{"id":607139,"date":"2023-09-27T00:00:00","date_gmt":"2023-09-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/maait-confirms-oil-hedge\/"},"modified":"2023-09-27T00:00:00","modified_gmt":"2023-09-27T00:00:00","slug":"maait-confirms-oil-hedge","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/27\/maait-confirms-oil-hedge\/","title":{"rendered":"Maait confirms oil hedge"},"content":{"rendered":"

Good morning, everyone. It\u2019s the last day of the workweek (and last workday of <\/strong> September) for all of us here in Egypt<\/strong>, and a three-day break couldn\u2019t have come soon enough. We hope you\u2019re looking forward to unwinding as much as we are.<\/p>\n

THE BIG STORY THIS MORNING is word that the IMF is happy with the Madbouly <\/strong> government\u2019s progress on privatization <\/strong>(though it\u2019s eager we don\u2019t take our foot off the accelerator) \u2014 and that there is a world in which we could unlock two tranches of USD from the lender ahead of a full float of the EGP late this year or early next. That would give Hassan Abdalla and the team at the central bank more liquidity with which to fight a potential overshoot when they go for a float. <\/p>\n

^^ We have the full rundown on the story, reported by Mirette Magdy for Bloomberg, in this morning\u2019s news well, below. <\/p>\n

<\/a> WATCH THIS SPACE- We could have power 24\/7 next month: <\/strong> That\u2019s according to Al Borsa<\/a>, which reports that the Electricity Ministry could bring an end to the rolling<\/a> blackouts<\/a> in the middle of October as temperatures dip. The news outlet cites anonymous sources at the ministry as saying that the government will bring an end to the load reductions which have been in place since mid-July.<\/p>\n

Remember: <\/strong>The ministry was forced into a program of rolling daily blackouts across most of the country in July as a prolonged heatwave combined with lower fuel supplies to put pressure on the electricity grid. Previous pledges to restore full power service (ranging from the end of July to the middle of September) have failed to transpire, with the country still suffering daily blackouts of at least an hour.<\/p>\n

\n

\n

<\/a> PSA #1- The country will be off tomorrow <\/strong> in observance of Prophet Mohammed\u2019s birthday, which falls today. The cabinet<\/a>, the Central Bank of Egypt<\/a>, and the EGX<\/a> have confirmed that private and public sectors, the banking sector, and stock exchange will be taking tomorrow off.<\/p>\n

That means us, too: <\/strong>EnterpriseAM and EnterprisePM are off tomorrow and will be back in your inboxes at our customary times on Sunday, 1 October. Our regional publications (Enterprise Climate and Enterprise Logistics) will still publish tomorrow, as will Enterprise Weekend.<\/p>\n

Next week may also see us gifted a three-day weekend <\/strong>in observance of Armed Forces Day, which falls on Friday. The government typically declares a replacement day for national holidays that fall on Fridays.<\/p>\n

<\/a> PSA #2- Enjoy your commute today, friend: <\/strong>It\u2019s only going to get gnarlier out there after the long weekend, new bridges and highways and tunnels or not. The new academic year kicks off for Egypt\u2019s universities and government schools on Saturday. Most private and international schools have been back for 1-6 weeks. With the back-to-school rush jumping into high gear, be sure to leave for work a little earlier next week to beat the traffic. <\/p>\n

<\/a> PSA #2- <\/strong> Summer retail hours are out. Winter hours are in. <\/strong>Shops and malls will close an hour earlier at 10pm on Saturday through Wednesday (11pm on Thursdays, Fridays, and national holidays) starting 28 September <\/strong> as winter trading hours come into effect. Cafes and restaurants will close at midnight. The government first introduced seasonal retail opening hours<\/a> in 2020.<\/p>\n

\n

\n

HAPPENING TODAY- <\/strong><\/p>\n

<\/a> Deadline day <\/strong> for those interested in the fifth phase of the IDA's investment map: <\/strong>The Industrial Development Authority (IDA) earlier this year<\/a> started offering 790 new industrial land plots and 152 potential investments under the fifth phase of its investment map. The new offerings come as the ministry is attempting to reduce the country\u2019s import bill by localizing industries.<\/p>\n

ENERGY WATCH- <\/strong><\/p>\n

Maait confirms new hedging contracts: <\/strong>Egypt has bought new hedging contracts to protect itself from rising oil prices, Finance Minister Mohamed Maait said in a chat with reporters on the sidelines of the AIIB meeting in Sharm El Sheikh, confirming a report by Asharq Business<\/a> earlier this month. The derivatives will remain in place until the end of the current fiscal year in June, he said, without providing further information. Asharq\u2019s source said the contracts lock in crude purchases at around USD 75-80 per barrel, below the USD 85 price<\/a> assumed in the FY 2023-2024 budget.<\/p>\n

Egypt\u2019s oil needs: <\/strong> The country will need to import around 150 mn barrels of oil, the minister said. This is higher than the 100 mn figure recently reported in the press.<\/p>\n

Why this is important: <\/strong> Oil prices have surged to their highest levels since November in recent days, fuelled by Saudi Arabia\u2019s and Russia\u2019s supply cuts and rising demand in Asia. The price of Brent has risen almost 30% over the past three months, closing at USD 92.51 yesterday, squeezing the finances of oil importers such as Egypt.<\/p>\n

^^ We have additional coverage of AIIB\u2019s Sharm meeting in this morning\u2019s Hard Hat, below.<\/p>\n

\n
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Subscribe here<\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n

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

There are two stories dominating the global front pages this morning: <\/strong><\/p>\n

#1- Amazon hit with major antitrust lawsuit: <\/strong> The US government took aim at Amazon\u2019s alleged anticompetitive practices yesterday, with the Federal Trade Commission (FTC) and 17 states filing a lawsuit, accusing the e-commerce giant of abusing its dominance to overcharge its clients and hurt its competitors. (Everyone from Associated Press<\/a> and Reuters<\/a> to Bloomberg<\/a>. the Financial Times<\/a> and CNBC<\/a> has this one)<\/p>\n

#2- US gov\u2019t shutdown looms: <\/strong> The US government is on a course to shut down on Sunday, 1 October shutdown, as lawmakers struggle to agree on even a short-term funding extension. (Wall Street Journal<\/a> | New York Times<\/a> | Washington Post<\/a> | CNBC<\/a>)<\/p>\n

Moody\u2019s is taking a dim view of the recurring gridlock on Capitol Hill: <\/strong> The rating agency warned that a government shutdown could force it to follow Fitch and downgrade the country\u2019s credit rating. (Financial Times<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, everyone. It\u2019s the last day of the workweek (and last workday of September) for all of us here in Egypt, and a three-day break couldn\u2019t have come soon enough. We hope you\u2019re looking forward to unwinding as much as we are. THE BIG STORY THIS MORNING is word that the IMF is happy […]<\/p>\n","protected":false},"author":1,"featured_media":607140,"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":[93,72,277,91,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-607139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-energy","tag-enterpriseam","tag-mohamed-maait","tag-oil-and-gas","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"60e6b925-302b-4a40-af89-f6e1ca7aab7d","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/9\/1613.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt finance minister confirms oil hedge","related_issue":[607137],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.d22ff796-bab2-4bda-a9b3-d52b7a8cd01f.mp3"},"yoast_head":"\nMaait confirms oil hedge - 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\/2023\/09\/27\/maait-confirms-oil-hedge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maait confirms oil hedge\" \/>\n<meta property=\"og:description\" content=\"Good morning, everyone. 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We got another packed issue for you this morning to wrap up one busy week. BEFORE WE DIVE IN- We are heading into a three-day weekend. The private and public sectors, as well as banks and the EGX, are taking Sunday off in observance of Armed Forces\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547443,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/","url_meta":{"origin":607139,"position":1},"title":"THIS MORNING: Our latest import: recession fears + Russia drama continues to roil the energy markets","author":"enterpriseam admin","date":"22 June 2022","format":false,"excerpt":"It\u2019s a packed issue today, ladies and gentlemen, as we hit the dash to the weekend. Our friends from the GCC continue to come through for us, with KSA leading the pack.THE BIG STORY here at home: the Saudis making it rain. We bring you an unofficial KSA-themed issue this\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":550084,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/13\/this-morning-grab-your-jackets-another-day-of-imf-watching\/","url_meta":{"origin":607139,"position":2},"title":"THIS MORNING: Grab your jackets + another day of IMF-watching","author":"enterpriseam admin","date":"13 October 2022","format":false,"excerpt":"Good morning, kind people, and happy Thursday. We\u2019re stumbling bleary-eyed toward the finish line on another long week \u2014 and our reward is a bucketload of news. There\u2019s something for everyone here, from the latest in state stake sales, to cabinet measures to ease FX shortages and imports of everything\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622206,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/what-were-tracking-on-29-november-2018\/","url_meta":{"origin":607139,"position":3},"title":"What we\u2019re tracking on 29 November 2018","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"It\u2019s a big news morning on this last business day of November, and we\u2019re set to start December on a busy note: The net foreign reserves figure for November is due out from the central bank next week;The defense expo EDEX 2018 kicks off on Monday; Uber CEO Dara Khosrowshahi\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569858,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/10\/what-were-tracking-on-10-march-2020\/","url_meta":{"origin":607139,"position":4},"title":"What we\u2019re tracking on 10 March 2020","author":"enterpriseam admin","date":"10 March 2020","format":false,"excerpt":"The carnage in the markets yesterday was so bad it is already being referred to as \u201cBlack Monday\u201d in the global business press. Many markets witnessed their biggest single-day drop since the height of the financial crisis back in 2008 and the EGX was off 7.3% at the close after\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545017,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/this-morning-maait-meets-with-imf-head-european-countries-are-preparing-to-ration-gas-as-russia-standoff-continues\/","url_meta":{"origin":607139,"position":5},"title":"THIS MORNING: Maait meets with IMF head + European countries are preparing to ration gas as Russia standoff continues","author":"enterpriseam admin","date":"31 March 2022","format":false,"excerpt":"Well, friends, we\u2019ve made it through another workweek together \u2014 and we now have just two more days left until the start of Ramadan.We continue to publish at 6am CLT Sunday-Thursday during the holy month. You can also look forward to our popular Your Wealth edition tomorrow morning. The theme\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=607139"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/607139\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/607137"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/607140"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=607139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=607139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=607139"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=607139"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=607139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}