{"id":604140,"date":"2023-08-27T00:00:00","date_gmt":"2023-08-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/an-election-timeline-is-on-the-way\/"},"modified":"2023-08-27T00:00:00","modified_gmt":"2023-08-27T00:00:00","slug":"an-election-timeline-is-on-the-way","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/an-election-timeline-is-on-the-way\/","title":{"rendered":"An election timeline is on the way"},"content":{"rendered":"

Good morning, wonderful people, and welcome to the last workweek of August. <\/strong>We hope you make the most out of it \u2014 the 2024 budget planning season that so many of us will kick off in a few days or weeks\u2019 time isn\u2019t going to be an easy one.<\/p>\n

There\u2019s no single BIG STORY HERE AT HOME<\/strong>, though we do have plenty of news, from a new head of the EGX (veteran regulator Ahmed El Sheikh), to our admission to the newly-expanded Brics, and soaring hotel prices as we gear up for the winter season.<\/p>\n

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

<\/a> #1- The timeline for Election 2024 is on its way: <\/strong>The National Election Authority will soon hold what it is calling an \u201cinternational press conference\u201d to announce the timeline for the 2024 presidential election, including details of logistics, polling stations, voter lists, and judicial supervision, the NEA\u2019s chairman, Walid Hamza, said yesterday, without providing a date. \u201cThe NEA will allow the largest possible number of local and foreign civil society organizations and media outlets to monitor and cover the election,\u201d Hamza said.<\/p>\n

#2- Cyprus just turned down Chevron\u2019s plan for the massive Aphrodite natural gas <\/strong> field: <\/strong>Chevron\u2019s proposal to develop the Aphrodite gas field has been rejected by Cyprus, leaving both parties 30 days to reach a new agreement. Cypriot Energy Minister Giorgos Papanastasiou, who spoke with Bloomberg<\/a>, did not provide any comment regarding why the plan was rejected. Chevron plans to exploit the Aphrodite field<\/a> with its partners (Shell and Israel\u2019s NewMed Energy), including exporting much of that gas to Egypt for liquefaction<\/strong>. <\/p>\n

Aphrodite is important for Egypt: <\/strong>Egypt and Cyprus are planning<\/a> to lay a pipeline connecting the Aphrodite field to Egypt\u2019s LNG facilities, allowing the gas to be liquefied and exported to Europe. Egypt is currently the only country with LNG facilities in the Eastern Mediterranean, putting us in pole position to fill Europe\u2019s conventional energy supply gap as it rapidly transitions away from Russian fossil fuels.<\/p>\n

DATA POINT- <\/strong><\/a> #2- Car sales haven\u2019t been this low since the start of the millennium: <\/strong> Car sales are currently at their lowest levels in 25 years, head of the Car Dealers Association, Osama Abul Majd, reportedly told Al Shorouk<\/a>. <\/p>\n

Remember: <\/strong> Dealers sold just 6,331 vehicles<\/a> in June, down two-thirds from the same month in 2022.<\/p>\n

HAPPENING THIS WEEK- <\/strong><\/p>\n

<\/a> Flat6Labs\u2019 Makers accelerator starts tomorrow: <\/strong> Flat6Labs\u2019 12-week construction tech accelerator program begins on Monday, 28 August. The program, dubbed Makers<\/a>, is designed to provide support to construction technology startups in Egypt in partnership with SIAC and Dar Al-Handasah. Selected start-ups from the program will receive up to USD 100k per venture in addition to mentorship, business training, and access to networking events.<\/p>\n

<\/a> Deadline day for the Smart Green Projects initiative: <\/strong> Submissions for the second phase of the Smart Green Projects initiative<\/a> will be due on Friday, 1 September<\/a>. The second iteration of the government-led initiative<\/a> is accepting applications for projects working on addressing issues like energy, emissions reduction, sustainable agriculture and green buildings. Shortlisted projects will get the chance to present their vision during COP28. The top three contenders in six categories are also awarded prizes between EGP 250k and EGP 750k.<\/p>\n

<\/p>\n

THE BIG STORIES ABROAD- <\/strong><\/p>\n

The US business press are still focused on Fed chair Jerome Powell\u2019s speech at Jackson <\/strong> Hole <\/strong>at the weekend. More on that in Planet Finance below. (Bloomberg<\/a> | Wall Street Journal<\/a> | CNBC<\/a>)<\/p>\n

ALSO- <\/strong> India\u2019s food protectionism continues with rice tax: <\/strong> The Indian government has imposed a 20% export tax on parboiled rice with immediate effect as the country seeks to cover local demand and tamp down on food inflation, writes A<\/a> sharq Busin<\/a> ess<\/a>, citing a notification from the Indian Finance Ministry on Friday. The most recent protectionist measures<\/a> will have knock-on effects for global prices that will need to be absorbed by buyers and result in contract renegotiations, said president of the Rice Exporters Association B V Krishna Rao. <\/p>\n

The latest on the Women\u2019s World Cup controversy <\/strong> is getting a lot of attention around the world after Fifa yesterday suspended Spain\u2019s football association chief Luis Rubiales, a week after he provoked outrage by kissing one of the players following their victory against England in the final. This came a few hours after the Spanish football association threatened to sue the player, Jennifer Hermoso, accusing her of lying about the incident. (Associated Press<\/a> | Reuters<\/a> | Bloomberg<\/a> | Financial Times<\/a> | New York Times<\/a> | Wall Street Journal<\/a>)<\/p>\n

The EU\u2019s Big Tech crackdown is here: <\/strong>As of Friday, 19 major online platforms including Meta\u2019s Facebook and Instagram as well as certain Google services must adhere to the EU\u2019s stringent Digital Services Act, placing them under unprecedented scrutiny over harmful content, privacy, and transparency, Reuters<\/a> reports. Companies that fail to comply with the sweeping legislation \u2014 which forces Big Tech to do more to combat bad behavior online and to share more data with regulators \u2014 face fines of up to 6% of their global turnover, or even a ban on operating in EU countries if they repeatedly breach the law. <\/p>\n

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CHECK OUT OUR AGENDA- <\/strong><\/p>\n

The Enterprise Finance Forum is taking place on 18-19 September at <\/strong> the St. Regis Hotel in Cairo. <\/strong> 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. <\/p>\n

This is our first two-day event<\/strong>,which should give us plenty of time to dive into the nitty gritty of this industry we love. Our panels will see CEOs, bankers, investors and founders gather to discuss the future and trends shaping banking, finance, fintech and NBFS. <\/p>\n

Our full agenda will be out at month\u2019s end. Among the topics we\u2019ll be discussing: <\/strong><\/p>\n