{"id":565013,"date":"2021-03-14T13:40:46","date_gmt":"2021-03-14T13:40:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=565013"},"modified":"2025-12-16T04:47:25","modified_gmt":"2025-12-16T04:47:25","slug":"enterprise-that-ma-boom-its-still-going-as-aldar-eyes-sodic-and-acdima-pushes-to-start-dd-on-gsks-egypt-arm","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-that-ma-boom-its-still-going-as-aldar-eyes-sodic-and-acdima-pushes-to-start-dd-on-gsks-egypt-arm\/","title":{"rendered":"Enterprise That M&#038;A boom? It\u2019s still going as Aldar eyes Sodic and Acdima pushes to start DD on GSK\u2019s Egypt arm"},"content":{"rendered":"<section id=\"565015\" 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=\"565015\">\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\/03\/14\/what-were-tracking-on-14-march-2021-2\/\">\r\n                            What we\u2019re tracking on 14 March 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\/03\/14\/what-were-tracking-on-14-march-2021-2\/\" 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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Acdima, meanwhile, says it wants to start due diligence on GSK\u2019s Egypt arm.<\/p>\n<p>And the bidding war for <strong>Alexandria Medical Services<\/strong> appears to be heating up with a consortium that includes <strong>Tana Africa Capital<\/strong> looking to buy 100% of the hospital operator.<\/p>\n<p><strong>M&A in the investment management industry hit last year its highest level since the 2008 <\/strong><strong>financial crisis<\/strong> as intense competitive pressure spurs more consolidation, the <a href=\"https:\/\/www.ft.com\/content\/1e0bee24-310a-42b0-bfd8-510a9b4a5748\">Financial Times<\/a> reports. Total M&A involving asset and wealth managers nearly tripled, rising to USD 38.9 bn in 2020 from USD 13.6 bn the year before. Nine transactions had pricetags exceeding USD 1 bn, including Morgan Stanley\u2019s USD 7 bn acquisition of Eaton Vance and Franklin Templeton\u2019s USD 4.5 bn buyout of Legg Mason.<\/p>\n<p><strong>Look for more of the same in the year to come: <\/strong>The gaping size difference between the biggest players and the rest of the pack will see \u201cthe largest asset managers \u2026 continue to hunt for acquisitions to \u2018leverage their scale\u2019 to boost revenues and cost savings,\u201d while smaller players will be open to M&A because of the \u201cimmense challenges\u201d of going head-to-head with the big fish, the salmon-colored paper writes.<\/p>\n<p><strong>CATCH UP QUICK <\/strong>on the top stories from today\u2019s issue of EnterpriseAM:<\/p>\n<ul>\n<li><strong>The third wave of the pandemic appears to be on our doorstep<\/strong> \u2014 and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a3953d0-4385-4f6d-af31-d0ba8a7ff636\">it could<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a3953d0-4385-4f6d-af31-d0ba8a7ff636\">accelerate as Ramdan arrives<\/a>.<\/li>\n<li><strong>All 12 analysts in our interest rate poll see the central bank leaving rates on hold <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e93cbb9-79ef-4b1d-807b-d74d1637b427\">when it meets on Thursday<\/a>.<\/li>\n<li><strong>Banque Misr will take 90% of CI Capital<\/strong>, but the firm will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f89a92c6-03f6-4a5c-9bfa-29a1d79a7de9\">remain listed on the EGX<\/a>.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>HAPPENING NOW- <\/strong><strong>The House of Representatives is discussing proposed changes to the Bankruptcy Act <\/strong>in an <a href=\"https:\/\/bit.ly\/2OPgbTV\">ongoing plenary session<\/a>. The changes \u2014 which gives creditors more a greater say in deciding the future of bankrupt businesses and give more avenues for struggling borrowers to settle with lenders before filing for bankruptcy, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e93f408b-e633-4d62-b665-f13b50eaa07f\">among other things<\/a> \u2014 are now in their final stages after having been finalized at committee-level <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0198280-8660-4624-a350-a39d1a2162b1\">earlier this year<\/a>.<\/p>\n<p><strong>MPs were back to plenary sessions today after going on recess earlier this month. On the agenda:<\/strong><\/p>\n<ul>\n<li>A EGP 2 bn overdraft for the FY2020-2021 state budget is up for discussion in today\u2019s plenary session;<\/li>\n<li>The general assembly will also look at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91feb202-b605-493a-8d72-ab4ab70aeb10\">Water Resources Act<\/a> tomorrow;<\/li>\n<li>The House Economic Committee is set to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=13032021&id=1e3d2e98-8fda-4640-8ec3-a282df70197d\">resume discussing<\/a> the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1dc4983d-dfdf-408a-a5e9-6bfa3545fe71\">Sovereign Sukuk Act<\/a> today;<\/li>\n<li>The Central Agency for Organization and Administration\u2019s plan for informal laborers is also up for discussion at the House Manpower Committee today.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>THE BIG BUSINESS STORY ABROAD-<\/strong> <strong>A US federal judge ordered a temporary halt on <\/strong><strong>the US investment ban on Xiaomi,<\/strong> with a complete reversal likely to follow, the <a href=\"https:\/\/www.wsj.com\/articles\/xiaomi-wins-court-ruling-halting-u-s-investment-ban-11615604756?mod=hp_lead_pos5\">WSJ<\/a> reports. The ruling casts more doubt on the Trump-era Pentagon decision in January to add consumer electronics giant Xiaomi to a list of companies it believes are linked to the Chinese military, effectively blacklisting it from US investment. This comes just after US President Joe Biden in February <a href=\"https:\/\/www.bbc.com\/news\/technology-56041209\">paused legal action<\/a> taken by the Trump administration against Tiktok and WeChat, while his administration revisits whether the apps really pose a threat. The Department of Defense had <a href=\"https:\/\/www.wsj.com\/articles\/u-s-blacklisted-chinas-xiaomi-because-of-award-given-to-its-founder-11614947281?mod=article_inline\">cited<\/a> an award given to Xiaomi founder in 2019 by the Chinese state, and the company\u2019s ambitions in 5G and artificial intelligence technology, as grounds for the ban, which the judge called \u201cdeeply flawed\u201d as some 500 entrepreneurs had received similar awards while 5G and AI are \u201cbecoming industry standards for consumer electronics devices.\u201d<\/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 TOMORROW-<\/strong><\/p>\n<p><strong>Life coach <\/strong><strong><a href=\"https:\/\/arfeenkhan.com\/\">Arfeen Khan<\/a><\/strong><strong> is giving a talk<\/strong> <strong>at a virtual AmCham event tomorrow.<\/strong> The AmCham event will be open to members only and you can sign up from <a href=\"https:\/\/www.amcham.org.eg\/events-activities\/overview#\">their website<\/a>.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Photopia\u2019s <\/strong><strong><a href=\"http:\/\/bit.ly\/3qeZi2a\">Cairo Photo Week 2021<\/a><\/strong><strong> is up and running until 20 March<\/strong>. The photo festival will feature over 100 activities including workshops, panels, photo challenges, exhibitions, portfolio reviews and photo walks throughout the week, all led by more than 80 local and international photographers. You can check out the event program on <a href=\"https:\/\/www.photopiacairo.com\/cairophotoweek-2021?fbclid=IwAR1VINWsHs0sOu3TMtc8ylAWapzWrTthzPq_f0xf6tF5q2zjqh6I0KszU-k\">Photopia\u2019s website<\/a>, there\u2019s plenty to look at on the group\u2019s Instagram feed <a href=\"https:\/\/www.instagram.com\/cairophotoweek\/?hl=en\">@cairophotoweek<\/a>, and both physical and virtual tickets are available <a href=\"https:\/\/ticketing.eventtus.com\/y5flju015b0uv2qe11v8twbfvxdd7hs5\/tickets?fbclid=IwAR2TtnBFF17ilmZhScxWpLXXXQR2nK7zxjFkXDmk0Cfh1J17Da7dm2MLEpk\">here<\/a>.<\/p>\n<p><strong>A masterclass on advanced color grading is <\/strong><strong><a href=\"https:\/\/www.photopiacairo.com\/cairophotoweek-2021?fbclid=IwAR1VINWsHs0sOu3TMtc8ylAWapzWrTthzPq_f0xf6tF5q2zjqh6I0KszU-k\">taking place<\/a><\/strong><strong> today at 5-9pm.<\/strong> Taught by Menna Hossam (<a href=\"http:\/\/bit.ly\/3vo7TmD\">Behance<\/a>), participants will learn how to transform images into mystical art pieces. All you need is to bring a laptop with Photoshop installed on it.<\/p>\n<p><strong>Talking sustainable manufacturing with BEBA: <\/strong>The British-Egyptian Business Association (BEBA) will host a virtual conference on how Egyptian and UK firms can work together on sustainable manufacturing projects in Africa in the post-Brexit environment on Tuesday, 23 March. Check out the agenda <a href=\"https:\/\/ent.news\/2021\/3\/uk-egypt-partnership-for-the-promotion-of-sustainable-manufacturing-in-africa_official-programme.pdf\">here (pdf)<\/a>.<\/p>\n<p><strong>AUC Press\u2019s <\/strong><strong><a href=\"http:\/\/bit.ly\/3rl944d\">Mad March<\/a><\/strong><strong> book sale will be ongoing for the rest of the month. <\/strong>The sale is open to the general public every day from 10am\u20136pm CLT at AUC Tahrir Bookstore & Garden.<\/p>\n<p>? <strong>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><strong>The pandemic-induced baby drought is hurting the global economy<\/strong> as major economies report dwindling birth rates, raising concerns that the supply of future taxpayers to service the enormous debt incurred to fund economic aid and public pension systems is looking even thinner than before, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-03-14\/global-baby-drought-of-covid-19-crisis-risks-population-crunch?sref=mmeFTDW1\">Bloomberg<\/a> reports. Within two decades, 10-15% fewer adults may join the workforce as a result, experts tell the publication, and it's going to lower potential growth rates and make debt less sustainable in the long term. This issue is pronounced in certain countries in Asia and Europe with aging populations. France reported its lowest birth rate since World War II, 15 Italian cities reported 22% fewer births, while Chinese authorities saw a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-02-09\/china-sees-15-decline-in-registered-newborn-babies-in-2020?sref=mmeFTDW1\">15% decline in registered newborns<\/a> in 2020.<\/p>\n<p> <strong>US regulators are cracking down on Tesla and other automakers who test unfinished <\/strong><strong>driverless tech on users: <\/strong>The National Transportation Safety Board (NTSB) is calling for stronger federal requirements on the design and usage of automated driving technologies on public roads, NTSB chief Robert Sumwalt said in a <a href=\"https:\/\/www.regulations.gov\/comment\/NHTSA-2020-0106-0617\">letter<\/a> to its sister agency, the National Highway Traffic Safety Administration (NHTSA) which enforced recalls of vehicles. Tesla has been testing its Level 2 Autopilot system \u2014 which means vehicles have some automated functions, but require drivers to remain attentive and keep their hands on the wheel \u2014 in its cars \u201cwith limited oversight or reporting requirements\u201d said Sumwalt.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p>(All times in CLT)<\/p>\n<p><strong>Netflix original series The One has been released today.<\/strong> Based on a novel by John Marrs, the series follows a dating company known as The One that uses DNA analysis to match you to the love of your life in a show combining relationship drama and murder mystery set in a futuristic world. <a href=\"https:\/\/decider.com\/2021\/03\/12\/the-one-netlfix-review\/\">Decider<\/a> is a fan while <a href=\"https:\/\/edition.cnn.com\/2021\/03\/11\/entertainment\/the-one-review\/index.html#:~:text=(CNN)%20%22The%20One%22,much%20of%20a%20love%20connection.\">CNN<\/a> gave it a shrug.<\/p>\n<p><strong>The follow-up to 1988's Coming to America, <\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt6802400\/\">Coming 2 America<\/a><\/strong> <strong>(see what they did <\/strong><strong>there?) has been released on Amazon Prime.<\/strong> In the comedy film, Eddie Murphy and Arsenio Hall team up to help the soon-to-be-King of Zamunda who returns to America to find the son he never knew he had. You can check out these reviews by <a href=\"https:\/\/www.nytimes.com\/2021\/02\/24\/movies\/eddie-murphy-arsenio-hall-coming-2-america.html\">the New York Times<\/a> and <a href=\"https:\/\/www.latimes.com\/entertainment-arts\/movies\/story\/2021-03-03\/eddie-murphy-coming-2-america-zamunda-akeem-brewer\">the Los Angeles Times<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>It\u2019s another Super Sunday in the English Premier League<\/strong><strong>:<\/strong> Southampton and Brighton kicked off at 2pm in the first game of the day and the score now stands at 2-1 in favor of Brighton. Meanwhile, Leicester and Sheffield United will kick off their match soon at 4pm.<\/p>\n<p><strong>The biggest games of the day are being saved for last:<\/strong> London arch rivals Tottenham and Arsenal face off at The Emirates at 6:30pm before Man Utd and West Ham meet each other at 9:15pm in a six-pointer in the race for the top four.<\/p>\n<p><strong>Serie A action is also about to get under way<\/strong>, with Torino going up against Inter Milan and Parma playing Roma, both at 4pm. Later in the day, underfiring Juventus will go head-to-head with relegation-threatened Cagliari at 7pm and AC Milan will kick off against Napoli at 9:45pm.<\/p>\n<p><strong>Celta Vigo and Athletic Club have just kicked off their mid-table clash in La Liga<\/strong>, while Granada and Real Sociedad will play at 5:15pm, Eibar versus Villareal at 7:30pm, and Sevilla versus Real Betis at 10pm.<\/p>\n<p><strong>Here at home:<\/strong> Al Mokawloon are currently playing against Ghazl El Mahalla in the Egyptian Premier League.<\/p>\n<p><strong>\u2615 DRINK THIS TOMORROW- <\/strong><\/p>\n<p><strong>A coffee subscription sounds pretty good to us right about now. <\/strong><a href=\"http:\/\/www.tbsfresh.com\/\">TBS<\/a> has launched <a href=\"https:\/\/bit.ly\/30IY7gQ\">My TBS Cup<\/a> \u2014 a EGP 299 monthly subscription that will give you two coffees a day. Of course, even without the subscription, TBS is a great place to get something quick to eat on the go, from their bakery section to their \u2018make a sandwich\u2019 counter. We love their blueberry muffins and their mini pizzas. Meanwhile, you\u2019ll really be upping your sandwich game if you add their pesto or caramelized onions to your sandwich. And as Ramadan nears, we\u2019re awaiting their yearly innovative creations, but their already existing Butler Box is a great hit at any suhoor.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><\/p>\n<p>(All times in CLT)<\/p>\n<p><strong>The Comedy Bunch are at The Room Art Space in New Cairo tonight at 9pm.<\/strong> <a href=\"http:\/\/bit.ly\/3cxHjz5\">The event<\/a> will be hosted by Ahmed El Hareedy and feature comedians Abdelrahman Ahmed, Yara Fahmy, Khalid Elshoky, and Koala Sandwich Live.<\/p>\n<p><strong>Brush It is organizing a Pottery, Paint, and Sip night on Tuesday at 6-8pm at Ora Restobar <\/strong><strong>in New Cairo.<\/strong> All participants will be given a large plant pot to paint as well as all the necessary equipment \u2014 and of course something to sip. Bring your creativity and join the paint party by registering online <a href=\"https:\/\/brushitart.com\/\">here<\/a>.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>Environmental catastrophe from the perspective of those affected: <\/strong>Despite the amount of attention we give to environmental issues, it\u2019s still hard to understand the real-life consequences of pollution from the perspective of those that are most heavily impacted. <a href=\"https:\/\/amzn.to\/3crDn2R\">How Beautiful We Were<\/a> by Imbolo Mbue is a novel set in the fictional African village of Kosawa, and tells of a people living in fear amid environmental degradation wrought by an American oil company. From pipeline spill and toxic drinking water, the novel explores what happens when the reckless drive for profit, coupled with the ghost of colonialism, threatens a community\u2019s livelihood and safety.<\/p>\n<p>? <strong>TOMORROW\u2019S WEATHER- We\u2019re not sure whether we should have our summer or winter clothes hung in the closet. <\/strong>Tomorrow\u2019s weather will see daytime highs of 28\u2103 and nighttime lows of 13\u2103, our favorite weather app tells us. The meter will dip down to 24\u2103 on Tuesday and Wednesday then gradually increase to 31\u2103 on Saturday and Sunday.<\/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\/self-driving-cars\/\">self-driving cars<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tesla\/\">Tesla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-tonight\/\">WHAT WE\u2019RE TRACKING TONIGHT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> 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WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/\">\r\n                            UAE\u2019s Aldar makes offer for majority stake in Sodic                        <\/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\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-attachment-id=\"565018\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/uaes-aldar-makes-offer-for-majority-stake-in-sodic\/458-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/458.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"458.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/458.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/458.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565017\" class=\"content-area-description single-story post-565017 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-ma-watch tag-aldar-properties tag-enterprisepm tag-ma-watch tag-real-estate tag-sodic wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>The UAE\u2019s Aldar wants a controlling stake in Sodic:<\/strong> Emirati real estate firm Aldar Properties has submitted a non-binding offer to acquire at least 51% of real estate giant Sodic\u2019s shares for EGP 18-19 per share, the two companies said in separate bourse disclosures (<a href=\"https:\/\/ent.news\/2021\/3\/%D8%B3%D9%88%D8%AF%D9%8A%D9%83-%D8%A8%D9%8A%D8%A7%D9%86-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-14-03-2021.pdf\">here<\/a> and <a href=\"https:\/\/ent.news\/2021\/3\/Aldar-Press-Release-Project-Forge-EN-14.03.21.pdf\">here<\/a> -pdfs) this morning. The offer\u2019s midpoint price values the company at EGP 6.6 bn, a 14% premium to Sodic shares\u2019 closing price at the end of last week, reflecting Sodic\u2019s \u201crobust fundamentals and share price performance,'' over the past year, Aldar said. The company has submitted a request to perform due diligence, which will now be referred to the Sodic board for consideration. Aldar said the acquisition, if successful, would be executed through \u201ca consortium controlled and majority owned by Aldar.\u201d<\/p>\n<p><strong>The offer is \u201ca compelling liquidity event and value proposition for Sodic\u2019s <\/strong><strong>shareholders,\u201d <\/strong>Aldar said in its statement.<\/p>\n<p><strong>A consortium of Sodic stakeholders led by Act Financial is \u201ccurrently exploring all possible scenarios\u201d <\/strong>in the wake of the offer, Act Financial Managing Partner Moustafa Abdel Aziz told Enterprise. \u201cAll the recent news that we have been seeing in the market confirms Act Financial's vision that consolidation and M&A will be the main driver for growth in all sectors,\u201d said Abdel Aziz. Act Financial, Hassan Allam Properties and Concrete Plus Engineering and Construction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/787584a3-7683-4266-903a-c3607e6c0392\">collectively hold 14.98%<\/a> of Sodic\u2019s shares, making the consortium Sodic\u2019s largest shareholder.<\/p>\n<p><strong>Sodic\u2019s shares <\/strong><strong>soared by as much as 7%<\/strong><strong> at market open on the news<\/strong>, <a href=\"https:\/\/ent.news\/2021\/3\/sodic-shares-bulletin-egx.png\">tripping EGX circuit breakers<\/a> when the stock broke 5%. Sodic\u2019s shares were up 4.7% at market close, ending the trading day at EGP 17.02 apiece. <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2B605N\">Reuters<\/a>also has the story.<\/p>\n<p><strong>Aldar has been signposting a major move in the Egyptian market for a while:<\/strong> Aldar CEO Talal Al Dhiyabi had in 2019 said the company was <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/14\/uaes-aldar-properties-eyes-investments-in-egypt\/\">eyeing investments<\/a> in Egypt\u2019s real estate market \u2014 a point <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08a4100f-cf45-4105-b0fb-43535ab63c01\">reiterated last month<\/a> by <strong>CFO Greg Fewer, who said that Egypt was its priority market for outward expansion<\/strong>. Aldar\u2019s new operating model announced earlier this year grants its development business \u201ca mandate to expand its operations into the Egyptian market to pursue attractive long-term opportunities, particularly in the development of integrated mixed-use communities,\u201d according to the company\u2019s disclosure.<\/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\/aldar-properties\/\">Aldar Properties<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/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=\"565019\" 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=\"565019\">\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: M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-is-staying-put-for-now\/\">\r\n                            GSK is staying put \u2014 for now                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-is-staying-put-for-now\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-is-staying-put-for-now\/')\">\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\/03\/14\/gsk-is-staying-put-for-now\/\">\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=GSK is staying put \u2014 for now&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/gsk-is-staying-put-for-now\/\">\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\/03\/14\/gsk-is-staying-put-for-now\/&title=GSK is staying put \u2014 for now\">\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=GSK+is+staying+put+%E2%80%94+for+now+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F03%2F14%2Fgsk-is-staying-put-for-now%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\/03\/14\/gsk-is-staying-put-for-now\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565019\" class=\"content-area-description single-story post-565019 post type-post status-publish format-standard hentry category-speed-round-ma-watch tag-acdima tag-enterprisepm tag-glaxosmithkline tag-hikma-pharma tag-ma-watch tag-pharma tag-rameda-pharma 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-02\"><\/a> <strong>GSK puts Egypt exit on the backburner:<\/strong> GlaxoSmithKline has shelved plans to sell its units in Egypt and Tunisia following the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1934c8f6-9bcd-4290-9195-598a2713a15e\">breakdown of talks with UK-listed Hikma Pharma<\/a>, the company said in <a href=\"https:\/\/ent.news\/2021\/3\/GSK-Stake-Sale-EGX.pdf\">a disclosure (pdf)<\/a> to the EGX today. The pharma giant initially wanted to sell its entire 91.2% stake in its Egypt-based pharma and manufacturing business, but said today that it is backing out of a sale. \u201cGSK\u2019s shareholders\u2019 immediate focus is stabilising the operations of our company and the supply of meds and consumer healthcare products to our patients,\u201d it said.<\/p>\n<p><strong>Acdima asked on 10 March to start due diligence <\/strong>on GSK\u2019s Egypt operations, but GSK said in a <a href=\"https:\/\/ent.news\/2021\/3\/GSK_-ACDIMA-offer-14-March-2021.pdf\">separate statement (pdf)<\/a> that its global parent company \u201cis not willing to sell its shares in GSK SAE and therefore is not engaging in any sale process with any party at this time.\u201d Still, GSK\u2019s local board is meeting today to discuss the matter and will \u201cannounce its decision on Monday, 15 March 2021,\u201d the statement said. <a href=\"http:\/\/bit.ly\/3tfaYDO\">Hapi Journal<\/a> reported this morning that Acdima was planning to submit a bid this month.<\/p>\n<p><strong>This comes a few days after GSK and Hikma announced they had ended talks without an agreement.<\/strong> GSK chose to pursue talks with Hikma back in January, rejecting advances from Egyptian pharma companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e925f6d-650f-40a8-aea3-afcbd9dd3ed4\">Acdima<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9c4b03c-7e07-4ed4-ba5f-048a3454ec51\">Rameda<\/a>. Neither company has disclosed why the talks broke down.<\/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\/acdima\/\">ACDIMA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/glaxosmithkline\/\">GlaxoSmithKline<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hikma-pharma\/\">Hikma Pharma<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/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=\"565020\" 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=\"565020\">\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\">SPEED ROUND: M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/on-your-marks\/\">\r\n                            On your marks...                        <\/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\/03\/14\/on-your-marks\/\" 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\/03\/14\/on-your-marks\/')\">\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\/03\/14\/on-your-marks\/\">\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=On your marks...&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/on-your-marks\/\">\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\/03\/14\/on-your-marks\/&title=On your marks...\">\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=On+your+marks...+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F03%2F14%2Fon-your-marks%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\/03\/14\/on-your-marks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565020\" class=\"content-area-description single-story post-565020 post type-post status-publish format-standard hentry category-speed-round-ma-watch tag-alexandria-medical-services tag-enterprisepm tag-healthcare tag-ma-watch tag-mabaret-al-asafra-hospitals tag-speed-medical tag-tana-africa-capital tag-tawasol-holdings wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Race for Alex Medical to heat up later this month: <\/strong>A consortium of <a href=\"https:\/\/mabaret-alasafra.com\/en\/Home\/Home\">Mabaret Al Asafra<\/a><a href=\"https:\/\/mabaret-alasafra.com\/en\/Home\/Home\">Hospitals<\/a> and investment firm <a href=\"http:\/\/tana-africa.com\/\">Tana Africa Capital<\/a> will submit an offer to acquire 100% of Alexandria Medical Services before the end of March, intensifying the race for the healthcare player, <a href=\"https:\/\/bit.ly\/3lgkns3\">Al Mal<\/a> reports, citing sources close to the transaction. Tana Africa, which holds a minority stake in Mabaret Al Asafra, plans to cover a \u201cbig part\u201d of the transaction and is also mulling loans from local banks, the sources said. Mabaret Al Asafra\u2019s board is due to sit down in the coming days to hash out the final details of the bid, they added.Tana and Mabaret Al Asafra first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f677a9d-e35c-49ee-89a3-2aba218f6d67\">lodged interest in Alex Medical back in January<\/a>, reportedly reaching out to the Abu Dhabi Commercial Bank (ADCB) which acquired its 51.5% stake. Neither Mabaret Al Asafra nor Tana Capital were available to comment on the story.<\/p>\n<p><strong>B<\/strong><strong>idding war heating up? <\/strong>A consortium made of Saudi\u2019s Tawasol Holdings and Speed Medical subsidiary Speed Hospitals Company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/595bcf4f-5768-4a09-a61f-639c5b1649b4\">is also looking to acquire the firm<\/a>. Tawasol \u2014 already a 26% shareholder of Alex Medical \u2014 is eyeing the remaining 74% stake in the company and will reportedly offer to purchase the shares at EGP 38.09 apiece. The two could potentially be joined by an unnamed local healthcare investor, sources said earlier this month. ADCB <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31bffded-092f-4f4c-9755-e585392cd8f6\">confirmed last week<\/a> that it\u2019s looking to offload its entire stake and tapped CI Capital as its sell-side advisor.<\/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\/alexandria-medical-services\/\">Alexandria Medical Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mabaret-al-asafra-hospitals\/\">Mabaret Al Asafra Hospitals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-medical\/\">Speed Medical<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tana-africa-capital\/\">Tana Africa Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tawasol-holdings\/\">Tawasol Holdings<\/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=\"565021\" 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=\"565021\">\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\">SPEED ROUND: DEVELOPMENT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/japan-is-funding-our-recycling-efforts\/\">\r\n                            Japan is funding our recycling efforts                        <\/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\/03\/14\/japan-is-funding-our-recycling-efforts\/\" 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\/03\/14\/japan-is-funding-our-recycling-efforts\/')\">\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\/03\/14\/japan-is-funding-our-recycling-efforts\/\">\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=Japan is funding our recycling efforts&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/japan-is-funding-our-recycling-efforts\/\">\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\/03\/14\/japan-is-funding-our-recycling-efforts\/&title=Japan is funding our recycling efforts\">\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=Japan+is+funding+our+recycling+efforts+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F03%2F14%2Fjapan-is-funding-our-recycling-efforts%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\/03\/14\/japan-is-funding-our-recycling-efforts\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565021\" class=\"content-area-description single-story post-565021 post type-post status-publish format-standard hentry category-speed-round-development tag-development-finance tag-enterprisepm tag-plastic tag-recycling tag-speed-round-development tag-unido tag-waste-management 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>Egypt will receive USD 3.6 mn from Japan to support an ongoing United Nations <\/strong><strong>Industrial Development Organization (UNIDO) project to promote recycling practices<\/strong> under the terms of an agreement signed by Japanese ambassador to Egypt Masaki Noke and UNIDO last week, <a href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/3623528211027754\">the International Cooperation Ministry<\/a>, the <a href=\"https:\/\/www.vie-mission.emb-japan.go.jp\/itpr_ja\/UNIDO_JGA_Egypt_en.html\">Japanese government<\/a> and <a href=\"https:\/\/www.unido.org\/news\/unido-and-japan-support-egypt-alternative-approach-single-use-plastics-production-and-consumption\">UNIDO<\/a> said Tuesday. The project will provide technical assistance to SMEs and will focus on integrating the private sector in plastic recycling, and is a part of UNIDO\u2019s <a href=\"https:\/\/www.unido.org\/who-we-are-programme-country-partnership\/programme-country-partnership-egypt\">Program for Country Partnership<\/a> with Egypt launched last year.<\/p>\n<p><strong>Egypt has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/acd63d4c-eaea-4fe3-9e67-1a7e8805b79d\">struggled to integrate the private sector<\/a><\/strong><strong> companies<\/strong><strong> into the waste-management industry,<\/strong> and has attempted to draw them in with investment incentives under the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0f2c4de3-f9d4-4312-855a-f8e0efebedc7\">Waste Management law passed last year<\/a>. The government has also initiated <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1fb4a6d0-60f3-48c2-ba22-e6d8b8507a81\">door-to-door recycling awareness-raising campaigns<\/a>, and has said it <a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/16\/egypt-targets-80-garbage-recycling-rate-over-the-next-seven-years\/\">aims to recycle around 80% of solid waste<\/a> by 2026.<\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/plastic\/\">plastic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recycling\/\">recycling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round-development\/\">SPEED ROUND: DEVELOPMENT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unido\/\">UNIDO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waste-management\/\">waste management<\/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=\"565022\" 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=\"565022\">\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\">GO WITH THE FLOW<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/the-market-on-14-march-2021\/\">\r\n                            The market on 14 March 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\/03\/14\/the-market-on-14-march-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\/03\/14\/the-market-on-14-march-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\/03\/14\/the-market-on-14-march-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=The market on 14 March 2021&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/the-market-on-14-march-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\/03\/14\/the-market-on-14-march-2021\/&title=The market on 14 March 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=The+market+on+14+March+2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F03%2F14%2Fthe-market-on-14-march-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\/03\/14\/the-market-on-14-march-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565022\" class=\"content-area-description single-story post-565022 post type-post status-publish format-standard hentry category-go-with-the-flow tag-egx tag-enterprisepm tag-go-with-the-flow wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The EGX30 rose 0.3% at today\u2019s close<\/strong> on turnover of EGP 897 mn (39.6% below the 90-day average). Local investors were net sellers. The index is up 4.1% YTD.<\/p>\n<p><strong>In the green: <\/strong>Fawry (+6.8%), Orascom Development (+5.7%) and Sodic (+4.7%).<\/p>\n<p><strong>In the red: <\/strong>CI Capital (-7.3%), AMOC (-2.6%) and Orascom Investment (-2.5%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565023\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565024\" 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=\"565024\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/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\/03\/14\/hsbc-confident-of-egypts-prospects-but-challenges-remain\/\">\r\n                            HSBC confident of Egypt\u2019s prospects, but challenges remain                        <\/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\/03\/14\/hsbc-confident-of-egypts-prospects-but-challenges-remain\/\" 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\/03\/14\/hsbc-confident-of-egypts-prospects-but-challenges-remain\/')\">\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\/03\/14\/hsbc-confident-of-egypts-prospects-but-challenges-remain\/\">\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=HSBC confident of Egypt\u2019s prospects, but challenges remain&url=https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/hsbc-confident-of-egypts-prospects-but-challenges-remain\/\">\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\/03\/14\/hsbc-confident-of-egypts-prospects-but-challenges-remain\/&title=HSBC confident of Egypt\u2019s prospects, but challenges remain\">\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=HSBC+confident+of+Egypt%E2%80%99s+prospects%2C+but+challenges+remain+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F03%2F14%2Fhsbc-confident-of-egypts-prospects-but-challenges-remain%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\/03\/14\/hsbc-confident-of-egypts-prospects-but-challenges-remain\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/462.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"565025\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/hsbc-confident-of-egypts-prospects-but-challenges-remain\/462-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/462.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"462.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/462.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/462.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565024\" class=\"content-area-description single-story post-565024 post type-post status-publish format-standard has-post-thumbnail hentry category-the-macro-picture tag-covid-19 tag-economy tag-enterprisepm tag-fdi tag-hsbc tag-inflation tag-mena tag-the-macro-picture tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Egypt is \u201cone of the most compelling economic stories\u201d in the MENA, Africa <\/strong><strong>and <\/strong><strong>Eastern European regions but continues to face \u201csignificant risks\u201d<\/strong> and many structural obstacles, HSBC said in a note last week. Reforms over the past four years have put the economy in a strong position to rebound from the covid shock and weather future economic turbulence, yet the country\u2019s large debt pile, precarious sources of hard currency and weak investment will pose serious challenges for policymakers, Simon Williams, HSBC\u2019s chief economist for Central and Eastern Europe, the Middle East and Africa (Ceemea), wrote in the note.<\/p>\n<p><strong>Growth to pick up in 2H2021:<\/strong> HSBC is optimistic that the economic recovery will remain on track, and is forecasting the economy to grow at a 2.5% clip during FY2020-21 and near 5% in FY2021-22. Economic activity will pick up steam during the latter half of the calendar year, underpinned by strong domestic consumption and fuelled in part by remittances, which surged to a record high in 3Q2020. The bank is also confident that the country\u2019s tourism sector will begin to attract more visitors as we near 2022, while an unexpectedly strong economic rebound in Europe \u2014 one of Egypt\u2019s largest trading partners \u2014 will help to support exports and add fuel to the recovery.<\/p>\n<p><strong>Look beyond consumption and things start to look more uncertain:<\/strong> \u201cOutside of consumption, signs of a broader rebound in activity are difficult to see,\u201d Williams writes, noting the private sector business activity contracted in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/12949e39-d887-4454-af52-b76228d40f07\">January<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8faed8bc-23ab-4b8c-b5c1-dcfdd52aa20b\">February<\/a> this year.<\/p>\n<p><strong>Here\u2019s why:<\/strong><\/p>\n<p><strong>#1 Productive FDI continues to remain low<\/strong>, with levels among the weakest in the Ceemea region, and existing investments are dominated by the public sector, Williams says. That is in stark contrast to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61ffddfa-ebf5-4743-bbc5-f65c507cc962\">strong foreign appetite<\/a> for the EGP carry trade, as well as to strong consumer spending. \u201cAlthough consumption is a powerful driver of short-term growth, <strong>it is investment that lifts long-term potential,\u201d<\/strong> Williams writes. The combined <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5662d281-1e6f-4604-b559-ae1ac16ce3be\">400 bps interest rate cut<\/a> by the CBE last year created momentum for capex, but according to Williams, this \u201cmay start to fade\u201d as the central bank tapers off its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e023b0-5a18-4efa-b4db-49ebd1c4b774\">cheap lending programs<\/a> for sectors vulnerable to the covid fallout.<\/p>\n<p><strong>#2 Trade supported economic growth during the pandemic because imports fell faster than exports<\/strong> <strong>\u2014 not due to more exports.<\/strong> The HSBC economist links this to the wider story of Egypt\u2019s current account weakness, with merchandise exports being traditionally lower than imports and leading to an enduring \u2014 and widening \u2014 trade deficit. This is usually compensated by a strong services balance, this time around the slowdown in tourism and weaker remittance inflows takes away this advantage.<\/p>\n<p><strong>#3 <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2fb13174-3377-49ef-8300-480e0abee206\">The commodities boom<\/a><\/strong><strong> could undermine CBE\u2019s room to ease: <\/strong>Should the recovery take longer, pressure is likely to build up for further monetary easing. The CBE has room to drive rates lower, but this would prove challenging if booming global food and energy prices continue to trend higher. Rate cuts could also make EGP debt less attractive for foreigners, which won\u2019t help if it happens before other key sources of FX (tourism and remittances) recover, Williams said.<\/p>\n<p><strong>Finances are on a firmer footing:<\/strong> Tax reforms and spending cuts put public finances in a much better position to handle the economic shock caused by the pandemic, and gave the government room for fiscal support while limiting the impact on the budget deficit. Revenues have been unexpectedly strong, supported by the Finance Ministry\u2019s efforts to expand the tax base and covid-era measures to bring informal businesses into the fold such as conditioning state support to SMEs on registering into the formal sector, Williams notes.<\/p>\n<p><strong>And debt sustainability has improved:<\/strong> The Finance Ministry succeeded in lengthening the average maturity of government debt to a little over three years in FY2019-2020 from closer to 1 year in FY2012-2013, alleviating short-term debt servicing costs. Foreign investors are also now playing a bigger role in the country\u2019s financing mix. The proportion of foreign debt ownership is still low by global standards though, and at 20% of total debt, still has room to grow. That said, foreign portfolio investment is now at a record high of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61ffddfa-ebf5-4743-bbc5-f65c507cc962\">USD 29 bn<\/a>, having staged a full recovery from the emerging-market sell-off caused by the pandemic last year.<\/p>\n<p><strong>But high debt levels and a large fiscal deficit continue to pose problems: <\/strong>While the budget deficit has been narrowing, a <strong>\u201cfiscal overhang\u201d<\/strong> remains unresolved and it isn\u2019t just cyclical. It stems from \u201cheavy debt servicing costs that amount to some 10% of GDP, \u2026 [absorbing] the equivalent of 60% of all revenues and nearly 90% of taxes.\u201d With the state coffers being increasingly subject to a growing need for external funding, the economy needs to sustain a real growth rate of 5.5% (and nominal growth of nearly 14%) to drive the debt stock sustainably lower, \u201cleaving little room for error,\u201d Williams notes.<\/p>\n<p><strong>And t<\/strong><strong>here is \u201cmuch policy work still to be done\u201d<\/strong><strong>: <\/strong>Low levels of national savings, heavy state involvement in the economy, weak capital formation, a \u201cstill-low\u201d business environment ranking, and high levels of poverty. Egypt\u2019s GDP structure also suffers from a \u201cmarked structural imbalance\u201d owed to a low level of goods exports and weak real wages.<\/p>\n<p><strong>Authorities are increasingly recognizing those structural shortfalls, <\/strong>and have since 2017 introduced \u201ca raft of reforms designed to overhaul the investment climate and prioritise export sectors,\u201d he writes.<\/p>\n<p><strong>You can read a summary of <\/strong><strong><a href=\"https:\/\/ent.news\/2021\/3\/Arabic-translation-review-Eng-Arb.docx-1.pdf\">the report here (pdf)<\/a><\/strong><strong>. <\/strong><\/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\/covid-19\/\">covid-19<\/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\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena\/\">MENA<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"565026\" 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=\"565026\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Image of the Day<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/03\/14\/ancient-christian-ruins-discovered-in-bahariya-oasis\/\">\r\n                            Ancient Christian ruins discovered in Bahariya Oasis                        <\/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\/03\/14\/ancient-christian-ruins-discovered-in-bahariya-oasis\/\" 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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A French-Norwegian archaeological team made the discovery, which includes 19 structures and a church carved into the bedrock, the statement said.<\/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\/image-of-the-day\/\">IMAGE OF THE DAY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism-and-antiquities-ministry\/\">Tourism and Antiquities Ministry<\/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=\"565028\" 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\/03\/14\/your-essential-business-calendar-on-14-march-2021-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565028\" class=\"content-area-description single-story post-565028 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>March: Potential visit to Cairo by Russian President Vladimir Putin.<\/p>\n<p>11-14 March (Thursday-Sunday): First edition of Afaq Real Estate Expo, Tolip El Galaa Hotel, Cairo, Egypt.<\/p>\n<p>11-15 March (Thursday - Monday): Al Bazaar fair for handicrafts and house decors, Cairo International Conference Centre, Cairo, Egypt.<\/p>\n<p>11-20 March (Thursday-Saturday): Photopia\u2019s <a href=\"http:\/\/bit.ly\/3qeZi2a\">Cairo Photo Week 2021<\/a> will take place with this year\u2019s theme being Depth OFF Field.<\/p>\n<p>13-14 March (Saturday-Sunday): The Marketers League Conference will take place at Kundalini Grand Pyramids Hotel in Giza. This year\u2019s theme is <a href=\"https:\/\/beyondthepandemic.marketers-league.com\/\">Beyond the Pandemic<\/a>.<\/p>\n<p>15 March (Monday): AmCham event featuring life coach Arfeen Khan.<\/p>\n<p>16 March (Tuesday): AmCham webinar featuring business tech expert Patrick Schwerdtfeger. <a href=\"https:\/\/www.amcham.org.eg\/events-activities\/events\/online-paid-registration\/1348\">Non-members can register here<\/a>.<\/p>\n<p>18 March (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>23 March (Tuesday): The second edition of the <a href=\"https:\/\/tinyurl.com\/vf98kbgf\">Egypt Retail Summit<\/a> takes place at the Nile Ritz Carlton hotel.<\/p>\n<p>23 March (Tuesday): The British-Egyptian Business Association (BEBA) virtual conference on sustainable manufacturing in Africa.<\/p>\n<p>25-27 March (Thursday-Saturday): <a href=\"https:\/\/www.therealgate.com\/visit\/register-your-interest-to-visit\/\">The Real Gate real estate exhibition<\/a>, Egyptian International Exhibition Center, Cairo.<\/p>\n<p>29-30 March (Monday-Tuesday): <a href=\"https:\/\/arab-exchanges.org\/conference\/\">Arab Federation of Exchanges Annual Conference<\/a> 2021.<\/p>\n<p>31 March (Wednesday): Deadline to visit the moroor and get an RFID sticker affixed to your car\u2019s windshield \u2014 or run afoul of the Traffic Police.<\/p>\n<p>31 March (Wednesday): Income tax deadline for individuals. Real estate tax deadline.<\/p>\n<p>1-3 April (Thursday-Saturday): <a href=\"http:\/\/hvacregypt.com\/\">HVAC-R Egypt Expo<\/a>.<\/p>\n<p>8-10 April (Thursday-Saturday): The TriFactory\u2019s Endurance Festival at Somabay.<\/p>\n<p>13 April (Monday): First day of Ramadan (TBC).<\/p>\n<p>25 April (Sunday): Sinai Liberation Day.<\/p>\n<p>29 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC),<\/p>\n<p>29 April (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1 May (Saturday): Labor Day (national holiday).<\/p>\n<p>2 May (Sunday): Easter Sunday.<\/p>\n<p>3 May (Monday): Sham El Nessim.<\/p>\n<p>13-15 May (Thursday-Saturday): Eid El Fitr (TBC).<\/p>\n<p>25-28 May (Tuesday-Friday): The World Economic Forum annual meeting, Singapore.<\/p>\n<p>1 June (Tuesday): The IMF will conduct a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>7 June-9 June (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a>, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>17 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>24 June (Thursday): End of the 2020-2021 academic year (public schools).<\/p>\n<p>26-29 June (Saturday-Tuesday): <a href=\"https:\/\/www.thebig5constructegypt.com\/?utm_source=Adestra&utm_medium=email&CID=003D000002UIHn4IAH&utm_campaign=Egyp%5Bt%20postponement%20generic%20exp%20visp&utm_term&utm_content=7014G000001cG3zQAE&CNAME=Enterprise\">The Big 5 Construct Egypt<\/a>, Cairo International Convention Center, Cairo, Egypt.<\/p>\n<p>30 June (Wednesday): 30 June Revolution Day.<\/p>\n<p>1 July: (Thursday): National holiday in observance of 30 June Revolution.<\/p>\n<p>30 June- 15 July: National Book Fair.<\/p>\n<p>1 July (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61c78b1b-ec60-46e8-9760-c995c81f34b9\">will suffer a host of penalties<\/a>, including removal from large taxpayer classification, losing access to government services and business, and losing subsidies.<\/p>\n<p>19 July (Monday): Arafat Day (national holiday).<\/p>\n<p>20-23 July (Tuesday-Friday): Eid Al Adha (national holiday)<\/p>\n<p>23 July (Friday): Revolution Day (national holiday).<\/p>\n<p>5 August (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>9 August (Monday): Islamic New Year.<\/p>\n<p>12 August (Thursday): National holiday in observance of the Islamic New Year.<\/p>\n<p>16 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 September-2 October (Thursday-Saturday): <a href=\"https:\/\/www.egypt-projects.com\/\">Egypt Projects 2021<\/a> expo, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>1 October (Friday): <a href=\"https:\/\/www.expo2020dubai.com\">Expo 2020 Dubai<\/a> opens.<\/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>18 October (Monday): Prophet\u2019s Birthday.<\/p>\n<p>21 October (Thursday): National holiday in observance of the Prophet\u2019s Birthday.<\/p>\n<p>28 October (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>1-12 November (Monday-Friday): <a href=\"https:\/\/ukcop26.org\/\">2021 United Nations Climate Change Conference<\/a> (COP26), Glasgow, United Kingdom.<\/p>\n<p>13-17 December: <a href=\"http:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/396604\/Egypt\/Politics-\/Egypt-to-host-UN-anticorruption-conference-in-.aspx\">United Nations Convention against Corruption<\/a>, Sharm El Sheikh, Egypt.<\/p>\n<p>16 December (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>27 June - 3 July 2022 (Monday-Sunday): <a href=\"https:\/\/www.insidethegames.biz\/articles\/1103867\/fisu-world-university-squash-new-giza\">World University Squash Championships<\/a>, 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":565014,"template":"","categories":[],"tags":[],"class_list":["post-565013","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"8a0f7e02-0c62-42dc-ab6e-5c3f15dd0219","teaser":"","photo_url":"https:\/\/ent.news\/2021\/3\/457.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 That M&amp;A boom? It\u2019s still going as Aldar eyes Sodic and Acdima pushes to start DD on GSK\u2019s Egypt arm - 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-that-ma-boom-its-still-going-as-aldar-eyes-sodic-and-acdima-pushes-to-start-dd-on-gsks-egypt-arm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise That M&amp;A boom? 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