{"id":655264,"date":"2024-11-15T00:00:00","date_gmt":"2024-11-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/15\/trump-picks-his-team-for-term-two\/"},"modified":"2024-11-15T00:00:00","modified_gmt":"2024-11-15T00:00:00","slug":"trump-picks-his-team-for-term-two","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/15\/trump-picks-his-team-for-term-two\/","title":{"rendered":"Trump picks his team for term two"},"content":{"rendered":"

Good morning folks, and happy Friday. <\/strong>We hope you enjoy the autumnal weather as we settle into the weekend.<\/p>\n

LAST WEEK IN 3 MINS-<\/p>\n

PRIVATIZATION-<\/strong><\/p>\n

United Bank IPO could raise up to EGP 5.1 bn:<\/strong> Central Bank of Egypt-owned United Bank has set<\/a> an indicative price range of EGP 12.70-15.60 per share for its upcoming IPO on the EGX, potentially raising between EGP 4.2-5.1 bn. This values the bank at up to EGP 17.2 bn. The final offer price will be determined through the bookbuilding process.<\/p>\n

AND- <\/strong>95% of the shares offered in the IPO (313.5 mn shares) will be allocated to institutional investors, while 5% (16.5 mn shares) will be allocated to retail investors.<\/p>\n

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ECONOMY-<\/strong><\/p>\n

Inflation continues inching up: <\/strong>Annual headline urban inflation rose<\/a> 0.1 percentage point to 26.5% in October, extending its upward trajectory for a third consecutive month. The increase follows a modest 0.2 percentage point rise in September to 26.4%.<\/p>\n

Inflation is yet to feel the pinch from rising fuel and education costs:<\/strong> While the mid-October fuel price hike of up to 17% and rising education costs were expected to weigh heavily on October\u2019s inflation reading, their impact has largely been deferred. Education-related expenses will be reflected in February\u2019s 2025 data \u2014 coinciding with second semester school fees \u2014 while the fuel basket adjustments do not appear to reflect the recent mid-October fuel price hikes.<\/p>\n

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LEGISLATION-<\/strong><\/p>\n

The \u201cold rent\u201d law could soon be revamped: <\/strong>The Supreme Constitutional Court ruled on<\/a>Saturday<\/a> the fixed rent for residential properties stipulated in the so-called \u201cold rent\u201d law as unconstitutional and called on lawmakers to amend the first two articles of the law before the legislative season comes to a close. The court argued that the fixed annual rent cap set at 7% of the land and building\u2019s value at the time of licensing showed the law\u2019s failure to take into account inflation is unfair and denies landlords rights afforded to them under the constitution.<\/p>\n

The parliament\u2019s housing committee had already prepared a preliminary report on the <\/strong>\u201cold rent\u201d laws<\/strong>, and it is scheduled to be presented at the upcoming general sessions, the House of Representatives said.<\/p>\n

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ENERGY-<\/strong><\/p>\n

#1- Another 5.2 GW worth of renewables are in the works: <\/strong>UAE\u2019s Alcazar Energy and a consortium of Taqa Arabia and France\u2019s Voltalia could establish a total of 5.2 GW worth of renewable energy projects in the country after inking two separate build-own-operate MoUs with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) on Thursday, according to a cabinet statement<\/a>. Under the terms of the agreements, Alcazar Energy will initiate studies for a 2 GW wind power project<\/a>, while the Taqa Arabia-Voltalia consortium will conduct studies for a hybrid project<\/a> that produces 1.1 GW of wind energy and 2.1 GW of solar energy. The news comes as the government works to raise the share of renewables in its energy mix to 42% by 2030<\/a>. <\/p>\n

#2- Oil Ministry kicks off USD 530 mn sustainable aviation fuel project: <\/strong>The Oil Ministry launched<\/a> the Sustainable Aviation Fuel Production Company, which will invest USD 530 mn to develop production facilities and integrate the facility with other petroleum companies in Alexandria governorate. The project aims to produce 120k tons of sustainable aviation fuel (SAF) and reduce carbon emissions by 400k tons a year, after production kicks off within the next few years.<\/p>\n

#3- Qatar Energy acquires a 23% stake in North El Dabaa Block from Chevron:<\/strong> Qatar Energy inked<\/a> an agreement with US oil and gas giant Chevron to acquire a 23% operational stake in the Mediterranean\u2019s North El Dabaa Block. Chevron \u2014 the operator of the concession \u2014 will retain a 40% share, while oil and gas developer Woodside and the Egyptian state-owned Tharwa Petroleum hold 27% and 10% stakes, respectively. The company did not disclose the value of the transaction.<\/p>\n

The company is already gearing up for new exploration works:<\/strong> \u201cWe look forward to the drilling of the first exploration well on this block,\u201d the company\u2019s CEO and Qatari Energy Minister Saad Sherida Al Kaabi said.<\/p>\n

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WHAT\u2019S HAPPENING NEXT WEEK-<\/p>\n

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#1- Africa\u2019s top auto aftermarket and feeder industries exhibition is coming to town:<\/strong> Cairo will host Autotech 2024, \u201cthe premier hub that brings together the biggest industry professionals in the automotive aftermarket and feeding industries,\u201d on 17-19 November and welcome over 9k attendees and over 300 exhibiting companies. The event is also being billed as a chance to network with others in the sector, hold B2B meetings, and see leading figures in the industry speak. Check out the conference\u2019s agenda<\/a> and find the link to register<\/a> on the event\u2019s official website. <\/p>\n

#2- It\u2019s interest rate week:<\/strong> The Central Bank\u2019s Monetary Policy Committee will meet on Thursday to review rates. The bank left interest rates unchanged during its last meeting in October<\/a>, citing upside risks to the nation\u2019s inflationary trajectory and stable economic growth. <\/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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AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

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The international news cycle was broadly led by US president-elect Donald Trump<\/strong>, who made several key appointments for his cabinet ahead of his second stint at the White House in January. The rundown:<\/p>\n