{"id":616054,"date":"2024-02-28T00:00:00","date_gmt":"2024-02-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/madbouly-assesses-final-wataniya-bids\/"},"modified":"2024-02-28T00:00:00","modified_gmt":"2024-02-28T00:00:00","slug":"madbouly-assesses-final-wataniya-bids","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/madbouly-assesses-final-wataniya-bids\/","title":{"rendered":"Madbouly assesses final Wataniya bids"},"content":{"rendered":"

Good morning, everyone. <\/strong>What a week huh? First, the biggest direct investment ever in the country's history thanks to the USD 35 bn Ras El Hekma agreement, and now we\u2019re hearing that the stake sale in Wataniya looks to be coming to a conclusion with Prime Minister Madbouly assessing the final bids. Today\u2019s issue is brimming with stories, so let\u2019s get right into it.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1-<\/strong>Get ready for Wataniya\u2019s newest shareholder to be announced: <\/strong>Prime Minister Mostafa Madbouly held a meeting last night to look at offers submitted for the state-owned fuel retailer, according to a cabinet statement<\/a>. Last we heard, there had been three final offers<\/a> remaining on the table for a 30% stake in the company, according to unconfirmed local media reports earlier this month. <\/p>\n

ICYMI: <\/strong>Taqa Arabia is the only firm<\/a> to have publicly declared interest in the filling station operator, which has been on the market for the last four<\/a> years, and Shell has reportedly also made a bid.<\/p>\n

<\/a> #2- More encouraging talk from the IMF: <\/strong>The IMF has resolved key issues with Egypt in a review of its previous USD 3 bn loan program from the Fund, setting the stage for an augmented financing package \u201cwithin weeks,\u201d IMF Chief Kristalina Georgieva told Reuters<\/a> on Tuesday. <\/p>\n

Dare to dream <\/strong>bi<\/strong>g? <\/strong>Georgieva said that talks with Egypt have been \"very constructive,\" and indicated that the rumored augmented loan of USD 12 bn could be possible. \u201cYou know, there is nothing wrong in thinking big,\"<\/strong> she said in response to being questioned about the rumors.<\/p>\n

\n

EGP WATCH<\/p>\n

<\/a> #1- Ras El Hekma to the rescue?<\/strong>Oxford Economics Africa<\/a> expects the EGP to trade hands at 45 against the greenback <\/strong>by the end of the year, revising a previous forecast of 55-60 made earlier in the month before the mammoth USD 35 bn announcement<\/a>. \u201cThe Ras El Hekma agreement is a game changer for Egypt over the short-to-medium term,\u201d Oxford Economics wrote in a briefing that was picked up by Zawya<\/a>.<\/p>\n

But we\u2019re not out of the woods just yet: <\/strong>\u201cWe still need to see fiscal discipline, which we currently don\u2019t, before we can say that the current economic crisis is a once-off and not something that will be a recurring issue in the future,\u201d the report added.<\/p>\n

#2- Steel prices keep falling as the EGP strengthens on the parallel market: <\/strong>Ezz Steel is cutting the price of local rebar by EGP 7k per ton to EGP 46.5k \u2014 inclusive of 14% VAT \u2014 as of today, a source at the company told Enterprise. Algioshy Steel introduced similar cuts yesterday, slashing prices by 7k per ton to EGP 45.5k, Al Mal<\/a> reports.<\/p>\n

\n

HAPPENING TODAY-<\/p>\n

<\/a> #1- The EBRD\u2019s board of directors are in town: <\/strong>The European Bank for Reconstruction and Development\u2019s (EBRD) board of directors landed in Egypt on Sunday for a six-day trip where they will meet with Prime Minister Mostafa Madbouly, CBE Governor Hassan Abdalla and the ministers heading the international cooperation, electricity, energy, and transport ministries, according to a statement<\/a> from the lender. The visit, which is part of a regular series of consultations, will also see the board meet with members of the local business community and civil society groups, and visit EBRD-funded projects.<\/p>\n

#2- <\/strong>It\u2019s day<\/strong> five <\/strong>of the <\/strong>African Airports Council International<\/a><\/strong> Conference and Exhibition<\/strong>that is being hosted at the Alamera Hall Air Forces House Center and Le M\u00e9ridien at Cairo International Airport. Over 40 speakers and 250 delegates are coming together to hold discussions centered around this year\u2019s theme \u2014 Airports: Levers of Socioeconomic and Sustainable Growth. The event runs until 1 March.<\/p>\n

\n

FROM THE NATIONAL DIALOGUE-<\/p>\n

<\/a> The National Dialogue got back down to business (and the economy): <\/strong>The dialoguefocussed in on the budget deficit, tax revenues, and the country\u2019s external debt yesterday. The second day of the National Dialogue\u2019s round two follows Monday\u2019s sessions that worked on figuring out how to reel in soaring inflation, reduce prices for consumers, and tackle the FX shortage. <\/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

\n

DATA POINTS-<\/p>\n

#1- More Egyptians are banked than ever before:<\/strong> Egypt\u2019s financial inclusion rate \u2014 thepercentage of citizens above the age of 16 who hold bank accounts, mobile wallets, or prepaid cards \u2014 jumped to 71% by the end of 2023 from 65% at the end of 2022, according to central bank data (pdf<\/a>). Some 46.9 mn adults in Egypt were banked as of December 2023 \u2014 43% of whom were women. Financial inclusion grew 174% between 2016 and 2023.<\/p>\n

#2- Egypt\u2019s renewab<\/strong>les production capacity increased to 6.6 GW in 2023<\/strong>, 33% ofwhich is coming from the private sector, according to figures<\/a> from the Renewable Energy Authority. Hydroelectric power made up the biggest chunk of the country\u2019s total renewables capacity, accounting for 42%, while wind power came in second with 28%. <\/p>\n

\n

WAR WATCH- <\/p>\n

Egypt, Qatar could help form a new Palestinian technocratic government: <\/strong>A new Palestinian technocratic government following the resignation of Palestinian Prime Minister Mohammad Shtayyeh\u2019s resignation<\/a> on Monday would be aided by both Egypt and Qatar, Palestinian Ambassador to the UK Husam Zomlot said, reports the Guardian<\/a>. Although the new government to run Palestine once Israel\u2019s war on Gaza is over will not contain any Hamas members, the group and all other Palestinian parties and factions will take part in the consultations to set up the new entity, Zomlot added.<\/p>\n

Over one quarter of Gazans are on the verge of famine<\/strong>, warned<\/a> a senior UN aid official at the UN Security Council yesterday.It is \u201calmost inevitable\u201d that a widespread famine will occur if action is not taken, he continued.<\/p>\n

A joint aid mission has airlifted tons of humanitarian supplies to Gaza, <\/strong>coordinatedby Egypt, Jordan, the UAE, Qatar, and France, according to a statement<\/a> from an Egyptian military spokesperson.<\/p>\n

\n

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

It\u2019s all Apple, all the time this morning in the international business press<\/strong> with a trifecta of stories casting Tim Cook and his crew into the spotlight. <\/p>\n

#1- Apple is ending its secretive, decade-long effort to build an electric car.<\/strong> The company made the announcement internally yesterday. Bloomberg<\/a>, which broke the news, says \u201cmany\u201d of the 2k staff working on the car will be transferred to its AI unit, where they\u2019ll work on generative AI projects. Technical challenges and signs that the market for EVs may be cooling factored into the decision, Bloomberg\u2019s Mark Gurman writes. <\/p>\n

The story is getting ink everywhere:<\/strong>Financial Times<\/a> | Wall Street Journal<\/a> | Reuters<\/a>.<\/p>\n

(Sound smart:<\/strong> Gurman started breaking news about Apple as a teenage blogger at Apple news outlet 9to5Mac<\/a> and has remained a perennial thorn in Apple\u2019s side ever since.)<\/p>\n

#2- The US Department of Justice may be on the verge of hitting Apple with an antitrust <\/strong>suit<\/strong>, and California has separately told Bloomberg<\/a> that it may be \u201cvery interested\u201d to join the case if it materializes. Reuters<\/a> has also picked up the story while the Wall Street Journal has a former US attorney general asking in its opinion pages, \u201cSiri, Does Apple Violate Antitrust Law?\u201d<\/a> (he thinks the answer is, \u201cYes.\u201d)<\/p>\n

#3- Big Apple shareholders Norges Bank Investment Management and Legal & General <\/strong>want Apple to be more transparent about its guidelines for the ethical use of AI<\/strong>, the Financial Times<\/a> writes. <\/p>\n

Apple investors don\u2019t seem bothered by it all: <\/strong>The tech giant\u2019s shares closed up nearly 1% yesterday. <\/p>\n

MEANWHILE- Goldman Sachs CEO David Solomon isn\u2019t so sure the global economy is <\/strong>headed for a soft landing<\/strong>, saying that while \u201cthe world is set up for a soft landing\u201d there\u2019s a \u201chigher level uncertainty\u201d thanks to inflation and geopolitical risks. \u201cThe market is way weighted to a very soft landing. [But] when you look at the pattern of facts the last three or four years, it\u2019s hard for me to see it\u2019s going to be that simple,\u201d the Financial Times<\/a> quotes him as having said.<\/p>\n

<\/p>\n

*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education. <\/p>\n

In today\u2019s issue:<\/strong> We take a look at what is stopping Egyptian businesses from adopting cybersecurity policies and upgrading their cybersecurity infrastructure, especially as the number of cyber attacks increases globally. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, everyone. What a week huh? First, the biggest direct investment ever in the country's history thanks to the USD 35 bn Ras El Hekma agreement, and now we\u2019re hearing that the stake sale in Wataniya looks to be coming to a conclusion with Prime Minister Madbouly assessing the final bids. 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The steady newsflow we\u2019ve grown accustomed to over the past couple of weeks is still holding up as we hit the midweek mark.THE BIG STORY TODAY Safi + Wataniya are each seeing 10% stake sales: The Madbouly government is reportedly planning to sell a minimum\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\/2022\/6\/smiling-man-selling-button-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583579,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/15\/this-evening-will-misr-ins-holding-sell-a-20-stake-plus-credit-suisse-shares-hit-a-new-low\/","url_meta":{"origin":616054,"position":1},"title":"THIS EVENING: Will Misr Ins. Holding sell a 20% stake? PLUS: Credit Suisse shares hit a new low","author":"enterpriseam admin","date":"15 March 2023","format":false,"excerpt":"Happy almost-THURSDAY, wonderful people. We\u2019re nearly at the end of what has shaped up to be a rather busy week. THE BIG STORIES TODAY #1- The EGX30 extended its slide today, closing 4.15% down to bring the index\u2019s year-to-date return to a slim 0.9%. Qalaa Holdings, Sidi Kerir Petrochemicals, and\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\/2021\/7\/EGX-1600px-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582603,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/13\/safi-wataniya-prepare-for-offering\/","url_meta":{"origin":616054,"position":2},"title":"Safi + Wataniya prepare for offering","author":"enterpriseam admin","date":"13 March 2023","format":false,"excerpt":"The adviser working on the offering is unknown.","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/wataniya-station-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553181,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/25\/this-evening-sodic-bids-for-orascom-for-real-estate-state-ownership-policy-document-coming-in-weeks-madbouly-says\/","url_meta":{"origin":616054,"position":3},"title":"THIS EVENING: SODIC bids for Orascom for Real Estate + State ownership policy document coming in \u201cweeks,\u201d Madbouly says","author":"enterpriseam admin","date":"25 October 2022","format":false,"excerpt":"Happy hump day, wonderful people, and what a news dump day it is. There\u2019s a little bit of everything happening this afternoon on the local and international front, making for an altogether interesting news cycle. BUT FIRST- WhatsApp is back up after a global outage that lasted more than an\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":552771,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/28\/this-evening-madbouly-announces-dates-for-economic-conference-boe-struggles-to-stem-gbps-decline\/","url_meta":{"origin":616054,"position":4},"title":"THIS EVENING: Madbouly announces dates for economic conference + BoE struggles to stem GBP\u2019s decline","author":"enterpriseam admin","date":"28 September 2022","format":false,"excerpt":"Happy almost-THURSDAY, friends. It\u2019s not the weekend yet, but this Wednesday afternoon is calm enough to start the slide into the end of the workweek.THE BIG STORY TODAY We have the dates for the long-awaited economic conference: The Madbouly government\u2019s economic conference is scheduled for 23-25 \u200b\u200bOctober, during which the\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":550433,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/27\/sfe-is-marketing-to-strategics-around-the-world-says-theres-appetite-for-safi-and-wataniya\/","url_meta":{"origin":616054,"position":5},"title":"SFE is marketing to strategics around the world, says there\u2019s appetite for Safi and Wataniya","author":"enterpriseam admin","date":"27 October 2022","format":false,"excerpt":"The government will launch a roadshow to market pre-IPO companies it is warehousing. The Sovereign Fund of Egypt will speak with strategic investors \u201cin a number of cities around the world,\u201d Bloomberg Asharq says, quoting Planning Minister Hala El Said and fund CEO Ayman Soliman. The government had been planning\u2026","rel":"","context":"In "Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/348.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616054","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=616054"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616054\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616052"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616054"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616054"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}