{"id":638193,"date":"2024-08-11T00:00:00","date_gmt":"2024-08-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/egypt-becomes-the-first-african-nation-to-win-olympic-gold-in-the-mens-modern-pentathlon\/"},"modified":"2024-08-11T00:00:00","modified_gmt":"2024-08-11T00:00:00","slug":"egypt-becomes-the-first-african-nation-to-win-olympic-gold-in-the-mens-modern-pentathlon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/11\/egypt-becomes-the-first-african-nation-to-win-olympic-gold-in-the-mens-modern-pentathlon\/","title":{"rendered":"Egypt becomes the first African nation to win Olympic gold in the men's modern pentathlon"},"content":{"rendered":"

Good morning, friends. <\/strong>We are kicking off the week with a lot of good news \u2014 most notably Egypt made Olympic history last night, taking home Africa\u2019s first Olympic gold in modern pentathlon. We also secured a silver medal in women's 81kg weightlifting. We also saw inflation ease for the fifth month in a row, a lot of fresh investments, and a message of reassurance from Prime Minister Moustafa Madbouly.<\/p>\n

HAPPENING TOMORROW-<\/p>\n

<\/a> The CBE is put<\/strong>ting EUR 600 mn worth of t-bills up for auction: <\/strong>The Central Bank of Egypt is looking to raise some EUR 600 mn from auctioning off one-year, EUR-denominated treasury bills, according to the CBE website. The submission deadline for the auction is tomorrow at 11am.<\/p>\n

It\u2019s been a while since the CBE last sold EUR-denominated bonds: <\/strong>There\u2019s only been ten auctions of EUR-denominated t-bills in the last five years. The most recent auction saw the CBE raising EUR 657 mn before the float in November of last year at an average yield of 4%.<\/p>\n

So, why now? <\/strong>The central bank is likely looking to raise EUR funds to pay off maturing debt, EGBank board member Mohamed Abdel Aal told Enterprise. \u201cFX can help bridge any existing and expected cash gap,\u201d he added. <\/p>\n

Who\u2019s buying? <\/strong>Despite the recent hot money outflows, investors are still interested in local debt instruments, they take advantage of the differences between exchange rates and interest rates, he continued. <\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> Tabreed signals it\u2019s ready once again to invest <\/strong>in the Egyptian market: <\/strong>UAE-based district cooling firm Tabreed is in talks to expand its operations in Egypt following the launch of its project at Marakez\u2019s Downtown Katameya Mall, CFO Adel Al Wahedi told Asharq Business<\/a>. <\/p>\n

You can partly thank the stability of the EGP:<\/strong> The company has been hesitant to invest in Egypt because it conducts its activities in local rather than foreign currency, Al Wahedi explained. However, the firm has taken note of the stability of the EGP over recent weeks<\/p>\n

Remember:<\/strong> The firm terminated<\/a> an EGP 1.6 bn contract with Egyptians for Healthcare Services at the start of the year for the CapitalMed medical complex in Badr City. The company\u2019s CEO Khalid Al Marzooqi said that the pre-float FX crisis had made the project \u201cfinancially unsustainable.\u201d<\/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