{"id":554386,"date":"2021-12-05T14:13:38","date_gmt":"2021-12-05T14:13:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=554386"},"modified":"2025-12-16T00:29:28","modified_gmt":"2025-12-16T00:29:28","slug":"private-sector-activity-has-now-been-in-contraction-for-a-full-year","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/private-sector-activity-has-now-been-in-contraction-for-a-full-year\/","title":{"rendered":"Private sector activity has now been in contraction for a full year"},"content":{"rendered":"<section id=\"554388\" 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=\"554388\">\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\/2021\/12\/05\/tonight-novembers-pmi-stays-flat-el-salvadors-btc-push-doesnt-seem-too-cool-right-now\/\">\r\n                            TONIGHT: November\u2019s PMI stays flat + El Salvador\u2019s BTC push doesn\u2019t seem too cool right now                        <\/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\/2021\/12\/05\/tonight-novembers-pmi-stays-flat-el-salvadors-btc-push-doesnt-seem-too-cool-right-now\/\" 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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We\u2019ve got fresh PMI figures, a refreshingly Omicron-free news flow, and mixed news for all of us who want an acceleration of financial inclusion. On one hand, fintech startups in emerging economies are flourishing and are starting to overtake the old guardians of the global payments system. On the other, we have a new report that suggests that almost 40% of the world\u2019s population have never used the internet, a figure that puts into perspective what it will take to integrate people of developing countries into the modern economy.<\/p>\n<p><strong>THE BIG STORY TODAY-<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a><strong> November\u2019s PMI results are in \u2014 and they\u2019re much the same as October:<\/strong> Non-oil business activity shrank \u201cmoderately\u201d during November, remaining unchanged from the month prior as supply chain bottlenecks and inflationary pressures continued to weigh on private sector firms. The latest <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/609ac3bcccdd44998bfb5348e027656c\">PMI reading (pdf)<\/a> means that private sector activity has now been in contraction for a full year<\/p>\n<p><strong>** In case you missed it:<\/strong> We featured the brains behind Egypt\u2019s PMI indicator \u2014 IHS Markit economist David Owen \u2014 in last week\u2019s My Morning Routine column. Check it out <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bae3738e-2a55-4d28-87ee-7289e160fc9e\">here<\/a>.<\/p>\n<p><strong>^^ We\u2019ll have the full story in tomorrow\u2019s EnterpriseAM.<\/strong><\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from this morning\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Max LNG:<\/strong> Egypt\u2019s LNG terminals are <a style=\"color: #fc7601;\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b05357d8-d636-4372-a069-cf77d948b1e7\">running at full capacity<\/a> as the country tries to capitalize on the surge in natural gas prices overseas, Oil Minister Tarek El Molla has said.<\/li>\n<li><strong>More energy price hikes:<\/strong> The Oil Ministry has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a81c666-6264-4b72-835a-73326eb193ca\">hiked the price of butane gas cylinders<\/a> by 7.7% for households and businesses.<\/li>\n<li><strong>Omicron and the global economy are not friends:<\/strong> The IMF is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a030f8cb-1b6e-4392-ac89-2fafc8594bb9\">likely to downgrade its growth forecast<\/a> for the global economy due to the spread of the Omicron variant, which is causing new travel restrictions and volatility in the financial markets.<\/li>\n<\/ul>\n<hr class=\"grey-line\" \/>\n<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>THE BIG STORIES ABROAD-<\/strong><\/p>\n<p><strong>It\u2019s all about Biden and Putin\u2019s upcoming talks on Ukraine: <\/strong>US President Joe Biden and his Russian counterpart Vladimir Putin are expected to talk on Tuesday to discuss the situation in Ukraine. Tension between the two sides has been rising as a buildup of Russian military forces on Ukraine\u2019s border has fuelled speculation in Western capitals that Moscow is planning to invade the country. Last week Putin vowed a strong response should Nato deploy missile systems and troops in Ukraine after the US and Nato <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18d8a4c3-faea-4409-b158-262f0c341e0a\">warned of \u201cserious consequences\u201d<\/a> should Russia invade the ex-Soviet state. (<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-joe-biden-vladimir-putin-e8de961cd5150a959d110e9191725db7\">The AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-putin-hold-video-call-tuesday-will-discuss-ukraine-2021-12-04\/\">Reuters<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2021\/dec\/04\/biden-putin-call-ukraine-russia-white-house\">The Guardian<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-europe-59533689\">BBC News<\/a>)<\/p>\n<p><strong>Meanwhile in South America, the <\/strong><strong><a href=\"https:\/\/www.theguardian.com\/world\/2021\/sep\/26\/naybib-bukele-el-salvador-president-coolest-dictator\">\u201cworld\u2019s coolest dictator\u201d<\/a><\/strong><strong> is fast becoming the world\u2019s <\/strong><strong>brokest dictator<\/strong>, after BTC fell off a cliff overnight falling about USD 10k. Fears of Omicron triggered the cryptocurrency selloff, which saw the coin fall to a three-month low of USD 42k. El Salvador, who under the tutelage of President Nayib Bukele became the first country in the world to make BTC legal tender, <a href=\"https:\/\/twitter.com\/nayibbukele\/status\/1467000621354135555?ref_src=twsrc%5Etfw\">bought the dip<\/a>. After a partial recovery, BTC currently sits at USD 49.4k as of dispatch time. (<a href=\"https:\/\/www.cnbc.com\/2021\/12\/04\/cryptocurrencies-bitcoin-and-ether-prices-drop-sharply.html\">CNBC<\/a> | <a href=\"https:\/\/www.forbes.com\/sites\/lisakim\/2021\/12\/04\/bitcoin-and-other-digital-tokens-plunge-amid-volatility-in-financial-markets\/?sh=39b22af95080\">Forbes<\/a> | <a href=\"https:\/\/www.nbcnews.com\/business\/business-news\/bitcoin-prices-plunge-dramatically-overnight-rcna7639\">NBC<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/bitcoin-price-tumbles-after-wall-street-selloff-11638621435\">Wall Street Journal<\/a> | <a href=\"https:\/\/edition.cnn.com\/2021\/12\/04\/business\/bitcoin-plunges-overnight\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-12-04\/bitcoin-plunges-more-than-20-amid-tumble-in-cryptocurrencies?sref=X2kHL3Gj\">Bloomberg<\/a>)<\/p>\n<p><strong>THIS WEEK-<\/strong><\/p>\n<p><strong>Cairo plays host to a spate of year-end conferences this week:<\/strong><\/p>\n<ul>\n<li><strong>The two-day <\/strong><strong><a href=\"https:\/\/northafricatradefinance.com\/\">North Africa Trade Finance Summit<\/a><\/strong><strong> starts Tuesday<\/strong>, bringing together business leaders, people from the financial industry, logistics experts and policymakers to discuss trade finance.<\/li>\n<li><strong><a href=\"https:\/\/www.gfhsegypt.com\/\">Global Forum for Higher Education and Scientific Research<\/a><\/strong><strong> runs Wednesday through to Friday<\/strong> at the St. Regis Al Masa Convention Center.<\/li>\n<li><strong><a href=\"https:\/\/www.woodshowglobal.com\/cairo\">The Cairo Woodshow<\/a><\/strong><strong> kicks off on Thursday<\/strong> at the Cairo International Convention Center.<\/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>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>News triggers to keep your eye on:<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves:<\/strong> November\u2019s foreign reserves figures will be released this week.<\/li>\n<li><strong>Inflation:<\/strong> Inflation figures for November will be released this Thursday, 9 December. Data for inflation typically appears on the 10th of every month, but is moved up one day if that falls on a Friday.<\/li>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt\u2019s Monetary Policy Committee will hold its final meeting for the year to review interest rates on Thursday, 16 December.<\/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- Hello, winter. <\/strong>Expect a daytime high of 22\u00b0C tomorrow and a nighttime low of 15\u00b0C, according to our favorite weather app.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nato\/\">NATO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vladimir-putin\/\">Vladimir Putin<\/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=\"554389\" 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 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class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554390\" 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=\"554390\">\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\/2021\/12\/05\/the-internet-is-not-as-prevalent-as-you-think-check-out-the-fts-list-of-the-years-25-most-influential-women\/\">\r\n                            The internet is not as prevalent as you think + check out the FT\u2019s list of the year\u2019s 25 most influential women                        <\/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\/2021\/12\/05\/the-internet-is-not-as-prevalent-as-you-think-check-out-the-fts-list-of-the-years-25-most-influential-women\/\" 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 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href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/the-internet-is-not-as-prevalent-as-you-think-check-out-the-fts-list-of-the-years-25-most-influential-women\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/577.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554391\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/the-internet-is-not-as-prevalent-as-you-think-check-out-the-fts-list-of-the-years-25-most-influential-women\/577-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/577.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"577.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/577.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/577.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554390\" class=\"content-area-description single-story post-554390 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-donald-trump tag-enterprisepm tag-for-your-commute tag-gender 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>Thinking of investing mns of USD in metaverse real estate?<\/strong> One of this year\u2019s more preposterous investment trends \u2014 an impressive feat given 2021 was the year that gave us Dogecoin mania \u2014 was made all the more absurd last week by a <a href=\"https:\/\/www.itu.int\/en\/mediacentre\/Pages\/PR-2021-11-29-FactsFigures.aspx\">UN report<\/a> which told us that <strong>more than <\/strong><strong>a third of the world\u2019s population still have never even used the internet<\/strong>.<\/p>\n<p>Highlighting the stark inequalities between the digital haves and the digital have-nots, the UN\u2019s IT agency said that some 2.9 bn people (equivalent to 37% of the global population) living in developing countries have never once logged onto the web.<\/p>\n<p><strong>But covid is changing this:<\/strong> The pandemic caused the largest annual increase in internet users since 2010, with covid lockdowns, school closures and increasing access to online banking and government services growing the number of internet users by almost 20% between 2019 and 2021. The strongest growth was seen in the 46 lowest-income countries in the world, which saw a 20% increase in internet penetration.<\/p>\n<p><strong>Although the digital gender divide has narrowed in most of the world, Arab and African countries continue to have large gaps<\/strong>, with internet usage being more common among youth, men and urban dwellers. The report found that the digital divide is created largely by factors like poverty, illiteracy, lack of access to electricity and digital illiteracy.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>One very good reason for less internet penetration? Donald Trump\u2019s Truth Social<\/strong>, which will have most of us either decamping for a permanent vacation in Zucker-verse or setting fire to our routers. The SPAC being used by The Donald to launch his new social media venture has raised USD 1 bn from institutional investors, it <a href=\"https:\/\/ent.news\/2021\/12\/TMTG_PR_041221.pdf\">said yesterday (pdf)<\/a>. The social media messaging app \u201c<a href=\"https:\/\/www.truthsocial.com\/\">Truth Social<\/a>,\u201d TMTG\u2019s flagship platform, was due to launch in November with an invitation-only beta version but has apparently <a href=\"https:\/\/www.cnbc.com\/2021\/12\/01\/trump-spac-social-media-company-appears-to-miss-first-deadline.html\">failed to meet its own deadline<\/a>. The share price of DWAC has <a href=\"https:\/\/www.cnbc.com\/2021\/12\/01\/trump-spac-social-media-company-appears-to-miss-first-deadline.html\">dropped<\/a> dramatically since the initial announcement.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>This year\u2019s Financial Times\u2019 list of the year\u2019s 25 most influential women asks what <\/strong><strong>influence is and how it is changing<\/strong>, with an unranked <a href=\"https:\/\/www.ft.com\/womenof2021?emailId=61a8a550e75eb30004a06d9f&segmentId=13b7e341-ed02-2b53-e8c0-d9cb59be8b3b\">list<\/a> penned by influential women themselves including a diverse group of female activists, whistleblowers, truth-seekers and business heavyweights. The list features the likes of the director-general of the World Trade Organization Ngozi Okonjo-Iweala, Ark Investment Management founder Cathie Wood, Sudanese foreign minister Mariam Al Mahdi, and Facebook whistleblower Frances Haugen.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/donald-trump\/\">Donald Trump<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/for-your-commute\/\">FOR YOUR COMMUTE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gender\/\">gender<\/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=\"554392\" 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=\"554392\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENTERPRISE RECOMMENDS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/theranos-demise-show-the-failings-of-a-ceo-how-modern-middle-east-diplomacy-came-to-be-check-out-exhibition-token\/\">\r\n                            Theranos\u2019 demise show the failings of a CEO + how modern Middle East diplomacy came to be + check out exhibition Token                        <\/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\/2021\/12\/05\/theranos-demise-show-the-failings-of-a-ceo-how-modern-middle-east-diplomacy-came-to-be-check-out-exhibition-token\/\" 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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But what was meant to be a breakthrough in blood testing ended up being a smoke and mirrors sales act that eventually led to the company\u2019s demise and an ongoing trial that could land her in jail for up to 20 years. The 2019 documentary, <a href=\"https:\/\/stream.osn.com\/en-eg\/movies\/the-inventor-out-for-blood-in-silicon-valley-PR510220?category=NA\" style=\"color:rgb(252, 118, 1);\">The Inventor<\/a>, delves into the story, talking to a number of the important stakeholders in the case including whistleblowers Erika Cheung and Tyler Shultz who chose to remain true to the data and science and finally spoke up about the deception taking place. The truth was that Holmes failed to tie her dreams to a semblance of reality by never setting up successful engineering or research and development teams. She herself never truly fully understood the product she was selling, Schultz admits.<\/p>\n<p><strong>The lesson for business owners here:<\/strong> Chasing that next round of investment is fine but doing so at any cost is probably going to end in tears. The Theranos playbook of recruiting an army of investors without having a viable product to back it up is unlikely to work. Just ask Elizabeth. You can watch The Inventor on OSN Streaming.<\/p>\n<hr class=\"grey-line\" \/>\n<p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> \u26bd <strong>Egypt <\/strong><strong><a href=\"https:\/\/www.fifa.com\/tournaments\/mens\/arabcup\/arabcup2021\/match-center\/400175824\">smashed Sudan 5-0<\/a><\/strong><strong> yesterday in the Fifa Arab Cup:<\/strong> The victory almost guarantees the Pharaohs a place in the next round, taking us joint top of Group D after taking three points from both the opening games. We\u2019re level on points and goal difference with Algeria, who we meet on Tuesday in a match that could decide who will top the group.<\/p>\n<p><strong>Premier League:<\/strong> There\u2019s a flurry of matches at 4pm today: Man Utd kick off the Ralf Rangnick era at home to Crystal Palace, Leeds United will play Brentford, while Antonio Conte\u2019s Spurs will be looking to make it three wins in three when they take on relegation fodder Norwich City. In the late kick-off, Aston Villa and Leicester City play at 6:30pm.<\/p>\n<p><strong>Serie A <\/strong>has one game tonight: Juventus play Genoa at 9:45pm.<\/p>\n<p><strong>? EAT THIS TONIGHT- <\/strong><\/p>\n<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>Recently-opened <\/strong><strong><a href=\"https:\/\/www.instagram.com\/okecairo?utm_medium=copy_link\">Oke<\/a><\/strong><strong> is all about Asian comfort food: <\/strong>New in Sheikh Zayed\u2019s Arkan Plaza, Oke brings all your favorite pan-Asian foods under one roof to create high-quality, creative dishes that use fresh ingredients and seafood. You\u2019ll know you\u2019re in for something good once you order any of their appetizers such as their beef spring rolls, citrus miso honey shrimp, or salmon carpaccio. From there, there are so many different routes your meal can take. You could opt for their sushi rolls, featuring all your favorites from Philadelphia to California and some special nigiri that includes one of our favorite seafood: scallops. Oke also serves a number of Asian dishes such as fried rice and teriyaki beef. If you\u2019re on the go, grab yourself a poke bowl. Finally, don\u2019t leave without trying their giant fortune cookie filled with dark and white chocolate mousse.<\/p>\n<p>? <strong>OUT AND ABOUT-<\/strong><\/p>\n<p>(all times CLT)<\/p>\n<p><strong>The Kodak Passageway is hosting an exhibition by Aya Tarek titled <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/token-exhibition-by-aya-tarek\/662575284758779\/\">Token<\/a><\/strong> which explores \u201cour obsession with consumption and its effect on the Egyptian societal ideals that dominate our virtual and non-virtual realities.\u201d<\/p>\n<p><strong>Zamalek Cinema has a <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/beyond-the-raging-sea-special-\/898662154345416\/\">special screening<\/a><\/strong><strong> of Beyond The Raging Sea on Tuesday at 7pm. <\/strong>The film follows two Egyptian athletes, Omar Nour and Omar Samra, as they attempt to cross the Atlantic, taking the perilous path that 66 mn displaced individuals took in a desperate bid for safe refuge.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>How Kissinger won the Middle East:<\/strong> In <a href=\"https:\/\/www.amazon.com\/Master-Game-Kissinger-Middle-Diplomacy\/dp\/1101947543\">Master of the Game<\/a>, long-time US Middle East diplomat Martin Indyk explores the art of machiavellian diplomacy as practiced by Henry Kissinger during his attempts to convince the Arab world to accept Israel\u2019s existence while outflanking the Soviets in the region. Based on fresh documents, interviews with Kissinger, and the author\u2019s own experiences with the key figures involved, the book is both \u201ca painstaking history\u201d of the Cold War in the 1970s Middle East and a \u201cdeeper reflection on Kissinger\u2019s diplomatic philosophy,\u201d <a href=\"https:\/\/www.ft.com\/content\/d1bb5705-392c-4bd6-b1da-729148d3d688\">the FT<\/a> says.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elizabeth-holmes\/\">Elizabeth Holmes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/middle-east\/\">Middle East<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/theranos\/\">Theranos<\/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=\"554394\" 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=\"554394\">\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\/2021\/12\/05\/market-roundup-on-5-december\/\">\r\n                            Market roundup on 5 December                        <\/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\/2021\/12\/05\/market-roundup-on-5-december\/\" 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\/2021\/12\/05\/market-roundup-on-5-december\/')\">\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\/2021\/12\/05\/market-roundup-on-5-december\/\">\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=Market roundup on 5 December&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/market-roundup-on-5-december\/\">\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\/2021\/12\/05\/market-roundup-on-5-december\/&title=Market roundup on 5 December\">\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=Market+roundup+on+5+December+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F05%2Fmarket-roundup-on-5-december%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\/2021\/12\/05\/market-roundup-on-5-december\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554394\" class=\"content-area-description single-story post-554394 post type-post status-publish format-standard hentry category-go-with-the-flow tag-egx 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>The EGX30 rose 0.7% at today\u2019s close<\/strong> on turnover of EGP 1.38 bn (3.1% below the 90-day average). Local investors were net buyers. The index is up 5.1% YTD.<\/p>\n<p><strong>In the green: <\/strong>Heliopolis Housing (+10.4%), Rameda (+5.3%) and CIRA (+4.6%).<\/p>\n<p><strong>In the red: <\/strong>Eastern Company (-1.7%), Speed Medical (-1.1%) and Aspire Capital (-0.7%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554395\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"554396\" 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=\"554396\">\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\">THE MACRO PICTURE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/\">\r\n                            Next-gen fintech players in emerging markets are giving the old guard a run for their money                        <\/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\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/\" 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\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/')\">\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\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/\">\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=Next-gen fintech players in emerging markets are giving the old guard a run for their money&url=https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/\">\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\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/&title=Next-gen fintech players in emerging markets are giving the old guard a run for their money\">\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=Next-gen+fintech+players+in+emerging+markets+are+giving+the+old+guard+a+run+for+their+money+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F12%2F05%2Fnext-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money%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\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/579.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554397\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/12\/05\/next-gen-fintech-players-in-emerging-markets-are-giving-the-old-guard-a-run-for-their-money\/579-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/579.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"579.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/579.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/579.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554396\" class=\"content-area-description single-story post-554396 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-enterprisepm tag-financial-inclusion tag-fintech tag-the-macro-picture 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-05\"><\/a><strong> The global digital payments race is heating up:<\/strong> Up-and-coming fintech firms in emerging markets are beginning to outpace Western financial companies who for years have controlled payment markets around the world, the <a href=\"https:\/\/www.ft.com\/content\/a5c17035-8ba8-4fa0-bc06-690f5949b174\">Financial Times<\/a> reported. Payment technologies such as mobile wallets, scannable QR codes, and smartphone software for contactless transactions are proliferating across emerging economies, guided by a new generation of young, tech-savvy entrepreneurs responding to friendlier market dynamics shaped by both the pandemic and state-led pushes for financial inclusion.<\/p>\n<p><strong>Covid has forced a change in the payments landscape around the world<\/strong>, causing the use of cash to fall and an increase in digital payments. This shift, coupled with governments in developing economies taking steps to increase financial inclusion, has stimulated innovation in the fintech space and enabled rapid growth in emerging economies. People who have made the shift to cards and mobile wallets have discovered the convenience of paying through digital methods, said <a href=\"https:\/\/omdia.tech.informa.com\/authors\/philip-benton\">Philip Benton<\/a>, financial services senior analyst at Omdia, and they have now formed new habits.<\/p>\n<p><strong>Mobile payments exceeded ATM withdrawals for the first time ever in India last year<\/strong>, according to a report by S&P Global Market Intelligence, while Latin America expects a compound annual growth rate of 17.3% in digital payment transactions from 2020 through 2024, according to projections from <a href=\"https:\/\/www.statista.com\/outlook\/dmo\/fintech\/digital-payments\/south-america\">Statista.<\/a> Debit and credit cardholders are forecast to rise by 5.8% in the Philippines between 2020 and 2024, according to Omdia, compared with forecast growth of 0.6% in the UK over the same period.<\/p>\n<p><strong>Digital payments in Egypt are booming:<\/strong> Transaction volumes via e-payments platforms climbed more than 40% between 2020 and 2021 to hit USD 11 mn, according to data from <a href=\"https:\/\/www.statista.com\/outlook\/dmo\/fintech\/digital-payments\/egypt\">Statista<\/a>. This will continue expanding at an annual compound growth rate of 14% over the next four years, reaching USD 19.4 bn by 2025.<\/p>\n<p><strong>Follow the money:<\/strong> Egypt's fintech space has become one of the most vibrant parts of Egypt\u2019s burgeoning startup scene in recent years, with firms in the sector closing some huge investment rounds this year. MNT-Halan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b07d9131-549a-4e31-aba4-b39a6704f6ac\">raised USD 120 mn<\/a> in what could be the region\u2019s largest-ever startup investment by a fintech firm, while Dopay closed <a href=\"https:\/\/enterprise.press\/stories\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round-53683\/\">a USD 18 mn series A<\/a> round. With its large unbanked population, the attractiveness of the Egyptian market also has foreign companies like <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f6fe007-c8fc-46be-8f1a-2f6be3d9ba7a\">JumiaPay<\/a> and UK-based <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f42fcd51-a077-4529-a8bb-4b07783f8ff2\">Jumo<\/a> looking to set up shop.<\/p>\n<p><strong>Even before covid, the digital payments market has been growing faster in Africa than in <\/strong><strong>Europe<\/strong>. In Nigeria, the number of digital payment transactions grew from 66 mn in 2008 to <a href=\"https:\/\/www.finextra.com\/the-long-read\/44\/there-is-more-to-digital-payments-in-africa-than-m-pesa\">2 bn 2018<\/a>, while France\u2019s transactions only grew from 33 mn to 61.5 mn during the same period, according to data from Statista.<\/p>\n<p><strong>Payment markets in emerging economies still face many challenges:<\/strong> Many continue to have low rates of financial inclusion, and according to <a href=\"https:\/\/blogs.worldbank.org\/psd\/fintech-and-financial-inclusion\">the World Bank<\/a> around 1.7bn adults in emerging markets remain unbanked and do not use a mobile money provider. However, that figure is falling, with fintech helping make financial services more accessible to more people. Over the last decade, the unbanked population fell by 35%, mainly due to an increase in mobile money accounts, the World Bank reported.<\/p>\n<p><strong>Policymakers in Egypt are trying to make fintech more accessible to all:<\/strong> The central bank has issued a number of rules to facilitate the use of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f5737d6-e563-40cd-8d35-ee7d5c03f150\">mobile wallets<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08a18893-7b7e-4681-8215-21e86b3aeb99\">contactless payments<\/a>, as well as make it easier to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f5737d6-e563-40cd-8d35-ee7d5c03f150\">make payments and transfers<\/a> between different service providers. A greater legislative focus on financial inclusion is also attempting to create a friendlier environment for fintech businesses to establish themselves in Egypt, with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/588f3415-1308-485b-9c1e-c19381690de1\">new rules for licensing and governance<\/a> currently being discussed by lawmakers in the House.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/the-macro-picture\/\">THE MACRO PICTURE<\/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=\"554398\" 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\/2021\/12\/05\/554398\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554398\" class=\"content-area-description single-story post-554398 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>24 November-7 December (Wednesday-Tuesday): Designated period for SODIC shareholders to subscribe to Aldar Properties and ADQ\u2019s mandatory tender offer (<a href=\"http:\/\/enterprisemea.com\/wp-content\/uploads\/2021\/11\/EGX-announcement-%E2%80%94-Aldar-_-SODIC-MTO.pdf\">pdf<\/a>).<\/p>\n<p>26 November-5 December (Friday-Sunday): <a href=\"https:\/\/www.facebook.com\/CairoFilms\/photos\/a.386668088207064\/1611462495727611\/\">The 43rd Cairo International Film Festival<\/a>.<\/p>\n<p>5 December (Sunday): Purchasing managers\u2019 index figures for November for Egypt, Saudi Arabia, and Qatar will be released.<\/p>\n<p>7-8 December (Tuesday-Wednesday): <a href=\"https:\/\/northafricatradefinance.com\/\">North Africa Trade Finance Summit<\/a>.<\/p>\n<p>8-10 December (Wednesday-Friday): <a href=\"https:\/\/www.gfhsegypt.com\/\">Global Forum for Higher Education and Scientific Research (GFHS)<\/a>, Cairo, Egypt.<\/p>\n<p>8-9 December (Wednesday-Thursday): The 14th General Conference of the Islamic World Educational, Scientific, and Cultural Organisation (<a href=\"https:\/\/www.icesco.org\/en\/2021\/11\/30\/under-the-patronage-of-president-el-sisi-icesco-to-hold-its-general-conference-in-cairo-on-december-8-and-9-2021\/\">ICESCO<\/a>) will be held in Egypt.<\/p>\n<p>9-10 December (Thursday-Friday): The US <a href=\"https:\/\/www.state.gov\/summit-for-democracy\/\">Summit for Democracy<\/a>. Egypt is not among the invitees.<\/p>\n<p>9-12 December (Thursday-Sunday): The <a href=\"https:\/\/www.woodshowglobal.com\/cairo\">6th Edition of Cairo Woodshow<\/a>, Cairo International Convention Centre, Cairo, Egypt.<\/p>\n<p>10 December (Friday): Capmas will release November inflation figures.<\/p>\n<p>10 December (Friday): Silicon Waha\u2019s <a href=\"https:\/\/bit.ly\/3FATsAa\">Startup Factory<\/a> program kicks off in Assiut Technology Zone.<\/p>\n<p>12 December (Sunday): Raya Holding\u2019s Ordinary General Assembly meeting.<\/p>\n<p>12 December (Sunday): Deadline to apply to the <a href=\"https:\/\/www.mckinsey.com\/forward\/locations\/middle-east\">McKinsey Forward<\/a> program for young professionals.<\/p>\n<p>12-14 December (Sunday-Tuesday): <a href=\"http:\/\/www.foodafrica-expo.com\/\">Food Africa Cairo<\/a> trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.<\/p>\n<p>14 December (Tuesday): Inquiry session for the <a href=\"https:\/\/alborsaanews.com\/2021\/11\/21\/1483299\">Industrial Development Authority<\/a>\u2019s licenses to manufacture steel products.<\/p>\n<p>14 December (Tuesday): CDC event to announce the details of its 2022-2026 strategy period.<\/p>\n<p>14-19 December (Tuesday-Sunday): <a href=\"https:\/\/www.facebook.com\/cifcet\/\">The Cairo International Festival for Experimental Theater<\/a>.<\/p>\n<p>14-15 December (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>15 December (Wednesday): Deadline for joint stock companies and investment companies in Cairo to join e-invoicing platform.<\/p>\n<p>15 December (Wednesday): Target date for snackmaker Edita to wrap up due diligence on its acquisition of the Ole brand owner Egyptian Belgian Company.<\/p>\n<p>15 December (Wednesday): The European Bank for Reconstruction and Development will give its final approval for a USD 100 mn facility to state-owned Banque Misr to finance local SMEs working on green projects.<\/p>\n<p>16 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>End of 4Q2021: EdVentures plans to have closed at least one more edtech investment round.<\/p>\n<p>End of 4Q2021: Fawry plans to have launched its MyFawry card.<\/p>\n<p>1H2022: The World Economic Forum annual meeting, location TBD.<\/p>\n<p>1H2022: e-Aswaaq\u2019s tourism platform will roll out its ticketing and online booking portal across Egypt.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1Q2022: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9cd1fc44-1593-4317-8658-0aa792215521\">Launch of the Egyptian Commodities Exchange<\/a>.<\/p>\n<p>1Q2022: Swvl acquisition of Viapool expected to close.<\/p>\n<p>Second Half of January: Egypt <a href=\"https:\/\/alborsaanews.com\/2021\/11\/23\/1483989\">will host<\/a> the Egyptian-Bahraini Joint Committee.<\/p>\n<p>The end of January: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.<\/p>\n<p>January 2022: Tenth of Ramadan dry port tender to be launched.<\/p>\n<p>1 January 2022 (Saturday): Capital gains tax comes into effect on the EGX for local investors.<\/p>\n<p>1-15 January 2022 (Saturday-Saturday): Qualified Industrial Zones (<a href=\"https:\/\/www.trade.gov\/qualifying-industrial-zones\">QIZ<\/a>) Joint Committee.<\/p>\n<p>4 January 2022 (Tuesday): OPEC+ ministerial meeting.<\/p>\n<p>7 January 2022 (Friday): Coptic Christmas.<\/p>\n<p>10-13 January 2022 (Monday-Thursday): <a href=\"https:\/\/wyfegypt.com\/\">World Youth Forum<\/a>, Sharm El Sheikh.<\/p>\n<p>15 January (Saturday): Target date for the finalization of snackfood giant Edita\u2019s acquisition of the Egyptian Belgian Company, owner of the Ole brand.<\/p>\n<p>17-19 January 2022 (Monday-Wednesday): <a href=\"https:\/\/www.worldfutureenergysummit.com\/en-gb.html\">World Future Energy Summit<\/a>, Abu Dhabi.<\/p>\n<p>27 January 2022 (Tuesday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>11 February 2022 (Friday): <a href=\"https:\/\/finance.yahoo.com\/news\/vistas-media-acquisition-company-inc-203000610.html\">Deadline for Anghami SPAC merger<\/a>.<\/p>\n<p>11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.<\/p>\n<p>14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>15 February 2022 (Tuesday): The Industrial Development Authority\u2019s deadline for <a href=\"https:\/\/alborsaanews.com\/2021\/11\/21\/1483299\">receiving offers<\/a> from companies for licenses to manufacture steel products.<\/p>\n<p>19 February 2022 (Saturday): Public universities begin the second term of the 2021-2022 academic year.<\/p>\n<p>March 2022: 4Q2021 earnings season.<\/p>\n<p>March 2022: Deadline for the World Health Organization\u2019s <a href=\"https:\/\/www.who.int\/news\/item\/01-12-2021-world-health-assembly-agrees-to-launch-process-to-develop-historic-global-accord-on-pandemic-prevention-preparedness-and-response\">intergovernmental negotiating body<\/a> to meet to discuss binding treaty on future pandemic cooperation.<\/p>\n<p>March 2022: World Cup playoffs.<\/p>\n<p>2 April 2022 (Saturday): First day of Ramadan (TBC).<\/p>\n<p>4 April 2022 (Monday): CDC Group will formally change its name to British International Investment.<\/p>\n<p>22-24 April 2022 (Friday-Sunday):<a href=\"http:\/\/sdg.iisd.org\/events\/2022-spring-meetings-of-the-world-bank-group-and-the-international-monetary-fund\/\">World Bank-IMF spring meeting<\/a>, Washington D.C.<\/p>\n<p>24 April 2022 (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April 2022 (Monday): Sham El Nessim.<\/p>\n<p>25 April 2022 (Monday): Sinai Liberation Day.<\/p>\n<p>Late April - 15 May 2022: 1Q2022 earnings season<\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>2 May 2022 (Monday): Eid El Fitr (TBC).<\/p>\n<p>16 June 2022 (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June 2022 (Thursday): June 30 Revolution Day, national holiday.<\/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>8 July 2022 (Friday): Arafat Day.<\/p>\n<p>9-13 July 2022 (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>30 July 2022 (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August 2022: 2Q2022 earnings season.<\/p>\n<p>September 2022: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>6 October 2022 (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October 2022 (Saturday): Prophet Muhammad\u2019s birthday.<\/p>\n<p>18-20 October 2022 (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>Late October - 14 November 2022: 3Q2022 earnings season.<\/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 below between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":554387,"template":"","categories":[],"tags":[],"class_list":["post-554386","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"72212bf3-1e2d-461b-9f35-3e23a89fd035","teaser":"","photo_url":"https:\/\/ent.news\/2021\/12\/575.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>Private sector activity has now been in contraction for a full year - 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\/private-sector-activity-has-now-been-in-contraction-for-a-full-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private sector activity has now been in contraction for a full year\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/private-sector-activity-has-now-been-in-contraction-for-a-full-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T00:29:28+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/575.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\/private-sector-activity-has-now-been-in-contraction-for-a-full-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/private-sector-activity-has-now-been-in-contraction-for-a-full-year\/\",\"name\":\"Private sector activity has now been in contraction for a full year - 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