{"id":574208,"date":"2020-09-02T04:00:30","date_gmt":"2020-09-02T04:00:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/"},"modified":"2020-09-02T04:00:30","modified_gmt":"2020-09-02T04:00:30","slug":"what-were-tracking-on-2-september-2020","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/","title":{"rendered":"What we\u2019re tracking on 2 September 2020"},"content":{"rendered":"<p><strong>It\u2019s relatively quiet on the news front <\/strong>on this second day of September as the business community begins a two-week-long trudge back to Cairo from Sahel to kick off fall and, with it, the 2021 planning season. Expect the pace of business and news to steadily pick up through mid-September, by which time most private schools should be back in session.<\/p>\n<p><strong>We should know more about K-12 education at public schools in the coming days<\/strong>, with Education Minister Tarek Shawki <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b823d6fa-6b79-4bd5-bac6-3308f30ed174\">due to announce<\/a> how things will look sometime next week. Shawki is expected to announce measures to reduce classroom density and push toward a hybrid of in-school and at-home learning before public schools resume in mid-October as his cabinet colleagues continue to warn about the potential for a second wave of covid-19.<\/p>\n<p><strong>Davos in the Desert delayed: <\/strong>Saudi Arabia is pushing its annual Future Investment Initiative conference to 26-28 January over covid-19 concerns, the organizers announced on <a href=\"https:\/\/twitter.com\/FIIKSA\/status\/1300826443056807938\">Twitter<\/a> yesterday. The gathering was previously scheduled for October; past iterations attracted global figures including BlackRock\u2019s Larry Fink and JPMorgan Chase\u2019s Jamie Dimon.<\/p>\n<p><strong>MORNING MUST-READ for finance nerds: <\/strong><strong><a href=\"https:\/\/www.nytimes.com\/2020\/08\/28\/your-money\/impact-investing-coronavirus.html\">Investing in social good is finally becoming<\/a><\/strong><strong><a href=\"https:\/\/www.nytimes.com\/2020\/08\/28\/your-money\/impact-investing-coronavirus.html\">profitable<\/a><\/strong> in the New York Times, which reports that <strong>impact investments are outperforming traditional approaches<\/strong> whether they\u2019re in public or private equities. Interestingly, RBC Capital Markets data suggests that \u201c64% of actively managed ESG funds beat their benchmarks versus 49% of traditional funds through the first week in August.\u201d<\/p>\n<p><strong>PSA #1- Moderate weather is expected along the north coast until Friday<\/strong>, according to the <a href=\"https:\/\/bit.ly\/31OMF4U\">Egyptian Meteorological Authority<\/a>, but our favourite weather app is suggesting <strong>we\u2019re looking at a heatwave accompanied by high humidity in Cairo<\/strong>. Temps in the nation\u2019s capital will be in the 39-44\u00b0C bracket today through Monday, while central and south Sinai will see moderate-to-heavy rainfall through Friday that threatens flooding.<\/p>\n<p><strong>PSA #2- Otlob has rebranded as Talabat<\/strong>, and is offering a 30-minute (good luck\u2026) grocery delivery service, <a href=\"https:\/\/www.menabytes.com\/talabat-egypt-grocery-delivery\/\">Menabytes reports<\/a>. Does it herald a move towards faster delivery time and better customer service? The rebranding was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b3c396d-a958-4703-b484-da0cdc8fccf1\">announced last month<\/a>.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>K<\/strong><strong>ey news triggers coming up<\/strong> in the next two weeks:<\/p>\n<ul>\n<li><strong>PMI figures for August<\/strong> will land tomorrow;<\/li>\n<li><strong>Foreign reserves figures<\/strong> should be out early next week;<\/li>\n<li><strong>Runoff elections for Senate seats<\/strong> are scheduled for 8-9 September. Look for final results on the 16th;<\/li>\n<li><strong>Inflation data for August<\/strong> should be out on or around Thursday, 10 September.<\/li>\n<\/ul>\n<p><strong>September is shaping up to be virtual conference season.<\/strong> Among those that you may want to poke into:<\/p>\n<ul>\n<li><strong>An <\/strong><strong><a href=\"http:\/\/www.eba.org.eg\/Main\/Default.aspx\">Egyptian Businessmen Association<\/a><\/strong><strong> online <\/strong><strong><a href=\"https:\/\/bit.ly\/3lK58rg\">meeting<\/a><\/strong> with its Bahraini counterpart will discuss mutual trade and investment opportunities on 8 September.<\/li>\n<li><strong>The <\/strong><strong><a href=\"https:\/\/bit.ly\/3lwijfc\">Chemical Industries Export Council<\/a><\/strong><strong> and <\/strong><strong><a href=\"https:\/\/expolink.org\/\">Expolink<\/a><\/strong><strong> will organize a <\/strong><strong><a href=\"https:\/\/bit.ly\/3kBMjWw\">virtual conference<\/a><\/strong> to discuss export options for Egyptian chemical exporters in Kenya and Uganda from 14-15 September.<\/li>\n<li><strong><a href=\"https:\/\/talentsarena.net\/\">Talents Arena<\/a><\/strong><strong> will host Egypt\u2019s first tech job fair <\/strong>which will be held online on 19 September under the banner <a href=\"https:\/\/bit.ly\/2YPG5sM\">JobStack<\/a>.<\/li>\n<li><strong><a href=\"https:\/\/gafi.gov.eg\/English\/Pages\/default.aspx\">GAFI<\/a><\/strong><strong> is hosting a <\/strong><strong><a href=\"https:\/\/bit.ly\/3kOkVVq\">virtual meeting<\/a><\/strong><strong> with the <\/strong><strong><a href=\"https:\/\/aegypten.ahk.de\/en\/\">Arab-German Chamber of Commerce<\/a><\/strong><strong> and Industry<\/strong> and some 120 German companies to discuss investment prospects in Egypt sometime this month.<\/li>\n<\/ul>\n<hr class=\"grey-line\" \/>\n<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/bit.ly\/34TPkvX\">reported<\/a><\/strong><strong> 176 new covid-19 infections yesterday<\/strong>, down from 212 the day before. Egypt has now disclosed a total of 99,115 confirmed cases of covid-19. The ministry also reported 19 new deaths, bringing the country\u2019s total death toll to 5,440. We now have a total of 73,828 confirmed cases that have fully recovered.<\/p>\n<p><strong>The Supply Ministry made it compulsory for families with 4+ members to receive a face <\/strong><strong>mask on their monthly ration cards<\/strong> as of yesterday, a cabinet <a href=\"https:\/\/bit.ly\/2YVpXGc\">statement<\/a> said on Tuesday. The move comes as cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b823d6fa-6b79-4bd5-bac6-3308f30ed174\">continues to warn<\/a> of a possible second wave. The ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93bd7150-7431-4ce9-b11c-a515f2a55702\">began distributing<\/a> up to two masks per month to people with ration cards at the beginning of July.<\/p>\n<p><strong>Karnak Temple yesterday received French and Ukrainian tour groups for the first time since March,<\/strong> after opening Luxor and Aswan for tour groups, according to <a href=\"https:\/\/bit.ly\/3gOukcf\">Al Mal<\/a>. Tourists will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/996ae351-6ff0-4c68-9a0f-0d56828e6efb\">now be able<\/a> to visit Egypt's temples, archaeological sites, attractions, and museums following a five-month closure. Tourists from Japan, and South Korea <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d2765f5-252e-4315-9c7d-9712d50c8581\">are expected throughout September<\/a>, and the expectation is that Upper Egypt travel will pick up in December for the winter season after Nile Cruises resume in October.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Three covid-19 vaccines are entering final stage testing: <\/strong>UK-based AstraZeneca said its vaccine candidate is entering its final stage of testing in the US. Another vaccine created by the National Institutes of Health and manufactured by Moderna began final testing this summer, as has another developed by Pfizer and Germany\u2019s BioNTech, the <a href=\"https:\/\/apnews.com\/299b8b25a1390e43b90043d2807962d6\">Associated Press<\/a> reports.<\/p>\n<p><strong>The UAE yesterday reported over 500 new covid-19 cases for the second <\/strong><strong>consecutive day,<\/strong> the government <a href=\"https:\/\/twitter.com\/uaegov\/status\/1300823710472040450\">said yesterday<\/a>. Government officials previously said the curfew could be reinstated if the trend continues. The curfew was lifted on 24 June, and Dubai began welcoming foreign visitors again on 7 July.<\/p>\n<p><strong>Airlines are still hurting as international flights start to resume, with planes still <\/strong><strong>flying half empty <\/strong>and long-haul flights yet to rebound to pre-covid levels. Passenger traffic improved marginally in July as domestic travel picked up but remained at \u201ccritically low\u201d levels, <a href=\"https:\/\/www.iata.org\/en\/pressroom\/2020-09-01-01\/\">the International Air Transport Association<\/a> (IATA) said yesterday. Global traffic was down almost 80% y-o-y during the month, a slight but hardly reassuring improvement on the 86.6% decline witnessed in June.<\/p>\n<p class=\"web-image stand-out-borderless\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/8\/SOMA-ENTERPRISE-APPAMEND-1600px.jpg?ssl=1\" alt=\"enterprise\" \/><\/a><\/p>\n<p><strong>Turkey insists on reaching level 12, <\/strong><strong><a href=\"https:\/\/dragonball.fandom.com\/wiki\/Super_Saiyan\">Super-Saiyan<\/a><\/strong><strong> pariah status: <\/strong>Turkey intends to carry out seismic surveys in the disputed area of the eastern Mediterranean with Greece until 12 September, <a href=\"https:\/\/turkishpress.com\/turkish-ship-to-continue-med-exploration-until-sept-12\/\">Turkish Press reports<\/a>. Earlier this month Turkey resumed energy exploration (accompanied by naval vessels) in the EastMed after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c3ad5b2-df09-4b29-a8b0-493e1b964837\">Greece and Egypt signed a maritime accord<\/a> delineating borders between them. Exploration vessel Oruc Reis (named after the brother <a href=\"https:\/\/en.wikipedia.org\/wiki\/Oru%C3%A7_Reis\">of famed pirate Redbeard<\/a>, so you know where their heads are) was supposed to complete seismic research on 1 September. Greece\u2019s ratification of the accord last Thursday appears to be driving the escalation.<\/p>\n<p><strong>This comes as Ankara again warned Greece yesterday against sending troops to Kastellorizo<\/strong>, an island between both countries that has become a flashpoint in recent days \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/22727ffe-7c02-481d-9cc5-8386ebe9dfbb\">the second such warning in as many days<\/a>.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Dubai is looking to issue a rare USD-denominated bond and sukuk issuance<\/strong> \u2014 the latter of which hadn\u2019t taken place since in 2014. Dubai is hoping to raise USD 2 bn or more for its budget by selling 10-year sukuks and 30-year bonds, a person close to the matter told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-08-31\/dubai-to-sell-dollar-debt-sukuk-as-gulf-states-bolster-finances\">Bloomberg<\/a>. Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and Standard Chartered, will be managing the sukuk sale. Last month, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d2765f5-252e-4315-9c7d-9712d50c8581\">Abu Dhabi issued<\/a> a USD 5 bn triple-tranche USD-denominated debt offering.<\/p>\n<p><strong>The UAE and other EM are taking advantage of the Fed keeping interest rates low and investors chasing yields<\/strong> to hit global debt markets and plug shortfalls from the covid-19 crisis. Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/000a6b27-901e-41be-895f-cf6ab6ee623f\">announced on Monday<\/a> that it had concluded a USD 2 bn financing package with regional and international banks.<\/p>\n<p><strong>The big surprise: Dubai\u2019s debt burden is lower than many expected: <\/strong>The prospectus puts it at AED 123.5 bn (USD 33.6 bn) or 28% of last year\u2019s GDP, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-01\/dubai-lifts-veil-on-debt-showing-it-owes-much-less-than-thought\">Bloomberg<\/a>. Estimates from S&P and Bank of America had previously suggested it was in the range of 56-66% of GDP.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>US ELECTION WATCH- Joe Biden smashed records with a USD 300 mn fundraising haul <\/strong>in August, according to an exclusive from the <a href=\"https:\/\/www.nytimes.com\/2020\/09\/01\/us\/politics\/biden-trump-fundraising-election.html\">New York Times<\/a>.<\/p>\n<p><strong>Is the Trump administration finally getting serious on stimulus?<\/strong> US Treasury Secretary Steven Mnuchin has reached out to Democratic House Speaker Nancy Pelosi to restart talks on a stalled relief package that broke down a month ago, believing it\u2019s urgently needed for a full recovery from the pandemic, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-01\/senate-republicans-eye-vote-on-500-billion-stimulus-next-week?sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p>\n<p><strong>Apple is gearing up for its fall product launch season <\/strong>and doesn\u2019t seem to expect a covid-related slowdown in demand. Apple has ordered its suppliers to manufacture some 75 mn 5G iPhones alongside its latest batch of iPads and watches, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-09-01\/apple-targets-75-million-5g-iphones-for-fall-product-blitz?sref=mmeFTDW1\">Bloomberg<\/a> reports, suggesting a launch could come in the first week of October \u2014 two weeks later than last year. <strong>Also look out for: <\/strong>a new iPad Air with an edge-to-edge display, two new watches, over-ear headphones, and a smaller HomePod speaker.<\/p>\n<p><strong>Meanwhile, Samsung\u2019s second kick at a folding smartphone is will be out on 18 <\/strong><strong>September<\/strong>, <a href=\"https:\/\/www.theverge.com\/2020\/9\/1\/21407750\/samsungs-galaxy-z-fold-2-price-release-date-hinge-screen-durability\">the Verge<\/a> reports, but if we iSheep were going to switch teams, we\u2019d be much more likely to want to check out <a href=\"https:\/\/www.youtube.com\/watch?v=R1CNwBzYqRs&feature=youtu.be&t=490\">the upcoming Microsoft Surface Duo<\/a>, which will <a href=\"https:\/\/www.theverge.com\/2020\/8\/12\/21364633\/microsoft-surface-duo-release-date-pricing-features-specs\">launch on 10 September<\/a> and (at USD 1.4k) cost about USD 500 less than Samsung\u2019s Galaxy Z Fold 2.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, urban development and as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> We wrap our three-part series on the state of Egypt\u2019s electricity generation and transmission infrastructure. This week we look at how the government intends to bring the private sector in from the cold and increase its involvement in the generation and distribution of electricity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s relatively quiet on the news front on this second day of September as the business community begins a two-week-long trudge back to Cairo from Sahel to kick off fall and, with it, the 2021 planning season. Expect the pace of business and news to steadily pick up through mid-September, by which time most private [&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":[298,528,82,107,7106,163,84,72,3664,349,145,665,345,83,219,280,238,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-574208","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-abu-dhabi","tag-aviation","tag-bonds","tag-covid-19","tag-debt","tag-dubai","tag-efg-hermes","tag-enterpriseam","tag-frontier-markets","tag-interest-rates","tag-logistics","tag-maersk","tag-mena","tag-real-estate","tag-saudi-arabia","tag-sukuk","tag-tourism","tag-uae","wpautop","entry"],"acf":{"mongo_id":"c47a7707-7966-4b5b-a0d4-d6b3452a1d8a","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[574206],"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>What we\u2019re tracking on 2 September 2020 - 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\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 2 September 2020\" \/>\n<meta property=\"og:description\" content=\"It\u2019s relatively quiet on the news front on this second day of September as the business community begins a two-week-long trudge back to Cairo from Sahel to kick off fall and, with it, the 2021 planning season. Expect the pace of business and news to steadily pick up through mid-September, by which time most private [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-02T04:00:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ent.news\/2020\/8\/SOMA-ENTERPRISE-APPAMEND-1600px.jpg\" \/>\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\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"What we\u2019re tracking on 2 September 2020\",\"datePublished\":\"2020-09-02T04:00:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/\"},\"wordCount\":1503,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/ent.news\/2020\/8\/SOMA-ENTERPRISE-APPAMEND-1600px.jpg\",\"keywords\":[\"Abu Dhabi\",\"aviation\",\"Bonds\",\"covid-19\",\"debt\",\"Dubai\",\"EFG Hermes\",\"EnterpriseAM\",\"frontier markets\",\"interest rates\",\"logistics\",\"Maersk\",\"MENA\",\"real estate\",\"Saudi Arabia\",\"sukuk\",\"tourism\",\"UAE\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/09\/02\/what-were-tracking-on-2-september-2020\/\",\"name\":\"What we\u2019re tracking on 2 September 2020 - 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