{"id":631949,"date":"2024-07-08T00:00:00","date_gmt":"2024-07-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/madbouly-heads-to-the-house-to-deliver-new-governments-policy-statement\/"},"modified":"2024-07-08T00:00:00","modified_gmt":"2024-07-08T00:00:00","slug":"madbouly-heads-to-the-house-to-deliver-new-governments-policy-statement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/madbouly-heads-to-the-house-to-deliver-new-governments-policy-statement\/","title":{"rendered":"Madbouly heads to the house to deliver new government\u2019s policy statement"},"content":{"rendered":"

Good morning, fr<\/strong>iends. <\/strong>It\u2019s another calm day in local and international business news \u2014 but calm doesn\u2019t mean unimportant as we\u2019ve got some important stories for you to read through this morning.<\/p>\n

In today\u2019s issue,<\/strong> we\u2019ve got more encouraging news from the country\u2019s central bank as FX researches an all-time yet again, reports that QIB may be out of the running for United Bank, and much, much more. Let\u2019s jump right in.<\/p>\n

BUT FIRST- 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

HAPPENING TODAY- <\/p>\n

<\/a> #1<\/strong>- Prime Minister Mo<\/strong>stafa Madbouly will deliver his new government\u2019s policy statement<\/strong> to the House of Representatives today<\/strong>, with all of the country\u2019s 30 ministers present. After Madbouly delivers his policy statement, a parliamentary committee will then review and discuss the statement in detail, before putting it up for a vote by MPs within ten days.<\/p>\n

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<\/a> #2- Electra\u2019s Elsewedy Electric share purchase wraps up today<\/strong> after the Financial Regulatory Authority agreed to extend the purchase deadline by a day, according to a statement (pdf)<\/a> from the authority. Elsewedy Electric shareholders will have until the end of trading today to respond to the Abu Dhabi-based electrical equipment manufacturer\u2019s offer<\/a> to acquire up to 24.5% of Elsewedy Electric at USD 1.05 a share. The buyer wants to acquire at least 15% of Elsewedy Electric \u2014 which is over 76% collectively owned by the Elsewedy family \u2014 to execute the offer. <\/p>\n

HAPPENING TOMORROW-<\/p>\n

<\/a> Retail and institutional investors can start lining up for a piece of Act Financial<\/strong> starting tomorrow: <\/strong>The company is offering some 32% of its shares<\/a> \u2014 360 mn shares \u2014 in what will be the first IPO the EGX sees in a year. The subscription period for retail investors is set to take place between 9-23 July, while institutional investors will get a chance to subscribe between 9-18 July. The company aims to raise around EGP 1.04 bn through the offering.<\/p>\n

Already lining up: <\/strong>Two Gulf-based banks and one local bank are looking to purchase an undisclosed stake in Act Financial during the subscription period, unnamed sources told Al Mal<\/a>. <\/p>\n

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PSA- <\/p>\n

The EGX is also getting a long weekend:<\/strong> The EGX will be off on Thursday, 11 July in observance of the Islamic New Year, according to a bulletin<\/a> by the bourse. Banks and public and private sector workers<\/a> will also be off for the day, the prime minister and the central bank announced last week.<\/p>\n

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WEATHER- It\u2019s much the same in Cairo today<\/strong>, with a high of 36\u00b0C and a low of 26\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s heating up a little in Alexandria and the North Coast<\/strong>, with a high of 32\u00b0C and a low of 23\u00b0C.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> #1- Nafeza operator says it is running \u201c24\/7\u201d and has nothing to do with a reported <\/strong>buildup of passenger cars in the nation\u2019s ports. <\/strong>Both the Nefeza digital customs window and the Advance Cargo Information (ACI) systems have been \"fully operational and functioning 24\/7\" and are not responsible for what an industry group claims is a backlog of imported vehicles in the nation's ports, says Misr Technology Services Company (MTS), the firm that built and operates the systems. <\/p>\n

MTS was reacting to an <\/strong>Al Arabiya interview<\/strong> with auto industry figure Alaa El Sabaa<\/strong>, who said a prolonged service outage at Nafeza was behind a buildup in inventory at ports. We picked up the Al Arabiya interview on 25 June and have since updated our story to reflect MTS\u2019 statement to us<\/a>. <\/p>\n

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<\/a> #2- <\/strong>Fertilizer companies look to defer loan payments amid production cuts<\/strong> triggered by repeated halts<\/a> in production due to unstable natural gas supplies amid nationwide shortages, a number of unnamed sources in the banking sector told Al Shorouk<\/a>. An unnamed official from a state bank told the outlet that some banks may be open to pushing back loan payments.<\/p>\n

It\u2019s not only the fertilizer industry suffering from gas shortages: <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at the ceramics sector \u2014 the latest casualty of the gas shortage. Check out the story here<\/a>.<\/p>\n

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

There\u2019s no sign that politics will leave the front pages <\/strong>of the global business press anytime soon:<\/p>\n

France won\u2019t have a far-right government: <\/strong>The country\u2019s centrist and left-wing parties dealt a blow to the far-right Rassemblement National as the leftist Nouveau Front Populaire took the most seats in parliament in voting yesterday. Anti-RN parties got their act together and strategically withdrew candidates so as not to split the vote. They now start a delicate dance: figuring out how to put together a government, a process that could take weeks. <\/p>\n

The state of play at dispatch time <\/strong>this morning: <\/p>\n