{"id":579364,"date":"2023-02-05T04:00:38","date_gmt":"2023-02-05T04:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/this-morning-a-big-week-for-privatization-its-pmi-day\/"},"modified":"2023-02-05T04:00:38","modified_gmt":"2023-02-05T04:00:38","slug":"this-morning-a-big-week-for-privatization-its-pmi-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/05\/this-morning-a-big-week-for-privatization-its-pmi-day\/","title":{"rendered":"THIS MORNING: A big week for privatization + It\u2019s PMI day"},"content":{"rendered":"

<\/a> Is this the week?<\/strong> Prime Minister Moustafa Madbouly is expected to reveal the list of at least 20 state-owned companies that the government plans to offer stakes in this year. At a presser last week, the PM said<\/a> he would announce the details of the government\u2019s privatization program following the weekly cabinet meeting on Wednesday.<\/p>\n

Final prep:<\/strong> The PM held a meeting with key ministers and central bank officials over the weekend to review the plans, cabinet said<\/a> yesterday.<\/p>\n

Expect the oil and gas industry to dominate the offering pipeline:<\/strong> That\u2019s according to Oil Minister Tarek El Molla, who told Asharq Business on Thursday that as many as half of the companies on the list are in the petroleum sector (watch, runtime: 1:34<\/a>).<\/p>\n

The EGX <\/strong>flagged<\/a><\/strong> a number of oil and petrochemical firms as being candidates for <\/strong>privatization earlier this month:<\/strong> The government could sell strategic stakes in or look to IPO contractors Enppi and the Egyptian Drilling Company; petrochem firms eMethanex, Ethydco, Egyptian Linear Alkylbenzene Company and WAPHCO; and refineries Midor and Assiut Oil Refining Company, according to the EGX\u2019s annual report (pdf)<\/a>.<\/p>\n

CBE steers interbank FX towards imports:<\/strong> The Central Bank of Egypt has reportedly instructed local banks to use FX obtained from the interbank market to fund imports rather than to cover overdrawn FX accounts, according to Al Shorouk<\/a>, which cites anonymous banking sources.<\/p>\n

WHAT\u2019S HAPPENING TODAY- <\/strong><\/p>\n

<\/a> It\u2019s PMI day:<\/strong> We\u2019ll find out how Egypt\u2019s non-oil private sector performed in January just after we \u2018send\u2019 on this morning\u2019s email when S&P Global releases its latest purchasing managers\u2019 index. Surging inflation, the weaker EGP and import curbs have weighed on business activity in recent months, leading it to extend its contraction to 25 consecutive months<\/a> in December.<\/p>\n

The Romanian PM is in town:<\/strong> Several MoUs and agreements will be signed today between Egypt and Romania to coincide with Romanian PM Nicolae Ciuc\u0103\u2019s visit to Cairo. This is according to Prime Minister Moustafa Madbouly who was speaking yesterday ahead of talks with Ciuc\u0103. The two leaders discussed increasing Egypt\u2019s imports of Romanian wheat and upping Romania\u2019s purchase of Egyptian petrochemicals and fertilizer, the Egyptian cabinet said in a statement<\/a>.<\/p>\n

Business meeting today:<\/strong> Egyptian and Romanian businesses will meet at a forum today to discuss commercial ties and investment opportunities, Madbouly said.<\/p>\n

Talgo train launches on the Cairo-Luxor line: <\/strong>The second of our seven new Talgo passenger trains will start running today on the Cairo-Luxor line, according to a Transport Ministry statement<\/a>. Ticket prices range from EGP 250-600<\/a>depending on destination and class.<\/p>\n

ON THE LEGISLATIVE AGENDA- The Senate is back in session this week with <\/strong>a busy schedule:<\/strong><\/p>\n