{"id":620706,"date":"2024-05-26T00:00:00","date_gmt":"2024-05-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/british-vivo-energy-wants-in-on-wataniya\/"},"modified":"2024-05-26T00:00:00","modified_gmt":"2024-05-26T00:00:00","slug":"british-vivo-energy-wants-in-on-wataniya","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/26\/british-vivo-energy-wants-in-on-wataniya\/","title":{"rendered":"British Vivo Energy wants in on Wataniya"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s an econ-heavy morning here in Egypt as we bring you the latest from the central bank and IMF. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1-<\/strong>Vivo Energy in the running for Wataniya stake:<\/strong> UK-based and Africa-focussed petroleum firm Vivo Energy<\/a> has reportedly submitted an offer of around USD 100 mn for 174 gas stations currently owned by state-owned fuel retailer Wataniya, Cairo24<\/a> reports, citing a source it says is familiar with the negotiations. <\/p>\n

Remember:<\/strong> Wataniya has received seven international and local acquisition offers, Planning Minister Hala El Said told Asharq Business last week<\/a>, adding that the government is filtering the offers for the long-awaited stake sale and will select one soon. Taqa Arabia remains to be the only firm to have publicly<\/a> declared interest in the filling station operator.<\/p>\n

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<\/a> #2- Cabinet calls on ministrie<\/strong>s and agencies to trade in FX for EGP: <\/strong>The Madbouly government has reportedly instructed ministries and associated agencies to exchange any USD they have with the Central Bank of Egypt for EGP, Al Arabiya<\/a> reports, citing what it says is a document it obtained detailing the instructions.<\/p>\n

But what should they do when they\u2019ve got bills to pay in FX: <\/strong>Any ministry or agency that needs to source foreign currency will need to approach the central bank with the equivalent amount in EGP to gain access to FX, according to the outlet.<\/p>\n

\n

<\/a> #3- T-bill trading through brokerage firms?<\/strong> Trading of treasury bills will be made available through brokerage firms on the bourse within the next three to four months, bourse head Ahmed El Sheikh told Asharq Business<\/a>. The bourse is working with the Financial Regulatory Authority and the Finance Ministry to make this happen, El Sheikh added. Currently, only a select group of banks are allowed to trade in the government debt instrument. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- It\u2019s day two of the Techne Summit <\/strong>at the Cairo International Stadium. The investment- and entrepreneurship-focused event is hosting some big name speakers from leading VC firms and companies from the region and across the globe. The summit continues until tomorrow and you can register to attend here<\/a>.<\/p>\n

#2- Calling renewable energy enthusiasts:<\/strong> The USAID-backed Center of Excellence for<\/a>Energy<\/a> will hold its stakeholder\u2019s meeting on Egypt\u2019s energy transition today at the Cairo Marriott Hotel in Zamalek. You can view the full agenda here (pdf)<\/a>.<\/p>\n

PSA- <\/p>\n

WEATHER- It\u2019s looking like another hot day in Cairo<\/strong>, with a high of 36\u00b0C and a low of 23\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s more or less the same in Alexandria<\/strong>, with a high of 35\u00b0C and a low of 22\u00b0C.<\/p>\n

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

** Want to subscribe? <\/strong>Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/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

CORRECTION- <\/strong>In Thursday\u2019s issue of EnterpriseAM Egypt, we mistakenly said that Act Financial will price its shares at EGP 3.65 for its upcoming market debut. The investment management company instead set the maximum offering price per share at EGP 3.65. The story has been amended on our website<\/a>.<\/p>\n

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

Is the G7 angling for a trade war with China? <\/strong>Finance ministers meeting in Italy yesterday warned that they are upset with the role China is playing in global business \u2014 and could move to take action. \u201cWhile reaffirming our interest in a balanced and reciprocal collaboration, we express concerns about China\u2019s comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience. We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field.\u201d Bloomberg<\/a> has more.<\/p>\n

MEANWHILE- Israel <\/strong>continues to attack Rafah<\/a><\/strong> despite the International Court of Justice (ICJ) order to immediately cease all military operations<\/a> in Rafah on Friday. The court also ordered Israel to open the Rafah crossing to aid <\/strong>and allow investigators into the area. The court\u2019s non-binding rulings come days after the ICJ chief prosecutor requested arrest warrants for a number of Israeli and Hamas officials. <\/p>\n

Egypt welcomed the court\u2019s decision<\/strong>, saying it holds Israel \u201cfully responsible for the deteriorating humanitarian conditions in the Gaza Strip as the occupying power,\u201d a Foreign Ministry statement<\/a> said. <\/p>\n

<\/a> Another round of talks ahead? <\/strong>Mediators are expected to return to the negotiating table this week, one official with knowledge of the matter told Reuters<\/a>. Negotiations will reportedly discuss \u201cnew proposals led by the mediators, Egypt and Qatar and with active US involvement,\u201d the official said. Israeli, Qatari, and US officials met in Paris over the weekend for preliminary discussions<\/a>. <\/p>\n

El Sisi, Bi<\/strong>den discuss ways to deliver aid:<\/strong> President Abdel Fattah El Sisi and US President Joe Biden discussed the latest developments in Gaza during a phone call on Friday, agreeing to deliver aid and fuel to the United Nations at the Karam Abu Salem Crossing until an agreement is reached to reopen the Rafah crossing, according to an Ittihadiya statement<\/a>.<\/p>\n

Not working: The USD 320 mn pier built by US forces<\/strong>, who are not allowed by White House policy to set foot in Gaza to help distribute aid. The equivalent of 71 truckloads of aid made it in through the pier last week \u2014 far short of the 90 per day US officials were hoping for. The Wall Street Journal<\/a> has a deep dive.<\/p>\n

AND IN AI NEWS- Google\u2019s AI Overview is under fire for being extremely flawed. <\/strong>AI Overview shows users quick summaries when they Google a question, supposedly saving users a lot of scrolling, but it has become the subject of scrutiny online for its complete nonsense results. AI Overview has suggested users use glue to ensure their cheese sticks to their pizza base or recommended users consume \u201cat least one small rock a day.\u201d Google is taking swift action to tackle the issue<\/strong>, a company spokesman told CNBC<\/a> \u2014 an approach that right now involves taking down some of the dumbest suggestions by hand<\/a>.<\/p>\n

Not seeing AI Overview on your search results page? <\/strong>The feature is only widely available in the US right now. <\/p>\n

Expect a quiet news day <\/strong>out of the USA today and tomorrow: Our American friends are off through Monday for a three-day weekend in observance of Memorial Day. <\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. It\u2019s an econ-heavy morning here in Egypt as we bring you the latest from the central bank and IMF. 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The company will compete with each of Qalaa Holdings\u2019 Taqa Arabia, Dubai\u2019s state-owned Emirates National Oil Company, and a\u2026","rel":"","context":"In "SPEED ROUND: M&A WATCH"","block_context":{"text":"SPEED ROUND: M&A WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-ma-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/419.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561435,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/07\/adq-teams-up-with-adnoc-on-wataniya-bid\/","url_meta":{"origin":620706,"position":1},"title":"ADQ teams up with Adnoc on Wataniya bid","author":"enterpriseam admin","date":"7 April 2021","format":false,"excerpt":"Abu Dhabi\u2019s sovereign wealth fund ADQ is joining forces with Abu Dhabi National Oil Company (Adnoc) in its takeover bid for military owned Wataniya Petroleum, with the aim of making a stronger offer for the company, the local press reports, citing unnamed sources. Adnoc was reportedly in the process of\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\/2021\/4\/63.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565092,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/03\/17\/wataniya-sale-pushed-back-to-2h2021\/","url_meta":{"origin":620706,"position":2},"title":"Wataniya sale pushed back to 2H2021","author":"enterpriseam admin","date":"17 March 2021","format":false,"excerpt":"The sale of 80-90% of military-owned Wataniya Petroleum has been pushed back to 2H2021, sources close to the transaction told the local press. The Sovereign Fund of Egypt (SFE), which is managing the sale, had previously been expected to wrap it up in the first half of the year, according\u2026","rel":"","context":"In "SPEED ROUND: PRIVATIZATION WATCH"","block_context":{"text":"SPEED ROUND: PRIVATIZATION WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/3\/497.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":560310,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/23\/franchising-on-the-menu-for-wataniya-sale\/","url_meta":{"origin":620706,"position":3},"title":"Franchising on the menu for Wataniya sale","author":"enterpriseam admin","date":"23 February 2021","format":false,"excerpt":"Franchisers are now on the list of potential buyers for 80-90% of military-owned Wataniya Petroleum, Sovereign Fund of Egypt (SFE) CEO Ayman Soliman told Reuters. The inclusion of franchising as a potential model for the sale came after the fund saw that some markets, including Europe, follow that model. The\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\/2021\/2\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":553604,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/09\/sfe-is-pushing-ahead-with-siemens-stake-sale-privatizing-military-businesses\/","url_meta":{"origin":620706,"position":4},"title":"SFE is pushing ahead with Siemens stake sale + privatizing military businesses","author":"enterpriseam admin","date":"9 December 2021","format":false,"excerpt":"Updates on the Siemens power plants + military companies\u2019 privatization from the SFE: The Sovereign Fund of Egypt (SFE) and the Electricity Ministry are nearly done with studies on how best to move forward with a stake sale in the Siemens \/ Orascom Construction \/ Elsewedy Electric combined-cycle power plant,\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":567894,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/10\/the-first-two-military-owned-companies-line-up-to-sell-shares\/","url_meta":{"origin":620706,"position":5},"title":"The first two military-owned companies line up to sell shares","author":"enterpriseam admin","date":"10 December 2020","format":false,"excerpt":"Safi, Wataniya Petroleum are up first in Egypt\u2019s plan to partially privatize military-owned companies: The Sovereign Fund of Egypt (SFE) decided that Wataniya Petroleum and the National Company for Producing and Bottling Water (Safi) as the first two subsidiaries of the National Service Products Organization (NSPO) the fund will move\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/197.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\/620706","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=620706"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620706\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620704"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620707"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620706"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620706"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}