{"id":585380,"date":"2023-04-18T00:00:00","date_gmt":"2023-04-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/this-morning-privatization-program-could-pick-up-after-eid-reports-plus-egyptair-reschedules-flights-thanks-to-daylight-saving-time\/"},"modified":"2023-04-18T00:00:00","modified_gmt":"2023-04-18T00:00:00","slug":"this-morning-privatization-program-could-pick-up-after-eid-reports-plus-egyptair-reschedules-flights-thanks-to-daylight-saving-time","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/18\/this-morning-privatization-program-could-pick-up-after-eid-reports-plus-egyptair-reschedules-flights-thanks-to-daylight-saving-time\/","title":{"rendered":"THIS MORNING: Privatization program could pick up after Eid -reports. PLUS: EgyptAir reschedules flights thanks to daylight saving time"},"content":{"rendered":"

Good morning, wonderful people, and a very happy Tuesday. <\/span>We hope your long weekend <\/span>was as relaxing as ours.<\/span><\/p>\n

One thing that didn\u2019t take a break: the news cycle.<\/span> We\u2019re returning from the break with <\/span>updates on everything from the progress of our IMF loan review and economic reforms (out of the IMF \/ World Bank spring meetings in DC last week) to the latest foreign phone manufacturer setting up shop here. But first\u2026<\/span><\/p>\n

<\/a> <\/span>PSA #1- It\u2019s the next-to-last business day of Ramadan. <\/span>We have <\/span>a very long weekend<\/a><\/span>coming up, running Thursday, 20 April, through Tuesday, 25 April, <\/span>in observance of Eid El Fitr and Sinai Liberation Day. EnterpriseAM will be landing in your inbox at our customary time tomorrow morning and then we\u2019ll next see you again on Wednesday, 26 April. <\/span><\/p>\n

<\/a> <\/span>PSA #2- The mercury is set to peak at 35\u00b0C today<\/span>, according to the <\/span>Egyptian Meteorological<\/a><\/span>Authority<\/a><\/span>, while our favorite weather app says it could get as hot as 37\u00b0C by this afternoon. Temperatures could drop as low as 20\u00b0C at night. Be on the lookout for a chance of thunder showers and blowing dust tomorrow.<\/span><\/p>\n

<\/a><\/span> PSA #3- The reintroduction of daylight saving may impact your flight schedule: <\/span>The clocks are jumping forward one hour on Friday, 29 April \u2014 and so all EgyptAir flights will also depart one hour later than the previously scheduled time, according to <\/span>a company statement<\/a><\/span>. The airline urges its customers to review their reservations through its 1717 hotline to confirm their departure times.<\/span><\/p>\n

** SO, WHEN DO WE EAT?<\/span> We\u2019ll be breaking our fasts at 6:24pm CLT today. You have until <\/span>3:53am tomorrow morning to hydrate and grab a bite to eat. <\/span><\/p>\n

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WATCH THIS SPACE- <\/span><\/p>\n

<\/a> <\/span>#1- Could the state\u2019s <\/span>privatization program<\/a><\/span> pick up steam following the Eid break? <\/span>\u201cWe are expecting announcements of state stake sales\u201d after Eid El Fitr, Jefferies International <\/span>MENA analyst Alia Moubayed told Asharq Business (<\/span>watch, runtime: 7:56<\/a><\/span>). Moubayed is also expecting greater exchange-rate flexibility, which she says could work alongside recent rate hikes to boost investor confidence in the local market.<\/span><\/p>\n

Several stories in local media are suggesting the same: <\/span>Cabinet intends t<\/span>o choose one of two shortlisted offers for a <\/span>stake<\/a><\/span> in state-owned United Bank \u201cimmediately after Eid,\u201d <\/span>Asharq Business<\/a><\/span> reports, citing a source it says has knowledge of the matter. Meanwhile, the Public Enterprises Ministry will release the conditions of its planned tender for a private partner to refurbish <\/span>Cairo\u2019s historic Continental Hotel<\/a><\/span> after the Eid break, <\/span>Hapi Journal<\/a><\/span> quotes Holding Company for Tourism and Hotels head Mervat Hataba as saying last week. <\/span><\/p>\n

<\/a><\/span>#2- Customs incentives in the works to boost transit trade? <\/span>The transport and <\/span>finance ministries are working together to introduce amendments to the Customs Law that would introduce incentives to draw transit trade to Egyptian ports, <\/span>Al Mal<\/a><\/span> reports, citing unnamed sources. The sources don\u2019t reveal any details about the proposed incentives or when we can expect to hear more. <\/span><\/p>\n

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

Hassan Allam Utilities + AP Moller Capital to launch integrated logistics platform: <\/span>Our <\/span>friends at Hassan Allam Utilities \u2014 the investment and development arm of Hassan Allam Holding \u2014 and A<\/span>P Moller Capital have agreed to launch an integrated logistics platform for warehousing and handling services in Egypt under a strategic partnership. The partnership aims to attract c.USD 200 mn of direct investments in Egypt\u2019s logistics, airfreight, and warehouses sectors.<\/span><\/p>\n

Read the full story in this morning\u2019s edition of <\/span>Enterprise Logistics<\/a><\/span> \u2014 our new daily roundup of news, analysis, and insight into the biggest stories from MENA logistics players, four days a week. <\/span><\/p>\n

DATA POINT- <\/span><\/p>\n

Egypt released USD 15 bn worth of goods from ports during 1Q 2023 despite the ongoing <\/span>foreign <\/span>currency crisis<\/span>, <\/span>Asharq Business<\/a><\/span> reported Sunday. The currency shortage has hindered the import of raw materials and goods, but an official at an Egyptian port is quoted as telling the news outlet that there\u2019s no congestion of goods, only a delay in obtaining foreign currency for some shipments. <\/span><\/p>\n

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EGYPT AT THE IMF \/ WORLD BANK SPRING MEETINGS-<\/span><\/p>\n

Our BIG STORIES TODAY <\/span>come courtesy of last week\u2019s IMF \/ World Bank spring meetings, where the Fund, FinMin, and the Central Bank of Egypt all had things to say on the state of the Egyptian economy. Read all the details in the newswell, below. <\/span><\/p>\n

Egypt also led a push for more climate finance to the region<\/span> at the Washington, DC, <\/span>get-together. Finance Minister Mohamed Maait called to make green borrowing more accessible in a <\/span>meeting<\/a><\/span> with the Coalition of Finance Ministers for Climate Action. International Cooperation Minister Rania Al Mashat met with:<\/span><\/p>\n