{"id":589711,"date":"2023-07-07T00:00:00","date_gmt":"2023-07-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/07\/last-week-was-quiet-on-the-privatization-front-junes-inflation-figures-are-out-next-week\/"},"modified":"2023-07-07T00:00:00","modified_gmt":"2023-07-07T00:00:00","slug":"last-week-was-quiet-on-the-privatization-front-junes-inflation-figures-are-out-next-week","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/07\/last-week-was-quiet-on-the-privatization-front-junes-inflation-figures-are-out-next-week\/","title":{"rendered":"Last week was quiet on the privatization front + June\u2019s inflation figures are out next week"},"content":{"rendered":"

Good morning, friends \u2014 we\u2019ve missed you. <\/span>We hope you had a wonderful Eid Adha break <\/span>and that your transition into work was smooth. <\/span><\/p>\n

The good news is \u2014 <\/span>we still have a bunch of national holidays to look forward to later this month<\/span>:<\/span>Islamic New Year falls on Tuesday, 18 July, while Revolution Day falls on Sunday, 23 July. <\/span><\/p>\n

The big question:<\/span> Will we get two three-day weekends \u2014 or one four-day break, running Thursday, 20 July-Sunday, 23 July?<\/span><\/p>\n

So, you think you can dance? <\/span>Experience has taught us that most people that answer yes to that question who haven\u2019t trained (and some that have) generally tend to overestimate their abilities. Save yourself the embarrassment before the next dance off and check out one of these Cairo studios, courtesy of some of our dance enthusiast friends. If anything, it\u2019s a great workout. Find out more in today\u2019s Enterprise Guide. <\/span><\/p>\n

\u2600\ufe0f <\/span>THE WEATHER THIS WEEKEND- Escape to Sahel if you can: <\/span>The mercury will be on the <\/span>uptick in Cairo, with the mercury reaching 37\u00b0C today before dropping to a cooler 25\u00b0C in the evening. Saturday will be even hotter, with temperatures rising again to 38\u00b0C and dropping to a fairer 25\u00b0C at night, as per our go-to weather app. <\/span><\/p>\n

Enterprise Weekend comes out each Friday at 9:00am CLT.<\/span> We\u2019ll be back on Sunday at 6am with EnterpriseAM. Until then: Enjoy the weekend.<\/span><\/p>\n

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LAST WEEK IN 3 MINS- <\/span><\/p>\n

The week got off to a slow start but ended with a lot of big updates<\/span>on the macro, legislative and energy fronts.<\/span> It\u2019s also the first week in as long as we can remember where the business news cycle wasn\u2019t dominated by the privatization program. <\/span><\/p>\n

ECONOMY- <\/span><\/p>\n

<\/span> Our non-oil private sector <\/span>contracted<\/a><\/span> at its slowest pace in two years <\/span>on the back of <\/span>softening inflationary pressures. <\/span>\u201cOutput and new orders\u201d were also reasons behind the slower decline, <\/span>Joe Hayes, principal economist at S&P Global Market Intelligence, said. <\/span><\/p>\n

Egypt\u2019s financial <\/span>situation <\/span>is \u201cprecarious,\u201d<\/a><\/span>according to the Institute of International Finance <\/span>(IIF)<\/span>. Analysts at the institute wrote that<\/span> a lack of clarity over the future of Egypt\u2019s <\/span>USD 3 bn loan program with the IMF<\/a><\/span>, coupled with <\/span>high external debt levels, twin fiscal and current account deficits, a deteriorating net foreign asset position, and portfolio outflows, are all putting pressure on the country\u2019s finances. <\/span>The IIF added that<\/span> adopting a flexible exchange rate will be key to resolving the imbalances and rebuilding reserves.<\/span><\/p>\n

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

Fresh measures to reel in FDI: <\/span>The Madbouly government made a number of moves that help advance the <\/span>22 decisions introduced<\/a><\/span> by the Supreme Investment Council (SIC) in its first meeting back in May in efforts to boost investment. These include:<\/span><\/p>\n