{"id":591313,"date":"2019-12-03T04:27:36","date_gmt":"2019-12-03T04:27:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/03\/what-were-tracking-on-3-december-2019\/"},"modified":"2019-12-03T04:27:36","modified_gmt":"2019-12-03T04:27:36","slug":"what-were-tracking-on-3-december-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/03\/what-were-tracking-on-3-december-2019\/","title":{"rendered":"What we\u2019re tracking on 3 December 2019"},"content":{"rendered":"<p><strong>Industry incentives announcement coming tomorrow, Amer says:<\/strong> Prime Minister Moustafa Madbouly will unveil tomorrow a package of measures designed to support the state\u2019s development plans, Central Bank of Egypt Governor <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/12\/2\/1681241\/%D8%B9%D8%A7%D9%85%D8%B1-%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D9%88%D8%B2%D8%B1%D8%A7%D8%A1-%D8%B3%D9%8A%D8%B9%D9%84%D9%86-%D8%B9%D8%AF%D8%AF%D8%A7-%D9%85%D9%86-%D8%A7%D9%84%D9%85%D8%A8%D8%A7%D8%AF%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%A3%D8%B1%D8%A8%D8%B9%D8%A7%D8%A1-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84#HPeconomy-sub\">Tarek Amer said yesterday<\/a> during the <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/events\/2019-african-economic-conference-sharm-el-sheikh-foster-jobs-entrepreneurship-and-capacity-development-african-youths-2019-african-economic-conference-sharm-el-sheikh-foster-jobs-entrepreneurship-and-capacity-development-african\">African Economic Conference<\/a> in Sharm El Sheikh. <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2019\/12\/2\/1681189\/%D8%B7%D8%A7%D8%B1%D9%82-%D8%B9%D8%A7%D9%85%D8%B1-%D9%84%D9%85%D8%B5%D8%B1%D8%A7%D9%88%D9%8A-%D8%AF%D8%B9%D9%85-%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D8%A3%D9%88%D9%84%D9%88%D9%8A%D8%AA%D9%86%D8%A7-%D8%A8%D8%A7%D9%84%D9%81%D8%AA%D8%B1%D8%A9-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84%D8%A9-%D8%A8%D8%AA%D9%88%D8%AC%D9%8A%D9%87%D8%A7%D8%AA-%D8%B1%D8%A6%D8%A7%D8%B3%D9%8A%D8%A9#HPeconomy-sub\">He also said<\/a> that supporting <strong>private-sector companies in the industrial sector will be one of the central bank\u2019s top priorities<\/strong> going forward. Amer and Investment Minister Sahar Nasr <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/1432372173607810\">yesterday inaugurated the three-day conference<\/a>, which brings together 500 African youth representatives, business leaders, policymakers and media professionals.<\/p>\n<p><strong>Speaking of incentives: <\/strong>Exporters are combing through copies of executive regulations governing how the government will give out some EGP 6 bn in export subsidies this fiscal year. It is, as you would expect, a bit of a moving target (one industry wants the head of the export subsidy fund to make clear in the next few days), but the regulations contain a number of good ideas. We have chapter and verse in this morning\u2019s Speed Round, below.<\/p>\n<p><strong>It\u2019s the next to last day for retail investors to subscribe to <\/strong><strong>Rameda Pharma\u2019s IPO<\/strong>, the retail component of which was 3.3x oversubscribed at the end of the third day of subscription yesterday, <a href=\"https:\/\/almalnews.com\/%d9%85%d8%b9%d8%af%d9%84-%d8%aa%d8%ba%d8%b7%d9%8a%d8%a9-%d8%b7%d8%b1%d8%ad-%d8%b1%d8%a7%d9%85%d9%8a%d8%af-%d9%84%d9%84%d8%a3%d8%af%d9%88%d9%8a%d8%a9-%d9%8a%d8%b1%d8%aa%d9%81%d8%b9-%d9%81%d9%89-%d8%a7\/\">Al Mal reports<\/a>. The company\u2019s shares will debut on the EGX under the ticker RMDA on 11 December \u2014 that\u2019s one week from tomorrow.<\/p>\n<p><strong>It\u2019s the third and penultimate day of Cairo ICT.<\/strong> Yesterday saw several agreements signed at the conference, including <a href=\"https:\/\/hapijournal.com\/2019\/12\/02\/%d8%b4%d8%b1%d9%83%d8%a9-%d8%aa%d9%85%d9%88%d9%8a%d9%84%d9%8a-%d8%aa%d9%88%d9%82%d8%b9-%d8%a7%d8%aa%d9%81%d8%a7%d9%82%d8%a7-%d9%85%d8%b9-%d8%a7%d9%84%d8%a8%d8%b1%d9%8a%d8%af-%d9%84%d8%b5%d8%b1%d9%81\/\">an MoU<\/a> that will see Tamweely Microfinance\u2019s financing services available through Egypt Post. Other agreements from yesterday include <a href=\"https:\/\/almalnews.com\/%d8%a3%d9%88%d8%b1%d9%86%da%86-%d8%aa%d9%88%d9%82%d8%b9-%d9%85%d8%b0%d9%83%d8%b1%d8%a9-%d8%aa%d9%81%d8%a7%d9%87%d9%85-%d9%85%d8%b9-%d8%b4%d8%b1%d9%83%d8%a9-%d8%aa%d9%86%d9%85%d9%8a%d8%a9\/\">one on providing WiFi at bus stops<\/a> in Smart Village between Orange Egypt and the Smart Villages Development and Management Company, and <a href=\"https:\/\/almalnews.com\/%d9%85%d8%b0%d9%83%d8%b1%d8%a9-%d8%aa%d9%81%d8%a7%d9%87%d9%85-%d8%a8%d9%8a%d9%86-%d8%a5%d9%8a%d8%aa%d9%8a%d8%af%d8%a7-%d9%88%d8%a5%d9%86-%d8%a5%d9%8a-%d8%b3%d9%8a-%d9%81%d9%8a\/\">another MoU<\/a> between the Information Technology Industry Development Agency and NEC.<\/p>\n<p><strong>A forum on the use of nuclear power also got underway <\/strong><strong>yesterday:<\/strong> Madbouly <a href=\"https:\/\/bit.ly\/2rPuXhS\">yesterday inaugurated the three-day forum<\/a>, which looks at how nuclear energy can be used for power generation and desalination. Jordan is looking to sign an agreement with Egypt on extracting and exploiting uranium for energy production and the peaceful use of nuclear energy, Jordan Atomic Energy Commission Chairman Khaled Toukan <a href=\"https:\/\/alborsaanews.com\/2019\/12\/02\/1271795\">told the local press<\/a> on the sidelines of the forum.<\/p>\n<p><strong>Committee of Fifteen Ministers of Finance (F15) takes p<\/strong><strong>lace in Sharm on Friday:<\/strong> The Finance Ministry and the African Union Commission are holding two days\u2019 of preparatory meetings ahead of Friday\u2019s <a href=\"https:\/\/au.int\/en\/newsevents\/20191203\/committee-fifteen-ministers-finance-f15-meeting\">F15 meeting<\/a>, which will see ministers discuss the financial regulations and the African Union\u2019s budget.<\/p>\n<p><strong>Stuff you can go to this week:<\/strong><\/p>\n<ul>\n<li>The <a href=\"https:\/\/cairoict.com\/pafix-2019\/\">2019 Payment and Digital Inclusion Forum and Exhibition<\/a> enters its penultimate day at the International Exhibition Center today.<\/li>\n<li>The annual <a href=\"https:\/\/riseupsummit.com\/home\">RiseUp Summit<\/a> opens its doors this Thursday, 5 December at the AUC campus in New Cairo. <a href=\"https:\/\/riseupsummit.com\/agenda\">Tap or click here<\/a> for the full agenda.<\/li>\n<li>The regional <a href=\"https:\/\/www.facebook.com\/events\/725969441185708\/\">Pitch by the Pyramids<\/a> competition takes place on Sunday, 8 December.<\/li>\n<\/ul>\n<p><strong>News triggers to keep your eye on in the coming days:<\/strong><\/p>\n<ul>\n<li><strong>The purchasing managers\u2019 index for Egypt,<\/strong> Saudi Arabia and the UAE is out this morning at 6:15am CLT.<\/li>\n<li><strong>Foreign reserves figures for November<\/strong> will be released tomorrow.<\/li>\n<li><strong>Inflation figures for November<\/strong> are out next Tuesday, 10 December.<\/li>\n<\/ul>\n<p class='web-image stand-out-borderless' ><a href='http:\/\/somabay.com\/'><img data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/2571.jpg?ssl=1\" alt='enterprise'><\/a>Enjoy unforgettable experiences in our golf course that looks over the sea, the first of its kind in the Middle East. The award-winning Cascades Championship Golf Course is the first championship course in the Middle East, designed by international legend, Gary Player.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Risky frontier-market debt is booming thanks to low interest rates in advanced <\/strong><strong>economies:<\/strong> Investors are buying big into high-yielding frontier-market debt, indicating an increasing recklessness fueled by historically low interest rates in advanced economies and raising concerns about the debt load of developing countries, <a href=\"https:\/\/www.ft.com\/content\/3d9d941c-1299-11ea-a7e6-62bf4f9e548a\">the FT says<\/a>.<\/p>\n<p><strong>Meanwhile: Is the solution to fight fire with fire?<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-01\/the-way-out-for-a-world-economy-hooked-on-debt-yet-more-debt\">Bloomberg notes<\/a> the growing calls by finance chiefs for governments everywhere to ramp up deficit spending as a means to reverse the global slowdown \u2014 a problem caused, at least in part, by an economic system awash with debt.<\/p>\n<p><strong>Even if global growth does pick up next year, investors shouldn\u2019t expect high returns,<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-02\/jpmorgan-sees-global-economic-pick-up-spurring-mediocre-returns?srnd=premium-middle-east\">JPMorgan says<\/a>. Bonds, currencies and commodities will not generate the kind of gains normally expected during a recovering economy, the US investment bank says, forecasting single-digit returns in investment-grade bonds \u2014 and most surprisingly \u2014 a 6% loss on commodities.<\/p>\n<p><strong>Bond ETFs aren\u2019t doing too badly right now, though:<\/strong> In a sharp reversal of the norm, exchange traded funds linked to bond markets are proving more popular than their equity-linked equivalents as the costs of trading individual bonds increase, the <a href=\"https:\/\/www.ft.com\/content\/3295b03a-3535-4eb1-a456-23588ae7b61c\">Financial Times reports<\/a>. In the first 10 months of the year, bond ETFs saw USD 191 bn of inflows, compared to less than USD 158 bn for stock ETFs, one London-based consultancy found.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Tax my tech? I\u2019ll tax your wine \u2026 and your handbags. <\/strong>The Trump administration is threatening to impose 100% tariffs on French handbags, champagne and wine in retaliation for France\u2019s tax on digital services, which the <a href=\"https:\/\/www.ft.com\/content\/52e4922a-1556-11ea-9ee4-11f260415385\">Financial Times<\/a> says Washington believes \u201cunfairly discriminates against American technology companies.\u201d France has imposed a 3% levy on the revenues of digital companies that sell primarily online. See more in the <a href=\"https:\/\/www.wsj.com\/articles\/trump-administration-proposes-tariffs-against-2-4-billion-of-french-goods-11575328674\">Wall Street Journal<\/a> and <a href=\"https:\/\/www.nytimes.com\/2019\/12\/02\/business\/trump-tariff-france.html\">New York Times<\/a>.<\/p>\n<p><strong>In global miscellany:<\/strong><\/p>\n<ul>\n<li><strong>The Donald has declined to take part in an <\/strong><strong>impeachment hearing<\/strong> on Wednesday at the House Judiciary Committee, although his lawyer has indicated he might be represented at future sessions. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-01\/nadler-s-deadline-to-trump-passes-without-a-public-response?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>Trump is attending a two-day NATO summit in London <\/strong>amid tensions in the military alliance. (<a href=\"https:\/\/www.nytimes.com\/aponline\/2019\/12\/02\/world\/europe\/ap-eu-nato.html\">Associated Press<\/a>)<\/li>\n<li><strong>At least 180 people have been killed in Iran<\/strong> as the government has moved to \u201csmother\u201d the country\u2019s largest bout of political unrest in 40 years. (<a href=\"https:\/\/www.nytimes.com\/2019\/12\/01\/world\/middleeast\/iran-protests-deaths.html\">New York Times<\/a>)<\/li>\n<li><strong>Gulf monarchies are dialing down the rhetoric against Tehran<\/strong>, with indications coming from several quarters that direct communication is increasing and conciliatory gestures are being made. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2019-12-02\/taken-to-brink-by-trump-gulf-states-are-backpedaling-on-iran\">Bloomberg<\/a>)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Industry incentives announcement coming tomorrow, Amer says: Prime Minister Moustafa Madbouly will unveil tomorrow a package of measures designed to support the state\u2019s development plans, Central Bank of Egypt Governor Tarek Amer said yesterday during the African Economic Conference in Sharm El Sheikh. He also said that supporting private-sector companies in the industrial sector will [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[271,72,290,183,655,182,281,185,123,927,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-591313","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-central-bank-of-egypt","tag-enterpriseam","tag-financial-inclusion","tag-fintech","tag-foreign-reserves","tag-inflation","tag-moustafa-madbouly","tag-pmi","tag-startups","tag-tarek-amer","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"30641284-7ab6-4be4-9dd1-549eb3be0ad0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[591311],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What we\u2019re tracking on 3 December 2019 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/12\/03\/what-were-tracking-on-3-december-2019\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 3 December 2019\" \/>\n<meta property=\"og:description\" content=\"Industry incentives announcement coming tomorrow, Amer says: Prime Minister Moustafa Madbouly will unveil tomorrow a package of measures designed to support the state\u2019s development plans, Central Bank of Egypt Governor Tarek Amer said yesterday during the African Economic Conference in Sharm El Sheikh. 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Headed by Prime Minister Moustafa Madbouly, the council will include CBE Governor Tarek Amer, deputy governors Gamal\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652185,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/03\/what-were-tracking-this-week-214\/","url_meta":{"origin":591313,"position":2},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"3 January 2017","format":false,"excerpt":"The Emirates NBD Egypt PMI by Markit is due out tomorrow morning by 6:15am or so. The Saudi and UAE PMIs are due out at the same time.Strong reserves report expected: The central bank is expected to tell us by Thursday how much reserves were in its coffers at the\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","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":571401,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/cbe-may-extend-subsidized-loan-program-to-contractors\/","url_meta":{"origin":591313,"position":3},"title":"CBE may extend subsidized loan program to contractors","author":"enterpriseam admin","date":"11 May 2020","format":false,"excerpt":"CBE may extend subsidized loan program to contractors: CBE Governor Tarek Amer will propose allowing contractors to access subsidized loans under the bank\u2019s EGP 100 bn industry stimulus initiative at the next board meeting, he said in an interview with MENA picked up by the local press. Amer stressed the\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":630171,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/what-were-tracking-this-week-35\/","url_meta":{"origin":591313,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"Finance Minister Amr El Garhy will head to Washington, DC, on Monday for the IMF and World Bank\u2019s Spring Meetings from April 16-22. Investment Minister Sahar Nasr and Central Bank Governor Tarek Amer are also attending, Al Masry Al Youm says. You can check out the landing page for the\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","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":648984,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/19\/what-were-tracking-this-week-191\/","url_meta":{"origin":591313,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"19 April 2017","format":false,"excerpt":"The IMF and World Bank spring meetings are due to kick off on Friday and run through Sunday. Confirmed attendees (so far) from Egypt include Investment and International Cooperation Minister Sahar Nasr and Central Bank of Egypt Governor Tarek Amer. 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