We follow this morning: a boom in online shopping activity in Egypt … and Russia seize the city of Mariupol

Good morning, dear readers, and welcome to a new issue full of economic news.

The most prominent local news – We now have a clearer picture of the state’s plan to step out of some sectors of the economy to make way for the private sector, as some local media have acquired a leaked draft of the “state ownership policy document”, which some days after Prime Minister Mostafa Madbouly announced the plan. . The draft document shows the government’s intention to abandon 79 economic activities completely over the next 3 years, while it intends to maintain or reduce its presence in 45 activities and to maintain or increase its presence in 27 other activities. More about this in our post this morning.

Here is the most important global news this morning:

The Russians seize the Ukrainian Mariupol: Ukrainian forces have withdrawn from the strategic Black Sea city of Mariupol, following weeks of a siege imposed on the city by Russian forces. (Wall Street Journal l Reuters l Associated Press)

Elon Musk’s Twitter acquisition continues to make headlines,The well-known social media platform said it would continue with the US billionaire’s acquisition of its shares at the agreed price of $ 44 billion, after Musk, the owner of electric car companies Tesla and SpaceX, indicated that he might renegotiate the transaction price. (Financial Times and Bloomberg)

And in the American press: Trump’s greater influence in the Pennsylvania governor’s electionThe race for the governor of Pennsylvania showed that Senator Doug Mastriano, a confidant of former US President Donald Trump, won the nomination for Republicans to confront Democrat Josh Shapiro in the midterm elections in November. (Associated Press l Reuters l The Washington Post l The New York Times)

happens today –

Today, the activities of the World Professional Squash Championship for men and women continue for the sixth day. Which is held under the auspices of the Commercial International Bank. The Allegria Sodic Club in 6th of October City will host the first rounds, while the final rounds will be held at the National Museum of Egyptian Civilization. The prize pool is $ 550,000 for both the men’s and women’s tournaments, making it the largest prize pool ever for a squash tournament.

A boom in online shopping activity in Egypt: Egyptians carried out £ 10 billion worth of online shopping in the first quarter of 2022, up 75% from the same period last year, said Al-Mal Ihab Nasr, deputy deputy governor of the Central Administration. of Payment Systems and Services quoted. the Central Bank of Egypt. Point-of-sale transactions increased by 43% to EGP 10 billion. Egyptians have already made about 500,000 transactions through the new government’s e-payment application InstaPay since it was launched in March.

The Italian energy company Eni opens an account in rubles to pay for Russian gas supplies. According to the company’s statement. Eni’s move comes at a time when the European Union has received conflicting messages about whether, according to Bloomberg, it will be considered a breach of sanctions or not. The bloc gave European companies the green light earlier this week to open accounts at Russia’s Gazprom Bank and pay for gas in Russian rubles, a move that would allow Moscow to circumvent sanctions. Moscow has threatened to cut off gas supplies to the mainland unless companies pay for purchases in local currency. As of last week, 20 European companies have opened accounts with Gazprom. The sources indicated yesterday that Eni will join them this week.

in notebook –

The Grand Egyptian Museum opens its doors to visitors in September: All construction and engineering works at the museum are scheduled to be completed by June 30, while all interior finishes, the commercial area and the museum exhibit will be completed by September 30, the Ministry of Antiquities announced earlier. While the ministry did not announce the date of the museum’s opening, a tourism official said last month the opening would be in the last quarter of this year.

It’s interest rate week locally: The Monetary Policy Committee of the Central Bank of Egypt is holding a meeting tomorrow, Thursday, to consider key interest rates. The Enterprise’s regular poll among analysts showed that the central bank is expected to continue its falconry policy, and five of the seven respondents said the central bank would raise interest rates by up to 200 basis points against the background of rising inflation and the exit of investments of emerging markets.

Extension of the date for application for a tourist pilgrimage: The Ministry of Tourism has decided to extend the date for registration of the data of citizens wishing to apply for Hajj by tourism companies to next Monday, May 23, instead of Friday, May 20, according to a ministry statement.

The Islamic Development Bank Group will hold its annual meetings for 2022 in Sharm El-Sheikh from 1 to 4 June Under the slogan “After the recovery of the pandemic: resilience and sustainability,” according to a statement by the Ministry of Planning. The meetings are attended by the Ministers of Economy, Planning and Development of the 57 Member States, together with representatives of other financial institutions.

Venture capital 101: From 21 to 23 May, the Egyptian Direct Investment Association is offering a fast-paced venture capital course at Marriott Zamalek, led by Hany Asaad, Managing Director of Avans Capital Egypt. The three-day course will cover everything you need to know about the world of venture capital fund structures and portfolio building according to prudential research and valuations.

You can view the full notebook at Our website, In which you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that affects the business and financial community.

Today we are on a date with a new issue of “Hardhat”, our weekly publication specializing in infrastructure in Egyptwhich comes to you every Wednesday as part of the Enterprise Morning Bulletin, on everything related to infrastructure from energy, water, transportation, urban development to social infrastructure such as health and education.

in today’s issue: The government plans to spend on infrastructure In the financial year 2023/2022: The state is allocating more than half of public spending to public investment this year, as it has allocated £ 1.1 trillion from the total budget of £ 2.07 trillion for its investment plans, an increase of 17.9% compared to the budget of the current financial year. Today we look in depth at the government’s priorities in infrastructure spending this year in the light of the volatile global economic background on which the budget has been prepared, which focuses on economic recovery and the new goal of increasing the volume of “green projects”. .

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