{"id":636673,"date":"2024-08-05T00:00:00","date_gmt":"2024-08-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/turkish-fm-is-in-town\/"},"modified":"2024-08-05T00:00:00","modified_gmt":"2024-08-05T00:00:00","slug":"turkish-fm-is-in-town","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/05\/turkish-fm-is-in-town\/","title":{"rendered":"Turkish FM is in town"},"content":{"rendered":"

Good morning, everyone. <\/strong>We have a brisk issue for you today led by the USD 40 mn ethane pipeline in the works. <\/p>\n

It\u2019s a big day for Egypt in Paris<\/strong>, with the Pharaohs set to face host France in the <\/font>semifinal of the men\u2019s Olympic football tournament this evening \u2014 we have more in the news well, below. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Egyptera to hike EV charging fees:<\/strong> The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) is set to announce new pricing for electric vehicle charging within a month, Al Arabiya<\/a> reports, citing unnamed sources from EV charging companies. EV charging companies are asking for an increase of over 42% from the current rates, which have been in effect since February 2022.<\/p>\n

The rationale:<\/strong> EV charging companies have been pushing for a price hike, citing rising investment costs for charging stations and the impact of the EGP float. The current fees are also causing financial strain on electricity companies, as the subsidized electricity supply price for charging companies of EGP 1.21 per KWh is significantly lower than the production cost of EGP 2.2 per KWh.<\/p>\n

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<\/a> #2- EFG Hermes ONE gets a makeover:<\/strong> Our friends at EFG Hermes have launched a rebranded version of online trading platform EFG Hermes ONE, with a new brand identity and user interface, according to a press release<\/a>(pdf)<\/a>. \u201cThe new visual identity of EFG Hermes ONE embodies the forward-thinking and dynamic essence of EFG Holding,\u201d said EFG Holding Group Chief Marketing and Communications Officer May El Gammal.<\/p>\n

What\u2019s new:<\/strong> The upgraded app introduces several new features, including multiple payment options and Egypt\u2019s first licensed digital onboarding process<\/a>. The app is currently available in a number of markets including Egypt and Kuwait, with plans to launch in the UAE soon. The app provides users access to 35 global markets and offers them various trading options, portfolio management tools, and technical analysis capabilities. EFG Hermes has also added customer support features such as calls, emails, and chatbots.<\/p>\n

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<\/a> #3- Gov\u2019t wants to allocate more land for new industrial zones:<\/strong> Cabinet\u2019s National Center for Planning State Land Uses and the Federation of Egyptian Industries are looking into allocating 43 plots of land in 16 governorates for new industrial zones, according to a statement<\/a>.<\/p>\n

FACT CHECK-<\/p>\n

Egyptian airports will stay Egyptian:<\/strong> Civil Aviation Minister Sameh Elhefny has refuted<\/a> claims that the government is looking to sell Egypt\u2019s airports to foreign investors, emphasizing that all airports in Egypt are fully state owned and under Egyptian sovereignty. <\/p>\n

Always read beyond the headline: <\/strong>The government wants to invite<\/a>private-sector players<\/a> to manage the country's airport in a bid to enhance airport efficiency and increase capacity. Last we heard, the Civil Aviation Ministry has started receiving<\/a> offers from the private sector to manage Egyptian airports and is working to select an international consultant to oversee the offers.<\/p>\n

<\/a> <\/p>\n

Do you want to attend our 2024 Enterprise Finance Forum on 24 September? <\/strong>Seating is strictly limited at our flagship, invitation-only forum for C-suite executives and other senior leaders. <\/p>\n

Why attend? <\/strong>We\u2019re in the early days of a generational realignment of power in our industry \u2014 in our region and beyond \u2014 and on the cusp of the biggest intergenerational transfer of wealth that the world has ever seen. With that as the backdrop, we\u2019re going to take stock of where we stand six months after the float of the EGP and ask what\u2019s next for finance in our country and the wider region. Among the questions we\u2019ll be asking:<\/p>\n