{"id":631539,"date":"2018-03-21T04:17:56","date_gmt":"2018-03-21T04:17:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/21\/what-were-tracking-on-21-march-2018\/"},"modified":"2018-03-21T04:17:56","modified_gmt":"2018-03-21T04:17:56","slug":"what-were-tracking-on-21-march-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/21\/what-were-tracking-on-21-march-2018\/","title":{"rendered":"What we\u2019re tracking on 21 March, 2018"},"content":{"rendered":"

<\/a> Random thought of the morning: Don\u2019t underestimate the amount of cash Egyptians have squirrelled away under mattresses. <\/strong>From a Reuters piece<\/a> on Al Futtaim saying it will be committing additional investment to Egypt (details in Speed Round, below): \u201cThe company is expecting sales [in Egypt] this year to reach EGP 4.5 bn compared with EGP 2.9 bn the previous year.\u201d It\u2019s just the latest sign we\u2019re picking up that wage catch-up and the sheer size of the informal economy are seeing consumer sentiment improve significantly faster this year than many had expected. <\/strong>Consumer and consumer-related companies with we\u2019re speaking are all guiding for good first quarters (even accounting for the low base effect) and are substantially more optimistic in their FY2018 outlooks than they were at the start of the year.<\/p>\n

<\/a> Trade and Industry Minister Tarek Kabil heads to Kigali today to sign a pan-African trade liberalization agreement, <\/strong>according to a ministry statement<\/a>. The Continental Free-Trade Area (CFTA)<\/a>, whose main objective is \u201cto create a single continental market for goods and services,\u201d was set to include all 55 member states of the African Union, but Nigeria backed out at the last minute, saying it needs more time to review the terms, according to a statement picked up by BBC<\/a>. Uganda also pulled out at the last moment.<\/p>\n

The agreement would create a market of 1.2 bn consumers with an aggregate GDP of USD 2.5 tn<\/strong>, CNBC says<\/a>, quoting AU chair and Rwandan President Paul Kagame as reminding us all that \u201cless than 20% of Africa\u2019s trade is internal.\u201d<\/p>\n

Moody\u2019s sees Egypt, Kenya, and South Africa as the countries most likely to benefit from the CFTZ<\/strong>, according to Reuters<\/a>. The ratings agency says the pact is a step toward capitalizing on the \u201csignificant potential for further trade integration in Africa.\u201d<\/p>\n

In related news, a delegation from the Federation of Egyptian Industries (FEI) in Kigali met with over 150 Rwandan companies <\/strong>specialized in energy, construction materials, engineering industries, printing, leather, and clothes to discuss doing business with Egypt, Al Masry Al Youm reports<\/a>.<\/p>\n

Investment Minister Sahar Nasr and Housing Minister Mostafa Madbouly are in Saudi Arabia <\/strong>to discuss projects that could fall under the SAR 60 bn joint Egyptian-Saudi investment fund<\/a>, unnamed sources tell Al Mal<\/a>. The two ministers will also be talking about projects on offer in New Alamein.<\/p>\n

Foreign Minister Sameh Shoukry heads to New Delhi today <\/strong>for the joint Egyptian-Indian committee and a meeting with Indian Prime Minister Narendra Modi, according to a ministry statement<\/a>.<\/p>\n

It\u2019s Fed day: <\/strong>The US Federal Reserve\u2019s Federal Open Market Committee will wrap its two-day meeting<\/a> today. It\u2019s the first FOMC meeting under new Fed boss Jerome Powell. Look for a quarter-point rate hike, analysts suggest. The Fed will unveil its interest rate decision at 2pm Eastern and Powell will speak at a press conference 30 minutes later. MarketWatch has a nice rundown of five things to watch for when the Fed speaks this afternoon.<\/a><\/p>\n

It looks like the Donald might be hitting up the Saudis for some spare change:<\/strong> In his opening remarks at a press conference in Washington, DC, with Saudi Arabia\u2019s Crown Prince Mohamed Bin Salman, US President Donald Trump immediately referenced an apparent Saudi pledge of investment worth as much as USD 400 bn. Bin Salman replied that the Saudis were considering it, according to a White House statement<\/a>. Trump welcomed MbS as a friend of the US and \u201cbig purchaser\u201d of American arms. He reportedly pushed bin Salman in private to resolve the regional standoff with Qatar, according to the Financial Times (paywall)<\/a>.<\/p>\n

Alwaleed says there was no \u201csettlement\u201d in corruption crackdown, might split Kingdom Holdings in two: <\/strong>Kingdom Holding\u2019s Alwaleed bin Talal said he was not arrested and did not reach a settlement agreement with Saudi authorities in Crown Prince Mohammed bin Salman\u2019s corruption crackdown<\/a>. \u201cWe signed something, yes, a confirmed understanding. Some others may call it a settlement. I don\u2019t call it a settlement, because settlement to me is an acknowledgment you\u2019ve done something wrong.\u201d Bin Talal added that he\u2019s working with advisers including Goldman Sachs to line up as much as USD 3 bn worth of investments for Kingdom Holding, adding that he\u2019s likely to split the company\u2019s USD 13 bn of assets through a spinoff of its domestic property and other holdings. Watch the full interview here<\/a> (runtime: 1:03:05).<\/p>\n

In miscellany this morning:<\/p>\n

BlackRock\u2019s bet on algorithms to beat human fund managers<\/strong> is the subject of the Financial Times\u2019 Big Read<\/a>, by former Middle East correspondent Robin Widdlesworth.<\/p>\n

Blackstone co-founder Pete Peterson has died at age 91. <\/strong>The son of Greek immigrants, Peterson built Blackstone into the world\u2019s largest private equity group. (Bloomberg<\/a> | WSJ<\/a> |FT<\/a>)<\/p>\n

The co-founder of WhatsApp has tweeted <\/strong>\u201cIt is time. #deletefacebook.\u201d<\/strong><\/a>Facebook bought the now-encrypted messaging service for USD 19 bn back in 2014.<\/p>\n","protected":false},"excerpt":{"rendered":"

Random thought of the morning: Don\u2019t underestimate the amount of cash Egyptians have squirrelled away under mattresses. From a Reuters piece on Al Futtaim saying it will be committing additional investment to Egypt (details in Speed Round, below): \u201cThe company is expecting sales [in Egypt] this year to reach EGP 4.5 bn compared with EGP […]<\/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-631539","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":"705a2b3c-67a1-4859-8ec8-617a848480c8","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[631537],"teaser":"","voice_url":""},"yoast_head":"\nWhat we\u2019re tracking on 21 March, 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\/03\/21\/what-were-tracking-on-21-march-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 21 March, 2018\" \/>\n<meta property=\"og:description\" content=\"Random thought of the morning: Don\u2019t underestimate the amount of cash Egyptians have squirrelled away under mattresses. 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The application deadline is\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\/2018\/9\/1885.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":632849,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/21\/what-were-tracking-on-21-february-2018\/","url_meta":{"origin":631539,"position":1},"title":"What we\u2019re tracking on 21 February 2018","author":"enterpriseam admin","date":"21 February 2018","format":false,"excerpt":"Amr El Garhy is projecting revenues in FY2018-19 will reach EGP 1 tn, a first in the country\u2019s history, Finance Ministry sources told Al Mal on Tuesday. The statements come as the ministry has begun drafting the budget for the next fiscal year with the hope of introducing it to\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":650531,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/27\/what-were-tracking-on-27-march-2017\/","url_meta":{"origin":631539,"position":2},"title":"What we\u2019re tracking on 27 March 2017","author":"enterpriseam admin","date":"27 March 2017","format":false,"excerpt":"Bahrain\u2019s King Hamad bin Isa Al Khalifa is in Cairo today on an official visit, according to Bahrain News Agency. Bahrain\u2019s Royal Court said in a statement short on specifics that the king will meet with President Abdel Fattah El Sisi to discuss bilateral relations.Central Bank of Egypt Governor Tarek\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":629248,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/27\/egp-ytd-in-2018\/","url_meta":{"origin":631539,"position":3},"title":"EGP YTD in 2018","author":"enterpriseam admin","date":"27 May 2018","format":false,"excerpt":"So how\u2019s the EGP faring? Year to date, it looks like this:","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\/2018\/5\/120.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":622861,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/15\/what-were-tracking-on-15-october-2018\/","url_meta":{"origin":631539,"position":4},"title":"What we\u2019re tracking on 15 October 2018","author":"enterpriseam admin","date":"15 October 2018","format":false,"excerpt":"** #5 Our friends at Sarwa Capital will ring the bell at the EGX this morning as their shares make their bourse debut, opening at EGP 7.36 each under the ticker SRWA. A stabilization fund is at work for the first month of trading. Beltone was sole global coordinator and\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":649265,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/27\/how-do-you-create-200k-new-jobs-in-four-years-create-a-ride-sharing-service-careem-says\/","url_meta":{"origin":631539,"position":5},"title":"How do you create 200k new jobs in four years? Create a ride-sharing service, Careem says.","author":"enterpriseam admin","date":"27 April 2017","format":false,"excerpt":"How do you create 200k new jobs in four years? Start a ride-sharing service. Careem is projecting that it will create more than 200k new jobs and EGP 2 bn in annualized gross driver income by the end of next year. As of last month, the company had more than\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\/2017\/4\/1033.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/631539","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=631539"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/631539\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/631537"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=631539"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=631539"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=631539"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=631539"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=631539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}