{"id":588166,"date":"2023-06-07T00:00:00","date_gmt":"2023-06-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/some-foreign-investors-are-starting-to-believe-were-serious-about-privatization\/"},"modified":"2023-06-07T00:00:00","modified_gmt":"2023-06-07T00:00:00","slug":"some-foreign-investors-are-starting-to-believe-were-serious-about-privatization","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/some-foreign-investors-are-starting-to-believe-were-serious-about-privatization\/","title":{"rendered":"Some foreign investors are starting to believe we\u2019re serious about privatization"},"content":{"rendered":"

<\/span><\/p>\n

Good morning, ladies and gents \u2014 and a very happy almost-Thursday:<\/span> This morning we bring you big news for Egypt\u2019s future renewables prospects as well as early indications that foreign investors are beginning to think we\u2019re serious about the whole privatization thing.<\/span><\/p>\n

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

<\/a> <\/span>El Sisi kicks off southern African tour:<\/span> President Abdel Fattah El Sisi yesterday <\/span>arrived in<\/a><\/span>Angola<\/a><\/span> to kick off a wider tour of the region that will take him to Zambia and Mozambique, according to an <\/span>Ittihadiya statement<\/a><\/span>. <\/span>The visit aims to strengthen economic, trade, and investment ties between Egypt and the three African nations. El Sisi will also take part in the <\/span>Common Market for Eastern and Southern Africa (Comesa)<\/a><\/span> summit in Zambia on 8 June, where Egypt will hand the Comesa presidency to Zambia. <\/span><\/p>\n

Africa Health Excon<\/a><\/span>:<\/span> The main program of the four-day health conference gets underway at <\/span>the Egypt International Exhibition Center today after yesterday\u2019s opening ceremony. <\/span>Check out the agenda <\/span>here<\/a><\/span>.<\/span><\/p>\n

ITU meeting:<\/span> The International Telecommunication Union\u2019s <\/span>Global Symposium for Regulators<\/a><\/span> continues in Sharm El Sheikh.<\/span><\/p>\n

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

Inflation data to land:<\/span> Capmas and the central bank will publish May\u2019s inflation data on <\/span>Thursday, 8 June.<\/span><\/p>\n

What the analysts are saying:<\/span> Consumer prices are expected to have resumed their upward <\/span>trajectory last month, according to the median forecast in a <\/span>Reuters<\/a><\/span>poll of 13 analysts which puts <\/span>annual urban inflation at 31.4%, up from <\/span>30.6%<\/a><\/span> in April. Inflation has soared to <\/span>near-record highs<\/a><\/span> this year on the back of a series of currency devaluations, the FX crunch and higher energy prices.<\/span><\/p>\n

HAPPENING THIS MONTH-<\/span><\/p>\n

<\/a><\/span> Modi in Egypt:<\/span> Indian prime minister Narandra Modi will visit Egypt for the first time since <\/span>taking office almost a decade ago, Indian news channel <\/span>WION<\/a><\/span> reported yesterday. <\/span><\/p>\n

The two countries have been working to strengthen ties in recent months: <\/span>President Abdel <\/span>Fattah El Sisi <\/span>traveled to India<\/a><\/span> in January to meet with the Indian PM and local business leaders.<\/span><\/p>\n

Interest rates:<\/span> The central bank will meet to review interest rates on 22 June.<\/span><\/p>\n

<\/p>\n

\n

<\/p>\n

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

Yesterday\u2019s destruction of a major dam in Ukraine is still everywhere in the foreign press <\/span>this morning<\/span> as thousands of people evacuate from the south of the country to escape the flooding. Ukraine and Russia are both accusing each other of blowing up the dam, which came as the Ukrainian military was preparing for its much-anticipated counter-offensive. (<\/span>Reuters<\/a><\/span> | <\/span>Financial Times<\/a><\/span> | <\/span>New York Times<\/a><\/span> | <\/span>Washington Post<\/a><\/span> | <\/span>Wall Street Journal<\/a><\/span> | <\/span>CNBC<\/a><\/span>)<\/span><\/p>\n

This isn\u2019t good news for food security:<\/span> Wheat and corn prices surged on the news on bets <\/span>that the disaster will put renewed pressure on food supply chains. The south of Ukraine \u2014 often referred to as the breadbasket of the world \u2014 is home to huge agricultural fields that are now in danger of being wiped out by the flooding.<\/span><\/p>\n

Golf is dominating the headlines in the global business press<\/span> after the PGA Tour agreed to <\/span>a surprise merger with Saudi rival LIV Golf. The deal ends months of hostilities between the two sides, sparked by the Saudi upstart\u2019s attempts to entice the world\u2019s best players to defect from the US tournament. (<\/span>Reuters<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>Financial Times<\/a><\/span> | <\/span>New York Times<\/a><\/span> | <\/span>Wall Street Journal<\/a><\/span>)<\/span><\/p>\n

WATCH THESE SPACES- <\/span><\/p>\n

<\/span><\/a> <\/span>#1- Could Eastern sell a minority stake this month?<\/span> An Emirati state institution is interested in snapping a 25-30% stake in EGX-listed <\/span>Eastern Company before the end of June, <\/span>Al Mal<\/a><\/span> reports, citing unnamed sources it says are in the know. The parties are currently negotiating the value and size of potential stake but no official offer has yet been made, according to the sources. Majority shareholder Holding Company for Chemical Industries \u2014 which owns a 50.5% stake in Eastern \u2014 could look to offload part of its stake to the unnamed UAE entity, Al Mal quotes its sources as saying.<\/span>Shares in Eastern Company closed up 4.7% to EGP 19.00 at yesterday\u2019s close. <\/span><\/p>\n

<\/a><\/span> #2- Progress on the state ownership policy:<\/span>The Justice Ministry has finalized the rules for implementing the government\u2019s State Ownership Policy document, and will send them to the cabinet for approval, Minister Omar Marwan told Prime Minister Moustafa Madbouly yesterday, according to <\/span>a cabinet statement<\/a><\/span>.<\/span><\/p>\n

Remember:<\/span> The <\/span>state ownership policy<\/a><\/span> provides a roadmap for transitioning to a more <\/span>private-sector-led economy over the next five years, outlining the sectors that the government intends to fully exit, those that it will phase out its involvement in, and those where it will increase its footprint. The strategy aims to more than double the private sector\u2019s role in the economy to 65% and attract USD 40 bn in private investment by 2026.<\/span><\/p>\n

<\/p>\n

\n

<\/p>\n

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

<\/span><\/a><\/span> A bout of optimism about Egypt\u2019s privatization program is feeding through to the <\/span>markets:<\/span>Egyptian USD-denominated bonds have notched the biggest gains across emerging markets in the last two trading days as investors react positively to signs of progress in the government\u2019s privatization program, <\/span>Bloomberg<\/a><\/span> reports. Recent moves by the government \u2014 including the <\/span>Telecom Egypt stake sale<\/a><\/span> and the <\/span>appointment of advisors<\/a><\/span>for the United Bank sale \u2014 are helping it regain the trust of some foreign investors, giving a lift to the country\u2019s FX bonds and bringing the price of credit default swaps down.<\/span><\/p>\n

What they\u2019re saying:<\/span> Gordon Bowers, an analyst at Columbia Threadneedle Investments who <\/span>recently met with bankers and officials, told the news outlet that Moody\u2019s <\/span>recent threat<\/a><\/span> to downgrade the country\u2019s credit rating for <\/span>the second time<\/a><\/span> this year \u201cseems to have lit a fire under key decision makers\u201d to accelerate the process. <\/span>\u201cIt really seems like the privatization agenda has been elevated to a national priority.\u201d<\/span><\/p>\n

<\/span>FX reserves continue to rise:<\/span> Net foreign reserves inched up to USD 34.66 bn <\/span>i<\/span>n May from<\/span>USD 34.55 bn in April<\/a><\/span>, according to<\/span>central bank figures<\/a><\/span> released yesterday. Reserves have steadily but slowly increased over the past eight months, after falling 20% last year on the back of the war on Ukraine and rising global interest rates.<\/span><\/p>\n

<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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CIRCLE YOUR CALENDAR-<\/span><\/p>\n

Egyptian-German trade conference:<\/span> The Trade and Industry Ministry and the German <\/span>Economic Affairs Ministry will hold a bilateral trade and investment conference in Cairo in September, <\/span>Youm7<\/a><\/span> quotes German Ambassador Frank Hartmann as saying at a presser <\/span>yesterday<\/a><\/span>. <\/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

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/span> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/span><\/p>\n

In today\u2019s issue:<\/span> We look at how five Egyptian ports stack up in the new World Bank \/ S&P <\/span>Global Container Port Performance Index.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Egypt\u2019s USD bonds have outperformed EMs this week as investors bet on privatization<\/p>\n","protected":false},"author":1,"featured_media":588167,"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":[104,72,119,81,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-economy","tag-enterpriseam","tag-financial-markets","tag-privatization-watch","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"e1c36f2a-81e6-49ea-8136-75b1c214b00b","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/6\/356.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egyptian bonds gain on privatization hopes","related_issue":[588164],"teaser":"Egypt\u2019s USD bonds have outperformed EMs this week as investors bet on privatization","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.4be9be4d-7b3a-4123-a02d-7805c32fdd27.mp3"},"yoast_head":"\nSome foreign investors are starting to believe we\u2019re serious about privatization - 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It\u2019s been a busy 24 hours, to say the least, so we hope you are all able to disconnect over the weekend. 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