{"id":571353,"date":"2020-05-10T04:05:30","date_gmt":"2020-05-10T04:05:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/10\/what-were-tracking-on-10-may-2020\/"},"modified":"2020-05-10T04:05:30","modified_gmt":"2020-05-10T04:05:30","slug":"what-were-tracking-on-10-may-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/10\/what-were-tracking-on-10-may-2020\/","title":{"rendered":"What we\u2019re tracking on 10 May 2020"},"content":{"rendered":"

Good morning, friends, and welcome to the second half of Ramadan <\/strong>\u2014 and to our readers in North America, happy Mother\u2019s Day.<\/p>\n

We have just 13 days left until Eid <\/strong>and 235 days until we can put this thing called \u201c2020\u201d behind us.<\/p>\n

TAKE OUR POLL- What do you expect for the rest of this year?<\/a><\/strong> We do an annual reader poll asking what you expect of business conditions and the economy in the year ahead. Covid-19 has us thinking that the results of this year\u2019s survey<\/a> need updating. Take a minute and tell us how covid-19 has impacted your business, whether it\u2019s changed your outlook on the economy, and what you think of WFH. You can take the survey here.<\/a><\/strong><\/p>\n

You started the year expecting investment to pick up<\/strong>, looking to hire new staff and thinking this would be a great year for M&A. We\u2019re asking you to take the survey this week and next and we\u2019ll be back after Eid with the results.<\/p>\n

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<\/a> THE STORY OF THE DAY- The Madbouly government spent the last 72 hours driving <\/strong>home one point: We\u2019re all going back to some semblance of \u201clife as usual\u201d after Eid. <\/strong>Cabinet members including the PM Moustafa Madbouly and the ministers of finance, planning and health led the charge Thursday and through the weekend.<\/p>\n

The nighttime curfew and restrictions on public gatherings will remain in effect until <\/strong>the end of Ramadan<\/strong>, Madbouly said on Friday<\/a>, making official his announcement of the day before. That means schools, universities, public parks, beaches and government offices \u2014 with the exception of some real estate registry<\/a> and notary offices<\/a>, traffic departments<\/a>, and some courts<\/a> \u2014 are staying closed at least until 26 May, when Eid El Fitr ends. All restrictions otherwise remain unchanged: Restaurants are open for delivery only, nightclubs and bars are closed, and malls and retail outlets face curtailed hours (but continue to be allowed to open on weekends, as they have since the start of Ramadan.)<\/p>\n

Egypt will have to \u201ccoexist\u201d with the virus that causes covid-19 as restrictions start <\/strong>easing in June<\/strong>, cabinet spokesman Nader Saad said on Thursday (watch, runtime: 11:23<\/a>). His remarks drew a line under recent comments to the same effect from Health Minister Hala Zayed<\/a> and Madbouly<\/a>.<\/p>\n

Saad flagged that new requirements may come into effect as restrictions are eased.<\/strong> Among them: face masks are \u201cbasically a necessity\u201d now and may be required to access government offices or go to the theatre after the holiday. Businesses that flout maximum capacity regulations <\/strong>and citizens who fail to wear masks when required could face fines of EGP 300-5k as part of an in-the-works piece of legislation<\/strong>, MP Elizabeth Shaker said on state TV yesterday (watch, runtime: 3:00<\/a>).<\/p>\n

The government could still roll out additional measures to support the economy and <\/strong>hasten a recovery<\/strong>, Madbouly said (watch, runtime 2:40<\/a>). The prime minister noted<\/a> that the government plans to ramp up by 75% its investment in healthcare and infrastructure in the upcoming fiscal. And it still has dry powder in reserve: <\/strong>The Finance Ministry has deployed only EGP 40 bn of the EGP 100 bn it has allocated to stimulus measures, minister Mohamed Maait said over the weekend. We have more on this front in this morning\u2019s Speed Round, below.<\/p>\n

Egypt\u2019s recovery from covid-19 could begin in June \u2014 or December<\/strong>, said Planning Minister Hala El Said during a virtual meeting with business leaders, according to a ministry statement<\/a>. The nature of the pandemic will itself dictate the timeline. The length of the recovery period could vary by industry, she said, but look for agriculture, tech, pharma, and construction to bounce back first, El Said suggested. Finance Ministry Mohamed Maait was also on the interview circuit<\/a> over the weekend.<\/p>\n

When will commercial flights resume? <\/strong>There\u2019s no official word yet, but we got a hint it is on the agenda as the PM toured Cairo International Airport yesterday with the ministers of civil aviation and of information in tow. Madbouly\u2019s visit was to review measures in place to stop the spread of the coronavirus, the domestic press said<\/a>.<\/p>\n

Hotels nationwide are preparing to <\/strong>reopen this coming Friday, 15 May<\/a><\/strong>, to domestic tourists. Properties will be limited to 25% of maximum capacity at first and will be required to hire inspectors to ensure they are in compliance with a laundry list of measures, according to Al Masry Al Youm<\/a>. They would have to bring in Germany\u2019s T\u00dcV NORD<\/a>, the UK\u2019s Cristal Standards<\/a> or Spain\u2019s Preverisk Group<\/a> for quarterly check-ups.<\/p>\n

The government is hoping plenty of us will opt to fly <\/strong>instead of driving to Red Sea and Sinai resorts to start generating revenues for domestic airlines including national flag carrier EgyptAir.<\/p>\n

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News triggers to keep your eye on<\/strong> over the coming days:<\/p>\n