{"id":608594,"date":"2023-10-23T00:00:00","date_gmt":"2023-10-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/23\/us-ambassador-nominee-pressed-on-gaza-aid-human-rights\/"},"modified":"2023-10-23T00:00:00","modified_gmt":"2023-10-23T00:00:00","slug":"us-ambassador-nominee-pressed-on-gaza-aid-human-rights","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/23\/us-ambassador-nominee-pressed-on-gaza-aid-human-rights\/","title":{"rendered":"US ambassador nominee pressed on Gaza aid, human rights"},"content":{"rendered":"

Good morning, friends. <\/strong>We have a reasonably compact issue for you this morning dominated largely by Israel\u2019s war against Gaza. There are no new developments to report on the economy front, leaving us with a smattering of corporate stories on what is (war aside) a reasonably quiet Monday morning for business news. <\/p>\n

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

<\/a> #1- Biden\u2019s nominee for Egypt ambassador faces questions on Gaza <\/strong>aid and human rights at Senate hearing:<\/strong>Herro Mustafa Garg<\/a> was pressed on how she would respond to the humanitarian crisis in Gaza and Egypt\u2019s human rights record as Washington\u2019s ambassador in Cairo during her Senate confirmation hearing on Thursday. Politico<\/a> has more.<\/p>\n

TL;DR:<\/strong> In her statement (pdf)<\/a>, Garg pledged to support the Madbouly government\u2019s IMF-backed reform program, maintain Washington\u2019s close relationship with the Egyptian military, and push for improvements in the country\u2019s human rights record. <\/p>\n

Remember:<\/strong> Egypt\u2019s relationship with US lawmakers has been placed under the microscope in recent weeks following the federal indictment of former Senate Foreign Relations Committee chair Robert Menendez<\/a>. Menendez\u2019s resignation led to the appointment of a new committee chair: Egypt-skeptic Democratic senator Ben Cardin, who promptly withheld all USD 320 mn<\/a> of Egypt\u2019s human rights-conditioned military aid.<\/p>\n

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<\/a> #2- Another bidder for Safi?<\/strong> A unit of privately held Al Safy<\/a>Group<\/a> is interested in acquiring military-owned bottled water company Safi and will submit its bid in the next few weeks, reports Al Borsa<\/a>, citing sources it says are in the know. The Al Safy Group \u2014 which has no connection to the military-owned firm despite its similar name \u2014 was among the 30 companies that previously expressed their interest in the stake sale, the local outlet added. <\/p>\n

One in and one out:<\/strong> Agthia has withdrawn its own bid, Al Borsa reported, adding to rumors<\/a> in August that the ADQ-owned food company had lost interest. This leaves newcomer Al Safi Group competing with Mansour Group, which was named alongside Agthia by local media<\/a> as being the two unnamed Safi suitors mentioned in the updated state ownership policy document<\/a> published in August. <\/p>\n

What\u2019s Al Safy? <\/strong>Directly and through partnerships, the company is a major distributor for foreign brands including Apple and BMW. We spoke with CEO Reem Safy<\/a> for our My Morning Routine column last December.<\/p>\n

ICYMI-<\/strong> The Sovereign Fund of Egypt has been working to sell at least 10% \u2014 and potentially as<\/a>much as 100%<\/a> \u2014 of Safi under the state\u2019s privatization program<\/a>.<\/p>\n

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<\/a> #3- Heliopolis Housing to study bids for EGP 1 bn Granada building redevelopment:<\/strong> State-owned real estate developer Heliopolis Housing and Development (HHD) plans to announce within two weeks who it will choose to redevelop the historic Granada building in Heliopolis, a company official told Al Borsa<\/a>. Companies were invited to apply to redevelop the building<\/a> to accommodate cultural and tourism activities, exhibitions, and events, and establish a restaurant back in April.<\/p>\n

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#4-<\/strong>EGX IR digital registry is in the pipeline:<\/strong> The EGX has begun setting up a digital registry for investor relations officers at listed companies on the bourse, it said in a statement<\/a> yesterday. The registry is designed to raise the quality of disclosures in terms of timing, content, and improving the communications with market stakeholders. Investor relations officers will be registered on the database after they pass interviews, tests, and training programs conducted by the EGX and the Egyptian Directors Center of the Financial Regulatory Authority, the statement reads. <\/p>\n

What\u2019s next:<\/strong> Interviews will begin from 23 October in time for training to commence in mid-November and all EGX-listed firms are encouraged to submit at least one candidate for the training.<\/p>\n

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

<\/a> Pachin\u2019s delisting kicks off:<\/strong> Minority stakeholders can start selling their shares in Paint and Chemical Industries (Pachin) today after the company launched a bid to buy back<\/a> its publicly-traded shares for EGP 39.80 apiece, according to an EGX news bulletin<\/a> yesterday. Shareholders will have until Thursday, 2 November to respond to the offer. Dubai-based National Paints Holding\u2019s (NPH) acquired more than 80%<\/a> of the formerly state-owned company for around EGP 770.5 mn in a mandatory tender offer in May. Pachin\u2019s shares remained unchanged during yesterday\u2019s trading to close at EGP 39.18 apiece.<\/p>\n

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

#1- \u201cDavos in the Desert\u201d:<\/strong> Global investors, business leaders and bankers will be in Riyadh for the Future Investment Initiative<\/a> (FII) from tomorrow. The event wraps on Thursday.<\/p>\n

#2- The clocks are going back:<\/strong> Daylight savings time will end in Egypt on Thursday 26 October.<\/p>\n

#3- <\/strong>French President Emmanuel Macron is <\/strong>expected to visit<\/a><\/strong> Cairo \u201csoon\u201d<\/strong> to talk about Israel\u2019s war on Gaza. Macron, together with Dutch Prime Minister Mark Rutte will be in Israel today to meet Netanyahu, according to a statement from the Israeli PM\u2019s office picked up by Reuters<\/a>. Rutte held a phone call<\/a> with President Abdel Fattah El Sisi yesterday.<\/p>\n

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MORNING MUST READS- <\/strong><\/p>\n

A handful of stories worth looking at <\/strong>as we all wrap our heads around what\u2019s going on in the world around us this morning:<\/p>\n