{"id":577407,"date":"2022-11-22T04:05:50","date_gmt":"2022-11-22T04:05:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/22\/this-morning-govt-in-no-hurry-to-restart-ipo-program-nafezas-air-freight-rollout-pushed-back-indefinitely\/"},"modified":"2022-11-22T04:05:50","modified_gmt":"2022-11-22T04:05:50","slug":"this-morning-govt-in-no-hurry-to-restart-ipo-program-nafezas-air-freight-rollout-pushed-back-indefinitely","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/22\/this-morning-govt-in-no-hurry-to-restart-ipo-program-nafezas-air-freight-rollout-pushed-back-indefinitely\/","title":{"rendered":"THIS MORNING: Gov\u2019t in no hurry to restart IPO program + Nafeza\u2019s air freight rollout pushed back indefinitely"},"content":{"rendered":"

Good morning, wonderful people, and happy hump day. <\/strong>COP is now in our rearview, and our reward is a massive bolus of business news, only some of which is linked to climate.<\/p>\n

Still need some climate news? <\/strong>Head over to Enterprise Climate, which this morning has a look at the next steps for the Madbouly government\u2019s massive hydrogen program<\/a> as well as the prospects (or lack thereof) for a green World Cup<\/a>.<\/p>\n

The Madbouly government is cautiously observing markets ahead of a decision on the privatization program<\/strong>:<\/strong> Prime Minister Moustafa Madbouly and key ministers along with leaders of Egypt\u2019s sovereign wealth fund met yesterday to discuss the state privatization program, according to a\u00a0cabinet statement<\/a> yesterday following a meeting between. Cabinet spokesperson Nader Saad emphasized the ministers were closely monitoring economic and market conditions globally and locally.<\/p>\n

REFRESHER<\/strong>- The government is looking at how and when to reboot its privatization program<\/a> with recent listing changes and a new pre-IPO fund<\/a> set up by the Sovereign Fund of Egypt in September. The fund will offer stakes in state-owned companies to strategic investors and sovereign funds ahead of listing them on the bourse.<\/p>\n

Banque du Caire doesn\u2019t appear to be in a rush to restart its plans<\/strong>, last week gaining approval from the FRA to push the deadline<\/a> for finishing IPO procedures to the end of 1Q 2023.<\/p>\n

Conditions in the Egyptian financial markets have improved in recent weeks<\/strong> with the return of foreign investors following the central bank\u2019s decision to float the currency and the announcement of a staff-level agreement with the IMF for a new loan program at the end of last month. The benchmark EGX30 index has gained almost 18% since the end of October, putting it up 4.2% year-to-date. This is a stark reversal of fortunes from just four months ago when shares had fallen to their lowest level since November 2016.<\/p>\n

GO DEEPER- EFG Hermes investment banking boss Mostafa Gad thinks there are <\/strong>two(ish) ways for the state to kickstart the IPO program<\/a><\/strong> by taking a page from the playbook that the UAE has very successfully used to build one of the hottest IPO markets in the world right now.<\/p>\n

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<\/a> Nafeza rollout to air freight pushed \u201cuntil economic conditions <\/strong>stabilize\u201d: <\/strong>The rollout of the Advance Customs Information (ACI) customs system to air freight has been pushed for a second time<\/a> to give importers, customs brokers, shipping agents and overseas companies more time to get used to the system amid volatility in the global economy, the Finance Ministry said in a statement<\/a>. Use of the ACI for air freight was due to become compulsory on 1 January, having already been pushed back from an original October start date. The ministry will now extend the trial period until local and global conditions are stable, the ministry said.<\/p>\n

ALSO- One of the world\u2019s oldest<\/strong> still-used Jewish cemeteries reopened in Cairo on <\/strong>Sunday <\/strong>after three years of restoration work supported by our friends at the US embassy. The Bassatine cemetery was restored with funding from the State Department, and US Charge d\u2019affaires David Rubinstein was on hand for the event. There\u2019s plenty more detail in this statement from the folks at the embassy.<\/a> More of this, please.<\/p>\n

HAPPENING TODAY-<\/strong><\/p>\n

It\u2019s day 3 of the World Cup:<\/strong> Teams in groups C and D play their first games of the tournament today, with two of the favorites in action (all times CLT):<\/p>\n