yesterday. We have the story in full in this morning\u2019s Speed Round, below.<\/p>\n

<\/a> Shoukry heads to Washington for GERD talks \u2014 and Ethiopia decides to be a no-show:<\/strong> It appears Egypt, Ethiopia, and Sudan will not be reaching a final agreement over the Grand Ethiopian Renaissance Dam (GERD) by the end of the month as was previously hoped, with Ethiopia saying yesterday it would not be attending what was widely believed to be the final round of talks over the dam<\/a>. Foreign Minister Sameh Shoukry is in Washington, DC today for the talks, which take place tomorrow and Friday, according to cabinet statement<\/a>.<\/p>\n

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Telecom Egypt will <\/strong>meet today with financial advisors EFG Hermes and Citibank<\/a><\/strong> to discuss how it will respond to Saudi Telecom\u2019s planned USD 2.4 bn acquisition of Vodafone Group\u2019s 55% stake in Vodafone Egypt<\/a>. TE, which holds the remaining 45% of the company, could stop what could be Egypt\u2019s largest M&A transaction in its tracks if it chooses to use its pre-emption rights<\/a> and make a counteroffer to purchase Vodafone Group\u2019s stake.<\/p>\n

The House Planning and Budgeting Committee is almost ready to pass the new <\/strong>draft Customs Act<\/strong>, head of the Customs Authority El Sayed Kamal Negm said, according to Al Mal<\/a>. The new act would integrate the customs and customs exemption acts into one legislation and includes electronic documents submission and electronic signatures. The proposed Customs Act is expected to come into effect in 1H2020<\/a>, and would expedite clearance through a white list of importers, broaden the powers of customs clearance agents, and include customs breaks for local manufacturers, among other things.<\/p>\n

Our elected representatives will take a short recess until 8 March<\/strong>, reports Al Shorouk<\/a>. Committee-level meetings will continue as they normally would during the recess, but general assembly meetings will be on pause.<\/p>\n

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<\/a> The EGP rally may push the government's fuel pricing committee to lower prices when it <\/strong>meets next month<\/strong>, Oil Minister Tarek El Molla hinted yesterday<\/a>. The EGP appreciation, alongside a trend that has seen global oil prices plummet since the covid-19 outbreak, could prompt cuts. The committee maintained prices for all grades when it held its 1Q2020 meeting<\/a> under a new pricing mechanism which took hold last year<\/a>.<\/p>\n

More favorable energy prices for factories -El Said: <\/strong>Manufacturers may also see be getting lower energy rates when another committee meets next month, said Planning and Economic Development Minister Hala El Said. The government recently set up a committee tasked with reviewing energy prices every six months. In its first meeting last October<\/a>, the committee lowered the price of natural gas for the cement, metallurgy, and ceramics industries after repeated calls and lobbying efforts.<\/p>\n

President Abdel Fattah El Sisi has ratified amendments to the VAT Act raising the sin tax<\/strong> on cigarettes and tobacco products<\/strong>, according to Masrawy<\/a>. The decision was published in the Official Gazette yesterday.<\/p>\n

The Egyptian Private Equity Association is holding its general assembly and a <\/strong>networking event tonight<\/strong> at Nostalgia Ballroom at Le Pacha Boat 1901.<\/p>\n

Coming up next week:<\/p>\n