{"id":589911,"date":"2023-07-11T00:00:00","date_gmt":"2023-07-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/11\/this-morning-madboulys-big-privatization-presser-is-today-heatwave-incoming\/"},"modified":"2023-07-11T00:00:00","modified_gmt":"2023-07-11T00:00:00","slug":"this-morning-madboulys-big-privatization-presser-is-today-heatwave-incoming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/11\/this-morning-madboulys-big-privatization-presser-is-today-heatwave-incoming\/","title":{"rendered":"THIS MORNING: Madbouly\u2019s big privatization presser is today + heatwave incoming"},"content":{"rendered":"

Good morning, wonderful people, and a very happy Tuesday. <\/span>The news cycle is picking u<\/span>p pace today \u2014 and we\u2019re not expecting any let up, given expectations that we\u2019ll see important updates on the government\u2019s privatization program. <\/span><\/p>\n

<\/a> <\/span>THE BIG STORY here at home is today\u2019s big privatization presser. <\/span>Prime Ministe<\/span>r Moustafa Madbouly is expected to hold a press conference <\/span>today to announce the completion of a number of asset sales as part of the state privatization program.<\/span><\/p>\n

One of those sales could be the Gabal El Zeit wind farm: <\/span>The PM is expected to anno<\/span>unce progress in the sale of state-owned 580-MW Gabal El Zeit wind farms, which a government source confirmed to us is likely to be bought by UK-based PE giant Actis. <\/span><\/p>\n

AND- Inflation hit in Egypt an all time high in June <\/span>on rising food and beverage<\/span> prices in the Eid month. <\/span><\/p>\n

A more auspicious record: <\/span>More than 7 mn tourists visited Egypt in 1H 2023, the Tourism <\/span>Ministry said yesterday \u2014 an all-time-high that puts us on track to hit the ambitious target of 15 mn arrivals this year. <\/span><\/p>\n

^^ We have more on privatization and inflation in this morning\u2019s news well, below, while the tourism story is part of Last Night\u2019s Talk Shows.<\/span><\/p>\n

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

\n

<\/a><\/span>DATA POINT<\/span>- Net foreign liabil<\/span>ities widened in <\/span>May: <\/span>Egypt\u2019s net foreign asset position <\/span>deteriorated again in May, falling to <\/span>negative<\/span>USD 24.4 bn<\/span> from <\/span>negative<\/span>USD 24.1 bn<\/span> the month prior, according to Enterprise calculations of <\/span>central bank figures<\/a><\/span> out during Eid week. This is a record high in EGP terms but is slightly below the <\/span>negative <\/span>USD 24.5 bn<\/a><\/span> recorded in March. <\/span><\/p>\n

The decline in net foreign assets was driven by widening net liabilities at the <\/span>central bank<\/span>, which increased to almost USD 10 bn from USD 9.1 bn in April. Net foreign liabilities in the banking sector fell to less than USD 14.5 bn in May from almost USD 15 bn the month before.<\/span><\/p>\n

<\/a> <\/span>TODAY IN THE HOUSE- It\u2019s the last plenary session for MPs before the <\/span>three-month <\/span>summer break (barring a last-minute change of heart). <\/span>The House is set discuss and vote on a bill <\/span>eliminating preferential tax treatment<\/a><\/span>. We\u2019re hearing that they may also <\/span>hold a final vote on the <\/span>amendments to the 2017 Investment Law<\/a><\/span> aimed at attracting more foreign direct investment. <\/span><\/p>\n

<\/a><\/span>PSA- You may want to stay indoors this weekend: <\/span>The Egyptian Meteorological <\/span>Authority (EMA) is <\/span>warning<\/a><\/span> of extreme heat Thursday through Sunday with the mercury jumping to highs of 38\u00b0C. Humidity will make it feel even warmer, the EMA said. <\/span>Our favorite weather app is warning you can expect temperatures between 40\u00b0C and 42\u00b0C <\/span>Thursday through next Tuesday.<\/span><\/p>\n

<\/span><\/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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THE REALIGNMENT-<\/span><\/p>\n

<\/a><\/span>More talk<\/a><\/span> of an imminent El Sisi trip to Turkey: <\/span>President Abdel Fattah El Sisi and his <\/span>Turkish counterpart Recep Tayyip Erdogan will meet in Turkey after the St Petersburg Russia-Africa summit scheduled for July 27-28, <\/span>the National<\/a><\/span> reports, citing unnamed officials. <\/span><\/p>\n

REMEMBER- The ten-year rift between Egypt and Turkey came a long way to an official close when the two countries last week <\/span>reappointed ambassadors<\/a><\/span>, restoring diplomatic ties. Officials from both countries have <\/span>said publicly<\/a><\/span> that they\u2019re preparing a first meeting between El Sisi and Erdogan.<\/span><\/p>\n

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

US Assistant Secretary of State for International Organization Affairs <\/span>Michele Sison will be in town<\/span> for a two-day visit between 22-24 July, as part of a regional visit that will also see <\/span>her <\/span>visit Kenya, Tanzania, Nigeria, South Africa, Tunisia, and Turkey. (<\/span>State Department statement<\/a><\/span>)<\/span><\/p>\n

MEANWHILE- Back to the GERD negotiating table? <\/span>Egypt and Ethiopia will resume talks on <\/span>the filling and operation of the Grand Ethiopian Renaissance Dam (GERD) \u201cover the coming months,\u201d sources familiar with the process reportedly told <\/span>the National<\/a><\/span> yesterday. The two sides have \u201cexpressed a willingness to make concessions\u201d to put an end to their yearslong dispute, according to the sources. This comes following months of mediation by Russia and South Africa.<\/span><\/p>\n

Pre-negotiation talks? <\/span>Ethiopian PM Abiy Ahmed is expected to be among the leaders heading to Egypt for the <\/span>meeting of Sudan\u2019s neighbors<\/a><\/span> scheduled for Thursday.<\/span><\/p>\n

Missing from the equation: Sudan. <\/span>It\u2019s not clear whether the third party in the GERD dispute \u2014 Sudan \u2014 will take part in any upcoming negotiations given its ongoing civil war. <\/span><\/p>\n

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

Nato is once again setting the global news agenda this morning <\/span>as members ready for the <\/span>kickoff of their two-day summit in Vilnius, Lithuania today. Top of the agenda: Whether <\/span><\/p>\n

Ukraine will be let through the door while the conflict with Russia continues.<\/span><\/p>\n

AND- Turkey\u2019s Erdogan set aside his veto of Sweden joining Nato<\/span> at the eleventh hour. <\/span>Reuters<\/a><\/span>, the <\/span>Financial Times<\/a><\/span>, <\/span>Bloomberg<\/a><\/span>, the <\/span>New York Times<\/a><\/span>, the <\/span>Washington Post<\/a><\/span>, the and the <\/span>Wall Street Journal<\/a><\/span> all have coverage. <\/span><\/p>\n

ALSO- Threads has stolen ChatGPT\u2019s crown as the fastest-growing online platform: <\/span>Meta\u2019s Twitter lookalike Threads has accumulated over 100 mn sign ups as of yesterday, five days after its launch, making it the fastest online platform to hit the record, <\/span>Reuters<\/a><\/span> reports. Compare that to Twitter\u2019s 240 mn active users and you can see why Elon Musk took to his <\/span>Twitter account<\/a><\/span> to attack Meta CEO Mark Zuckerberg. <\/span><\/p>\n

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

CIRCLE YOUR CALENDARS-<\/span> The Enterprise Finance Forum is taking place on 18-19 <\/span>September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy. <\/span><\/p>\n

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

Do you want to become a commercial partner?<\/span> Ping a note to <\/span>Moustafa Taalab, our head of commercial<\/a><\/span>, or fill out <\/span>this form<\/a><\/span> and we\u2019ll be in touch. <\/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

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

\n

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help <\/span>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.<\/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

Not an internship program \u2014 a career:<\/span> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists, while also working on and filing stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/span><\/p>\n

Apply directly to <\/span>jobs@enterprisemea.com<\/a><\/span> and mention \u201creporter development program\u201d<\/span> in your subject line.<\/span><\/p>\n

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

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/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

In today\u2019s issue: <\/span>We take a look at the hurdles facing the implementation of ESG reporting for <\/span>Egyptian businesses. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

PE firm Actis is in the frame to buy the Gabal El Zeit wind 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