{"id":620949,"date":"2024-05-29T00:00:00","date_gmt":"2024-05-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/more-sfe-sub-funds-incoming\/"},"modified":"2024-05-29T00:00:00","modified_gmt":"2024-05-29T00:00:00","slug":"more-sfe-sub-funds-incoming","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/29\/more-sfe-sub-funds-incoming\/","title":{"rendered":"More SFE sub-funds incoming?"},"content":{"rendered":"

Good morning, friends. <\/strong>The news flow has picked up following a couple of slow days with news of not one, but two Egyptian financial companies heading to the Gulf \u2014 and a whole lot of earnings. <\/p>\n

BUT FIRST, a programming note: We are postponing our Enterprise Optimism Forum.<\/strong> We\u2019re really looking forward to debating with many of you the case for optimism in general \u2014 and, more specifically, how business leaders should be thinking about building a resilient business that can thrive in any economic cycle. We\u2019re also incredibly grateful to the hundreds and hundreds of you who asked to be invited \u2014 and to the start-studded list of speakers who had agreed to appear on stage. We\u2019ve pushed the date back for external reasons and will let you know soon when we\u2019ve rescheduled. Folks who let us know they were interested in attending will get a separate email from us later today. <\/p>\n

WATCH THIS SPACE- We\u2019re very excited to announce the next event in our conference <\/strong>lineup: Our flagship Enterprise Finance Forum<\/strong>, which returns this September. More details next week, friends.<\/p>\n

DATA POINT- <\/p>\n

Egypt is looking to welcome some 15.5-16.5 mn tourists this year<\/strong>, Tourism Minister Ahmed Issa told Sky News Arabia (watch, runtime: 9:30<\/a>). The ministry has revised its initial target of 17-18 mn due to geopolitical tensions. <\/p>\n

This would still be the biggest year for tourism on record: <\/strong>Even the lower end of this year\u2019s targets would see over 1.5 mn more tourists set foot in Egypt than they did in 2023 \u2014 when Egypt welcomed in a record 14.9 mn tourists, beating its previous high of 14.7 mn set in 2010. <\/p>\n

Remember:<\/strong> Tourist arrivals to Egypt increased 27% y-o-y<\/a> in the first four months of the year, with visitors from Arab countries accounting for around 54% of all arrivals. <\/p>\n

FACT CHECK-<\/p>\n

<\/a> No tax hikes, says FinMin: <\/strong>There will be no increase to income tax rates or brackets, Finance Minister Mohamed Maait said on Tuesday<\/a>, in response to media reports that claimed otherwise. <\/p>\n

WATCH THIS SPACE- <\/p>\n

#1- <\/strong>Another<\/strong> green methanol facility in the works? <\/strong>ADQ\u2019s AD Ports has inked an MoU with Egyptian shipping giant Transmar and Orascom Construction to explore the possibility of setting up a green methanol storage and export facility targeting maritime transport, according to a statement<\/a>.<\/p>\n

\n

<\/a> #2- Yet more SFE sub-funds on the way? <\/strong>The government is looking to launch a telecom-focused sub-fund under the Sovereign Fund of Egypt (SFE) within weeks, reports Al Borsa<\/a>, citing unnamed sources. The fund\u2019s legal advisor Baker McKenzie is close to completing the necessary procedures to set up the fund, the sources added. The government is also in the process of establishing an agriculture sub-fund. <\/p>\n

Also in the pipeline: <\/strong>The government is working to launch an industry-focused<\/a> sub-fund in July, which Al Borsa\u2019s sources say will have a capital of EGP 12 bn.<\/p>\n

HAPPENING TODAY-<\/p>\n

#1- The two-day <\/strong>Solar & Storage Live MENA<\/a><\/strong> conference kicks off in Cairo today<\/strong>, featuring 150 industry leaders, 150 exhibitioners, and a string of networking sessions. Those working in utilities and independent power producers will meet with financiers, government bodies, regulators, distributors, and contractors, to discuss all things green transition. Register for the event here<\/a> and check out the agenda here<\/a>.<\/p>\n

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<\/a> #2- Key tech players meet in Morocco: <\/strong>Tech summit GITEX Africa 2024<\/a> gets started today in Marrakesh and runs until Friday. The event gathers startups, entrepreneurs, government officials, tech leaders, and industry experts from 130 countries. Expect forums on cybersecurity, Africa\u2019s AI talent pool, tech regulation. and the ethics of AI, as well as networking and training sessions. Check out the full agenda here<\/a>.<\/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

PSA- <\/p>\n

WEATHER- It will continue to cool down in Cairo today<\/strong>, with a high of 30\u00b0C and a low of 20\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s even cooler in Alexandria<\/strong>, with a high of 25\u00b0C and a low of 19\u00b0C.<\/p>\n

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

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

CIRCLE YOUR CALENDAR-<\/p>\n

<\/a> #1- National Dialogue to discuss national security: <\/strong>The National Dialogue\u2019s board will meet on Saturday to discuss issues of national security and foreign policy, General Coordinator Diaa Rashwan said<\/a> on Monday. The meeting will also address government efforts to implement the outcomes of the dialogue\u2019s first phase, Rashwan added.<\/p>\n

<\/a> #2- <\/strong>Sudanese peace talks in Egypt next month: <\/strong>Egypt will host a conference that brings together Sudanese civilian political groups and regional and global parties at the end of June, according to a statement<\/a> from the Foreign Ministry spokesperson. The conference will aim to produce a comprehensive and permanent peace agreement \u201cwithin the framework of Sudan\u2019s sovereignty and territorial integrity, not interfering in its internal affairs and preserving its institutions,\u201d the statement said. <\/p>\n

Remember:<\/strong>Egypt has been attempting to put an end to<\/a> the Sudanese civil war between the country\u2019s army chief and de facto ruler General Abdel Fattah Al Burhan and the Rapid Support Forces led by General Mohamed Hamdan Dagalo.<\/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

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

A big US M&A and another fresh high for Wall Street <\/strong>are the big business stories this morning, but they\u2019re being largely overshadowed in the US and UK by political news. <\/p>\n

UP FIRST- The tech-heavy Nasdaq Composite has hit a fresh high at yesterday\u2019s close<\/strong>, rising 0.6% to break the 17k barrier for the first time as traders returned from a three-day weekend. (CNBC<\/a>)<\/p>\n

AND- Shareholders of Hess voted yesterday to sell their company to Chevron in a USD <\/strong>53 bn transaction. <\/strong>It\u2019s still far from certain that sale will go through, because\u2026<\/p>\n

\u2026Exxon is still looking for a way to scupper it. <\/strong>The story is perhaps a bit less dramatic than the 1980s oil patch soap Dallas, but if you want the inside dirt of what\u2019s keeping the energy industry in thrall, go read: <\/a>The leaders of Exxon Mobil, Chevron and Hess are duking it out over a generational oil discovery in Guyana<\/a> in the Wall Street Journal. Both the WSJ<\/a> and the FT<\/a> are giving the shareholder vote prominent play on their front pages this morning.<\/p>\n

IN EUROPE, an \u201cinvestment shock\u201d: <\/strong>Emmanuel Macron wrapped a three-day visit to Germany with the announcement that Paris and Berlin will work together to deliver an \u201cinvestment shock\u201d to the European Union to provide more incentives for manufacturers and business working on advanced technologies, writes Handelsblatt<\/a>. Macron and his German counterpart, Olaf Sholz, telegraphed the move in an op-ed for the Financial Times<\/a> earlier this week that argued the EU needs \u201cmore single market, innovation and investment<\/strong> to secure a common future.\u201d The impetus? Countering China. <\/p>\n

\n

IN WAR and politics:<\/strong><\/p>\n

#1- Israeli tanks and troops have reached the center of Rafah<\/strong> in \u201ca sign the military could be nearing its goal of taking full control of the southern Gazan city.\u201d The story leads the front pages from Bloomberg<\/a> through to the Financial Times<\/a>. <\/p>\n

Oh, and that US pier that was going to feed Gaza?<\/strong> Satellite imagery shows that it\u2019s broken apart, CNN<\/a> reports.<\/p>\n

#2- Closing arguments wrapped late yesterday in Donald Trump\u2019s criminal hush-money <\/strong>trial<\/strong>, with the prosecutor taking six hours to bring the case home and the defense three. The jury should get the case today to start deliberations and could deliver a verdict anytime afterward. <\/p>\n

\n

FOOD FOR THOUGHT this morning:<\/strong> There are no signs that traffic will soon return to the <\/strong>Suez Canal <\/strong>as Dubai and Jeddah open new routes to Saudi Arabia and major players continue to steam around the Horn of Africa rather than transit through Egypt. The FT goes deep into how pirate attacks, instability in the Middle East, and climate change are putting <\/strong>\u201cmounting strains on global shipping.\u201d<\/a><\/strong><\/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 local contractors can do to expedite their expansion abroad.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. The news flow has picked up following a couple of slow days with news of not one, but two Egyptian financial companies heading to the Gulf \u2014 and a whole lot of earnings. BUT FIRST, a programming note: We are postponing our Enterprise Optimism Forum. 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+ Why there\u2019s room for some optimism","author":"enterpriseam admin","date":"11 January 2023","format":false,"excerpt":"Good afternoon, friends, and welcome to a roller-coaster of a day. THE BIG NEWS THIS AFTERNOON- There are indications that we found this afternoon a market-clearing rate for the USD. And the magic number was \u2026 EGP 32.20 \/ USD. Today\u2019s interbank auction saw the EGP fall in steady increments\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\/2023\/1\/637.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":593042,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/what-were-tracking-on-17-november-2019\/","url_meta":{"origin":620949,"position":1},"title":"What we\u2019re tracking on 17 November 2019","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"*** We\u2019re very excited to announce that season one of Making It \u2014 our first podcast \u2014 launches this coming Friday. Making It is a weekly discussion with CEOs and founders who are building great businesses right here in Egypt. You\u2019ll hear the origin story of hot startups, how family-owned\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":591873,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/19\/a-20-year-old-startups-ceo-is-on-making-it-today-finance-geeks-this-ones-for-you\/","url_meta":{"origin":620949,"position":2},"title":"A 20-year-old startup\u2019s CEO is on Making It today, finance geeks, this one\u2019s for you","author":"enterpriseam admin","date":"19 December 2019","format":false,"excerpt":"The next episode of our interview show about building a great business in Egypt is out today: Today\u2019s episode of Making It is a must-listen for finance nerds. Look for the episode in your podcast feed in time for your afternoon commute. You can listen on our website | Apple\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\/2019\/11\/Making-It-Album-Cover-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568245,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/12\/23\/what-were-tracking-on-23-december-2020\/","url_meta":{"origin":620949,"position":3},"title":"What we\u2019re tracking on 23 December 2020","author":"enterpriseam admin","date":"23 December 2020","format":false,"excerpt":"Good morning, wonderful people, and welcome to Christmas Eve Eve, for those of you who are observing. We can\u2019t say we\u2019re very interested in asking mom and dad for early permission to open just one gift that 2020 has left for us under the tree.The big story this morning: Rania\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":648640,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/09\/what-were-tracking-on-9-april-2017\/","url_meta":{"origin":620949,"position":4},"title":"What we\u2019re tracking on 9 April 2017","author":"enterpriseam admin","date":"9 April 2017","format":false,"excerpt":"We begin this morning with a holiday advisory if, perchance, the coming respite has slipped off your radar:We are just days away from the Easter \/ Sham El Neseem break \u2014 our first long weekend since January. Banks and the stock market are closed Sunday (16 April) and Monday (17\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":652877,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/22\/what-were-tracking-this-week-221\/","url_meta":{"origin":620949,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"22 January 2017","format":false,"excerpt":"The Meteorological Authority warns citizens of driving in the early mornings, as that heavy fog we\u2019ve been seeing all week will intensify today and continue until Wednesday, Ahram Online reports.We don\u2019t know about you, but we\u2019re bridging this week. We\u2019ll be taking Wednesday and Thursday off. It\u2019s our last national\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620949","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=620949"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/620949\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/620947"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/620950"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=620949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=620949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=620949"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=620949"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=620949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}