{"id":621785,"date":"2024-06-03T00:00:00","date_gmt":"2024-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/03\/mps-vote-on-state-budget-today\/"},"modified":"2024-06-03T00:00:00","modified_gmt":"2024-06-03T00:00:00","slug":"mps-vote-on-state-budget-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/03\/mps-vote-on-state-budget-today\/","title":{"rendered":"MPs vote on state budget today"},"content":{"rendered":"

Good morning, folks. <\/strong>We have a brisk issue for you this morning led by news of further subsidy cuts ahead. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- MPs to vote on the state budget:<\/strong> After being presented to the House<\/a> more than a month ago by Finance Minister Mohamed Maait and Planning Minister Hala El Said, the house will hold its final discussion and vote on the proposed state budget and socioeconomic development plan for the next fiscal year. The legislative body will also vote on a EUR 200 mn loan agreement with Spain to import sleeper trains from Spanish rail manufacturer Talgo.<\/p>\n

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<\/a> #2- CBE to hold USD t-bill auction:<\/strong> The Central Bank of Egypt will auction off<\/a> USD 500 mn worth of one-year USD-denominated treasury bills with the submission deadline penciled in for 11am today.<\/p>\n

Remember: <\/strong>The last time<\/a> the central bank issued USD t-bills was at the end of April when it raised just shy of USD 1 bn with an average yield of 5.149%.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> PIF wants to acquire our cell towers: <\/strong>Saudi Public Investment Fund\u2019s (PIF) telecom infrastructure subsidiary Tawal<\/a> is reportedly looking to buy several telecom towers from Vodafone Egypt and another undisclosed telecom company, Al Borsa<\/a> reports, citing unnamed sources. Vodafone is looking to sell about 5k of its 11k cell towers, while the unnamed company is looking to sell 2.5k towers.<\/p>\n

AT THE BOURSE-<\/p>\n

#1- Qalaa Holdings shareholders have until 5 June to subscribe to the first phase of <\/strong>the company\u2019s debt buyback<\/strong>, Qalaa said in a disclosure (pdf)<\/a> to the EGX. <\/p>\n

Shareholders can subscribe pro-rata to the buyback in EGP <\/strong>as part of a series of transactions that will see Qalaa retire a USD 325 mn loan plus about USD 100 mn in accumulated interest that Qalaa had taken on. They\u2019re effectively paying 20 cents on the USD to retire the outstanding portion of the debt plus accumulated interest. <\/p>\n

We have the rundown on the series of transactions<\/a><\/strong>in our interview<\/a> with Qalaa Founder and Chairman Ahmed Heikal, who says the company will emerge on the other side with a stronger balance sheet better able to both pay dividends and invest in long-term growth. <\/p>\n

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<\/a> #2- Abu Dhabi-based electrical equipment manufacturer Electra <\/strong>Investment Holding started accumulating shares of Elsewedy Electric yesterday<\/strong> and will continue buying through 9 July as it looks to take a stake of up to 24.5%, according to an EGX bulletin<\/a>.<\/p>\n

Recap:<\/strong> The Financial Regulatory Authority on Thursday<\/a> greenlit the transaction, which will see Electra paying USD 1.05 per share. If Electra succeeds in getting the full 24.5% stake it\u2019s after, the transaction would be valued at USD 558.4 mn, by our math.<\/p>\n

ADVISORS-<\/strong> EFG Hermes is Electra\u2019s sole financial advisor, we have previously reported. Elsewedy Electric appointed BDO Keys Financial Consulting to prepare the fair value study of the company ahead of the sale, the company said in an EGX disclosure (pdf)<\/a>. And MHR & Partners in association with White & Case is Electra\u2019s legal advisor on the transaction. <\/p>\n

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DATA POINT- <\/p>\n

<\/a> Egyptians will spend some EGP 190 bn on pharma this year, up from EGP 155 bn last year<\/strong>, Al A<\/a>rabiya Business<\/a> reported, citing estimates from the head of the Federation of Egyptian Chambers of Commerce\u2019s pharma division Ali Auf. Pharma sales were up 28% y-o-y in 5M 2024 to EGP 65 bn, according to Auf.<\/p>\n

PSA- <\/p>\n

WEATHER- <\/strong>The heat wave continues in Cairo today, with a high of 37\u00b0C and a low of 24\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s cooler in Alexandria<\/strong>, with a high of 30\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

** 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

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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

ICYMI- Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we spoke to Osama Hellal, plant director for Mars Egypt, a subsidiary of the global chocolate and candy giant Mars Wrigley. Check out the story here<\/a>.<\/p>\n

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

It\u2019s an unusually busy Monday morning<\/strong>, with a handful of stories fighting for a spot on the front pages.<\/p>\n

Oil production cuts extended: <\/strong>OPEC+ agreed to extend<\/a> production cuts until 2025 \u2014 cuts of 3.66 mn barrels a day will be extended until the end of 2025, while voluntary cuts of 2.2 mn barrels a day will run through the end of September. <\/p>\n

Members will gradually phase out the 2.2 mn bpd in voluntary cuts over a year starting <\/strong>from October.<\/strong> \u201cWe are waiting for interest rates to come down and a better trajectory when it comes to economic growth \u2026 not pockets of growth here and there,\u201d Saudi Energy Minister Prince Abdulaziz bin Salman said<\/a>. Brent crude prices have been falling \u201camid a fragile economic outlook in top consumer China and doubts about the pace of interest-rate reductions in major industrialized economies,\u201d Bloomberg<\/a> writes. Brent crude has fallen some 11% since early April, to trade at USD 81.11 a barrel. <\/p>\n

IPO WATCH- Fast-fashion retailer Shein will soon file a prospectus with the UK\u2019s <\/strong>Financial Conduct Authority ahead of its anticipated London IPO<\/strong>, which could value the company at over USD 64 bn. This is Shein\u2019s second attempt at going public after it tried to make its debut in New York but faced regulatory hurdles due to its ties to Beijing. (FT<\/a> | Reuters<\/a>)<\/p>\n

ELECTION SEASON is in full swing: Mexico could welcome its first female president. <\/strong>Mexicans headed to the polls yesterday to cast their ballots in a historic presidential race, with two female candidates in the lead \u2014 leftist former head of government of Mexico City Claudia Sheinbaum and conservative Xochitl G\u00e1lvez. Results should be announced shortly. (Reuters<\/a> | CNN<\/a> | AP<\/a>)<\/p>\n

ALSO- South Africa\u2019s African National Congress is scrambling to conclude coalition talks <\/strong>and has a few \u201cvery difficult\u201d days ahead, one political analyst told Sky News<\/a>. As we noted yesterday, the ANC lost its parliamentary majority for the first time since the fall of white rule. President Cyril Ramaphosa called yesterday for unity and said he would not step down despite the loss at the polls, Politico<\/a> reports.<\/p>\n

AND- The US presidential elections are fast approaching <\/strong>and a Reuters poll<\/a> breaks down where each of the leading candidates \u2014 Joe Biden and Donald Trump \u2014 stand among voters in comparison to this time four years ago, when they went head- to-head for the first time. <\/p>\n

All this election talk got you overwhelmed? <\/strong>We have everything you need to know about the upcoming elections this year in an Enterprise Explains<\/a> published late last year.<\/p>\n

IN LOGISTICS- <\/strong>The economic fallout of ships diverting away from the Red Sea to avoid Houthi attacks is still receiving coverage, with Bloomberg\u2019s daily supply chains newsletter<\/a> \u2014 Supply Lines \u2014 dedicating yesterday\u2019s issue<\/a> to the topic. <\/p>\n

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MOVES- Sally Buzbee is stepping down as executive editor of the Washington Post.<\/strong> Longtime readers of Enterprise will remember Buzbee as the Cairo-based Mideast editor<\/strong> of the Associated Press. \u201cMatt Murray, the former editor in chief of The Wall Street Journal, will take her place through the presidential election,\u201d the New York Times<\/a> reports. <\/p>\n

<\/p>\n

*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. <\/p>\n

In today\u2019s issue:<\/strong> Orcas Tutoring CEO Hossam Taher offered his thoughts on the relationship between AI and physical classrooms and we should all start getting more comfortable with the idea of virtual teachers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, folks. We have a brisk issue for you this morning led by news of further subsidy cuts ahead. HAPPENING TODAY- #1- MPs to vote on the state budget: After being presented to the House more than a month ago by Finance Minister Mohamed Maait and Planning Minister Hala El Said, the house will […]<\/p>\n","protected":false},"author":1,"featured_media":621786,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[279,72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-621785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-budget-watch","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"addb64ff-46a6-4f10-a714-f307587309b9","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/6\/67.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s MPs vote on the state budget today","related_issue":[621783],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.a6b2396b-7078-4c15-b73f-4c6276821213.mp3"},"yoast_head":"\nMPs vote on state budget today - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/06\/03\/mps-vote-on-state-budget-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MPs vote on state budget today\" \/>\n<meta property=\"og:description\" content=\"Good morning, folks. 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We\u2019ve made it through another rather busy week that\u2019s ending on a relatively quiet note at home.THE BIG STORY TODAY Fawry grew its revenue streams in 1Q2022, but saw a dip in its bottom line from nonrecurring items: Fawry\u2019s net income fell 63% y-o-y in 1Q2022 to\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":547375,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/mps-want-more-austerity\/","url_meta":{"origin":621785,"position":1},"title":"MPs want \u2026 more austerity?","author":"enterpriseam admin","date":"20 June 2022","format":false,"excerpt":"MPs aren\u2019t happy with borrowing plans in FY2022-2023 budget: The government\u2019s estimates for sovereign debt in the upcoming fiscal year\u2019s budget drew criticism from MPs during the first day of budget debate in a plenary session at the House of Representatives yesterday. Representatives from various parties voiced their concerns that\u2026","rel":"","context":"In "BUDGET WATCH"","block_context":{"text":"BUDGET WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/budget-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/12\/1600-Egyptian-Parliament-BW.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551263,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/this-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote\/","url_meta":{"origin":621785,"position":2},"title":"THIS EVENING: valU enters Saudi Arabia + House Economic Committee discusses the Unified Ins. Act + Boris Johnson faces no confidence vote","author":"enterpriseam admin","date":"6 June 2022","format":false,"excerpt":"Happy Monday, wonderful people. The news mill isn\u2019t on the same overdrive we\u2019ve gotten used to lately, but there\u2019s still plenty of news to keep you busy.THE BIG STORY TODAY valU enters Saudi Arabia: EFG Hermes\u2019 buy-now-pay-later platform valU is set to acquire 35% of Saudi\u2019s FAS Finance, a subsidiary\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":547302,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/16\/this-morning-fed-announces-biggest-rate-hike-since-1994-next-week-is-officially-budget-week\/","url_meta":{"origin":621785,"position":3},"title":"THIS MORNING: Fed announces biggest rate hike since 1994; Next week is officially budget week","author":"enterpriseam admin","date":"16 June 2022","format":false,"excerpt":"What a way to close a very interesting week, ladies and gentlemen. With the Fed\u2019s rate hike dominating global headlines, we saw our own gas hub ambitions soar with a landmark agreement.We also have M&A news. A lot of them. Most significantly, UAE\u2019s Aldar is reportedly interested in Madinat Nasr\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":647850,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/22\/what-were-tracking-this-week-181\/","url_meta":{"origin":621785,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"22 May 2017","format":false,"excerpt":"Budget talks at the House: Discussion of the FY2017-18 budget continue today at the House of Representatives, according to Al Mal, with Supply Minister Ali El Moselhy set to meet with members of the economics and budget committees. The budget committee is also expected to discuss spending priorities with the\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":[]},{"id":586106,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/07\/net-foreign-reserves-inch-up-to-usd-34-55-bn-in-april\/","url_meta":{"origin":621785,"position":5},"title":"Net foreign reserves inch up to USD 34.55 bn in April","author":"enterpriseam admin","date":"7 May 2023","format":false,"excerpt":"Reserves have been slowly recovering after falling 20% on the back of the war on Ukraine","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\/2022\/9\/364.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\/621785","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=621785"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/621785\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/621783"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/621786"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=621785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=621785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=621785"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=621785"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=621785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}