{"id":650793,"date":"2024-10-10T00:00:00","date_gmt":"2024-10-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/10\/madbouly-warns-of-entering-a-war-economy-mode\/"},"modified":"2024-10-10T00:00:00","modified_gmt":"2024-10-10T00:00:00","slug":"madbouly-warns-of-entering-a-war-economy-mode","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/10\/madbouly-warns-of-entering-a-war-economy-mode\/","title":{"rendered":"Madbouly warns of entering a \u201cwar economy\u201d mode"},"content":{"rendered":"

Good morn<\/strong>ing, frien<\/strong>ds. <\/strong>We have a packed issue for you this morning led by the Madbouly cabinet\u2019s presser, where a number of officials took the stage to unveil fresh tax facilities and comment on the regional situation and what it means for Egypt. <\/p>\n

Madbouly warns of entering a \u201cwar economy\u201d mode: <\/strong>The Madbouly government is taking its precautions in case regional tensions escalate into a full blown regional war and we\u2019re forced to enter war economy mode, Prime Minister Moustafa said<\/a> during his weekly presser yesterday. \u201cThe situation is changing daily. The region is experiencing a state of extreme uncertainty,\u201d he said.<\/p>\n

The warning signs: <\/strong>Oil prices have seen a 10% increase over the past week, he said, adding that the price could jump to over USD 100 per barrel if things continue to escalate. <\/p>\n

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Egypt has not taken part in the civil war in Sudan. <\/strong>The Foreign Ministry<\/a>denied<\/a> claims made by RSF leader General Mohamed Hamdan \u201cHemedti\u201d Dagalo about an Egyptian aircraft taking part in the civil war in Sudan. Egypt continues its efforts to put an end to war, protect civilians, and push the international community to send aid to those affected, the ministry said. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> Actis to finalize Gabal El <\/strong>Zeit acquisition by the end of 2024? <\/strong> Ongoing negotiations between the Madbouly government and UK-based private equity giant Actis to purchase the 580-MW Gabal El Zeit wind farm are expected to yield an agreement by the end of this year, unnamed government sources told Al Arabiya<\/a>. The sources added that negotiations for the Zafarana project \u2014 which is now being split in two \u2014 remain ongoing.<\/p>\n

More details about the in-the-works acquisition have emerged: <\/strong>The British investor will invest to extend the wind farm\u2019s lifespan by an additional ten years, according to the sources. Negotiations in recent weeks have also reportedly revolved around the state\u2019s desire to increase the value of the acquisition \u2014 which the IMF projected in March to be around<\/a> USD 339 mn.<\/p>\n

But this isn\u2019t the first time we\u2019ve heard about an impending stake sale: <\/strong>The Gabal El Zeit and Zafarana wind farms have been on the privatization short list<\/a> since our privatization program was relaunched in February 2023. Actis had reportedly completed its due diligence<\/a> and was lining up financing<\/a> for its planned acquisition of the Gabal El Zeit project earlier this year \u2014 the IMF was expecting both sales to conclude before the current fiscal year rolled around.<\/p>\n

<\/a> SPEAKING OF PRIVATIZATION- Can we see progress soon?<\/strong> The Madbouly government is gearing up to announce a number of transactions and fresh offerings part of the privatization program, Madbouly said<\/a>. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> #1- Attention, EV aficionados: <\/strong>The three-day EVs Electrify Expo and Conference will open its doors today at the Egypt International Exhibition Center, bringing together over 70k visitors from over 50 countries, 54 exhibitors, 100 companies, and 50 speakers who are working to shape the EV industry. Major global players like Tesla, BMW, Mercedes, BYD, and Renault will showcase their latest electric vehicle models. Attendees will also have the chance to test drive EVs and experience cutting-edge technology firsthand through interactive exhibits. Free registration is available on the event\u2019s official website<\/a>.<\/p>\n

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#2- It\u2019s day one of the <\/strong>Egy Health Expo<\/a><\/strong>, set to kick off this morning and run until Saturday. Over 44k visitors, 460 exhibitors and sponsors, and 100 speakers will be in attendance this year for one of the \u201clargest and most influential events in the Middle East dedicated to the health market.\u201d Alongside the expo, and also at the Egypt International Exhibition Centre is the Egy Dental Expo that will run throughout the same period. You can register on the event\u2019s website<\/a>. <\/p>\n

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PSA- <\/p>\n

WEATHER- We\u2019re looking at another cool day in Cairo<\/strong>, with a high of 32\u00b0C and a low of 22\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s more or less the same in Alexandria<\/strong>, which is looking at a high of 30\u00b0C and a low of 21\u00b0C.<\/p>\n

And over the weekend, <\/strong>expect to see a high of 33\u00b0C and a low of 23\u00b0C in the capital.<\/p>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

Civil Aviation Minister Sameh Elhefny is joining B<\/strong>EBA for lunch: <\/strong>The British Egyptian Business Association (BEBA) is hosting a luncheon under the title \u201cEgypt\u2019s Aviation Sector: A Key Catalyst for Investment, Tourism, and Economic Development\u201d with Civil Aviation Minister Sameh Elhefny delivering the keynote address. The event will be held on Monday, 21 October at the Conrad Hotel. <\/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

ENTERPRISEAM IS LOOKING FOR SMART, TALENTED PEOPLE of all backgrounds to help us build some very cool new things.<\/strong> EnterpriseAM \u2014 the essential morning read on all the important news shaping business and the economy in Egypt, GCC, and the wider region \u2014 is looking for writers, reporters, and editors to help us build out new publications.<\/p>\n

NEVER WORKED IN A NEWSROOM BEFORE?<\/strong> We have the EnterpriseAM Business Writing Development Program. Whether you are a recent graduate, an industry vet, or looking to switch careers, the EnterpriseAM Business Writing Development Program will give you the tools you need to tell the most important stories to our audience of C-suite officials, government ministers, diplomats, financiers, investors, and entrepreneurs.<\/p>\n

Not an internship program \u2014 a career: <\/strong>The three-month program will see full-time, paid participants take part in workshops and lectures from veteran business journalists on subject matter knowledge, while also working on constructing and filing EnterpriseAM stories that will run on any of our publications. Those who have successfully completed the program, will then be given long-term job offers.<\/p>\n

Apply directly to jobs@enterprisemea.com and mention \u201cwriting development program\u201d<\/strong> in your subject line.<\/p>\n

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

Hurricane Milton in the US and the looming Israeli retaliation on Iran <\/strong>are still getting top billing in the foreign press, as dozens were killed by Israeli airstrikes in an escalation of violence in northern Gaza. Meanwhile, Hurricane Milton is approaching landfall as it makes its way to Florida, though it has dropped to a Category 4 storm. (France24<\/a> | Reuters<\/a>) <\/p>\n

US President Joe Biden and Israeli Prime Minister Benjamin Netanyahu spoke yesterday<\/strong> as Biden looks to rein in the latter\u2019s response to Iran\u2019s airstrikes on Israel, and while it was the first phone call in over a month, there were no clear conclusions on next steps. Israeli Defense Minister Yoav Gallant promised a \u201clethal, precise, and surprising\u201d retaliation against Iran, Reuters<\/a> reports. <\/p>\n

The US is trying to propose a milder response<\/strong>, like a fresh round of sanctions against Iran, sources told Bloomberg<\/a>. <\/p>\n

IN THE BUSINESS PRESS- Several stories are getting attention: <\/strong><\/p>\n