{"id":640749,"date":"2024-09-01T00:00:00","date_gmt":"2024-09-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/01\/el-etreby-and-okasha-reportedly-set-to-swap-positions-in-managerial-shakeup-of-state-banks\/"},"modified":"2024-09-01T00:00:00","modified_gmt":"2024-09-01T00:00:00","slug":"el-etreby-and-okasha-reportedly-set-to-swap-positions-in-managerial-shakeup-of-state-banks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/01\/el-etreby-and-okasha-reportedly-set-to-swap-positions-in-managerial-shakeup-of-state-banks\/","title":{"rendered":"El Etreby and Okasha reportedly set to swap positions in managerial shakeup of state banks"},"content":{"rendered":"

Good morning, friends<\/strong>. <\/strong>Welcome to the first day of both a new week and month. September looks set to be off to a busy start when it comes to local business and economy news, with the Central Bank set to decide on interest rates, a hotly awaited health check for non-oil private sector, high-level trade delegations touching down in Egypt, and more all happening just this week.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Banque Misr and NBE reportedly set for managerial shake up as El Etreby and<\/strong> Okasha swap positions: <\/strong>Banque Misr CEO Mohamed El Etreby is expected to become the next CEO of the National Bank of Egypt in a swap that will see current NBE president Hisham Okasha take El Etreby\u2019s place at Banque Misr, according to a banking sector source that spoke to Enterprise. The move will also see former tourism minister and CIB CEO for retail banking Ahmed Issa appointed vice president of Banque Misr and former EBRD Vice President and CFO Soha El Turky join the NBE as vice president, according to our source.<\/p>\n

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#2- Food security concerns: <\/strong>President Abdel Fattah El Sisi reportedly gave the order for last month\u2019s huge wheat buy following concerns over the country\u2019s food security, Reuters<\/a> reports citing three unnamed government sources. An intelligence briefing raised concerns over our food security in light of escalating regional tension. <\/p>\n

Another layer to the story: <\/strong>The government will continue to capitalize on lower commodity prices as long as it has the space to store the imported quantities, Prime Minister Moustafa Madbouly said during his weekly presser<\/a> last week, adding that we currently have a six-month supply of strategic wheat reserves. <\/p>\n

ICYMI- <\/strong>State grains buyer GASC last month purchased 280k tons of wheat<\/a> in a tender that aimed to secure some 3.8 mn tons<\/a>, locking in just c. 7% of its target. The tender was launched to capitalize on a dip in wheat prices, seeking to procure nearly a third of the country\u2019s yearly requirement of the grain.<\/p>\n

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<\/a> #3- An energy corridor between Cyprus and Egypt? <\/strong>An energy corridor connecting Egypt and Cyprus that would carry natural gas and renewable energy was discussed<\/a> by Oil Minister Karim Badawi and his Cypriot counterpart Giorgos Papanastasiou. The two sides discussed sending Cypriot natural gas to Egypt to be liquified and exported as LNG to global markets. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> Our new digital platform for industrial investment launches today: <\/strong>The Trade and Industry Ministry has launched a new online platform showcasing industrial investment offerings in partnership with state-owned fintech player E-finance, the ministry announced in a statement<\/a> yesterday. The new digital platform allows potential investors to view a map of possible investment plots, submit applications and other necessary documents, and check the status of their applications. The ministry plans to add additional features in the future, including an electronic vault for documents and 24-hour technical support.<\/p>\n

The platform is off to a quick start: <\/strong>The platform\u2019s first offering \u2014 slated to run from 1-8 September \u2014 will include 1.1k plots of land for industrial developments spanning 8.5 mn square meters across 14 governorates. Results will be announced two weeks after applications close, according to the statement.<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

<\/a> #1- Could we finally see non-oil private sector back in growth territory?<\/strong> S&P Global will publish Egypt\u2019s PMI figures for August on Tuesday measuring the country\u2019s non-oil private sector activity. Last month saw business activity hit its second highest level<\/a> since August 2021.<\/p>\n

Also releasing PMI data on Tuesday:<\/strong> Saudi Arabia, Kuwait, and Qatar. The UAE and Lebanon will follow on Wednesday, 5 September. <\/p>\n

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#2- It\u2019s interest rate week: <\/strong>The Central Bank of Egypt\u2019s Monetary Policy Committee is meeting this Thursday to review rates. The bank left interest rates unchanged during its last meeting<\/a> in July citing its commitment to sustaining the current trajectory of inflation moderation. <\/p>\n

Remember:<\/strong> The committee delivered a jumbo 600 bps rate hike<\/a> following a surprise monetary policy meeting in March, which coincided with the float of the EGP and the securing of an expanded package from the IMF. The CBE has left interest rates unchanged<\/a> since and most analysts expect the central bank to keep rates steady for now and begin cutting rates in late 2024 or early 2025. <\/p>\n

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#3- More Indian investments incoming? <\/strong>Representatives from ten Indian tech companies \u2014 operating in the fintech, banking solutions, medical services, consulting, and data analysis sectors \u2014 will be landing in Cairo tomorrow for a three-day visit where they will meet Egyptian officials to look into future cooperation, A<\/a>l M<\/a>al<\/a> reports. During their time here, they will also participate in the Seamless North Africa event. <\/p>\n

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#4- Explore the future of digital commerce tomorrow at <\/strong>Seamless North Africa<\/a><\/strong>.<\/strong> The two-day event will be held at the Egypt International Exhibition Center from 2-3 September under the theme The Future of Digital Commerce Across North Africa. The event brings together mechants, enterprises, and SMEs in the e-commerce space as well as players in the fintech, banking, and retail sectors \u201cto drive forward the future of digital commerce.\u201d Take a look at the schedule here<\/a> and register to attend here<\/a>.<\/p>\n

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#5- The US-Egypt Joint Economic Committee will be convening on 4-5 September<\/strong> in Washington to talk all things partnership between the two countries\u2019 private sectors, boosting trade, bilateral investment, and following up on the outcomes of the first meeting of the committee.<\/p>\n

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

RED SEA WATCH-<\/p>\n

Salvage crews to begin towing ablaze tanker following oil spill fears: <\/strong>Tugboats will begin towing an oil tanker carrying 1mn barrels of crude oil that was struck by Yemen\u2019s Houthis<\/a> last month, Reuters<\/a> reports, citing Houthi Foreign Minister Jamel Amer. The armed group greenlit the salvage operation last Wednesday over fears that the damaged tanker could leak 150k tons of crude oil into the Red Sea.<\/p>\n

But don\u2019t take the Houthis greenlighting the salvage operation as a sign they\u2019re changing<\/strong> their approach: <\/strong>The group announced an attack yesterday on the MV Groton container vessel crossing the Gulf of Aden for the second time, Reuters<\/a> reports. The UK Maritime Trade Operations reported<\/a> that two missiles had struck near the ship on Friday and that no damage to the ship or injuries to the crew were reported. <\/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

CIRCLE YOUR CALENDAR- <\/p>\n

<\/a> Kouchouk to speak at AmCham next week:<\/strong> Finance Minister Ahmed Kouchouk will be speaking at the American Chamber of Commerce\u2019s monthly luncheon on Tuesday, 10 September from 1-4 pm at Cairo\u2019s Nile Ritz Carlton. Register to attend here<\/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

PSA-<\/p>\n

WEATHER- The weather is continuing to cool in Cairo today as we say goodbye to the year\u2019s hottest months,<\/strong> with a high of 34\u00b0C and a low of 25\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s much the same story in Alexandria and along the North Coast<\/strong>, with a high of 32\u00b0C and a low of 23\u00b0C.<\/p>\n

** 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

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

As is often the case on Sundays, there\u2019s no one story dominating the (digital) front pages<\/strong> of the int\u2019l business press<\/strong>, with the press\u2019 obligatory updates on the seemingly never-ending US presidential election competing for space with tech oligarch Musk\u2019s feud with the Brazilian government and depressingly familiar reports of horrors from Israel\u2019s nearly year-old war on Gaza.<\/p>\n

OVER IN US ELECTION NEWS- Things are looking increasingly up for the Democrats<\/strong> post-Biden<\/strong>, with Democratic presidential hopeful Kamala Harris has gained an edge of around 2 percentage points<\/a> on Republican candidate Donald Trump among likely voters in seven key US swing states, according to a Bloomberg News\/Morning Consult poll. Harris is tied with or beating Trump in all seven states and has virtually erased the lead Trump enjoyed over Joe Biden prior to ending his bid for the Democratic Party\u2019s nomination. Meanwhile, a new Reuters\/Ipsos poll has found Harris leading Trump among registered voters nationwide by a margin of 4 percentage points<\/a>, up from the 1 percentage point lead registered by the polling agency in late July.<\/p>\n

Despite Harris\u2019 overall bump in polls, the Democratic candidate is <\/strong>facing a stepped-up<\/a><\/strong>pressure campaign<\/a><\/strong> from pro-Palestinian activists <\/strong>following a televised interview Thursday in which the presidential nominee reiterated that she would not cut military aid to Israel if elected president. Activists have pledged to disrupt Harris campaign events in the coming weeks.<\/p>\n

WHILE IN TECH NEWS- X goes dark in Brazil as feud with Musk escalates:<\/strong> Elon Musk\u2019s social media company X saw mass service disruption yesterday in Brazil after Musk\u2019s refusal to appoint a legal representative for the company\u2019s operations in Brazil led the country\u2019s Supreme Court to issue an order for X\u2019s suspension late Friday. While supporters of the left-wing government\u2019s drive to make social media companies more accountable for online content applauded the court\u2019s move, right-wing politicians blasted the decision as an attack on conservative politicians, many of whom communicate with their supporters on social media. (Bloomberg<\/a> | The Associated Press<\/a> | Reuters<\/a>)<\/p>\n

AND IN OUR CORNER OF THE WORLD- Around 2k medical and community workers are<\/strong> set to begin carrying out a <\/strong>polio vaccination campaign<\/a><\/strong> in Gaza<\/strong> that will see some 640k children targeted for vaccination<\/a> during daily eight-hour pauses in hostilities across the enclave. The campaign comes after the World Health Organization confirmed that a two-year-old had been paralyzed by the poliovirus, the first case of the disease recorded in Gaza in 25 years. At least 90% of children will need to be vaccinated twice over the coming four weeks in order for the campaign to be successful, according to WHO officials \u2014 a tall order given the destruction that Israel has wreaked upon the enclave.<\/p>\n

Israeli forces killed at least 48 people in Gaza during the hours before the campaign<\/strong> commenced, <\/strong>with fighting ongoing in central and southern Gaza in the early hours Sunday. Meanwhile, Israeli forces pushed forward with their assault on the West Bank city of Jenin<\/a>, with Israeli attacks reportedly killing at least 18 Palestinians in one of the largest Israeli operations in the West Bank in months.<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. Welcome to the first day of both a new week and month. 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The new boards were appointed for three-year terms. At the top: Banque Misr CEO Mohamed El Etreby (bio)\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1602.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":642610,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/08\/17\/okasha-el-etreby-expected-to-remain-heads-of-nbe-banque-misr\/","url_meta":{"origin":640749,"position":1},"title":"Okasha, El Etreby expected to remain heads of NBE, Banque Misr","author":"enterpriseam admin","date":"17 August 2017","format":false,"excerpt":"National Bank of Egypt head Hisham Okasha and Banque Misr Chairman Mohamed El Etreby are expected to remain in their posts for another three-year term, sources tell AMAY. A management shakeup at state-owned banks is expected next month, as terms for chairmen end on 25 September.","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570211,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/23\/banque-misrs-el-etreby-named-feb-chairman\/","url_meta":{"origin":640749,"position":2},"title":"Banque Misr\u2019s El Etreby named FEB chairman","author":"enterpriseam admin","date":"23 March 2020","format":false,"excerpt":"MOVES- Banque Misr\u2019s El Etreby named FEB chairman: Banque Misr Chairman MohamedEl Etreby has been selected to succeed CIB\u2019s Hisham Ezz El Arab as the chair of the Federation of Egyptian Banks for a three-year term, according to Masrawy. National Bank of Egypt Chairman Hisham Okasha will serve as El\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":574918,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/09\/27\/national-bank-of-egypt-banque-misr-chairmen-reappointed-for-three-year-terms\/","url_meta":{"origin":640749,"position":3},"title":"National Bank of Egypt, Banque Misr chairmen reappointed for three-year terms","author":"enterpriseam admin","date":"27 September 2020","format":false,"excerpt":"MOVES- National Bank of Egypt and Banque Misr bosses get three more years in office: A statement (pdf) says that Hisham Okasha will remain as NBE\u2019s chairman, while Yehia Aboul Fotouh and Dalia El Baz will also stay on as deputy chairs for the three-year period. Mohamed El Etreby will\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":571002,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/26\/egypts-state-banks-sell-egp-92-bn-of-high-yield-certificates\/","url_meta":{"origin":640749,"position":4},"title":"Egypt\u2019s state banks sell EGP 92 bn of high-yield certificates","author":"enterpriseam admin","date":"26 April 2020","format":false,"excerpt":"The National Bank of Egypt has sold EGP 62 bn of its 15% fixed-rate certificates to some 340k customers, Chairman Hisham Okasha told Youm7. Banque Misr, meanwhile, sold EGP 30 bn-worth of the certificates thus far, Chairman Mohamed El Etreby told Hapi Journal. The state-owned banks began offering the certificates\u2026","rel":"","context":"In "Banking + Finance"","block_context":{"text":"Banking + Finance","link":"https:\/\/enterpriseam.com\/egypt\/category\/banking-finance\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578401,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/27\/last-nights-talk-shows-banks-to-secure-fx-to-clear-import-backlog-within-4-days-says-el-sisi\/","url_meta":{"origin":640749,"position":5},"title":"Last Night\u2019s Talk Shows: Banks to secure FX to clear import backlog within 4 days, says El Sisi","author":"enterpriseam admin","date":"27 December 2022","format":false,"excerpt":"It was another econ-heavy night on the airwaves, this time centered on President Abdel Fattah El Sisi\u2019s speech during a factory inauguration ceremony in Abu Rawash and his promise to help clear our backlogged ports soon.Banks to secure FX for letters of credit to help clear import backlogs? 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