{"id":564314,"date":"2021-08-24T13:27:38","date_gmt":"2021-08-24T13:27:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=564314"},"modified":"2025-12-16T04:28:38","modified_gmt":"2025-12-16T04:28:38","slug":"enterprise-sovereign-sukuk-sale-coming-in-early-2022","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-sovereign-sukuk-sale-coming-in-early-2022\/","title":{"rendered":"Enterprise Sovereign sukuk sale coming in early 2022"},"content":{"rendered":"<section id=\"564316\" 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=\"564316\">\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\/24\/this-evening-uber-raises-prices-in-egypt-good-vibes-ahead-of-this-years-jackson-hole-meeting-where-us-fed-boss-jay-powell-speaks-on-friday\/\">\r\n                            THIS EVENING: Uber raises prices in Egypt + Good vibes ahead of this year\u2019s Jackson Hole meeting, where US Fed boss Jay Powell speaks on Friday                        <\/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\/24\/this-evening-uber-raises-prices-in-egypt-good-vibes-ahead-of-this-years-jackson-hole-meeting-where-us-fed-boss-jay-powell-speaks-on-friday\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We hope hump day has been kind to you all.<\/strong><\/p>\n<p><strong>THE BIG STORY TODAY- The Finance Ministry could take its first sovereign sukuk <\/strong><strong>issuance to <\/strong><strong>market as soon as January.<\/strong> With the ink still drying on the Sovereign Sukuk Act, Finance Minister Mohamed Maait said his ministry will be on the road (virtually or otherwise) in the second half of the state\u2019s current fiscal year. It\u2019s an exciting development, and we have a look at what might be next in this afternoon\u2019s Speed Round, below.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>HAPPENING NOW- Uber has again raised its fares in Egypt<\/strong>, according to a <a href=\"https:\/\/ent.news\/2021\/8\/Uber-prices.jpg\">notice (jpg)<\/a> it sent to clients. In Cairo, the base fare for an UberX ride will go to EGP 8 from EGP 7.50 (+6.7%), with the fare per kilometer going up 7.0% EGP 3.05 from EGP 2.85. The app last <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e75b89b-17d7-471f-8432-6a2b18bcb16c\">changed its fares in May<\/a>. The rate hike comes one month to the day after the government\u2019s fuel pricing committee kicked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf297186-02db-44bd-9f47-ac1b4e8b9a52\">the price of 92- and 95-octane petrol up 2.8%<\/a>.<\/p>\n<p><strong>THE BIG STORY ABROAD- It\u2019s still all Afghanistan, all the time in the pages of the international <\/strong><strong>press this afternoon<\/strong> ahead of today\u2019s emergency (virtual) G7 summit, during which leaders will try to agree on a common approach to the Taliban as the 31 August withdrawal deadline nears. It\u2019s front-page news everywhere from <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/g7-meet-afghanistan-deadline-taliban-recognition-2021-08-24\/\">Reuters<\/a> and <a href=\"https:\/\/apnews.com\/article\/united-nations-taliban-a0f7cfd98704e6c2fca340324699a129\">the AP<\/a> to <a href=\"https:\/\/www.nytimes.com\/live\/2021\/08\/24\/world\/afghanistan-taliban-kabul-news\/\">the New York Times<\/a> and <a href=\"https:\/\/www.bbc.com\/news\/live\/world-58279900\">the BBC<\/a>.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from this morning\u2019s EnterpriseAM:<\/p>\n<ul>\n<li><strong>EKH plans to invest big: <\/strong>Egypt Kuwait Holding is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e51a81cd-b599-4300-8289-8dd4710007ef\">invest USD 500 mn<\/a> over the next five years across at least six verticals.<\/li>\n<li><strong>Heka raises pre-seed funding<\/strong>: Egyptian health startup Heka has raised a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/051033e9-5d9d-49ee-b478-18002816f044\">seven-figure USD pre-seed funding<\/a> round led by angel investor Mohamed El Khamissy.<\/li>\n<li><strong>Majid Al Futtaim to partner on tech outsourcing center: <\/strong>Majid Al Futtaim and ITIDA will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/534174c8-8df9-45c7-a972-08135fc00eca\">construct a tech outsourcing center<\/a> that will employ more than 600 tech workers.<\/li>\n<\/ul>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>It\u2019s Jackson Hole week: <\/strong>The Federal Reserve Bank of Kansas City\u2019s annual gathering of central bankers and policy makers at Jackson Hole <a href=\"https:\/\/www.kansascityfed.org\/newsroom\/2021-news-releases\/Kansas-City-Fed-to-host-Economic-Policy-Symposium-online\/\">will take place on Friday, 27 August<\/a>. This is the second year in a row that <a href=\"https:\/\/www.reuters.com\/world\/us\/feds-jackson-hole-shift-shows-delta-variants-ability-skew-plans-2021-08-23\/\">the gathering will take place online<\/a>. Look for signals coming out of the gathering that the Fed may start tapering off stimulus this fall.<\/p>\n<p><strong>Good vibes ahead of the gathering: <\/strong>Sentiment among traders was <a href=\"https:\/\/www.reuters.com\/business\/global-markets-wrapup-3-pix-2021-08-24\/\">buoyed<\/a>by good news on the US vaccination drive, a rebound in Chinese tech stocks, and hopes that the US Fed may think twice before starting to slow down on stimulus. Global oil prices, bond yields and equities were all up today, with all the major benchmark stock indices showing slight gains, while the USD was down against a basket of currencies, reflecting greater risk-on sentiment. Brent crude rose 1.2% to USD 69.50 a barrel after jumping 5% on Monday.<\/p>\n<p><strong>When will we hear something out of Jackson Hole? <\/strong>Fed boss Jay Powell is expected to speak on Friday afternoon our time.<\/p>\n<p><strong>In a strange reversal on recent trends, concerns about the delta variant may be<\/strong> <strong>bolstering markets<\/strong> this week, according to one analyst: \u201cThe rising covid cases and the soft data can only keep the Fed alert and reluctant to act prematurely. And that's all the market wants to hear.\u201d That should also signal a warning about just how tricky it could be for markets to wean themselves off the massive US stimulus measures when tapering becomes unavoidable.<\/p>\n<p><strong>The Tokyo 2020 Paralympics will run through 5 September<\/strong>, with Egypt sending a <a href=\"https:\/\/www.paralympic.org\/news\/team-egypt-gearing-towards-tokyo-2020-games\">49-athlete-strong team<\/a> to the games.<\/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><strong>When taxis fly: investors enticed by promises of the \u201cnext Tesla\u201d have poured more <\/strong><strong>than USD 4.3 bn into electric air taxi start-ups <\/strong>so far this year, the FT <a href=\"https:\/\/www.ft.com\/content\/ec8bab06-9118-4453-b60e-defd32b230a7\">reports<\/a> citing figures from McKinsey. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\">SPACs<\/a>, the new-ish investment vehicle making a splash in clean transport this year (including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfbf590f-581d-4b49-96b3-3ac733bb7fe3\">here<\/a>in Egypt), joined VCs to build the hype. <strong>The catch: They still don\u2019t have any actual flying taxis to show for it.<\/strong> \u201cWe are in a white-heat situation where you can float almost anything for bns. We have companies that don\u2019t yet have a product selling the dream and raising bns,\u201d one tech consultant told the salmon-colored paper. Things now seem to be calming down after an underwhelming New York listing for one firm and a valuation cut for another. But while some are cynical, others expect the low-flying taxis to course-correct. \u201cYou are getting a correction, but I am still optimistic this industry is something really different,\u201d says the CEO of one small electric aviation start-up.<\/p>\n<p><strong>Dual-fuel vehicles aren\u2019t just a thing in Egypt \u2014 <\/strong><strong>Maersk is planning to do it on the high <\/strong><strong>seas as part of its \u201cdecarbonization\u201d drive:<\/strong> The world\u2019s biggest container liner has ordered eight hybrid mega vessels that can run on either traditional fuel or \u201cgreen\u201d methanol. Each of the new ships costs USD 175 mn \u2014 10-15% more than your standard massive tanker. The dual-fuel tankers are set to replace existing ships in Maersk\u2019s fleet rather than build capacity, but they won\u2019t be delivered by Hyundai Heavy Industries until 2024. With a 20-25 year life cycle, each of the new ships is key to the company\u2019s net-zero emissions goal by 2050. But while Maersk\u2019s \u201cclear ambition\u201d is to run the dual-fuel vessels only on carbon-neutral methanol, the company\u2019s head of fleet <a href=\"https:\/\/www.ft.com\/content\/800faea2-1024-4ea6-ade6-1680820e925b\">told<\/a>the FT that \u201cwe don\u2019t yet know what will be the winning technology.\u201d The new fuel has its downsides: It entails double the usual costs, and while Maersk is betting that traders will pay a premium for \u201cgreen\u201d transport, some critics have cast doubt on methanol\u2019s environmental credentials.<\/p>\n<p><strong>Visa jumps on the NFT bandwagon: <\/strong>Visa has purchased \u201ccryptopunk,\u201d a digital avatar that works via non-fungible token (NFTs), for USD 150k in ethereum. NFTs let you have ownership of an \u201coriginal\u201d virtual items, without giving you copyright or other intellectual property rights to the artwork itself. (Think of an NFT like an old-school print from a classic film negative.) That means you cannot distribute or commercialize NFT-based items. According to <a href=\"https:\/\/cnb.cx\/3DbJIvQ\">CNBC<\/a>, a number of big firms and media publications have been joining the NFT craze, including CNN, New York Times and Fortune magazine, as NFTs are becoming seen (in some quarters, if you squint really hard) as an integral part of the future of retail, social media, entertainment, and commerce.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><br \/> (all times CLT)<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> \u26bd<strong> Zamalek could be crowned champions of the Egyptian Premier League tonight:<\/strong> The White Knights need a victory against relegation-threatened El Entag El Harby (kick off: at 9pm) to claim the trophy. Second-placed Al Ahly are still able to claim a 43rd league title, but with only two games remaining and a four-point gap to close, they\u2019ll need to make sure they beat El Gouna tonight (kick off: also at 9pm) and hope that Zamalek drop points. Wadi Degla plays Ceramica Cleopatra in the early kick-off at 5:30pm.<\/p>\n<p><strong><a href=\"https:\/\/www.netflix.com\/title\/80158515\">Marlon<\/a><\/strong><strong> mixes family-friendly comedy with relevant social commentary:<\/strong> The all-black-cast TV show follows internet personality Marlon, who is co-parenting his two young children with his ex-wife Ashley, who proves to be a saint as she puts up with his antics. Yvette, Ashley\u2019s best friend, isn\u2019t as understanding and is in a constant rivalry with Marlon and his bff, Stevie. The show depicts family, struggles, and growing up as Marlon often falls into stand-up comedy-like monologues. The show also explores racism, discrimination, and the black experience in the US in a way that keeps the show socially relevant.<\/p>\n<p><strong>? EAT THIS TONIGHT- <\/strong><\/p>\n<p><strong>Another hidden gem in Maadi: <\/strong><strong><a href=\"https:\/\/www.instagram.com\/zuluincairo\/?utm_medium=copy_link\">Zulu Restobar<\/a><\/strong><strong>.<\/strong> Located not far from El Maadi Metro station, Zulu is well hidden \u2014 an unimposing sign is the only indication that this South African joint exists. Take a few steps down and you\u2019ll find a restobar in the heart of Maadi that offers all the drinks you could ask for as well as a great selection of food options. Every wall at Zulu is covered with graffiti and paintings (we particularly appreciate the zebras). They also hold a ton of events every week such as karaoke nights, acoustic live music, and DJs. Go for their steaks, burgers or chicken strips, or just wind down with a beverage and enjoy the atmosphere.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><br \/> (all times CLT)<\/p>\n<p><strong><a href=\"https:\/\/m.facebook.com\/events\/984256175751875\">Mohasseb \/ Heavy Pins<\/a><\/strong><strong> is playing <\/strong>at Cairo Jazz Club 610 in Sheikh Zayed at 8pm: DJ Mohasseb and Heavy Pins will both be spinning their deep house and electronic music at CJC\u2019s Tuesday Midweek Party.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>The author of The Girl on the Train is back at it again: <\/strong>Paula Hawkins\u2019 new thriller <a href=\"https:\/\/www.amazon.com\/Slow-Fire-Burning-Novel\/dp\/073521123X\/ref=pd_sim_1\/131-3000205-5836855?pd_rd_w=JvaXn&pf_rd_p=bc5856f7-ca30-40b6-8d37-7814a2494e00&pf_rd_r=2WQZ80M2FRJ9S5S2PXN9&pd_rd_r=2809dab6-41b8-4b53-813a-c8ea548e00e3&pd_rd_wg=EcdIM&pd_rd_i=073521123X&psc=1\">A Slow<\/a><a href=\"https:\/\/www.amazon.com\/Slow-Fire-Burning-Novel\/dp\/073521123X\/ref=pd_sim_1\/131-3000205-5836855?pd_rd_w=JvaXn&pf_rd_p=bc5856f7-ca30-40b6-8d37-7814a2494e00&pf_rd_r=2WQZ80M2FRJ9S5S2PXN9&pd_rd_r=2809dab6-41b8-4b53-813a-c8ea548e00e3&pd_rd_wg=EcdIM&pd_rd_i=073521123X&psc=1\">Fire Burning<\/a> explores the themes of resentment and revenge and how good people are capable of both. When 23-year-old Daniel is found dead on a houseboat, three women are narrowed down as suspects by the police. Laura is a girl he briefly dated who suffers from mental and physical disabilities, Carla is his seemingly grief-stricken aunt, and Miriam is the nosy neighbor who is hiding something from the police. The novel explores the lives and experiences of the three women and how they could be involved in the murder as well as Daniel\u2019s history and how it led him to his demise. A fitting title, the novel is a slow burn that leads to an ending that is nothing short of shocking.<\/p>\n<hr class=\"grey-line\">\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Folks in Cairo can expect a high of 39\u00b0C during the day and 25\u00b0C at night, while Sahel is on course to see a daytime high of 32\u00b0C and 23\u00b0C at night, our favorite weather app tells us.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/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 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        <\/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-1il74xo\" data-v=\"4\" data-block-id=\"1il74xo\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-1il74xo-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-1il74xo-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\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button 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src=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"564319\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/sovereign-sukuk-sale-coming-in-2h-fy2021-2022\/511-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"511.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/511.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-564318\" class=\"content-area-description single-story post-564318 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-economy tag-al-azhar tag-economy tag-enterprisepm tag-finance-ministry tag-financial-regulatory-authority tag-mohamed-maait tag-sukuk 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-01\"><\/a> <strong>Egypt is preparing to issue its first tranche of <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8943e6f1-9b79-46d8-815d-d76d91a75de4\">sovereign sukuk<\/a><\/strong><strong> in the second half <\/strong><strong>of FY 2021-2022<\/strong>, Finance Minister Mohamed Maait <a href=\"https:\/\/bit.ly\/3jbMdWO\">said<\/a> in a statement today, less than a week after legislation allowing the government to sell the sharia-compliant bonds was signed into law. The ministry provided no further details on the timing, size or type of the planned issuance. Maait <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32c7b2cc-95aa-4cb6-962f-496eade1e38d\">said in June<\/a> that the ministry is considering a USD 2 bn sale but cautioned at the time that the exact size and timing of the issuance had not been finalized.<\/p>\n<p><strong>Returns and trading on the securities will be subject to the same tax rules as treasury bonds<\/strong>, Maait said, adding that the sukuk will be issued on both the local and international stock exchanges.<\/p>\n<p><strong>The news comes less than a week after the Sovereign Sukuk Act was <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/995134a3-447f-44e3-8f61-d34b9fa17347\">signed into law<\/a><\/strong>, paving the way for the country\u2019s maiden sovereign issuance of the sharia-compliant bonds. The bill sets up a regulatory framework allowing the state to issue a variety of sukuk in local and international debt markets.<\/p>\n<p><strong>Exec regs landing in November? <\/strong>The executive regulations for the legislation will be issued within the next three months, Maait said. The Financial Regulatory Authority (FRA) and Al Azhar are working with the ministry on the regulations, which when approved by the cabinet will set up a company to manage sukuk offerings and a regulatory body composed of legal, financial and religious experts to manage technical and legal issues. The ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c892eab-a48b-4efa-b22c-abd294c2644a\">said earlier this year<\/a> that it would begin working on the sale immediately after the regulations are published.<\/p>\n<p><strong>Issuing sovereign sukuk is part of a wider strategy to reduce government debt<\/strong> and shift towards longer-term borrowing. To diversify its debts, the ministry last year completed its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1b54d5-5efa-41c9-ac8b-728b105b2ef0\">maiden green bond issuance<\/a> and is planning to sell new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/95e658a0-969e-43ad-84b1-5ad3188839e2\">\u201cfloating rate\u201d bonds<\/a>, and is focusing on selling longer-term bonds to increase the average maturity.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-azhar\/\">Al Azhar<\/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\/finance-ministry\/\">Finance Ministry<\/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\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/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=\"564320\" 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=\"564320\">\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: IPO WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/mubasher-capital-wants-to-ipo-by-2025\/\">\r\n                            Mubasher Capital wants to IPO by 2025                        <\/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\/24\/mubasher-capital-wants-to-ipo-by-2025\/\" 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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Rashad provided no further details about the size or timing of the potential offering.<\/p>\n<p><strong>Mubasher to take over management of EGP 21 mn fund by mid-September:<\/strong> Mubasher Capital will take over the management of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf5041e9-b306-48df-97a0-58728c87e867\">an Egyptian company that owns an equity and bond<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf5041e9-b306-48df-97a0-58728c87e867\">fund<\/a> with almost EGP 21 mn in AUM in the first half of September, Rashad said, declining to provide the name of the company. It will gain full ownership of the company once the Financial Regulatory Authority gives a final approval, he added. Mubasher also plans to set up 10 investment funds in Egypt by the middle of the decade, launching one every quarter between 2022 and 2025.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/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\/mubasher-capital-holding\/\">Mubasher Capital Holding<\/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=\"564322\" 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=\"564322\">\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\">Analyst of the Week<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/meet-our-analyst-of-the-week-naeems-hesham-hamdey\/\">\r\n                            Meet our analyst of the week: Naeem\u2019s Hesham Hamdey                        <\/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\/24\/meet-our-analyst-of-the-week-naeems-hesham-hamdey\/\" 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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I cover multiple sectors including telecoms and consumers (which has F&B and consumer durables under its umbrella) and recently started covering cement stocks as well. I also analyse economic indicators such as inflation in Egypt and its impact on investment.<\/p>\n<p><strong>The most interesting sector I cover is telecoms as I\u2019m very interested in their NBFS and e-payments businesses.<\/strong> The sector has so much potential and I think it will begin to materialize more in the coming years. Financial inclusion is extremely important for economic growth. Given that a huge percentage of the population is unbanked, banks have excess liquidity that is being underutilized. NBFS has already greatly opened the financial services sector to the unbanked, but firms offering microfinance and installment plans have proved that there\u2019s significant demand for these services as well.<\/p>\n<p><strong>The best part of my job is the knowledge I acquire.<\/strong> I\u2019m aware of so many areas of the market and economy that I never would have imagined I would be engaged in. Every sector has its specifics and dynamics and it\u2019s very interesting to have an overview on each one and how they interact with each other.<\/p>\n<p><strong>The worst part of my job is that I often can\u2019t disconnect my mind from work. <\/strong>I\u2019m always thinking about the news or what I still need to do. However, I enjoy my job a lot so I\u2019m not too mad about it.<\/p>\n<p><strong>My theory of investment is to go for stocks that have a lot of movement. <\/strong>A lot of the time in the EGX, there isn\u2019t much rationale between the fluctuations, but the fact that they\u2019re there gives an investment a lot of potential. Nonetheless, this only works if the firm has good fundamentals and a strong outlook.<\/p>\n<p><strong>Something I look at before recommending an investment is the intensity of regulations in the sector <\/strong>and how much these impact businesses. It can really make a huge difference on future performance. The auto industry for example changes in fees, license requirements, regulations on two and three wheels, or even trends in natural gas and EVs all have a direct or indirect impact on auto stocks.<\/p>\n<p><strong>I don\u2019t think 2021 will be the year of Egypt. <\/strong>Comparatively to other countries, we rode the wave pretty smoothly this year, but these weren\u2019t the targets we had set for ourselves pre-covid. We were also hit by imported inflation on account of the commodities boom that is taking place globally. It\u2019s worrisome since the central bank will have less room to cut interest rates in the coming period which will impact GDP growth. Our saving grace will probably be tourism as increased foreign currency inflows could help it lower yields on T-bills, which will in turn propel portfolio managers to reallocate parts of their portfolio to the EGX. Instead, I expect the recovery to continue picking up steam next year, setting us up for 2023, which could be the year for Egypt.<\/p>\n<p><strong>If I had to switch and cover another industry, I would choose banking. <\/strong>It\u2019s extremely related to daily life and you can see its impacts almost immediately.<\/p>\n<p><strong>Given the chance, I don\u2019t think I would switch careers.<\/strong> Becoming a financial analyst was my dream job from early on, so I\u2019m quite pleased with where I\u2019m at. At one point I was considering mechanical engineering, but that never manifested.<\/p>\n<p><strong>I don\u2019t watch much TV, but my favorite movie is <\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt0816692\/\">Interstellar<\/a><\/strong><strong>.<\/strong> I go back to it time and time again and I don\u2019t get bored. I also enjoyed the show <a href=\"https:\/\/www.imdb.com\/title\/tt7366338\/\">Chernobyl<\/a>. The last great thing I read is <a href=\"https:\/\/www.amazon.com\/Possible-Worlds-Introduction-Philosophy-English\/dp\/091514459X\">Possible Worlds: An Introduction to Logic and Its Philosophy<\/a>.<\/p>\n<p><strong>When I\u2019m not on the clock, I like to go out with friends, read, or go to the gym. <\/strong>These days though I\u2019ve been studying a lot since I\u2019m working to get my CFA.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/analyst-of-the-week\/\">analyst of the week<\/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=\"564324\" 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=\"564324\">\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\">GO WITH THE FLOW<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/abu-qir-net-income-up-30-in-2020-2021\/\">\r\n                            Abu Qir net income up 30% in 2020-2021                        <\/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\/24\/abu-qir-net-income-up-30-in-2020-2021\/\" 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\/24\/abu-qir-net-income-up-30-in-2020-2021\/')\">\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\/24\/abu-qir-net-income-up-30-in-2020-2021\/\">\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=Abu Qir net income up 30% in 2020-2021&url=https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/abu-qir-net-income-up-30-in-2020-2021\/\">\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\/24\/abu-qir-net-income-up-30-in-2020-2021\/&title=Abu Qir net income up 30% in 2020-2021\">\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=Abu+Qir+net+income+up+30%25+in+2020-2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F08%2F24%2Fabu-qir-net-income-up-30-in-2020-2021%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\/24\/abu-qir-net-income-up-30-in-2020-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-564324\" class=\"content-area-description single-story post-564324 post type-post status-publish format-standard hentry category-go-with-the-flow tag-abu-qir-fertilizers tag-earnings tag-earnings-watch tag-egx tag-enterprisepm tag-fertilizers tag-go-with-the-flow 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>Abu Qir Fertilizers\u2019 net income rose <\/strong><strong>30% duri<\/strong><strong>ng FY2020-2021<\/strong>, clocking in at EGP 3.5 bn compared to EGP 2.7 bn the previous year, according to the company\u2019s <a href=\"https:\/\/ent.news\/2021\/8\/Abu-Qir-Fertilizers-and-Chemical-Industries.pdf\">earnings release (pdf)<\/a>. The company attributed its performance to higher international prices and lower operational costs during the second half of the year. The company\u2019s revenue rose 12% to EGP 8.8 bn from EGP 7.9 bn in FY 2019-2020. On a quarterly basis, the company\u2019s net income almost doubled to EGP 1.1 bn in 4Q, while revenues were up 22% to EGP 2.5 bn.<\/p>\n<hr class=\"grey-line\">\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>The EGX30 rose 0.6% at today\u2019s close<\/strong> on turnover of EGP 2.57 bn (45.5% above the 90-day average). Regional investors were net buyers. The index is up 1% YTD.<\/p>\n<p><strong>In the green: <\/strong>Egyptian Resorts Company (+10.0%), Ibnsina Pharma (+5.1%) and Pioneers Holding (+4.1%).<\/p>\n<p><strong>In the red: <\/strong>Orascom Development Egypt (-2.0%), AMOC (-1.7%) and Medinet Nasr Housing (-1.7%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-qir-fertilizers\/\">Abu Qir Fertilizers<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/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=\"564325\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"564326\" 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=\"564326\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/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\/08\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/\">\r\n                            Commodities, strong earnings could resuscitate emerging-market stocks, say analysts                        <\/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\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/\" 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\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/')\">\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\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/\">\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=Commodities, strong earnings could resuscitate emerging-market stocks, say analysts&url=https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/\">\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\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/&title=Commodities, strong earnings could resuscitate emerging-market stocks, say analysts\">\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=Commodities%2C+strong+earnings+could+resuscitate+emerging-market+stocks%2C+say+analysts+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F08%2F24%2Fcommodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts%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\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/516.png?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"564327\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/08\/24\/commodities-strong-earnings-could-resuscitate-emerging-market-stocks-say-analysts\/516-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/516.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"516.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/516.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/516.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-564326\" class=\"content-area-description single-story post-564326 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-bank-of-america tag-emerging-markets tag-enterprisepm tag-equities tag-goldman-sachs tag-msci 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-06\"><\/a> <strong>A \u201clost decade\u201d for emerging-market stocks could be coming to an end<\/strong>, as the commodities boom and earnings optimism perk investors\u2019 interest in companies in the developing world, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-22\/goldman-sachs-bofa-see-lost-decade-over-for-emerging-markets?sref=mmeFTDW1\">Bloomberg<\/a> reports. Goldman Sachs, Bank of America and Lazard Asset Management all expect inflows into undervalued EM equities to pick up as the vaccine rollout gains pace and the global recovery continues, despite headwinds in Asia caused by China\u2019s escalating crackdown on business.<sup><\/sup><\/p>\n<p><strong>EM indexes have consistently underperformed since the financial crisis<\/strong>. MSCI\u2019s EM stock index has increased just 8% in the 10 years since the global financial crisis \u2014 and is currently only slightly above its post-crisis market peak in 2011. In the same time, equities in developed markets have more than doubled in value. So far in 2021, the EM index is down 5%, while the benchmark for companies in developed economies has risen by 14%.<\/p>\n<p><strong>Goldman Sachs is \u201cquite upbeat\u201d on EM stocks<\/strong>, one analyst told Bloomberg, naming Brazilian, Russian and Mexican currencies as top picks. Meanwhile, a Bank of America strategist said he expected the acceleration of capital inflows into markets in Eastern Europe, the Middle East and Africa since March to continue \u201cgiven supportive macro drivers and equity valuations.\u201d Some analysts are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41e5d167-d0a9-4699-bb3c-913077bed09c\">predicting<\/a>that emerging-market equities could gain 15% in the next 12 months.<\/p>\n<p><strong>EMs might need some time to deliver on their potential:<\/strong> Once vaccination rates pick up, one State Street analyst said he expects EM equities to outstrip EM debt and even catch up to developed-market equities. \u201cDon\u2019t discount the EM consumer when the pandemic\u2019s grip on consumer activity fades,\u201d he told Bloomberg, adding that technology would play a key role in boosting developing nations\u2019 growth.<\/p>\n<p><strong>But others are more pessimistic:<\/strong> BlackRock has warned of a \u201crisk of permanent scarring\u201d to EM growth as a result of slow vaccination rates, a withdrawal of policy support and heightened uncertainty about the trajectory of the USD. Many central banks in emerging economies have begun raising interest rates in response to rising inflation, which BlackRock said brings a \u201cgreater risk of scarring.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bank-of-america\/\">Bank of America<\/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\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/msci\/\">MSCI<\/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=\"564328\" 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\/24\/your-essential-business-calendar-on-24-august-2021-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-564328\" class=\"content-area-description single-story post-564328 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>24 August (Tuesday): MEED will hold a webinar named <a href=\"https:\/\/globaldata.zoom.us\/webinar\/register\/3516013038025\/WN_fCaZN7DlQUeM-epxgydoFg\">Energy Transition in the Middle East<\/a>.<\/p>\n<p>24 August-5 September (Tuesday- Sunday): Tokyo 2020 Paralympics<\/p>\n<p>27 August (Friday): <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>1-3 September (Wednesday-Friday): <a href=\"https:\/\/digisignafrica.com\/\">Digi Sign Africa<\/a>, Cairo International Convention Centre, Cairo, Egypt.<\/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>5 September (Sunday): <a href=\"https:\/\/www.paralympic.org\">Paralympics<\/a> closing ceremony<sup><\/sup>, Tokyo<\/p>\n<p>5-7 September (Sunday-Tuesday): The <a href=\"https:\/\/www.arabsecurityconference.com\/\">Arab Security Conference<\/a>, The Nile Ritz-Carlton, Cairo, Egypt.<\/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>7-9 September (Tuesday-Thursday): <a href=\"https:\/\/www.egyhealthexpo.com\/\">Egy Health Expo<\/a>, Al Manara International Conference, Cairo, Egypt.<\/p>\n<p>9 September (Thursday): <a href=\"https:\/\/devopsdays.org\/events\/2021-cairo\/welcome\/\">DevOpsDays Cairo 2021<\/a> is being organized by ITIDA and the Software Engineering Competence Center in cooperation with DXC Technology, IBM Egypt and Orange Labs.<\/p>\n<p>11-12 September (Saturday-Sunday):<a href=\"https:\/\/10times.com\/icess-egypt\">International Conferences on Economics and Social Sciences<\/a><sup><\/sup>, Cairo<\/p>\n<p>12 September (Sunday): International schools begin 2021-2022 academic year<\/p>\n<p>12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.<\/p>\n<p>13-21 September (Monday-Tuesday): <a href=\"https:\/\/www.un.org\/en\/ga\/\">76th session of the general assembly<\/a>, New York <sup><\/sup><\/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>18 September (Saturday): Expiration of<a href=\"https:\/\/www.rudaw.net\/english\/middleeast\/iraq\/19092020\">United Nations Investigative Team<\/a> to Promote Accountability for Crimes Committed by Daesh\/ISIL<sup><\/sup><\/p>\n<p>21-22 September (Tuesday-Wednesday): The Federal Reserve meets to review interest rates.<\/p>\n<p>22-25 September (Wednesday-Saturday): <a href=\"https:\/\/www.cityscapeegypt.com\/en\/Home.html\">Cityscape Egypt<\/a>, Egypt International Exhibition Center, Cairo, Egypt.<\/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>October: Romanian President Klaus Iohannis <a href=\"https:\/\/bit.ly\/3z0gaic\">could visit Egypt<\/a> in mid this month to discuss ways to boost tourism cooperation between the two countries.<\/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>9 October (Saturday): Public schools begin 2021-2022 academic year<\/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>16-17 November 2021 (Tuesday-Wednesday):<a href=\"https:\/\/africafintechsummit.com\">Africa finch summit<\/a>, Cairo<sup><\/sup><\/p>\n<p>29 November-2 December (Monday-Thursday): Egypt Defense Expo.<\/p>\n<p>7-8 December (Tuesday-Wednesday): <a href=\"https:\/\/northafricatradefinance.com\/\">North Africa Trade Finance Summit<\/a>.<\/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>22-24 April 2022:<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><sup><\/sup><\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt<\/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><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":564315,"template":"","categories":[],"tags":[],"class_list":["post-564314","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1fc1be46-c293-4884-bce0-e7b2f441c757","teaser":"","photo_url":"https:\/\/ent.news\/2021\/8\/509.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 Sovereign sukuk sale coming in early 2022 - 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-sovereign-sukuk-sale-coming-in-early-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise Sovereign sukuk sale coming in early 2022\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-sovereign-sukuk-sale-coming-in-early-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T04:28:38+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\/509.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-sovereign-sukuk-sale-coming-in-early-2022\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-sovereign-sukuk-sale-coming-in-early-2022\/\",\"name\":\"Enterprise Sovereign sukuk sale coming in early 2022 - 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