{"id":585898,"date":"2023-05-01T00:00:00","date_gmt":"2023-05-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/this-evening-are-sidpec-and-abu-qir-joining-the-privatization-program\/"},"modified":"2023-05-01T00:00:00","modified_gmt":"2023-05-01T00:00:00","slug":"this-evening-are-sidpec-and-abu-qir-joining-the-privatization-program","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/01\/this-evening-are-sidpec-and-abu-qir-joining-the-privatization-program\/","title":{"rendered":"THIS EVENING: Are Sidpec and Abu Qir joining the privatization program?"},"content":{"rendered":"

Good afternoon, ladies and gentlemen.<\/span> It\u2019s a relatively brisk day here in Omm El Donia, with<\/span> a little bit of everything keeping us busy during this shortened workweek.<\/span><\/p>\n

THE BIG STORIES TODAY<\/span><\/p>\n

<\/span>#1- Sidpec + Abu Qir Fertilizers to join the privatization list with secondary<\/span> offerings? <\/span>The government is reportedly mulling adding secondary stake sales in state-owned, EGX-listed petrochemicals players Sidi Kerir Petrochemicals (Sidpec) and Abu Qir Fertilizers to the Madbouly government\u2019s rebooted privatization program, <\/span>Al Mal<\/a><\/span> reports, citing unnamed sources it says are in the know. <\/span><\/p>\n

#2- We have the names of the qualifying bidders for gov\u2019t desalination program:<\/span> Seventeen consortiums have been pre-qualified to submit bids for desalination projects the government is tendering to the private sector, according to a Sovereign Fund of Egypt <\/span>statement (pdf)<\/a><\/span>. The list includes a consortium of Orascom Construction, Scatec, Toyota Tsusho Corp, Acciona Agua, and Metito Utilities; a Hassan Allam-Engie consortium; a consortium of Infinity, GS Inima, China Energy Engineering Corporation; and Desal Egypt, with EMCO Engineering, Amarenco Solarize Egypt, and Redcon Construction.<\/span><\/p>\n

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

JPMorgan Chase is now the proud owner of First Republic Bank:<\/span> JPMorgan Chase will<\/span> acquire USD 103.9 bn of First Republic Bank\u2019s deposits and most of its USD 229.1 bn in assets, after US regulators seized the bank over the weekend in <\/span>an attempt to prevent the collapse of another bank in the country. This comes after the bank had also received<\/span>takeover bids<\/a><\/span>from PNC Financial Services and Citizens Financial Group. The Federal Deposit Ins. Corporation (FDIC) will share the losses with the bank, and the <\/span>estimated cost<\/a><\/span> to its ins. fund is USD 13 bn. The crisis was caused by customers <\/span>withdrawing<\/a><\/span> more than USD 100 bn of deposits in March, following the collapse of Silicon Valley Bank. (<\/span>Reuters<\/a><\/span>| <\/span>AP<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>FT<\/a><\/span> | <\/span>WSJ<\/a><\/span>)<\/span><\/p>\n

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

The foreign ministers of Egypt, Iraq, Jordan, Saudi Arabia, and Syria gathered in Amman<\/span> to discuss Syria\u2019s return to the Arab League<\/span> and the Jordanian plan to politically resolve the Syrian crisis, our <\/span>Foreign Ministry said<\/a><\/span>.<\/span><\/p>\n

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