{"id":614095,"date":"2024-01-28T00:00:00","date_gmt":"2024-01-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/big-news-from-ksa\/"},"modified":"2024-01-28T00:00:00","modified_gmt":"2024-01-28T00:00:00","slug":"big-news-from-ksa","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/big-news-from-ksa\/","title":{"rendered":"Big news from KSA"},"content":{"rendered":"

Good morning, wonderful people, and happy Sunday. <\/strong>We\u2019re kicking off the week with a lot of econ news, between more devaluation speculations, Citibank cutting outlook on local USD bonds, and the CBE gearing up for its first meeting of the year. But before we dive into all that, we\u2019ve got a very special announcement for you. <\/p>\n

Today isn\u2019t just any old Sunday, it's the launch day of EnterpriseAM KSA.<\/strong> Our newest addition to the Enterprise suite is written for decision makers in Saudi Arabia as well as executives, investors, and others doing business or deploying capital there. It will be published at 7am KSA, Sunday through Thursday. You can also check our newly launched EnterpriseAM UAE edition here<\/a>.<\/p>\n

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

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Bond issuance on the HKEX?<\/strong>The Finance Ministry plans to list bonds on the Hong Kong Exchange (HKEX) after the two sides agreed to sign an agreement regarding the matter, according to a Finance Ministry readout<\/a>. The two sides also agreed to sign an agreement to eliminate dual taxation between Egypt and Hong Kong later this year.<\/p>\n

CORRECTION ON 28 JANUARY 2024: <\/strong>We have amended the story to clarify that the Finance Ministry wants to issue bonds dominated in the local currency of Hong Kong and not the EGP.<\/i><\/p>\n

#2- It\u2019s business<\/strong> as usual at the local gold market: <\/strong>Gold shops have not halted operations or shut their doors over the weekend after soaring demand pushed prices to record highs, the gold division at the Federation of Egyptian Chambers of Commerce said in a statement<\/a>. Sales were only suspended for brief moments in some stores as people were processing the rapidly fluctuating buying and selling prices<\/p>\n

Where prices are at: <\/strong>The price of 24 karat gold rose to an unprecedented EGP 4,400 per gram<\/a> yesterday \u2014 up almost 17% from prices recorded during the last week of December<\/a>. These prices are highly inflated and are \u201cin no way representative of actual gold prices,\u201d the division said in another statement seen by Enterprise. <\/p>\n

Inflated prices everywhere: <\/strong>The Giza Chamber of Commerce\u2019s electrical appliances division advised customers against purchasing any appliances at the moment, seeing as current prices are extremely inflated due to exchange rate instability, Al Mal<\/a> reports. <\/p>\n

#3- Red Sea disruptions hit our coffee supply:<\/strong> Several coffee suppliers have temporarily halted sales to supermarkets and retailers in efforts to preserve their stocks as Red Sea disruptions and the country\u2019s FX crunch make it more difficult to import the usual quantities, according to Al Borsa<\/a>.<\/p>\n

<\/p>\n

<\/a> Our friend<\/strong>s at ALC Alieldean Weshahi & Partners have opened a joint-venture law office in Riyadh wit<\/strong>h leading Saudi firm Mithaq Law Office. <\/strong>The firm, known as Mithaq Law Firm in Association with ALC Alieldean Weshahi and Partners, will have a team of 20 multilingual professionals in Riyadh and plans to have a presence in other major business centers in the region, the firm said in a statement (pdf)<\/a>.<\/p>\n

The Mithaq-ALC tie-up is a member of the Grimaldi Alliance<\/strong>, a global network with more than 500 lawyers in Italy, London, and New York, as well as 2k others in more than 70 jurisdictions. <\/p>\n

The aim is to provide a one-stop shop for the needs of clients in Saudi Arabia and beyond<\/strong>, ALC Senior and Managing Partner Bahaa Alieldean told us in Riyadh last week at a reception for the launch. The gathering was attended by a who\u2019s who of the Saudi business community, including senior executives and shareholders of major corporate groups and professional services firms. The event was hosted at Al Zarqaa Majlis.<\/p>\n

Why a direct office now? <\/strong>\u201cWe have worked for more than a decade now with large Saudi conglomerates with units operating in industries including banking, real estate, infrastructure, and media, serving them on matters in Egypt and abroad,\u201d said Alieldean. \u201cOur goal is to serve the needs of the fast-growing Saudi market that sees both international investors flocking to the Kingdom and Saudi businesses committing more capital at home. The joint venture with Mithaq was a logical next step, giving us a direct presence in Riyadh and the ability together to serve clients by the joint venture\u2019s pool of Saudi, Egyptian, and international lawyers.\u201d<\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> Egypt v Congo: <\/strong>The Pharaohs will face the DR Congo in Afcon\u2019s round of 16 tonight at 10:00pm CLT. Egypt\u2019s soccer officials sacrificed a cow and distributed the meat to the poor in Cairo in an attempt to bring the team better luck, team spokesman Mohamed Morad told Associated Press<\/a> on Friday.<\/p>\n

PSA- Brace for a windy week: <\/strong>We\u2019re in for a chilly, windy couple of days, with all areas across the country expected to see declining temperatures until Wednesday, according to the Egyptian Meteorological Authority<\/a>. Expect daytime highs ranging from 16-18\u2103 from today through Wednesday, and lows of 9-12\u2103. <\/p>\n

HAPPENING THIS WEEK- <\/p>\n

<\/a> The Central Bank of Egypt\u2019s Monetary Policy Committee will hold its first meeting of the year <\/strong>on Thursday <\/strong>to review rates. We\u2019ll be out with our customary pre-MPC poll later this week. <\/p>\n

It\u2019s also Fed week: <\/strong>The Federal Reserve kicks off its two-day policy meeting on Tuesday. Economists are expecting the Fed to keep rates unchanged and wait until the summer before it cuts rates, according to a Reuters poll<\/a>. Majority of economists polled see the Fed leaving rates at their current 22-year high at 5.25-5.5% when it meets later this week to ensure that \u201crecent progress in inflation is sustainable.\u201d <\/p>\n

Setting the stage: <\/strong>The European Central Bank kept rates unchanged<\/a> \u2014 at a record-high 4% \u2014 when it met on Thursday. The bank reaffirmed its position to keep rates high for a \u201csufficiently long duration\u201d to bring inflation down to its target 2% from its current level of 2.9%. <\/p>\n

CYBERSECURITY- <\/p>\n

<\/a> B.TECH <\/strong>denies data breach allegations: <\/strong>Consumer electronics retailer B.TECH \u201cfirmly denies all circulated allegations of a recent data breach,\u201d the company said in a statement to Enterprise. The company reassured its customers that their data is secure and has not been compromised, following claims that its database has been hacked and thousands of customers' personal data has been leaked. <\/p>\n

The allegation: <\/strong>A cybercriminal by the name Tanaka claims<\/a> that B.TECH\u2019s database has been breached and leaked on a hacking forum. The information leaked includes customers\u2019 IDs, names, phone numbers, addresses, and emails. <\/p>\n

Sound familiar?<\/strong>Last year saw reports alleging that two Egyptian blue chip<\/a>companies<\/a> were hacked by LockBit \u2014 the world\u2019s most successful ransomware gang \u2014 compromising personal and financial data. The hacks suggest that LockBit has turned its sights on Egypt and other emerging markets \u2014 likely banking on companies here taking a less-sophisticated approach to cybersecurity.<\/p>\n

One of those hits was on Fawry: <\/strong>We had a chat with Fawry CEO Ashraf Sabry<\/a>, who explained to us the nitty gritty of what happened and the steps the company is taking to prevent this from happening again.<\/p>\n

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

Ongoing disruptions to shipping in the Red Sea continue to dominate global headlines <\/strong>this morning<\/strong> on what\u2019s shaping up to be the first business day of a very busy week for news. <\/p>\n

The conflict in the Red Sea and the shipping disruptions to which it is giving rise look set <\/strong>to drive volatility in natural gas prices this year<\/strong>, the International Energy Agency warned<\/a> on Friday in its most recent quarterly report. Also impacting price volatility: The war in Ukraine and potential delay to the start of operations at a number of natural gas plants. <\/p>\n

ONE THING TO READ that puts it all in context:<\/strong>The risks of relying on superpowers to<\/a>protect global trade<\/a> (the FT\u2019s Big Read this morning)<\/p>\n

** We have more on the story in the news well, below. <\/strong><\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

#1- Lula is coming to town: <\/strong>Brazilian President Luiz In\u00e1cio Lula da Silva is coming to Cairo on 15-16 February to meet with President Abdel Fattah El Sisi, the fellow Brics-member\u2019s state-run news agency Agencia Brasil<\/a> reported, without disclosing any details. Lula will then head off to the Ethiopian capital to attend an African Union assembly.<\/p>\n

#2- Another financing agreement with the ITFC will be sealed in February:<\/strong> The International Islamic Trade Finance Corporation (ITFC) will ink its annual work program \u2014 worth a combined USD 1.5 bn \u2014 with Egypt next month, according to a Planning Ministry statement<\/a>. The statement did not provide any details on which areas the fresh funds will support. <\/p>\n

AND- Funds for a <\/strong>high speed electric railway line<\/a><\/strong> will also get the sign-off next month<\/strong>from the Islamic Development Bank, according to Planning Minister Hala El Said.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

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+ 10 days until the English Premier League is back","author":"enterpriseam admin","date":"3 August 2023","format":false,"excerpt":"\u26bdMortada steps down: Zamalek SC \u2018s President Mortada Mansour announced his resignation from the club, he said in a televised statement (watch, runtime: 14:06). Mansour\u2019s announcement came after a local administrative court ordered him to step down from his position in April. Al Ahly face Al Masry in the Egypt\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596051,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/09\/arab-club-champions-cup-semi-final-tonight-more-friendlies-to-catch\/","url_meta":{"origin":614095,"position":1},"title":"Arab Club Champions\u2019 Cup semi-final tonight + More friendlies to catch","author":"enterpriseam admin","date":"9 August 2023","format":false,"excerpt":"\u26bd The Arab Club Champions\u2019 Cup reaches the semi-final today , with Al Shorta (Iraq) v Al Nassr (KSA) kicking off at 6pm. Meanwhile, Al Hilal (KSA) will play against Al Shabab (KSA) at 9pm. The victors of each match will face off in the final game this Saturday. Portuguese\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":562768,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/06\/banque-misr-can-now-open-a-branch-in-ksa\/","url_meta":{"origin":614095,"position":2},"title":"Banque Misr can now open a branch in KSA","author":"enterpriseam admin","date":"6 June 2021","format":false,"excerpt":"Other things we\u2019re keeping an eye on this morning: The Saudi Central Bank (SAMA) has officially listed Banque Misr among 19 other foreign banks licensed to operate in KSA, paving the way for the state-owned bank to open a branch in the kingdom.London-listed United Oil & Gas has started its\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":552082,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/this-evening-ksa-snaps-up-usd-1-3-bn-worth-of-stakes-in-four-state-owned-egx-listed-companies-its-all-about-inflation-today\/","url_meta":{"origin":614095,"position":3},"title":"THIS EVENING: KSA snaps up USD 1.3 bn-worth of stakes in four state-owned, EGX-listed companies + It\u2019s all about inflation today","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Good afternoon, wonderful people. It\u2019s a mostly good news kind of Wednesday, with the entry of Saudi sovereign wealth fund PIF getting the ball rolling on its pledged USD 10 bn of investments in Egypt, while inflation figures didn\u2019t extend their brief cool-off last month.THE BIG STORIES TODAY KSA makes\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":597195,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/18\/b-investments-giza-systems-wins-c-usd-30-mn-smart-water-waste-project-in-ksa\/","url_meta":{"origin":614095,"position":4},"title":"B Investments\u2019 Giza Systems wins c.USD 30 mn smart water waste project in KSA","author":"enterpriseam admin","date":"18 July 2019","format":false,"excerpt":"B Investments\u2019 Giza Systems awarded USD 30 mn contract for Saudi water project: B Investments\u2019 Giza Systems has won a c.USD 30 mn contract to supply, install and replace the water waste system in northern and north-western regions of Saudi Arabia, the company said in a press release (pdf). The\u2026","rel":"","context":"In "Speed Round"","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":650535,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/27\/what-were-tracking-this-week-200\/","url_meta":{"origin":614095,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"27 March 2017","format":false,"excerpt":"Are we going to formally make up with KSA this week? Look for extensive expressions of brotherly respect and pan-Arab love between Egypt and KSA at Wednesday\u2019s Arab League Summit. President Abdel Fattah El Sisi is one of 17 Arab leaders expected to attend, with the Associated Press noting that\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"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\/614095","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=614095"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/614095\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/614093"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/614096"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=614095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=614095"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=614095"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=614095"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=614095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}