{"id":544318,"date":"2022-02-27T13:46:00","date_gmt":"2022-02-27T13:46:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=544318"},"modified":"2025-12-15T20:37:27","modified_gmt":"2025-12-15T20:37:27","slug":"spillover-from-russia-ukraine-war-begins","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/spillover-from-russia-ukraine-war-begins\/","title":{"rendered":"Spillover from Russia-Ukraine war begins"},"content":{"rendered":"<section id=\"544320\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"544320\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TONIGHT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/this-evening-ukraine-staves-off-russian-aggression-in-second-largest-city-as-fighting-intensifies-finmin-to-create-ppp-database-to-track-risks\/\">\r\n                            THIS EVENING: Ukraine staves off Russian aggression in second-largest city as fighting intensifies + FinMin to create PPP database to track risks                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/this-evening-ukraine-staves-off-russian-aggression-in-second-largest-city-as-fighting-intensifies-finmin-to-create-ppp-database-to-track-risks\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/this-evening-ukraine-staves-off-russian-aggression-in-second-largest-city-as-fighting-intensifies-finmin-to-create-ppp-database-to-track-risks\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/this-evening-ukraine-staves-off-russian-aggression-in-second-largest-city-as-fighting-intensifies-finmin-to-create-ppp-database-to-track-risks\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS EVENING: Ukraine staves off Russian aggression in second-largest city as fighting intensifies + FinMin to create PPP database to track risks&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/this-evening-ukraine-staves-off-russian-aggression-in-second-largest-city-as-fighting-intensifies-finmin-to-create-ppp-database-to-track-risks\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/this-evening-ukraine-staves-off-russian-aggression-in-second-largest-city-as-fighting-intensifies-finmin-to-create-ppp-database-to-track-risks\/&title=THIS EVENING: Ukraine staves off Russian aggression in second-largest city as fighting intensifies + FinMin to create PPP database to track risks\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+EVENING%3A+Ukraine+staves+off+Russian+aggression+in+second-largest+city+as+fighting+intensifies+%2B+FinMin+to+create+PPP+database+to+track+risks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Fthis-evening-ukraine-staves-off-russian-aggression-in-second-largest-city-as-fighting-intensifies-finmin-to-create-ppp-database-to-track-risks%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/this-evening-ukraine-staves-off-russian-aggression-in-second-largest-city-as-fighting-intensifies-finmin-to-create-ppp-database-to-track-risks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544320\" class=\"content-area-description single-story post-544320 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-bank-of-russia tag-enterprisepm tag-finance-ministry tag-germany tag-imf tag-kharkiv tag-ppp-assessment-model tag-public-private-partnership tag-russia tag-ukraine tag-what-were-tracking-tonight wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good afternoon, ladies and gentlemen.<\/strong> It\u2019s another somber news day, with few stories of note here at home as the focus remains on Ukraine\u2019s efforts to stave off Russia\u2019s invasion.<\/p>\n<p><strong>One piece of good news in the midst of it all:<\/strong> The EGX30 was a sea of green at the closing bell today, with 29 out of the benchmark index\u2019s 30 constituents ending the trading day up. Western and Asian markets are closed today, so keep an eye out tomorrow for how they react to the developments in Ukraine.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>FinMin boosts PPP reporting + transparency to track risks, fiscal implications:<\/strong> The Finance Ministry has provided a template for a database of Egypt\u2019s public-private partnership (PPP) projects with the IMF, according to a <a href=\"https:\/\/ent.news\/2022\/2\/1EGYEA2022001.pdf\">technical assistance report (pdf)<\/a> from the global lender. The database includes detailed data on each PPP contract individually, including project status, sector, dates of signature, value, financing among others, and a consolidation table for reporting. The database will be used as an input source for the PPP Assessment Model, helping to increase transparency and \u201cpotentially [lowering] the risk premium and cost of financing\u201d for the government in PPP contracts.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Fresh wheat tender on Monday after war breaks out between top suppliers Russia + Ukraine:<\/strong> State grain buyer GASC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10eab519-405d-4e8c-9825-11a03e8b7926\">will look to buy<\/a> 55-60k tonnes of wheat in an international tender tomorrow. The bid comes days after GASC called off a wheat tender due to a lack of offers as global grain markets face turmoil on the back of Russia\u2019s invasion of Ukraine.<\/li>\n<li><strong>Etisalat could push into Egypt\u2019s fintech sector following rebrand to \u201ce&\u201d: <\/strong>The UAE\u2019s largest telecoms operator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e961aac-f9bb-4708-87c4-68f87d583221\">has rebranded itself<\/a> as e&, as the company looks to expand beyond telecoms. Etisalat will soon make an announcement about a transaction related to Egypt\u2019s fintech sector as part of its expansion drive.<\/li>\n<li><strong>Siemens-led consortium set to sign on second + third high-speed rail lines next month:<\/strong> The Transport Ministry and the consortium of Siemens Mobility, Orascom Construction and Arab Contractors tasked with building Egypt\u2019s first high-speed rail line are next month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d568e7c-55b5-4ee5-b9a5-310ed69e14d3\">set to sign final contracts<\/a> for the second and third lines of the project.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>WAR WATCH- Ukraine managed to push Russian forces out of Kharkiv, Ukraine\u2019s<\/strong><strong> second-largest city<\/strong>, Governor Oleh Sinegubov said, according to <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-is-fully-controlling-kharkiv-region-governor-2022-02-27\/\">Reuters<\/a>. Sinegubov had announced earlier in the day that Russian \u201clight vehicles have broken into Kharkiv, including the city center,\u201d but later claimed that Ukraine had regained control of Kharkiv. The initial advance into the city saw Russian troops blowing up a natural gas pipeline in the city, <a href=\"https:\/\/www.reuters.com\/world\/europe\/western-allies-expel-key-russian-banks-global-system-ukraine-fights-2022-02-27\/\">Reuters<\/a> reports. Meanwhile, in Vasylkiv, southwest of the capital city of Kyiv, Russian missiles blew up an oil terminal. Despite the attacks, Ukraine has said that its pipeline carrying Russian gas to Europe continues to operate as normal, according to the newswire.<\/p>\n<p><strong>Kyiv\u2019s status isn\u2019t quite as certain, as Russian troops continue to encircle the Ukrainian capital<\/strong>, \u201cbypassing other towns as columns of troops sent from Russia and Belarus race towards the city,\u201d the <a href=\"https:\/\/www.ft.com\/content\/dd28dd4c-ab02-4f06-a56a-e930d1ce0ffd\">Financial Times<\/a> reports.<\/p>\n<p><strong>The Ukrainian military is getting some helping hands: <\/strong>Italy is working to supply Ukraine with about 500 Stinger surface-to-air missiles and 1k anti-tank weapons, while Portugal will provide the military with helmets, night vision goggles, grenades, various ammunition, portable radios and G3 automatic rifles, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-27\/russia-s-rapid-advance-frustrated-so-far-ukraine-update?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>wrote. There\u2019s also aid coming in from Czech Republic, Romania and Poland.<\/p>\n<p><strong>And Germany, which embarked on a significant policy shift by shipping arms to Kyiv, is now looking to more than double its own defense spending<\/strong> in 2022 to \u201cprotect our freedom and security,\u201d Chancellor Olaf Scholz <a href=\"https:\/\/www.bundestag.de\/dokumente\/textarchiv\/2022\/kw08-sondersitzung-882198\">told Germany\u2019s Bundestag today<\/a>.<\/p>\n<p><strong>EU-wide no-fly zone coming?<\/strong> The EU could decide to impose a coordinated no-fly zone and close the entire bloc\u2019s airspace to Russian flights, Reuters reports, citing an unnamed EU official.<\/p>\n<p><strong>The Bank of Russia assures Russian banks: <\/strong>Shortly after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b6ed6af-b367-4217-8328-c0849b6b96ea\">news broke<\/a> that select Russian banks are about to be cut off from the global banking system, the Bank of Russia said it will provide \u201cuninterrupted\u201d supplies of RUB to banks.<\/p>\n<p><strong>Ukraine says it\u2019s open to talking things out \u2014 just not in Belarus:<\/strong> Ukrainian President Volodymyr Zelenskiy <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-rejects-russian-offer-talks-belarus-2022-02-27\/\">rejected an offer of talks<\/a> from Russia in Belarus\u2019 Minsk, saying Belarus \u201cwas complicit in the Russian invasion.\u201d Belarus has offered its own troops to help Russia and allowed Moscow to launch attacks into Ukraine from Belarus. Zelenskiy says he is open for negotiations in other locations.<\/p>\n<p><strong>Meanwhile: Egypt has called for an emergency meeting of the Arab League<\/strong> to discuss the situation in Ukraine, according to a <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/267538975555956\">Foreign Ministry statement<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>A call for tech startups:<\/strong> Tomorrow is your last day <a href=\"https:\/\/www.plugandplaytechcenter.com\/cairo\/#apply\">to apply<\/a>for the Information Technology Industry Development Agency (ITIDA) and US-based VC firm <a href=\"https:\/\/www.plugandplaytechcenter.com\/\">Plug and Play<\/a>\u2019s incubator and accelerator program for digital transformation-focused startups. The program was launched in partnership with our friends at USAID. The \u201cSmart Cities\u201d innovation hub will select 20-30 Egypt-based companies for its inaugural three-month program, which starts in March.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The long-awaited tender for the Tenth of Ramadan dry port is kicking off today<\/strong>, Amr Ismail, head of the General Authority for Ports, told <a href=\"https:\/\/alborsaanews.com\/2022\/02\/26\/1513661\">Al Borsa<\/a>, adding that four consortiums \u2014 out of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4b7dda6-68ea-494b-9b5c-c5c6523967d5\">six<\/a> that came forward with offers \u2014 are competing to build and operate the EGP 3.5 bn dry port and logistics hub. The four consortiums reportedly include Orascom Construction-<a href=\"https:\/\/www.adports.ae\/\">Abu Dhabi Ports<\/a>, Elsewedy Electric-<a href=\"https:\/\/www.cma-cgm.com\/ebusiness\/tracking\">CMA CGM<\/a>, a consortium led by the <a href=\"https:\/\/www.msc.com\/\">Mediterranean Shipping Company<\/a>, and another by <a href=\"https:\/\/www.bollore-logistics.com\/en\/\">Bollore Logistics<\/a>.<\/p>\n<p><strong>Consoleya<\/strong><strong> is holding its second <\/strong><strong><a href=\"https:\/\/www.eventbrite.com\/e\/consoleya-women-meet-up-inclusivity-in-investment-more-tickets-274903282117\">Women Meet-up<\/a><\/strong><strong> this Wednesday, 2 March to discuss<\/strong><strong> topics including inclusivity <\/strong><strong>in investment.<\/strong> The agenda includes a panel discussion on gender-lens funding here in Egypt.<\/p>\n<p><strong>ARE YOU BUILDING A FINTECH STARTUP?<\/strong> You might want to apply for Visa\u2019s global startup competition, the <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/everywhere-initiative\/initiative.html\">Visa Everywhere Initiative<\/a>, which is running <a href=\"https:\/\/ent.news\/2022\/2\/CBE-VEI-PRL-EN-FINAL.pdf\">in Egypt in partnership (pdf)<\/a> with the Central Bank of Egypt. Learn more <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/everywhere-initiative\/initiative.html#How_to_participate_a72e\">here<\/a>. The deadline for applications in Egypt is 20 March.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/Diarna.moss\">Diarna Handicrafts Fair<\/a><\/strong><strong> kicked off on Thursday<\/strong> and runs through 7 March at Cairo Festival City from 10am until 10pm daily.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">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<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Expect a daytime high of 23\u00b0C tomorrow and a nighttime low of 12\u00b0C in the capital city, our favorite weather app tells us.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" 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0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544322\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"544322\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">FOR YOUR COMMUTE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-war-in-ukraine-is-impacting-semiconductors-global-aviation-could-crypto-be-the-loophole-russians-use-to-circumvent-sanctions\/\">\r\n                            The war in Ukraine is impacting semiconductors, global aviation + Could crypto be the loophole Russians use to circumvent sanctions?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/558.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544323\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-war-in-ukraine-is-impacting-semiconductors-global-aviation-could-crypto-be-the-loophole-russians-use-to-circumvent-sanctions\/558-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/558.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"558.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/558.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/558.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544322\" class=\"content-area-description single-story post-544322 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-aviation-industry tag-cryptocurrency tag-enterprisepm tag-for-your-commute tag-russia-ukraine-war tag-semiconductors wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Another potential victim of the Russia-Ukraine crisis: Semiconductors (as if they<\/strong><strong> weren\u2019t having a bad enough year). <\/strong>Russia\u2019s war on Ukraine could disrupt the supply of neon gas and metal palladium, both of which are used to manufacture conductors, according to analysts cited by the <a href=\"https:\/\/www.wsj.com\/articles\/russian-attack-on-ukraine-could-dent-chip-maker-supply-lines-11645837830?mod=hp_minor_pos4\">Wall Street Journal<\/a>. The two countries together produce nearly 50% of semiconductor-grade neon, while 37% of the world\u2019s palladium production comes from Russian mines. A prolonged war would drive up prices and lead to more shipping delays, potentially delivering a blow to an already fragile semiconductor industry, which was just beginning to show signs of hope. Hyundai had said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43e44221-118a-4291-a76e-ad72e5d336ac\">last month<\/a> that the company expects an increase in semiconductor supply in 2Q2022.<\/p>\n<p><strong>The war in Ukraine is also having spillover effects on the global aviation industry<\/strong>, as countries impose no-fly zones and airlines stop operating flights to Russia, among other measures, according to<a href=\"https:\/\/www.cnbc.com\/2022\/02\/26\/russia-ukraine-news-how-the-conflict-is-disrupting-air-travel.html\">CNBC<\/a>. Aside from the risks of venturing into active warzones like Ukraine, a handful of EU member states have banned Russian flights in response to the Ruskies\u2019 invasion of Ukraine. Lufthansa Group and KLM have reportedly evacuated their crews from Ukrainian territories and announced a curb on flights to and from Russia. Russia, in turn, has vowed to implement similar restrictrictions in retaliation, and promised a swift response to the flight curbs enacted by EU countries and Western airlines, according to <a href=\"https:\/\/www.bbc.com\/news\/world-europe-60539303\">BBC<\/a>. All of these measures are forcing airlines to take longer routes to avoid Russian airspace, and could undercut their earnings, industry sources say, according to the <a href=\"https:\/\/www.wsj.com\/articles\/global-air-travel-is-disrupted-by-russian-invasion-of-ukraine-11645871402?mod=hp_lead_pos2\">Wall Street Journal<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Could crypto be the loophole Russians use to circumvent sanctions?<\/strong> After Russia\u2019s banking system was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7b5dd099-c730-4020-b3f8-255161e7db89\">slapped with sanctions<\/a> from a number of countries, the crypto market is still trying to figure out where it falls in all of this. While the West\u2019s sanctions aim to limit Russia\u2019s ability to do business in USD and include restrictions on elite citizens and their families, they didn\u2019t specify restrictions on crypto transactions. Since some cryptocurrencies keep their customers anonymous, while others are based in jurisdictions beyond the scope of sanctions, wealthy Russians are left with a loophole allowing the crypto market to \u201cserve as a tool wealthy Russians could use to circumvent those sanctions,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-25\/will-crypto-exchanges-comply-with-us-sanctions-on-russia-and-billionaires?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> writes.<\/p>\n<p><strong>\u2026which explains why Ukraine is trying to get a hold of Russian politicians\u2019 crypto info:<\/strong> The Ukrainian government is offering rewards for intel on any information on the crypto wallets of Russian and Belarusian politicians, Vice Prime Minister Mykhailo Fedorov said in a <a href=\"https:\/\/twitter.com\/FedorovMykhailo\/status\/1497534656786403332?s=20&t=SGOywlBKpaLX86EogLGpvg\">tweet<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aviation-industry\/\">aviation industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/for-your-commute\/\">FOR YOUR COMMUTE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/semiconductors\/\">semiconductors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544324\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"544324\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENTERPRISE RECOMMENDS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-chaotic-love-story-behind-the-wework-crash-a-historical-treasure-hunt-gives-us-an-indiana-jones-style-memoir-in-the-21st-century\/\">\r\n                            The chaotic love story behind the WeWork crash + A historical treasure hunt gives us an Indiana Jones-style memoir in the 21st Century                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-chaotic-love-story-behind-the-wework-crash-a-historical-treasure-hunt-gives-us-an-indiana-jones-style-memoir-in-the-21st-century\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The drama, which debuts on 18 March on AppleTV, is based on the podcast of the same name (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f97a4129-74cb-4f96-8cfb-1b94a05246ec\">which we loved<\/a>). WeCrashed follows the story of how WeWork crashed following its IPO through the lens of Israeli-American entrepreneur Adam and his wife, Rebekah, \u201cwhose chaotic love\u201d fueled \u201cthe greed-filled rise and inevitable fall\u201d of one of the world\u2019s once-most valuable startups. You can catch the trailer here (<a href=\"https:\/\/www.apple.com\/tv-pr\/originals\/wecrashed\/\">watch, runtime: 2:24<\/a>)<\/p>\n<p>\u26bd <strong>It\u2019s final<\/strong><strong> day at Wembley Stadium<\/strong>, with Chelsea and Liverpool meeting in the Carabao Cup final at 6:30pm to decide on the first domestic trophy triumph this year.<\/p>\n<p><strong>The Premier League\u2019s Week 27 fixtures also continue today<\/strong>, with West Ham United v Wolverhampton Wanderers kicking off at 4pm.<\/p>\n<p><strong>In La Liga<\/strong>, Villarreal is currently awaiting the first-half whistle in its game against Espanyol which began at 3pm, while Sevilla will play against Real Betis at 5:15pm. Real Sociedad goes head to head against Osasuna at 7:30pm, and Barcelona v Athletic Club begins at 10pm.<\/p>\n<p><strong>Moving to Italy\u2019s Serie A<\/strong>, Roma will play against Spezia at 7:05pm, while Lazio will clash against Napoli at 9:50pm. Torino\u2019s clash with Cagliari ended minutes ago with Cagliari on top with a 2-1 score. Hellas Verona will play against Venezia a few minutes after we send out this issue, at 4:05pm.<\/p>\n<p><strong>In Germany<\/strong>, Bochum v RB Leipzig is scheduled for 4:30 pm and Borussia Dortmund meets Augsburg at 6:30pm.<\/p>\n<p><strong>Moving to France<\/strong>, Ligue 1 has a stacked menu for football fans with seven games today, including Monaco v Reims, where the final whistle will be blown any minute now. Also kicking off at 4pm: Angers SCO v Lens, Brest v Lorient, Clermont v Bordeaux, and Metz v Nantes. Olympique Marseille will play against Troyes at 6:05pm, while Olympique Lyonnais will clash with Lille at 9:45pm.<\/p>\n<p><strong>In the CAF Confederation Cup<\/strong>, Pyramids will play against SC Sfaxien at 6pm, and Al Masry will clash against Ot\u00f4ho d\u2019oho at 6pm. Other games to watch: TP Mazembe v Coton Sport, which is currently wrapping its first half, as well as ASEC v USGN and Al-Ittihad vs JS Saoura, both at 6pm. Royal Leopards and Orlando Pirates also hit the field at 9pm.<\/p>\n<p><strong>It was a bad day for Egyptian football leaders Al Ahly and Zamalek yesterday<\/strong>, with both teams losing their CAF Champions League\u2019s Group stage games. Al Ahly lost 1-0 against Mamelodi Sundowns while Zamalek was defeated 3-1 against Wydad AC.<\/p>\n<p><strong>As for the Egyptian Premier League<\/strong>, Smouha will play against Ghazl El Mahalla at 5:30pm.<\/p>\n<p><strong>?EAT THIS TONIGHT- <\/strong><\/p>\n<p><strong>Satisfy your cravings for wings with the spiciest wings in town at <\/strong><strong><a href=\"https:\/\/www.instagram.com\/wingmen.egy\/\">Wingmen<\/a><\/strong> at Cairo Festival City. The restaurant, which was originally at Waterway in east Cairo, offers giant buckets of crispy, juicy wings (both regular and boneless) and, of course, drumsticks. And where there are wings, there is sauce. We personally recommend the Sriracha, lemon pepper, honey garlic and the honey mustard teriyaki. The menu also includes sandwiches \u2014 we really enjoyed the Wingmen Sandwich, along with a side of fried mac & cheese.<\/p>\n<p>? <strong>OUT AND ABOUT-<\/strong><\/p>\n<p>(all times CLT)<\/p>\n<p><strong>The group exhibition <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/imagining-a-landscape-group-ex\/5346794372045608\/\">Imagining A Landscape<\/a><\/strong><strong> is ongoing at Arkan Plaza<\/strong> as part of an initiative by Bibliothek. The exhibit showcases the work of several emerging contemporary artists as they explore what it means to live in a city like Cairo.<\/p>\n<p><strong>Natik Awayez and Maurice Louca <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/%D9%86%D8%A7%D8%B7%D9%82-%D8%B9%D9%88%D9%8A%D8%B2%D9%85%D8%B4%D8%B1%D9%88%D8%B9-%D9%85%D9%86%D8%A8%D8%B1%D8%A7%D9%86%D9%89-%D9%88%D9%85%D9%88%D8%B1%D9%8A%D8%B3-\/498653175216137\/\">will be performing<\/a><\/strong><strong> tomorrow at Rawabet Art Space.<\/strong> Awayez is an Iraqi lyricist, composer, and oud player whose contemporary folk album Manbarani is inspired by the polyrhythms of Iraq, Yemen, and the Gulf. Meanwhile, Louca is an Egyptian musician and composer who alternates between compositions and improvisation.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>A historical treasure hunt gives us an Indiana Jones-style memoir in the 21st<\/strong><strong> Century:<\/strong> Pauline Baer de Perignon\u2019s <a href=\"https:\/\/www.amazon.com\/Vanished-Collection-Pauline-Baer-Perignon\/dp\/1939931983\">The Vanished Collection<\/a> recounts the author\u2019s mind-bending exploration into the past of her great-grandfather, Jules Strauss, a Parisian art collector who toiled to secure his treasured collection in a time when art was scavenged by the Nazis. In a truly exhilarating historical treasure hunt, Perignon sifts through Gestapo records and delves deep into the struggles of her Jewish ancestors during WW2. With the aid of researchers, and a Nobel Prize Laureate Patrick Modiano, Perignon pieces together her family\u2019s collection, eventually leading her to the Louvre in Paris, where she discovered a trove of antique frames donated by her great-grandfather. In her exhilarating quest to discover her family\u2019s past and track down her family\u2019s heirlooms, Perignon emphasizes the idea of \u201cancestral love,\u201d which she describes as having the \u201cstrange and marvelous power of uniting people who have little else in common.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-recommends\/\">Enterprise Recommends<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pauline-baer-de-perignon\/\">Pauline Baer de Perignon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-vanished-collection\/\">The Vanished Collection<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wework\/\">WeWork<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wingmen\/\">Wingmen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544326\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"544326\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">GO WITH THE FLOW<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/market-roundup-on-27-february-2022\/\">\r\n                            Market roundup on 27 February 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/market-roundup-on-27-february-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Foreign investors were net sellers. The index is down 6.5% YTD.<\/p>\n<p><strong>In the green: <\/strong>Cleopatra Hospital (+10.2%), GB Auto (+7.3%) and Qalaa Holding (+6.7%).<\/p>\n<p><strong>In the red: <\/strong>Credit Agricole (-0.1%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544327\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"544327\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Macro picture<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/\">\r\n                            The case for investing in EM economies has \u201crarely been weaker,\u201d argues the FT                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The case for investing in EM economies has \u201crarely been weaker,\u201d argues the FT&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/&title=The case for investing in EM economies has \u201crarely been weaker,\u201d argues the FT\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+case+for+investing+in+EM+economies+has+%E2%80%9Crarely+been+weaker%2C%E2%80%9D+argues+the+FT+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Fthe-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/560.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544328\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/the-case-for-investing-in-em-economies-has-rarely-been-weaker-argues-the-ft\/560-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/560.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"560.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/560.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/560.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544327\" class=\"content-area-description single-story post-544327 post type-post status-publish format-standard has-post-thumbnail hentry category-macro-picture tag-debt tag-emerging-markets tag-enterprisepm tag-fitch tag-inflation tag-interest-rates tag-macro-picture tag-trade tag-treasury-bond-yields tag-world-bank tag-world-economic-outlook wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>With EM economies facing slowing growth, soaring debt, and imminent US<\/strong> <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ab8b8ac-9278-4b45-b95f-67f6360fb6dc\">interest rate hikes<\/a><\/strong><strong>, the case for investing in them has \u201crarely been weaker,\u201d<\/strong> <a href=\"https:\/\/www.ft.com\/content\/9cc2826b-dcd2-49c5-a408-7de043d24a79\">argues Jonathan Wheatley<\/a> in the Financial Times. Amid the ongoing covid-19 pandemic, many EM economies have accrued high levels of debt, which they relied on to finance fiscal spending and support economic activity. Now faced with rising inflation and slowdowns in global trade, many are seeing sluggish GDP growth. Amid an already high-risk environment, the biggest risk of all is set to come from hikes in US interest rates. All of this undermines the key value proposition for EM investment: Without high growth, investors are left with many risks and few potential gains.<\/p>\n<p><strong>Rising US interest rates are expected to hit EMs hard: <\/strong>Major investment banks anticipate a cumulative hike in US interest rates of 125-175 bps in 2022, starting in March, <a href=\"https:\/\/www.reuters.com\/business\/finance\/what-global-banks-forecast-fed-rate-hikes-2022-2022-02-11\/\">Reuters<\/a>reported recently. This tightening will reduce the appeal of investing in EM assets, Wheatley says. EM stocks and bonds saw outflows of some USD 7.7 bn in January, accompanying a sharp rise in 10-year US Treasury bond yields, representing \u201ca pre-tightening of financial conditions well ahead of any official interest rate increases,\u201d <a href=\"https:\/\/www.ft.com\/content\/3eea0c01-b17f-4aad-bb13-e58b63cd7dd3\">according to one analyst<\/a>. With rate hikes likely to strengthen the USD, the cost of servicing existing USD-denominated debt <a href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/stronger-dollar-remains-risk-for-emerging-market-sovereigns-21-02-2022?ite=692469&ito=2639&itq=733d8edb-6981-4871-9173-0e231a8335a0&itx%5Bidio%5D=115898540\">will likely increase<\/a>, dampening foreign investment and hindering trade, Wheatley adds.<\/p>\n<p><strong>While red-hot inflation and slowing global trade are curbing EM outputs:<\/strong> Inflation has become a global problem, with 15 of the 34 countries classified as advanced economies by the IMF\u2019s World Economic Outlook, and 78 out of 109 countries classified as emerging or developing economies, seeing annual inflation rates above 5% through December 2021, <a href=\"https:\/\/blogs.worldbank.org\/voices\/return-global-inflation\">according to<\/a> a recent World Bank blog post. The global inflation shock has forced \u201cabrupt\u201d EM policy interest rate hikes, weighing on growth, <a href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/em-rating-outlook-recovering-risks-remain-17-01-2022\">Fitch notes<\/a>. And global trade, traditionally a key source of output growth for EMs, is set to slow sharply in 2022 and 2023, as pent-up demand lessens, according to the World Bank.<\/p>\n<p><strong>As, of course, are high levels of debt:<\/strong> EM fiscal spending to mitigate the worst effects of the pandemic, by stimulating activity and supporting businesses, was largely financed by debt, Wheatley notes. The median level of government debt to GDP in 80 EMs rose to over 60% in 2020 to just under 50% in 2019, according to Fitch data. Though this is forecast to remain steady or even slightly decrease through 2023, it still represents \u201ca huge increase for a single year,\u201d he says.<\/p>\n<p><strong>It\u2019s all weighing on EM GDP growth: <\/strong>EM growth is expected to fall to 4.6% in 2022 and 4.4% in 2023, from 6.3% in 2021, according to <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2022\/01\/11\/global-recovery-economics-debt-commodity-inequality#:~:text=In%20emerging%20and%20developing%20economies%2C%20however%2C%20growth%20is%20expected%20to,and%204.4%20percent%20in%202023.&text=In%20emerging%20market%20and%20developing,its%20highest%20rate%20since%202011.\">World Bank data<\/a>. Though advanced economies will also see declining growth, they will all still have achieved full output recovery by 2023, the World Bank anticipates. But overall EM output will remain 4% below its pre-pandemic trend by 2023, with some of the most vulnerable economies seeing growth that\u2019s 7.5-8.5% below pre-pandemic trends.<\/p>\n<p><strong>Higher US interest rates and a strengthening USD are particularly problematic for smaller EM economies:<\/strong> The 50 smaller economies rated by Fitch will be buffeted by these headwinds more than the 30 largest because their debt levels are higher and their share of foreign currency debt is much greater, Wheatley notes. These economies could face \u201ca legacy of fiscal difficulties that take years to resolve.\u201d<\/p>\n<p><strong>A host of \u201cfragile\u201d EMs are less able to withstand shocks, while several have already defaulted, since the pandemic began:<\/strong> Ghana, El Salvador, and Tunisia \u2014 along with Ukraine, particularly now with the Russian invasion underway \u2014 are much less likely to be able to manage shocks that could hit them this year, says Fitch\u2019s head of global sovereign research. Argentina, Belize, Ecuador, Lebanon, Suriname and Zambia have already defaulted during the pandemic.<\/p>\n<p><strong>And many saw their credit conditions deteriorate in 2020: <\/strong>Fitch issued a record 45 sovereign downgrades in 2020, hitting 27 of the EMs it issues ratings for.<\/p>\n<p><strong>It all paints a bleak picture, but there are still reasons for optimism: <\/strong>In some important ways, EMs are better placed than they were in the past to withstand shocks like exchange rate volatility and see-sawing risk appetite from international investors. For one, EMs are as a whole running a current account surplus, with some large economies like Brazil, South Africa, and India having substantial FX reserves and deep local capital markets. And so many investors retreated from EM stocks and bonds that a further sell-off is unlikely, and prices have even decreased enough to entice some foreign investors back, Wheatley notes.<\/p>\n<p><strong>Fixed-income investors may also be drawn by EMs with rising interest rates and declining inflation:<\/strong> Some EMs, including Brazil, started raising their interest rates nearly a year ago, with Brazil\u2019s policy rate currently standing at 10.75%, up from 2% in March 2021. It\u2019s expecting to see inflation decline to 5.5% towards the end of the year, from over 10% currently. High interest rates and relatively low inflation can be a giant magnet for investors, with high yields available on hard currency bonds already offering \u201ctempting annual returns in the high single digits.\u201d<\/p>\n<p><strong>Higher EM interest rates could ultimately revive the carry trade, resulting in a boom in local-currency bonds<\/strong>, Wheatley concludes.<\/p>\n<p><strong>In a precarious EM landscape, Egypt has been bucking many of the downward risk trends: <\/strong>Egypt is seeing strong economic growth, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/75c1b783-c43a-44b4-8307-b19c115f6b94\">expected to come in<\/a> at 6.2-6.5% in FY2021-2022, up from 3.3% in FY2020-2021. Though <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">inflation is high<\/a>, with urban inflation rising to 7.3% last month from 5.9% in December, it remains within the Central Bank of Egypt\u2019s target range of 7% (\u00b12%) by 4Q2022. And our interest rate is currently the world\u2019s highest after adjusting for inflation, we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5bce8114-b1c0-48be-bfe9-e853291f1703\">noted last month<\/a>. Egypt\u2019s local bonds were the world\u2019s second-best performing worldwide last year, with returns reaching 13%, according to <a href=\"https:\/\/www.bloomberg.com\/middleeast?sref=mmeFTDW1\">Bloomberg data<\/a>. Local EM debt saw an average loss of 1.2%. Egypt\u2019s carry trade <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4b1d297-1400-4fd8-830d-014978686b44\">has long been<\/a> a draw for foreign investors.<\/p>\n<p><strong>Analysts and fund managers are bullish on Egyptian debt, expecting double-digit returns this year<\/strong>, bolstered by Egypt rejoining JPMorgan\u2019s emerging bond index <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b27d495-abb6-48a9-8592-71684cf88cf7\">in January<\/a>.<\/p>\n<p><strong>Ultimately, our position seems strong. But it looks like a rate hike may be necessary in 2022 for it to remain so: <\/strong>Though the CBE left interest rates on hold for the tenth consecutive meeting earlier this month, expectations for a 2022 rate hike are increasing, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2842659-e6ac-47ab-ba44-3132fd174c2a\">we noted<\/a>. Several analysts are forecasting a 100bps hike through the year, as the central bank looks to protect the lucrative carry trade in the midst of rising global interest rates, which undermine EM inflows.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fitch\/\">Fitch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-economic-outlook\/\">World Economic Outlook<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544329\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/544329\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544329\" class=\"content-area-description single-story post-544329 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>1Q2022: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9cd1fc44-1593-4317-8658-0aa792215521\">Launch of the Egyptian Commodities Exchange<\/a>.<\/p>\n<p>1Q2022: Swvl acquisition of Viapool expected to close.<\/p>\n<p>1Q2022: Waste collection startup Bekia plans to expand to the UAE and Saudi Arabia.<\/p>\n<p>1Q2022: Rameda Pharma will begin selling its generic version of Merck\u2019s oral antiviral covid-19 med.<\/p>\n<p>1Q2022: Pharos Energy\u2019s sale of a 55% stake in El Fayum, Beni Suef concessions to IPR Energy Group subsidiary IPR Lake Qarun expected to close.<\/p>\n<p>Early 2022: Results <a href=\"https:\/\/www.elwatannews.com\/news\/details\/5876314\">to be announced<\/a> for the second round of the state\u2019s gold and precious metals auction.<\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1H2022: The government will respond to private companies\u2019 bids to build desalination plants.<\/p>\n<p>1H2022: Egypt\u2019s second corporate green bond issuance expected to be announced.<\/p>\n<p>1H2022: The Transport Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/334230905414003\">to sign<\/a> a memorandum of understanding with <a href=\"https:\/\/www.adports.ae\/\">Abu Dhabi Ports<\/a> to set up a transport route across the Nile to transport products from Al Canal\u2019s Minya<a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/23\/uaes-al-ghurair-to-invest-usd-1-bn-in-sugar-agriculture-project\/\">sugar factory<\/a>.<\/p>\n<p>January-February 2022: Construction work on the Abu Qir metro upgrade <a href=\"https:\/\/www.youtube.com\/watch?v=vXBilirlgw0\">will begin<\/a>.<\/p>\n<p>February: Hassan Allam Construction\u2019s <a href=\"https:\/\/alborsaanews.com\/2021\/12\/07\/1488592\">new construction firm<\/a> established with Russia\u2019s Titan-2 to handle construction work on the Dabaa nuclear power plant begins its operations.<\/p>\n<p>Mid-February: End of grace period to comply with new minimum wage for firms who sent in exemption requests.<\/p>\n<p>Mid-February: A Hungarian delegation will arrive in Egypt for talks over a potential investment in an industrial area in the SCZone.<\/p>\n<p>24 February - 7 March (Thursday-Monday): The 72nd edition of the <a href=\"https:\/\/www.facebook.com\/Diarna.moss\">Diarna Handicrafts Fair<\/a>. Cairo Festival City, Cairo.<\/p>\n<p>26 February (Saturday): Speed Medical will elect a new board during <a href=\"https:\/\/ent.news\/2022\/1\/Speed-Medical-statement_190122.pdf\">ordinary general assembly (pdf)<\/a>.<\/p>\n<p>27 February (Sunday): British-Egyptian Business Association (BEBA) green finance event with Finance Minister Mohamed Maait, Semiramis Intercontinental, Cairo<\/p>\n<p>27 February: Bidding for the construction and operation of the Tenth of Ramadan dry port kicks off.<\/p>\n<p>28 February (Monday): Applications close for the <a href=\"https:\/\/www.plugandplaytechcenter.com\/cairo\/#apply\">incubator and accelerator program<\/a> run by Information Technology Industry Development Agency (ITIDA), US-based VC firm Plug and Play, and USAID.<\/p>\n<p>28 February (Monday): <a href=\"https:\/\/ent.news\/2022\/2\/Speed-Medical-statement-21-2-22.pdf\">Hearing at Cairo Economic Court (pdf)<\/a> on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/107f1754-dca0-4654-92e9-fd680c3c9d71\">FRA lawsuits<\/a> filed against Speed Medical.<\/p>\n<p>28 February-1 March (Monday-Tuesday): <a href=\"https:\/\/futuredc.org\/\">The Future of Data Centers Summit<\/a>.<\/p>\n<p>End of February: Lebanon to receive gas from Egypt via a pipeline crossing Jordan and Syria.<\/p>\n<p>March: <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/304519788385115\">Rollout<\/a> of the government financial management information system (GFMIS), a suite of electronic tools to automate the government\u2019s financial management processes (<a href=\"https:\/\/ent.news\/2021\/7\/tnm1007.pdf\">pdf<\/a>) that will<\/p>\n<p>replace the existing \u201cclosed\u201d financial management system.<\/p>\n<p>March: Contracts for last two phases of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\">Egypt\u2019s USD 4.5 bn high-speed rail line<\/a> to be signed.<\/p>\n<p>March: 4Q2021 earnings season.<\/p>\n<p>March: Deadline for the World Health Organization\u2019s <a href=\"https:\/\/www.who.int\/news\/item\/01-12-2021-world-health-assembly-agrees-to-launch-process-to-develop-historic-global-accord-on-pandemic-prevention-preparedness-and-response\">intergovernmental negotiating body<\/a> to meet to discuss binding treaty on future pandemic cooperation.<\/p>\n<p>March: World Cup playoffs.<\/p>\n<p>March: The government hopes to sign a final contract between El Nasr Automotive and a new partner for the local production of electric cars.<\/p>\n<p>March: Target date for Saudi tech firm Brmaja to IPO on the EGX.<\/p>\n<p>March: Egypt to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/318887153615045\">host World<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/318887153615045\">Tourism Organization Middle East committee meeting<\/a>.<\/p>\n<p>March: The Salam &ndash; new administrative capital &ndash; 10th of Ramadan Light Rail Train (LRT) line <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/327078179462609\">will start operating<\/a>.<\/p>\n<p>March: The new multi-purpose station at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b705927d-ff68-4720-8bae-3b3dfde3705d\">Dekheila Port and the revamped Ain Sokhna Port<\/a> will start operating.<\/p>\n<p>March: General Authority for Land and Dry Ports <a href=\"https:\/\/bit.ly\/3IbQQKI\">to issue the condition booklets<\/a> for the operations of the Tenth of Ramadan dry port.<\/p>\n<p>3 March (Thursday): Fawry\u2019s<a href=\"https:\/\/ent.news\/2022\/2\/Fawry-extraordinary-general-assembly-capital-increase-3-March.pdf\">extraordinary general assembly (pdf)<\/a> to vote on EGP 800 mn capital increase.<\/p>\n<p>9-18 March (Wednesday-Friday): The 55th edition of the <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/291436426360972\">Cairo International Fair<\/a>.<\/p>\n<p>15-16 March (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>20 March (Sunday): Applications close for Visa\u2019s global startup competition, the <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/everywhere-initiative\/initiative.html\">Visa Everywhere Initiative<\/a>.<\/p>\n<p>24 March (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>25 March (Friday): Egypt will host Senegal in the first leg of their 2022 FIFA World Cup qualifiers&#39; playoff (TBC).<\/p>\n<p>26 March (Saturday): Egypt-EU World Trade Organization dispute settlement consultations end.<\/p>\n<p>28-29 March (Monday-Tuesday): The Egypt International Mining Show (<a href=\"https:\/\/egypt-mining.com\/\">EIMS 2022<\/a>) will take place virtually.<\/p>\n<p>28 March (Monday): The second leg of the 2022 FIFA World Cup qualifiers&#39; playoff between Egypt and Senegal (TBC).<\/p>\n<p>31 March (Thursday): Deadline for submitting tax returns for individual taxpayers.<\/p>\n<p>31 March (Thursday): Vodacom purchase of Vodafone Group\u2019s stake in Vodafone Egypt expected to be completed by this date.<\/p>\n<p>31 March (Thursday): Supply Ministry expected to take final decision on bread subsidies by this date.<\/p>\n<p>April: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>April: Ghazl El Mahalla shares will begin trading on the EGX.<\/p>\n<p>2 April (Saturday): First day of Ramadan (TBC).<\/p>\n<p>3 April (Sunday): Bidding begins on the Industrial Development Authority\u2019s license to manufacture tobacco products.<\/p>\n<p>4 April (Monday): CDC Group will formally change its name to British International Investment.<\/p>\n<p>14 April (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Mid-April: Trading on the <a href=\"https:\/\/alborsaanews.com\/2022\/02\/13\/1508190\">Egyptian Commodity Exchange to start<\/a>.<\/p>\n<p>22-24 April (Friday-Sunday): <a href=\"http:\/\/sdg.iisd.org\/events\/2022-spring-meetings-of-the-world-bank-group-and-the-international-monetary-fund\/\">World Bank-IMF spring meeting<\/a>, Washington D.C.<\/p>\n<p>24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April (Monday): Sham El Nessim.<\/p>\n<p>25 April (Monday): Sinai Liberation Day.<\/p>\n<p>28 April (Thursday): National Holiday in observance of Sham El Nessim.<\/p>\n<p>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>Late April - 15 May: 1Q2022 earnings season<\/p>\n<p>May: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>1 May (Sunday): Labor Day.<\/p>\n<p>3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">US Embassy in Cairo<\/a>.<\/p>\n<p>5 May (Thursday): National Holiday in observance of Labor Day.<\/p>\n<p>2 May (Monday): Eid El Fitr (TBC).<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>5-7 June (Sunday-Tuesday): <a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a>, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.<\/p>\n<p>9 June (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15-18 June (Wednesday-Saturday): <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H2022: The government will have vaccinated 70% of the population.<\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>21 July (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August: 2Q2022 earnings season.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve Finterest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>October: World Bank and IMF annual meetings in Washington, DC<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>January 2023: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":544319,"template":"","categories":[],"tags":[],"class_list":["post-544318","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"eee2d5f7-7e62-4e51-a445-0181534150cd","teaser":"","photo_url":"https:\/\/ent.news\/2022\/2\/556.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Spillover from Russia-Ukraine war begins - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/spillover-from-russia-ukraine-war-begins\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spillover from Russia-Ukraine war begins\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/spillover-from-russia-ukraine-war-begins\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:37:27+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/556.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/spillover-from-russia-ukraine-war-begins\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/spillover-from-russia-ukraine-war-begins\/\",\"name\":\"Spillover from Russia-Ukraine war begins - 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