{"id":553133,"date":"2022-10-23T13:22:42","date_gmt":"2022-10-23T13:22:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=553133"},"modified":"2025-12-16T00:01:09","modified_gmt":"2025-12-16T00:01:09","slug":"more-celebrity-interest-in-investment-firms","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/more-celebrity-interest-in-investment-firms\/","title":{"rendered":"More celebrity interest in investment firms"},"content":{"rendered":"<section id=\"553135\" 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=\"553135\">\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\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/\">\r\n                            THIS EVENING: Madbouly promises an end to L\/Cs + Xi locks down his third term                        <\/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\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/\" 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\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/')\">\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\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/\">\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: Madbouly promises an end to L\/Cs + Xi locks down his third term&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/\">\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\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/&title=THIS EVENING: Madbouly promises an end to L\/Cs + Xi locks down his third term\">\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+Madbouly+promises+an+end+to+L%2FCs+%2B+Xi+locks+down+his+third+term+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F23%2Fthis-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term%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\/10\/23\/this-evening-madbouly-promises-an-end-to-l-cs-xi-locks-down-his-third-term\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553135\" class=\"content-area-description single-story post-553135 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-central-bank-of-egypt tag-economy tag-enterprisepm tag-madbouly-government 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, and welcome to a new week.<\/strong> Today\u2019s news cycle is dominated pretty much entirely by the Madbouly government\u2019s economic conference.<\/p>\n<p><strong>THE BIG STORY TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Are we going to say goodbye to L\/Cs soon?<\/strong> The government is currently working on reversing the requirement for importers to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">issue letters of credit<\/a> to buy goods \u201csoon,\u201d Prime Minister Moustafa Madbouly said during the economic conference (<a href=\"https:\/\/www.youtube.com\/watch?v=ejdtnavN45U\">watch, runtime: 2:34:07<\/a>). This comes weeks after President Abdel Fattah El Sisi said that import challenges facing manufacturers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17e5731c-72f6-4b07-a0f9-c85fe1927d44\">should be solved<\/a> within two months, without specifying that this would include L\/Cs.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>China\u2019s Xi secures unprecedented third term in power: <\/strong>Chinese President Xi Jinping will continue to lead the country for at least another five years, breaking a decades-long precedent that only allowed Chinese leaders to rule for two five-year terms. Xi has further cemented his power with a new governing body that replaces four members with men known to be a part of his inner circle. (<a href=\"https:\/\/www.reuters.com\/world\/china\/chinas-communist-party-politburo-standing-committee-unveiled-2022-10-23\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/livecoverage\/china-xi-jinping-communist-party-congress\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.cnn.com\/asia\/live-news\/china-party-congress-10-23-22-intl-hnk\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/live\/2022\/oct\/23\/chinas-president-xi-jinping-expected-to-secure-historic-third-term-in-power\">The Guardian<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-23\/xi-stacks-china-leadership-body-with-allies-cementing-control?srnd=premium-middle-east\">Bloomberg<\/a>)<\/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>S&P Global Ratings <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5fe81db-11c1-4885-b6f9-f8473ba459b3\">has affirmed<\/a><\/strong><strong> Egypt\u2019s B credit rating with a stable outlook<\/strong> on the back of expectations that fresh financial support from the IMF and the GCC will help us meet our \u201clarge\u201d external funding needs.<\/li>\n<li><strong>A state committee <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02504f84-a7b4-43ef-818f-fb9abe3a75a7\">left fuel prices unchanged<\/a><\/strong><strong> at its latest quarterly meeting<\/strong>, defying expectations of another raise and ending a streak of six consecutive quarters of petrol price hikes.<\/li>\n<li><strong>Hassan Allam Holding and Emirati renewables player Masdar <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6af83467-4f2a-4379-a7c8-5ae62622cdb3\">will invest<\/a><\/strong><strong> some USD 10 bn in their green hydrogen project<\/strong> in the Suez Canal Economic Zone over the next seven-10 years.<\/li>\n<\/ul>\n<p class='web-image-inner'><img decoding=\"async\" data-recalc-dims=\"1\" style='display: block' src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Inside-Industry-en-WEB-1600x584-v5-03-1.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Inside Industry day \u2014<\/strong> <strong>your weekly briefing of all things industrial in Egypt.<\/strong> Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> We profile the new EGP 4 bn black sands plant in Kafr El Sheikh\u2019s Burullus, and how it fits into the global picture of rare earth material production.<\/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>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Egypt and the UAE will <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0gKn5z3nuZiF3rVVxhgVD5AaDXHkH4X4bj7L1b3cvYGKcbV5u98c99ivMradBERDgl\">host a gathering<\/a><\/strong><strong> marking 50 years of bilateral ties.<\/strong> The conference takes place Wednesday-Friday (26-28 October) and is being produced in association with the two governments. <strong>Day one is an economic forum featuring ministers, senior officials and business leaders from the two countries<\/strong>, while the following day will feature a cultural forum.<\/p>\n<p><strong>AND- The Suez Canal Economic Zone (SCZone) will <\/strong><strong><a href=\"https:\/\/bit.ly\/3T5CAsr\">launch a promotional campaign<\/a><\/strong> <strong>ahead of COP27<\/strong> on potential investments in the zone. The domestic campaign will be launched today before the international campaign kicks off tomorrow.<\/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>Temperatures in Cairo will hit 29\u00b0C tomorrow during the day before falling to 17\u00b0C in the evening, 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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madbouly-government\/\">Madbouly Government<\/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=\"553136\" 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=\"553136\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/553136\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553136\" class=\"content-area-description single-story post-553136 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=\"553137\" 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=\"553137\">\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\/10\/23\/the-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up\/\">\r\n                            The jury is still out on the hybrid work model + Luxury goods purchases are up                        <\/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\/10\/23\/the-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up\/\" 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\/10\/23\/the-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up\/')\">\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\/10\/23\/the-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up\/\">\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 jury is still out on the hybrid work model + Luxury goods purchases are up&url=https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/the-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up\/\">\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\/10\/23\/the-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up\/&title=The jury is still out on the hybrid work model + Luxury goods purchases are up\">\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+jury+is+still+out+on+the+hybrid+work+model+%2B+Luxury+goods+purchases+are+up+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F10%2F23%2Fthe-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up%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\/10\/23\/the-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/489.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553138\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/the-jury-is-still-out-on-the-hybrid-work-model-luxury-goods-purchases-are-up\/489-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/489.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"489.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/489.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/489.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553137\" class=\"content-area-description single-story post-553137 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-enterprisepm tag-for-your-commute tag-investment-watch tag-work-from-home 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-04\"><\/a> <strong>Leadership and employees remain at odds over the hybrid work model:<\/strong> 87% of employees believe they are working productively while 85% of surveyed managers believe the shift to hybrid work has challenged confidence in productivity, a <a href=\"https:\/\/news.microsoft.com\/europe\/2022\/09\/22\/in-europe-and-beyond-microsofts-work-trend-index-pulse-report-provides-insights-into-how-employees-leaders-see-hybrid-work\/\">Microsoft survey<\/a> reports. In an <a href=\"https:\/\/www.microsoft.com\/en-us\/worklab\/work-trend-index\/great-expectations-making-hybrid-work-work\">earlier survey<\/a>, the challenge of hybrid work was illustrated by 38% of hybrid employees reporting their biggest issue was knowing when and why to come into the office while only 28% of companies had established and defined the new parameters. A rise in digital exhaustion was also reported, with 13% of employees saying that working remotely had extended the work day by 46 minutes, and after-hours work on the weekend or in the evening had increased by 14%.<\/p>\n<p><strong>Luxury goods remain robust despite a looming recession:<\/strong> LVMH Moet Hennessy Louis Vuitton SE \u2014 the world\u2019s largest luxury brand \u2014 reported robust sales up 19% y-o-y exceeding analysts estimates of a 13% increase, <a href=\"https:\/\/www.reuters.com\/business\/retail-consumer\/lvmh-beats-expectations-with-third-quarter-19-sales-growth-2022-10-11\/\">Reuters<\/a> reports, citing data from Visible Alpha. The sharp rise in sales is due to wealthy shoppers in Europe, the US, and Japan splashing out on fashion and Americans in Europe capitalizing on a strong USD. \u201cLuxury is not a proxy for the general economy,\u201d LVMH\u2019s CFO told analysts when asked about the \u201cdivorce\u201d between the luxury industry and global economic circumstances, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-20\/luxury-goods-still-sell-big-even-as-recession-fears-grow?srnd=premium-middle-east&leadSource=uverify%20wall\">Bloomberg<\/a> reports, explaining that affluent people have their own behavior which is not always completely in line with economics.<\/p>\n<p><strong>Growth despite price hikes: <\/strong>Fellow luxury company Hermes reported annual growth of 24% despite raising prices an average of 4%.The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e269ced9-e19b-4b1e-85ab-124b6ae86c0e\">enormous rise in affluence<\/a> around the world helps explain why demand for luxury products is rising with the easing of China\u2019s Covid-related restrictions is also another contributing factor to the boost in shopping and spending.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Forget skincare, the latest celebrity founder craze is investment firms: <\/strong>Football player Lionel Messi is launching his own investment firm, Play Time Sports-Tech HoldCo LLC, according to a statement picked up by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-10-19\/lionel-messi-launches-investment-firm-targeting-sports-and-tech\">Bloomberg<\/a>. The firm will focus on sports, media and technology, deploying funds to help startup founders build football-tech companies or invest in teams. \u201cI am excited to extend our roots into Silicon Valley, and I am thrilled that Play Time will collaborate with daring entrepreneurs from all over the world,\u201d Messi said. Last month, we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec4d4a76-5ac6-46a2-9400-b159ea17b460\">reported<\/a> that reality TV star Kim Kardashian and Carlyle\u2019s former global head of consumer, media, and retail Jay Simmons, are launching a new private-equity firm, <a href=\"https:\/\/skky.com\/\">Skky Partners<\/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\/for-your-commute\/\">FOR YOUR COMMUTE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/work-from-home\/\">Work from home<\/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=\"553139\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between 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stk-block stk-r5q43ia\" data-v=\"4\" data-block-id=\"r5q43ia\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-r5q43ia-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-r5q43ia-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\/240928.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.beltoneholding.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27484.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Where disruption meets success<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            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<span>Shaping the future of education in Egypt<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/the-compelling-story-of-how-spotify-revolutionized-the-music-industry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/490.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"553141\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/the-compelling-story-of-how-spotify-revolutionized-the-music-industry\/490-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/490.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"490.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/490.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/10\/490.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553140\" class=\"content-area-description single-story post-553140 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 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>The app that changed the music industry: <\/strong>Netflix\u2019s <a href=\"https:\/\/www.netflix.com\/eg-en\/title\/81186296\">The Playlist<\/a> is a fascinating six-part dramatization of how Spotify was created. Daniel Ek, the programmer who developed the software, was a nervous, bald, socially awkward outsider from a humble family who soon rose to the top of the music industry. In the first episode, we meet Ek in 2004 when he used coins to buy an Aretha Franklin CD for his mother. Google turns him down for being undereducated, and motivated by this rejection, Ek embarks on revolutionizing the music industry with tech. The show deftly shifts viewpoints in every episode to keep things interesting, meaning we get to peek into the financial side of things through the eyes of Sony Music\u2019s managing director.<\/p>\n<p><strong>Our verdict:<\/strong> The Playlist is a well-written show with excellent performances and an intriguing premise. The series examines the benefits and drawbacks of streaming music, as well as who will be left out in the cold when the dust settles (<a href=\"https:\/\/www.youtube.com\/watch?v=VtvfbGRDJbY\">watch trailer, runtime 1:51<\/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\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"553146\" 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=\"553146\">\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\/10\/23\/what-the-markets-are-doing-on-23-october-2022\/\">\r\n                            What the markets are doing on 23 October, 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\/10\/23\/what-the-markets-are-doing-on-23-october-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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International investors were net sellers. The index is down 14.15% YTD.<\/p>\n<p><strong>In the green: <\/strong>GB Auto (+2.0%), Fawry (+1.7%) and Alexandria Containers and Cargo Handling (+1.6%).<\/p>\n<p><strong>In the red: <\/strong>Egypt Kuwait Holding-EGP (-3.7%), Telecom Egypt (-1.9%) and Cleopatra Hospitals (-1.8%).<\/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\/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<div class=\"alignfull inside-industry vertical-section wide-section wp-block-group issue-section\" id=\"553147\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27470.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27477.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterprisePM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/inside-industry\/\">\r\n                            Read Inside Industry                            \r\n                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">4<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/inside_industry\/profiling-the-egyptian-black-sand-companys-burullus-plant\/\">  \r\n                            Profiling the Egyptian Black Sand Company\u2019s Burullus plant<\/a>\r\n                        <\/h3>\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\/inside_industry\/profiling-the-egyptian-black-sand-companys-burullus-plant\/\" 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 plant\u2019s floating concentration station mines and dredges beach sand for rare minerals that could plug the gap in the local market of many industries with surpluses earmarked for export to European and Asian markets. The first phase of mining has begun from the Burullus dunes, which extends along a 16 km coastline. The plant is expected to produce 298k tons of ilmenite, 25k tons of zircon, 12k tons of garnet, 11k tons of rutile, amd 145k tons of monazite, Magdy Al Taweel, head of the military-affiliated National Service Products Organization\u2019s Egyptian Black Sand Company (EBSC) \u2014 which owns the plant \u2014 told the <a href=\"https:\/\/www.mena.org.eg\/ar\/news\/dbcall\/table\/textnews\/id\/9829716\">Middle East News Agency<\/a>.<\/p>\n<p><strong>Our friends at Hassan Allam Construction carried out the engineering and construction and contributed to the design of the plant<\/strong>, which the company built in a record 12 months, according to a <a href=\"https:\/\/ent.news\/2022\/10\/Black-Sand-Press-Release-English.pdf\">statement (pdf)<\/a>. Hassan Allam landed the contract for the project \u2014 which will both cover domestic needs and open the door for exports, as Hassan Allam Holding CEO Hassan Allam <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d80e22e3-62c3-4e1f-b12b-ee9ad27a2813\">noted<\/a> \u2014 from EBSC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5bb54954-2f9d-47fb-82b3-bf7ce5bbf282\">back in 2020<\/a>.<\/p>\n<p><strong>ESBC\u2019s shareholder structure: <\/strong>The National Service Projects Organization holds 61%, with the rest of the shareholder structure divided between the Nuclear Material Authority (NMA) (15%), the National Investment Bank (12%), the local governorate administration of Kafr El-Sheikh (10%), and the Egyptian Company for Mining Resources 2%.<\/p>\n<p><strong>The riches of black sand:<\/strong> Black sand is an accumulation of fragments of durable heavy minerals found in streambeds and beaches. The mining of these deposits yields ilmenite, zircon, garnet, rutile, magnetite and other rare minerals. In Egypt, rare earth elements such as Uranium and thorium are found in minerals \u2014 monazite and granites \u2014 extracted from black sand. Uranium was found in granites of the Eastern Desert while thorium was found in the Eastern Desert and in the monazite from black sands, according to a review by <a href=\"https:\/\/ijmti.journals.ekb.eg\/article_181128_f96125c2e91774c0463ae7c1314ed65f.pdf\">International Journal of Materials Technology and Innovation<\/a>. Tests run on samples of black sand in Rashid revealed that black sand ores are rich in uranium, thorium, and other rare earth elements (REE), according to data reported in the <a href=\"https:\/\/www.researchgate.net\/publication\/347438389_Evaluation_of_Rare_Earth_Elements_in_Black_Sand_and_Phosphate_ores_EGYPT\">Egyptian Journal of Chemistry<\/a>. In fact, concentrations of rare earth elements in black sand were found to be higher than the average level globally.<\/p>\n<p><strong>Use cases of the extracted rare minerals:<\/strong> REEs have medical, biological, industrial, and nuclear applications. The 41 types of extracted minerals are production inputs for more than 49 strategic industries: The manufacture of aircraft structures, missiles, submarines, space vehicles, dyes, paper, leather, paint, ceramics, engine alloys, dental fittings, metal beds, high-temperature concrete, sponge iron, abrasive stones, sandpaper, water filters, telephones, and EVs.<\/p>\n<p><strong>The black sand industry could do good things for our trade balance: <\/strong>The industry is expected to save us USD 50 mn in imports and prop up our exports by USD 100 mn annually, El Sisi said at the inauguration (<a href=\"https:\/\/www.youtube.com\/watch?v=3gVU8HC75js\">watch, runtime: 20:00<\/a>). The return on investment for the added value of the project is estimated at USD 6 bn, NMA head Hamed Mira said.<\/p>\n<p><strong>Most of the output will be exported:<\/strong> There will be an expected surplus of 11k tons of zircon, and 9k tons of rutile, for example, after plugging the gap in local market, which represents a promising export opportunity, according to Ahmed Abdel Kareem, a member of EBSC\u2019s scientific committee (<a href=\"https:\/\/www.youtube.com\/watch?v=5sZ2IfCQxvE\">watch, runtime: 9:11<\/a>).<\/p>\n<p><strong>Local reserves will last us centuries: <\/strong>The confirmed 5 bn cubic meter reserve \u2014 spread across a 400 km coastline from Abu Qir in Alexandria to Rafah \u2014 is enough to cover some 200 years of production, Mira said. Studies from the NMA also found black sand in other areas in the south of Berenice and Lake Nasser, Mira added.<\/p>\n<p><strong>How this fits into the global production picture:<\/strong> The net mineral resources available for mining in the project amount to 238.5 mn tons, with an average concentration of heavy metals of 3.39%, which is sufficient to operate for a period of about 16 years, at an utilization rate of 15 mn tons annually, Al Taweel added. The project\u2019s production of rare minerals is expected to<\/p>\n<p>amount to 3-5% of global production. China currently accounts for the lion\u2019s share of global rare earth material production, with <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/abs\/pii\/S0169136820300937?via%3Dihub\">recent estimates<\/a> indicating it produces more than 90% of global rare earth output.<\/p>\n<p><strong>Global demand is driving the conversation:<\/strong> The global demand for minerals extracted from black sands is the biggest catalyst for the expansion of this promising mining industry, and there are some extracted minerals that are well-positioned to enter local industries, thus further increasing their added value, El Sisi explained, stressing the state\u2019s openness to the participation of the private sector (<a href=\"https:\/\/www.youtube.com\/watch?v=3gVU8HC75js\">watch, runtime: 20:00<\/a>).<\/p>\n<p><strong>And now the door is open for private sector participation:<\/strong> El Sisi called on investors to ramp up their involvement in black sand projects, either alone or through private-public partnerships, saying that the country could see 3-4 more plants by 2025, according to Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=VIyzX75WILE\">watch, runtime: 4:38<\/a>). Opening up more plants will create jobs and tap the state\u2019s natural resources, Senate member Mahmoud Al Kott told Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=JRuj1-Cee3w\">watch, runtime: 9:05<\/a>). The Nuclear Materials Authority is currently preparing to market the black sand projects to strategic Gulf investors, <a href=\"https:\/\/bit.ly\/3F7tmHS\">Al Mal<\/a> reports.<\/p>\n<p><strong>More companies on board: <\/strong>The Egyptian-Chinese Black Sand Company was also established in July 2018 with an issued capital of USD 24 mn to extract rare minerals from black sands in Egypt, according to an Armed Forces <a href=\"https:\/\/www.facebook.com\/EgyArmySpox\/posts\/pfbid096e3HwptqkbqiSJXSzQuF5niFskDi6K5YbdCbGW1VizLBQLx58Ho5oLRbsKZqKpul\">statement<\/a>. NSPO owns 83.5% of the company, while EBSC owns 12.5% and the Chinese-Egyptian Company for Mining and Metalworking owns 4%. NSPO is working to establish the Egyptian-Italian Company for Sustainable Technological Industries in a private freezone to produce eco-friendly bioquartz and no-silica panels, according to NSPO Director Walid Hussein.<\/p>\n<p><strong>Projects in the pipeline: <\/strong>EBSC contracted a German company for one of the four separate projects it\u2019s planning to launch to enhance the added value. These projects include a factory for the production of titanium sponge and another for titanium dioxide pigment, to cover the needs of the local paint industry and export the surplus to North African and European markets, according to Abdel Kareem. The company is also studying the launch of a factory to produce titanium sponge and work is also underway to establish an industrial complex in Ain Sokhna to produce quartz slabs, the first of its kind in Egypt, Africa and the Middle East.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top industrial development stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>We have a once-a-century chance to build an export-led economy that makes us a magnet for FDI.<\/strong> We\u2019ve <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38b5c211-3fe1-45e2-be08-432520c4f43a\">spoken with<\/a> some of the smartest people we know in the private sector, and they all agree that it\u2019s not only possible \u2014 the recipe is simple.<\/li>\n<li><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17a8718e-d87f-4515-a0c9-05d43f958eb0\">Cabinet could introduce<\/a><\/strong><strong> investment incentives for FX-backed industrial projects<\/strong>, through amendments to the 2017 Investment Act.<\/li>\n<li><strong>UAE-based El Gammal Industrial Systems will reportedly <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0db6db4b-d0a7-42d5-ad0e-45b67777a22c\">invest EGP 100 mn<\/a><\/strong> to set up an aluminum-parts factory in Ain Sokhna.<\/li>\n<li><strong>The House of Representatives approved a draft law designed to<\/strong><strong> encourage the domestic production of environmentally friendly vehicles<\/strong> by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bb32be5-6b9f-4a72-8fb2-75e41e7cfdde\">providing incentives<\/a> to businesses. <\/li>\n<\/ul>\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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"553149\" 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\/10\/23\/553149\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-553149\" class=\"content-area-description single-story post-553149 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>OCTOBER<\/strong><\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>23-25 \u200b\u200bOctober (Sunday-Tuesday): Egypt economic conference, Cairo, Egypt.<\/p>\n<p>23-25 \u200b\u200bOctober (Sunday-Tuesday): <a href=\"https:\/\/www.gecf.org\/\">Gas Exporting Countries Forum<\/a>, Cairo.<\/p>\n<p>24 October (Monday): <a href=\"https:\/\/fci.nl\/en\/event\/empowering-sustainable-trade-flows-factoring-facilitation-egyptian-trade-difficult-times?language_content_entity=en#register\">Empowering Sustainable Trade Flows with Factoring<\/a> conference, St. Regis Cairo.<\/p>\n<p>26-28 October (Wednesday-Friday): Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LXkrA1yvJmfVxBuUF9fA94GeAoPkbWA44cRRaWhJEzcu69p5eGocBaQXqeH6AmaEl\">celebrates 50 years of ties<\/a> with the UAE.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>27-30 October (Thursday-Sunday): <a href=\"https:\/\/cairoict.com\/\">Cairo ICT<\/a>, Egypt International Exhibition Center, New Cairo.<\/p>\n<p>30 October-1 November (Sunday-Tuesday): <a href=\"https:\/\/www.egypt-energy.com\/en\/home.html\">Egypt Energy<\/a>, Egypt International Exhibition Center (EIEC), New Cairo.<\/p>\n<p>Late October-14 November: 3Q2022 earnings season.<\/p>\n<p>Late October: First Abu Dhabi Bank to <a href=\"https:\/\/bit.ly\/3eEUoeA\">complete<\/a> full integration with Bank Audi\u2019s Egyptian operations after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db0f456-9e63-420a-b309-a9a455fb3667\">merger<\/a>.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Arab League annual summit, Algiers, Algeria.<\/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): <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition, Cairo International Exhibition and Convention Center.<\/p>\n<p>6-18 November (Sunday-Friday): Egypt will host <a href=\"https:\/\/cop27.eg\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>7 November (Monday): <a href=\"https:\/\/www.greeninitiatives.gov.sa\/about-mgi\/\">Middle East Green Initiative<\/a>, Sharm El Sheikh.<\/p>\n<p>7 November (Monday): The inauguration of the first line of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\">high-speed rail<\/a>.<\/p>\n<p>9 November (Wednesday): Finance Ministry to host \u201c<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid029A7ytdAhcMYQsLo8xQ6Ne5FuvWWDty9yYj66v4LMifKZ611tqzps8jkcw4P7fLMhl\">Finance Day<\/a>\u201d at COP27.<\/p>\n<p>11-12 November (Friday-Saturday): <a href=\"https:\/\/www.greeninitiatives.gov.sa\/about-sgi\/\">Saudi Green Initiative<\/a>, Sharm El Sheikh.<\/p>\n<p>7-13 November (Monday-Sunday): The International University Sports Federation (FISU) <a href=\"https:\/\/www.worldsquash.org\/2022-fisu-world-university-championship-squash-to-take-place-in-egypt\/\">World University<\/a> Squash Championships, New Giza.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>27 - 28 November (Thursday-Friday): The first edition of the <a href=\"https:\/\/twitter.com\/Extranewstv\/status\/1579478836366176256\">Egypt Media Forum<\/a>.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>3 December (Saturday): Dior Men\u2019s pre-fall collection show in Giza.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.<\/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>December: The Sixth of October dry port <a href=\"https:\/\/bit.ly\/3u3uB4u\">will begin operations<\/a>.<\/p>\n<p>December: Egyptian Automotive Summit.<\/p>\n<p>December: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/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>1 January (Sunday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>1 January (Sunday): Residential electricity bills are set to rise as per the government\u2019s <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">six-year roadmap (pdf)<\/a> to restructure electricity prices by 2025.<\/p>\n<p>7 January (Saturday): Coptic Christmas.<\/p>\n<p>24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>30 January-1 February (Monday-Wednesday): CI Capital\u2019s Annual MENA Investor Conference 2023, Cairo, Egypt.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p>23-27 February (Thursday-Monday): The eighth annual <a href=\"https:\/\/www.bwe21.com\/2023-conference\/\">Business Women of Egypt\u2019s Women for Success conference<\/a>.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday): First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April &ndash; 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/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>JUNE 2023<\/strong><\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <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>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/p>\n<p>4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>4Q 2022: Saudi Jamjoom Pharma to <a href=\"https:\/\/bit.ly\/3R7SGzP\">inaugurate its EGP 1 bn pharma factory<\/a> in El Obour.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/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>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/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":553134,"template":"","categories":[],"tags":[],"class_list":["post-553133","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"624a91d7-bd95-4c63-91de-dd28ba86a193","teaser":"","photo_url":"https:\/\/ent.news\/2022\/10\/74.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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