{"id":604161,"date":"2023-08-27T00:00:00","date_gmt":"2023-08-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/the-egyptian-securities-federation-is-finally-a-thing-plus-wheat-talks-air-cairo-madbouly-in-south-africa-fawry-endeavor-and-neptune-energy\/"},"modified":"2023-08-27T00:00:00","modified_gmt":"2023-08-27T00:00:00","slug":"the-egyptian-securities-federation-is-finally-a-thing-plus-wheat-talks-air-cairo-madbouly-in-south-africa-fawry-endeavor-and-neptune-energy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/27\/the-egyptian-securities-federation-is-finally-a-thing-plus-wheat-talks-air-cairo-madbouly-in-south-africa-fawry-endeavor-and-neptune-energy\/","title":{"rendered":"The Egyptian Securities Federation is finally a thing. PLUS: wheat talks, Air Cairo, Madbouly in South Africa, Fawry, Endeavor, and Neptune Energy"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> CAPITAL MARKETS- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> The Egyptian Securities Federation has landed: <\/strong> The Financial Regulatory Authority (FRA) has completed procedures to establish the first <a target=\"_blank\" href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/egypt-gets-its-first-federation-for-securities\/\" style=\"\" rel=\"noopener\">Egyptian Securities Federation<\/a>, almost five years after the original decree establishing the federation was issued, it said in <a target=\"_blank\" href=\"https:\/\/bit.ly\/45qB8qK\" style=\"\" rel=\"noopener\">a<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/45qB8qK\" style=\"\" rel=\"noopener\">statemen<\/a> <a target=\"_blank\" href=\"https:\/\/bit.ly\/45qB8qK\" style=\"\" rel=\"noopener\">t<\/a> on Thursday.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> What it does: <\/strong>The federation\u2019s remit is to improve standards and promote accountability in the sector. It functions as a union of non-banking financial services that have acknowledged the FRA as their central governing authority.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> A new board was the first order of business: <\/strong> The federation on Wednesday <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/775009d7-9db6-45eb-9578-ad1b3d55254b\" style=\"\" rel=\"noopener\">elected<\/a> former investment minister Ashraf Salman as its chairman and Ahmed Ikram Mostafa as its vice chairman. It also appointed 13 members to its board.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> COMMODITIES- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Direct wheat talks come to nought: <\/strong>State grains buyer GASC reportedly made no purchase after direct talks to buy wheat with international trading houses on Friday, traders told <a target=\"_blank\" href=\"https:\/\/www.nasdaq.com\/articles\/egypts-gasc-made-no-purchase-in-direct-talks-about-buying-wheat-traders\" style=\"\" rel=\"noopener\">Reuters<\/a>. The lowest bid was reportedly submitted by Buildcom, which offered to sell 50k tons of Bulgarian wheat at USD 263.77 per metric ton on a free-on-board (FOB) basis.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Remember: <\/strong>GASC last week bought <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc7c3428-e05a-4f0f-9d09-acd66bdd77a5\" style=\"\" rel=\"noopener\">60k metric tons<\/a> of Romanian wheat at USD 270.25 FOB in an international tender funded by the International Islamic Trade Finance Corporation (ITFC). The shipment is scheduled for delivery between 5-20 October.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> ENERGY- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong> Neptune kicks off Egyptian drilling operations: <\/strong> Independent oil and gas company Neptune Energy has started exploratory drilling at the Yakoot well in its North West El Amal offshore concession in the Gulf of Suez, it <a target=\"_blank\" href=\"https:\/\/www.neptuneenergy.com\/media\/press-releases\/year\/2023\/neptune-energy-commences-drilling-operations-yakoot-prospect-egypt\" style=\"\" rel=\"noopener\">said<\/a> Wednesday. It is the first well Neptune will drill in Egypt and falls under a USD 35 mn oil and gas exploration agreement the company <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1fee9d0c-6605-4285-85d4-d0e428e3c35d\" style=\"\" rel=\"noopener\">signed with Egypt<\/a> in 2020 to drill three exploration wells in the concession. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Who\u2019s Neptune? <\/strong>The UK-headquartered company focuses on the North Sea, North Africa and Asia-Pacific. The company will shed its \u201cindependent\u201d moniker once its acquisition by Italy\u2019s Eni goes through: The Italian major said in June it is buying Neptune from its private equity backers in a USD 4.9 bn transaction that the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/d30040ec-e9dc-4845-8fd2-27c5f903204f\" style=\"\" rel=\"noopener\">Financial Times<\/a> characterized as \u201cthe largest cash [transaction] in the European oil and gas sector for almost a decade.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> STARTUPS- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Endeavor Egypt has launched its XceleRise green accelerator <\/strong> in partnership with the German development agency GIZ, a <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2023\/08\/endeavor-egypt-launches-xcelerise-local-entrepreneurs\" style=\"\" rel=\"noopener\">press release<\/a> said. The 15-month program will provide entrepreneurs with \u201cindustry knowledge, market insights and invaluable connections necessary to successfully scale their operations internationally and raise capital,\u201d the statement reads. The accelerator is targeting sustainable startups in green buildings, waste management, renewable energy, sustainable transport, and agriculture and water management. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Who\u2019s eligible? <\/strong>Startups looking to apply to the program must operate within the green and green-tech sector, generate a minimum annual revenue of USD 250k, have at least 10 employees, and be actively seeking international expansion opportunities within the MEA region and to raise capital. Applications can be made through Endeavor\u2019s <a target=\"_blank\" href=\"https:\/\/endeavoreg.org\/xcelerise-program-form\/?fbclid=IwAR1ONbxREjTzNJhhpDnn92CLcUW11xm3dKwrj3O21725ZrOougmqbAOBVIg\" style=\"\" rel=\"noopener\">website<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> FINTECH- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Fawry can now be used to book some train tickets: <\/strong> Passengers traveling between Lower Egypt and Upper Egypt will now be able to book third-class tickets via 320k Fawry e-payment system outlets, a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/pfbid02mfzvgwhxCPS3Jpf6CBa5tFX5Q9eXFzEzE1wJhjs4B4Dx3cQPDcdT5fwWLCmWFWKel\" style=\"\" rel=\"noopener\">statement<\/a> from the Transport Ministry said. This comes a few days after the ministry <a target=\"_blank\" href=\"https:\/\/bit.ly\/3KXmAXu\" style=\"\" rel=\"noopener\">launched a mobile app<\/a> \u2014 ENR Tickets \u2014 that allows passengers to book tickets online.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> AUTOMOTIVE- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Madbouly meets South Africa automotive bosses: <\/strong>Prime Minister Moustafa Madbouly held talks with business leaders in South Africa\u2019s automotive industry and the Africa heads of global car manufacturers on the sidelines of the Brics summit in Johannesburg last week, according to a cabinet <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid09aYzcTjPZ93ZLxfFe724UQoLfWjLc8fzSqZ6oKxrP6Y4iTwsqbaV8zQA71pKQAdKl\" style=\"\" rel=\"noopener\">statement<\/a>. He called for members of the African Automobile Manufacturers Association to provide the Egyptian government with a \u201croadmap that includes the required incentives to start establishing factories in Egypt, and a specific time plan for the implementation stages,\u201d the statement said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> The South African model: <\/strong> Madbouly suggested that Egypt could look to replicate South Africa\u2019s development model for the sector. The South African automotive sector has grown in recent decades to constitute almost 5% of GDP and contribute more than 12% of the country\u2019s exports.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> TRANSPORT- <\/strong><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> Air Cairo adds new routes to the Gulf, West Africa: <\/strong>Low-cost air carrier Air Cairo will begin operating weekly flights to Sharjah, Ougadougou, Dakar and Tangier this year, Commercial Director Salah Kadri reportedly told <a target=\"_blank\" href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=26082023&id=77d264c1-12e5-427c-a483-1f01854d3be9\" style=\"\" rel=\"noopener\">Al Shorouk<\/a>. Four flights a week will begin landing in Sharjah starting 1 November as will twice weekly flights to Tangier, while two weekly flights will take off for Ougadougo and Dakar as of the beginning of December. New routes to Germany, Italy, Saudi Arabia, Kuwait and Jordan could be on the cards for summer 2024, Kadri added<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ESF has been five years in the making<\/p>\n","protected":false},"author":1,"featured_media":604162,"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":[7209],"tags":[4982,111,144,102,317,7071,1633,4112,93,72,519,76,183,564,550,8591,11492,595,91,7101,123,208,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-604161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-air-cairo","tag-also-on-our-radar","tag-automotive","tag-capital-markets","tag-commodities","tag-egypt-south-africa-relations","tag-egyptian-securities-federation","tag-endeavor-egypt","tag-energy","tag-enterpriseam","tag-fawry","tag-financial-regulatory-authority","tag-fintech","tag-food","tag-gasc","tag-giz","tag-neptune-energy","tag-non-banking-financial-services","tag-oil-and-gas","tag-railways","tag-startups","tag-transport-ministry","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"da41e491-7f02-4f7c-b7e6-6b22d64eb03c","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/1215.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The Egyptian Securities Federation is finally a thing. PLUS: Direct wheat talks fall through, Air Cairo expansion, Madbouly in South Africa, Fawry and Neptune Energy","related_issue":[604138],"teaser":"The ESF has been five years in the making","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.630cf88b-2a93-4e2b-b03e-25b8cf6a1433.mp3"},"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>The Egyptian Securities Federation is finally a thing. 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The committee is waiting for more of the 550 FRA-licensed firms to request membership before organizing\u2026","rel":"","context":"In &quot;Egypt Politics + Economics&quot;","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594831,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/09\/companies-to-nominate-one-candidate-to-federation-of-securities-board-fra\/","url_meta":{"origin":604161,"position":3},"title":"Companies to nominate one candidate to Federation of Securities board -FRA","author":"enterpriseam admin","date":"9 September 2019","format":false,"excerpt":"REGULATION WATCH- Companies can only nominate one candidate for the Federation for Securities market regulator: Companies will only be able to nominate one candidate to sit on the board of directors of the Federation for Securities under new regulatory amendments approved by the Financial Regulatory Authority (FRA) yesterday, the regulatorsaid\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":591638,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/11\/fra-could-lower-admission-fees-for-new-federation-for-securities\/","url_meta":{"origin":604161,"position":4},"title":"FRA could lower admission fees for new Federation for Securities","author":"enterpriseam admin","date":"11 December 2019","format":false,"excerpt":"The Financial Regulatory Authority (FRA) is mulling reducing the EGP 25k admission fee for the newly-launched Federation for Securities to increase membership, according to a FRA source. 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