{"id":619305,"date":"2024-04-30T00:00:00","date_gmt":"2024-04-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/30\/usd-t-bill-auction-raises-just-shy-of-usd-1-bn\/"},"modified":"2024-04-30T00:00:00","modified_gmt":"2024-04-30T00:00:00","slug":"usd-t-bill-auction-raises-just-shy-of-usd-1-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/30\/usd-t-bill-auction-raises-just-shy-of-usd-1-bn\/","title":{"rendered":"USD t-bill auction raises just shy of USD 1 bn"},"content":{"rendered":"

Good morning, folks. <\/strong>We\u2019ve got an unusually export- and import-heavy issue for you today, with some promising developments that many of you exporters out there will be happy to hear. <\/p>\n

But, of course, that\u2019s not all. <\/strong>New details on Act Financial\u2019s upcoming IPO \u2014 and what it plans to do after \u2014 have emerged, the prime minister\u2019s claim that Egypt spends USD 10 bn hosting refugees has caught the attention of the commentariat, and negotiations for a Gaza ceasefire may kick off later today. We\u2019ve got a packed issue today, so let\u2019s jump right in.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

DATA POINT-<\/p>\n

The EGX30 rose 5.6% at yesterday\u2019s close <\/strong>after four straight days of losses on turnover of EGP 2.8 bn amid a buying spree from international and regional investors that saw all the index\u2019s components closing in the green. The main index jumped to a four-year intraday high yesterday, according to Reuters<\/a>, as the Finance Ministry refuted again rumors about capital gain taxes on EGX transactions.<\/p>\n

PSA-<\/p>\n

Another long weekend is around the corner: <\/strong>The public and private sectors and all banks will be off on Sunday, 5 May and Monday, 6 May<\/strong> in observance of Labor Day and Sham El Nessim, according to statements from the cabinet<\/a> and central bank.<\/p>\n

\n

WEATHER- <\/strong>It\u2019s much the same in Cairo today as yesterday, with a high of 30\u00b0C and a low of 17\u00b0C, according to our favorite weather app. There\u2019s a small chance of rain this morning, so be careful on your drive to work.<\/p>\n

As usual, it\u2019s a little cooler and breezier in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 16\u00b0C.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- A successful USD t-bill auction: <\/strong>The Finance Ministry has raised some USD 997.6 mn from the auction of one-year t-bills at an average yield of 5.149% yesterday, according to data on the central bank\u2019s website<\/a>.<\/p>\n

#2- Supply Ministry to offer up internal trade investment prospects:<\/strong> Supply Minister Ali El Moselhi will offer investors the chance to invest in several internal trade projects on Wednesday, MENA<\/a> reports, without diving deeper into the details.<\/p>\n

FROM THE WORLD ECONOMIC FORUM\u2019S RIYADH MEETUP- <\/p>\n

That\u2019s a wrap on the World Economic Forum meetup in Riyadh. <\/strong>Yesterday was the second and final day of the World Economic Forum\u2019s Special Meeting on Global Collaboration, Growth and Energy for Development<\/a> and the cabinet economic team were out in force on the stage on the sidelines of the event.<\/p>\n

<\/a> International Cooperation Minister Rania Al Mashat <\/strong>called for<\/strong> increased investment in<\/strong> renewable energy for developing countries<\/strong> during a session on the energy transition, according to a statement<\/a> from the ministry. She argued that EMs receive a disproportionately small share of climate investments and that just financing mechanisms need to be expanded to support developing and emerging nations. Al Mashat also took part in a session on human capital and called for investments to prepare for an evolving global job market.<\/p>\n

<\/a> Foreign Minister Sameh Shoukry met with his British and Bahraini counterparts<\/strong>, David Cameron and Abdullatif bin Rashid Al Zayani, at the sidelines of the event in Riyadh to discuss regional and international efforts to stop the war on Gaza and increase humanitarian aid into the enclave, according to the ministry readouts (here<\/a>, here<\/a>).<\/p>\n

Prime Minister Mostafa Madbouly delivered a speech on where things stand in<\/strong> Gaza,<\/strong> according to a cabinet statement<\/a>. \u201cWhat is happening in Gaza contradicts everything we have learned and heard from the West about human rights, basic human needs, democracy, and all other matters that the West embraces,\u201d the prime minister said. Over 85% of all humanitarian aid that has entered Gaza has been on the part of the Egyptian gov\u2019t and civil society, he added. <\/p>\n

ATTENTION, EGYPT INVESTORS-<\/p>\n

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

<\/a> Foreign investors are falling in love with Egypt again\u2026<\/strong> Foreign investors we speak with (debt, equity, and strategic alike) have a growing appetite for Egypt. They\u2019re buying into local debt, eyeing promising shares, and committing bns of USD to both new ventures here and the growth of their existing businesses. They like the Egypt story that\u2019s taking shape after the float of the EGP, and its competitive advantages are clear to many of them: It\u2019s a massive consumer opportunity and a regional export hub of tomorrow.<\/strong><\/p>\n

The Enterprise Optimism Forum 2024 will do exactly what it says on the tin: <\/strong>Spark conversations about a future that we think is much brighter than so many in our community feel right now. Think of it as much-needed shock therapy combined with an early, actionable roadmap for those of us who are \u201clong Egypt.\u201d<\/p>\n

We\u2019ll be talking with you about the agenda over the coming couple of weeks. <\/strong>It features speakers from Egypt and abroad who are future-proofing their businesses and angling to capture tomorrow\u2019s opportunities \u2014 and who aren\u2019t afraid to answer some tough questions. <\/p>\n

*** Interested in attending? <\/strong>Tap or click here<\/a><\/strong> to let us know.<\/strong> Seating is limited.<\/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

HAPPENING TODAY-<\/p>\n

The Decision Makers Conference will be bringing together leading voices from<\/strong> both the public and private sector today<\/strong> at the St Regis Hotel in Cairo, focusing on the investment and financial sectors. Tap or click here<\/a> to secure your ticket. <\/p>\n

CIRCLE YOUR CALENDAR-<\/p>\n

You\u2019ll soon be <\/strong>able to take the monorail from Nasr City to the new capital:<\/strong> The Transport Ministry is preparing for the trail run of the East Nile monorail \u2014 a 56-km line extending from Nasr City to the new administrative capital \u2014 in October, Al Mal<\/a> reports, citing Transport Minister Kamel El Wazir.<\/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

SIGN OF THE TIMES-<\/p>\n

Red Sea detours have produced an extra 16.6 mn tons of carbon emissions over<\/strong> the past four months,<\/strong> as shipping lines reroute vessels around South Africa\u2019s Cape of Good Hope to avoid Houthi attacks, Bloomberg<\/a> reports, citing a report from supply chain management consultancy Inverto. That's as much pollution as roughly 9 mn cars would produce in the same timeframe.<\/p>\n

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

Gaza leads the front pages of the global business press<\/strong>, with hope rising in some quarters that an Egypt-brokered ceasefire agreement may be near.<\/p>\n

Could fresh talks begin as soon as today in Cairo? <\/strong>Israel has reportedly agreed to send a team of negotiators, and Hamas said it is \u201cstudying\u201d a ceasefire proposal, but hasn\u2019t yet confirmed it will participate. <\/p>\n

The downside risk: <\/strong>An unconfirmed report by Al Qahera News claims the Hamas delegation left Cairo overnight and will respond in writing to the proposal (watch, runtime: 0:22<\/a>).<\/p>\n

The hope: We could see something along the lines of a 40-day ceasefire in Gaza <\/strong>and the freeing of some Palestinian prisoners held in Israeli jails in return for the release of c. 33 Israelis held by Hamas. The exact details vary from report to report. <\/p>\n

Antony Blinken sounded like a hawker in Khan El Khalili<\/strong> as he told Hamas to accept Israel\u2019s \u201cextraordinarily generous\u201d offer, hinting it wouldn\u2019t be on the table for long. The US Secretary of State is expected to leave Riyadh for Jordan and Israel<\/a>, staying close to the region after meeting yesterday with Arab foreign ministers. Egyptian Foreign Minister Sameh Shoukry would say only that he\u2019s \u201chopeful.\u201d<\/p>\n

The spin: <\/strong>Israel has \u201csignificantly softened\u201d its stance<\/a>. <\/p>\n

Joe Biden put in calls to President Abdel Fattah El Sisi <\/strong>and Qatari Emir Sheikh Tamim bin Hamad Al Thani to push forward the talks, while Secretary of State Antony Blinken met yesterday<\/a> in Riyadh with Crown Prince Mohammed bin Salman. El Sisi pushed<\/a> for more humanitarian aid flowing into the enclave and reiterated the need for a two-state solution. <\/p>\n

MEANWHILE- US politicians are circling the wagons and threatening the International <\/strong>Criminal Court \u201cwith US retaliation\u201d<\/strong> if it goes ahead with plans to issue arrest warrants for Israeli officials over the conduct of the war in Gaza. Some lawmakers are already preparing legislation<\/a> that would make the sanctions real. The Biden administration has claimed the ICC doesn\u2019t have jurisdiction over events in Gaza<\/strong> and said that arrest warrants could stop movement toward a ceasefire<\/a>. <\/p>\n

AND- At least 20 lawyers in the Biden administration are breaking ranks<\/strong> with the White House, calling on the president to block further arms shipments to Israel<\/a>. <\/p>\n

\n

AWAY FROM GAZA- <\/strong>Worries are mounting about the chances of mass killing in Darfur<\/a>. | Spanish Prime Minister Pedro S\u00e1nchez is not resigning<\/a>. | The FT\u2019s obsession with Chinese spies<\/a> continues.<\/p>\n

SIGN OF THE TIMES- All Dubai government entities will appoint chief AI officers <\/strong>as part of a new AI blueprint aimed at adding AED 100 bn from digital transformation to the emirate\u2019s economy, according to an X post<\/a> by Dubai Crown Prince Sheikh Hamdan bin Mohammed. The blueprint will also see the emirate introduce a comprehensive program geared towards attracting data centers, AI company licenses, as well as AI incubators, the crown prince said, without disclosing further details. <\/p>\n

ENTERPRISE IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/strong> Enterprise \u2014 the essential morning read on all the important news shaping business and the economy in Egypt and the region \u2014 is looking for writers, reporters and editors to help us build out new publications. <\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the Enterprise Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the Enterprise Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors and entrepreneurs.<\/p>\n

Not an internship program \u2014 a career:<\/strong> The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing Enterprise stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/p>\n

Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/strong> in your subject line.<\/p>\n

<\/p>\n

*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n

In today\u2019s issue: <\/strong>We take a look at Egypt\u2019s targets and spending plans for the green economy in FY 2024-25.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. We\u2019ve got an unusually export- and import-heavy issue for you today, with some promising developments that many of you exporters out there will be happy to hear. But, of course, that\u2019s not all. 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We\u2019ve got an unusually export- and import-heavy issue for you today, with some promising developments that many of you exporters out there will be happy to hear. But, of course, that\u2019s not all. 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And worth up to USD 5 bn?!_StoryHedWeb_! Egypt to issue its maiden sovereign sukuk as soon as next week?","author":"enterpriseam admin","date":"16 February 2023","format":false,"excerpt":"Final timing of the issuance dependent on market conditions","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/11\/sukuk-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":592822,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/07\/what-were-tracking-on-7-november-2019\/","url_meta":{"origin":619305,"position":1},"title":"What we\u2019re tracking on 7 November 2019","author":"enterpriseam admin","date":"7 November 2019","format":false,"excerpt":"We\u2019re heading into a long weekend: Banks and the EGX are taking Sunday off in observance of Prophet Mohamed\u2019s birthday, which falls on Saturday. We\u2019re following suit and will be back in your inboxes at the usual time on Monday morning.That said: We have plenty of news in a packed\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":704633,"url":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/21\/elon-musk-on-track-to-become-first-tnaire-nvidia-investors-unimpressed-despite-positive-results\/","url_meta":{"origin":619305,"position":2},"title":"Elon Musk on track to become first t\u2019naire + Nvidia investors unimpressed despite positive results","author":"enterpriseam admin","date":"21 May 2026","format":false,"excerpt":"Good afternoon, folks, and congratulations on making it to the weekend \u2014 and if you\u2019ve cashed in your PTO for Sunday and Monday, happy early Eid break. It\u2019s a cool (and calm) day in Cairo, and we\u2019ve got an issue to match. Today, we\u2019re breaking down Swatch\u2019s ingenious marketing strategy\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\/2026\/5\/1356.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581859,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/26\/this-evening-fresh-agreements-for-nine-regional-industrial-projects-global-stock-market-fear\/","url_meta":{"origin":619305,"position":3},"title":"THIS EVENING: Fresh agreements for nine regional industrial projects + global stock market fear","author":"enterpriseam admin","date":"26 February 2023","format":false,"excerpt":"Good afternoon, ladies and gentlemen. We\u2019re having a (so-far) calm start to the week, but we\u2019re expecting the pace to pick up as everyone shakes off the weekend cobwebs.THE BIG STORY TODAY- USD 2 bn for nine regional industrial projects: Government officials and private sector firms from Egypt, Jordan, 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":578879,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/all-eyes-on-the-action-in-our-fx-market\/","url_meta":{"origin":619305,"position":4},"title":"All eyes on the action in our FX market","author":"enterpriseam admin","date":"17 January 2023","format":false,"excerpt":"The international press is focusing on the return of foreign inflows to our FX market following the latest devaluation of the EGP (get the full story in What We\u2019re Tracking Today, above.) Bloomberg is also out with a recap on the recent movements in the EGP \/ USD rate as\u2026","rel":"","context":"In "EGYPT IN THE NEWS"","block_context":{"text":"EGYPT IN THE NEWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-in-the-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/277.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":667976,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/07\/07\/net-foreign-assets-in-egypts-banking-sector-see-uptick\/","url_meta":{"origin":619305,"position":5},"title":"Net foreign assets in Egypt\u2019s banking sector see uptick","author":"enterpriseam admin","date":"7 July 2025","format":false,"excerpt":"Good afternoon, friends. It\u2019s another calm day as far as the news cycle is concerned, and we\u2019ve got a brisk issue for you. THE BIG STORY TODAY Net foreign assets in the banking sector increased nearly 10% in May to USD 14.7 bn, up USD 1.2 bn from April, according\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\/2024\/11\/2177.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\/619305","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=619305"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/619305\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/619303"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/619306"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=619305"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=619305"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=619305"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=619305"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=619305"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}