{"id":589286,"date":"2023-06-25T00:00:00","date_gmt":"2023-06-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/indian-pm-modi-arrives-in-egypt-has-the-govt-met-its-privatization-targets-well-know-more-after-eid\/"},"modified":"2023-06-25T00:00:00","modified_gmt":"2023-06-25T00:00:00","slug":"indian-pm-modi-arrives-in-egypt-has-the-govt-met-its-privatization-targets-well-know-more-after-eid","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/25\/indian-pm-modi-arrives-in-egypt-has-the-govt-met-its-privatization-targets-well-know-more-after-eid\/","title":{"rendered":"Indian PM Modi arrives in Egypt + Has the gov\u2019t met its privatization targets? We\u2019ll know more after Eid"},"content":{"rendered":"

Good morning, wonderful people, and happy Sunday. <\/span>We\u2019ve got plenty of news for you to <\/span>kick off one of the shortest work weeks we\u2019ve had in a while. <\/span><\/p>\n

Today starts the work week, and tomorrow will wrap it up. <\/span>We\u2019re still waiting on the<\/span> Manpower Ministry and the EGX to confirm that they\u2019ll follow the public sector and the banks and declare a seven-day holiday \u2014 from Tuesday, 27 June through Monday, 3 July \u2014 to mark Eid El Adha and the 30 June revolution. We\u2019ll let you know as soon as we know. <\/span><\/p>\n

THE BIG STORY here at home: The Central Bank of Egypt met most analysts\u2019 expectations when it chose to keep interest rates on hold on Thursday.<\/span> Also on the macro front, we could be inching closer to our second sovereign green bond issuance. <\/span><\/p>\n

We also bring you lots of fresh industrial investment news<\/span> \u2014 much of it spurred by Indian firms looking at the potential here. The country\u2019s PM is making a visit to Cairo just as the Suez Canal Economic Zone wraps up its roadshow to major Indian cities. <\/span><\/p>\n

<\/span><\/a> <\/span>WATCH THIS SPACE- Expect big news out of the privatization program when we come <\/span>back from the break.<\/span>\u201cAll the targets [for the state privatization program] have been achieved,\u201d Planning Minister Hala El Said told Amr Adeeb on El Hakaya last night (<\/span>watch, runtime: 18:32<\/a><\/span>). \u201cThere are transactions that have already been done and will be announced after the Eid holiday,\u201d she said. <\/span><\/p>\n

REMEMBER- The Madbouly government is targeting asset sales of USD 2 bn by the end of June. <\/span>It has so far raised only USD 153 mn that we know of, through the Pachin acquisition and a sale of 10% in Telecom Egypt.<\/span><\/p>\n

<\/a> <\/span>AND- We\u2019ll soon know which companies will be redeveloping the National Democratic <\/span>Party HQ: <\/span>T<\/span>he Sovereign Fund of Egypt (SFE) will within two weeks reveal the successful bid for a contract to<\/span> redevelop the land where the National Democratic Party\u2019s headquarters once stood<\/span>. The area is set to be transformed into a hotel as <\/span>part of several landmark projects<\/a><\/span> to develop old buildings and revamp the cultural landscape of central Cairo. Four companies <\/span>reportedly<\/a><\/span>responded to the tender. <\/span><\/p>\n

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The Enterprise Finance Forum is our flagship gathering \u2014 the one so many of you have <\/span>been waiting for. <\/span>The two-day event takes place this September and will be the latest in our must-attend series of invitation-only, C-suite-level gatherings. <\/span><\/p>\n

TAP OR CLICK <\/span>HERE<\/a><\/span> if you want to express interest in attending. <\/span>We\u2019ll be sending out the first batch of invitations just after the 30 June holiday. <\/span><\/p>\n

Do you want to become a commercial partner?<\/span> Please click <\/span>here<\/a><\/span>.<\/span><\/p>\n

STAY TUNED for more detail <\/span>about our location, exciting agenda and speakers in the weeks to come.<\/span><\/p>\n

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MISSED THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast to hear what went down:<\/span> The Enterprise Podcast is back, and with it comes our new Forum series, where we bring you audio recordings of what was said on stage at our events. <\/span><\/p>\n

We\u2019re kickstarting the series with the Enterprise Exports and FDI Forum, <\/span>which took place last May at the Four Seasons Nile Plaza, and where we explored how we can make Egypt an export powerhouse that is a magnet for FDI.<\/span><\/p>\n

IN TODAY\u2019S EPISODE- <\/span>We looked at the immediate need for businesses, and the country as a whole, to develop workable strategies on bolstering exports and FDI by looking at examples from around the world that have worked. We were joined on that panel by <\/span>Yasmine Khamis<\/span>, chair of the Orientals Group, and <\/span>Yassir Zouaoui<\/span>, partner at McKinsey, who flew in from the UAE to attend. The panel was co-moderated by our friend <\/span>Helmy Ghazi,<\/span> deputy CEO of HSBC Egypt. <\/span><\/p>\n

Expect us to drop an episode every Sunday morning.<\/span>You can listen to the Enterprise Podcast where ever you get your podcasts including: <\/span>Apple Podcast<\/a><\/span> | <\/span>Spotify<\/a><\/span>| <\/span>Google Podcast<\/a><\/span> | <\/span>Anghami<\/a><\/span>. <\/span><\/p>\n

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

<\/a> <\/span>An attempted coup on the Kremlin called off at the last minute? <\/span>The foreign press is <\/span>full of the high drama playing out on Russia\u2019s home front, as the leader of the notorious paramilitary Wagner Group appeared to call for \u2014 and then just as abruptly call off \u2014 a march on the Kremlin. Russian President Vladimir Putin has agreed to drop mutiny charges against Yevgeny Prigozhin and allow him to leave for neighboring Belarus in a pact brokered by Belarusian President Alexander Lukashenko, the Kremlin said. Prigozhin\u2019s troops were within 200km of Moscow when he ordered them to turn back. Every outlet is closely monitoring developments: <\/span>Bloomberg<\/a><\/span> | <\/span>The New York Times<\/a><\/span>| <\/span>Reuters<\/a><\/span>| <\/span>FT<\/a><\/span>| <\/span>Wall Street Journal<\/a><\/span>| <\/span>Washington Post<\/a><\/span> | <\/span>AP<\/a><\/span> | <\/span>The Guardian<\/a><\/span>. <\/span><\/p>\n

Search for the Titan sub ends in tragedy:<\/span> The US Coast Guard has said debris from <\/span>the submersible that went missing last week on a descent to the Titanic wreck is consistent with \u201ca catastrophic implosion of the vehicle\u201d that claimed the lives of all five passengers, <\/span>Reuters<\/a><\/span> reports. The remnants of the underwater vessel were discovered on the ocean floor by a robotic diving vehicle on Thursday following an extensive four-day search operation. Canadian safety officials have now launched an investigation into the submersible's implosion. Previous passengers of the Titan and submersible experts have said they were concerned about the safety of the experimental vehicle, which was not accredited by any regulator. <\/span><\/p>\n

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

<\/a> <\/span>Modi in Cairo: <\/span>Indian Prime Minister Narendra Modi landed in Egypt on Saturday for a <\/span>two-day visit, a cabinet <\/span>statement<\/a><\/span>said. His arrival makes the first state visit to Egypt by an <\/span>Indian Prime Minister in 26 years<\/span>, added the <\/span>Washington Post<\/a><\/span>. Modi will meet with President Abdel Fattah El Sisi today and is expected to sign a number of MoUs promoting trade ties between the two countries. The visit follows El Sisi\u2019s trip to India earlier this year, during which the two leaders agreed to strengthen ties on several fronts, including by <\/span>upping Indian investment<\/a><\/span> here. (<\/span>Times of India<\/a><\/span>| <\/span>Associated Press<\/a><\/span>)<\/span><\/p>\n

Modi x Madbouly: <\/span>Prime Minister Moustafa Madbouly and cabinet ministers met with Mod<\/span>i yesterday for a roundtable discussion during which Madbouly highlighted Egypt\u2019s interest in India becoming a main wheat supplier to the country, as well as upping cooperation in higher education, tourism, pharma and green energy, a <\/span>statement<\/a><\/span> said. The two sides agreed to continue working to increase bilateral trade to USD 12 bn in the next five years. <\/span><\/p>\n

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

Egyptians have brought more than 306 kg of gold into the country since 11 May<\/span>, <\/span>when <\/span>the government relaxed customs rules in a bid to stabilize the gold market, the Finance Ministry <\/span>said<\/a><\/span>. <\/span>Under the new rules<\/a><\/span>, Egyptians living abroad are able to bring up to 100-150 grams of gold into the country without paying cus<\/span>toms fees. <\/span><\/p>\n

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

<\/a> <\/span>Gov\u2019t contracts hedging against volatile oil prices run out this month: <\/span>Hedging contracts guarding <\/span>against<\/span> oil market fluctuations will expire at the end of June, the close of the current fiscal year, <\/span>CNN Business Arabic<\/a><\/span> reports, quoting a Finance Ministry source<\/span>. The government agreed to <\/span>purchase hedging contracts in December<\/a><\/span> after oil prices saw extreme volatility in 2022.<\/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

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/span> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. Today, we run four daily Egypt and MENA-focused publications, five weekly industry verticals, and a weekend lifestyle edition designed to make our readers feel just a bit smarter.<\/span><\/p>\n

We have tons more in the pipeline \u2014 come help us build new publications.<\/span> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of >250k daily readers by telling stories that matter.<\/span><\/p>\n

Journalists looking to explore business, finance and economic stories are welcome. So are recent journalism school graduates.<\/span><\/p>\n

That said, we're looking for gifted story-tellers from all walks of life and across all professions<\/span>, as long as they show a keen interest in learning to write about the stories, topics, businesses, and figures moving markets. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/span><\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/span> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/span><\/p>\n

During the program you will learn:<\/span><\/p>\n