{"id":554897,"date":"2021-11-21T13:43:02","date_gmt":"2021-11-21T13:43:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=554897"},"modified":"2025-12-16T00:41:26","modified_gmt":"2025-12-16T00:41:26","slug":"homegrown-spac-regulations-are-here","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/homegrown-spac-regulations-are-here\/","title":{"rendered":"Homegrown SPAC regulations are here"},"content":{"rendered":"<section id=\"554899\" 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=\"554899\">\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\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/\">\r\n                            TONIGHT: SPAC rules are here + Hamdok could be returning as Sudan\u2019s PM. Plus: Talking regulatory changes on the EGX at AUC \/ EPEA panel                        <\/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\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/\" 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\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/')\">\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\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/\">\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=TONIGHT: SPAC rules are here + Hamdok could be returning as Sudan\u2019s PM. Plus: Talking regulatory changes on the EGX at AUC \/ EPEA panel&url=https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/\">\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\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/&title=TONIGHT: SPAC rules are here + Hamdok could be returning as Sudan\u2019s PM. Plus: Talking regulatory changes on the EGX at AUC \/ EPEA panel\">\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=TONIGHT%3A+SPAC+rules+are+here+%2B+Hamdok+could+be+returning+as+Sudan%E2%80%99s+PM.+Plus%3A+Talking+regulatory+changes+on+the+EGX+at+AUC+%2F+EPEA+panel+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F11%2F21%2Ftonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel%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\/11\/21\/tonight-spac-rules-are-here-hamdok-could-be-returning-as-sudans-pm-plus-talking-regulatory-changes-on-the-egx-at-auc-epea-panel\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554899\" class=\"content-area-description single-story post-554899 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-abdalla-hamdok tag-abu-qir-fertilizers tag-capital-markets tag-enterprisepm tag-financial-regulatory-authority tag-ipo-watch tag-regulation-watch tag-spacs tag-state-privatization-program tag-sudan 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 gents.<\/strong> It\u2019s a slow start to the week, with barely any major news at home or abroad moving the needle.<\/p>\n<p><strong>THE BIG STORY TODAY-<\/strong><\/p>\n<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>SPAC rules are here:<\/strong> The Financial Regulatory Authority (FRA) issued today the <a href=\"https:\/\/ent.news\/2021\/11\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%B1%D9%82%D9%85-%D9%A1%D9%A7%D9%A1-%D9%84%D8%B3%D9%86%D8%A9-2021-1.pdf\">rules<\/a><a href=\"https:\/\/ent.news\/2021\/11\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%B1%D9%82%D9%85-%D9%A1%D9%A7%D9%A1-%D9%84%D8%B3%D9%86%D8%A9-2021-1.pdf\">and regulations (pdf)<\/a> for companies looking to establish blank-check firms (aka SPACs) to raise capital and merge with or acquire another company through an IPO, FRA head Mohamed Omran said in a <a href=\"https:\/\/ent.news\/2021\/11\/%D9%85%D8%B9%D8%AF-%D8%A7%D9%84%D9%86%D8%B4%D8%B1SPAC-%D8%B6%D9%88%D8%A7%D8%A8%D8%B7-%D8%B4%D8%B1%D9%83%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AD%D9%88%D8%A7%D8%B00.docx\">statement (pdf)<\/a>. The rules include the timeline for companies to pull the trigger on SPAC mergers and list on the EGX, as well as requirements on shareholder structure and minimum capital. The regulator has also issued <a href=\"https:\/\/ent.news\/2021\/11\/%D9%82%D8%B1%D8%A7%D8%B1-%D8%B1%D9%82%D9%85-172-%D9%84%D8%B3%D9%86%D8%A9-2021-2.pdf\">amendments (pdf)<\/a> to listing and delisting rules on the bourse to make way for SPACs to hit the EGX. The regulations come a few weeks after the proposal spearheaded by EGX boss Mohamed Farid <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a464bafe-21f2-4b7e-a02e-63708d29114c\">received the greenlight<\/a> from the FRA.<\/p>\n<p><strong>^^ We\u2019ll have the full breakdown of the rules in tomorrow\u2019s edition of EnterpriseAM.<\/strong><\/p>\n<p><strong>HAPPENING NOW-<\/strong><\/p>\n<p><strong>The Senate gave its preliminary approval today <\/strong><strong>to a draft law to increase protections for<\/strong><strong> senior citizens<\/strong>, <a href=\"https:\/\/bit.ly\/30NgAvW\">Youm7<\/a> reports. The upper house of parliament will continue tomorrow its discussion of the bill, which will provide social care and benefits to up to <a href=\"https:\/\/english.ahram.org.eg\/News\/441962.aspx\">1.7 mn senior citizens<\/a> in Egypt.<\/p>\n<p><strong>LATER TONIGHT-<\/strong><\/p>\n<p><strong>AUC and the Egyptian Private Equity Association (EPEA) will host a panel on<\/strong> <strong>developments and regulatory changes in the stock market <\/strong>at the Tahrir campus tonight at 6pm, according to a <a href=\"https:\/\/ent.news\/2021\/11\/Recent-Developments-of-the-Egyptian-Stock-Exchange-media-advisory-English.pdf\">press release (pdf)<\/a>. EGX Chairman <strong>Mohamed Farid<\/strong>, Sovereign Fund of Egypt Chief investment Officer <strong>Abdalla ElEbiary<\/strong> and managing director and chief investment officer at Nile Capital Holding <strong>Basel Roshdy<\/strong> will all make appearances.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>EFG, SFE finalize acquisition of Arab Investment Bank:<\/strong> EFG Hermes <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a015541a-1a21-48dd-80d4-3dd23dd9d76b\">finalized on Thursday<\/a> their acquisition of a 51% stake in the Arab Investment Bank (aiBank), transforming the leading financial services corporation in frontier emerging markets into a universal bank in Egypt. The Sovereign Fund of Egypt\u2019s financial services sub-fund is also acquiring a 25% stake in the bank.<\/li>\n<li><strong>Al Ahly could offer almost half the club <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e353e401-9cdc-41c4-b421-29d9f5246904\">in an IPO on the EGX<\/a><\/strong> by selling shares in the newly-formed Al Ahly Football Company, which will hold all of the club\u2019s football-related assets by June 2022.<\/li>\n<li><strong>G\u00e9ant plans EGP 1 bn investment in Egypt:<\/strong> French hypermarket chain G\u00e9ant is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17d00-cb85-4527-9816-4d3572a0cb3e\">planning to invest<\/a> EGP 1 bn to open 15 new supermarkets, hypermarkets, and express markets in Egypt over the next five years.<\/li>\n<\/ul>\n<p><strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>SUDAN WATCH- Hamdok is coming back as PM:<\/strong> Abdalla Hamdok is returning to his position as Sudan\u2019s prime minister after signing an agreement minutes ago with military chief Abdel Fattah Al Burhan (<a href=\"https:\/\/twitter.com\/SUNA_AGENCY\/status\/1462402647529459715\">watch, runtime: 23:16<\/a>). Hamdok was ousted in a coup last month, which led to weeks of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/26e2b4d2-eb63-4adf-894e-d5e8d4a3e9e2\">unrest<\/a> that left scores of people dead. Hamdok will form an independent cabinet of technocrats and all political detainees will be released, under an agreement between the military and political parties, head of the centrist Umma Party Fadlallah Burma Nasir told <a href=\"https:\/\/www.reuters.com\/world\/africa\/sudan-military-reinstate-ousted-pm-hamdok-after-deal-reached-umma-party-head-2021-11-21\/\">Reuters<\/a> earlier in the day. The coup had upended a two-year transition to civilian rule and drew strong international condemnation from the African Union, the UN and the EU, with donors like the US and the World Bank suspending aid to Sudan.<\/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>The new administrative capital plays host to a <strong>Comesa summit<\/strong> starting on Tuesday, the same day the state\u2019s SECC hosts a webinar on <strong><a href=\"https:\/\/register.gotowebinar.com\/register\/1994227539316855563\">fintech in Egypt<\/a><\/strong>.<\/p>\n<p>Startup festival <strong><a href=\"https:\/\/www.facebook.com\/events\/857701738279267\/\">RiseUp<\/a><\/strong> starts on Thursday and runs through Saturday, while the <strong><a href=\"https:\/\/www.facebook.com\/CairoFilms\/photos\/a.386668088207064\/1611462495727611\/\">Cairo<\/a><\/strong> <strong><a href=\"https:\/\/www.facebook.com\/CairoFilms\/photos\/a.386668088207064\/1611462495727611\/\">International Film Festival<\/a><\/strong> kicks off its weeklong run this coming Friday.<\/p>\n<p><strong>The Home Appliances and Table Show (<\/strong><strong><a href=\"http:\/\/hatsegypt.com\/\">HATS Egypt<\/a><\/strong><strong>)<\/strong> starts tomorrow and wraps up on Wednesday. The event is organized by the Engineering Export Council of Egypt and brings together companies working in the home appliances sector.<\/p>\n<p><strong>ITIDA and the Software Engineering Competence Center are hosting a webinar on the<\/strong> <strong>future of fintech in Egypt on Tuesday<\/strong>, 23 November. The event will look at the current landscape and expected changes in light of new tech, regulations and market changes. You can register to attend <a href=\"https:\/\/register.gotowebinar.com\/register\/1994227539316855563\">here<\/a>.<\/p>\n<p><strong>BOOK LAUNCH-<\/strong> <a href=\"https:\/\/www.amazon.com\/Up-Doing-Street-Washington-Investing\/dp\/163331054X\">Up and Doing<\/a>, a memoir penned by Chairman of the Egyptian-American Enterprise Fund James Harmon (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7631af1a-495f-4db0-bcc1-3563e1f33f0d\">Morning Routine<\/a>), will be published this Tuesday, 23 November. The memoir recounts Harmon\u2019s career as a banker and discusses \u201chow markets can move the world forward by creating stable, growing economies and sound [transactions] that promote economic development.\u201d<\/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>\u2614 <strong>TOMORROW\u2019S WEATHER- Another rainy day in store: <\/strong>There\u2019s a 40% chance of showers tomorrow while the mercury will drop to 22\u00b0C during the day and a chilly 15\u00b0C at night, our favorite weather app tells us.<\/p>\n<p><strong>Don\u2019t get too excited about winter finally coming:<\/strong> We\u2019re starting to see forecasts that temperatures will rise to 28\u00b0C at the end of the week.<\/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\/abdalla-hamdok\/\">Abdalla Hamdok<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-qir-fertilizers\/\">Abu Qir Fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/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     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   <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\/11\/21\/green-transition-could-leave-tns-of-assets-stranded-fancy-a-holiday-in-btcity\/\">\r\n                            Green transition could leave tns of assets stranded + Fancy a holiday in BTCity?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/green-transition-could-leave-tns-of-assets-stranded-fancy-a-holiday-in-btcity\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/187.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554902\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/green-transition-could-leave-tns-of-assets-stranded-fancy-a-holiday-in-btcity\/187-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/187.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"187.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/187.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/187.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554901\" class=\"content-area-description single-story post-554901 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-amazon tag-apple tag-carbon-footprint tag-climate-change tag-energy tag-enterprisepm tag-evs tag-for-your-commute tag-green-economy tag-green-energy tag-international-renewable-energy-agency tag-mastercard tag-visa wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The green transition could see companies lose tns in stranded assets<\/strong>, the <a href=\"https:\/\/www.wsj.com\/articles\/trillions-in-assets-may-be-left-stranded-as-companies-address-climate-change-11637416980?mod=hp_lead_pos7\">Wall<\/a><a href=\"https:\/\/www.wsj.com\/articles\/trillions-in-assets-may-be-left-stranded-as-companies-address-climate-change-11637416980?mod=hp_lead_pos7\">Street Journal<\/a> reports, as the shift away from fossil fuels forces write-downs of everything from pipelines to power stations. At least USD 11.8 tn of assets globally could become worthless as rules are increasingly enforced to curb emissions, according to International Renewable Energy Agency data from 2019, with the energy industry accounting for USD 3.3 tn of that.<\/p>\n<p><strong>The transition-timing tightrope: <\/strong>While many big emitters have made net-zero or carbon-reduction pledges, the risk of write-offs has left some dragging their feet on fulfilling the targets. \u201cEvery CEO, and every board, wants to ensure that they don\u2019t go to the future more rapidly than is warranted,\u201d one sustainability consultant told the WSJ. But the longer we wait to curb the effects of climate change, the greater the risk of further losses as extreme weather events destroy other assets like houses, farms and infrastructure. Meanwhile, any drastic regulatory action \u2014 such as introducing a carbon tax that wipes out the value of fossil fuel reserves \u2014 could cause a \u201cgreen swan\u201d event that leads to a financial crisis, the Bank for International Settlements, a consortium of central banks, said last year.<\/p>\n<p><strong>Visa and Amazon are squabbling over transaction fees:<\/strong> Visa is accusing Amazon of punishing customers with its decision to stop accepting UK-issued Visa credit cards starting next year because of the company\u2019s high transaction fees, reported the <a href=\"https:\/\/www.ft.com\/content\/70ef30df-55b1-4859-8262-f33c1a0b9a7f\">Financial Times<\/a>. The e-commerce giant will continue accepting Visa debit cards, but is also considering ending its partnership with Visa for its co-branded US card, and has offered incentives to customers to use alternative payment methods in Singapore and Australia. Visa and Mastercard charge almost identical transaction fees in the UK, one payments firm claims, while a person familiar with the negotiations says interchange fees were just one issue between the company and Amazon. Both Visa and Mastercard have been accused of <a href=\"https:\/\/www.bbc.com\/news\/business-59306200\">doubling their fees<\/a> over the past two years, according to the British Retail Consortium.<\/p>\n<p><strong>Could the future be cardless?<\/strong> Merchants like Amazon are pushing to renegotiate transaction fees with their newfound leverage in a market where alternative, API-powered payment methods that bypass traditional card systems take hold, the FT writes. The UK Payment Systems Regulator is looking into interchange fees, and may take action to correct any identified issues, it said this month.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>SIGN OF THE TIMES- El Salvador hopes to get ahead of crypto by building the world\u2019s first BTC City<\/strong>, which will be funded by BTC-backed bonds, <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/el-salvador-plans-first-bitcoin-city-backed-by-bitcoin-bonds-2021-11-21\/\">Reuters<\/a> reports. The \u201cfully ecological\u201d circular BTCH city would be powered by a volcano in the eastern region of La Union, President Nayib Bukele said yesterday. The city will not levy any taxes except for VAT, which will be used to finance the bonds and basic municipal services, Bukele said. The initial bonds will be issued in 2022, with crypto exchanges Mow and Bitfinex listed as bookrunners. The Central American country <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c33c37-4629-4d95-b717-515f04d47492\">became the first<\/a>to adopt BTC as an official currency in September.<\/p>\n<p><strong>Apple is pushing to launch its electric self-driving car as soon as 2025<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-18\/apple-accelerates-work-on-car-aims-for-fully-autonomous-vehicle?sref=ctSjKj2N&cmpid=socialflow-twitter-business&utm_source=twitter&utm_medium=social&utm_campaign=socialflow-organic&utm_content=business\">Bloomberg<\/a> reported. The tech giant is shifting its focus from a more conventional EV to a fully self-driving vehicle with no steering wheel or pedals, according to sources close to the matter. The much-rumored automotive project which started around 2014 is now targeting a faster release than the five-to-seven-year <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-01-07\/apple-s-aapl-tesla-tsla-killer-won-t-ship-for-at-least-half-a-decade\">timeline<\/a> some engineers had expected. Apple supposedly finished much of the \u201ccore work\u201d on the car\u2019s processor. The iPhone maker\u2019s stock rose to a new all-time high following the news, <a href=\"https:\/\/www.cnbc.com\/2021\/11\/19\/apple-shares-hit-record-plans-build-self-driving-car-as-soon-as-2025.html\">CNBC<\/a> reported, closing up 1.7% and trading at USD 160.55 per share on Friday. Apple venturing into cars would put the company in competition with the world\u2019s most valuable automaker Tesla, and EV newcomers like Lucid Motors and Rivian, whose stocks have seen strong investor interest.<\/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\/amazon\/\">Amazon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/apple\/\">Apple<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carbon-footprint\/\">carbon footprint<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/for-your-commute\/\">FOR YOUR COMMUTE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-energy\/\">green energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-renewable-energy-agency\/\">International Renewable Energy Agency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mastercard\/\">Mastercard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/visa\/\">Visa<\/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=\"554903\" 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=\"554903\">\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\/11\/21\/the-cairo-opera-house-is-teeming-with-events-this-week-seafood-lovers-youre-welcome\/\">\r\n                            The Cairo Opera House is teeming with events this week + seafood lovers, you\u2019re welcome.                        <\/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\/11\/21\/the-cairo-opera-house-is-teeming-with-events-this-week-seafood-lovers-youre-welcome\/\" 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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Police detective and recent widow Jin Kyeong-hoon gets put on the case to investigate whether the cult is deliberately carrying out mysterious killings. As much as Kyeong-hoon tries, he can\u2019t find an earthly explanation to the otherworldly occurrences. The murders are all intriguing enough to keep you hooked on the show and while the flow is slow at first, the series really captures the characters and delves into their intentions and motives.<\/p>\n<p>\u26bd <strong>Gameweek 12 of the English Premier League concludes today<\/strong>, with the next match between Manchester City and Everton starting soon at 4pm. Later on in the day Tottenham will face Leeds at 6:30pm.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Speaking of the Premier League:<\/strong> Manchester United has <a href=\"https:\/\/www.manutd.com\/en\/news\/detail\/man-utd-statement-on-ole-gunnar-solskjaer\">sacked<\/a> <sup><\/sup><sup><\/sup>manager Ole Gunnar Solskjaer after yesterday\u2019s embarrassing 4-1 defeat by Watford, the club\u2019s fifth loss in its last seven PL games.<\/p>\n<p><strong>Meanwhile, don\u2019t miss the La Liga match between Real Madrid and Granada<\/strong> at 5:15pm.<\/p>\n<p><strong>Serie A also has an exciting match today<\/strong> as Inter Milan hosts Napoli at 7pm. The game is Napoli\u2019s chance to be at the top of the league after Milan fell yesterday against Fiorentina, losing 3-4. Meanwhile, Inter is trying hard to reduce the 7-point difference with Milan.<\/p>\n<p><strong>In the Egyptian League:<\/strong> Pharco will play against Ceramica Cleopatra at 5:30pm, before Misr Lel Mekassa hosts Alexandria\u2019s Al Ittihad at 8pm.<\/p>\n<p><strong>? EAT THIS TONIGHT- <\/strong><\/p>\n<p><strong>Get premium seafood and more from this online shop: <\/strong><a href=\"http:\/\/seasaltfish.com\">Seasalt Fish<\/a> has a huge range of offerings from the sea, from fresh locally-sourced fish to imported specialties and ready-to-be-cooked seafood bags. You can get fresh Norwegian salmon, halibut, lobster, mahi-mahi, bottarga, herring, octopus, and more in various cuts, seasonings, and forms. They also sell the French delicacy escargot, with the snails seasoned with garlic butter, as well as all kinds of high-end caviar such as beluga. If you\u2019d like to try them out with less-exotic offerings, get their cold spicy crab dip, cilantro lime wild baby shrimps, salmon tartare, or grouper fish skewers that come with tzatziki sauce. Seasalt fish also has a range of knives so you can really unleash your inner seafood sous-chef.<\/p>\n<p>? <strong>OUT AND ABOUT-<\/strong><\/p>\n<p>(all times CLT)<\/p>\n<p><strong>Another film festival is brewing in Cairo, with the <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/retro-avant-garde-film-festiva\/471172356620588\/\">Retro Avant Garde Film Festival<\/a><\/strong><strong> kicking off tomorrow and running until Friday.<\/strong> The international event also takes place in New York and Turkey every year, showing films by avant garde filmmakers in Egypt and around the world. You\u2019ll find a bit of everything displayed on the Cairo Opera House screen, with genres including fiction, documentary, experimental, horror, fantasy, noir, animation, and even music videos. You can learn more about the festival from <a href=\"https:\/\/www.ragff.com\/ragffcairo2021\">their website<\/a>.<\/p>\n<p><strong>There are two days left at the <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/comic-strips-exhibition-belgiu\/956268581636575\/\">Comic Strips Exhibition<\/a><\/strong> hosted by the Belgian Embassy in Cairo at the Al Hanager Arts Centre at the Opera House. The exhibition will feature original drawings from famous Belgian artists, with video interviews showing the process of creating these comics.<\/p>\n<p><strong>Also at the Cairo Opera House, pianist <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/omar-khairat-2-concerts-21-22-\/351885466674406\/\">Omar Khairat<\/a><\/strong><strong> takes to the stage today and<\/strong><strong> tomorrow<\/strong> at 8pm.<\/p>\n<p><strong>Azza Fahmy is in the spotlight <\/strong><strong><a href=\"https:\/\/auc-connect.aucegypt.edu\/PUBLICEV\/rsvp_boot?id=300061306\">at a talk<\/a><\/strong><strong> on Tuesday at AUC Oriental Hall from 6-8pm.<\/strong> She will be joined by Dean of the School of Continuing Education James Ketterer to talk about her design and jewelry brand, with a focus on the newly launched program Jewelry Making Business Management, which is being launched in collaboration with the school.<\/p>\n<p><strong>We previously sat down with the jewelry brand\u2019s Managing Director Fatma Ghali on our<\/strong><strong> podcast, Making It<\/strong>, to talk about the origin story of the business and how they\u2019ve grown it to attract an international audience (<a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/one-ring-to-rule-them-all-how-azza-fahmy-brand-became\/id1487974619?i=1000459387625\">listen, runtime: 29:30<\/a>).<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Duke University professor Dorie Clark debunks the myth of overnight success in<\/strong><strong> her new book <\/strong><strong><a href=\"https:\/\/www.amazon.com\/Long-Game-Long-Term-Thinker-Short-Term\/dp\/164782057X\/ref=sr_1_1?dchild=1&qid=1615061320&refinements=p_27:Dorie+Clark&s=books&sr=1-1\">The Long Game<\/a><\/strong><strong>: <\/strong>Clark coins the term \u201cstrategic patience,\u201d which companies should incorporate into their strategy to ensure they don\u2019t grow at a pace that proves itself unsustainable. Instead, strategic patience calls for small, methodological steps that build a strong foundation for every new move, product, or service introduced that ensures that the business boasts quality and resilience. Clark breaks down what this kind of thinking would look like in different business situations through company case studies and personal experiences. She also takes the time to implement the strategy on a more personal level outside the workplace to really drive home the point that sometimes slow and steady really is the key to coming out on top in the race. Clark goes into the importance of strategic thinking in this interview with <a href=\"https:\/\/www.forbes.com\/sites\/niharchhaya\/2021\/09\/24\/the-power-of-strategic-patience-with-top-business-thinker-dorie-clark\/?sh=6fc892875681&fbclid=IwAR1II8dR0pe9NQRaiF4jmx5SSIb8E4QXbHv_Ng-ehO4biQQhDL8BNYF4TD8\">Forbes<\/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\/azza-fahmy\/\">Azza Fahmy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/enterprise-recommends\/\">Enterprise Recommends<\/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=\"554905\" 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=\"554905\">\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\/11\/21\/market-roundup-on-21-november\/\">\r\n                            Market roundup on 21 November                        <\/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\/11\/21\/market-roundup-on-21-november\/\" 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\/11\/21\/market-roundup-on-21-november\/')\">\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\/11\/21\/market-roundup-on-21-november\/\">\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 21 November&url=https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/market-roundup-on-21-november\/\">\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\/11\/21\/market-roundup-on-21-november\/&title=Market roundup on 21 November\">\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+21+November+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F11%2F21%2Fmarket-roundup-on-21-november%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\/11\/21\/market-roundup-on-21-november\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554905\" class=\"content-area-description single-story post-554905 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 fell 0.6% at today\u2019s close<\/strong> on turnover of EGP 547.6 mn (62.7% below the 90-day average). Local investors were net sellers. The index is up 3.9% YTD.<\/p>\n<p><strong>In the green: <\/strong>Eastern Company (+0.9%), EFG Hermes (+0.9%) and Credit Agricole Egypt (+0.1%).<\/p>\n<p><strong>In the red: <\/strong>Speed Medical (-6.8%), Raya Holding (-4.4%) and GB Auto (-3.7%).<\/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<section id=\"554906\" 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=\"554906\">\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\/11\/21\/are-we-entering-the-era-of-post-pandemic-austerity\/\">\r\n                            Are we entering the era of post-pandemic austerity?                        <\/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\/11\/21\/are-we-entering-the-era-of-post-pandemic-austerity\/\" 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\/11\/21\/are-we-entering-the-era-of-post-pandemic-austerity\/')\">\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\/11\/21\/are-we-entering-the-era-of-post-pandemic-austerity\/\">\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=Are we entering the era of post-pandemic austerity?&url=https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/are-we-entering-the-era-of-post-pandemic-austerity\/\">\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\/11\/21\/are-we-entering-the-era-of-post-pandemic-austerity\/&title=Are we entering the era of post-pandemic austerity?\">\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=Are+we+entering+the+era+of+post-pandemic+austerity%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F11%2F21%2Fare-we-entering-the-era-of-post-pandemic-austerity%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\/11\/21\/are-we-entering-the-era-of-post-pandemic-austerity\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/189.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"554907\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/11\/21\/are-we-entering-the-era-of-post-pandemic-austerity\/189-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/189.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"189.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/189.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/189.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554906\" class=\"content-area-description single-story post-554906 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-austerity tag-economy tag-emerging-markets tag-enterprisepm tag-finance tag-fiscal-policy 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-08\"><\/a> <strong>Governments are widely scaling back massive fiscal programs that had helped <\/strong><strong>push economies through covid<\/strong> \u2014 a trend that, contrary to popular belief, could potentially have more impact on the global economy than monetary policy tightening by central banks, says <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-15\/budget-cuts-will-take-a-big-chunk-out-of-world-economy-next-year\">Bloomberg<\/a>. Together, governments plugged in an amount equal to 2.5% of global GDP in the form of higher spending to aid their ailing economies, a staggering five times more than the funds deployed in post-2008 financial crisis austerity measures, estimates from investment bank UBS show.<\/p>\n<p><strong>A balancing act: <\/strong>While fiscal tightening leads to slower growth, it could also help combat the rising inflation cropping up in many parts of the world. The government does this by raising taxes, curbing public spending, or cutting public-sector jobs. This slows down the economic cycle temporarily to balance out growth and inflation. Contractionary fiscal policy has been a go-to approach for many governments facing mounting inflationary pressure, with the reasoning that a lower debt load will help the economy recover faster.<\/p>\n<p><strong>Fiscal stimulus and a successful vaccine rollout were key drivers in the post-pandemic rebound:<\/strong> With the global economy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25f9cb94-cb29-4bc6-940c-e3d41d7b425f\">estimated<\/a> to be expanding at its strongest post-recession pace in 80 years, huge spending programs, primarily in a small number of wealthy economies which put in place public programs to support households and businesses, were seen as the most powerful post-covid growth engine.<\/p>\n<p><strong>But the tides are now turning:<\/strong> A reversal of pandemic spending by the world\u2019s biggest-spending governments is now threatening to dent the post-covid recovery drive, with the world\u2019s largest economy, the US, <a href=\"https:\/\/www.project-syndicate.org\/commentary\/economic-policy-cycles-spending-and-austerity-by-harold-james-2021-11\">ending emergency spending<\/a>, and the Biden administration\u2019s pushing for a spending plan with more of a long-term view. In Europe, an <a href=\"https:\/\/www.politico.eu\/article\/brussels-deep-state-takes-control-over-the-eus-deficit-rule-debate\/\">austerity debate<\/a> is just around the corner and UK officials are <a href=\"https:\/\/www.ft.com\/content\/25b4a106-13f5-44f0-bc31-7c216fe28b14\">beginning to moralize<\/a> about their duty to start narrowing deficit spending. Elsewhere, Japan is <a href=\"https:\/\/www.japantimes.co.jp\/news\/2021\/11\/13\/national\/japan-stimulus-coronavirus-kishida\/\">planning more spending<\/a> that won\u2019t quite match pandemic-era stimulus, China is <a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2021-11-09\/china-s-economic-model-is-probably-broken\">paying more attention to its budget figures<\/a>, while Brazil is debating whether to <a href=\"https:\/\/www.reuters.com\/world\/americas\/brazil-stocks-currency-plunge-rate-futures-rise-fiscal-fears-2021-10-21\/\">keep in place spending limits<\/a>, and Mexico <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-09-08\/mexico-proposes-gentle-easing-of-austerity-in-next-year-s-budget\">isn\u2019t budging much<\/a> on its tight spending approach.<\/p>\n<p><strong>Spending wasn\u2019t all the rage for developing economies<\/strong>, with an inability to sustain stimulus programs and high debt levels continuing to weigh on economic recoveries. EMs that rolled out aggressive spending programs added little to their recoveries, writer-investor Ruchir Sharma writes for the <a href=\"https:\/\/www.ft.com\/content\/37e8e350-71a7-4c00-a4de-a5a6ba776bfb\">Financial Times<\/a>. \u201cEmerging markets that stimulated most aggressively got no pay-off in a faster recovery, owing in part to the downsides of overindulging,\u201d Sharma says. Risk-taking EM governments that went long ended up with higher headline inflation, rising interest rates, and a weaker currency \u2014 all of which wiped out the potential gains of stimulus spending, he explains. The impact of stimulus in EMs was also limited by covid-19, with Goldman Sachs research showing an (unsurprising) correlation between the strictness of a lockdown and pace of vaccine rollout in one country, and the detrimental effect to growth.<\/p>\n<p><strong>Why? <\/strong>Overspending, particularly by EMs, often produces the opposite effect. This is because EMs lack both the financial resources and institutional credibility to pull off major budget tweaks without unbalancing the economy. When an EM country overspends, it adds pressure on interest rates and inflation. This phenomenon was seen throughout the pandemic, with large spenders witnessing a slower median post-pandemic recovery rate of 12% of GDP, compared to a median rate of 19% in light spenders. An element of fiscal spending may also be political, Sharma adds, with Latin American nations traditionally being heavy spenders, while Asian countries tend to keep a tighter fiscal purse.<\/p>\n<p><strong>Here at home, fiscal stimulus was implemented on a smaller scale<\/strong>, starting with an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fec63e66-71d2-4779-91fb-5dd6ba414562\">EGP 100 bn stimulus package<\/a> President Abdel Fattah El Sisi signed off on at the start of the pandemic that ended up <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/620c3497-e259-4997-b2b1-8225c8fc9aca\">exceeding its limit<\/a>, with spending going towards healthcare, breaks on energy costs for industry, tourism and hospitality, monthly stipends to day laborers, and vaccine purchases. The central bank and government also instituted tourism bailout programs (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e023b0-5a18-4efa-b4db-49ebd1c4b774\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aa672b5a-733e-4c75-a157-f99e6628b23c\">here<\/a>), while the government implemented <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83ee1b22-6d30-40c5-8bcf-1855ccb78662\">larger stipend handouts to seasonal laborers<\/a>, and the CBE provided EGP 100 bn in subsidized lending <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/05\/egypt-launches-egp-100-bn-program-to-boost-local-industry-7831\/\">to domestic factories<\/a>.<\/p>\n<p><strong>Despite the risks of fiscal tightening, monetary policy remains in the spotlight<\/strong>, and the mainstream narrative seems more concerned that ultra-loose monetary policy and tapering by central banks will be what derails the global economy. This is especially true for EMs, whose currencies and bonds have done well this year after the covid-19 pandemic initially saw investors <a href=\"https:\/\/www.wsj.com\/articles\/emerging-markets-need-a-better-safety-net-it-already-exists-11586441942\">pulling a record USD 83 bn from EMs<\/a>. They could face stiffer competition from lower risk developed countries\u2019 debt if interest rates rise elsewhere. The US Federal Reserve announced a few weeks back that it would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01ff5ec8-6224-4431-8796-fcb03e034f26\">begin rolling back<\/a> its USD 120 bn a month bond buying program as early as this month, phasing out the asset-purchase programme completely by June 2022. Fed chair Jay Powell reassured market watchers that a rate hike was still far off, but said the Fed would take firm action should inflation threaten to get out of control.<\/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\/austerity\/\">austerity<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fiscal-policy\/\">fiscal policy<\/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=\"554908\" 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\/11\/21\/554908\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-554908\" class=\"content-area-description single-story post-554908 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>November: The French-Egyptian Business Forum is set to take place in the Suez Canal Economic Zone.<\/p>\n<p>November: Egypt will <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/163314772505618\">host another round of talks<\/a> to reach a potential Egyptian-Eurasian trade agreement, which can significantly contribute to increasing the volume of Egyptian exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.<\/p>\n<p>22-24 November (Monday-Wednesday): The Home Appliances and Table Show (<a href=\"http:\/\/hatsegypt.com\/\">HATS Egypt<\/a>) is taking place, organized by the Engineering Export Council of Egypt.<\/p>\n<p>23 November: 2021 Common Market for Eastern and Southern Africa (Comesa) summit in Sharm El Sheikh.<\/p>\n<p>23 November (Tuesday): Webinar on <a href=\"https:\/\/register.gotowebinar.com\/register\/1994227539316855563\">FinTech Future in Egypt<\/a>.<\/p>\n<p>23 November (Tuesday): Chairman of the Egyptian-American Enterprise Fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7631af1a-495f-4db0-bcc1-3563e1f33f0d\">James Harmon<\/a> will publish his memoir titled <a href=\"https:\/\/www.amazon.com\/Up-Doing-Street-Washington-Investing\/dp\/163331054X\">Up and Doing<\/a>. <sup><\/sup><\/p>\n<p>25 November (Thursday): Rameda Pharma\u2019s <a href=\"https:\/\/bit.ly\/3bCRthH\">annual general meeting (pdf)<\/a>, at which it will decide on the sale of a 5% stake in the company from an individual shareholder to an unnamed institutional investor.<\/p>\n<p>25 November (Thursday): Ibnsina Pharma\u2019s <a href=\"https:\/\/ent.news\/2021\/11\/Ibn-Sina_Pharma-earnings-report-141121.pdf\">extraordinary general assembly meeting (pdf)<\/a> to discuss the company\u2019s planned capital increase to EGP 280 mn through a share issuance.<\/p>\n<p>25-27 November (Thursday-Saturday): <a href=\"https:\/\/www.facebook.com\/events\/857701738279267\/\">RiseUp Summit<\/a>, Cairo, Egypt.<\/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>28 November-1 December (Sunday-Wednesday): <a href=\"https:\/\/creativeindmena.com\/\">Creative Industry Summit<\/a>, Nile Ritz-Carlton.<\/p>\n<p>29 November-2 December (Monday-Thursday): <a href=\"https:\/\/www.egyptdefenceexpo.com\/\">Egypt Defense Expo<\/a>, Egypt International Exhibition Centre.<\/p>\n<p>30 November (Tuesday): Launch of open call by KfW for green project proposals in Egypt as part of their <a href=\"https:\/\/ent.news\/2021\/11\/2021-11-08_FINAL_EGY-ONLY-announcement-en-1.pdf\">Investing for Employment facility (pdf).<\/a><\/p>\n<p>End of November: El Nasr Automotive expects to have found a replacement for Dongfeng as its partner for its local EV assembly plans.<\/p>\n<p>1 December (Wednesday): Unvaccinated members of the public will be banned from government buildings from this date; unvaccinated students will be prevented from accessing university campuses.<\/p>\n<p>1 December (Wednesday): Government departments will begin moving to offices in the new capital.<\/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-Thursday): <a href=\"https:\/\/www.gfhsegypt.com\/\">Global Forum for Higher Education and Scientific Research (GFHS)<\/a>, Cairo, Egypt.<\/p>\n<p>10 December (Friday): Capmas will release November inflation figures.<sup><\/sup><\/p>\n<p>12 December (Sunday): Raya Holding\u2019s Ordinary General Assembly meeting.<\/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>14-19 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): 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>1H The World Economic Forum annual meeting, location TBD.<\/p>\n<p>1H: e-Aswaaq\u2019s tourism platform will roll out its ticketing and online booking portal across Egypt.<\/p>\n<p>1H: 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>1 January 2022: Capital gains tax comes into effect on the EGX for local investors.<\/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>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>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: World Cup playoffs.<\/p>\n<p>2 April 2022 (Saturday): First day of Ramadan (TBC).<\/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: 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: 2Q2022 earnings season.<\/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: 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\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":554898,"template":"","categories":[],"tags":[],"class_list":["post-554897","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6cf8caa4-4311-4171-921c-2e3c0cff1fb2","teaser":"","photo_url":"https:\/\/ent.news\/2021\/11\/183.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>Homegrown SPAC regulations are here - 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\/homegrown-spac-regulations-are-here\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homegrown SPAC regulations are here\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/homegrown-spac-regulations-are-here\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T00:41:26+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/183.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\/homegrown-spac-regulations-are-here\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/homegrown-spac-regulations-are-here\/\",\"name\":\"Homegrown SPAC regulations are here - 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