{"id":633089,"date":"2018-02-27T04:40:06","date_gmt":"2018-02-27T04:40:06","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/what-were-tracking-on-27-february-2018\/"},"modified":"2018-02-27T04:40:06","modified_gmt":"2018-02-27T04:40:06","slug":"what-were-tracking-on-27-february-2018","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/what-were-tracking-on-27-february-2018\/","title":{"rendered":"What we\u2019re tracking on 27 February 2018"},"content":{"rendered":"<p><strong>We have plenty of news for you folks this morning, particularly on the M&A and investment front<\/strong>, where transactions announced, in the pipeline and contemplated are keeping our friends at the nation\u2019s law firms very busy indeed. We have the details in this morning\u2019s Speed Round, below:<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> But first: <strong>The Finance Ministry will announce the timeline for the state IPO program next week<\/strong>, said Vice Minister of Finance Ahmed Kouchouk at an Amcham gathering ahead of the group\u2019s annual Doorknock mission the Washington, DC, next month. The ministry hopes the program will grow the capital market\u2019s contribution to the economy to 50-60% of GDP, from a current 20-21%, he added, <a href=\"http:\/\/www.mof.gov.eg\/Arabic\/MOFNews\/Media\/Pages\/releas-a-26-2-2018.aspx\">according to a ministry statement<\/a>. Planning Minister Hala El Saeed <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/26\/nib-sends-proposes-addition-of-13-companies-to-states-ipo-program\/\">had said on Sunday<\/a> that the National Investment Bank sent the Finance Ministry a list of 13 subsidiaries that it is looking to enroll in the state\u2019s IPO program. State energy firm Enppi was set to kick off the IPO program late last year, but then transaction has been postponed to the end of 2018.<\/p>\n<p><strong>The ministry has completed its proposed tax framework for SMEs<\/strong>, which would help bring them into the formal economy, Finance Minister Amr El Garhy told the AmCham meeting. The minister offered no further detail of the plan.<\/p>\n<p>El Garhy also noted that the ministry is projecting <strong>20% y-o-y growth in tax revenues in FY2017-18<\/strong>.<\/p>\n<p><strong>\u201cEgypt investors now bold enough to look for USD themselves\u201d: <\/strong>That\u2019s the good-news headline atop a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-25\/egypt-investors-now-bold-enough-to-look-for-dollars-themselves\">Bloomberg piece by Ahmed Feteha<\/a> noting that \u201cForeign holders of Egypt\u2019s local debt have been using the open currency market more frequently to get USD. Not only is it a sign they\u2019re more comfortable getting cash out of the country, but it also means the days of a stagnant EGP may be numbered\u2026It\u2019s a marked shift for a country where a crippling USD shortage had made it near impossible for foreign investors to repatriate profits.\u201d Investors are turning to the open market because (a) greenbacks are available and (b) the central bank raised the price of using its repatriation scheme when it slapped on a one percent entrance fee late last year.<\/p>\n<p><strong>Ratings agency S&P sees MENA sovereign borrowing dropping by as much as 6% in 2018, after decreasing 30% last year \u201c<\/strong>chiefly because fiscal consolidation measures in all GCC countries and higher oil prices will likely reduce GCC sovereigns' funding needs.\u201d <strong>Egypt remains the largest borrower in MENA, with its share of the region\u2019s gross commercial long-term debt at 26%<\/strong>, which makes it MENA\u2019s largest borrower with USD 46.4 bn in debt, followed by Iraq with USD 35 bn, and Saudi Arabia with USD 31 bn. S&P sees that \u201cEgypt [will] account for 19% of the total commercial debt we expect the region's sovereigns will issue by the end of 2018\u2026<strong>We calculate that Egypt will face the highest debt-rollover ratio (including short-term debt) in the region<\/strong>, reaching 41% of GDP, followed by Iraq (32%) and Lebanon (24%),\u201d S&P says in a <a href=\"http:\/\/saudigazette.com.sa\/article\/529155\/BUSINESS\/MENA-borrowing-to-drop-by-6-to-$181bn-S-ampP\">report picked up by Saudi Gazette<\/a>. The GCC\u2019s total sovereign debt is expected to come in at USD 68 bn by the end of 2018.<\/p>\n<p><strong>Banks in the region have been \u201crising to the top of the list for Middle East stock investors and analysts,\u201d<\/strong> Filipe Pacheco <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-26\/dubai-to-doha-a-guide-to-the-mideast-bank-stocks-tipped-to-gain\">writes for Bloomberg<\/a>. Despite the drop in Egypt\u2019s key interest rates, banks are expected to maintain \u201chigh profit levels \u2026 because banks should see stronger fees and commissions generated by increased lending,\u201d says CI Capital\u2019s head of financials, Monsef Morsy, who expects 2018 and 2019 to witness a \u201cpickup in loan volumes in working financing to the corporate segment.\u201d<\/p>\n<p><strong>Mars inaugurates factory expansion today: <\/strong>Trade and Industry Minister Tarek Kabil and Investment Minister Sahar Nasr will inaugurate Mars\u2019 EGP 750 mn factory expansion today, <a href=\"http:\/\/www.youm7.com\/story\/2018\/2\/27\/%D8%A7%D9%84%D9%8A%D9%88%D9%85-%D9%88%D8%B2%D9%8A%D8%B1%D8%A7-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%88%D8%A7%D9%84%D8%B5%D9%86%D8%A7%D8%B9%D8%A9-%D9%8A%D9%81%D8%AA%D8%AA%D8%AD%D8%A7%D9%86-%D9%85%D8%B5%D9%86%D8%B9-%D9%85%D8%A7%D8%B1%D8%B3-%D8%A8%D9%80750-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AC%D9%86%D9%8A%D9%87\/3668945\">according to Youm7<\/a>.<\/p>\n<p><strong>Central Bank Governor Tarek Amer is in Abu Dhabi today<\/strong>, where he\u2019s to be a panelist in a discussion of \u201cregional regulatory convergence\u201d at the emirate\u2019s Global Financial Markets Forum, which runs today and tomorrow, <a href=\"https:\/\/www.gfmf-fab.com\/Home\/Agenda\">according to the event\u2019s agenda<\/a>.<\/p>\n<p><strong>Mark Mobius is going to be investing in EM companies that could do well on ESG: <\/strong>The veteran emerging markets investor, who left Franklin Templeton in January after a 30-year run, says he is setting up a European fund management outfit that will \u201cfocus on companies in emerging markets that have the potential to show improvements in environmental, social and governance metrics,\u201d <a href=\"https:\/\/www.ft.com\/content\/0bbddefa-1725-11e8-9e9c-25c814761640\">the Financial Times<\/a> notes in passing.<\/p>\n<p><strong>New Fed chairman Jay Powell makes his public debut today <\/strong>with inaugural testimony at the House Financial Services Committee. He\u2019ll follow that up with remarks to the Senate Banking Committee on Thursday. Stating the obvious, <a href=\"https:\/\/www.ft.com\/content\/a006532a-1a8c-11e8-aaca-4574d7dabfb6\">the FT quotes an analyst<\/a> noting that: \u201cThe backdrop ahead of chair Powell\u2019s first major appearance is one of equity markets making an attempt at coming full circle from the massive volatility event earlier this month.\u201d Wall Street <a href=\"https:\/\/www.reuters.com\/article\/us-usa-stocks\/wall-street-rises-as-concerns-over-interest-rates-ease-idUSKCN1GA1JD\">got a bounce yesterday<\/a> ahead of the remarks. The <a href=\"https:\/\/www.reuters.com\/article\/us-usa-stocks\/wall-street-rises-as-concerns-over-interest-rates-ease-idUSKCN1GA1JD\">WSJ<\/a> has a solid look at what to expect, as does the <a href=\"https:\/\/www.washingtonpost.com\/politics\/federal_government\/5-things-to-watch-for-as-new-fed-chair-powell-meets-congress\/2018\/02\/26\/265bb45a-1b33-11e8-98f5-ceecfa8741b6_story.html?utm_term=.8864fc58343d\">Washington Post<\/a>, depending on where you prefer to get your background.<\/p>\n<p><strong>China will abolish constitutional limits on presidential terms<\/strong>, \u201ceffectively allowing President Xi Jinping to lead China indefinitely,\u201d <a href=\"https:\/\/www.nytimes.com\/2018\/02\/26\/world\/asia\/china-xi-jinping-authoritarianism.html\">the New York Times<\/a> reports, calling it \u201cthe latest and arguably most significant sign of the world\u2019s decisive tilt toward authoritarian governance, often built on the highly personalized exercise of power.\u201d The Times has <a href=\"https:\/\/www.nytimes.com\/2018\/02\/25\/world\/asia\/china-xi-jinping.html\">more here<\/a>.<\/p>\n<p><strong>Apple will introduce three new phones this fall, and one of them will have a \u201cgiant\u201d screen in a device the same size as the iPhone 8 Plus<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-26\/apple-is-said-to-plan-giant-high-end-iphone-lower-priced-model\">Bloomberg<\/a> wonderkind Mark Gurman reports, with an assist from Debby Wu. In other Apple news, the company\u2019s shares got a boost yesterday when Warren Buffett said his Berkshire Hathaway had \u201cbought more Apple shares than any other stock over the past year,\u201d <a href=\"https:\/\/www.cnbc.com\/2018\/02\/26\/apple-aapl-stock-just-misses-all-time-high-after-buffett-comments.html\">CNBC reports<\/a>.<\/p>\n<p><strong>Our friend Ian Gray is retiring. <\/strong>The former Vodafone Egypt boss, who had effectively been called back from retirement to run the company\u2019s joint venture in Qatar, will retire after a March 19 shareholder meeting. That comes as Vodafone Europe agreed to sell its stake in the JV to an arm of the Qatari government for EUR 301 mn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-02-26\/vodafone-to-exit-qatari-unit-after-almost-a-decade-of-losses\">Bloomberg says.<\/a> <a href=\"https:\/\/www.reuters.com\/article\/us-usa-crime-shkreli\/pharma-bro-shkreli-to-be-held-responsible-for-10-4-million-in-losses-u-s-judge-idUSKCN1GA2DB\">Reuters<\/a> also has the story.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have plenty of news for you folks this morning, particularly on the M&#038;A and investment front, where transactions announced, in the pipeline and contemplated are keeping our friends at the nation\u2019s law firms very busy indeed. We have the details in this morning\u2019s Speed Round, below: But first: The Finance Ministry will announce the [&hellip;]<\/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-633089","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":"de4ed827-9d8c-4179-b2db-9438ecb53157","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[633087],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What we\u2019re tracking on 27 February 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\/02\/27\/what-were-tracking-on-27-february-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 27 February 2018\" \/>\n<meta property=\"og:description\" content=\"We have plenty of news for you folks this morning, particularly on the M&amp;A and investment front, where transactions announced, in the pipeline and contemplated are keeping our friends at the nation\u2019s law firms very busy indeed. We have the details in this morning\u2019s Speed Round, below: But first: The Finance Ministry will announce the [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/what-were-tracking-on-27-february-2018\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-02-27T04:40:06+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/what-were-tracking-on-27-february-2018\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/what-were-tracking-on-27-february-2018\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"What we\u2019re tracking on 27 February 2018\",\"datePublished\":\"2018-02-27T04:40:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/what-were-tracking-on-27-february-2018\/\"},\"wordCount\":1047,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"What We're Tracking Today\"],\"articleSection\":[\"What We're Tracking Today\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/what-were-tracking-on-27-february-2018\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/02\/27\/what-were-tracking-on-27-february-2018\/\",\"name\":\"What we\u2019re tracking on 27 February 2018 - 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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 &quot;What We're Tracking Today&quot;","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":639319,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/10\/26\/what-were-tracking-on-26-october-2017\/","url_meta":{"origin":633089,"position":1},"title":"What we\u2019re tracking on 26 October 2017","author":"enterpriseam admin","date":"26 October 2017","format":false,"excerpt":"**WE ARE USING A NEW DISPATCH PARTNER THIS MORNING. If you or your colleagues are using corporate email and need us to help you whitelist our new sender to guarantee deliverability, please reach out to us on editorial@enterprise.press. Expect a little more hassle on those flights to JFK from Cairo:\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":622207,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/29\/more-what-were-tracking-on-29-november-2018\/","url_meta":{"origin":633089,"position":2},"title":"More what we\u2019re tracking on 29 November 2018","author":"enterpriseam admin","date":"29 November 2018","format":false,"excerpt":"Further afield: The US-China trade war and the reception accorded Saudi Crown Prince Mohammed bin Salman will be the highlights of the G20 summit in Buenos Aires taking place this weekend. And the jockeying over a potential production cut to prop up prices is well underway ahead of next Thursday\u2019s\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":645806,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/31\/what-were-tracking-this-week-162\/","url_meta":{"origin":633089,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"31 July 2017","format":false,"excerpt":"The Finance Ministry will cut the exchange rate for customs the first time in four months to EGP 16.25 to the greenback, Finance Minister Amr El-Garhy told Reuters. The new rate, a drop from EGP 16.50, will come into effect from Tuesday. The reduction came in line with the \u201cdrop\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","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":630275,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/17\/what-were-tracking-on-17-april-2018\/","url_meta":{"origin":633089,"position":4},"title":"What we\u2019re tracking on 17 April 2018","author":"enterpriseam admin","date":"17 April 2018","format":false,"excerpt":"Closer to home, the Sisi administration has unveiled an ambitious USD 2 bn drive to begin reforming the nation\u2019s education program. Education Minister Tarek Shawky hit the airwaves last night to sell the program to the nation, and Sahar Nasr is being tapped to have the World Bank expand its\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","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":628128,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/26\/what-were-tracking-this-week-13\/","url_meta":{"origin":633089,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"26 June 2018","format":false,"excerpt":"The Finance Ministry will present the House with a report on the government\u2019s \u2018private accounts\u2019 (or slush funds, as we prefer to see them) in two days\u2019 time, Minister Mohamed Maait said yesterday, Al Masry Al Youm reports. The ministry is currently putting together a list of all private accounts\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633089","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=633089"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/633089\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/633087"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=633089"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=633089"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=633089"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=633089"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=633089"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}