{"id":580382,"date":"2022-12-22T13:31:24","date_gmt":"2022-12-22T13:31:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/this-evening-first-filling-begins-for-elsewedy-electric-arab-contractors-tanzania-dam-suez-canals-osama-rabie-addresses-questions-on-new-suez-canal-fund\/"},"modified":"2022-12-22T13:31:24","modified_gmt":"2022-12-22T13:31:24","slug":"this-evening-first-filling-begins-for-elsewedy-electric-arab-contractors-tanzania-dam-suez-canals-osama-rabie-addresses-questions-on-new-suez-canal-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/22\/this-evening-first-filling-begins-for-elsewedy-electric-arab-contractors-tanzania-dam-suez-canals-osama-rabie-addresses-questions-on-new-suez-canal-fund\/","title":{"rendered":"THIS EVENING: First filling begins for Elsewedy Electric-Arab Contractors Tanzania dam + Suez Canal\u2019s Osama Rabie addresses questions on new Suez Canal fund"},"content":{"rendered":"

Happy THURSDAY, wonderful people.<\/strong> It\u2019s been a mad rush of a week, but judging by the volume of out-of-office replies landing in our inboxes today, a number of you are taking some much-needed time off with which to end the year.<\/p>\n

*** We\u2019re following your lead and will be taking an extended weekend ourselves.<\/strong> EnterpriseAM and EnterprisePM will not be publishing on Sunday, 25 December, and will be back in your inboxes at the usual time on Monday, 26 December. We hope you all have a Merry Christmas.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> First filling begins for Elsewedy + Arab Contractors\u2019 dam in Tanzania:<\/strong> Tanzanian officials began the first filling of the Julius Nyerere Dam, which was built by Elsewedy Electric and Arab Contractors under a USD 2.9 bn contract<\/a>, according to a Housing Ministry statement<\/a>. Foreign Minister Sameh Shoukry and Housing Minister Assem El Gazzar attended the filling ceremony, alongside Tanzanian President Samia Hassan and representatives from Elsewedy Electric and Arab Contractors.<\/p>\n

CORRECTION-<\/strong> A story we picked up from the domestic press in this morning\u2019s edition of EnterpriseAM incorrectly reported that one of the three consortiums qualified to bid on the Alexandria metro project is an alliance of Arab Contractors and France\u2019s Alstom. The consortium is led by our friends at Hassan Allam, and Arab Contractors is not part of the consortium, an executive at Hassan Allam confirmed to Enterprise. The story<\/a> has been amended on our web edition.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

There are a couple of stories vying for attention in the international business press this<\/strong> afternoon.<\/strong> Ukrainian President Volodymyr Zelenskiy\u2019s trip to Washington to request more aid and military assistance for its war with Russia is still on the front pages of the Financial Times<\/a> and CNBC<\/a>. Meanwhile, Bloomberg<\/a> is leading with the Turkish central bank\u2019s decision to leave interest rates unchanged for the first time in five months, while Turkish President Recep Tayyip Erdogan decided to raise the national minimum wage amid soaring inflation.<\/p>\n

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

Rabie addresses questions on new SCA law + Suez Canal fund:<\/strong> Suez Canal Authority boss Osama Rabie held a press conference today to review details regarding draft amendments to the Suez Canal Authority (SCA) law (watch, runtime: 2:23<\/a>). Rabie addressed questions about the amendments, which if approved, would establish a EGP 10 bn fund, which would be deployed to help the SCA absorb external economic shocks.<\/p>\n

REFRESHER- <\/strong>The House of Representatives gave its initial approval<\/a> on the amendments earlier this week. The amendments require final approval in a plenary session.<\/p>\n

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

The Central Bank of Egypt\u2019s Monetary Policy Committee is meeting for its final meeting<\/strong> of the year. <\/strong>Seven of the nine analysts and economists we surveyed<\/a> last week are forecasting the central bank to raise rates, with five of those surveyed expecting a 200-bps hike to support the currency and tackle rising inflation . This would take the policy rate to 15.25%, its highest level since early 2019. A Reuters poll<\/a> found similar results.<\/p>\n

\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n