{"id":653580,"date":"2024-10-20T00:00:00","date_gmt":"2024-10-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/20\/egypts-airport-privatization-plans-are-already-attracting-suitors\/"},"modified":"2024-10-20T00:00:00","modified_gmt":"2024-10-20T00:00:00","slug":"egypts-airport-privatization-plans-are-already-attracting-suitors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/20\/egypts-airport-privatization-plans-are-already-attracting-suitors\/","title":{"rendered":"Egypt\u2019s airport privatization plans are already attracting suitors"},"content":{"rendered":"

Good morn<\/strong>ing<\/strong>, friends, and <\/strong>welcome to new work week. <\/strong>We are gearing up for a busy week as the IMF and World Bank\u2019s annual meeting kick off tomorrow and the market digests the latest fuel price hike \u2014 our third this year. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Our airport privatization plans are already attracting suitors:<\/strong> Six international companies have shown interest in managing and operating airports being offered up by the state, Al Mal<\/a> reports, citing Civil Aviation Minister Sameh Elhefny. The news comes hot on the heels of unconfirmed reports<\/a> that the International Finance Corporation has submitted its technical study and proposed timeline for handing over management of 20 of Egypt\u2019s airports to the private sector.<\/p>\n

Elhefny was keen to emphasize (<\/strong>again<\/a><\/strong>) that the airports will remain Egyptian:<\/strong> The airports are not for sale and remain under the sovereignty of the Egyptian state, Elhefny told the outlet. Instead, the offering involves the management and operation of the commercial activities within the airports.<\/p>\n

Remember:<\/strong> We\u2019ve been on the lookout for airport privatization news since Prime Minister Moustafa Madbouly said last week<\/a> that some \u201cimportant\u201d updates regarding our plans to privatize airports and banks would be announced soon. The Madbouly government first revealed in November 2023<\/a> that it planned to invite private sector players \u2014 including foreign companies \u2014 to take over the management of airports<\/a> in the country.<\/p>\n

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<\/a> #2- <\/strong>EGP 10 bn worth of green bonds and sukuk by the end of the fiscal year?<\/strong> The Madbouly government is looking to issue new sukuk and green bonds worth between EGP 5-10 bn in 3Q-4Q of the fiscal year 2024-2025, as part of the government's plans to diversify financing sources to attract investors and savers into the local debt market, Finance Minister Ahmed Kouchouk told Asharq Business (watch, runtime: 1:37<\/a>). <\/p>\n

We\u2019ve heard about the government\u2019s plan to diversify its debt instruments \u2014 and bring <\/strong>debt costs down: <\/strong>Kouchouk announced in his first presser<\/a> as finance minister that the state plans to turn to the local debt market through treasury bonds, green bonds, and sukuk. A government source explained to EnterpriseAM last month<\/a> that the key to reducing the cost of public debt is diversifying debt instruments and lowering interest rates by introducing innovative debt tools that attract more investors to the local market.<\/p>\n

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#3- Owners of unauthorized buildings may get a bit more time to legalize their <\/strong>properties: <\/strong>A proposed extension to the Building Reconciliation Act<\/a> \u2014 which is set to expire next month \u2014 has been presented to Prime Minister Moustafa Madbouly for study, Local Development Minister Manal Awad told Al Arabiya<\/a>. The government received over 550k applications to legalize properties since May on top of 2.9 mn outstanding applications.<\/p>\n

Remember:<\/strong> The cabinet greenlit the long-awaited executive regulations for the Building Reconciliation Act back in April<\/a> \u2014 the law allows owners of unauthorized buildings built by 15 October 2023 to legalize their properties in return for paying a reconciliation fee<\/a>. To encourage people to apply, an online platform was set up<\/a> to settle violations and a 25% reduction<\/a> was given to those who paid the full fees upfront.<\/p>\n

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DATA POINT-<\/p>\n

<\/a> More gold produced from Sukari: <\/strong>Centamin-run Sukari mine produced 131.7k oz of gold during the third quarter of the year, a 30% increase in comparison to the same period last year, the company said in its quarterly report (pdf)<\/a>. The mine has produced some 356.5k oz of gold since the beginning of the year and is on track to produce up to 500k oz for the entirety of 2024. This helped push the LSE- and TSX-listed gold mining company\u2019s revenues up 84% y-o-y during the quarter to USD 368.6 mn. <\/p>\n

Remember:<\/strong>Sukari will soon have new owners after NYSE-listed miner AngloGold Ashanti and Centamin agreed last month<\/a> to an acquisition that will see AngloGold buy Centamin in a cash and share transaction valued at around USD 2.5 bn. The acquisition will give AngloGold \u2014 the sixth-largest gold miner in the world \u2014 ownership of the Sukari mine.<\/p>\n

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HAPPENING TODAY-<\/p>\n

<\/a> #1- The House is back in session: <\/strong>MPs will reconvene<\/a> for plenary sessions today through Tuesday to discuss and vote on two draft bills and four agreements with foreign institutions. <\/p>\n

The reworked Labor Act will be up for discussion:<\/strong> The House Manpower Committee will discuss the reworked Labor Act<\/a>. The new law will include provisions that protect and support irregular workers \u2014 who currently make up between 60-80% of Egypt\u2019s total workforce.<\/p>\n

Remember:<\/strong> The Supreme Council for Social Dialogue has been finessing<\/a> the redrafted Labor Act since May, ahead of passing it along to the House for further discussion. The government pulled the bill from the House last year after the legislation received backlash from the business community, many of whom claimed that the original version\u2019s terms were lopsided in favor of workers. <\/p>\n

ALSO- A new council for Egypt\u2019s education policies?<\/strong> MPs will discuss and vote on a government-drafted bill establishing the National Council for Education, Research and Innovation<\/a> \u2014 an entity that would have exclusive authority to draw up and integrate the country\u2019s education policies in an effort to raise the overall quality of education and meet the needs of the local and foreign labor market. The proposed council \u2014 which received approval from the House\u2019s Education Committee last Wednesday \u2014 will be headed by the prime minister, and will include a number of ministers, heads of education institutions, eight experts in the sector, and four private sector representatives.<\/p>\n

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#2- Attention offshore oil and gas professionals: <\/strong>Private and public sector energy players are in Alexandria today for the Mediterranean Offshore Conference<\/a> at the Bibliotheca Alexandrina Conference Centre set to start later this morning and run until Tuesday. Under the title Mapping the Future of Mediterranean Energy: Optimizing Exploration, Development, and Production with Decarbonization Technologies for a Sustainable Tomorrow, the conference has packed a schedule you can check out on its official website<\/a>.<\/p>\n

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HAPPENING TOMORROW-<\/p>\n

#1- The IMF and the World Bank will kick off their annual meeting in Washington <\/strong>DC <\/strong>tomorrow<\/strong>, with a packed schedule<\/a> already penciled in for the six-day event. The meeting will see \u201cthe world\u2019s finance ministers and central bank governors converge to reflect on where we are, where we are headed, and what to do about it,\u201d IMF Managing Director Kristalina Georgieva said in a speech<\/a> in the run-up to the event.<\/p>\n

Egypt\u2019s Planning, Economic Development, and International Cooperation Minister Rania Al Mashat <\/strong>will be in<\/a><\/strong>attendance<\/a><\/strong>, taking part in a discussion with the President of the World Bank Ajay Banga and many others on \u201cAgri-Food Systems as an Engine of Sustainable Growth and Job Creation\u201d scheduled for Wednesday. The full list of speakers is yet to be unveiled, but you can check it out on the event\u2019s official website<\/a>. <\/p>\n

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

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PSA- <\/p>\n

WEATHER- The capital is in for another cool day<\/strong>, with a high of 29\u00b0C and a low of 21\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s a touch cooler in Alexandria<\/strong>, with a high of 28\u00b0C and a low of 20\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

CIRCLE YOUR CALENDAR- <\/p>\n

Industrial land up for grabs:<\/strong> The government will offer industrial land on the newly-launched Egypt Digital Industrial Platform<\/a> early December, Al Borsa<\/a> reports, quoting Industry and Transport Minister Kamel El Wazir.<\/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

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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

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PLUS- We\u2019re also looking for our first dedicated audience development professional. <\/strong>Someone who loves the challenge of helping us reach new readers in new markets \u2014 Saudi, the UAE, and lots more to come \u2014using a range of digital channels and tools. You\u2019re someone who thrives on working in a small, focused team. You\u2019ve got proven digital skills (more likely than not on the performance marketing side). And you want to be part of what we immodestly think is the region\u2019s most exciting media, advisory, and business intelligence company. <\/p>\n

Interested? <\/strong>Tell Patrick and Moustafa why and send us your resume on newjobs@enterprise.news<\/a>. We\u2019d love to hear from you today. The position is based in Cairo, offers two days a week working anywhere you please, and offers a competitive package. (We\u2019re also pretty nice people to work with, if we don\u2019t say so ourselves.)<\/p>\n

\n

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

Netanyahu targeted in apparent assassination attempt: <\/strong>Israeli Prime Minister Benjamin Netanyahu\u2019s summer home was the target of a drone attack yesterday. No one was injured in the attack as neither he nor his wife were home at the time. \u201cThe attempt by Iran\u2019s proxy Hezbollah to assassinate me and my wife today was a grave mistake,\u201d he said in a post on X<\/a>.<\/p>\n

The response: <\/strong>Israel struck what it said were military installations<\/a> in southern Lebanon following the attack. Meanwhile, its strikes in northern Gaza yesterday killed at least 108<\/a> as it continued to tighten its grip on the enclave\u2019s embattled north. Israel\u2019s ongoing siege of Gaza\u2019s largest refugee camp Jabaliya and encirclement of the nearby towns has seen food and medical supplies cut off amid continued Israeli attacks on civilian infrastructure.<\/p>\n

AND- Boeing has reached a tentative agreement to offer striking machinists a 35% pay <\/strong>bump over the course of four years<\/strong> as the airline giant seeks to put an end to a five-week-long strike that has crippled production of some of its more popular aircraft. The offer includes a one-time USD 7k ratification bonus and increased employer contributions to worker retirement accounts, but is lower than the union\u2019s targeted 40% pay bump and does not include the reinstitution of defined benefit pensions, another of the union\u2019s key demands. <\/p>\n

Union members are set to vote on the contract on Wednesday<\/strong>, the same day that Boeing is expected to release its 3Q 2024 earnings results. (FT<\/a> | Reuters<\/a> | Bloomberg<\/a> | WSJ<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"

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