{"id":581149,"date":"2023-02-21T00:00:00","date_gmt":"2023-02-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/this-morning-will-egypt-get-the-all-clear-to-move-ahead-with-its-first-ever-sovereign-sukuk-sale\/"},"modified":"2023-02-21T00:00:00","modified_gmt":"2023-02-21T00:00:00","slug":"this-morning-will-egypt-get-the-all-clear-to-move-ahead-with-its-first-ever-sovereign-sukuk-sale","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/this-morning-will-egypt-get-the-all-clear-to-move-ahead-with-its-first-ever-sovereign-sukuk-sale\/","title":{"rendered":"THIS MORNING: Will Egypt get the all-clear to move ahead with its first-ever sovereign sukuk sale?"},"content":{"rendered":"

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Good morning, nice people, and welcome to a very busy hump day <\/span>with the big news being <\/span>a development that we hope could break the privatization \u201clogjam\u201d and signal the seriousness of the Madbouly government\u2019s rebooted program: Italian lender Intesa Sanpaolo is said to be looking past short-term uncertainty and will acquire the 20% of Alexbank it doesn\u2019t already own. <\/span><\/p>\n

A sale would be a very big, very important milestone for the rebooted privatization program<\/span><\/span>: <\/span>Investors and market watchers alike are waiting for the first big, tangible outcome after Prime Minister Moustafa Madbouly unveiled the contours of the program earlier this month. Investors need to see something substantial \u2014 not a secondary sale of equity in an already-listed state-owned enterprise \u2014 to have confidence. <\/span>Intesa Sanpaolo doubling down on Egypt would unquestionably be one such signal<\/span>, as would be progress on the sale of a stake in any of the <\/span>world\u2019s largest combined-cycle power plants<\/a><\/span> built by Siemens, Orascom Construction and Elsewedy Electric.<\/span><\/p>\n

Watch this space: <\/span>The transaction could go through within days, we\u2019re told. Timing may hinge on how soon a court can quash or rule on a decade-old nuisance lawsuit that aimed to unwind the privatization of Alexbank, which was previously a member of the Big Four club of state-owned banks (it\u2019s now the \u201cbig three,\u201d with members including NBE, Banque Misr and Banque du Caire \u2014 the latter of which is itself a perennial privatization prospect.) <\/span><\/p>\n

^^ We have mode in this morning\u2019s news well, below.<\/span><\/p>\n

<\/span>The EGX\u2019s Gulf roadshow wraps<\/span>: A delegation from the EGX, the Central Bank of <\/span>Egypt, and the Financial Regulatory Authority (FRA) wrapped up <\/span>on Friday<\/span> its week-long <\/span>roadshow<\/a><\/span> in Riyadh, Abu Dhabi, and Dubai where they met with 20 investment funds and institutions to drum up interest in the government\u2019s privatization program, according to a<\/span> <\/span>joint statement (pdf)<\/a><\/span>. Saudi sovereign wealth fund PIF and Abu Dhabi\u2019s ADQ together invested USD 3.1 bn in government-owned shares in EGX-listed companies last year, and have reportedly expressed interest in several of the <\/span>32 companies<\/a><\/span> earmarked by the government for privatization. <\/span><\/p>\n

Good vibes? <\/span>Institutions from both countries showed \u201cgreat interest\u201d in investing in Egypt, according to the statement.<\/span><\/p>\n

Speaking of roadshows\u2026<\/span> A delegation from the Japan Overseas Infrastructure Investment Corporation (JOIN)<\/span><\/span> will soon visit the SCZone to explore potential investments, the SCZone <\/span>said<\/a><\/span> yesterday<\/span>. The news comes after SCZone Chairman Walid Gamal El Din\u2019s visit to Tokyo, during which he met more than 100 companies and financial institutions to drum up interest in Egypt.<\/span><\/p>\n

The roadshow has found \u201cinterest in the SCZone from the Japanese business community<\/span>,\u201d Gamal El Din <\/span>told<\/a><\/span> Prime Minister Moustafa Madbouly yesterday in Cairo. He said Japanese companies are mainly interested in planned green energy projects in the zone.<\/span><\/p>\n

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

Will Egypt get the all-clear to move ahead with its first-ever sovereign sukuk sale?<\/span><\/span> <\/span>Investment banks yesterday <\/span>wrapped up conversations<\/a><\/span> with investors regarding a potential sukuk issuance by the Egyptian government. Both Bloomberg and Reuters have reported that the Finance Ministry is planning to sell a benchmark-sized USD-denominated sukuk \u2014 usually at least around USD 500 mn \u2014 with a three-year tenor.<\/span><\/p>\n

President El Sisi will hold talks today with his Uzbek counterpart Shavkat Mirziyoyev<\/span><\/span>,<\/span> <\/span>who arrived in Egypt yesterday for a two-day visit, according to a <\/span>statement<\/a><\/span> by Ittihadiya. <\/span>Mirziyoyev yesterday met with reps from top local companies including Orascom Construction, Elsewedy Electric and El Araby Group, the president\u2019s office <\/span>said<\/a><\/span>.<\/span><\/p>\n

ICYMI- The results of the <\/span>2023 Enterprise Reader Poll<\/span> are out:<\/span> We published the results of our latest reader survey in yesterday\u2019s EnterpriseAM. <\/span>You can check out the results of the poll here.<\/a><\/span><\/p>\n

THE BIG STORY ABROAD-<\/span><\/p>\n

There are two stories dominating the global front pages this morning:<\/span><\/p>\n

#1- Fresh earthquakes in Turkey:<\/span> Southern Turkey has been hit by a fresh pair of tremors, two <\/span>weeks after major quakes left tens of thousands of people dead and thousands of buildings in ruins. Twin earthquakes with magnitudes of 6.4 and 5.8 hit Turkey\u2019s southeastern Hatay province yesterday, killing three and hospitalizing more than 200. The fresh earthquakes have further damaged buildings, with Hatay Mayor Lutfi Savas telling <\/span>Turkish TGRT TV<\/a><\/span> that some people were trapped under the rubble. <\/span><\/p>\n

The quake was felt in Egypt<\/span>, with no casualties or damage to property reported, the National Seismic Network <\/span>said<\/a><\/span> yesterday<\/span>. (<\/span>AP<\/a><\/span> | <\/span>Reuters<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>NYT<\/a><\/span> | <\/span>BBC<\/a><\/span>)<\/span><\/p>\n

#2- Biden\u2019s surprise visit to Kyiv: <\/span>In a show of solidarity with the war-torn country, the US <\/span>president made an unannounced visit to Kyiv today a few days before the one-year anniversary of Moscow\u2019s invasion. During talks with Ukrainian President Volodymyr Zelenskiy, Biden affirmed Washington\u2019s \u201cunwavering\u201d commitment to defending the country from Russia\u2019s invasion which is expected to intensify in the coming weeks as Moscow launches a spring offensive in the country\u2019s east. (<\/span>AP<\/a><\/span> | <\/span>Reuters<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>CNN<\/a><\/span> | <\/span>NYT<\/a><\/span> | <\/span>Washington Post<\/a><\/span> | <\/span>WSJ<\/a><\/span> | <\/span>BBC<\/a><\/span>)<\/span> <\/span><\/p>\n

<\/span><\/p>\n

\n
\n
\n
\n

\n Get Enterprise<\/b> daily
\n <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

MORNING MUST-READ-<\/span><\/p>\n

<\/span>The four-day workweek is getting serious traction in the UK<\/span>, with 90% of companies <\/span>participating in the country\u2019s largest-ever trial of the idea saying they\u2019re going to keep testing it and 18 companies saying they\u2019re making it permanent. <\/span><\/p>\n

Why is a four-day workweek a good idea? <\/span>Most participating companies said they found <\/span>\u201csharp drops in worker turnover and absenteeism while largely maintaining productivity.\u201d<\/span><\/p>\n

It\u2019s not just the UK: <\/span>Companies in the US and Canada concluded similar studies (led by the <\/span>same organizers), the idea is being tested in Australia and Brazil, and Unilever is piloting it in New Zealand. <\/span><\/p>\n

The key to success: No goofing off, fewer meetings. <\/span>Participating companies tried to ensure <\/span>\u201cwork days more efficient with hacks such as cutting back on meetings and ensuring employees had more time to focus on completing tasks.\u201d <\/span><\/p>\n

SOUND SMART- Not every corporate \u201cseason\u201d may lend itself to a four-day<\/span> week <\/span>\u2014 periods such as earnings season, for example, may demand an all-hands-on-deck approach even after you move to a four-day workweek, a whitepaper from the organizers suggests.<\/span><\/p>\n

Go read all about it here <\/span>in the <\/span>Wall Street Journal<\/a><\/span> or CNBC.<\/span><\/p>\n

OR GO DEEPER in <\/span>the official website for the trial<\/a><\/span>, which is home to a white paper (no <\/span>charge) and a paid book.<\/span><\/p>\n

COME TO OUR NEXT ENTERPRISE FORUM- <\/span><\/p>\n

<\/span><\/p>\n

We\u2019re excited to unveil our next C-level event: <\/span>The Enterprise Exports & FDI Forum, where <\/span>we will take a deep dive into two of the most critical topics affecting our community.<\/span><\/p>\n

Exports and foreign direct investment (FDI) have never been more important to our economy<\/span> \u2014 or our businesses \u2014 than in the wake of the float of the EGP. <\/span>We think we have a once-in-a-lifetime chance to build an export-led economy<\/a><\/span> that makes us a magnet for FDI and all the benefits that will come with it for our nation.<\/span><\/p>\n

<\/span><\/p>\n

\n

<\/span>Downtown\u2019s Egyptian Museum is sliding into a new era<\/span>:<\/span> The Tourism Ministry yesterday <\/span>unveiled a refurbished wing<\/a><\/span> of the Egyptian Museum in Downtown Tahrir, which is now home to a 16-meter ancient papyrus discovered last year. The renovated wing marks the first phase of a refurbishment plan for the country\u2019s oldest museum, which is being repurposed after the relocation <\/span>of its collection<\/span> to the soon-to-open Grand Egyptian Museum. The ministry used the inauguration to unveil the <\/span>Waziry Papyrus<\/a><\/span>, which was discovered during excavations in Saqqara last May and features 113 inscriptions from the Book of the Dead. The <\/span>Associated Press<\/a><\/span> also took note of the story. <\/span><\/p>\n

SO WHEN IS THE GEM OPENING? <\/span>The talkshows put that to Supreme Council for Antiquities chief Mostafa El Waziri <\/span>earlier this week<\/a><\/span>. She said that while the GEM itself needed about three months to finish preparations to open, the actual date is up to \u201cthe political leadership\u201d to decide.<\/span><\/p>\n

CIRCLE YOUR CALENDAR-<\/span> <\/span><\/p>\n

Check out our full calendar on the web<\/a><\/span> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n

<\/span><\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/span> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/span><\/p>\n

In today\u2019s issue:<\/span> Egypt\u2019s renewable energy generation capacity treaded water in 2022, <\/span><\/p>\n

with wind and solar capacity even registering slight declines. But despite the apparent halt in bringing new projects online, renewable energy output grew nearly 7%. What happened?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, nice people, and welcome to a very busy hump day with the big news being a development that we hope could break the privatization \u201clogjam\u201d and signal the seriousness of the Madbouly government\u2019s rebooted program: Italian lender Intesa Sanpaolo is said to be looking past short-term uncertainty and will acquire the 20% of […]<\/p>\n","protected":false},"author":1,"featured_media":581150,"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":[102,88,72,280,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-capital-markets","tag-debt-watch","tag-enterpriseam","tag-sukuk","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"d83b733e-a0d0-4a9d-971f-30d5d1b39ee1","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2019\/6\/moneymoneymoney-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Will Egypt get the all-clear to move ahead with its first-ever sovereign sukuk sale?","related_issue":[581147],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/3\/.f77f3bb8-3ac8-42a2-bdf5-bf5d919970c8.mp3"},"yoast_head":"\nTHIS MORNING: Will Egypt get the all-clear to move ahead with its first-ever sovereign sukuk sale? 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And worth up to USD 5 bn?!_StoryHedWeb_! Egypt to issue its maiden sovereign sukuk as soon as next week?","author":"enterpriseam admin","date":"16 February 2023","format":false,"excerpt":"Final timing of the issuance dependent on market conditions","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/sukuk-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583357,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/21\/this-evening-egypts-maiden-sukuk-issuance-is-coming-putin-gives-nuclear-warning\/","url_meta":{"origin":581149,"position":1},"title":"THIS EVENING: Egypt\u2019s maiden sukuk issuance is coming + Putin gives nuclear warning","author":"enterpriseam admin","date":"21 February 2023","format":false,"excerpt":"Happy hump day, ladies and gentlemen. The news flow is picking up this afternoon, with a solid selection of stories to track as we slide into the second half of the week.THE BIG STORY TODAY Egypt has pulled the trigger on its maiden sukuk issuance: The country is in the\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581695,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/this-morning-sukuk-roadshow-ends-today\/","url_meta":{"origin":581149,"position":2},"title":"THIS MORNING: Sukuk roadshow ends today","author":"enterpriseam admin","date":"20 February 2023","format":false,"excerpt":"Investment banks are expected to wrap up calls with investors today","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/1600-money-invest-cash.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546705,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/","url_meta":{"origin":581149,"position":3},"title":"The sukuk market has been quiet in 1H 2022 + other things we\u2019re keeping an eye on this morning","author":"enterpriseam admin","date":"25 May 2022","format":false,"excerpt":"Al Ahly Sabbour Developments could take a sukuk issuance to market, Al Borsa quotes Managing Director Ahmed Sabbour as saying. Industry sources tell us the plans are still at an early stage, and company officials did not reply to requests for comment when we reached out. The developer is also\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":583382,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/22\/this-evening-egypt-closes-its-maiden-sukuk-issuance-with-a-c-4x-oversubscription\/","url_meta":{"origin":581149,"position":4},"title":"THIS EVENING: Egypt closes its maiden sukuk issuance with a c.4x oversubscription","author":"enterpriseam admin","date":"22 February 2023","format":false,"excerpt":"Good afternoon, ladies and gentlemen. It\u2019s a brisk news day as we get closer to the weekend here in Omm El Donia.THE BIG STORY TODAY-Egypt closes its USD 1.5 bn sukuk issuance: The Finance Ministry successfully closed its maiden sukuk issuance on the London Stock Exchange (LSE) this morning, according\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":560786,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/what-were-tracking-on-14-march-2021\/","url_meta":{"origin":581149,"position":5},"title":"What we\u2019re tracking on 14 March 2021","author":"enterpriseam admin","date":"14 March 2021","format":false,"excerpt":"Good morning, wonderful people, and welcome to Sunday. Last week\u2019s run of M&A news continues this morning as Banque Misr successfully closes out its offer to take a 90% stake in CI Capital. Meanwhile, GSK is not selling its Egypt arm to Hikma after talks broke down. 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