{"id":619121,"date":"2024-04-25T00:00:00","date_gmt":"2024-04-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/25\/govt-slashes-2024-privatization-program-target-we-could-be-in-line-for-some-usd-400-mn-from-the-uk\/"},"modified":"2024-04-25T00:00:00","modified_gmt":"2024-04-25T00:00:00","slug":"govt-slashes-2024-privatization-program-target-we-could-be-in-line-for-some-usd-400-mn-from-the-uk","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/25\/govt-slashes-2024-privatization-program-target-we-could-be-in-line-for-some-usd-400-mn-from-the-uk\/","title":{"rendered":"Gov\u2019t slashes 2024 privatization program target + We could be in line for some USD 400 mn from the UK"},"content":{"rendered":"

Good morning, folks, and happy long weekend. <\/strong>The mercury is on the rise and we are trying to escape the heat. But aside from lying on the sofa in front of the idiot box, what is there to be done?<\/p>\n

Plenty. And our guide is all about the many hobbies you can pick up that can keep you<\/strong> cool and occupied. <\/strong>Whether you have been fancying stepping into the kitchen or want to find an activity you love to share with your little ones, we will have something for you.<\/p>\n

The whole country is off today<\/strong> in observance of Sinai Liberation Day.<\/p>\n

And don\u2019t forget to turn your clocks an hour forward: <\/strong>Daylight savings time returns at midnight tonight. Clocks will jump forward one hour until the final Thursday of October.<\/p>\n

Enterprise Weekend comes out on the first day of the weekend at 9:00am CLT.<\/strong> We\u2019ll be back on Sunday at 6am with Enterprise Egypt AM. Until then: Enjoy the weekend.<\/p>\n

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LAST WEEK IN 3 MINS-<\/p>\n

WE HAD A SLEW OF PRIVATIZATION NEWS- <\/strong><\/p>\n

Gov\u2019t slashes 2024 privatization program targets: <\/strong>The government aims to raise<\/a> around USD 1 bn through the privatization of state-owned companies and assets via stake sales to strategic investors or EGX listings this year \u2014 a significant drop from previous estimates of USD 6.5 bn. <\/p>\n

Next on the privatization agenda: <\/strong>The Madbouly government is preparing to fully exit<\/a>state-owned plastics manufacturer<\/a> Alamal Alsharif Plastics, selling its entire 46.6% stake within weeks. The state is also looking to finalize the stake sale of the Gabal El Zeit and Zafarana wind farms within the coming 3-4 months.<\/p>\n

AND THE BUDGET DRAFT IS HERE-<\/strong><\/p>\n

The draft budget is here:<\/strong>Finance Minister Mohamed Maait delivered his budget statement to the House on Tuesday, giving us the first proper look at the draft state and public governemnt budgets (pdf)<\/a> for the next fiscal year. <\/p>\n

ICYMI:<\/strong> Budget season is going to be a bit different this time round, with the issuing of the first Public Government Budget<\/a>. The new budget \u2014 which does not replace the state budget \u2014 shows the budgets of all the state\u2019s economic bodies in addition to the state budget collated together. Read our full budget coverage here<\/a>.<\/p>\n

A WHOLE LOT OF FUNDS-<\/strong><\/p>\n

#1- Another USD 820 mn from the IMF: <\/strong>Egypt has reportedly<\/a> received the second USD 820 mn tranche under the IMF\u2019s USD 8 bn loan program. We were expecting the tranche this summer after the fund completes its third review of the facility. The rest of the facility will be disbursed in USD 1.3 bn tranches, following reviews that will take place every six months until the program comes to an end in the fall of 2026.<\/p>\n

#2- We could be in line for some USD 400 mn from the UK: <\/strong>Egypt could see USD 400 mn in<\/a>budget support<\/a> from the UK over the next two years, with the first USD 200 mn expected to be dispersed in tandem with USD 500 mn in budget financing from the World Bank by July. The World Bank funds are part of a wider three-year USD 6 bn financing package<\/a>.<\/p>\n

A jump in FX reserves helped the deficit in net foreign assets at the central bank shrink <\/strong>to its lowest levels in over two years. <\/strong>The net foreign assets deficit narrowed<\/a> to EGP 65.4 bn at the end of March, from EGP 270.7 bn in February, El Hadidi explained \u2014 which comes out as a 76% drop by our math.<\/p>\n

WE HAD A WHOLE LOTTA INVESTMENT NEWS AS WELL- <\/strong><\/p>\n

#1- Ajlan & Bros eyes an initial investment of USD 1.5 bn in Ras Gamila project: <\/strong>Saudi Arabia\u2019s Ajlan & Bros Holding has reportedly filed an offer<\/a> to the Madbouly government to secure a land plot at Sharm El Sheikh\u2019s Ras Gamila for the establishment of ten hotels with 3k keys in the first phase of a bigger development plan. <\/p>\n

#2- New Chinese projects coming to our industrial zones: <\/strong>Egypt inked 14 agreements<\/a> with Chinese companies to set up projects alongside our local private sector, including a USD 800 mn fiberglass and polyester plant and a power generation center. <\/p>\n

ALSO- <\/strong>Chinese steel maker Wu\u2019an Xin Feng will set up a USD 297 mn<\/a> hot-rolled steel coils plant in the Sokhna Industrial Zone after the Suez Canal Economic Zone allocated the steel maker a 750k sqm land plot to house the plant under an usufruct agreement. <\/p>\n

MEANWHILE, ON THE ENERGY FRONT- <\/strong><\/p>\n

Egypt <\/strong>could spend up to USD 120 mn<\/a><\/strong> a month on LNG shipments this summer <\/strong>to support domestic demand as rising temperatures strain supplies with the Madbouly government planning to import three LNG shipments a month between July and October.<\/p>\n

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AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

The war in Gaza and tensions between Iran and Israel dominated the front pages this <\/strong>week. <\/strong>Israel continued its attacks on Gaza, while the open exchange of attacks<\/a> brought a decades-long shadow war between Iran and Israel into the open. <\/p>\n

MEANWHILE, IN THE US- <\/strong>The US House of Representatives has passed a USD 95 bn aid bill for Ukraine and Israel and will send the measure on to the Democrat-dominated Senate, meaning it\u2019s likely to become law. <\/p>\n

SIGN OF THE TIMES-<\/strong>BTC miners are looking at AI and power centers<\/a> as they look to cope with reduced revenues following the halving this past weekend.<\/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

\u2600\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong> The heat is slightly less intense today with a high of 35\u00b0C today, and we\u2019re seeing some clouds on Friday with highs of 30\u00b0C and lows of 18\u00b0C. Saturday will have more sun \u2014 look for a high of 32\u00b0C and a chilly low of 15\u00b0C, according to our favorite weather app.<\/p>\n

HAPPENING THIS WEEKEND- <\/p>\n

Moustafa Amar<\/a><\/strong> is making an appearance alongside Andy Cheiko at <\/strong>CJC 610<\/a><\/strong> tomorrow. For reservations message their Facebook page<\/a>.<\/p>\n

Gamers, buckle<\/strong> up for Egypt\u2019s biggest gaming festival:<\/strong>Insomnia<\/a> is back at the International<\/a>Exhibitions Center<\/a> from today until Saturday, making it an immersive weekend of quests, level-ups, and never-ending clicking game experiences. Get your tickets here<\/a>.<\/p>\n

Discover the corners of old Cairo on a walking tour with <\/strong>Saradeeb<\/a><\/strong> tomorrow morning<\/strong>.<\/strong> After your traditional Egyptian breakfast in Al Gamaliya area you\u2019ll explore iconic landmarks like the Dome of Saladin Al-Ayyubi and the Qalawun Complex. Do note that the tour will be conducted in Arabic. Click here<\/a> to book your spot and check out the itinerary of the trip.<\/p>\n

A <\/strong>fusion of music genres<\/a><\/strong> at <\/strong>Rawabet Art Space<\/a><\/strong> tomorrow.<\/strong> Starting at 8pm, six artists who perform rap, techno and mahraganaat music will be getting together under one roof jamming and blending these three genres together. Book your tickets at Ticketsmarche<\/a>.<\/p>\n

The Institut Fran\u00e7ais<\/a><\/strong> is hosting an <\/strong>exhibition<\/a><\/strong> of Armenian artist Kegham Djeghalian Jr.<\/strong> called \u201cPhoto Kegham of Gaza: Unboxing.\u201d<\/strong> In this exhibition, the grandson tries to reveal the legacy of his grandfather, Kegham Djeghalian, a photographer who devoted his life to documenting various aspects of life in the Gaza Strip. The exhibition will be held tomorrow at 6pm, no fee is required for entry.<\/p>\n

Abdelbaset Hamouda will be performing at <\/strong>El Sawy Culturewheel<\/a><\/strong> on Saturday at 8pm. Click here<\/a> to book your tickets.<\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

Get ready for the inaugural <\/strong>Maadi Book Festival<\/a><\/strong>at <\/strong>The Courtyard Maadi<\/a><\/strong> on Wednesday, 1 May until Monday, 6 May from 11am-11pm. Immerse yourself in a world of literature and creativity as they showcase a diverse array of books, novels, handcrafted products, unique gifts, and interactive activities. There\u2019s also endless price reduction and something for every book lover to enjoy. No tickets are required.<\/p>\n

Master the art of <\/strong>punch needle embroidery<\/a><\/strong> at <\/strong>Darb 15<\/a><\/strong> on Friday, 3 May from 12pm. Say goodbye to stress and hello to creativity as you channel your energy into crafting beautiful designs with every punch. Whether you're a seasoned stitcher or a complete beginner, this workshop is perfect for anyone looking to unwind, get crafty, and unleash their inner artist. To book your spot DM Darb15 on their Instagram<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Daylight savings will remain in effect until 11:59pm\u2026","rel":"","context":"In "THE WEEK IN REVIEW"","block_context":{"text":"THE WEEK IN REVIEW","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-week-in-review\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/897.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":579506,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/03\/our-circadian-rhythms-get-thrown-out-of-whack-with-the-changing-clocks-is-ubers-business-model-unsustainable\/","url_meta":{"origin":619121,"position":1},"title":"Our circadian rhythms get thrown out of whack with the changing clocks + Is Uber\u2019s business model unsustainable?","author":"enterpriseam admin","date":"3 November 2022","format":false,"excerpt":"Daylight saving time takes a toll on our bodies: Maybe Egypt was right to cancel it altogether because most sleep and circadian experts recommend we stick to standard time, The Washington Post reports. The issue with permanently implementing daylight saving time is how it throws our bodies out of sync\u2026","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/582.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584186,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/27\/lebanon-just-decided-to-take-time-into-its-own-hands-your-gut-and-your-brain-are-inextricably-linked\/","url_meta":{"origin":619121,"position":2},"title":"Lebanon just decided to take time into its own hands + Your gut and your brain are inextricably linked","author":"enterpriseam admin","date":"27 March 2023","format":false,"excerpt":"Lebanon is bringing its own take to time travel","rel":"","context":"In "FOR YOUR COMMUTE"","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/clock-time-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":584687,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/egyptian-lawmakers-approve-bringing-back-daylight-saving-time\/","url_meta":{"origin":619121,"position":3},"title":"Egyptian lawmakers approve bringing back daylight saving time","author":"enterpriseam admin","date":"4 April 2023","format":false,"excerpt":"Government says the move will save at least USD 25 mn","rel":"","context":"In "LEGISLATION WATCH"","block_context":{"text":"LEGISLATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/legislation-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/133.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":583462,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/this-evening-daylight-savings-could-be-coming-back-chinas-factory-activity-exceeds-expectations\/","url_meta":{"origin":619121,"position":4},"title":"THIS EVENING: Daylight savings could be coming back + China\u2019s factory activity exceeds expectations","author":"enterpriseam admin","date":"1 March 2023","format":false,"excerpt":"Good afternoon, wonderful people. 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