Good morning, dear readers. We are only two working days away from the long weekend.
The most prominent news locally is the potential breakthrough in the automotive crisisAfter the Prime Minister issued directives to the Ministers, the Central Bank and the banking sector in cooperation to establish a mechanism for the orderly release of car shipments from the ports. Car dealers have been having trouble importing cars into the country for the past few months, following changes in import rules that require importers to open letters of credit to buy non-essential goods.
We also have more potential investments from neighboring countriesThe Minister of Finance has unveiled possible Qatari investments worth between $ 2-3 billion en route to the country. Speaking to the US Chamber of Commerce in Cairo on Monday, Maait said attracting local and foreign investment was a “presidential priority”, according to a statement issued by the Treasury Department. More in the ‘Investment’ section below.
The Gulf investments that Egypt is expected to receive in the coming period could serve as “stabilizing factors”. for poundsIn the medium term, what Give local currency potential upwards Year endCarla Slim, an economist for the Middle East and North Africa at Standard Chartered Bank, told Bloomberg TV (See 5:25 min). The country has already transferred about $ 7 billion out of the $ 22 billion promised by Gulf states in recent months, and more is on the way over the next few months, Salim said. The exchange rate of the pound against the dollar is currently around 18.79 pounds.
Another bad day for the Egyptian Stock Exchange: The Egyptian Stock Exchange’s main index fell 2.0% yesterday, amid a total trading value of 828 million pounds (0.1% above the average over the past 90 days). According to our calculations, the index lost about 10% of its value in less than three weeks.
As long as demand in the stock market remains weak, the delay in the IPO program will continue: The delay in the government’s IPO program is due to the weak demand on the Egyptian Stock Exchange that has been going on for years, as well as the global winds caused by the conflict in Ukraine, according to Hisham Tawfik, Minister of Public Affairs , in an interview. with Ahram Online. “The Egyptian Stock Exchange is not at its best at the moment,” Tawfik said, adding that the offer of the Eastern Tobacco Company in 2019, and E-Finance last year, showed some structural problems in domestic demand that should be considered before resuming the program. ” He added that “the investment banks are the ones who determine the share that will be offered to the private sector and the shares that will be offered” to address these issues.
The government has hoped to list up to 10 state-owned companies on the Egyptian Stock Exchange this yearBefore the Russian invasion of Ukraine, the global economy disrupted. Tawfik said in May the government hopes to resume the program during September.
The world’s biggest news this morning – still about geopolitical shifts in EuropeThe G7 summit continues, against the backdrop of the Russo-Ukrainian war, while talks continue on the inclusion of new NATO member states to address fears of aggression by Moscow. Here are some of the most prominent headlines in this regard:
- Russian missiles target a crowded shopping mall in central UkraineUkrainian officials said the attack killed at least 16 people and wounded 59. (Reuters)
- The leaders of the Group of Seven Major Countries condemned the Russian attackThey described it as a war crime. (Bloomberg)
- Ukrainian President Volodymyr Zelensky called on G7 member states to support his country’s army Against Russia, in a video address at the summit. (Associated Press)
- The G7 countries continue their talks on setting a ceiling for Russian oil pricesThis led to a 1.7% increase in the price of Brent crude oil to exceed the level of $ 115 per barrel. (Reuters)
With regard to NATO:
- The leaders of Sweden and Finland will meet with Turkish President Recep Tayyip Erdogan in Madrid today To discuss his objections to the two countries’ NATO membership, according to the office of Finnish President Sauli Niinistö. Erdogan effectively blocked the two countries’ attempt to join the alliance earlier this month. ( Twitter l Reuters)
Russia fails to pay off its foreign debt for the first time in more than a centuryAfter months of trying to avoid it using loopholes and circumventing Western sanctions. Russia missed a deadline on Sunday to meet a 30-day grace period on $ 100 million in interest payments on two international bonds that originally expired on May 27, Bloomberg reported. Taiwanese holders of Russian international bonds also claim they did not receive interest payments earlier, according to Reuters, citing unnamed sources.
Western sanctions against Moscow effectively isolate the Kremlin from the global financial system By freezing foreign exchange reserves abroad. Russia claims that its non-payment is “artificial” because it has the means to make the payments, but has been banned from doing so. The story attracted the attention of international media such as the Guardian, CNBC and The Wall Street Journal.
happens today –
President Abdel Fattah El Sisi visits Bahrain today To hold talks with King Hamad bin Isa Al Khalifa, according to a statement issued by the State Intelligence Service. The visit comes after the end of President Sisi’s visit to the Sultanate of Oman yesterday, where he discussed with Sultan Haitham bin Tariq the increase in Omani investments in Egypt. More about the President’s tour of the Talk Show coverage in our post this morning.
Community Dialogue Continues on the “State Ownership Policy Document”And today’s workshop will be about the ICT sector. Every Sunday and Tuesday, workshops will be presented on how government plans to increase private sector participation in the economy will affect specific industries. The government has already held workshops on the impact of the document on the electronics, food industries and agricultural sectors. We will provide you with detailed coverage of these discussions in our morning bulletin or through our specialized weekly bulletins.
The new ministerial committee for competitive neutrality held its first meeting yesterdayAs part of the state’s efforts to allow equal opportunities between private and state-owned companies, a statement issued by Cabinet reads. The committee will work with the competition authority to amend regulations in sub-competitive markets and ensure that relevant policies encourage fair competition.
Speaking of competition, will we hear news today about the amendments to the Competition Protection Act? The House of Representatives’ Economic Affairs Committee is expected to conclude its discussions yesterday on the amendments to the Competition Protection Act, which give the Competition Authority wider powers to regulate mergers and acquisitions between companies.
The General Authority for Supply Commodities (GASC) yesterday announced a tender to import wheat of all originsYesterday it was said that the offers will be made on a free-on-board basis, with shipments taking place in August, September and October. Authorities said the opening session of the envelopes would be tomorrow, Wednesday, according to the Middle East news agency. This will be the third tender issued by the government since the outbreak of the war in Ukraine, which has caused global wheat prices to rise to significant increases.
In another blow to global oil supplies, OPEC member Libya could suspend oil exports from major export terminals in the Gulf of Sirte for a period Three days, Due to the ongoing political unrest, according to the National Oil Corporation of Libya, yesterday. And crude production in the country has nearly halved to 600,000 barrels a day since mid-April, according to Bloomberg estimates. This comes as the world market is already facing a significant rise in oil prices against the backdrop of the Russo-Ukrainian war.
On the side of positive news – Petrojet intends to resume operations in the Libyan market after an eleven-year hiatusThe National Oil Corporation announced in a statement on Facebook. During the meeting between Libyan Corporation officials and Petrojet representatives, they discussed what the company can offer in terms of maintaining gas lines and port infrastructure, and rehabilitating closed fields and refineries around the level of oil production operations in Libya and increase its tariffs.
in notebook –
The deadline for companies to submit their bids for the redevelopment of the NDP headquarters ends On Thursday, June 30th.
meet State Committee for Automatic Pricing of Petroleum Products to Review Fuel Prices as Part of its Quarterly Review Somewhere next week.
The national dialogue to draw up a political and economic roadmap for Egypt will begin next week. President Abdel Fattah al-Sisi called for dialogue in April.
You can view the full notebook at Our website, Here you will find a comprehensive list of upcoming news events, national holidays, conferences and everything that matters to the business and financial community.
Our appointment today is with the “Green Economy”, your weekly gateway to the sustainable economy in Egypt. Which every Tuesday focuses on sustainable economic activities, renewable resources and green development in the country. The scope of the “green economy” is very large and covers everything from solar and wind energy, through water and sanitation management projects to sustainable construction.
per day number: At a time when Egypt is trying to take advantage of the growing global interest in green hydrogen as a source of clean energy, energy company H2 Industries recently signed a memorandum of understanding to establish the first plant to convert waste to hydrogen in Egypt in the Eastern port Mentioned region. We met with Michael Stoush, executive chairman of H2 Industries, to talk about the plans for the project, and how Egypt could benefit from its growing trend towards green hydrogen.