{"id":586278,"date":"2023-05-09T00:00:00","date_gmt":"2023-05-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/offers-for-safi-wataniya-coming-this-month-says-cabinet\/"},"modified":"2023-05-09T00:00:00","modified_gmt":"2023-05-09T00:00:00","slug":"offers-for-safi-wataniya-coming-this-month-says-cabinet","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/offers-for-safi-wataniya-coming-this-month-says-cabinet\/","title":{"rendered":"Offers for Safi + Wataniya coming this month, says cabinet"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Happy hump day, dear readers:<\/span><span style=\"\"> We have another packed issue for you this morning, with new <\/span><span style=\"font-weight:400;\">budget figures out ahead of Finance Minister Mohamed Maait\u2019s statement to MPs today, a handful of M&amp;A and investment announcements, and good \/ bad news on the regional diplomacy front.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">But before we get to that\u2026<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/457.jpg?ssl=1\"><\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <a id=\"wwtt1\"><\/a> <\/span><span style=\"font-weight:700\">We\u2019re only six days away from meeting with some of you at the Enterprise Exports and <\/span><span style=\"font-weight:700\">FDI Forum, <\/span><span>taking place at the Four Seasons at the Nile Plaza on <\/span><span style=\"font-weight:700;\">Monday, 15 May.  <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We\u2019re proud to announce that our friend Mohamed Talaat Khalifa, CEO of Concrete is joining us for the forum. Are you? <\/span><span>Mohamed Talaat Khalifa will be speaking on how he was able to grow his company\u2019s exports. He is joined on stage for that discussion by <\/span><span style=\"font-weight:700\">Tarek Hosny<\/span><span style=\"font-weight:400;\">, head of investments and projects at Fertiglobe, who\u2019ll tell us what needs to be done to put Egyptian goods on the global map.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Stay tuned tomorrow for more names\u2026<\/span><span><\/p>\n<p><\/span><span style=\"font-weight:700\">They\u2019re not the only ones:<\/span><span> Among the top execs, bankers, and development finance folks speaking at the conference are: <\/span><span style=\"font-weight:700\">Tarek Kamel<\/span><span>, CEO of Nestle Egypt; <\/span><span style=\"font-weight:700\">Omar Elsahy<\/span><span>, general manager of Amazon Egypt, <\/span><span style=\"font-weight:700\">Khaled Morsy<\/span><span>, CEO of DB Schenker Egypt; <\/span><span style=\"font-weight:700\">Mark Wylie<\/span><span>, CEO of Beyti; <\/span><span style=\"font-weight:700\">Hassan Massoud<\/span><span>, associate director and head of private equity (Southern Mediterranean) at the EBRD; <\/span><span style=\"font-weight:700\">Hossam Abou Moussa<\/span><span>, partner at Apis; <\/span><span style=\"font-weight:700\">Yassir Zouaoui<\/span><span>, partner at McKinsey; <\/span><span style=\"font-weight:700\">Shady William<\/span><span>, managing director of IDG; <\/span><span style=\"font-weight:700\">Hossam Sallab,<\/span><span> CEO and vice-chairman, Sallab Group and Royal Ceramica; <\/span><span style=\"font-weight:700\">Abdallah Sallam<\/span><span>, CEO of Madinet Masr; <\/span><span style=\"font-weight:700\">Kareem Abou Ghaly<\/span><span>, chairman and CEO of Pasta Regina; <\/span><span style=\"font-weight:700\">Helmi Ghazi,<\/span><span> deputy CEO of HSBC Egypt; <\/span><span style=\"font-weight:700\">Nadia El-Tawil<\/span><span>, investment officer at AfricInvest; <\/span><span style=\"font-weight:700\">Mostafa Bedair<\/span><span>, CEO of Giza Seeds and Herbs; <\/span><span style=\"font-weight:700\">Nada El Ahwal<\/span><span>, CSO of Transmar; and <\/span><span style=\"font-weight:700\">Mohamed El Gebely<\/span><span style=\"font-weight:400;\">, team leader at USAID Trade.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Topics and live interviews will include:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">Why exports and FDI are the way forward and what lessons have worked from around the world;<\/span><\/li>\n<li><span style=\"font-weight:400;\">How to attract foreign partners and figure out what they are looking for;<\/span><\/li>\n<li><span style=\"font-weight:400;\">What are the fundamentals to creating an export and \/ or FDI strategy;<\/span><\/li>\n<li><span style=\"font-weight:400;\">What it takes to secure a place in a multinational\u2019s supply chain.<\/span><\/li>\n<li><span style=\"font-weight:400;\">How industrial clusters could expedite exports, FDI  and possibly be an avenue for SME development;<\/span><\/li>\n<li><span style=\"font-weight:400;\">What are the industries of tomorrow around which we can export and bring in FDI.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/index.html#agenda\" style=\"\">Tap or click here to explore the full agenda.<\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** Have you confirmed your attendance? <\/span><span style=\"font-weight:400;\">Invitations have been sent out over the past few weeks. If you have yet to confirm your attendance and would still like to join us, please reply to the invitation with an RSVP.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">WHAT THE GOV\u2019T WANTS THE MARKET TO KNOW THIS MORNING: The privatization program is alive and kicking.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">#1- We can expect to see offers coming this month for stakes in two <\/span><span style=\"font-weight:700\">military-owned companies: <\/span><span>Bottled drinks firm Safi and fuel retailer <\/span><span>Wataniya will start receiving offers from strategic investors this month, the Madbouly cabinet said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02XnWjrQRaaKYx9r48JrdoQXbDskV5HcxgnvNgWJJJmYWeuhTXCcXcxcom7XvJGRgGl\" style=\"\">a statement<\/a><\/span><span>yesterday. Major l<\/span><span style=\"font-weight:400;\">ocal-international consortiums have voiced interest in the companies, he said, without providing further details.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember: <\/span><span style=\"\">The Sovereign Fund of Egypt is reportedly looking to sell at least 10% \u2014 and <\/span><span>potentially <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2b7a2e5-6a60-4d93-b790-a71770451eff\" style=\"\">up to 100%<\/a><\/span><span style=\"font-weight:400;\"> \u2014 of the two firms to strategic investors.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CI Capital has been promoting the companies for almost two months:<\/span><span style=\"\"> The investment <\/span><span>bank reportedly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d9690369-438a-48ba-b8b4-a1a132dab7e1\" style=\"\">kicked off a roadshow<\/a><\/span><span> in mid-March. Little is known about who it has been in talks with or the level of appetite.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">#2- Other undisclosed things are happening: <\/span><span style=\"\">The state is currently finalizing a number of<\/span><span style=\"font-weight:400;\"> agreements with unnamed buyers, Prime Minister Moustafa Madbouly said, without providing details. The PM reiterated the government\u2019s commitment to the privatization agenda, and said that details of these transactions will be announced soon.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span style=\"\"> The government wants to raise USD 2 bn from selling state-owned assets by the <\/span><span>end of June, and is aiming to offload stakes in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a94808c5-7a0c-4027-a786-804f2dc35954\" style=\"\">at least 32 companies<\/a><\/span><span style=\"font-weight:400;\"> by March 2024.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">32 becomes 33? <\/span><span style=\"\">The government has added El Nasr Company for Intermediate Chemicals to <\/span><span>its <\/span><span>list of companies earmarked for privatization. It joins th<\/span><span style=\"font-weight:400;\">e government\u2019s 545-MW wind farm facility in Zafarana to be offered to investors, cabinet said yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">AND- Arab League to weigh in? <\/span><span style=\"\">The Arab League\u2019s economic council is calling on its agencies to <\/span><span>establish funds to purchase Egyptian state-owned assets, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/05\/08\/1664255\" style=\"\">Al Borsa<\/a><\/span><span style=\"font-weight:400;\"> reported yesterday, citing the council\u2019s secretary-general economic affairs advisor. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The statement comes after the international community has criticized us for not moving <\/span><span style=\"font-weight:700\">faster on privatization and reforms<\/span><span> given the ongoing FX crunch, including<\/span><span> (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39706d92-c6c9-4a7b-97e9-d3db6864c218\" style=\"\">Fitch Ratings<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1180e838-be2d-4297-ac4d-4f179c21b3c1\" style=\"\">S&amp;P Global<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6410f1ca-48c0-44a5-bb82-331386644ca4\" style=\"\">Moody\u2019s<\/a><\/span><span>)<\/span><span> and investment banks (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aaa5e218-d9a7-46ed-84fb-9dacc1708254\" style=\"\">Morgan Stanley<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8597dac1-86e1-4e5e-b647-170fc1c72810\" style=\"\">JPMorgan<\/a><\/span><span style=\"font-weight:400;\">). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ALSO- Lamees El Hadidy<\/span><span style=\"\"> \u2014 the queen of late night talk and a knowledgeable commentator on business and economy issues \u2014<\/span><span style=\"font-weight:700\"> pushed cabinet on air last night to accelerate the privatization process. <\/span><span style=\"font-weight:400;\">We have the details in Last Night\u2019s Talk Shows, below. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt4\"><\/a> <\/span><span style=\"font-weight:700\">WATCH THIS SPACE- Private-sector players are preparing to sell up to USD 200 <\/span><span style=\"font-weight:700\">mn in green bonds<\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/pfbid0m9uVoLJVbFT5yyjaunjLyszttacuPxm9791DBGTgCwmvA6SsuB4wDynkRxbjiTvhl\" style=\"\">the Planning Ministry<\/a><\/span><span style=\"font-weight:400;\"> said yesterday. The ministry didn\u2019t disclose the issuers or give an indication of when the sales will take place. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Egypt pioneered green bonds in the MENA region<\/span><span>, becoming the first sovereign to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e508887d-5561-49ea-a75a-1afba7b99274\" style=\"\">sell the climate-linked securities<\/a><\/span><span> back in 2020. A few months later CIB launched the country\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc62c317-f2f7-4543-88a3-fa75725b6c0a\" style=\"\">debut corporate green bond issuance<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">No offers yet for Ezz Dekheila Steel -Ezz Steel:<\/span><span style=\"\"> Steel giant Ezz Steel has not made <\/span><span style=\"\">any offers to acquire additional shares in its subsidiary <\/span><span>Ezz Dekheila Steel, it said in an <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/415.pdf\" style=\"\">EGX disclosure (pdf)<\/a><\/span><span>, following <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/10201ce7-45c2-4154-a757-c72006302bfb\" style=\"\">reports<\/a><\/span><span> in the local media this week that it is in talks <\/span><span>with two state-owned banks to acquire their combined 14% stake in the EGX-listed subsidiary. Ezz Dekheila Steel said that none of its shareholders have notified it of a potential stake sale in a separate <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/5\/416.pdf\" style=\"\">disclosure (pdf)<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PSA- CIB has discontinued its <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949808ec-6766-4180-9d42-6c14825eba76\" style=\"\">three-year,<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949808ec-6766-4180-9d42-6c14825eba76\" style=\"\">18-20% annual-rate certificates<\/a><\/span><span>, replacing them with 19-17% certificates, according to its <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cibeg.com\/ar\/personal\/accounts-and-deposits\/deposits\/certificate?#section4\" style=\"\">website<\/a><\/span><span style=\"font-weight:400;\">. Savers will need to deposit a minimum of EGP 5 mn to lock in the 19% rate, EGP 2 mn for 18%, EGP 500k for 17.5%, and EGP 50k for 17%. Interest payouts are monthly. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/5\/491.jpg?ssl=1\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING TODAY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"><a id=\"wwtt2\"><\/a> <\/span><span style=\"font-weight:700\">It\u2019s budget day at the House: <\/span><span style=\"\">Finance Minister Mohamed Maait and Planning Minister <\/span><span>Hala El Said will deliver statements in the House for the draft FY 2023-2024 budget. We have more on what to expect from the budget in this morning\u2019s Budget Watch, below. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">UN sustainability agreement: <\/span><span style=\"\">The Madbouly government and the <\/span><span>UN will ink the UN Sustainable Development Cooperation Framework for 2023-2027, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/gate.ahram.org.eg\/News\/4274797.aspx\" style=\"\">MENA<\/a><\/span><span style=\"font-weight:400;\">. The framework will guide the implementation of UN projects in Egypt over the next four years.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Swedish embassy is hosting an event in Cairo on the prospect of hooking our <\/span><span style=\"font-weight:700\">electricity grid up to Europe\u2019s<\/span><span>, paving the way for significant energy exports.<\/span><span style=\"font-weight:400;\">International Cooperation Minister Rania Al Mashat, Oil Minister Tarek El Molla, and representatives from the key private-sector infrastructure players working on Mediterranean energy projects will take part in panel discussions. The European Investment Bank and Alexbank will ink an undisclosed contract during the event.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SOUND SMART- <\/span><span style=\"\">There are as many as five proposed interconnector projects that would link <\/span><span>our electricity grid to mainland Europe. Read about them all <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4300b9a7-cef7-4538-a721-679ff6de206e\" style=\"\">here<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Want to know how blended finance can promote inclusive development?<\/span><span style=\"\"> That\u2019s the <\/span><span>subject of the Egyptian National Competitiveness Council and Creative Associates International\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/encc.org.eg\/en\/pressroom\/specialcategory.aspx?id=11\" style=\"\">conference<\/a><\/span><span> today at the Conrad Hotel.<\/span><span> The one-day event will bring together experts, policy makers and stakeholders for discussions on how a combination of public and private sector resources can boost growth across various sectors. Register your attendance <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/encc.org.eg\/en\/pressroom\/category.aspx?id=71\" style=\"\">here<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING TOMORROW-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">Tomorrow\u2019s inflation print could remind us that inflation rates can, actually, go <\/span><span style=\"font-weight:700\">down:<\/span><span> That\u2019s according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/africa\/egyptian-inflation-seen-inching-lower-april-2023-05-08\/\" style=\"\">Reuters poll of analysts<\/a><\/span><span>, whose median forecast is for headline inflation to fall to 31% from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fed48338-9c78-413e-93c0-e2bc59f52ec4\" style=\"\">32.7%<\/a><\/span><span style=\"font-weight:400;\"> in March. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What to thank:<\/span><span style=\"\"> A \u201cfavorable base effect, a steady currency, and weaker commodity prices,\u201d the <\/span><span style=\"font-weight:400;\">newswire says.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It has been a while since we\u2019ve known anything other than unrelenting inflation:<\/span><span style=\"\"> Headline <\/span><span>CPI has risen for <\/span><span>nine consecutive months,<\/span><span style=\"font-weight:400;\"> rising from 13.2% to near-record highs on the back of a series of heavy currency devaluations.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Yes, but: <\/span><span style=\"\">Inflation could rise in the coming months especially if the country pushes through with <\/span><span style=\"font-weight:400;\">further EGP devaluations which would hike prices even higher, Capital Economics said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING NEXT WEEK-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Car import scheme wraps up:<\/span><span style=\"\"> The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5cadb00-f078-4c70-8667-8d5fc50ad151\" style=\"\">expat car import initiative<\/a><\/span><span style=\"\"> will draw to a close on 14 <\/span><span>May. The scheme was initially scheduled to end in mid-February but was <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d86fe5c3-0d43-4884-9234-8fca2a017613\" style=\"\">extended<\/a><\/span><span style=\"font-weight:400;\"> for another three months in a bid to maximize FX inflows.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The latest tally:<\/span><span style=\"\"> The Finance Ministry has now raised USD 713 mn from the scheme, up <\/span><span>from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a37d796-8ad7-46c4-8c71-90b7b467503d\" style=\"\">USD 500 mn in mid-April<\/a><\/span><span>, it said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0mqYqC8unRo2UZsdnu8uXamPxvkYMU3YN21uGQLFSUFtkWhq9QmCS2SKzmawxepnel?__cft__%5B0%5D=AZXZU6l4lX697gf9e1IXI81B0kIJqDZ-hffiYU-6GPU98sAYAdHTgip5FGZd6Z_FMlHbLWZpf6NNvRXqAiIwZ7IR4pgiNPGh582jkW6LMkciM-iC0sOm6KiyzR6umO0cm8WMfs9Vaff0yEPqz0oAVb9U-D9Zr90mopRfSqt-pqk-QtTLJa7KtoEX55Zec-smg9dzgaDdLlsu1bqb57Pi8omu&amp;__tn__=%2CO%2CP-R\" style=\"\">a statement<\/a><\/span><span> yesterday. That\u2019s a little over a quarter of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30f774c7-53ed-44fb-b8cc-2cbd3b37fa9e\" style=\"\">USD 2.5 bn<\/a><\/span><span style=\"font-weight:400;\"> originally targeted by the ministry.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/www.endeavoreg.org\/\" style=\"\">Endeavor Egypt<\/a><\/span><span style=\"font-weight:700\"> is celebrating its 15th birthday at the GEM next week:<\/span><span style=\"\"> The startup <\/span><span>network heads to the Grand Egyptian Museum (GEM) next Friday, 19 May, to mark its 15th anniversary.&nbsp;<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE REALIGNMENT- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <a id=\"wwtt5\"><\/a> <\/span><span style=\"font-weight:700\">Egypt-Iran normalization next?<\/span><span style=\"\"> Egypt and Iran have been in discussions over <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/825be48b-fd9c-4d01-a7ba-f0138df50d88\" style=\"\">normalizing<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/825be48b-fd9c-4d01-a7ba-f0138df50d88\" style=\"\">relations<\/a><\/span><span> since March<\/span><span>, officials from both sides have reportedly told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2023\/05\/08\/egypt-and-iran-pursue-normalisation-in-baghdad-talks\/\" style=\"\">the National<\/a><\/span><span style=\"font-weight:400;\">. The latest meeting took place at the weekend, Egyptian officials said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Iranians said as much in March:<\/span><span style=\"\"> Speaking a few days after their <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0787d3e-e659-4431-8e63-4694a804303d\" style=\"\">breakthrough agreement<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0787d3e-e659-4431-8e63-4694a804303d\" style=\"\">to restore ties with Saudi Arabia<\/a><\/span><span>, the country\u2019s foreign ministry spokesperson <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/825be48b-fd9c-4d01-a7ba-f0138df50d88\" style=\"\">spoke<\/a><\/span><span> of the need to improve relations with Egypt. A few weeks later Cairo began allowing Iranians to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a8ade82-5799-4cd4-bda0-f284168d7d6e\" style=\"\">get an entry visa on arrival<\/a><\/span><span> in South Sinai.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Iraq as mediator:<\/span><span style=\"\"> An Iraqi diplomat said two rounds of talks were held in Baghdad in March <\/span><span style=\"font-weight:400;\">and April. \u201cBoth sides are putting out feelers and they are willing to move forward. There is no headway until now,\u201d an Iraqi diplomat said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">El-Sisi-Raisi meeting soon? <\/span><span style=\"\">The two sides are looking into potentially setting up a meeting <\/span><span style=\"font-weight:400;\">between President Abdel Fattah El Sisi and his Iranian counterpart Ebrahim Raisi, the sources told the news outlet.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2021\/03\/INFINITY-Top-banner-EN-1600x675-v2-02.png\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/span><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","protected":false},"excerpt":{"rendered":"<p>The government wants to raise USD 2 bn from asset sales by June<\/p>\n","protected":false},"author":1,"featured_media":586279,"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":[72,7128,81,586,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-586278","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-ma-watch","tag-privatization-watch","tag-safi","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"bae63416-8277-496e-8c07-3e0e56df3cc3","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/3\/wataniya-station-1600.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Offers for Safi + Wataniya coming this month, says Egypt","related_issue":[586276],"teaser":"The government wants to raise USD 2 bn from asset sales by June","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.87a40b5f-8e31-40c5-891d-b1d737feb1df.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Offers for Safi + Wataniya coming this month, says cabinet - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/05\/09\/offers-for-safi-wataniya-coming-this-month-says-cabinet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Offers for Safi + Wataniya coming this month, says 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