{"id":551261,"date":"2022-06-06T13:08:39","date_gmt":"2022-06-06T13:08:39","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=551261"},"modified":"2025-12-15T23:19:40","modified_gmt":"2025-12-15T23:19:40","slug":"the-beginning-of-the-end-for-spacs","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/the-beginning-of-the-end-for-spacs\/","title":{"rendered":"The beginning of the end for SPACs"},"content":{"rendered":"<section id=\"551263\" 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=\"551263\">\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\/06\/06\/this-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote\/\">\r\n                            THIS EVENING: valU enters Saudi Arabia + House Economic Committee discusses the Unified Ins. Act + Boris Johnson faces no confidence vote                        <\/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\/06\/06\/this-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote\/\" 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\/06\/06\/this-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote\/')\">\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\/06\/06\/this-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote\/\">\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: valU enters Saudi Arabia + House Economic Committee discusses the Unified Ins. Act + Boris Johnson faces no confidence vote&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/this-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote\/\">\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\/06\/06\/this-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote\/&title=THIS EVENING: valU enters Saudi Arabia + House Economic Committee discusses the Unified Ins. Act + Boris Johnson faces no confidence vote\">\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+valU+enters+Saudi+Arabia+%2B+House+Economic+Committee+discusses+the+Unified+Ins.+Act+%2B+Boris+Johnson+faces+no+confidence+vote+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fthis-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote%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\/06\/06\/this-evening-valu-enters-saudi-arabia-house-economic-committee-discusses-the-unified-ins-act-boris-johnson-faces-no-confidence-vote\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-551263\" class=\"content-area-description single-story post-551263 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-enterprisepm tag-fintech tag-saudi-arabia tag-valu 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>Happy Monday, wonderful people.<\/strong> The news mill isn\u2019t on the same overdrive we\u2019ve gotten used to lately, but there\u2019s still plenty of news to keep you busy.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>valU enters Saudi Arabia:<\/strong> EFG Hermes\u2019 buy-now-pay-later platform valU is set to acquire 35% of Saudi\u2019s FAS Finance, a subsidiary of FAS Labs, and will be offering digital consumer finance solutions to customers in the kingdom, the company said in a <a href=\"https:\/\/ent.news\/2022\/6\/FAS-x-valU-KSA-Launch-PRL-English.docx.pdf\">statement (pdf)<\/a>. The acquisition marks valU\u2019s first cross-border expansion.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>It\u2019s a rather mixed bag of nuts in the international press this afternoon<\/strong>, with no single story dominating digital front pages. Getting wide coverage (but assigned different levels of importance) is UK Prime Minister Boris Johnson facing a confidence vote from Conservative MPs today. The vote, which is scheduled for 7pm tonight, could see the incumbent prime minister pushed out of office if a majority of lawmakers vote against him, triggering a weeks-long process of deciding on his replacement. The story is getting ink from <a href=\"https:\/\/www.reuters.com\/world\/uk\/uk-pm-johnson-set-face-confidence-vote-itv-2022-06-06\/\">Reuters<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/c7dcd52f-9c8d-40e5-badd-7aceb3043565\">Financial Times<\/a>, and the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/06\/06\/world\/uk-boris-johnson-no-confidence\">New York Times<\/a>.<\/p>\n<p><strong>HAPPENING NOW-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The House Economic Committee is discussing the Unified Ins. Act<\/strong>, after the Senate approved the proposed regulation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cea77833-386b-467f-8909-3d305087d7d6\">in April<\/a>. The bill, which has been at least three years in the making, would make the Financial Regulatory Authority the primary regulator for the sector and make ins. compulsory for SMEs and freelancers, among other things.<\/p>\n<p><strong>ALSO AT THE HOUSE- Environment Minister Yasmine Fouad is discussing tackling<\/strong><strong> pollution<\/strong> in our waterways, beaches, and natural reserves with MPs in a plenary session.<\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Stake sales are likely the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad594bfd-50a6-46b2-a0f8-598df16b006a\">order of the day<\/a><\/strong><strong> for the state\u2019s privatization program in the foreseeable future<\/strong>, including the potential sale of a stake in the new hotel company to a private investor, Sovereign Fund of Egypt head Ayman Soliman said.<\/li>\n<li><strong>A former Beltone exec makes a play for his old employer:<\/strong> An investor alliance led by WM Consultancy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58e5b389-f835-4be0-8bf6-a54cceba59ed\">has submitted<\/a> a non-binding offer to buy a majority stake in Beltone Financial.<\/li>\n<li><strong>Elsewedy Electric <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5be0efda-2d58-4c27-ba6b-294206b1906b\">could invest<\/a><\/strong><strong> as much as USD 1.5 bn in three renewable energy projects in Africa<\/strong> before the end of the year.<\/li>\n<\/ul>\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> <strong>Technology conference <\/strong><strong><a href=\"https:\/\/www.eventbrite.com\/e\/tech-invest-4-tickets-338929546397\">Tech Invest 4<\/a><\/strong><strong> will take place tomorrow<\/strong> at the Grand Nile Hotel in Cairo.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>NEWS TRIGGERS you\u2019ll want to keep an eye on as the new month gets underway:<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves figures for May<\/strong> should be announced sometime this week;<\/li>\n<li><strong>Inflation figures for May<\/strong> are due out on Saturday, 9 June (from state statistics agency Capmas) and Sunday, 12 June (central bank figures);<\/li>\n<li><strong>The Central Bank of Egypt holds its policy meeting<\/strong> on Thursday, 23 June.<\/li>\n<\/ul>\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 38\u00b0C tomorrow in the capital city, with the mercury to drop 23\u00b0C at night, our favorite weather app tells us.<\/p>\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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-tonight\/\">WHAT WE\u2019RE TRACKING TONIGHT<\/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=\"551264\" 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                            \"\r\n            id=\"551264\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/551264\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-551264\" class=\"content-area-description single-story post-551264 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/palmhillsdevelopments.com\/OurDevelopments'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/CLeo-enterprise-1600px-02-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\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<section id=\"551265\" 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=\"551265\">\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\/06\/06\/plastic-use-could-triple-by-2060-unless-drastic-measures-are-taken-the-uk-has-officially-started-its-four-day-workweek-trial\/\">\r\n                            Plastic use could triple by 2060 unless drastic measures are taken + The UK has officially started its four-day workweek trial                        <\/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\/06\/06\/plastic-use-could-triple-by-2060-unless-drastic-measures-are-taken-the-uk-has-officially-started-its-four-day-workweek-trial\/\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/plastic-use-could-triple-by-2060-unless-drastic-measures-are-taken-the-uk-has-officially-started-its-four-day-workweek-trial\/&title=Plastic use could triple by 2060 unless drastic measures are taken + The UK has officially started its four-day workweek trial\">\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=Plastic+use+could+triple+by+2060+unless+drastic+measures+are+taken+%2B+The+UK+has+officially+started+its+four-day+workweek+trial+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fplastic-use-could-triple-by-2060-unless-drastic-measures-are-taken-the-uk-has-officially-started-its-four-day-workweek-trial%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\/06\/06\/plastic-use-could-triple-by-2060-unless-drastic-measures-are-taken-the-uk-has-officially-started-its-four-day-workweek-trial\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/395.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"551266\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/plastic-use-could-triple-by-2060-unless-drastic-measures-are-taken-the-uk-has-officially-started-its-four-day-workweek-trial\/395-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/395.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"395.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/395.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/395.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-551265\" class=\"content-area-description single-story post-551265 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-enterprisepm tag-evs tag-flexible-working tag-for-your-commute tag-plastic-pollution tag-uk 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>Plastic use is set to triple by 2060 in the absence of bold, drastic action<\/strong>, according to a preliminary <a href=\"https:\/\/www.oecd.org\/environment\/global-plastic-waste-set-to-almost-triple-by-2060.htm#:~:text=03%2F06%2F2022%20%2D%20The,to%20a%20new%20OECD%20report.\">OECD report<\/a>, which will be published in full later this year. Global use of plastics could rise to 1.2 bn tons in 2060, up from 460 mn tons in 2019, while plastic waste could top 1 bn tons, according to the report. Some two-thirds of plastic waste will be from single-use products like packaging, while incineration and landfilling will continue to account for around 20% and 50% of plastic waste, respectively. Plastic leakage to the environment \u2014 or pollution \u2014 is seen doubling to 44 mn tons a year by then. This will come despite an increase in the share of plastic waste recycled to 17%, up from just 9% in 2019, the report shows.<\/p>\n<p><strong>This is bad news for EMs:<\/strong> Plastic consumption growth will be most prominent in emerging countries in Africa and Asia, the report says. The 38 member OECD countries will still be the leading producers of plastic waste, though, producing 238 kg of waste per person each year in 2060, while non-OECD countries are estimated to produce less than half of that (77 kg).<\/p>\n<hr class=\"grey-line\">\n<p><strong>The UK has officially started its four-day workweek trial: <\/strong>Some 70 businesses in the UK are this week starting a six-month, four-day workweek experiment, with the goal of assessing how reduced hours can affect productivity and job satisfaction, the <a href=\"https:\/\/www.ft.com\/content\/c514b446-7316-449f-9f2b-317721b10141\">Financial Times<\/a> reports. Education, consulting, banking, and IT businesses have all signed up to the experiment, with researchers set to measure the impact on employee productivity and wellbeing, as well as on the work environment and gender equality. The experiment will measure factors like stress, travel, job satisfaction, and health in employees. The UAE became<a href=\"https:\/\/enterprise.press\/issues\/2022\/01\/09\/fintech-law-gets-house-approval\/#what-were-tracking-today\">the first country<\/a> to implement a 4.5-day workweek at the beginning of the year, building momentum for more countries \u2014 including Spain and Scotland, which will launch their own trials later this year \u2014 to follow suit.<\/p>\n<p><strong>Behind the scenes of the departure of one of Meta\u2019s most powerful executives:<\/strong><strong> Burnout, waning influence, and an investigation:<\/strong> Meta Platforms COO Sheryl Sandberg announced her departure from the company last week, saying in a long, emotional <a href=\"https:\/\/www.facebook.com\/sheryl\/posts\/10166258399565177\">Facebook post<\/a> she will shift her focus to her foundation and philanthropic work after leaving Meta, effective this fall. However, Sandberg has been growing \u201cincreasingly burned out and disconnected from the mega-business\u201d over the past several years, partially because the company has been moving in a direction (including the metaverse) that doesn\u2019t play to her strengths, the <a href=\"https:\/\/www.wsj.com\/articles\/why-sheryl-sandberg-quit-facebook-meta-11654215712\">Wall Street Journal<\/a> writes, citing people close to the exec. Sandberg\u2019s role appears to have shrunk over the years, as the company\u2019s advertising business \u2014 which she essentially built \u2014 is \u201cunder increasing pressure\u201d due to changes in data collection policies and Meta\u2019s metaverse plans, which will rely less on ads. Her departure also \u201cdovetails\u201d with an as-yet unannounced investigation into Sandberg\u2019s use of company resources and how she may have used them to help plan her upcoming wedding. Meta has denied the correlation between the investigation and Sandberg\u2019s departure, with spokeswoman Caroline Nolan saying, \u201cNone of this has anything to do with her personal decision to leave.\u201d<\/p>\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\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/flexible-working\/\">flexible working<\/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                            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alt=\"\">\r\n                    <\/a>\r\n                    <span>Where disruption meets success<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-r9dtvky\" data-v=\"4\" data-block-id=\"r9dtvky\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-r9dtvky-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-r9dtvky-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240936.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/cira.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n             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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/396.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"551269\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/prehistoric-planet-shows-what-dinosaurs-did-in-their-downtime-when-to-quit-your-day-job-and-launch-your-startup\/396-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/396.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"396.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/396.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/396.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-551268\" class=\"content-area-description single-story post-551268 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-recommends-2 tag-enterprise-recommends tag-enterprisepm tag-on-the-tube-tonight tag-sports wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><br \/> (all times CLT)<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong><a href=\"https:\/\/tv.apple.com\/us\/show\/prehistoric-planet\/umc.cmc.4lh4bmztauvkooqz400akxav\">Prehistoric Planet<\/a><\/strong><strong> is a highly informative and entertaining nature documentary<\/strong><strong> about dinosaurs:<\/strong> The five-part AppleTV docuseries is produced by the creators of Planet Earth and voiced by none other than David Attenborough. Each episode takes viewers to a different terrain to observe how the dinosaurs located there lived. The show features great graphics and CGI and it really feels like you\u2019re watching the dinosaurs in real time. Attenborough, of course, delivers on his penchant for storytelling, giving the dinosaurs narratives as they hunt, build a home, and conduct ridiculous mating dances (that made us cry with laughter). If you\u2019re curious about dinosaurs, Prehistoric Planet is quite engaging and immersive while providing a wealth of knowledge about the extraordinary creatures.<\/p>\n<p>\u26bd <strong>Once again we have seven matches in the European Nations League<\/strong>, the most important of which is between Croatia and France at 8:45pm.<\/p>\n<p><strong>Egypt came out on top yesterday, defeating Guinea 1-0 in the first stage of the 2023<\/strong><strong> African Nations qualifiers. <\/strong>The Pharaohs now share the top spot in the group with Malawi, which defeated Ethiopia 2-1. Egypt will meet Ethiopia in its second match this Thursday, 9 June.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>? Squash champ Mohamed ElShorbagy to join British team: <\/strong>In a historical moment, Egyptian squash player and world #3 Mohamed ElShorbagy will now represent England\u2019s national team, according to a statement by the <a href=\"https:\/\/www.englandsquash.com\/news\/former-world-no1-mohamed-elshorbagy-to-represent-england\">England Squash Association<\/a>. ElShorbagy has 44 professional titles to his name, putting him joint sixth on the all-time men\u2019s champions list. The 31-year-old player has lived in Britain since he was 15. The Necker Mauritius Open, which begins on Tuesday, is expected to be the first tournament in which ElShorbagy competes under the English flag. Despite his brother's decision, ninth seed Marwan ElShorbagy intends to continue representing the colors of the Egyptian national team, according to <a href=\"https:\/\/bit.ly\/3Mgh0NG\">FilGoal<\/a>.<\/p>\n<p>? <strong>OUT AND ABOUT-<\/strong><br \/> (all times CLT)<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The French Institute in Cairo <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/cinema-les-jeunes-amants-de-ca\/462651138960695\/\">is screening<\/a><\/strong><strong> the French film Les jeunes amants (The<\/strong><strong> Young Lovers) tomorrow at 7:30pm.<\/strong> Attending the screening is actress Fanny Ardant, who plays one of the main characters in the film.<\/p>\n<p><strong>Attend a dance theater performance aptly titled <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/what-the-hell-am-i-doing-here\/2274547279349919\/\">What the hell am I doing here?<\/a><\/strong><strong> by Carol<\/strong><strong> Ackad. <\/strong>The performance will take place at Rawabet Art Space from 8-11 June at 8pm each day.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Thinking of quitting your day job to launch your dream startup? This book helps<\/strong><strong> you figure out if it\u2019s the right time: <\/strong>In <a href=\"https:\/\/www.amazon.com\/Startup-Opportunities-Know-When-Quit\/dp\/1941018009?&_encoding=UTF8&tag=ryrob-20&linkCode=ur2&linkId=aac4f59c9cf187de9543f1ea3620a28f&camp=1789&creative=9325\">Startup Opportunities<\/a>, authors Sean Wise and Brad Feld argue that you should wait until you validify your idea before taking that step. Growing a startup is no easy task and you\u2019ll need a steady income to support yourself until your product or offering takes off, they say. Wise and Feld have been in the world of startups and investing for a long time, and each started their first businesses while they were students. Together, they provide a guide on how to evaluate your business idea to ensure it can bring in revenue and also suggest the point at which you should take that step and go all in on your startup. The book answers an important question any entrepreneur asks themselves as they decide if and when to take the risk<\/p>\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\/on-the-tube-tonight\/\">On The Tube Tonight<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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=\"551270\" 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=\"551270\">\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\/06\/06\/earnings-watch-abu-qir-fertilizers-domty\/\">\r\n                            Earnings watch: Abu Qir Fertilizers, Domty                        <\/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\/06\/06\/earnings-watch-abu-qir-fertilizers-domty\/\" 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\/06\/06\/earnings-watch-abu-qir-fertilizers-domty\/')\">\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\/06\/06\/earnings-watch-abu-qir-fertilizers-domty\/\">\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=Earnings watch: Abu Qir Fertilizers, Domty&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/earnings-watch-abu-qir-fertilizers-domty\/\">\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\/06\/06\/earnings-watch-abu-qir-fertilizers-domty\/&title=Earnings watch: Abu Qir Fertilizers, Domty\">\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=Earnings+watch%3A+Abu+Qir+Fertilizers%2C+Domty+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fearnings-watch-abu-qir-fertilizers-domty%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\/06\/06\/earnings-watch-abu-qir-fertilizers-domty\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-551270\" class=\"content-area-description single-story post-551270 post type-post status-publish format-standard hentry category-go-with-the-flow tag-abu-qir-fertilizers tag-domty tag-earnings-watch tag-enterprisepm tag-go-with-the-flow wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EARNINGS WATCH-<\/strong><\/p>\n<p><strong>Abu Qir Fertilizers saw its bottom line rise 294.6% y-o-y in 1Q 2022 to reach EGP<\/strong><strong> 3.76 bn<\/strong>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/6\/Abu-Qir-1q2022.pdf\">financials (pdf)<\/a>. This comes on the back of increased sales during the quarter, recording a 155.5% y-o-y increase to EGP 5.80 bn.<\/p>\n<p><strong>Domty achieved a bottom line of EGP 50.37 mn in 1Q 2022<\/strong>, reversing from a net loss of EGP 3.43 mn in 1Q 2021, the cheese maker said in its <a href=\"https:\/\/data.feedgma.com\/mix2\/DCMServiceProvider?RT=87&ID=D5FDF490-32D3-4919-969F-1C933709A24E.pdf\">financials (pdf)<\/a>. Domty\u2019s sales during the quarter increased 73.3% y-o-y to EGP 1.12 bn.<\/p>\n<p><strong>MARKET ROUNDUP-<\/strong><\/p>\n<p><strong>The EGX30 fell less than 0.1% at today\u2019s close<\/strong> on turnover of EGP 540 mn (35.5% below the 90-day average). Foreign investors were net sellers. The index is down 16.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Madinet Nasr Housing and Development (+5.1%), Mopco (+2.3%) and Palm Hills Development (+1.8%).<\/p>\n<p><strong>In the red: <\/strong>Ibnsina Pharma (-2.8%), MM Group (-1.5%) and Cleopatra Hospitals (-1.3%).<\/p>\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\/abu-qir-fertilizers\/\">Abu Qir Fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/domty\/\">Domty<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/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=\"551271\" 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=\"551271\">\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\">WHAT\u2019S NEXT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/could-this-be-the-end-of-spacs\/\">\r\n                            Could this be the end of SPACs?                        <\/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\/06\/06\/could-this-be-the-end-of-spacs\/\" 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\/06\/06\/could-this-be-the-end-of-spacs\/')\">\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\/06\/06\/could-this-be-the-end-of-spacs\/\">\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=Could this be the end of SPACs?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/could-this-be-the-end-of-spacs\/\">\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\/06\/06\/could-this-be-the-end-of-spacs\/&title=Could this be the end of SPACs?\">\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=Could+this+be+the+end+of+SPACs%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fcould-this-be-the-end-of-spacs%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\/06\/06\/could-this-be-the-end-of-spacs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/398.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"551272\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/could-this-be-the-end-of-spacs\/398-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/398.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"398.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/398.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/398.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-551271\" class=\"content-area-description single-story post-551271 post type-post status-publish format-standard has-post-thumbnail hentry category-whats-next-2 tag-capital-markets tag-enterprisepm tag-sec tag-snap tag-spacs tag-swvl tag-whats-next 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-02\"><\/a> <strong>Could this be the end of SPACs? <\/strong>After a pandemic-driven frenzy in companies going public through special purpose acquisition companies (SPACs), interest in the once-buzzy financial instrument is sharply declining. More stringent regulations around new SPAC transactions, poor performances in recent SPAC debuts, and a challenging macroeconomic environment have left many investors wary of SPACs and has pulled back the curtain on scores of overvalued tech stocks.<\/p>\n<p><strong>Over before you ever knew what they were? <\/strong>Head to our<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\" style=\"color: rgb(252, 118, 1);\">explainer on SPACs<\/a> if we\u2019ve lost you.<\/p>\n<p><strong>The SPAC market is crashing and new transactions are being left stranded:<\/strong> After a record year with more than <a href=\"https:\/\/spacinsider.com\/stats\/\" style=\"color: rgb(252, 118, 1);\">USD 162.5 bn raised<\/a> on US exchanges in 2021, the SPAC market has crashed. One SPAC index has fallen by some 22% over the past three quarters, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-01\/awful-spac-returns-mean-more-frustration-for-blank-check-firms\" style=\"color: rgb(252, 118, 1);\">Bloomberg<\/a> reports. Over 600 SPACs are currently up in the air, struggling to land merger partners before going public, and in January alone some 20 US companies abandoned their bid altogether, <a href=\"https:\/\/www.cnbc.com\/2022\/02\/02\/the-spac-market-starts-2022-with-abysmal-losses-abandoned-deals.html\" style=\"color: rgb(252, 118, 1);\">CNBC<\/a> reported, citing equity analysts. In the first five months of the year, some 95 planned SPAC transactions that would have raised a combined USD 26 bn have been scrapped, including \u201c30 SPACs seeking to raise over USD 8 bn [that] have been abandoned by sponsors without even alerting the Securities and Exchange Commission to their change of plans,\u201d according to <a href=\"https:\/\/finance.yahoo.com\/news\/spac-smart-money-jilts-27-151959491.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAALJx6qnV773jraLQutuhp_JmytOuiAZLfgRLdkss0dS86lZc8XPksdc1hDPO7o4r7hV11_mqQCDBHCnXGkDEEtgW1KaHDKMzy5pOvKFnclTOr1DMHMxbU1DM3i7CeZtID5f2EBVu1GgNZ9ZR4MDpcL8cAt0XJJ-bg97xyOB1xZc6\" style=\"color: rgb(252, 118, 1);\">Bloomberg data<\/a>. The figure also includes 65 sponsors that formally withdrew their SPAC plans worth some USD 18 bn.<\/p>\n<p><strong>Did someone say \u201ctanking US SPAC market\u201d? <\/strong>Some 25 companies that completed SPAC mergers in 2020 and 2021 have issued \u201cgoing-concern\u201d warnings, which indicates that they are likely to go bust within 12 months, the <a href=\"https:\/\/www.wsj.com\/articles\/spacs-are-warning-they-may-go-bust-11653601111\" style=\"color: rgb(252, 118, 1);\">Wall Street Journal<\/a> reports, citing data from Audit Analytics. That\u2019s more than 10% of all the SPACs that listed during the so-called SPAC boom, with many startups \u2014 including several EV makers, scooter-rental company Helbiz, and glass window maker View \u2014 missing their forecasts so far. Shares of companies that listed through SPACs in 2021 alone were down 59.5% on average as of 24 May, according to analysis from University of Florida researchers.<\/p>\n<p><strong>Homegrown darling Swvl looks like it\u2019s facing much of the same hurdles: <\/strong>Mass transport app Swvl, which went public on the Nasdaq via a de-SPAC merger with Queen\u2019s Gambit Growth <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\" style=\"color: rgb(252, 118, 1);\">earlier this year<\/a> that valued it at USD 1.5 bn, has seen its share price plunge from late April highs of USD 10.09 to its current USD 5.05 valuation. The company\u2019s shares are down 49.0% since its listing in March.<\/p>\n<p><strong>A symptom of Swvl\u2019s woes: Significant downsizing of its headcount:<\/strong> The company said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c783ee0-2afb-4dfd-802d-3296cbbf08c4\" style=\"color: rgb(252, 118, 1);\">last month<\/a> it is laying of 32% of its staff (around 400 jobs) in a bid to cut costs and turn cashflow positive by next year. This shift towards profitability has become important to the company in light of the powerful headwinds currently affecting global markets, CFO Youssef Salem told us at the time.<\/p>\n<p><strong>Their immense popularity over the past two years is part of the problem: <\/strong>Incredibly high demand for SPACs in 2020 and 2021 is partially responsible for artificially inflating many of these transactions, the <a href=\"https:\/\/www.wsj.com\/articles\/the-spac-ship-is-sinking-investors-want-their-money-back-11642761012\" style=\"color: rgb(252, 118, 1);\">Wall Street Journal<\/a> said, citing analysts. Only now have these overvalued companies had to reckon with market realities where their performance falls short of drummed up expectations.<\/p>\n<p><strong>Loose regs on performance projections have also contributed to this performance gap:<\/strong> Part of the allure of going public via SPAC was that companies were less restricted in their future earnings reports than typical IPOs, which often led to over-exaggerated projections.<\/p>\n<p><strong>New regulations issued by the SEC set out to bring things under control: <\/strong>The SEC <a href=\"https:\/\/www.pwc.com\/us\/en\/services\/consulting\/deals\/library\/spac-regulations.html\" style=\"color: rgb(252, 118, 1);\">earlier this year<\/a>announced a new set of rules for SPAC transactions that were intended to \u201cimprove the usefulness and clarity of the information provided to investors\u201d and \u201cto enhance investor protections.\u201d They set out to do so through restrictions on future projections, increasing sponsor liability and allowing for legal action to be taken against false claims made by these companies.<\/p>\n<p><strong>But it seems that these rules have only turned more companies away:<\/strong> SPAC underwriting giants like Goldman Sachs have announced that they would be <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-09\/goldman-is-pulling-out-of-most-spacs-over-threat-of-liability\" style=\"color: rgb(252, 118, 1);\">dramatically reducing their involvement<\/a> with SPACs they helped take public since new SEC guidelines that put underwriters at higher liability risk and require SPACs to offer more info on conflicts of interest.<\/p>\n<p><strong>But this all coincides with a larger downturn in the stock market \u2014 partially because of global trends:<\/strong> Tech companies\u2019 stock shed some <a href=\"https:\/\/time.com\/6175464\/why-tech-stocks-are-down\/\" style=\"color: rgb(252, 118, 1);\">USD 1 tn in value last month<\/a>. Other indicators are showing terrible market conditions too: The S&P 500 is down 1.6% year-to-date, while the Nasdaq Composite is down 2.5% YTD. Snap, which saw its shares plummet 43% last month <a href=\"https:\/\/www.ft.com\/content\/c3759294-57c1-4716-8b8f-48b16b818c21\" style=\"color: rgb(252, 118, 1);\">after announcing<\/a> that the company will be missing earnings targets, has blamed inflation, high interest rates, supply chain challenges and Russia\u2019s war in Ukraine for its performance. The company\u2019s shares are now down 68.9% YTD. Google parent company Alphabet\u2019s shares are also down 21.0% YTD, while Facebook parent company Meta is down 43.7% YTD.<\/p>\n<p><strong>As for SPACs, the worst is still yet to come: <\/strong>\u201cThe bottom is not in yet, because you have too many SPACs chasing too few [transactions]; that has got to resolve itself,\u201d said Matthew Tuttle, CEO of Tuttle Capital Management, which tracks SPAC returns, told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-01\/awful-spac-returns-mean-more-frustration-for-blank-check-firms\" style=\"color: rgb(252, 118, 1);\">Bloomberg<\/a>.<\/p>\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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sec\/\">SEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/snap\/\">Snap<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/whats-next\/\">WHAT\u2019S NEXT<\/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=\"551273\" 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\/06\/06\/551273\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-551273\" class=\"content-area-description single-story post-551273 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><strong>OUR CALENDAR APPEARS in two sections: <\/strong><\/p>\n<ul>\n<li><strong>Events with specific dates or months <\/strong>are right here up top<\/li>\n<li><strong>Events happening in a quarter or other range of time <\/strong>with no specific date \/ month appear at the bottom of the calendar.<\/li>\n<\/ul>\n<p><strong>JUNE<\/strong><\/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>7 June (Tuesday): Technology conference <a href=\"https:\/\/www.eventbrite.com\/e\/tech-invest-4-tickets-338929546397\">Tech Invest 4<\/a>, Grand Nile Hotel, in Cairo.<\/p>\n<p>9 June (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>9 June (Thursday): <a href=\"https:\/\/digitransformationsummit.com\/egypt\/\">Digital Transformation Summit<\/a>, The Nile Ritz-Carlton, Cairo<\/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): <a href=\"https:\/\/ent.news\/2022\/5\/ER2FOOD-Event-Agenda-240522.pdf\">EU-Egypt Sustainable Food Value Chain conference<\/a>, Grand Nile Tower Hotel, Cairo.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>21-22 June (Tuesday-Wednesday): <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">Aswan Forum for Sustainable Peace and Development<\/a>, Cairo.<\/p>\n<p>21-23 June (Tuesday-Thursday): <a href=\"https:\/\/www.cweic.org\/cbf\/rwanda-2022\/\">Commonwealth Business Forum<\/a>, Kigali, Rwanda.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>26 June (Sunday): The <a href=\"https:\/\/bit.ly\/36oOWst\">deadline for<\/a> private companies to pre-register ahead of bidding for the second phase of the PPP national project to establish and operate 1k language schools.<\/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>30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.<\/p>\n<p>June: Egypt will <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/390172846486475\">launch a unified ticketing system<\/a> for all means of transport at the Adly Mansour Interchange Station.<\/p>\n<p>June: Egypt and Israel will <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-03\/eu-egypt-near-gas-supply-deal-in-shift-away-from-russia?sref=mmeFTDW1\">sign an agreement<\/a> with the EU to increase LNG exports.<\/p>\n<p><strong>JULY<\/strong><\/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>1 July (Friday): Official rollout of e-receipt system 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><strong>AUGUST<\/strong><\/p>\n<p>August: Work to extend the capacity of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a> to 600 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER<\/strong><\/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>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>26&ndash;27 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 October (Saturday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/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>10-16 October (Monday-Sunday): <a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Annual-Spring-Meetings\">World Bank and IMF annual meetings<\/a>, Washington, DC, chaired by CBE Governor Tarek Amer<\/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><strong>NOVEMBER<\/strong><\/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>3-5 November (Thursday-Saturday): Egypt Fashion Week.<\/p>\n<p>4-6 November (Friday-Sunday): The <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition kicks off at the Cairo International Exhibition and Convention Center.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host COP27 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><strong>DECEMBER<\/strong><\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January 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>MAY 2023<\/strong><\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.<\/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>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>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/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>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/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\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":551262,"template":"","categories":[],"tags":[],"class_list":["post-551261","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"bc4c6501-b4b0-497c-b8ed-5b058adcf26c","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/56.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>The beginning of the end for SPACs - 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\/the-beginning-of-the-end-for-spacs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The beginning of the end for SPACs\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/the-beginning-of-the-end-for-spacs\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T23:19:40+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/56.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\/the-beginning-of-the-end-for-spacs\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/the-beginning-of-the-end-for-spacs\/\",\"name\":\"The beginning of the end for SPACs - 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