{"id":606375,"date":"2023-09-14T00:00:00","date_gmt":"2023-09-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/this-evening-a-new-round-of-the-car-import-scheme-new-maersk-ap-moller-venture-has-its-eyes-on-egypt-plus-more-privatization-updates\/"},"modified":"2023-09-14T00:00:00","modified_gmt":"2023-09-14T00:00:00","slug":"this-evening-a-new-round-of-the-car-import-scheme-new-maersk-ap-moller-venture-has-its-eyes-on-egypt-plus-more-privatization-updates","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/14\/this-evening-a-new-round-of-the-car-import-scheme-new-maersk-ap-moller-venture-has-its-eyes-on-egypt-plus-more-privatization-updates\/","title":{"rendered":"THIS EVENING: A new round of the car import scheme + New Maersk, AP Moller venture has its eyes on Egypt. Plus: More privatization updates"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and a very, very happy THURSDAY to us all. <\/strong> We have an uncharacteristically busy end to the week today, but we hope you\u2019re able to disconnect and unwind over the weekend all the same. <\/p>\n

THE BIG STORIES TODAY <\/strong><\/p>\n

#1- Expat car initiative, take two: <\/strong> The Madbouly Cabinet agreed to renew the expat car import initiative for a three-month period, allowing Egyptians who are residents abroad to import a new car if they pay for dues up front in FX, according to a statement<\/a>. The House of Representatives will be able to extend the initiative for a further three months, the statement says. The initiative was initially introduced last year<\/a> and attracted some USD 900 mn<\/a> in FX inflows. <\/p>\n

#2- AP Moller, Maersk set up green methanol company with eyes on Egypt: <\/strong> Danish shipping container giant Maersk and its parent company AP Moller Holding are setting up a new company to produce green methanol shipping fuel, named C2X, AP Moller said in a statement today<\/a>. C2X is \u201cpursuing advantaged and scalable green methanol projects located near the Suez Canal in Egypt and the port of Huelva in Spain,\u201d the venture\u2019s website<\/a> says, without providing further information. <\/p>\n

#3- Plastic producer up next for privatization? <\/strong> The government is expected to hire a local investment bank before the year is out to quarterback the sale of up to 30% of state-owned plastic manufacturer Alamal Alsharif Plastics<\/a>, Asharq Business<\/a> reports, citing two unnamed government sources. The plan is to sell the entire 30% stake to a single strategic investor, according to the sources. <\/p>\n

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WE HAVE JUST <\/strong> FOUR <\/strong> DAYS TO GO until we see some of you at the Enterprise <\/strong> Finance Forum, which takes place 18-19 September <\/strong>(Monday and Tuesday) at the St. Regis Hotel on the Nile Corniche. This flagship forum is the latest in our must-attend series of invitation-only events, where CEOs, bankers, investors, founders, and corporate leaders will meet to discuss the trends shaping the future of banking, finance, NBFIs, and fintech \u2014 and of their clients.<\/p>\n

What to expect: <\/strong>Join Karim Awad <\/strong> (group CEO, EFG Holding), Hazem Moussa <\/strong> (chairman, Contact Financial Holding), Tamer El Emary <\/strong> (group CEO, GB Capital), Hoda Kassem <\/strong> (Cairo global services center director, HSBC Egypt), Hassan Allam <\/strong> (CEO, Hassan Allam Holding), Pakinam Kafafi <\/strong>(CEO, Taqa Arabia), and many others for talks on everything from investing in uncertain times, to whether NBFIs are a bubble, and what the customers of financial institutions are saying about their bankers behind their backs. Stay tuned for the unveiling of our full list of speakers in the coming days.<\/p>\n

Tap or click here to view the FULL AGENDA with SPEAKERS.<\/a><\/strong><\/a><\/strong><\/p>\n

There will be plenty of parking available at the venue <\/strong> for all those attending. <\/p>\n

** We are honored to count some of the region\u2019s most important financial institutions as <\/strong><\/p>\n

our partners for this special event. <\/strong>The Enterprise Finance Forum could not take place without the support of our partners including Banque Misr, Al Baraka Bank, FABMISR, HSBC, Mashreq, Banque du Caire, CI Capital, Global Corp, Visa, Hassan Allam Utilities, the IFC, and Post for Investment. <\/p>\n

<\/a> <\/p>\n

THE BIG STORY ABROAD <\/strong><\/p>\n

Beijing\u2019s response to the EU anti-subsidy probe is leading the conversation in the <\/strong> international business press this afternoon. <\/strong>Deeming the move as one of \u201cblatant[ly] protectionism\u201d the Chinese Ministry of Commerce called for a dialogue, stressing that the step can dampen EU-China relations and can distress the global automotive market. Markets were quick to respond, with Chinese EV stocks inching down: Hong Kong-listed BYD closed down 1.2% and Shanghai-listed SAIC, which manufactures MG, was down 3.4% at the closing bell. (Financial Times<\/a> | CNBC<\/a> | Reuters<\/a>)<\/p>\n

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** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM: <\/strong><\/p>\n