{"id":590077,"date":"2023-07-13T00:00:00","date_gmt":"2023-07-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit\/"},"modified":"2023-07-13T00:00:00","modified_gmt":"2023-07-13T00:00:00","slug":"blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/blackrock-wants-to-invest-here-plus-ethiopian-pm-lands-in-egypt-ahead-of-sudan-peace-summit\/","title":{"rendered":"BlackRock wants to invest here. PLUS: Ethiopian PM lands in Egypt ahead of Sudan peace summit"},"content":{"rendered":"

Good morning, wonderful, people, and a very happy THURSDAY. <\/span>We\u2019re ending a busy <\/span>news week with another packed issue, bringing you stories on everything from fresh international development finance to our roundup of the most important legislation passed by the House of Representatives in its most recent session. But first\u2026<\/span><\/p>\n

<\/a> <\/span>REJOICE- We have a four-day weekend next week:<\/span> Thursday, 20 July and Sunday, <\/span>23 July will be national holidays for the public and private sector to mark the Islamic New Year <\/span>and Egypt\u2019s Independence Day, according to a cabinet <\/span>statement<\/a><\/span>. We\u2019ll be keeping our eyes peeled for confirmations from the Central Bank of Egypt and the EGX that the same holidays will apply for the banking sector, and the bourse.<\/span><\/p>\n

It will be the last long weekend until late September<\/span> when we down tools for the Prophet Muhammad\u2019s birthday.<\/span><\/p>\n

THE BIG STORY here at home this morning: We\u2019re getting a ton of EBRD money.<\/span> Two <\/span>state-owned banks and impact investor Mediterrania Capital Partners are getting more than USD 530 mn in fresh financing from the European Bank for Reconstruction and Development. We have the full story in today\u2019s news well.<\/span><\/p>\n

SOUND SMART- EBRD has a current portfolio here of some EUR 4.6 bn<\/span> and has invested more than EUR 10 bn in Egypt since day one. Most of its investment is in private sector companies, and its priorities include the finance industry, agribusiness, infrastructure, transportation, and telecoms. <\/span><\/p>\n

<\/a> <\/span>AND-<\/span>BlackRock could have more appetite for Egypt. <\/span>T<\/span>he world\u2019s biggest asset <\/span>manager is exploring more investment in the Egyptian market, Gordon Fraser (<\/span>bio<\/a><\/span>), c<\/span>o-head of global emerging markets equities at a division of BlackRock's active equities group<\/span>, said <\/span>during a meeting<\/span> with Prime Minister Moustafa Madbouly yesterday, according to a <\/span>cabinet statement<\/a><\/span>. Fraser is quoted as saying that the government\u2019s moves to implement its economic reform program had encouraged BlackRock to look into deploying more capital here. <\/span>EFG Holding chief Karim Awad was also at the meeting. <\/span><\/p>\n

More to come: <\/span>BlackRock representatives were also due to meet with the governor of the central bank, officials from the sovereign fund, and private sector firms, the statement reads.<\/span><\/p>\n

ALSO- Our friends at home-grown shipping giant <\/span>Transmar<\/a><\/span> have rolled out a new reefer <\/span>line connecting Eg<\/span>ypt\u2019s Adabiya Port with the ports of Aden and Hodeida in Yemen<\/span>,<\/span> the company said in a <\/span>statement (pdf)<\/a><\/span>. The route will be biased toward refrigerated and dry cargo to help boost Yemen\u2019s food security, the release added. The service launched at the end of June, head of marketing at Transmar, Angie Mahran, told <\/span>Enterprise Logistics<\/a><\/span>.<\/span><\/p>\n

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

<\/a> <\/span>Egypt <\/span>will today host<\/a><\/span> a peacemaking summit of Sudan\u2019s neighbors<\/span> to look into<\/span> ways to put an end to the country\u2019s ongoing civil war. The summit will work to set up \u201ceffective mechanisms\u201d to stop the bloodshed in coordination with regional and international players. The leaders of Libya, Chad, the Central African Republic, South Sudan, Ethiopia, and Eritrea are expected to attend, according to <\/span>the National<\/a><\/span>.<\/span><\/p>\n

The summit has provided an opening for talks with Ethiopia on GERD: <\/span>President Abdel Fattah El Sisi last night met Ethiopian PM Abiy Ahmed after the latter landed in Cairo for the Sudan summit, Ittihadiya said in a <\/span>statement<\/a><\/span>. Sudan and the disputed Grand Ethiopian Renaissance Dam (GERD) were on the agenda. This comes <\/span>shortly after reports<\/a><\/span> that Egypt and Ethiopia will soon resume talks on the filling and operation of the dam.<\/span><\/p>\n

<\/a> <\/span>The government will wrap up the disbursement of a first batch of export subsidies<\/span>under the sixth phase of its subsidies program, the Finance Ministry said in a <\/span>statement<\/a><\/span>. FinMin is disbursing EGP 7.5 bn to some 750 exporters <\/span>yesterday and today<\/a><\/span>, The second tranche will be paid out next week on 19 and 20 July, while the third will be paid on 2 and 3 August. <\/span><\/p>\n

The program so far: <\/span>The ministry has so far paid EGP 42 bn to exporters since the program first started in 2019. <\/span><\/p>\n

WATCH THIS SPACE-<\/span><\/p>\n

ORA is heading to Iraq: <\/span>Naguib Sawiris\u2019 ORA Developers wants to launch a \u201chuge\u201d real<\/span> estate project in Iraq, Sawiris told <\/span>Asharq Business<\/a><\/span>, without providing any details.<\/span><\/p>\n

Beltone is close to wrapping its huge capital increase:<\/span> The landmark EGP 10 bn capital <\/span>increase is now 98% covered as of the end of its first phase, which closed on Tuesday, Beltone said in <\/span>a regulatory filing (pdf)<\/a><\/span>yesterday. Some 4.89 mn shares of the 5 mn on offer have been snapped up. The second phase of the capital increase runs today through Monday. Investors welcomed the news, with the company\u2019s shares up <\/span>1.0% at the closing bell yesterday at EGP 4.08 apiece.<\/span><\/p>\n

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

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

It\u2019s another morning all about the Nato summit in Vilnius: <\/span>The international press is<\/span> yet to shift its focus from the summit, which wrapped up yesterday. Ukraine gained long-term security assurances from the US and its allies yesterday, though they stopped short of allowing Kyiv to join the alliance while the conflict with Russia continues. US President Joe Biden accused Russian President Vladimir Putin of having a \u201ccraven lust for land and power\u201d as he reiterated the country\u2019s support for Ukraine. (<\/span>Reuters<\/a><\/span> | <\/span>Bloomberg<\/a><\/span> | <\/span>FT<\/a><\/span> | <\/span>DW<\/a><\/span> | <\/span>CNN<\/a><\/span> | <\/span>Washington Post<\/a><\/span>)<\/span><\/p>\n

AND- US inflation dipped to 3% in June<\/span>, the slowest pace since March 2021, according to the <\/span>Wall Street Journal<\/a><\/span>.<\/span><\/p>\n

PLUS- The Madbouly cabinet\u2019s big privatization update is still generating internationa<\/span>l headlines: <\/span>The government\u2019s announcement that it has secured <\/span>USD 1.9 bn of asset sales<\/a><\/span> under its privatization program is \u201ca positive sign,\u201d but more needs to be done to stabilize the economy, Abu Dhabi Commercial Bank chief economist Monica Malik told the <\/span>Financial Times<\/a><\/span>. \u201cTo secure wider inflows, Egypt will need to move to a flexible exchange rate. These won\u2019t come as long as the currency is perceived as overvalued,\u201d she is quoted as saying. <\/span><\/p>\n

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

Could Russia regain access to SWIFT in return for an extension of the Black S<\/span>ea grain pact? <\/span>The UN has offered that a subsidiary of Russia\u2019s agricultural bank be reconnected to the SWIFT international payment network in return for Moscow agreeing to extend a pact allowing Ukrainian grain safe passage through the Black Sea, sources familiar with the matter are quoted as telling <\/span>Reuters<\/a><\/span>. Russian banks were locked out of SWIFT as part of sanctions imposed at the outbreak of the war with Ukraine. <\/span><\/p>\n

REMEMBER- <\/span>Turkey recently said<\/a><\/span> it wants a further month-long extension of the agreement, which has already been extended for two months and expires on 17 July. <\/span><\/p>\n

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

Here\u2019s what\u2019s happening with Al Ezz Dekheila:<\/span> In <\/span>our story<\/a><\/span> covering <\/span>the <\/span>government\u2019s sale of Al Ezz Dekheila shares and the company\u2019s planned delisting, we incorrectly identified Ezz Steel as the buyer. Though the company will likely end up acquiring full ownership of its subsidiary following the upcoming shareholder meeting, it was Al Ezz Dekheila that bought the shares.<\/span><\/p>\n

ICYMI- <\/span>On Tuesday, the government said that it would sell its entire 31% stake in Al Ezz Dekheila as part of its privatization program. Hours earlier, the company announced that it would be voluntarily delisting from the EGX within three months.<\/span><\/p>\n

Al Ezz Dekheila is the buyer:<\/span> Al Ezz Dekheila will use foreign-currency loans to buy back the freefloat shares held by government entities. This will result in the company owning 31% of its shares, while Ezz Steel will hold a 64% stake, and the remainder will be held by minority shareholders. With more than 90% of the company now in private hands, the company plans to voluntarily delist from the EGX, a decision that will be voted on at the 5 August shareholder meeting.<\/span><\/p>\n

Al Ezz Dekheila plans to retire all of the shares acquired from the government<\/span> after the transaction. This will leave Ezz Steel with almost full ownership of the now-private company \u2014 and potentially 100% control depending on how many of the minority shareholders decide to sell their shares. Shareholders will vote on whether to retire the shares at the 5 August meeting.<\/span><\/p>\n

An<\/span> Emirati syndicated loan to fund the buy back: <\/span>Ezz Steel has secured a USD 125 mn<\/span>syndicated facility from a number of Emirati banks to fund part of the buyout, a representative from Ezz Steel told Enterprise, without disclosing the identity of the lenders.<\/span><\/p>\n

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

<\/a> <\/span>Egyptian BoDs form climate alliance: <\/span>Launched at a reception yesterday, the <\/span>Egyptian branch of the global <\/span>Climate Governance Initiative<\/a><\/span>, Chapter Zero Egypt, aims to <\/span>educate corporate boards of directors on climate change and equip its members with the tools to help tackle it, <\/span>Zawya<\/a><\/span> reports<\/span>.<\/span><\/p>\n

We\u2019re hosting an environment and climate investment forum at the end of the <\/span>month<\/span>, Environment Minister Yasmine Fouad <\/span>said yesterday<\/a><\/span> during her participation at the Chapter Zero launch<\/span>. The forum will look into nontraditional forms of climate investment in sectors including ecotourism and agricultural waste.. <\/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","protected":false},"excerpt":{"rendered":"

Ethiopian PM Abiy Ahmed held talks with President El Sisi on GERD<\/p>\n","protected":false},"author":1,"featured_media":590078,"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":[7022,1077,168,72,382,589,410,7111,125,145,2065,599,81,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-590077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-2023-sudan-conflict","tag-blackrock","tag-diplomacy","tag-enterpriseam","tag-ethiopia","tag-ezz-steel","tag-gerd","tag-infrastructure","tag-investment-watch","tag-logistics","tag-naguib-sawiris","tag-ora-developers","tag-privatization-watch","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"4d82f1f7-7449-4dbd-a811-8a61f731bbf2","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/7\/524.jpg","photo_position":"above","homepage_title":"","full_issue_title":"BlackRock wants to invest here. 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This comes as Ethiopia is set to swear in\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567092,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/13\/what-were-tracking-on-13-january-2020\/","url_meta":{"origin":590077,"position":1},"title":"What we\u2019re tracking on 13 January 2020","author":"enterpriseam admin","date":"13 January 2020","format":false,"excerpt":"The holiday news lull (such as it was this year) is officially over, as we have a packed issue for you this morning. The big stories are still on the international front (Libya, Ethiopia and Iran), but M&A news is back in the headlines and the CBE is shaping up\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627013,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/17\/what-were-tracking-this-week-and-beyond-118\/","url_meta":{"origin":590077,"position":2},"title":"What we\u2019re tracking this week and beyond","author":"enterpriseam admin","date":"17 July 2018","format":false,"excerpt":"President Abdel Fattah El Sisi will reportedly be visiting Sudan on Thursday to meet with Sudanese President Omar Al Bashir, according to reports in the Sudanese press picked up by Youm7. The two-day long meetings between the presidents will encompass primarily the Grand Ethiopian Renaissance Dam (GERD) and the South\u2026","rel":"","context":"In "Up Next"","block_context":{"text":"Up Next","link":"https:\/\/enterpriseam.com\/egypt\/category\/up-next\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":641120,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/09\/13\/what-were-tracking-this-week-128\/","url_meta":{"origin":590077,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"13 September 2017","format":false,"excerpt":"The Council of State should be reviewing the Investment Act\u2019s executive regulations thisweek and concluding its work before the month is over.The Egyptian-Sudanese-Ethiopian committee on the Grand Ethiopian Renaissance Damconvenes Thursday in Atbara to discuss the project\u2019s environmental impact report.","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629752,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/what-were-tracking-this-week-31\/","url_meta":{"origin":590077,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"1 April 2018","format":false,"excerpt":"Pharos Holdings will be holding a two-day investor conference headlined \u2018In Search of Egypt Alpha\u2019 tomorrow and Tuesday. The event, set to be attended by a number of senior government officials, is expected to host around 40 companies from a range of industries, Chairman and CEO Elwy Teymour said in\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":637213,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/11\/12\/what-were-tracking-on-12-november-2017\/","url_meta":{"origin":590077,"position":5},"title":"What we\u2019re tracking on 12 November 2017","author":"enterpriseam admin","date":"12 November 2017","format":false,"excerpt":"We come out of the weekend with a string of good news, folks. 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