{"id":630068,"date":"2018-04-11T04:22:23","date_gmt":"2018-04-11T04:22:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/11\/what-were-tracking-on-11-april-2018\/"},"modified":"2018-04-11T04:22:23","modified_gmt":"2018-04-11T04:22:23","slug":"what-were-tracking-on-11-april-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/11\/what-were-tracking-on-11-april-2018\/","title":{"rendered":"What we\u2019re tracking on 11 April 2018"},"content":{"rendered":"

THE story of what was a relatively quiet news day is, without doubt, Madinet Nasr Housing & Development\u2019s (MNHD) announcement that it is opening dialogue to either acquire or merge with SODIC<\/strong> \u2014 a transaction which could very well reshape the real estate sector and could potentially be among the biggest upcoming M&As. So far, we\u2019re only hearing from MNHD, and we should be seeing a response to the announcement from SODIC sometime this week. Full details are in the Speed Round, below.<\/p>\n

<\/a> Russian flights are finally here: <\/strong>The first direct flight between Russia and Egypt in over two years will take off from Moscow\u2019s Sheremetyevo International Airport tonight and will land at 12:25am in Cairo International Airport,according to Russian carrier Aeroflot<\/a>. EgyptAir\u2019s first flight will take off at 9:35am CLT to Moscow\u2019s Domodedovo Airport tomorrow morning.<\/p>\n

Not ones to simply let something good happen without a fuss, Russia has sent what we\u2019re hoping will be its final security team to do a sweep<\/strong> of security procedures yesterday, according to Ahram Gate<\/a>. Egypt\u2019s national carrier will run three flights a week to Russia until the World Cup in June, where it has scheduled additional flights<\/a>.<\/p>\n

Russians are returning to a very different tourism market than when they left. <\/strong>Years of haggling on airport security coincided with tourism largely picking up, particularly from Germany, the Ukraine and China.<\/p>\n

This comes as the Russian ruble continues to drop, <\/strong>after the country was hit by fresh US sanctions on Friday over suspected involvement in the 2016 election that brought Donald Trump to power. That coupled with an escalation in the situation in Syria has also pressured Russian stocks, which \u201csuffered their worst session in four years,\u201d the FT says<\/a>.<\/p>\n

Are Saudi\u2019s oil production cuts going to hit us where it hurts \u2014 our budget deficit? <\/strong>Saudi Arabia apparently wants to see oil prices get as high as USD 80 per bbl, sources who met with Saudi officials over the past month tell Bloomberg<\/a>. The move, which has some in OPEC worried, comes as the kingdom looks to finance expensive domestic reforms, keep its head above water in Yemen, and get a high valuation for an upcoming Aramco IPO. Egypt\u2019s FY2018-19 budget assumes an oil price of USD 67 per bbl<\/a> and is planning to slash fuel subsidies by 26% y-o-y to EGP 89.08 bn<\/strong> (more on that in the Speed Round). With crude oil futures already at USD 70.21 per bbl, these increases could make it harder for the government to hit its target of lowering the budget deficit to 8.4% of GDP next fiscal year.<\/p>\n

Will the Qatar beef play out in the international bond market?<\/strong> Right off the heels of Egypt\u2019s successful USD 2.46 bn eurobond issuance this week \u2014 the country\u2019s last one of the year (more on that in the Speed Round) \u2014 regional rivals Saudi Arabia and Qatar are heading to the international bond market with their respective issuances. It\u2019s looking like Saudi will beat Qatar to the punch, with orders for the USD 11 bn three-tranche offering topping USD 28 bn, sources tell Bloomberg<\/a>. Saudi is marketing seven-, 12- and 31-year notes at a spread of 140 bps, 175 bps, and 210 bps respectively. \u201cIt is a clever move on the part of Saudi Arabia to come before Qatar,\u201d said Hakki Kalsen, a portfolio manager for emerging market debt at Union Investment Privatfonds in Frankfurt. \u201cIssuing now, Qatar will get a lower order book, which will put them in a less competitive place,\u201d meaning Qatar may have to offer generous pricing to attract large demand, a fund manager told Reuters<\/a>.<\/p>\n

The regional aggression surrounding Qatar is also playing into a potential agreement that could see Doha invest in Exxon Mobil\u2019s US gas resources<\/strong>, people close to the matter tell WSJ<\/a>. Although Qatar\u2019s financing would be of \u201csignificant strategic importance,\u201d Exxon is aware that it is walking across a regional political landmine, particularly as the company does not wish to alienate the Arab Quartet. The investment talks surfaced as US President Donald Trump took a softer tone with Qatar<\/strong>, praising Doha for its anti-terrorism efforts during meeting with Emir Tamim bin Hamad Al Thani<\/a> yesterday, which the WSJ reads as a reflection of concerns<\/a> that further alienating Qatar will push it into Iran\u2019s sphere of influence,<\/p>\n

<\/a> China\u2019s President Xi Jinping sang all the right tunes for markets in his Tuesday speech, promising to open the country further and lower import tariffs<\/strong>, Reuters reports<\/a>. Xi said China will widen market access for foreign investors, addressing a key complaint of the US, which has ratcheted its rhetoric and threatened bns in tariffs, driving markets to fear an imminent trade war over the past week.<\/p>\n

US President <\/strong>Donald Trump tweeted<\/strong><\/a> that he was \u201cvery thankful for President Xi of China\u2019s kind words on tariffs and automobile barriers<\/strong>...also, his enlightenment on intellectual property and technology transfers. We will make great progress together!\u201d (Tap or click here for Martin Wolf\u2019s piece for the FT on how \u201cUS-China rivalry will shape the 21st century<\/a>\u201d).<\/p>\n

Global financial markets rose yesterday for the fifth consecutive day in response to the news, <\/strong>with fears of a full-blown trade war now dissipating, according to Reuters<\/a>. \u201cThe pan-European FTSEurofirst 300 index rose 0.87%...Emerging market stocks rose 1.05%. MSCI\u2019s broadest index of Asia-Pacific shares outside Japan closed 1.24% higher.\u201d<\/p>\n

On Wall Street, the S&P 500 gained 1.67%, while Nasdaq rose 2.07% at the end of yesterday\u2019s session. <\/strong>Tech stocks gave the S&P 500 its \u201cbiggest boost,\u201d the newswire also says<\/a>, adding that Facebook in particular \u201cadded the most gains to the S&P 500, rising 4.5% after CEO Mark Zuckerberg began his testimony<\/a> before Congress...in an attempt to blunt possible regulatory fallout from the privacy scandal<\/a> engulfing his social network.\u201d<\/p>\n

Meanwhile, shake ups in the Trump administration continue<\/strong> as homeland security adviser, Tom Bossert, will resign at the request of new National Security Adviser John Bolton, Bloomberg reports<\/a>. The administration sent a list of five nominations for government positions to the Senate on Monday<\/a>, which includes Washington Institute for Near East Policy director David Schenker, who is nominated to become Assistant Secretary of State for Near Eastern Affairs<\/strong> \u2014 a post held by former ambassador to Egypt Anne Patterson, who was much-maligned for harboring Ikhwani sympathies.<\/p>\n

US producer prices beat economists\u2019 expectations on Tuesday<\/strong>, raising the expectation that the Federal Reserve will raise interest rates three more times this year, Reuters reports<\/a>. Producer price index for final demand rose 0.3% last month, beating expectations of an increase of 0.1%.<\/p>\n

In other miscellany worth noting this morning: The UAE took a big step on the region\u2019s behalf towards gender parity by approving legislation guaranteeing men and women equal pay<\/strong>, Bloomberg reports<\/a>. The move is the latest of the Emirates\u2019 efforts to establish gender equality, including appointing women to leadership positions in state bodies.<\/p>\n

...Are gold-backed cryptocurrencies a way to calm anti-bitcoin Islamic sentiments?<\/strong> Dubai-based startup OneGram seems to think so, according to Reuters<\/a>. Cryptocurrencies do not sit well with Islamic scholars, who generally see it as speculative and not-commodity backed.<\/p>\n

The <\/strong>Game Sports Industry Conference<\/strong><\/a>\u2014 Egypt\u2019s first-ever platform dedicated to the sports industry \u2014 kicks off in Cairo today.<\/p>\n","protected":false},"excerpt":{"rendered":"

THE story of what was a relatively quiet news day is, without doubt, Madinet Nasr Housing & Development\u2019s (MNHD) announcement that it is opening dialogue to either acquire or merge with SODIC \u2014 a transaction which could very well reshape the real estate sector and could potentially be among the biggest upcoming M&As. So far, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[72,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-630068","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"94d432e9-c325-4dfb-a3a6-152d3e5b14fe","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[630066],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 11 April 2018 - 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\/2018\/04\/11\/what-were-tracking-on-11-april-2018\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What we\u2019re tracking on 11 April 2018\" \/>\n<meta property=\"og:description\" content=\"THE story of what was a relatively quiet news day is, without doubt, Madinet Nasr Housing & Development\u2019s (MNHD) announcement that it is opening dialogue to either acquire or merge with SODIC \u2014 a transaction which could very well reshape the real estate sector and could potentially be among the biggest upcoming M&As. 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SODIC\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":600296,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/","url_meta":{"origin":630068,"position":1},"title":"SODIC calls off all-share acquisition of MNHD","author":"enterpriseam admin","date":"27 January 2019","format":false,"excerpt":"M&A WATCH- SODIC calls off all-share acquisition of MNHD: Upmarket real estate developer SODIC will not submit a mandatory tender offer to acquire at least 51% of Madinet Nasr Housing and Development (MNHD) through a direct share swap, according to a regulatory filing (pdf) on Wednesday. B-Investments, a lead shareholder\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/1\/2559.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":630122,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/12\/sodic-mnhd-talks-to-begin-today-source\/","url_meta":{"origin":630068,"position":2},"title":"SODIC, MNHD talks to begin today -source","author":"enterpriseam admin","date":"12 April 2018","format":false,"excerpt":"SODIC\u2019s board welcomes overture from MNHD; common shareholders could fast-track an agreement: Upmarket real estate developer SODIC said yesterday (pdf) that it welcomes discussions with Madinet Nasr Housing and Development about \u201cpotential strategic alternatives for the two entities by way of merger or acquisition\u201d and specifically noted the \u201cpotential synergies\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628569,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/sodic-appoints-ci-capital-as-advisor-on-potential-transaction-with-mnhd\/","url_meta":{"origin":630068,"position":3},"title":"SODIC appoints CI Capital as advisor on potential transaction with MNHD","author":"enterpriseam admin","date":"8 May 2018","format":false,"excerpt":"M&A WATCH- SODIC appoints CI Capital as advisor on potential transaction with MNHD: Our friends at SODIC confirmed yesterday that they have appointed CI Capital as advisor on a transaction that could see SODIC and developer Madinet Nasr Housing and Development (MNHD) combine their businesses. Both SODIC and MNHD expect\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629038,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/21\/mnhd-sodic-advisers-meet-for-talks-on-potential-merger\/","url_meta":{"origin":630068,"position":4},"title":"MNHD, SODIC advisers meet for talks on potential merger","author":"enterpriseam admin","date":"21 May 2018","format":false,"excerpt":"M&A WATCH- MNHD, SODIC advisers meet for talks on potential merger: Advisers on the potential merger of leading real estate players SODIC and MNHD met last Thursday to discuss how to combine the two businesses, according to a regulatory filing (pdf) from SODIC. SODIC had appointed CI Capital and White\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":627703,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/10\/could-the-potential-sodic-mnhd-merger-come-in-the-form-of-a-share-swap\/","url_meta":{"origin":630068,"position":5},"title":"Could the potential SODIC-MNHD merger come in the form of a share swap?","author":"enterpriseam admin","date":"10 June 2018","format":false,"excerpt":"M&A WATCH- SODIC-MNHD to take the form of a share swap? It appears that the potential merger between our friends at SODIC and Madinet Nasr Housing and Development (MNHD) could take the form of a share swap, as it is \u201cthe path of least resistance,\u201d MNHD CEO Ahmed El Hitamy\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"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\/630068","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=630068"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/630068\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/630066"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=630068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=630068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=630068"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=630068"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=630068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}