{"id":592904,"date":"2019-11-12T04:21:15","date_gmt":"2019-11-12T04:21:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/what-were-tracking-on-12-november-2019\/"},"modified":"2019-11-12T04:21:15","modified_gmt":"2019-11-12T04:21:15","slug":"what-were-tracking-on-12-november-2019","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/12\/what-were-tracking-on-12-november-2019\/","title":{"rendered":"What we\u2019re tracking on 12 November 2019"},"content":{"rendered":"

We don\u2019t know whether to be grateful it\u2019s already Tuesday<\/strong>, or to cry for all of the things that won\u2019t get done in a shortened workweek.<\/p>\n

Either way, the news this morning has us smiling: <\/strong>It\u2019s a big day for business as the nation\u2019s long-awaited sovereign wealth fund had a coming out of sorts yesterday: CEO Ayman Soliman told Bloomberg about a transaction that could see the SWF structure a transaction that will see it take a stake in the Siemens \/ OC \/ Elsewedy power plants and place the rest of the equity with international investors. The business community has long awaited the SWF\u2019s first move<\/strong>, and this is a good start. The next step: Appointment of a financial advisor for the transaction as early as next week.<\/p>\n

Also piquing our interest this morning: Bloomberg\u2019s piece on the SWF name-checks us as the Middle East\u2019s fastest-growing economy \u2014 and it looks like the government expects GDP to expand at a 6.4% rate<\/strong> in the next fiscal year. That\u2019s better than the 6.0% rate expected this year, but down from an earlier projection of >7%.<\/p>\n

Meanwhile, news of friends: Cleopatra Hospitals is eyeing what could be its first expansion outside Egypt<\/strong>, while Algebra Ventures and CVentures led a USD 1 mn series A funding round <\/strong>for Yodawy, Egypt\u2019s largest online digital pharmacy benefits platform.<\/p>\n

We have chapter and verse on all of this in this morning\u2019s Speed Round, below.<\/p>\n

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A delegation from Chinese government\u2019s influential consultative body wraps up its visit today.<\/strong> It has been in town to talk over Egypt\u2019s participation in the Belt and Road Initiative, the local press reports<\/a>. We have more on this in this morning\u2019s Diplomacy + Foreign Trade, below.<\/p>\n

The first iteration of the <\/strong>Egypt Economic Summit<\/a><\/strong> gets underway today<\/strong> at the Four Seasons Nile Plaza, according to a press release (pdf)<\/a>.<\/p>\n

It\u2019s interest rate week: <\/strong>The CBE meets on Thursday to review interest rates, with five of the six economists we surveyed last week predicting a rate cut.<\/p>\n

Our friends at AmCham are hosting the US-Egypt Future Prosperity Forum a week<\/strong> from today. Prime Minister Moustafa Madbouly<\/strong> and US Foreign Commercial Service Assistant Secretary of Commerce for Global Markets & Director General Ian Steff<\/strong> will be among those speaking at the forum. Investment and International Cooperation Minister Sahar Nasr<\/strong>, Oil Minister Tarek El Molla<\/strong>, Planning Minister Hala El Said<\/strong>, and CIT Minister Amr Talaat<\/strong> will also participate in sessions throughout the event. You can check out the full agenda here<\/a>.<\/p>\n

PSA- We\u2019re looking at something of a late-fall heat wave<\/strong>, with daytime highs of 33\u00b0C today through Thursday before the mercury falls to 25-27\u00b0C through the end of the month, according to our favourite weather app.<\/p>\n

<\/a>Somabay is home to five luxury resorts, a lively marina, and outlets for premium entertainment and relaxation. Somabay caters to diverse tastes with a common thread of well-being,<\/p>\n

relaxation, and sheer enjoyment of life that is reflected in all its hotels & facilities.<\/p>\n<\/p>\n

Adnoc to take on WTI and Brent by launching new crude benchmark early next year:<\/strong> The Abu Dhabi National Oil Company (Adnoc) and nine major energy companies are planning to set up a new exchange to trade the world\u2019s first Murban crude futures contracts, CNBC reports<\/a>. Adnoc will partner with the Intercontinental Exchange (ICE) to establish the market as soon as early 2020 in a move designed to challenge the dominance of the two main light crude benchmarks, WTI and Brent. BP, Shell, Total and Petrochina are among those joining Adnoc<\/strong> in the venture.<\/p>\n

Also for the oil and gas types among you <\/strong>this morning: Low oil prices and the growth of renewables are helping push African governments to relax terms in bids to make E&P activity more enticing, Reuters<\/a> reports.<\/p>\n

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Regionally: Lebanon\u2019s central bank says it has the liquidity to keep the market <\/strong>awash in greenbacks <\/strong>and has no plans to impose capital controls or give haircuts to account holders, Bloomberg<\/a> reports. And Saudi Arabia has made good on a promise to give <\/strong>permanent residency<\/a><\/strong> to some foreigners.<\/strong><\/p>\n

Also worth knowing about this morning:<\/strong><\/p>\n