{"id":612457,"date":"2023-12-22T00:00:00","date_gmt":"2023-12-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=weekend&p=612457"},"modified":"2025-12-17T02:51:12","modified_gmt":"2025-12-17T02:51:12","slug":"secret-santa-in-the-office","status":"publish","type":"weekend","link":"https:\/\/enterpriseam.com\/egypt\/weekend\/secret-santa-in-the-office\/","title":{"rendered":"Secret Santa in the office"},"content":{"rendered":"
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#1- It\u2019s official, results on <\/strong>Monday<\/a><\/strong>saw President Abdel Fattah El Sisi secure <\/strong>a third term as <\/strong>President, <\/strong>lasting until 2030, with an 89.6% majority, and the nation\u2019s talk show hosts have already taken to the airwaves to chew over prospects for a post-election cabinet shuffle<\/a>.<\/p>\n

#2- Another unsuccessful round of GERD talks wrap up: <\/strong>The fourth and final round of negotiations between Egypt, Ethiopia, and Sudan over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD) wrapped on Tuesday without any success<\/a>. Egypt blamed Ethiopia\u2019s \u201cpersistent refusal\u201d to accept any solutions proposed and accused Ethiopia of \u201cexploiting the negotiation process as a cover to solidify a fait accompli on the ground.\u201d<\/p>\n

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

The Central Bank of Egypt (CBE) decided to hold its rate position yesterday, <\/strong>in line<\/a>with expectations<\/a> . <\/strong>The overnight deposit rate remains at 19.25%, while the overnight lending rate is 20.25%, and the main operation and disc. rates are at 19.75%, according to a MPC meeting press release<\/a>.<\/p>\n

IN OTHER CBE NEWS- <\/strong>Many banks have decided to restrict the use of newly-issued credit cards abroad upon verbal instructions from the central bank, a banking source told Enterprise yesterday. Holders of new cards will only be allowed to make USD 250 a month in local FX transactions and may wait 6 months to have the same eased limits available for older cards<\/a>. The new move comes to close another loophole for businesses and individuals trying to bypass restrictions imposed on credit card transactions since October<\/a>, the source added.<\/p>\n

THERE\u2019S A LOT GOING ON IN THE RED SEA<\/strong>-<\/strong><\/p>\n

Major shipping companies are avoiding the Red Sea. <\/strong>Mediterranean Shipping (MSC), AP<\/a>Moller-Maersk, CMA CGM, Hapag-Lloyd,<\/a> and others have halted operations through the waterway as a result of intensifying Houthi attacks on passing vessels.<\/p>\n

Over 100 container ships have already <\/strong>rerouted<\/a><\/strong> away from the Red Sea,<\/strong> taking the longer course around the Cape of Good Hope. Traffic through the Bab Al-Mandab strait was down 14% between 15-19 December compared with 8-12 December.<\/p>\n

The US has formed a naval security coalition with 10 other mostly NATO countries to <\/strong>secure the waterway. <\/strong>The announcement has done little to deter the Houthis<\/a> in Yemen, who claim that they \u201cwill not stand idly by if the Americans are tempted to escalate further and commit foolishness.\u201d <\/p>\n

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

That\u2019s a wrap on historic hotels sale:<\/strong> Talaat Moustafa Group (TMG) now officially owns a<\/a>39% stake in seven of historic hotels<\/a> through its subsidiary Icon, Prime Minister Moustafa Madbouly said during a presser on Wednesday. That wraps a transaction that has been months in the making.<\/p>\n

The agreement will eventually see TMG\u2019s Icon hold a 51% stake in the hotels,<\/strong> bringing the transaction\u2019s value to USD 800 mn, to be financed through Icon\u2019s internal resources, TMG said in a statement (pdf)<\/a>.An undisclosed \u201cinternational strategic investor\u201d will acquire a minority stake in Icon via a USD 882.5 mn capital increase, giving it an indirect stake in the hotels. This will result in \u201cone of the largest foreign direct inflows into Egypt in the last several years.\u201d <\/p>\n

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

Raya Holding <\/strong>is planning on going public with<\/a><\/strong>30-35%<\/a><\/strong>of its IT arm Raya Information<\/a><\/strong>technology<\/a><\/strong>, <\/strong>the company shared in a statement (pdf)<\/a> .<\/strong> The IPO is set for 1H 2024 with listing requirements already done and EFG Hermes advising the transaction. <\/p>\n

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

A USD 4 bn green hydrogen plant in SCZone:<\/strong> Saudi Arabia renewable energy giant Acwa Power will set up a green hydrogen plant in the Suez Canal Economic Zone (SCZone)<\/a> at a cost of at least USD 4 bn, according to a framework agreement inked<\/a> with the Madbouly government on Wednesday. <\/p>\n

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

Fresh EGP 50 mn for hospitality sector: <\/strong>The Madbouly cabinet has approved a new EGP 50<\/a>bn tourism initiative<\/a> that will see the government offer financial incentives to encourage hospitality players to increase their hotel room capacity. This came during the cabinet\u2019s latest weekly meeting<\/a> on Wednesday.<\/p>\n

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