{"id":621116,"date":"2024-05-31T00:00:00","date_gmt":"2024-05-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/31\/madbouly-government-hikes-subsidized-bread-prices-by-300\/"},"modified":"2024-05-31T00:00:00","modified_gmt":"2024-05-31T00:00:00","slug":"madbouly-government-hikes-subsidized-bread-prices-by-300","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/31\/madbouly-government-hikes-subsidized-bread-prices-by-300\/","title":{"rendered":"Madbouly government hikes subsidized bread prices by 300%"},"content":{"rendered":"

Good morning, friends and happy Friday. <\/strong>Boy, are we glad that this weekend has come around as we inch closer to a longer holiday.<\/p>\n

Yes, you heard that right \u2014 but don\u2019t rush to look for your pool and beach gear yet. <\/strong>We have put together a list of local swimsuit brands that will have something for you, your significant other, and your little ones. <\/p>\n

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

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

ECONOMY<\/strong>-<\/strong><\/p>\n

#1- Subsidy cuts are coming: <\/strong>Prime Minister Moustafa Madbouly announced that the price of subsidized bread is set to quadruple<\/a> to EGP 0.20 a loaf starting tomorrow, marking its first price hike in 36 years. Electricity bills<\/a> are also expected to see price hikes of at least 20% on average with the start of the new fiscal year in July, a government source told Enterprise earlier this week. Madbouly hinted<\/a> earlier in the week that subsidy cuts to bread were coming to bring the selling price closer to the \u201cmassive\u201d cost of production and that the Electricity Ministry is working on a plan to completely phase out electricity subsidies in the coming years.<\/p>\n

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#2- Price hikes to hit the pharma sector: <\/strong>Some 200 pharma products could be subject to<\/a>price hikes<\/a> ranging from 5-20% starting next week, with increases potentially hitting a total of 1.5k products over the coming 12 months. Each pharma company\u2019s best-selling items will be subject to price increases, though meds for chronic illnesses will see smaller markups.<\/p>\n

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#3- Cabinet calls on ministries and agencies to trade in FX for EGP: <\/strong>The Madbouly government reportedly instructed ministries and associated agencies<\/a> to exchange any USD they have with the Central Bank of Egypt for EGP. 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.<\/p>\n

ALL ROADS LEAD TO THE GCC- <\/strong><\/p>\n

#1- <\/strong>Thndr to hit the Emirati market: <\/strong>Homegrown digital investment platform Thndr<\/a> has received the regulatory greenlight<\/a> to enter the UAE market. The company\u2019s app will provide access to securities listed on US stock exchanges, and it plans to provide a more diverse array of investment products to the UAE market.<\/p>\n

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#2- CI Capital\u2019s Gulf expansion plans are also off the ground:<\/strong> State-owned investment bank CI Capital has announced<\/a> its intentions to set up an \u201con-the-ground presence\u201d for the bank in Saudi Arabia and the UAE, CEO Hesham Gohar said. These are \u201ctwo very important markets with robust growth, deepening capital markets and significant investor appetite,\u201d he added.<\/p>\n

REGULATION WATCH-<\/strong><\/p>\n

ChatEGP?<\/strong> Asset management companies seeking to utilize robo-advisors will need to<\/a>have a minimum capital of EGP 15 mn<\/a> to obtain the required license, under a regulatory framework (pdf)<\/a> set by the Financial Regulatory Authority. Companies will also have to submit quarterly reports detailing the AI-powered virtual financial advisors\u2019 performance.<\/p>\n

M&A WATCH-<\/strong><\/p>\n

#1- PIF began talks to acquire local agri firm Daltex:<\/strong> Saudi Arabia\u2019s Public Investment Fund is in<\/a>talks to acquire<\/a> an unspecified minority stake in local agriculture firm Daltex Corporation<\/a> through a capital increase. The talks are still in the early stages, and both sides are yet to reach an agreement or sign a contract, local media outlets reported.<\/p>\n

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#2- Vivo Energy reportedly submitted a bid for Wataniya stake:<\/strong> UK-based and Africa-focused petroleum firm Vivo Energy<\/a>reportedly submitted an offer<\/a> of around USD 100 mn for 174 gas stations currently owned by state-owned fuel retailer Wataniya. Wataniya has received seven international and local acquisition offers that the government is currently deciding between.<\/p>\n

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WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n

#1- Egyptian Competition Authority to roll <\/strong>out pre-approval<\/strong> system for M&As:<\/strong> Companies planning mergers and acquisitions will need to secure<\/a> the authority\u2019s approval before proceeding starting 1 June.<\/p>\n

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#2- Ministries to start clearing a quarter of our arrears: <\/strong>The Madbouly cabinet will begin paying back 20-25% of arrears owed to foreign partners next week, Prime Minister Moustafa Madbouly said on Monday<\/a>. The payments will be made provided that the government and international partners agree on a payment schedule over a specific period of time, Madbouly added.<\/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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AROUND THE WORLD IN SEVEN DAYS-<\/p>\n

For another week, the on-going tragedy Gaza dominated the news, <\/strong>after an Israeli airstrike<\/a> on a tent camp west of Rafah and resulting fire on Monday killed at least 45 Palestinians in an area that Israel designated as a civilian evacuation zone. After initially denying<\/a> that the strike took place, Israeli authorities backtracked, with Israeli prime minister Benjamin Netanyahu calling<\/a> the strike a \u201ctragic mishap.\u201d<\/p>\n

The strikes drew condemnation from across the world,<\/strong> with French, German, and Canadian officials expressing their concern and outrage<\/a>, among others. <\/p>\n

The US, on the other hand, said that the Rafah deaths hadn\u2019t crossed any US \u201cred lines\u201d:<\/strong> US National Security Council spokesman John Kirby said that while the strike had been a \u201ctragic mistake,\u201d Israel\u2019s overall actions in Rafah so far wouldn\u2019t prompt any further withdrawal of military aid from the US, noting that<\/a> the US doesn't have \"a measuring stick here or a quota\" on what would prompt a change in its policy.<\/p>\n

Yet Israel is increasingly isolated on the world stage:<\/strong> On Friday, the International Court of Justice (ICJ) ordered the Israeli gov't to immediately cease all military operations<\/a> in Rafa, while on Tuesday, Spain, Norway, and Ireland all officially recognized<\/a> a Palestinian state.<\/strong><\/p>\n

WHILE IN ECONOMY NEWS- <\/strong>The European Central Bank (ECB) could start cutting interest<\/a>rates<\/a> as early as its June 6 meeting, the bank\u2019s chief economist Philip Lane said in an interview<\/a> with the Financial Times. All 82 economists polled by Reuters<\/a> between 21 and 28 May expect rate cuts in June, with a majority also expecting further cuts in September and December as well. <\/p>\n

AND- <\/strong>Shareholders of Hess voted to sell their company to Chevron on Tuesday in a USD 53 bn transaction that would be Chevron\u2019s largest-ever<\/a> acquisition. Exxon, however, has launched an arbitration process in a bid to scupper the deal.<\/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>Friday will be showing a sunny high of 35\u00b0C and a low of 29\u00b0C in Cairo. Saturday will climb up to a high of 38\u00b0C and a low of 22\u00b0C, according to our favorite weather app.<\/p>\n

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HAPPENING THIS WEEKEND- <\/p>\n

Get ready for the eighth edition of the <\/strong>Manasat Film Festival<\/a><\/strong>, <\/strong>set to kick off at Zawya<\/a>Cinema<\/a> in Downtown Cairo until Saturday, 1 June. This year\u2019s festival promises a captivating lineup of films, panel discussions, workshops, and more. Secure your tickets<\/a> now online or by messaging Manasat Film Festival<\/a> and Zawya Cinema<\/a> on their official Instagram accounts.<\/p>\n

The Italian Cultural Institute in Cairo <\/strong>Italian Cinema in Cairo<\/a><\/strong> film festival has begun.<\/strong> It's a 10-day affair, showcasing Italian films. The screenings started on Tuesday, 28 May to continue until Sunday, 9 June. They\u2019re bringing classics and some 2023 releases to explore Italian cinematic heritage. The screenings are at Zamalek Cinema<\/a> and the Italian Cultural Institute<\/a>, and you can check out their schedules here<\/a> and here<\/a>. <\/p>\n

Continuing over this weekend is <\/strong>What Have The Years Done To Us<\/a><\/strong> at Rawabet Art Space<\/a>. Click here<\/a> to reserve your tickets.<\/p>\n

The return of <\/strong>SoldOut Comedy<\/a><\/strong> shows<\/strong>. Mohamed Helmy and Alaa El Sheikh, accompanied by Mark Fanous and Ahmed El Hareedy, will hit the stage at the Falaki Theater at AUC Tahrir, tonight 5pm and 8:30pm. Tickets for tonight's shows can be purchased here<\/a> and here<\/a>.<\/p>\n

Shababco<\/a><\/strong> is celebrating its third birthday with a bazaar today at <\/strong>ZED Park<\/a><\/strong>.<\/strong> This one-day event is dedicated to showcasing the creative and entrepreneurial spirit of young local brand owners with a diverse array of unique products ranging from handmade crafts and fashion. In addition to the bustling bazaar, enjoy live performances throughout the day from both up-and-coming and well-known local artists. Tickets<\/a> can be found here.<\/p>\n

Cairo Comedy Club<\/a><\/strong> presents a special comedy evening<\/strong> at Boom Room<\/a> in Open Air Mall Madinaty tonight. The show is presented by Omar Kintt, Amgad El Shawshy, Khaled El Shoky, Hatem El Sokkary and will start at 9pm. Tickets<\/a> can be found here.<\/p>\n

For all you MMA enthusiasts, get ready for an adrenaline-pumping night with <\/strong>QADYA 04<\/a><\/strong> at <\/strong>Madinaty Golf Club<\/a><\/strong> tonight. Experience the thrill of Mixed Martial Arts (MMA) as they bring you a night of intense fights, incredible athleticism, and unforgettable moments ringside as top fighters from around the world step into the octagon, ready to showcase their skills and determination. Get your tickets here<\/a>.<\/p>\n

Egyptian rapper Marwan Moussa will <\/strong>perform<\/a><\/strong> with Jordanian singer Aziz Maraka<\/strong> tonight at Zed Park in Sheikh Zayed. You can also enjoy the concert online through the Minly app<\/a>. (Zed Park Tickets<\/a> | Online Tickets<\/a>)<\/p>\n

HAPPENING NEXT WEEKEND- <\/p>\n

Take your seat as the curtains pull away for <\/strong>The Greek National Opera \u0392allet<\/a><\/strong> at the <\/strong>Cairo<\/a><\/strong>Opera House<\/a><\/strong> on Thursday, 6 June, and Friday, 7 June. <\/strong>In cooperation with the NGO Greek Action Africa, prepare for two nights of ballet in the Opera\u2019s Main Hall. Get your tickets on Tazkarti for first night<\/a> and second night<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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Premier League: Week three of the English Premier League starts tomorrow at 10pm with one match that brings together Chelsea and Luton Town. Meanwhile, Saturday starts with the Bournemouth\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":618599,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/16\/dont-miss-amal-maher-this-weekend\/","url_meta":{"origin":621116,"position":1},"title":"Don\u2019t miss Amal Maher this weekend","author":"enterpriseam admin","date":"16 April 2024","format":false,"excerpt":"? OUT AND ABOUT-(all times CLT)HAPPENING THIS WEEK-Mark your calendars for AUC\u2019s CultureFest. This event \u2014 held at AUC Tahrir from tomorrow until Monday, 22 April \u2014 is a celebration of the Cairene spirit. Panel discussions about Cairo\u2019s history, people, and evolving culture will kick off the festival, and will\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":640309,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/23\/brace-yourself-for-the-electricity-bill\/","url_meta":{"origin":621116,"position":2},"title":"brace yourself for the electricity bill","author":"enterpriseam admin","date":"23 August 2024","format":false,"excerpt":"Good morning, all, and a very happy Friday. We are ready to do some resting and relaxing as we enjoy one of our last weekends of the season.In the Enterprise Guide this week: Maximizing your productivity could mean seeking a new workspace outside your office \u2014 or home \u2014 even\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\/2024\/8\/1719.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":611067,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/30\/lots-of-football-to-keep-you-hooked-this-weekend\/","url_meta":{"origin":621116,"position":3},"title":"Lots of football to keep you hooked this weekend","author":"enterpriseam admin","date":"30 November 2023","format":false,"excerpt":"\u26bd Nile League scheduled matches today and tomorrow:Al Ittihad Alexandria v Zed (4pm, Thursday)Pharco v Arab Contractors (7pm, Thursday)El Gaish v El Gouna (7pm, Thursday)Enppi v Al Masry (4pm, Friday)Al Dakhiliyah v Baladiyat El Mahalla (4pm, Friday)National Bank v Ceramica (7pm, Friday)The red devils will host the Tanzanian Young Africans\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":620120,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/05\/15\/catch-le-printemps-des-artistes-art-exhibition-in-heliopolis-this-weekend\/","url_meta":{"origin":621116,"position":4},"title":"Catch Le Printemps Des Artistes art exhibition in Heliopolis this weekend","author":"enterpriseam admin","date":"15 May 2024","format":false,"excerpt":"? OUT AND ABOUT-(all times CLT) HAPPENING THIS WEEK-Zawya\u2019s Cairo Cinema Days is back: Zawya\u2019s film program is a showcase of the latest and most prominent productions in Arab cinema within the past year. Throughout a three-month period, you can watch films from Palestine, Lebanon, Tunisia, Saudi Arabia, Jordan, Morocco,\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":654376,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/al-ahly-zamalek-and-pyramids-in-the-nile-league-premier-league-saturday-busy-weekend-in-the-european-leagues\/","url_meta":{"origin":621116,"position":5},"title":"Al Ahly, Zamalek and Pyramids in the Nile League + Premier League Saturday + Busy Weekend in the European Leagues.","author":"enterpriseam admin","date":"31 October 2024","format":false,"excerpt":"SPORTS- \u26bd The first round of the Nile League began yesterday, will resume today and conclude on Saturday \u2014 in its new (temporary) format. The most prominent matches are Zamalek hosting National Bank at 8pm tomorrow, and Al Ahly \u2014 the title defender \u2014 hosting Ceramica Cleopatra at 8pm on\u2026","rel":"","context":"In "ENTERPRISE RECOMMENDS"","block_context":{"text":"ENTERPRISE RECOMMENDS","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-recommends-2\/"},"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\/621116","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=621116"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621116\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/weekend\/621114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/621117"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621116"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621116"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}