{"id":564105,"date":"2021-08-09T13:54:54","date_gmt":"2021-08-09T13:54:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=564105"},"modified":"2025-12-16T04:23:09","modified_gmt":"2025-12-16T04:23:09","slug":"enterprise-its-a-banking-heavy-day-as-the-national-investment-bank-could-be-shuttered-while-bank-abc-kicks-off-mto-for-blom-bank-egypt","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-its-a-banking-heavy-day-as-the-national-investment-bank-could-be-shuttered-while-bank-abc-kicks-off-mto-for-blom-bank-egypt\/","title":{"rendered":"Enterprise It\u2019s a banking heavy day as the National Investment Bank could be shuttered, while Bank ABC kicks off MTO for Blom Bank Egypt."},"content":{"rendered":"<section id=\"564107\" 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=\"564107\">\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\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/\">\r\n                            TONIGHT: IMF\u2019s NIB liquidation dreams could come true. + UN climate change report says damage \u201cirreversible\u201d. ALSO: Messi closer to signing with PSG.                        <\/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\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/\" 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\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/')\">\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\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/\">\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: IMF\u2019s NIB liquidation dreams could come true. + UN climate change report says damage \u201cirreversible\u201d. ALSO: Messi closer to signing with PSG.&url=https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/\">\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\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/&title=TONIGHT: IMF\u2019s NIB liquidation dreams could come true. + UN climate change report says damage \u201cirreversible\u201d. ALSO: Messi closer to signing with PSG.\">\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+IMF%E2%80%99s+NIB+liquidation+dreams+could+come+true.+%2B+UN+climate+change+report+says+damage+%E2%80%9Cirreversible%E2%80%9D.+ALSO%3A+Messi+closer+to+signing+with+PSG.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F08%2F09%2Ftonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg%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\/08\/09\/tonight-imfs-nib-liquidation-dreams-could-come-true-un-climate-change-report-says-damage-irreversible-also-messi-closer-to-signing-with-psg\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-564107\" class=\"content-area-description single-story post-564107 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-amazon tag-cement tag-climate-change tag-construction tag-covid-19 tag-enterprisepm tag-saudi-arabia tag-umrah tag-what-were-tracking-tonight wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good afternoon, ladies and gentlemen<\/strong>, and we\u2019re so happy that today is hump day, as this Thursday is off as it is the Islamic New Year.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>THE BIG STORY TODAY- Is<\/strong> <strong>state-owned NIB going to be liquidated<\/strong>? It appears that the government could be on its way to close the National Investment Bank (NIB) a move first revealed (and praised) by the IMF in its July 2021 review. The local press appears to have caught on, with the story being front page news in business journals. We\u2019ve known that the government was looking to reform the state-owned investment bank to reduce fiscal risks and had halted its lending and borrowing operations, but this is the first time we\u2019re hearing of an outright move to liquidate the bank.<\/p>\n<p><strong>The bank owns other stakes in several listed companies<\/strong> including Sidi Kerir Petrochemicals, EBE Bank, ADIB, Abu Qir Fertilizers, Misr Fertilizers Production Company, MNHD, Al Ezz Dekheila Steel - Alexandria, Misr Cement Qena, Misr Beni Suef Cement and Egytrans.<\/p>\n<p><strong>We\u2019re currently reaching out to government and NIB officials to get a better understanding of the move<\/strong>, and should have more detailed coverage in tomorrow\u2019s EnterpriseAM, so stay tuned.<\/p>\n<p><strong>Banking news continued to dominate business headlines today<\/strong>, with the sale of Blom Bank Egypt to Bahrain\u2019s Bank ABC getting underway. Shareholders of Blom Bank Egypt will sell a 99.5% stake in the bank to ABC in a mandatory tender offer (MTO) at EGP 22.33 per share, valuing the business at USD 427 mn (EGP 6.7 bn). We cover the transaction in greater detail in the Speed Round below.<\/p>\n<p><strong>** CATCH UP QUICK <\/strong>on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>World\u2019s biggest wastewater plant gets more financing:<\/strong> Emirates NBD <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f168903f-7d98-4f3b-a45f-bf53e8dca81b\">will provide EGP 2 bn<\/a> in financing for the plant in El Hamam which will be built by a consortium of four construction firms.<\/li>\n<li><strong>Even more Sahel vibes: <\/strong>Some 1.3k new hotel rooms <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/260d90e7-2453-4986-a0c2-bbfced4e45e2\">are expected to be built<\/a> in the North Coast, Deputy Tourism Minister Ghada Shalaby said without giving a timeframe.<\/li>\n<li><strong>J&J vaccines land in Egypt:<\/strong> Egypt received its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0d8f73b-53d2-4f08-a603-b95426804f63\">first 260.6k batch of Johnson & Johnson vaccines<\/a> through the African Union as part of the agreement to supply Egypt with 25 mn doses of the single-shot vaccine.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>HAPPENING NOW- Egypt rolled out the red carpet for arrivals on the first <\/strong><strong>Moscow-Hurghada flight in six years <\/strong>as Russia\u2019s ban on direct flights finally came to an end, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/197184402451988\">cabinet statement<\/a>. Assistant Tourism Minister Lamia Kamel welcomed the incoming passengers with gifts and travel advice, saying that the tourists\u2019 reactions upon returning home to Russia would be the best promotion for Egypt.<\/p>\n<p><strong>A second flight also landed right before dispatch<\/strong>, bringing 500 more Russian passengers to the Red Sea town, reports <a href=\"https:\/\/bit.ly\/3ixnzzF\">Youm7<\/a>.<sup><\/sup><\/p>\n<p><strong>Who is operating flights?<\/strong> Today\u2019s tourism group was aboard an Egyptair flight, with the airline planning to operate seven flights from Moscow to Hurghada and Sharm El Sheikh, according to the <a href=\"https:\/\/apnews.com\/article\/lifestyle-africa-business-middle-east-europe-bfda29d669213a6847b23eb6cc164b6d\">Associated Press<\/a>. Meanwhile, the Russian state aviation agency <a href=\"https:\/\/tass.com\/economy\/1323825\">greenlit eight Russian airlines<\/a> to operate five weekly flights to Hurghada and Sharm el-Sheikh from 43 cities across Russia. However, only Rossiya has so far scheduled flights, with a plane to land in each of Hurghada and Sharm later today.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Saudi Arabia will allow 2 mn vaccinated pilgrims to perform Umrah per month: <\/strong>The kingdom will gradually begin receiving Umrah pilgrimage requests from countries starting today, with authorities to greenlight pilgrimage from countries it deems safe, according to the <a href=\"https:\/\/www.spa.gov.sa\/viewfullstory.php?lang=en&newsid=2270499#2270499\">Saudi Press Agency<\/a>. Saudi has increased the capacity per month to 2 mn pilgrims, given that they are fully vaccinated with a jab that is approved in the Gulf country.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>THE BIG STORY ABROAD- The UN\u2019s panel on climate change has <\/strong><strong>warned <\/strong><strong>of the <\/strong><strong>devastating consequences of global warming<\/strong>, saying in a landmark report that planetary warming is \u201cunequivocally\u201d caused by human activity and has already caused \u201cirreversible\u201d damage. This summer\u2019s heat waves, wildfires, floods and other extreme weather events are the result of a 1.1\u00b0C rise in global temperature from its pre-industrial average, dangerously close to the 1.5\u00b0C limit that would trigger cataclysmic, runaway effects, according to scientists behind the Intergovernmental Panel on Climate Change (IPCC) report. Released ahead of November\u2019s COP26 UN climate conference in Glasgow, UN Secretary-General Ant\u00f3nio Guterres said the report must sound the \u201cdeath knell\u201d for the use of fossil fuels.<\/p>\n<p><strong>You can find the full, near 4,000-page report as well as the 50-page summary<\/strong> for policymakers on the report\u2019s landing page <a href=\"https:\/\/www.ipcc.ch\/report\/ar6\/wg1\/\">here<\/a>, or watch the recording of this morning\u2019s press conference (<a href=\"https:\/\/www.youtube.com\/watch?v=z149vLKn9d8\">watch, runtime: 1:37:40<\/a>) announcing the findings.<\/p>\n<p><strong>Picking up the story are: <\/strong><a href=\"https:\/\/www.wsj.com\/articles\/some-climate-change-effects-may-be-irreversible-u-n-panel-report-says-11628496000?mod=hp_lead_pos5\">WSJ<\/a> | <a href=\"https:\/\/apnews.com\/article\/europe-science-climate-environment-and-nature-united-nations-1d89d5183583718ad4ad311fa2ee7d83\">AP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/features\/2021-08-09\/ipcc-report-human-caused-climate-change-unequivocal?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/environment\/un-sounds-clarion-call-over-irreversible-climate-impacts-by-humans-2021-08-09\/\">Reuters<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/science-environment-58130705\">BBC<\/a> | <a href=\"https:\/\/www.cnbc.com\/2021\/08\/09\/ipcc-report-un-climate-report-delivers-starkest-warning-yet.html\">CNBC<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p>? <strong>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>SUPERCYCLE WATCH- Construction (mainly cement) is next up<\/strong>, as global governments invest bns in post-pandemic infrastructure projects, according to the <a href=\"https:\/\/www.ft.com\/content\/41574f1e-58ae-4b17-a1ea-991a46d70932\">Financial Times<\/a>, which cites industry insiders. The supercycle is expected to go on for years, with cement one of the main boosters for the demand that could increase 20-30% in the coming years, a cement executive predicted. Also fueling the cement-led supercycle are the movements by many major economies to undertake green projects in efforts to gain footing on climate change goals. However, the supercycle might not match the speed of that of the 2000s, which was driven by rapid growth by China, instead proving more sustainable over a longer period.<\/p>\n<p><strong>Amazon is stepping up delivery services for its competitors <\/strong>in an attempt to gain the upper hand in the e-commerce delivery market, the <a href=\"https:\/\/www.ft.com\/content\/9a630924-c9d0-4816-9d39-e7519e4dde72\">Financial Times<\/a> reports. Amazon Multi-Channel Fulfillment (MCF) delivers goods for the likes of Etsy and Walmart, giving the company an even greater understanding of the shopping habits of consumers, on top of its 40% market share. But stock level limits at its facilities have frustrated some sellers, and could limit the company\u2019s ability to grow the service, despite upper management\u2019s plans to expand the capacity for sellers on the website.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Messi\u2019s potential move to PSG now has a price tag:<\/strong> France\u2019s Paris Saint-Germain is offering football icon Lionel Messi an initial two-year contract, with an expected worth of GBP 25 mn a year after tax, reports <a href=\"https:\/\/www.skysports.com\/football\/news\/11095\/12374077\/lionel-messi-receives-formal-psg-two-year-contract-offer-after-barcelona-exit\">Sky Sports<\/a>. The footballer has said that \u201cnothing has been closed\u201d but fans following the ordeal over the past few days know that PSG is an almost sure thing. Barcelona refused to renew Messi after \u201cfinancial and structural obstacles\u201d made them unable to fulfil the agreed upon contract.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p><strong>A modern treasure hunt that will get you hooked: <\/strong><a href=\"https:\/\/www.amazon.com\/Storage-Wars-Northern-Treasures\/dp\/B07CSGJY7H\">Storage Wars<\/a> on Amazon Prime and <a href=\"https:\/\/www.netflix.com\/eg-en\/title\/80144666\">Storage Hunters<\/a> on Netflix both have the same premise: bid on the contents of abandoned storage lockers and sift through for buried treasures. When storage lockers are left without payment or activity for a prolonged period of time, the general public are allowed to bid for it and acquire everything inside as long as they empty it out. It\u2019s a business model that has led to a myriad of reality TV shows or episodes on YouTube with people finding items that are valuable, historic, or sometimes just plain weird. You know what they say; one person\u2019s junk is another person\u2019s treasure and this show is the epitome of that statement. The shows are a light watch that will make you wish that we had a similar system here in Egypt that could land you a quick buck and a ton of fun.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><\/p>\n<p><strong>You\u2019ve got two more days to visit the <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/creative-competition-exhibitio\/897406177541528\/\">Creative Competition Exhibition<\/a><\/strong><strong> at Consoleya. <\/strong>The event brings together the winning works of the online competition that asked participants to submit art to raise awareness about \"non-organic waste\u201d. The exhibit will run until tomorrow and is open everyday until 10pm.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>Arabic writer Mohamed Kheir has had his first novel translated into English. <\/strong>Titled <a href=\"https:\/\/www.amazon.com\/Slipping-Mohamed-Kheir\/dp\/1949641163\">Slipping<\/a> and translated by Robin Moger, the book follows journalist Seif who has lost his way as well as Bahr, a former exile, who is on a mission to document all Egypt has to offer. Together the duo explore the intricacies of Egypt on a dreamlike-quest that often loses sight of reality in favor of magic and miracles. Kheir is imaginative in the way he unveils the two main characters, telling their stories through the situations they fall upon in a reflective novel that highlights the shared trauma many Egyptians hold close. <a href=\"https:\/\/www.arabnews.com\/node\/1908061\/lifestyle\">Arab News<\/a> is out with a great review and you can check out the <a href=\"https:\/\/www.goodreads.com\/book\/show\/38256928\">original Arabic version<\/a>.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>No reprieve from 40\u00b0C weather just yet for folks in the capital city. Temperatures will drop to 25\u00b0C at night, our favorite weather app tells us. Meanwhile, Sahel is seeing daytime highs of 32\u00b0C and nighttime lows of 24\u00b0C.<\/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\/cement\/\">cement<\/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\/construction\/\">construction<\/a>\n                <!-- <span 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class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240928.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.beltoneholding.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27484.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Where disruption meets success<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-c8x0wkm\" data-v=\"4\" data-block-id=\"c8x0wkm\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-c8x0wkm-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-c8x0wkm-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240936.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/cira.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27480.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Shaping the future of education in Egypt<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" 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256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"564109\" 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=\"564109\">\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\">SPEED ROUND: M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/blom-bank-egypt-shareholders-agree-to-sell-99-5-to-bank-abc\/\">\r\n                            Blom Bank Egypt shareholders agree to sell 99.5% to Bank ABC                        <\/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\/08\/09\/blom-bank-egypt-shareholders-agree-to-sell-99-5-to-bank-abc\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n         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alt=\"\" data-attachment-id=\"564110\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/blom-bank-egypt-shareholders-agree-to-sell-99-5-to-bank-abc\/392-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/392.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"392.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/392.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/392.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-564109\" class=\"content-area-description single-story post-564109 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-ma-watch tag-bank-abc tag-blom-bank tag-enterprisepm tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a><strong> Shareholders of Blom Bank Egypt have agreed to sell a 99.5% stake in the bank to <\/strong><strong>Bahrain\u2019s Bank ABC in a mandatory tender offer (MTO)<\/strong>, the EGX said in <a href=\"https:\/\/ent.news\/2021\/8\/Blom-EGX.pdf\">a statement (pdf)<\/a> this morning. The shareholders sold 298.62 mn of Blom Bank Egypt\u2019s 300 mn shares to the Gulf lender for USD 424.05 mn (EGP 6.67 mn), the statement says.<\/p>\n<p><strong>The transaction values the business at USD 427 mn (EGP 6.7 bn):<\/strong> ABC offered to acquire the local branch of the troubled Lebanese lender for EGP 22.33 per share, a bid that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4774254-3f3f-4ace-a146-36ec5de1e8e2\">was approved<\/a> by the Financial Regulatory Authority last month.<\/p>\n<p><strong>Bank ABC will now have <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f5950c1-ec0e-48cd-a605-1f1807efcbca\">68 branches nationwide<\/a><\/strong>, adding Blom\u2019s 41 locations to its existing 27-branch network. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d079558b-7059-4023-ac16-df3bdf37f46e\">The purchase<\/a> includes Blom Bank Egypt\u2019s physical and non-physical assets, and customer accounts.<\/p>\n<p><strong>Advisors<\/strong>: HSBC Bank Middle East is <a href=\"https:\/\/bit.ly\/3lIM1jx\">acting as the financial advisor<\/a> for Bank ABC. Zulficar & Partners is also acting as the legal advisor to the bidder, while Commercial International Brokerage Company (CIBC) is the broker.<\/p>\n<p><strong>A flurry of bank exits:<\/strong> Following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb1b0f90-8b66-49c2-a2d9-5128a0be09c6\">Bank Audi<\/a>, Blom Bank will be the second Lebanese lender to exit Egypt in response to the economic crisis in its home country that is threatening to engulf the banking sector. Audi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cbdb0de-de0f-47f6-9c9d-a046cb51d58f\">reached an agreement<\/a> to sell its Egypt assets to First Abu Dhabi Bank in January, a month after it <a href=\"https:\/\/www.jordantimes.com\/news\/business\/capital-bank-signs-agreements-acquire-bank-audis-branches-jordan-and-iraq\">offloaded its businesses in Jordan and Iraq<\/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\/bank-abc\/\">Bank ABC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blom-bank\/\">Blom Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/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=\"564111\" 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=\"564111\">\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\">SPEED ROUND: REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/delivery-drivers-of-the-world\/\">\r\n                            Delivery drivers of the world ...                        <\/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\/08\/09\/delivery-drivers-of-the-world\/\" 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\/08\/09\/delivery-drivers-of-the-world\/')\">\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\/08\/09\/delivery-drivers-of-the-world\/\">\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=Delivery drivers of the world ...&url=https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/delivery-drivers-of-the-world\/\">\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\/08\/09\/delivery-drivers-of-the-world\/&title=Delivery drivers of the world ...\">\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=Delivery+drivers+of+the+world+...+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F08%2F09%2Fdelivery-drivers-of-the-world%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\/08\/09\/delivery-drivers-of-the-world\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/393.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"564112\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/09\/delivery-drivers-of-the-world\/393-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/393.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"393.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/393.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/393.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-564111\" class=\"content-area-description single-story post-564111 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-regulation-watch tag-enterprisepm tag-regulation-watch 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>The government is considering establishing a state-run union for delivery drivers<\/strong> that would provide workers in the industry with some basic workplace benefits, <a href=\"https:\/\/bit.ly\/3fMHQ2B\">Al Mal<\/a> reports, citing unnamed sources. The body would seek to bring more legal oversight to a huge and largely unregulated informal industry that employs hundreds of thousands of Egyptians.<\/p>\n<p><strong>Members of the proposed union would be covered by the state\u2019s universal health insurance program<\/strong> amid a rise in delivery bike accidents, according to the sources. The union would also seek to regulate the sale of bikes and scooters between companies and drivers in the absence of any current legal oversight of this market.<\/p>\n<p><strong>Delivery drivers across most of the world aren\u2019t unionized:<\/strong> Gig work of all stripes is infamous worldwide for its poor wages and working conditions, lack of benefits, and denial of workers\u2019 rights and unionization attempts. Workers are often <a href=\"https:\/\/fortune.com\/2021\/08\/03\/gig-workers-pandemic-unemployment-assistance-health-insurance-uncertain-future\/\">categorized<\/a> as independent contractors rather than employees, allowing big firms to duck responsibility.<\/p>\n<p><strong>A <\/strong><strong><a href=\"https:\/\/www.reuters.com\/business\/gig-companies-push-state-level-worker-laws-faces-divided-labor-movement-2021-06-09\/\">battle<\/a><\/strong><strong> is raging in the US over the rights of gig workers<\/strong>, while <a href=\"https:\/\/supchina.com\/2021\/04\/20\/in-china-delivery-workers-struggle-against-a-rigged-system\/\">Chinese<\/a> delivery workers also lack basic protections \u2014 though the state\u2019s union network has <a href=\"https:\/\/www.scmp.com\/tech\/big-tech\/article\/3141846\/gig-workers-all-trades-unite-chinas-state-trade-union-calls-branches\">called for<\/a> that to change amid a government crackdown on big tech companies. Meanwhile, the limited food delivery unions that do exist globally are <a href=\"https:\/\/www.theguardian.com\/world\/2021\/may\/11\/more-than-a-job-the-meal-delivery-co-ops-making-the-gig-economy-fairer\">startup collectives<\/a> without legal status. And when delivery workers at Foodora managed to unionize in Toronto, the company<a href=\"https:\/\/thetyee.ca\/Analysis\/2021\/01\/04\/Food-Delivery-Work-Unions\/\">abruptly exited<\/a> the Canadian market.<\/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\/regulation-watch\/\">regulation watch<\/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=\"564113\" 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=\"564113\">\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\/08\/09\/rameda-net-income-up-60-in-2q2021\/\">\r\n                            Rameda net income up 60% in 2Q2021                        <\/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\/08\/09\/rameda-net-income-up-60-in-2q2021\/\" 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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Revenues grew by 30% to EGP 267 mn during the quarter.<\/p>\n<p><strong>Covid drives revenue growth in 2021:<\/strong> \u201cTop-line growth was primarily led by the success of Rameda\u2019s covid-19 related antiviral products, Anviziram and Remdesivir, which collectively generated EGP 80 mn in sales and were among the top 10 products sold in 1H2021,\u201d CEO Amr Morsy said in the company\u2019s <a href=\"https:\/\/ent.news\/2021\/8\/Rameda-ER-One-Pager-1H21-E-vFinal-1.pdf\">earnings release<\/a><a href=\"https:\/\/ent.news\/2021\/8\/Rameda-ER-One-Pager-1H21-E-vFinal-1.pdf\">(pdf)<\/a>. Products launched since the beginning of 2020 accounted for 42% of the company\u2019s revenues during the first six months of the year, he said.<\/p>\n<p><strong>Looking ahead:<\/strong> In the second half of 2021, \u201cwe aim to further build on and replicate our latest successful acquisition and launch new products that further expand and optimize our portfolio,\u201d Morsy said.<\/p>\n<p><strong>CI Capital\u2019s net income increased more than ninefold in 2Q2021<\/strong>, reaching EGP 9.7 mn from EGP 1 mn last year, according to the <a href=\"https:\/\/ent.news\/2021\/8\/%D8%B3%D9%89-%D8%A7%D9%89-%D9%83%D8%A7%D8%A8%D9%8A%D8%AA%D8%A7%D9%84-%D9%85%D8%AC%D9%85%D8%B9%D8%A9-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-9-8-2021.pdf\">company\u2019s financials (pdf)<\/a>. Revenues almost tripled to EGP 1.4 bn from EGP 514 mn in 2Q2020.<\/p>\n<p><span style=\"font-weight: 400;\"><strong>Ezz Steel recorded an EGP 1.21 bn profit in 2Q2021 after being in the red last year,<\/strong> according to its <\/span><a href=\"https:\/\/ent.news\/2021\/8\/Consolidated-Interim-In-30-Jun-2021.pdf\"><span style=\"font-weight: 400;\">consolidated financials (pdf)<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Al Ezz Dekheila Steel also turned to profit in 2Q2021, with the company <\/span><a href=\"https:\/\/ent.news\/2021\/8\/%D8%A7%D9%84%D8%B9%D8%B2-%D8%A7%D9%84%D8%AF%D8%AE%D9%8A%D9%84%D8%A9-%D9%84%D9%84%D8%B5%D9%84%D8%A8-%D9%82%D9%88%D8%A7%D8%A6%D9%85-%D9%85%D8%AC%D9%85%D8%B9%D8%A9-30-06-2021.pdf\"><span style=\"font-weight: 400;\">reporting (pdf)<\/span><\/a><span style=\"font-weight: 400;\"> yesterday an EGP 1.04 bn profit during the quarter, compared to a EGP 1.2 bn loss last year.<\/span><\/p>\n<p><strong>MARKET WATCH- <\/strong><\/p>\n<p><strong>The EGX30 rose 0.6% at today\u2019s close<\/strong> on turnover of EGP 1.8 bn (27.8% above the 90-day average). Local investors were net buyers. The index is down 0.4% YTD.<\/p>\n<p><strong>In the green: <\/strong>Telecom Egypt (+3.5%), Ezz Steel (+2.7%) and Medinet Nasr Housing (+1.5%).<\/p>\n<p><strong>In the red: <\/strong>AMOC (-3.6%), Speed Medical (-2.7%) and MM Group (-2.5%).<\/p>\n<p><em>Correction: 9 August 2021.<\/em><\/p>\n<p><em>A previous version of this story incorrectly stated that CI Capital reported a EGP 974k profit in 2Q2021, and Ezz Steel recorded a EGP 1.03 bn loss.\u00a0<\/em><\/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\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ezz-steel\/\">Ezz Steel<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rameda-pharma\/\">Rameda Pharma<\/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=\"564114\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"564115\" 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\/08\/09\/your-essential-business-calendar-on-9-august-2021-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-564115\" class=\"content-area-description single-story post-564115 post type-post status-publish format-standard hentry category-calendar tag-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>9 August (Monday): Islamic New Year.<\/p>\n<p>9 August (Monday): Russian flights to Sharm El Sheikh, Hurghada resume.<\/p>\n<p>12 August (Thursday): National holiday in observance of the Islamic New Year.<\/p>\n<p>26-28 August (Thursday-Saturday): <a href=\"https:\/\/www.kansascityfed.org\/research\/jackson-hole-economic-symposium\/\">Jackson Hole Economic Symposium<\/a>.<\/p>\n<p>September: Delegation of Russian companies to visit Russian Industrial Zone.<\/p>\n<p>2 September (Thursday): The new EGX mechanism for calculating closing share prices will come into effect.<\/p>\n<p>3-5 September (Friday-Sunday): The World Karate Federation will hold <a href=\"https:\/\/www.wkf.net\/news-center-new\/cairo-replaces-tashkent-as-host-of-2021-karate-1-premier-league\/1606\">the third competition<\/a> of the 2021 Karate 1-Premier League in Cairo.<\/p>\n<p>7-8 September (Tuesday-Wednesday): Euromoney Conferences will host <a href=\"https:\/\/bit.ly\/3lpLeUO\">the GlobalCapital Sustainable and Responsible Capital Markets Forum 2021<\/a>, featuring Vice Minister of Finance Minister Ahmed Kouchouk.<\/p>\n<p>12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.<\/p>\n<p>15 September (Wednesday): The <a href=\"https:\/\/bit.ly\/3dp0wnB\">CFO Leadership & Strategy Summit<\/a> is taking place in Egypt.<\/p>\n<p>16 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>21-22 September (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>30 September-2 October (Thursday-Saturday): Egypt Projects 2021 expo, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference Center, Cairo, Egypt.<\/p>\n<p>30 September: Closing of 2021\u2019s first oil and gas <a href=\"https:\/\/eug.petroleum.gov.eg\/dp\/pages\/common\/BidroundHighlights.jsp\">tender<\/a> in the Gulf of Suez, Western Desert, and the Mediterranean.<\/p>\n<p>October: New legislative session begins.<\/p>\n<p>1 October (Friday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bf7988d-19f6-45a6-ada1-65d7c23ec723\">the Advance Cargo Information (ACI) system<\/a>.<\/p>\n<p>1 October (Friday): Expo 2020 Dubai opens.<\/p>\n<p>1 October (Friday): State-owned companies and government service bodies selling goods and services to customers that <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/178309171006178\">have not yet signed on to the e-invoicing platform<\/a> will suffer a host of penalties, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.<\/p>\n<p>6 October (Wednesday): Armed Forces Day.<\/p>\n<p>7 October (Thursday): National holiday in observance of Armed Forces Day.<\/p>\n<p>11-17 October (Monday-Sunday): <a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/annual\">IMF + World Bank Annual Meetings<\/a>.<\/p>\n<p>12-14 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>18 October (Monday): Prophet\u2019s Birthday.<\/p>\n<p>21 October (Thursday): National holiday in observance of the Prophet\u2019s Birthday.<\/p>\n<p>24-28 October (Sunday-Thursday) <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week<\/a>, Cairo, Egypt.<\/p>\n<p>27-28 October (Wednesday-Thursday) <a href=\"https:\/\/platforms-root-technologies.com\/icec-2021\/\">Intelligent Cities Exhibition & Conference<\/a>, Royal Maxim Palace Kempinski, Cairo, Egypt.<\/p>\n<p>28 October (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 October - 4 November (Saturday-Thursday): The first edition of <a href=\"https:\/\/globalswimseries.com\/ryan-lochte-announces-first-race-the-legends-event-in-egypt\/\">Race The Legends<\/a>, Egypt.<\/p>\n<p>31 October - 12 November (Sunday-Friday): The 26th UN Climate Change Conference, Glasgow, UK.<\/p>\n<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>1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>2-3 November (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.<\/p>\n<p>29 November-2 December (Monday-Thursday): Egypt Defense Expo.<\/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>16 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>1H2022: The World Economic Forum annual meeting, location TBD.<\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.<\/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":564106,"template":"","categories":[],"tags":[],"class_list":["post-564105","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6d791273-bc20-433a-a93f-63b565fffb59","teaser":"","photo_url":"https:\/\/ent.news\/2021\/8\/390.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>Enterprise It\u2019s a banking heavy day as the National Investment Bank could be shuttered, while Bank ABC kicks off MTO for Blom Bank Egypt. - 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\/enterprise-its-a-banking-heavy-day-as-the-national-investment-bank-could-be-shuttered-while-bank-abc-kicks-off-mto-for-blom-bank-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise It\u2019s a banking heavy day as the National Investment Bank could be shuttered, while Bank ABC kicks off MTO for Blom Bank Egypt.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-its-a-banking-heavy-day-as-the-national-investment-bank-could-be-shuttered-while-bank-abc-kicks-off-mto-for-blom-bank-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T04:23:09+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/390.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\/enterprise-its-a-banking-heavy-day-as-the-national-investment-bank-could-be-shuttered-while-bank-abc-kicks-off-mto-for-blom-bank-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-its-a-banking-heavy-day-as-the-national-investment-bank-could-be-shuttered-while-bank-abc-kicks-off-mto-for-blom-bank-egypt\/\",\"name\":\"Enterprise It\u2019s a banking heavy day as the National Investment Bank could be shuttered, while Bank ABC kicks off MTO for Blom Bank Egypt. - 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