{"id":581665,"date":"2023-02-19T00:00:00","date_gmt":"2023-02-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/stanchart-on-egp-uncertainty-omani-wealth-fund-considers-investing-in-egypt\/"},"modified":"2023-02-19T00:00:00","modified_gmt":"2023-02-19T00:00:00","slug":"stanchart-on-egp-uncertainty-omani-wealth-fund-considers-investing-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/19\/stanchart-on-egp-uncertainty-omani-wealth-fund-considers-investing-in-egypt\/","title":{"rendered":"StanChart on EGP uncertainty + Omani wealth fund considers investing in Egypt"},"content":{"rendered":"

<\/p>\n

<\/p>\n

ECONOMY-<\/span><\/p>\n

<\/span>Uncertainty over privatization could put more pressure on the EGP \u2013StanChart <\/span>analyst:<\/span> <\/span>The EGP could decline to 33-35 against the greenback if expected inflows from the state privatization program are delayed, Carla Slim, MENA economist at Standard Chartered, told Bloomberg on Friday (<\/span>watch, runtime: 5:55<\/a><\/span>). <\/span><\/p>\n

The market expects a significant decline against the USD:<\/span> Currency forwards have again begun to widen against the spot rate, with 12-month non-deliverable forwards trading at 36 on Friday against the 30.48 current market price. <\/span><\/p>\n

Investors are waiting for \u201csignificant and clear signals\u201d that the government will deliver on its privatization pledges<\/span> and that the GCC states respond with bns of USD in investment. Until this, sentiment is remaining \u201cundecided\u201d with some investors expressing cautious optimism and others maintaining a bearish outlook over the short, medium and long-term, Slim said. <\/span><\/p>\n

INVESTMENT-<\/span><\/p>\n

The Omanis are considering investing in Egypt:<\/span> Oman\u2019s sovereign wealth fund, the <\/span>Oman Investment Authority (OIA), is mulling investment opportunities in several sectors in the country, <\/span>Al Shorouk<\/a><\/span> reported, citing sources <\/span>it says<\/span> are in the know. <\/span>The newspaper\u2019s sources <\/span>tell it a delegation from the OIA expressed interest in acquiring shares in companies operating in energy and renewables, tech, healthcare, food and beverage and logistics during a visit to Cairo earlier this month. <\/span>The OIA could execute its first transaction if talks pan out.<\/span> <\/span><\/p>\n

REMEMBER-<\/span> <\/span>Egypt wants as much Gulf money as possible:<\/span> Senior Egyptian officials have been marketing state-owned companies and projects to Gulf investors in recent days as the government tries to drum up interest in its rebooted privatization program. Oman was one of the countries <\/span>visited by<\/a><\/span> Planning Minister Hala El Said and Sovereign Fund of Egypt CEO Ayman Soliman earlier this month.<\/span><\/p>\n

COMMODITIES- <\/span><\/p>\n

GASC just launched the <\/span>third<\/a><\/span> World Bank-backed wheat tender:<\/span> <\/span>GASC announced an <\/span>international wheat tender backed by the World Bank, according to <\/span>Reuters<\/a><\/span>, <\/span>citing a statement from the state grains buyer. The tender is inviting offers to supply 30k, 40k, 50k, 55k or 60k tons on a cost and freight basis for shipment from 1 to 15 April. The deadline for offers is Wednesday 22 February. <\/span><\/p>\n

REMEMBER<\/span>- The purchases<\/span>are funded<\/a><\/span>with a portion of the <\/span>USD 500 mn loan<\/a><\/span> the World Bank agreed to extend the country last summer. The loan is geared towards boosting our food security.<\/span><\/p>\n

TRAVEL-<\/span><\/p>\n

More flights between Dubai and Cairo from October: <\/span>Emirates will add an additional two daily flights <\/span>from Dubai to Cairo and two on the return trip from 29 October, according to <\/span>a statement (pd<\/a><\/span>f)<\/a><\/span>. <\/span>The airline will operate four daily flights.<\/span><\/p>\n

TRANSPORT-<\/span><\/p>\n

A new Israeli shuttle service:<\/span> <\/span>Japanese <\/span>container line Ocean Network Express (ONE) <\/span>announced a new weekly Israel shuttle service connecting Damietta to Israel\u2019s Haifa and Ashdod ports, it said in a <\/span>statement (pdf)<\/a><\/span> Friday<\/span>. \u201cThis new shuttle service was created in response to the growing demand for both import and export cargo from Israel,\u201d the statement said. The Israel Express (ILX) service will launch starting 29 March, the statement said. <\/span><\/p>\n

More eco-friendly buses:<\/span> The Local Development Ministry plans to purchase 200 <\/span>electric and gas-powered buses in April at an estimated cost of EGP 1 bn, according to <\/span>Al Borsa<\/a><\/span>.<\/span><\/p>\n

TECH-<\/span><\/p>\n

Could Google expand its cloud + data center footprint in Egypt? <\/span>This was the <\/span>subject of a meeting between the company\u2019s MENA directors and Communications Minister Amr Talaat on the sidelines of last week\u2019s World Government Summit in Dubai, according to a <\/span>ministry statement<\/a><\/span>.<\/span> <\/span>The minister also met with regional Meta execs to discuss cooperation on the metaverse and AI, according to the statement.<\/span><\/p>\n

REFRESHER- There was big news on data centers out of Dubai last week: <\/span>El Sewedy Data Centers and Emirati firm Gulf Data Hub signed an agreement to invest USD 2.1 bn to build <\/span>three data center complexes<\/a><\/span> in Egypt at the Dubai summit, pushing forward government ambitions to turn the country into a regional data hub.<\/span><\/p>\n

ENERGY-<\/span><\/p>\n

Cairo Airport solar facility?<\/span> The civil aviation and environment ministries are in talks <\/span>with the UN to fund a USD 15 mn solar installation at Cairo International Airport, Magdy Ishak, chairman of the Cairo Airport Company, reportedly told <\/span>Al Shorouk<\/a><\/span>. He said the ministries are seeking a grant from the United Nations Development Programme to finance the plant by 2027. His statements come weeks after a 300-KWh, EGP 4.5 mn solar facility was inaugurated at the airport\u2019s multi-storey car park last month. The UNDP provided EGP 3.5 mn of the finance.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Investors are waiting for \u201csignificant and clear signals\u201d<\/p>\n","protected":false},"author":1,"featured_media":581666,"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":[7209],"tags":[111,317,104,1419,93,72,2234,550,1143,125,7265,151,207,234,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581665","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-commodities","tag-economy","tag-egp","tag-energy","tag-enterpriseam","tag-foreign-exchange","tag-gasc","tag-google","tag-investment-watch","tag-oman","tag-renewables","tag-transport","tag-travel","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"182d9c03-174b-41e6-8faa-897b9658cc39","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/2\/carla-slim-egp-1600px.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581645],"teaser":"Investors are waiting for \u201csignificant and clear signals\u201d"},"yoast_head":"\nStanChart on EGP uncertainty + Omani wealth fund considers investing in Egypt - 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