{"id":616763,"date":"2024-03-11T00:00:00","date_gmt":"2024-03-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/ramadan-kareem\/"},"modified":"2024-03-11T00:00:00","modified_gmt":"2024-03-11T00:00:00","slug":"ramadan-kareem","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/11\/ramadan-kareem\/","title":{"rendered":"Ramadan kareem"},"content":{"rendered":"

Good morning, friends, and Ramadan kareem: <\/strong>We hope you\u2019re hydrated and caffeinated and ready for your first Ramadan workday after Dar Al Ifta confirmed<\/a> that today is the first day of the holy month. <\/p>\n

<\/a> So, when do we <\/strong>eat? <\/strong>Maghrib prayers are at 6:02 pm in the capital, and you\u2019ll have until 4:49 am tomorrow to hydrate and caffeinate ahead of fajr.<\/p>\n

Remember- <\/strong>Shops, malls, restaurants, and cafes will be allowed to stay open until 2 am during the month of Ramadan and the Eid Al Fitr holiday. While banks will be open for customers between 9:30am and 1:30pm (9am to 2pm for staff).<\/p>\n

ALSO- Did you feel the quake?<\/strong> A 4.77 magnitude earthquake that hit West Turkey on Sunday was felt in Egypt, according to a report<\/a> from the National Research Institute of Astronomy and Geophysics. No damages or casualties were reported in Egypt. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> QIA is still interested in TE\u2019s stake in Vodafone Egypt: <\/strong>The Qatar Investment Authority (QIA) has resumed negotiations to acquire a portion of Telecom Egypt\u2019s 45% stake in Vodafone Egypt, Al Borsa<\/a> writes, citing sources close to the talks. The two sides are in discussions over the size of the stake and are expected to reach an agreement \u201cwithin the coming few weeks.\u201d <\/p>\n

It\u2019s been a long time coming: <\/strong>The Qatari fund has reportedly been eyeing TE\u2019s share of Vodafone Egypt since early 2022<\/a>, with talks failing to progress after the two sides failed to reach an agreement over the stake size \u2014 with QIA after TE\u2019s entire 45% stake and the government being adamant about retaining at least 20% of the telecom provider. The remaining 55% stake in Vodafone Egypt is held by South Africa\u2019s Vodacom.<\/p>\n

What changed?<\/strong> The government has come around and is ready to part ways with TE\u2019s entire stake in Vodafone Egypt, according to Al Borsa\u2019s sources. The USD 35 bn Ras El Hekma agreement<\/a> and the float of the EGP<\/a> also helped reignite the Gulf investor\u2019s confidence in the Egyptian economy. <\/p>\n

Are other suitors out of the picture?<\/strong>Last we heard<\/a>, Saudi wealth fund PIF and Abu Dhabi wealth fund ADQ were also interested in buying in.<\/p>\n

ALSO- A secondary TE stake sale? <\/strong>The Finance Ministry is reportedly looking to sell another 10% of Telecom Egypt either this year or beginning of 2025. The potential stake sale would follow the government selling<\/a> a 10% stake in the company in May 2023. <\/p>\n

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DATA POINT-<\/p>\n

<\/a> Cha-ching: <\/strong>Local banks have bought and sold over USD 2.5 bn on the interbank market since the EGP float Wednesday morning, bankers told Asharq Business<\/a>. USD 600 mn were exchanged yesterday and USD 1.9 bn were traded between Wednesday and Thursday<\/a>. The USD was selling for EGP49.15-49.30 <\/strong>when banks closed yesterday.<\/p>\n

Another big day for local debt: <\/strong>The central bank yesterday raised EGP 94.4 bn in a nine-month t-bill auction \u2014 raising almost 4x its target EGP 25 bn. It also sold EGP 25 bn worth of three-month t-bills.<\/p>\n

The sale follows the central bank <\/strong>raising EGP 102 bn-worth of one-year and six-month bills<\/a><\/strong> last Thursday \u2014 EGP 40.7 bn of which came from foreign investors whose confidence was reignited in Egypt post float. <\/p>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

<\/a> El Sisi to take oath of office in April:<\/strong>President Abdel Fattah El Sisi will be sworn in for his third term in office before members of the House of Representatives on 2 April. El Sisi was re-elected for his third six-year term in December. <\/p>\n

Egypt to host the <\/strong>2027 <\/strong>African Games:<\/strong> Egypt officially secured<\/a> the right to host the 2027 African Games yesterday on the sidelines of the 2023 iteration<\/a> of the event in Ghana. Egypt received<\/a> initial approval from the African Union to host the quadrennial event for the second time in December, after first hosting the tournament in 1991.<\/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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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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WAR WATCH- <\/p>\n

<\/a>Ceasefire talks continue: <\/strong>Egyptian officials have been in contact with senior Hamas and Israeli figures regarding a ceasefire in Gaza under a mandate from the Egyptian presidency, sources told Reuters<\/a>. Egypt, Qatar, and the US have been working to try and secure a six-week ceasefire in Gaza and a hostage exchange, after hopes of reaching an agreement before Ramadan were shattered, US and Israeli officials told Axios<\/a>. <\/p>\n

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

It\u2019s a quiet Monday morning in the global business press \u2014 and quieter still across the <\/strong>Arab world <\/strong>with the start of Ramadan. No single story has gripped the imagination of the business press. <\/p>\n

Dueling \u201cred lines\u201d: Joe Biden says that Israeli forces invading Rafah would be a \u201cred <\/strong>line,\u201d <\/strong>prompting Benjamin Netanyahu to reply<\/a> that his red line is preventing another Hamas attack. Biden told MSNBC<\/a> on Saturday that he would not accept \u201c30k more Palestinians dead.\u201d<\/p>\n

Palestinians in Rafah are starting the Holy Month on the verge of starvation. <\/strong>We have no words. <\/p>\n

THE WEEK AHEAD:<\/strong><\/p>\n