{"id":583640,"date":"2023-03-19T00:00:00","date_gmt":"2023-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/this-morning-well-do-whatever-it-takes-to-secure-saudi-investment-maait\/"},"modified":"2023-03-19T00:00:00","modified_gmt":"2023-03-19T00:00:00","slug":"this-morning-well-do-whatever-it-takes-to-secure-saudi-investment-maait","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/19\/this-morning-well-do-whatever-it-takes-to-secure-saudi-investment-maait\/","title":{"rendered":"THIS MORNING: We\u2019ll do whatever it takes to secure Saudi investment -Maait"},"content":{"rendered":"

Good morning, friends, and welcome to the last workweek before Ramadan. <\/span>We hope you had a wonderful weekend. <\/span><\/p>\n

The tone this morning: A bit of optimism amid a flood of investment and privatization news<\/span>, as the tl;dr stack above suggests. The investment news centers on logistics, infrastructure and manufacturing \u2014 all themes we love to see.<\/span><\/p>\n

WATCH THIS SPACE #1- Fresh Saudi investment \u2014 whatever it takes: <\/span>Egypt is \u201ckeen to <\/span>support everything that is required to increase Saudi investments,\u201d Finance Minister Mohamed Maait said in a <\/span>statement<\/span>picked up by <\/span>Bloomberg<\/a><\/span>. The statement came after Maait attended last week a <\/span>financial conference in Riyadh<\/a><\/span> where he met with his Saudi counterpart Mohammed Al Jadaan, according to the business information service outlet. Maait also met with a group of <\/span>Saudi investors<\/a><\/span> who expressed interest in increasing investments in Egypt; they also want to see additional protections against double taxation between the two countries.<\/span><\/p>\n

Resolving <\/span>the United Bank impasse? <\/span>Maait\u2019s comments come in the wake of reports that <\/span>talks between the two sides regarding the sale of United Bank had ground to a halt due to disagreements about the lender\u2019s valuation. Saudi\u2019s Public Investment Fund (PIF)<\/span> opened talks to acquire United Bank <\/span>last year<\/a><\/span>, but PIF want to agree on a <\/span>valuation in local-currency<\/a><\/span> terms, with the USD amount payable determined at the time of the transaction according to the exchange rate at the time of execution. The Central Bank of Egypt, which owns 99.9% of the bank, has <\/span>reportedly<\/span> insisted on a USD-based valuation from the beginning. Reports suggest the bank was valued at something in the USD 600 mn range.<\/span><\/p>\n

Riyadh is yet to pull the trigger on its pledge last year to invest bns of USD:<\/span> Saudi Arabia <\/span>has so far invested <\/span>USD 1.3 bn<\/a><\/span> in listed state-owned companies, a fraction of the USD 10 bn it originally pledged to support the economy through the crisis triggered by the war in Ukraine. Al Jadaan <\/span>in January said<\/a><\/span> future financial support to countries would no longer be given unconditionally and would come with strings attached.<\/span><\/p>\n

WATCH THIS SPACE #2- Could 40 soon be the new 30?<\/span> Pressure is continuing to mount on the EGP in the offshore markets<\/span>, with derivative contracts widening further from the official rate at the end of last week, according to <\/span>Al Arabiya<\/a><\/span>. Twelve-month n<\/span>on-deliverable forwards (NDFs) \u2014 contracts used to forecast the value of the currency over the next 12 months \u2014 rose to a record 39.19 on Thursday, while in the parallel market the USD rate rose to between 34.5-35.55. In the credit markets, the spread on the cost of insuring the country\u2019s debt rose to almost 1500 bps \u2014 the second-highest level on record, according to the news outlet.<\/span><\/p>\n

EGP WATCH- <\/span>The official EGP-USD rate continued to hover below the 31.00 mark, and has <\/span>remained unchanged at 30.96 since 9 March.<\/span><\/p>\n

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

The Finance Ministry\u2019s two-day Public-Private Partnerships MENA Forum starts today<\/span><\/span> at <\/span>the Nile Ritz-Carlton. The forum will gather local, regional, and international leaders and PPP specialists. Topics will include PPP policies, regulatory frameworks, and long-term financing for national projects, according to <\/span>the Finance Ministry<\/a><\/span>.<\/span><\/p>\n

Another US official is in town: <\/span>Assistant Secretary of State for Near Eastern Affairs <\/span>Barbara Leaf is on a three-day trip to Egypt as part of a wider regional tour that will see her travel to Lebanon and Tunisia, the US embassy in Cairo <\/span>said<\/a><\/span>. Leaf kicked off her trip on Wednesday with Jordan before landing in Egypt yesterday. <\/span><\/p>\n

Israel-Palestine summit to take place in Sharm El Sheikh today<\/span>: <\/span>Palestinian and Israeli officials <\/span>are meeting in Sharm El Sheikh today<\/a><\/span> as part of a five-party <\/span>meeting with Egyptian, Jordanian and US officials. This is the second such meeting in recent weeks: A pact made in Jordan last month did little to calm tensions in the West Bank, with members of the Israeli government almost immediately <\/span>walking back on the agreement<\/a><\/span> and Israeli settlers <\/span>attacking a Palestinian village<\/a><\/span> after two Israelis were shot by Palestinian gunmen.<\/span><\/p>\n

It\u2019s already off to a not-so-great start:<\/span> Palestinian militants fired a rocket into southern Israel <\/span>yesterday evening, the Israeli military said, according to <\/span>the Associated Press<\/a><\/span>. There were no casualties, but the attack raises the possibility of a fresh spate of violence between the two sides just days before the start of Ramadan.<\/span><\/p>\n

The House is back in session today after a three-week break. Here\u2019s what\u2019s on the <\/span>agenda:<\/span> MPs will today discuss and vote on the new round of wage and pension hikes<\/span>, which <\/span>were approved<\/a><\/span> by the House Manpower Committee last week. The measures were <\/span>announced earlier this month and come as the government tries to mitigate the impact of soaring inflation on households. Lawmakers will also vote on <\/span>the bill to <\/span>grant temporary licenses<\/a><\/span> to informal industrial projects<\/span>, and two loan agreements: a USD 301 mn facility from Japan to help finance Metro Line 4 and a USAID grant for higher education.<\/span><\/p>\n

THIS WEEK-<\/span><\/p>\n

Higher education minister to face MPs on Tuesday:<\/span> Higher Education Minister <\/span>Ayman Ashour will face questions from MPs on the performance of state-owned universities <\/span>and the shortage of doctors and medical supplies<\/span> in <\/span>university teaching hospitals<\/span>, among other things.<\/span><\/p>\n

It\u2019s Fed week:<\/span> The Federal Reserve will hold its two-day policy meeting on Tuesday and <\/span>Wednesday. <\/span><\/p>\n

Fresh off <\/span>brokering a Saudi-Iran accord<\/a><\/span>, Xi has his sights on peace in Ukraine:<\/span><\/p>\n

Chinese President Xi Jinping will hold separate talks with Vladimir Putin and Ukrainian President Volodymyr Zelenskiy this week, according to <\/span>the Wall Street Journal<\/a><\/span>. The Chinese president will fly to Moscow for the first time since the war broke out for face-to-face talks with Putin and will likely speak to Zelenskiy virtually, people familiar with the matter told the newspaper. This comes a few weeks after Beijing published <\/span>a 12-point plan<\/a><\/span> for restarting peace talks and ending the war.<\/span><\/p>\n

The US isn\u2019t yet on board with a ceasefire:<\/span> \u201cA cease-fire now is \u2026 effectively the ratification <\/span>of Russian conquest,\u201d White House national security spokesperson John Kirby <\/span>said Friday<\/a><\/span>. \u201cAnd of course, it would be another continued violation of the UN Charter.\u201d<\/span><\/p>\n

FURTHER AFIELD-<\/span><\/p>\n

Sisi-Erdogan summit in 2H 2023?<\/span> <\/span>President Abdel Fattah El Sisi and his Turkish <\/span>counterpart, Recep Tayyip Erdogan, will for the first time hold direct talks in a summit to take place during the second half of the year, <\/span>Al Arabiya<\/a><\/span> reported yesterday, citing sources it says have knowledge of the matter. <\/span>This came after Turkish Foreign Minister Mevlut Cavusoglu\u2019s historic visit to Cairo and meeting with his Egyptian counterpart Sameh Shoukry. We have the full rundown in the Diplomacy section, below.<\/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

<\/p>\n

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

UBS to the rescue? Swiss banking giant UBS is in talks to acquire embattled lender <\/span>Credit Suisse<\/span> as Swiss authorities race to prevent its collapse, the <\/span>Financial Times<\/a><\/span> reports, citing people familiar with the talks.The<\/span> boards <\/span>of the two largest Swiss banks are meeting this weekend to discuss the plans, which are being fast-tracked by the Swiss central bank and its financial regulator to save Credit Suisse before the markets open on Monday. <\/span><\/p>\n

ICYMI- <\/span>The collapse of three banks in the US earlier this month has triggered panic in the <\/span>markets about the financial stability of banks across the world. Credit Suisse \u2014 whose slow decline since the 2008 financial crisis has accelerated in recent months following a series of heavy losses \u2014 saw its share price plunge to record lows and suffered CHF 10 bn in daily withdrawals as depositors panicked about its solvency. The Swiss central bank handed it an emergency <\/span>USD 54 bn loan<\/a><\/span> last Wednesday which failed to stem the bleeding.<\/span><\/p>\n

Trump in cuffs this week? <\/span>Former US President Donald Trump said yesterday that he <\/span>is expecting to be arrested on Tuesday on charges of paying an a performer some USD 130k in hush money. Trump called on his supporters to protest against his arrest in a <\/span>post<\/a><\/span> on his own social media platform Truth Social. \u201cProtest, take our nation back,\u201d he wrote. (<\/span>Reuters<\/a><\/span> | <\/span>AP<\/a><\/span> | <\/span>CNN<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>New York Times<\/a><\/span> | <\/span>BBC<\/a><\/span>) <\/span><\/p>\n

Good news: We\u2019re not heading back to the dark days of the 2022 global grain <\/span>shortages (at least not yet anyway): <\/span>Russia, Ukraine and the UN have reached an agreement to renew the Black Sea grain initiative, which will allow Kyiv to continue to export food through its Black Sea port, according to <\/span>Reuters<\/a><\/span>. The UN was aiming to secure an agreement to extend it by another 120 days but Russian objections to Western sanctions mean that it will only remain in place for 60 days. Moscow is conditioning further extensions on the removal of some of the sanctions.<\/span><\/p>\n

ATTEND OUR NEXT FORUM-<\/span><\/p>\n

We are delighted to share with you that the Enterprise Exports & FDI Forum <\/span>will be taking <\/span>place on<\/span> Monday, 15 May <\/span>at the<\/span> Four Seasons Hotel at Nile Plaza.<\/span><\/p>\n

DO YOU WANT TO ATTEND?<\/span> The first wave of invites is going out soon. If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please <\/span>TAP OR CLICK HERE<\/a><\/span>to request a spot at this exclusive event<\/a><\/span>.<\/span><\/p>\n

WANT TO SHARE YOUR STORY ON STAGE?<\/span> Drop a note to <\/span>Patrick here and let\u2019s talk<\/a><\/span>.<\/span><\/p>\n

WANT TO BECOME A COMMERCIAL PARTNER?<\/span> Ping a note to <\/span>Moustafa, our head of commercial, here<\/a><\/span>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

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The inflows would come in the form of purchases in \u201ccompany stakes and\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/322.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551482,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/21\/this-evening-egypt-signs-usd-7-7-bn-worth-of-mous-with-saudi-to-develop-key-sectors-kellogg-to-split-into-three-companies\/","url_meta":{"origin":583640,"position":1},"title":"THIS EVENING: Egypt signs USD 7.7 bn-worth of MoUs with Saudi to develop key sectors + Kellogg to split into three companies","author":"enterpriseam admin","date":"21 June 2022","format":false,"excerpt":"As we predicted this morning, it\u2019s a busy news day on the home front, ladies and gentlemen, with investment front and center.THE BIG STORY TODAY We just signed 14 investment agreements with Saudi Arabia worth USD 7.7 bn covering key sectors including renewable energy, logistics, agriculture, and others, Saudi Commerce\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":547653,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/this-morning-light-rail-opens-today-mps-could-break-for-recess-this-week\/","url_meta":{"origin":583640,"position":2},"title":"THIS MORNING: Light rail opens today + MPs could break for recess this week","author":"enterpriseam admin","date":"3 July 2022","format":false,"excerpt":"Welcome to FY2022-2023, ladies and gentlemen. And while a bunch of you are on summer break (judging by the volume of OOO replies in our inboxes), there\u2019s no rest for the weary on the policy and investment front. THE BIG STORIES TODAY are too numerous to summarize up top: We\u2019ve\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593609,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/03\/what-were-tracking-on-3-october-2019\/","url_meta":{"origin":583640,"position":3},"title":"What we\u2019re tracking on 3 October 2019","author":"enterpriseam admin","date":"3 October 2019","format":false,"excerpt":"It\u2019s a very meaty issue for you today as we head into a nice long weekend ahead of us: Prime Ministry Moustafa Madbouly confirmed yesterday that Sunday is off in observance of Armed Forces Day. The stock exchange will be closed, and the Manpower Ministry declared it will be a\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":559755,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/03\/what-were-tracking-on-3-february-2021\/","url_meta":{"origin":583640,"position":4},"title":"What we\u2019re tracking on 3 February 2021","author":"enterpriseam admin","date":"3 February 2021","format":false,"excerpt":"Good morning, friends, and welcome to a very busy newsday as we spin into the home-stretch of the week. THE BIG STORY AT HOME- Travelers from Egypt and 19 other destinations will be barred from entering Saudi Arabia as of today as the kingdom tries to curb the spread of\u2026","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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567899,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/the-egypt-saudi-investment-fund-could-finally-be-becoming-a-thing\/","url_meta":{"origin":583640,"position":5},"title":"The Egypt-Saudi Investment Fund could finally be becoming a thing","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"The Egyptian and Saudi governments have drafted a final agreement to launch the long-dormant Saudi-Egypt investment fund, according to a cabinet statement following a meeting between Prime Minister Moustafa Madbouly and Saudi Minister of State Issam bin Saad bin Saeed. The fund\u2019s mandate will focus on \u201cpriority sectors\u201d including tourism,\u2026","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/199.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/583640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=583640"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/583640\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/583638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/583641"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=583640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=583640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=583640"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=583640"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=583640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}