{"id":609642,"date":"2023-11-08T00:00:00","date_gmt":"2023-11-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/08\/your-uber-commute-is-now-going-to-cost-you-a-little-more\/"},"modified":"2023-11-08T00:00:00","modified_gmt":"2023-11-08T00:00:00","slug":"your-uber-commute-is-now-going-to-cost-you-a-little-more","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/08\/your-uber-commute-is-now-going-to-cost-you-a-little-more\/","title":{"rendered":"Your Uber commute is now going to cost you a little more"},"content":{"rendered":"

Good morning, friends. <\/strong>We start off this morning with whispers from state privatization program \u2014 and readers will want to pay close attention to the Madbouly government\u2019s legislative priorities, which include not just incentives for green hydrogen, but also a reboot of the controversial labor act. <\/p>\n

^^ We have the rundown on all of this and more here in What We\u2019re Tracking Today and in the news well, below.<\/p>\n

FROM THE RUMOR MILL-<\/strong><\/p>\n

#1- ADQ might have an EgyptAlum acquisition in its sights: <\/strong>Abu Dhabi\u2019s wealth fund ADQ is reportedly mulling over acquiring up to a 30% stake in EGX-listed Egypt Aluminum (EgyptAlum) from the Holding Company for Metallurgical Industries, writes Al Mal<\/a>, citing sources it says have knowledge of the matter. Metallurgical Industries is EgyptAlum\u2019s largest shareholder with a 89.8% stake and has been trying to sell off<\/a> shares in many of its companies and launch<\/a> IPOs to raise money for the state\u2019s privatization program<\/a>.<\/p>\n

ADQ might have competition: <\/strong>Although ADQ has not made an official offer, according to a bourse disclosure (pdf)<\/a> by EgyptAlum, other Gulf entities and specifically Qatar are interested in grabbing a part of the company, the local outlet quotes its source as saying.<\/p>\n

#2- Is a strategic stake sale in Heliopolis Housing back on the table?<\/strong> The government is considering selling a stake in Heliopolis Housing and Development and has hired NI Capital to offer a valuation ahead of a potential sale, Al Borsa<\/a> reported yesterday, citing sources it said were close to the matter. Local and Gulf investors have lodged interest in the company, which the government reportedly considers one of the easiest state-owned firms to exit. <\/p>\n

Remember:<\/strong> HHD tried to bring a strategic investor on board in 2020 but failed to find a buyer<\/a>. <\/p>\n

WATCH THIS SPACE- <\/strong>AD Ports looks set to take over management of Safaga Port:<\/strong> The final contracts for the 30-year concession agreement<\/a> handing Abu Dhabi Ports the reins on the construction, management, and operation of the multipurpose Red Sea Safaga Port will be signed \u201cwithin weeks,\u201d Saif Al Mazrouei, the group\u2019s ports chief, told Al Arabiya<\/a> yesterday. <\/p>\n

Background:<\/strong> Under the initial agreement signed in March<\/a>, the Emirati port developer will invest up to USD 200 mn to establish the terminal, which is expected to be operational in 2Q 2025. <\/p>\n

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<\/a> PSA-<\/strong>Your Uber commute is now going to cost you a little more:<\/strong> Ride-hailing service app Uber has raised its prices by 10% in Cairo and Alexandria on the back of fuel price hikes<\/a> on Friday, Al Mal<\/a> reports, citing messages sent to the company\u2019s drivers informing them of the change.<\/p>\n

Nobody likes price hikes, but Uber <\/strong>drivers<\/strong> shouldn\u2019t have to foot the bill alone: <\/strong>Like the rest of us, drivers working for ride hailing apps are now spending 14% more on gasoline to fill up their tank after Friday\u2019s hike and those that use compressed natural gas are facing a 22% uptick in their fuel bill. Ride-sharing app Careem also raised prices by 10%<\/strong> for the same reason on the day of the fuel price hike, according to Al Mal<\/a>.<\/p>\n

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

<\/a> #1- Maait in Turkey<\/strong> Finance Minister Mohamed Maait is in Istanbul<\/a> today to attend the Turkish-Arab Economic Forum.<\/p>\n

<\/a> #2- <\/strong>TransMEA 2023<\/a><\/strong> wraps up at the Egypt International Exhibition Center:<\/strong> The four-day transport, logistics and infrastructure conference brings together thousands of industry leaders, experts and policymakers to discuss developments in the sector. We\u2019ve got full coverage of yesterday\u2019s events in this morning\u2019s news well below.<\/p>\n

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

#1- Inflation figures are out:<\/strong> Capmas and the Central Bank of Egypt will publish inflation data for October on Thursday, 9 November.<\/p>\n

#2- The National Elections <\/strong>Authority <\/strong>will announce the final list of presidential candidates<\/a><\/strong> on Thursday, 9 November. The current list includes:<\/p>\n