{"id":656659,"date":"2024-12-08T00:00:00","date_gmt":"2024-12-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/08\/bashar-al-assad-has-left-syria-as-decades-long-rule-comes-to-an-end\/"},"modified":"2024-12-08T00:00:00","modified_gmt":"2024-12-08T00:00:00","slug":"bashar-al-assad-has-left-syria-as-decades-long-rule-comes-to-an-end","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/08\/bashar-al-assad-has-left-syria-as-decades-long-rule-comes-to-an-end\/","title":{"rendered":"Bashar Al Assad has left Syria as decades-long rule comes to an end"},"content":{"rendered":"

Good afternoon folks, and happy Sunday.<\/strong> We have a packed issue for you today, with all the latest on the domestic and int\u2019l fronts as well as a deep dive into what\u2019s so special about ChatGPT\u2019s new premium offering.<\/p>\n

\n

THE BIG STORY TODAY<\/p>\n

Ezz Steel may be delisting from the EGX: <\/strong>Ezz Steel\u2019s Board of Directors has voted to begin procedures for delisting its shares from the EGX, with all listed shares to be transferred to their primary market on the London Stock Exchange (LSE), should the move get the general assembly\u2019s greenlight, according to an EGX statement (pdf)<\/a>. Objecting shareholders can sell their shares back to the company at either the highest closing price during the month preceding the board of directors\u2019 statement \u2014 EGP 119 per share \u2014 or the fair value of the company\u2019s shares as determined by an independent financial advisor registered with the Financial Regulatory Authority. The company has tapped BDO Keys Financial Consulting to carry out the valuation, and will be convening an extraordinary general assembly of the company\u2019s shareholders to vote on the decision.<\/p>\n

\n

\n

IMF program negotiations to conclude by year-end: <\/strong>The government is close to an agreement with the IMF on the modification<\/a> of some of our reform program\u2019s timelines, with Egypt set to be included on the IMF Executive Board\u2019s agenda before the Christmas holidays, a high-ranking government official told EnterpriseAM. <\/p>\n

The details: <\/strong>The government is talking with the IMF about postponing a fuel hike planned for the end of this month to early March and postponing a subsequent hike in June to September. This would push the timeline for fully eliminating fuel subsidies to June 2026, rather than December 2025, the source said, noting that such a decision would likely help bring down inflation in the interim. One roadblock to ongoing negotiations, however, is Egypt\u2019s increased spending on fuel subsidies<\/a>, which has risen 232% y-o-y to EGP 28.5 bn in the first quarter of FY 2024-25 despite three rounds of fuel price hikes<\/a> this calendar year.<\/p>\n

What\u2019s next? <\/strong>While the government has managed to reach broad agreement with the IMF\u2019s Middle East office around Egypt\u2019s economic performance, it is still awaiting the approval of the Fund\u2019s largest members to finalize the disbursement schedule for the USD 1.3 bn loan tranche<\/a> set to be unlocked by the successful conclusion of our loan program\u2019s fourth review.<\/p>\n

\n

THE BIG STORY ABROAD<\/p>\n

Today\u2019s international headlines are squarely focused on Bashar Al Assad\u2019s apparent fall <\/strong>from power in the early hours of the morning.<\/strong> Assad\u2019s decades-long rule comes to an end after Syrian rebels seized control of Damascus following a lightning offensive that saw rebels unexpectedly capture large swathes of Aleppo, Idlib, Hama, and Homs governorates. Assad\u2019s whereabouts remain unknown after reportedly fleeing the capital, with the Russian government confirming that the erstwhile president had left Syria. The rebel coalition has announced plans for a transitional government to be overseen by rebel forces until a peaceful handover of power can be implemented.<\/p>\n

Despite joyful celebration from Syrians inside and outside the country, Assad\u2019s fall from <\/strong>grace has been met with a markedly more ambivalent response from governments around the world<\/strong>, with the US pledging to maintain its presence in eastern Syria \u201cto prevent an Islamic State resurgence.\u201d Turkish-backed forces are advancing in northern Syria's Manbij, heightening concerns over potential clashes with US-backed Kurdish forces. Gulf states like UAE have in turn voiced fears over extremist groups gaining influence, with the Turkish government echoing calls for an \u201cinclusive\u201d new administration. (Reuters<\/a> | Financial Times<\/a> | Bloomberg<\/a> | AP<\/a> | BBC<\/a> | CNN<\/a> | The Washington Post<\/a> | Sky News<\/a>)<\/p>\n

\n
\n
\n
\n

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

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n