{"id":633739,"date":"2024-07-19T00:00:00","date_gmt":"2024-07-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/19\/enjoy-8-weeks-of-lights-on\/"},"modified":"2024-07-19T00:00:00","modified_gmt":"2024-07-19T00:00:00","slug":"enjoy-8-weeks-of-lights-on","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/19\/enjoy-8-weeks-of-lights-on\/","title":{"rendered":"Enjoy 8 weeks of lights on"},"content":{"rendered":"

Good morning, wonderful people, and happy Friday. <\/strong>We hope you enjoy your weekend before we return to a short workweek and two months without power cuts.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

ECONOMY-<\/strong><\/p>\n

#1- IMF pushes back third review of our loan program: <\/strong>The IMF Executive Board pushed<\/a>back<\/a> the third review of our USD 8 bn loan program to 29 July to \u201cfinalize some details,\u201d IMF Communications Director Julie Kozack said during a press briefing. The postponement \u201cis not unusual in these kinds of circumstances,\u201d she said, pointing to regional headwinds and domestic structural challenges. <\/p>\n

The Fund is keeping an eye on planned fuel subsidy cuts:<\/strong> The new government is currently in discussions with the IMF<\/a> over its policies and goals for the coming three years, with a particular focus on monetary and financial policies as well as policies related to public spending, a source told Enterprise. The timeline of slashing fuel subsidies is apparently an important point of discussion, given how heavily it weighs on the state budget.<\/p>\n

#2- CBE leaves interest rates unchanged in line with expectations:<\/strong> The Central Bank of Egypt (CBE) left interest rates unchanged yesterday, attributing the decision to continued monetary policy tightening cycles in advanced and emerging markets and a decline in inflation worldwide, according to the CBE\u2019s Monetary Policy Committee readout (pdf)<\/a>. The decision aligned with expectations of 13 analysts and economists we surveyed before the meeting<\/a>.<\/p>\n

CABINET WATCH-<\/strong><\/p>\n

New gov\u2019t releases policy document:<\/strong> The new Madbouly government laid down its plans for<\/a>its three-year term<\/a> in a 276-page document that added more color to the government\u2019s policy statement<\/a> last week. One key focus area is broadening private sector involvement, with private investments to make up 51% of total investments in Egypt by fiscal year 2026-27 and 70% by 2030 \u2014 a significant step up from 25.5% of total investments last fiscal year. Other highlights include government plans to address unemployment and improve healthcare. The House general assembly voted on the policy<\/a> yesterday.<\/p>\n

LEGISLATION WATCH-<\/strong><\/p>\n

El Sisi ratifies Unified Ins. Law:<\/strong> President Abdel Fattah El Sisi gave the final approval<\/a> for the Unified Ins. Law, which will draw up new, comprehensive rules for regulating the ins. industry and widen compulsory coverage.<\/p>\n

\n

WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n

<\/p>\n

#1- A long break from power cuts:<\/strong> The government will halt the rolling blackouts starting Sunday and until mid-September, Prime Minister Moustafe Madbouly confirmed<\/a> during a presser held on Wednesday.<\/p>\n

#2- We have another long weekend ahead: <\/strong>Public and private sector workers will have Thursday, 25 July off in observance of the 23 July Revolution.<\/p>\n

#3- Act Financial\u2019s IPO to wrap up: <\/strong>The subscription period for retail investors is set to end on Tuesday, 23 July, wrapping up the EGX\u2019s first IPO in a year<\/a>.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

<\/p>\n

\n

AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

The week started with Trump and ended with Biden. <\/strong>The Republican presidential candidate Donald Trump \u2014 well, most of him \u2014 dodged an actual bullet<\/a> during an attempt on his life at a campaign rally in Pennsylvania on Saturday. The ensuing fallout has seen the US right wing rally around their \u2014 now official \u2014 nominee, with erstwhile critics like former Republican candidate Nikki Haley closing ranks<\/a> behind Trump at the Republican National Convention in Milwaukee. Markets, meanwhile, are increasingly pricing in<\/a> a Trump victory, which is expected to pad corporate profits but hurt the US\u2019s underlying fiscal fundamentals. <\/p>\n

Trump also announced that he would be bringing Ohio senator JD Vance on as his <\/strong>running mate. <\/strong>Vance, once a sharp critic of Trump, has been a key interlocutor<\/a> between the Trump campaign and Silicon Valley\u2019s tech scions, who have channeled mns toward pro-Trump super PACs. A case in point is Elon Musk, who said this week<\/a> that he would be donating around USD 45 mn per month to one such PAC.<\/p>\n

Meanwhile, Democrats are twisting in the wind, putting more pressure on President Joe<\/strong> Biden to step aside <\/strong>and save their chances in the November election. Former President Barack Obama reportedly told allies that \u201cBiden\u2019s path to victory has greatly diminished,\u201d the Washington Post<\/a> wrote yesterday. Senate Majority Leader Chuck Schumer and House Minority Leader Hakeem Jeffries confronted Biden with their concerns, as did former House Speaker Nancy Pelosi, who reportedly told Biden privately that polls indicate a Democratic loss.<\/p>\n

Across the pond, political gridlock <\/strong>continues to prevail<\/a><\/strong> in France<\/strong> after the lame duck government resigned on Tuesday. The government will continue to run current affairs in an advisory capacity ahead of the Paris Olympic games, set to kick off on 26 July.<\/p>\n

IN SPORTS NEWS- <\/strong>Spain clinched the Euro 2024 title after a late goal from Mikel Oyarzabal, handing England its second final defeat in three years. On the other side of the Atlantic, Argentina nabbed the 2024 Copa America title after beating Colombia in the final, making it the only country with 16 titles under its belt.<\/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

\u2600\ufe0f <\/strong>THE WEATHER THIS WEEKEND- <\/strong>Mercury is reaching a peak of 38\u00b0C in Cairo today and a low of 27\u00b0C.Tomorrow the temperature rises with a high of 39\u00b0C before dropping to a low of 28\u00b0C at night, according to our favorite weather app. And it\u2019s a bit cooler in Alexandria and the North Coast during the weekend, with highs of 33-35\u00b0C and lows of 24-26\u00b0C between today and tomorrow.<\/p>\n

HAPPENING THIS WEEKEND-<\/p>\n

Spend your weekend on a tour through Historic Cairo: <\/strong>Tomorrow explore the historic houses of Beit al Harawy, Beit al Set Wassila, and Beit Gamal Al Din Al Zahaby, and the church of Virgin Mary in Haret el Roum, where the Coptic Orthodox Pope sat from 1660 to 1799<\/a>, and Abdel Zaher did his bookbinding. To book your spot click here<\/a>.<\/p>\n

Mouled Ahl Al Zikr<\/a><\/strong> x Sawy Culture Wheel:<\/strong> Sheikh Mahmoud Al Tohamy will present an evening of recitation and chanting at El Sawy Wheel in Zamalek tonight at 8 pm. Reserve your tickets here<\/a>.<\/p>\n

Gen Z W<\/a><\/strong>Tes\u2019eeni<\/a><\/strong>Ya Gedo<\/a><\/strong> is taking over <\/strong>Rawabet Art Space<\/a><\/strong>\u2019s stage this month <\/strong>till Wednesday, July 31 from 8pm. Watch a play that explores the generational divide through conversations at a coffee shop. It follows three generations as they discuss their struggles, highlighting the impact of technology on their lives and the challenges of finding common ground. Get your tickets here<\/a>.<\/p>\n

Want art but need to keep your kidney? Visit <\/strong>The Summer Affordable Art Show<\/a><\/strong> at <\/strong>TAM<\/a><\/strong>Gallery<\/a><\/strong>, which runs until Monday, July 22. If the title was not self-explanatory, expect to find the works of over 150 contemporary Egyptian artists to enjoy and choose from. Doors open from 12pm to 10pm everyday.<\/p>\n

\n

HAPPENING NEXT WEEKEND- <\/p>\n

Marwan Moussa, Afroto, DJ Nooriyah, and DJ duo Bubblegum Kollective are going <\/strong>to the<\/a><\/strong>seaside<\/a><\/strong> to deliver an unforgettable night at CJC Seashore Ras El Hekma at 9pm on Friday, July 26. Get your tickets here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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