{"id":565865,"date":"2021-05-10T13:52:07","date_gmt":"2021-05-10T13:52:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=565865"},"modified":"2025-12-16T05:10:09","modified_gmt":"2025-12-16T05:10:09","slug":"cleopatra-alameda-acquisition-talks-collapse","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/cleopatra-alameda-acquisition-talks-collapse\/","title":{"rendered":"Cleopatra, Alameda acquisition talks collapse"},"content":{"rendered":"<section id=\"565867\" 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=\"565867\">\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\/05\/10\/tonight-us-pipeline-crisis-continues-global-metal-prices-surge-doge-on-the-moon\/\">\r\n                            TONIGHT: US pipeline crisis continues; global metal prices surge; Doge on the moon.                        <\/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\/05\/10\/tonight-us-pipeline-crisis-continues-global-metal-prices-surge-doge-on-the-moon\/\" 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\/05\/10\/tonight-us-pipeline-crisis-continues-global-metal-prices-surge-doge-on-the-moon\/')\">\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\/05\/10\/tonight-us-pipeline-crisis-continues-global-metal-prices-surge-doge-on-the-moon\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=TONIGHT: US pipeline crisis continues; global metal prices surge; Doge on the moon.&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/tonight-us-pipeline-crisis-continues-global-metal-prices-surge-doge-on-the-moon\/\">\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\/05\/10\/tonight-us-pipeline-crisis-continues-global-metal-prices-surge-doge-on-the-moon\/&title=TONIGHT: US pipeline crisis continues; global metal prices surge; Doge on the moon.\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=TONIGHT%3A+US+pipeline+crisis+continues%3B+global+metal+prices+surge%3B+Doge+on+the+moon.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F10%2Ftonight-us-pipeline-crisis-continues-global-metal-prices-surge-doge-on-the-moon%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\/05\/10\/tonight-us-pipeline-crisis-continues-global-metal-prices-surge-doge-on-the-moon\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565867\" class=\"content-area-description single-story post-565867 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-covid-19 tag-dubai tag-economy tag-elaraby-group tag-enterprisepm tag-forbes tag-fuel tag-hassan-allam-holding tag-israel tag-israel-palestine-conflict tag-mansour-group tag-memaar-al-morshedy tag-middle-east tag-oil-and-gas tag-palestine tag-pmi tag-saudi-arabia tag-sports tag-what-were-tracking-tonight wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Well, that news slowdown about which we were whining this morning? It didn\u2019t last. <\/strong><\/p>\n<p><strong>THE BIG STORY THIS AFTERNOON is the end of a tie-up that would have seen <\/strong><strong>EGX-listed Cleopatra Hospitals Group and Alameda Healthcare combine their businesses<\/strong> to create the country\u2019s largest healthcare group by far. Neither party is saying where the transaction went off the rails, but each confirmed to us today that it did not crumble under pressure from regulators. The transaction would have been one of the larger M&As in recent memory in any sector. We have the rundown in this afternoon\u2019s Speed Round, below.<\/p>\n<p><strong>THE BIG STORY ABROAD remains the shutdown of the US Colonial Pipeline, which still <\/strong><strong>dominates the front <\/strong><strong>pages of the global business press this afternoon. <\/strong>Traders are searching for alternative sources of fuel amid fears of shortages across the eastern US after a ransomware cyberattack took down the vast Colonial Pipeline, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-09\/u-s-fuel-sellers-scramble-for-alternatives-to-hacked-pipeline?srnd=premium&sref=mmeFTDW1%C2%A0%20\/\/%C2%A0%20https:\/\/www.ft.com\/content\/b8b530c7-f194-43da-8c98-6e181f68da38\">Bloomberg<\/a> reports. The Biden administration has responded with emergency powers to keep supplies flowing and calm fears of a shortage, according to the <a href=\"https:\/\/www.ft.com\/content\/b8b530c7-f194-43da-8c98-6e181f68da38\">Financial Times<\/a>. The Colonial is the largest refined products pipeline in the country and transports some 2.5 mn barrels a day from the Gulf of Mexico up the eastern seaboard \u2014 or about 45% of the needs of the East coast.<\/p>\n<p><strong>More 300 Palestinians have been injured in violent clashes at Al Aqsa Mosque in <\/strong><strong>Jerusalem<\/strong> that erupted today as Israelis celebrated Jerusalem Day \u2014 the annual celebration of the occupation of East Jerusalem in 1967. <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/violence-erupts-al-aqsa-mosque-israel-marks-jerusalem-day-2021-05-10\/\">Reuters<\/a> and <a href=\"https:\/\/apnews.com\/article\/middle-east-israel-jerusalem-076a9ec7e2bd9c065882c64a4ab820a1\">The Associated Press<\/a> have the story.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>BIGGEST FAMILY BUSINESSES- <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-arab-family-businesses-in-the-middle-east-2021\/mansour-group\/\">Mansour Group<\/a><\/strong><strong> is the second-largest family business in <\/strong><strong>the Arab world<\/strong>, just after Saudi\u2019s <a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-arab-family-businesses-in-the-middle-east-2021\/olayan-group\/\">Olayan Group<\/a>, which topped the <a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-arab-family-businesses-in-the-middle-east-2021\/\">list released by Forbes<\/a> today. The list ranks family firms in our neck of the woods on the size of their holdings and number of employees as well as diversification, performance, and legacy. <strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-arab-family-businesses-in-the-middle-east-2021\/elaraby-group\/\">Elaraby Group<\/a><\/strong> is the next Egyptian business mentioned on the list, ranking in at #53, followed by <strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-arab-family-businesses-in-the-middle-east-2021\/hassan-allam-holding\/\">Hassan Allam Holding<\/a><\/strong> at #75, and <strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-arab-family-businesses-in-the-middle-east-2021\/memaar-al-morshedy\/\">Memaar Al Morshedy<\/a><\/strong> at #82. <strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-arab-family-businesses-in-the-middle-east-2021\/the-orientals-group\/\">The Orientals Group<\/a><\/strong> (owners of Oriental Weavers) also made it onto the list at #93.<\/p>\n<p><strong>** So, when do we eat?<\/strong> We sit down to eat at 6:38pm, and we\u2019ll have until 3:26am to eat and hydrate.<\/p>\n<p><strong>** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>The IMF will wrap up its second review<\/strong> of our USD 5.2 bn standby loan agreement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e6ccfea-6255-4bfd-bcb2-7eb195937e34\">at the end of June<\/a>.<\/li>\n<li><strong>Some 1.7 mn doses of the AstraZeneca vaccine <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/778ac637-20cd-4dca-b2d2-33705ec0d824\">are being delivered today<\/a><\/strong>, the Health Ministry said yesterday.<\/li>\n<li><strong>Uber\u2019s monopoly over the Egyptian ride-hailing market might be coming under threat<\/strong>, as UK-based company UVA <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee06983b-8ffe-4c11-bbe2-52d43c8376d0\">prepares to launch<\/a> next month.<\/li>\n<\/ul>\n<p><strong>Speaking of Uber, the ride-hailing company is raising fares in Egypt <\/strong>after the recent hike in fuel prices \u201cto ensure that drivers continue to have sustainable earnings,\u201d according to an email picked up by <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/410889\/Egypt\/Politics-\/Uber-raises-prices-in-Egypt-after-slight-fuel-pric.aspx\">Ahram Online<\/a>. In Cairo, the base fare for an average UberX ride will go to EGP 7.50 from EGP 7.25, while the EGP 2.70 per kilometer will be pushed to EGP 2.85.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Africa-based startups have until 26 May to sign up for the French <\/strong><strong>government-sponsored AFD Digital Challenge<\/strong>, an annual <a href=\"https:\/\/ent.news\/2021\/5\/LAUNCH-OF-THE-FIFTH-EDITION-OF-THE-AFD-DIGITAL-CHALLENGE.docx.pdf\">startup competition (pdf)<\/a> run by the French Development Agency (AFD). This year, the competition is targeting startups that work on environmental protection and tackle carbon emissions. The 10 startups chosen will receive a package of technical and financial support worth EUR 20k.<\/p>\n<p><strong>The IMF will conduct on 1 June a second review of targets set under Egypt\u2019s USD 5.2 bn standby loan.<\/strong> The loan was approved <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">in June 2020<\/a>.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/10913\">El Gouna International Squash Open 2021<\/a><\/strong><strong> and the CIB PSA World Tour Finals will go <\/strong><strong>ahead as planned<\/strong>, PSA World Tour <a href=\"https:\/\/psaworldtour.com\/news\/view\/8528\/allam-british-open-moved-to-august-as-psa-issues-updated-calendar-for-remainder-of-2020-21-season\">announced<\/a>. The El Gouna Open will take place on 20-28 May, while the CIB-sponsored World Tour Finals will run on 22-27 June in Cairo.<\/p>\n<p>? <strong>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>SUPERCYCLE WATCH- Iron ore and copper prices are showing no signs of slowing, <\/strong>with iron ore futures surging more than 10% this morning and copper hitting a new high, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-10\/iron-ore-turns-very-very-hot-as-prices-jump-10-in-minutes?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. Both metals are leading a year-long raw materials and commodities boom that has gained new momentum in recent days, with <strong>the Bloomberg Commodity Spot Index now at its highest in nearly a decade<\/strong> having risen for 14 out of the past 15 days.<\/p>\n<p><strong>Analysts are collectively scratching their heads over today\u2019s gains<\/strong>, but some have suggested that loose monetary policy and incoming environmental rules in China are simultaneously pumping demand and squeezing supply.<\/p>\n<p><strong>The bull run is stoking inflation worries<\/strong>, although some analysts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53b75e6a-b878-43f5-bbcc-935de48f2231\">suggest<\/a> price press will be transitory as big buyers move to stabilize prices. However, a risk remains: policy tightening could come sooner than hoped.<\/p>\n<p><strong>The rally isn\u2019t yet having an impact on inflation here in <\/strong><strong>Egypt:<\/strong> Annual inflation slowed down in April due to a base effect from the same month last year, and analysts are saying the bull market is yet to pressure input costs. We have chapter and verse in the news well, below.<\/p>\n<p><strong>And we\u2019ll get more of an idea how other emerging economies this week<\/strong> when central banks in China, Brazil, and India report inflation data. Inflation rates in developing countries are at near record-lows and the economic recovery is continuing to stoke investor interest in the asset class, <a href=\"https:\/\/www.bloombergquint.com\/markets\/inflation-debate-hits-emerging-markets-with-pimco-standing-firm\">Bloomberg<\/a> reports.<\/p>\n<p><strong>But one indicator of inflation in EMs is at a 13-year high:<\/strong> Citigroup\u2019s EM inflation-surprise index reached its highest level since 2008 last month, \u201ca sign investors may be underestimating the scale of the resurgence,\u201d the business news information service says. \u201cIf the stimulus continues, at some point it will become inflationary,\u201d said Sanjiv Bhatia, chief investment officer at Pembroke Emerging Markets. \u201cAt some point, we believe it will become a problem.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><strong>The upcoming Tokyo Olympics aren\u2019t too popular in Japan:<\/strong> A survey has found 60% of the population want this year\u2019s games cancelled thanks to fears of covid-19. The news comes just three months before they begin, <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/poll-shows-60-japanese-want-games-cancelled-2021-05-10\/\">Reuters<\/a> reports. Japanese Prime Minister Yoshihide Suga said today that he has never \u201cput the Olympics first\u201d and that the games will go on with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b17747d-e332-42db-bb8f-9ccd91887aaa\">precautionary measures<\/a> in place. The 2020 games, which have already been delayed a year due to the pandemic, are scheduled to begin on 23 July.<\/p>\n<hr class=\"grey-line\">\n<p>? <strong>Doge is following in <\/strong><strong><a href=\"https:\/\/www.space.com\/17764-laika-first-animals-in-space.html\">Laika\u2019s footsteps<\/a><\/strong><strong> (sort of): <\/strong>Elon Musk\u2019s SpaceX has <a href=\"https:\/\/www.prnewswire.com\/news-releases\/spacex-to-launch-doge-1-to-the-moon-301287016.html\">announced<\/a> DOGE-1, a mission to the moon next year that will be funded entirely by the meme cryptocurrency Dogecoin.<\/p>\n<p><strong>Said with a completely straight face:<\/strong> \u201cThis mission will demonstrate the application of cryptocurrency beyond Earth\u2019s orbit and set the foundation for interplanetary commerce \u2026 We're excited to launch DOGE-1 to the Moon,\u201d Tom Ochinero, SpaceX VP of commercial sales, said.<\/p>\n<p><strong>An interplanetary hustle:<\/strong> Musk <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff94c5e9-c386-45d1-80cd-279861fb2f35\">single-handedly quashed<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff94c5e9-c386-45d1-80cd-279861fb2f35\">Dogecoin\u2019s recent surge<\/a> on Saturday after calling it a \u201chustle\u201d on an episode of Saturday Night Live, sending the currency down by almost 30% during the show. The SpaceX announcement couldn\u2019t fully resuscitate the doge, down 12.8% at dispatch.<\/p>\n<p><strong>Elsewhere in crypto-world<\/strong>, Ether has hit a new record high, smashing past USD 4k for the first time today after rising almost 7%, <a href=\"https:\/\/www.cnbc.com\/2021\/05\/10\/ethereum-eth-price-soars-above-4000-for-the-first-time.html\">CNBC<\/a> reports. Ether now has a total market value of USD 476.3 bn, just under half of BTC\u2019s USD 1.1 tn.<\/p>\n<p><strong>Bidding for traction, voice-based social network Clubhouse is expanding to support <\/strong><strong>Android devices<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-05-09\/audio-social-network-app-clubhouse-expands-to-android-users?sref=mmeFTDW1\">Bloomberg<\/a> reports. Clubhouse for Android launched for US users Sunday, and is expected to expand to other English speaking markets within the coming weeks. The Android version will presumably expand the app\u2019s reach, though joining is still limited to being invited by a current user.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p><strong>We\u2019re sure everyone will be tuning into the Ramadan TV series finales that are coming <\/strong><strong>out today.<\/strong> It\u2019s always sad to say goodbye to our favorite characters.<\/p>\n<p><strong>If the inevitable Mosalsalat drama doesn\u2019t cut it, there\u2019s always this whale <\/strong><strong>documentary: <\/strong>Disney+ has teamed up with National Geographic to create the docuseries <a href=\"https:\/\/www.imdb.com\/title\/tt12824750\/\">Secrets of the Whales<\/a>. Filmed over three years in 24 locations and narrated by Sigourney Weaver, creator Brian Skerry captures previously unseen behavioural patterns of five types of whales that suggest their communication methods and social hierarchies may be far more complicated than previously thought. You can find the docuseries on <a href=\"https:\/\/disneyplusoriginals.disney.com\/show\/secrets-of-the-whales\">Disney+<\/a> or <a href=\"https:\/\/stream.osn.com\/series\/SR7266\">OSN Streaming<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> \u26bd <strong>It\u2019s the local derby tonight: Al Ahly and Zamalek kick off at 9:30pm tonight<\/strong> in the Egyptian Premier League. Let\u2019s keep it civil, people.<\/p>\n<p><strong>Also going down tonight in the EPL:<\/strong> El Gouna vs. Aswan, National Bank vs. Ismaily, and Smouha vs. Wadi Degla.<\/p>\n<p><strong>And over in the UK we have a relegation dogfight:<\/strong> Fulham will make a final stand to stay in the Premier League when they play the almost-safe Burnley at 9pm.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong><a href=\"https:\/\/play.acast.com\/s\/talkart\">Talk Art<\/a><\/strong><strong> podcast hosts Russell Tovey and Robert Diament are out with a new <\/strong><strong>book<\/strong> that is part-guide to an intelligent discussion about art and part-artistic celebration. <a href=\"https:\/\/www.amazon.com\/Talk-Art-Russell-Tovey\/dp\/1797214241\/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr=\">The book of the same name<\/a> aims to make artistic concepts and implementation accessible for everyone with chapters including \u2018How to Navigate the Art World\u2019, \u2018Make Your Own Art\u2019, and \u2018How do I Create My Own Collection?\u2019. The two hosts retain their fun and gossipy tones that made their podcast a hit in the US and UK, taking away the occasional elitism that accompanies the art scene.<\/p>\n<p>? <strong>TOMORROW\u2019S WEATHER- We\u2019re in for a (relative) respite from the past week\u2019s <\/strong><strong>sweltering heat tomorrow:<\/strong> Expect the mercury to dip slightly to 35\u00b0C during the day tomorrow, and 18\u00b0C at night, according to our favorite weather app.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span 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TRACKING TONIGHT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565868\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 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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 class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa 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text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">SPEED ROUND: M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/healthcare-mega-merger-is-off\/\">\r\n                            Healthcare mega-merger is off                        <\/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\/05\/10\/healthcare-mega-merger-is-off\/\" target=\"_blank\">\n                    Open in new tab   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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/healthcare-mega-merger-is-off\/345-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/345.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"345.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/345.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/345.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565869\" class=\"content-area-description single-story post-565869 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-ma-watch tag-alameda-healthcare tag-cleopatra-hospitals-group tag-egyptian-competition-authority tag-enterprisepm tag-healthcare tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Alameda Healthcare and EGX-listed Cleopatra Hospitals Group (CHG) will not be <\/strong><strong>tying up<\/strong>, Cleopatra said in a <a href=\"https:\/\/ent.news\/2021\/5\/Cleo-10-05-2021.pdf\">brief regulatory filing (pdf)<\/a> this afternoon. Cleo said the \u201csale and purchase agreement to acquire Alameda Healthcare Group in Egypt \u2026 has been terminated.\u201d The news comes nearly five months after the two parties announced an agreement that would have seen them create <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f49a0bad-84a7-49f3-b20e-68c1976ec30b\">the country\u2019s largest private-sector healthcare group by a wide margin<\/a>. The transaction would have combined Alameda properties including the flagship As Salam International and Dar El Fouad hospitals with a stable of Cleopatra assets including six high-profile facilities concentrated in the greater Cairo area. CHG had aimed to close the transaction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1bb131c-3141-4fbe-a713-30943533e699\">before the end of June<\/a>, pending regulatory approvals.<\/p>\n<p><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f49a0bad-84a7-49f3-b20e-68c1976ec30b\"><\/a><\/p>\n<p><strong>The sticking point? Neither party is saying \u2014 but it wasn\u2019t the regulators.<\/strong> Officials at both Cleopatra and Alameda, speaking on condition they not be named, told us this afternoon that neither the Ministry of Health nor the Egyptian Competition Authority (ECA) had factored into the decision to call off the transaction. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/804e3055-24aa-46c0-8430-66c646aaf468\">The ECA had warned January<\/a> that it was not predisposed to approve the merger.<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/804e3055-24aa-46c0-8430-66c646aaf468\"><\/a><\/p>\n<p><strong>The decision to terminate came after an extension of the long-stop date for due diligence<\/strong>, a source close to the transaction tells us.<\/p>\n<p><strong>What\u2019s next for Alameda?<\/strong> Growth in capacity, including the opening of a 150 bed new hospital in the coming weeks and delivery of 100 more beds at As Salam International next month, as well as fresh investment modelled on the recently opened <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0aed177e-6073-45e7-b6d9-4d028344fab2\">Dar El Fouad oncology center<\/a> in Nasr City. \u201cWe genuinely have nothing but respect for the Cleopatra team and wish them the best going forward,\u201d Alameda Chairman Dr. Fahad Khater told us. \u201cOur mission is unchanged: We are building Egypt\u2019s most dynamic platform for the delivery of quality healthcare, from preventive medicine to primary care and world-class specialities. We will continue to invest in our growth in class-A, JCI-accredited, purpose-built hospitals in Cairo and beyond \u2014 and in quality patient outcomes, just as we have always done.\u201d<\/p>\n<p><strong>What\u2019s next for Cleopatra?<\/strong> The business will continue to look at avenues to grow through acquisition, says Corporate Strategy and Investor Relations Director Hassan Fikry. The company confirmed last month that it\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e7da234-35c8-45b9-82e0-baf064782d52\">in the market to acquire<\/a> 51% of Alexandria Medical Services, which owns the 300-bed Alexandria New Medical Center. Last fall, it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/31d9479c-6da0-4c9c-9212-833fc6ba94b4\">acquired a 60% stake<\/a> in Bedaya Hospital. The group is also pushing ahead with ambitious targets for organic growth at its existing properties, Fikry said. \u201cAs the first institutionalized healthcare business in the industry, we continue to have first-mover advantage in a large, fast-growing market. We think Alameda is great business and wish them the best, but our focus now turns to other ways to satisfy our appetite for growth and expansion.\u201d<\/p>\n<p><strong>How big was the transaction? <\/strong>The merger would have given CHG control of some 1.45k beds, equating to around 15% of beds in private sector hospitals in Greater Cairo and 4% nationwide. It would also have doubled CHG\u2019s post-close EBITDA, according to CHG CEO Ahmed Ezzeldin. Neither party put a value on the sale, but Bloomberg suggested it was in the USD 450-500 mn range. Alameda\u2019s El Khater, who was due to become Vice Chairman of CHG, would have owned 25% of Cleo post-transaction.<\/p>\n<p><strong>Want more background on the transaction?<\/strong> We had a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1bb131c-3141-4fbe-a713-30943533e699\">primer here in January<\/a>.<\/p>\n<p><strong>Advisors:<\/strong> EFG Hermes was financial advisor to CHG while Zulficar & Partners and Freshfields Bruckhaus Deringer were counsel. ALC Alieldean, Weshahi & Partners, Matouk Bassiouny & Hennawy, White & Case and Dechert LLP were counsel to Alameda Healthcare Group, while CI Capital was financial advisor.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alameda-healthcare\/\">Alameda Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cleopatra-hospitals-group\/\">Cleopatra Hospitals Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-competition-authority\/\">Egyptian Competition Authority<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565871\" 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=\"565871\">\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: ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/inflation-slows-unexpectedly-in-april\/\">\r\n                            Inflation slows unexpectedly in April                        <\/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\/05\/10\/inflation-slows-unexpectedly-in-april\/\" 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\/05\/10\/inflation-slows-unexpectedly-in-april\/')\">\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\/05\/10\/inflation-slows-unexpectedly-in-april\/\">\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=Inflation slows unexpectedly in April&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/inflation-slows-unexpectedly-in-april\/\">\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\/05\/10\/inflation-slows-unexpectedly-in-april\/&title=Inflation slows unexpectedly in April\">\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=Inflation+slows+unexpectedly+in+April+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F10%2Finflation-slows-unexpectedly-in-april%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\/05\/10\/inflation-slows-unexpectedly-in-april\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565871\" class=\"content-area-description single-story post-565871 post type-post status-publish format-standard hentry category-speed-round-economy tag-economy tag-enterprisepm tag-inflation tag-monetary-policy 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>Annual urban headline inflation slowed in April against expectations<\/strong>, shrugging off rising global commodity prices thanks to a favorable base effect that offset a rise in monthly prices. Figures released today by state statistics bureau Capmas showed urban inflation fell to 4.1% in April from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91d91bf8-2519-46d6-a33e-b0495cc892c0\">4.5% in March<\/a>, while <a href=\"https:\/\/ent.news\/2021\/5\/202151094538_CAPMAS-04-2021.pdf\">the national rate (pdf)<\/a> dropped to 4.4% last month, down from 4.8% the month before.<\/p>\n<p><strong>This came despite inflation accelerating on a monthly basis:<\/strong> Urban prices rose 0.9% during the month, compared to 0.6% in March.<\/p>\n<p><strong>Food prices fell slightly on a yearly basis, but rose month-on-month. <\/strong>An index measuring the cost of food in urban areas fell 0.3% y-o-y but increased 2.3% from March. Other goods and services including education, health, and utilities edged up nationwide on an annual basis but remained unchanged from March.<\/p>\n<p><strong>Analysts had expected inflation to inch up: <\/strong>Beltone had expected inflation to increase to 4.7%, while Naeem Brokerage had pencilled in growth of 4.8%. Both attributed the unexpected slowdown to a favorable base effect from last year, when inflation measured <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a53e67cb-ab77-417d-a85e-d21ff4469016\">5.9%<\/a>.<\/p>\n<p><strong>A surprise<\/strong><strong>:<\/strong> \u201cSlower than anticipated demand-pull patterns\u201d likely led to more muted price growth in some food items, which contributed to the overall reading coming \u201cwell below our estimate,\u201d Naeem Brokerage said in a note this morning. The higher monthly reading reflects \u201ccost-push factors\u201d including higher raw materials, feed, and transportation and storage costs.<\/p>\n<p><strong>Is the Ramadan effect still with us? <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91d91bf8-2519-46d6-a33e-b0495cc892c0\">March\u2019s reading<\/a> had already suggested that the customary pick up in inflation that precedes Ramadan has already taken place, but Pharos\u2019 head of research Radwa El Swaify told us that sellers may have deferred raising prices until right before the holy month began in mid-April, which justifies the higher m-o-m figure. \u201cRising prices were evident in the monthly numbers thanks to Ramdan,\u201d EFG Hermes\u2019 Mohamed Abou Basha, meanwhile, said.<\/p>\n<p><strong>Annual inflation has been mostly flat since the start of the year:<\/strong> Inflation has barely budged over the first four months of the year, with April\u2019s rate just 0.2% below <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2132ef4-bbe3-4fbf-adbe-0033fb050730\">January\u2019s figure<\/a>. This is below the lower bound of the central bank\u2019s 7% (+\/- 2%) target range.<\/p>\n<p><strong>But what about skyrocketing global commodity prices? They may be taking more time to filter through<\/strong>, analysts tell us. The year-long rally in global food and metal commodities has found new momentum in recent weeks, pushing prices of some goods to all-time highs. While the boom doesn\u2019t seem to have yet impacted domestic prices, both El Swaify and Beltone\u2019s Alia Mamdouh expect this to change, telling us that the higher prices of raw materials will increase the cost of local production and put pressure on end prices as we head further into 2021. Tap\/click here for more on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2fb13174-3377-49ef-8300-480e0abee206\">how rallying commodities are affecting Egypt<\/a>.<\/p>\n<p><strong>The picture will be slightly different in a few months\u2019 time, but don\u2019t expect runaway inflation:<\/strong> Beltone is pencilling in a headline rate of 6.3-6.5% by the end of the third quarter, which is still beneath the midpoint of the central bank\u2019s target, while Pharos is forecasting the figure to climb to 5% in May and June and 6% in July and August before cooling off in 4Q2021.<\/p>\n<p><strong>Could lower inflation tempt the CBE to resume its easing cycle sooner? It\u2019s unlikely.<\/strong> \u201cGiven rising food prices on a monthly basis \u2026 [and] the significant rise in international commodities prices as well as the rise in oil prices, we expect maintained interest rates in the upcoming meeting on 17 June,\u201d Mamdouh said. The latest development in terms of annual inflation supports a rate cut by 4Q2022, she added. El Swaify, meanwhile, sees the central bank leaving rates unchanged for least another five months.<\/p>\n<p><strong>The Central Bank of Egypt (CBE) left rates on hold for the fourth consecutive month<\/strong> when it met <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c5d1ef9-6305-4119-a57e-4a6f45c6f2d5\">earlier this month<\/a> as policymakers looked to keep Egypt\u2019s carry trade the most attractive in the world \u2014 and anticipated heightened inflation.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/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\/monetary-policy\/\">monetary policy<\/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=\"565872\" 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=\"565872\">\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: BASIC MATERIALS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/cement-producers-might-have-to-cut-production-to-finally-fix-the-supply-glut\/\">\r\n                            Cement producers might have to cut production to finally fix the supply glut                        <\/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\/05\/10\/cement-producers-might-have-to-cut-production-to-finally-fix-the-supply-glut\/\" 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\/05\/10\/cement-producers-might-have-to-cut-production-to-finally-fix-the-supply-glut\/')\">\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\/05\/10\/cement-producers-might-have-to-cut-production-to-finally-fix-the-supply-glut\/\">\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=Cement producers might have to cut production to finally fix the supply glut&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/cement-producers-might-have-to-cut-production-to-finally-fix-the-supply-glut\/\">\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\/05\/10\/cement-producers-might-have-to-cut-production-to-finally-fix-the-supply-glut\/&title=Cement producers might have to cut production to finally fix the supply glut\">\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=Cement+producers+might+have+to+cut+production+to+finally+fix+the+supply+glut+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F10%2Fcement-producers-might-have-to-cut-production-to-finally-fix-the-supply-glut%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\/05\/10\/cement-producers-might-have-to-cut-production-to-finally-fix-the-supply-glut\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565872\" class=\"content-area-description single-story post-565872 post type-post status-publish format-standard hentry category-speed-round-basic-materials tag-cement tag-enterprisepm tag-speed-round-basic-materials wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Cement producers could be asked to cut production by at least 10%<\/strong>, as part of a proposal put forward by the Egyptian government to reduce the supply glut that is crippling the industry, two unnamed industry executives and a senior source told <a href=\"https:\/\/www.reuters.com\/article\/egypt-cement\/egypt-proposes-production-cuts-to-ease-cement-glut-sources-idUSL8N2M722S\">Reuters<\/a>.<\/p>\n<p><strong>What\u2019s the plan?<\/strong> Cement producers would reduce production by a baseline of 10.52% plus an additional 3.71% for each production line and 0.65% for each year since they began operating, according to one executive. This means cuts of at least 14%, while older and larger plants could face reductions of more than double that, one of the sources said.<\/p>\n<p><strong>There could be some pushback from foreign firms: <\/strong>The executives welcomed government action to tackle the problems in the market but said that the proposals are \u201cunfair\u201d for foreign companies with a long history in the country. \u201cWe don\u2019t think [the proposal] is particularly fair, it\u2019s biased towards some local players at the moment,\u201d said one executive.<\/p>\n<p><strong>Cement has been flooding the market for years:<\/strong> Sales are less than half of the sector\u2019s annual production capacity, which has surged to 85-87 mn tonnes in the past three years. Making matters worse was the new military-owned Beni Suef plant that came online a couple of years ago, which is adding another 13 mn tonnes of cement to the market every year.<\/p>\n<p><strong>Demand fell further last year:<\/strong> Annual sales declined to 41.7 mn tonnes last year from 43.8 mn in 2019. Some 49.5 mn tonnes were sold in 2017.<\/p>\n<p><strong>Without action, the problem will likely get worse later this year<\/strong> when another <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8f5c235c-07c3-42da-a229-7f3f5648f4f6\">2 mn-tonne plant<\/a> is opened by Egyptian Cement in Sohag.<\/p>\n<p><strong>Some have doubts about whether production cuts are the solution:<\/strong> Some market participants claim that cuts will only lead local prices to rise, suggesting that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39d31e43-71a2-42f2-b1b9-83f54471294c\">boosting exports<\/a> could be a solution. Authorities should require factories to export at least 5% of total production to reduce some of the extra supply instead, cement distributor and head of the Cairo Chamber of Commerce\u2019s building materials division Ahmed El Zeiny previously told us.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cement\/\">cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/speed-round-basic-materials\/\">SPEED ROUND: BASIC MATERIALS<\/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=\"565873\" 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=\"565873\">\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: TRANSPORT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/ring-road-to-get-overhaul-with-new-bus-rapid-transit\/\">\r\n                            Ring road to get overhaul with new bus rapid transit                        <\/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\/05\/10\/ring-road-to-get-overhaul-with-new-bus-rapid-transit\/\" 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\/05\/10\/ring-road-to-get-overhaul-with-new-bus-rapid-transit\/')\">\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\/05\/10\/ring-road-to-get-overhaul-with-new-bus-rapid-transit\/\">\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=Ring road to get overhaul with new bus rapid transit&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/ring-road-to-get-overhaul-with-new-bus-rapid-transit\/\">\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\/05\/10\/ring-road-to-get-overhaul-with-new-bus-rapid-transit\/&title=Ring road to get overhaul with new bus rapid transit\">\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=Ring+road+to+get+overhaul+with+new+bus+rapid+transit+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F10%2Fring-road-to-get-overhaul-with-new-bus-rapid-transit%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\/05\/10\/ring-road-to-get-overhaul-with-new-bus-rapid-transit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565873\" class=\"content-area-description single-story post-565873 post type-post status-publish format-standard hentry category-speed-round-transport tag-enterprisepm tag-kamel-el-wazir tag-mwasalat-misr tag-orascom-construction tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a><strong>One step closer to a better public transport system on the Ring Road: <\/strong>The Transport Ministry signed today an MoU with a consortium of local and international companies to prepare studies for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7c7fb1e-f439-4baf-b629-9f7efe8d7224\">the proposed bus rapid transit (BRT) system<\/a> on the Cairo Ring Road, the ministry said in a <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/1934888500001467\">statement<\/a>. The new system aims to ease traffic congestion as well as reduce the use of private cars and on-road parking of microbuses.<\/p>\n<p><strong>Who\u2019s involved? <\/strong>The global consortium is led by the French-based public transport company TransDev and includes Orascom, Mwasalat Misr and MCV Group.<\/p>\n<p><strong>In detail: <\/strong>The study will cover the transit of buses, electronic ticketing system, pedestrian crossings, locations of bus stops and how to get the trip information, as well as the integration of BRT with other means of transport. The total cost of the project will be announced upon completion of the studies, Transport Minister Kamel El Wazir said. The plans were first announced in November.<\/p>\n<p><strong>The move is part of the ministry\u2019s plan to overhaul the country\u2019s transportation system as well as upgrade the dreaded Ring Road. <\/strong>The government is investing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f86abe96-7f97-4060-baa1-f4740de302c2\">EGP 7.3 bn<\/a> to develop and maintain the road around Cairo, including a 106-km extension from El Mariouteya to the Autostrad and a 30% expansion of the Autostrad Bridge.<\/p>\n<p><em>CORRECTION- 11 May 2021. A previous version of this story incorrectly spelled TransDev.<\/em><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kamel-el-wazir\/\">Kamel El Wazir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mwasalat-misr\/\">Mwasalat Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/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=\"565874\" 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=\"565874\">\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\/05\/10\/earnings-watch-orascom-development-arabian-cement-at-lease\/\">\r\n                            Earnings Watch: Orascom Development, Arabian Cement, AT Lease                        <\/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\/05\/10\/earnings-watch-orascom-development-arabian-cement-at-lease\/\" 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\/05\/10\/earnings-watch-orascom-development-arabian-cement-at-lease\/')\">\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\/05\/10\/earnings-watch-orascom-development-arabian-cement-at-lease\/\">\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=Earnings Watch: Orascom Development, Arabian Cement, AT Lease&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/earnings-watch-orascom-development-arabian-cement-at-lease\/\">\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\/05\/10\/earnings-watch-orascom-development-arabian-cement-at-lease\/&title=Earnings Watch: Orascom Development, Arabian Cement, AT Lease\">\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=Earnings+Watch%3A+Orascom+Development%2C+Arabian+Cement%2C+AT+Lease+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F10%2Fearnings-watch-orascom-development-arabian-cement-at-lease%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\/05\/10\/earnings-watch-orascom-development-arabian-cement-at-lease\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565874\" class=\"content-area-description single-story post-565874 post type-post status-publish format-standard hentry category-go-with-the-flow tag-alexandria-national-company-for-financial-investments tag-arabian-cement tag-at-lease tag-earnings-watch tag-enterprisepm tag-go-with-the-flow tag-orascom-development-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Orascom Development Egypt\u2019s saw an almost 5x rise in net income in 1Q2021<\/strong>, <a href=\"https:\/\/ent.news\/2021\/5\/Orascom-development-1q2021.pdf\">reporting (pdf)<\/a> this morning EGP 438.5 mn in income during the three-month period, up from EGP 92 mn last year. Revenues increased 62% to hit EGP 1.46 bn during the quarter, up from EGP 904 mn during the same period last year. Topline growth was driven by accelerated construction across the company\u2019s projects and a 156% increase in real estate revenue.<\/p>\n<p><strong>Al Tawfeek for Financial Lease (AT Lease) almost quadrupled its net income to EGP 73.8 <\/strong><strong>mn in 1Q2021<\/strong>, up from EGP 19.1 mn in the same quarter last year, driven by profits from an EGP 1 bn securitized bond issuance in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91ae4824-614e-4aa5-855d-9d0fe029016d\">February<\/a>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2021\/5\/AT-Lease-1Q2021.pdf\">financial statement (pdf)<\/a>. This came despite a dip in revenue to EGP 129.6 mn from EGP 131.3 mn last year<\/p>\n<p><strong>Arabian Cement reported a net loss of EGP 6.3 mn in 1Q2021<\/strong>, after turning a net profit of EGP 15.9 mn in the same period last year, according to the company\u2019s <a href=\"https:\/\/ent.news\/2021\/5\/%D9%85%D8%AC%D9%85%D8%B9%D8%A9-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%84%D9%84%D8%A7%D8%B3%D9%85%D9%86%D8%AA-10-05-2021.pdf\">financial statement (pdf)<\/a>. Revenues fell almost 40% to EGP 432.4 mn from EGP 702.8 mn last year.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The EGX30 rose 0.4% at today\u2019s close<\/strong> on turnover of EGP 819 mn (34.2% above the 90-day average). Foreign investors were net sellers. The index is down 1.5% YTD.<\/p>\n<p><strong>In the green: <\/strong>MM Group (+4.9%), Oriental Weavers (+4.5%) and Fawry (+2.1%).<\/p>\n<p><strong>In the red: <\/strong>Edita (-2.2%), Ezz Steel (-1.7%) and Cleopatra Hospital (-1.6%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-national-company-for-financial-investments\/\">Alexandria National Company for Financial Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arabian-cement\/\">Arabian Cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/at-lease\/\">AT Lease<\/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\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-development-egypt\/\">Orascom Development Egypt<\/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=\"565875\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"565876\" 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=\"565876\">\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\">Worth reading<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/the-role-of-ai-in-breaking-language-barriers\/\">\r\n                            The role of AI in breaking language barriers                        <\/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\/05\/10\/the-role-of-ai-in-breaking-language-barriers\/\" 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\/05\/10\/the-role-of-ai-in-breaking-language-barriers\/')\">\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\/05\/10\/the-role-of-ai-in-breaking-language-barriers\/\">\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 role of AI in breaking language barriers&url=https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/the-role-of-ai-in-breaking-language-barriers\/\">\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\/05\/10\/the-role-of-ai-in-breaking-language-barriers\/&title=The role of AI in breaking language barriers\">\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+role+of+AI+in+breaking+language+barriers+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F05%2F10%2Fthe-role-of-ai-in-breaking-language-barriers%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\/05\/10\/the-role-of-ai-in-breaking-language-barriers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/349.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"565877\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/the-role-of-ai-in-breaking-language-barriers\/349-jpg-14\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/349.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"349.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/349.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/349.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565876\" class=\"content-area-description single-story post-565876 post type-post status-publish format-standard has-post-thumbnail hentry category-worth-reading tag-ai tag-enterprisepm tag-machine-learning tag-mit tag-worth-reading 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-07\"><\/a> <strong>The role of AI in providing access to information:<\/strong> Collectively, the human race speaks more than 7k languages. Of those, north of 4k have a writing system and the rest have only ever been spoken (known as low-resource languages). But even languages that have been codified in text don\u2019t always lend themselves well to automatic translation \u2014 in fact, there are just over 100 languages that automatic translation engines (like Google Translate) are able to work with. That leaves a massive gap in potential communication across languages, which the US\u2019 intelligence research arm IARPA is looking to bridge by funding various research teams to develop a system that can find, translate and summarize information from any low-resource language, according to the <a href=\"https:\/\/www.bbc.com\/future\/article\/20210322-the-languages-that-defy-auto-translate\">BBC<\/a>.<\/p>\n<p><strong>What is a low-resource language?<\/strong> Common languages like English, Spanish, French and German are translated in abundance by multilingual institutions like the European Parliament, which in the last 10 years produced 1.37 bn words in 23 languages \u2014 much of which was published online, making it easily accessible to AI-powered translation engines. The algorithms that power translation systems learn from these massive human-translated data sets. The limitations arise when you want to translate languages that may be widely spoken but are not as widely published with high quality translations.<\/p>\n<p><strong>So, how does the new model work? <\/strong>It uses <a href=\"https:\/\/www.iarpa.gov\/index.php\/research-programs\/material\/material-baa\">neural network technology<\/a> that mimics aspects of human thought, and allows AI models to understand the meaning of words and sentences instead of just memorizing them. The concept seems simple enough, but the challenge is reducing how much data the network needs to be able to yield the desired results.<\/p>\n<p><strong>Machines use much more data to learn languages than humans do: <\/strong>\u201cWhenever you study a language, you would never see the amount of data today's machine translation systems use for learning English-to-French translation,\u201d says MIT Researcher Regina Barzilay. \u201cYou see a tiny fraction, which enables you to generalise and to understand French. So in the same way, you want to look at the next generation of machine-translation systems that can do a great job even without having this kind of data-hungry behaviour.\u201d<\/p>\n<p><strong>The neural networks can be pre-trained to understand general features and structures of sentences<\/strong>, which allows researchers to harvest monolingual data on low-resource languages through the internet. Once pre-trained on many languages, the neural models can learn to translate between individual languages using very little bilingual training material.<\/p>\n<p><strong>FURTHER READING- Have you ever seen robot poetry? <\/strong>Read Neukom Institute for Computational Sciences director Dan Rockmore\u2019s fascinating \u201c<a href=\"https:\/\/www.newyorker.com\/culture\/annals-of-inquiry\/the-mechanical-muse\">What happens when machines learn to write poetry<\/a>,\u201d in the New Yorker.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/machine-learning\/\">machine learning<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mit\/\">MIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/worth-reading\/\">worth reading<\/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=\"565878\" 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\/05\/10\/your-essential-business-calendar-on-10-may-2021-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-565878\" class=\"content-area-description single-story post-565878 post type-post status-publish format-standard hentry category-calendar tag-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>9-14 May (Sunday-Friday): BIT Milano tourism expo (virtual).<\/p>\n<p>12-16 May (Wednesday-Sunday): Eid El Fitr.<\/p>\n<p>16-19 May (Sunday-Wednesday): The Arabian Travel Market (ATM) takes place in Dubai.<\/p>\n<p>20-28 May (Thursday-Friday): <a href=\"https:\/\/psaworldtour.com\/news\/view\/8528\/allam-british-open-moved-to-august-as-psa-issues-updated-calendar-for-remainder-of-2020-21-season\">Gouna International Squash Open 2021<\/a>.<\/p>\n<p>26 May (Wednesday): Final day for Africa-based startups to apply for the French government-sponsored <a href=\"https:\/\/ent.news\/2021\/5\/LAUNCH-OF-THE-FIFTH-EDITION-OF-THE-AFD-DIGITAL-CHALLENGE.docx.pdf\">AFD Digital Challenge (pdf)<\/a>.<\/p>\n<p>27-29 May (Thursday-Saturday): Informa Markets\u2019 <a href=\"https:\/\/www.nextmoveegypt.com\/en\/Forms\/Book-A-Stand.html\">Nextmove<\/a> real estate exhibition, Cairo International Convention Center, Nasr City.<\/p>\n<p>30 May (Sunday): Al Mal GTM is organizing the <a href=\"https:\/\/bit.ly\/3h8CpfX\">Portfolio Egypt<\/a> conference under the theme \u2018Growth under the weight of the pandemic.\u2019<\/p>\n<p>17 June (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>17-20 June (Thursday-Sunday) : The International Exhibition of Materials and Technologies for Finishing and Construction (Turnkey Expo), Cairo International Conference Center.<\/p>\n<p>22-27 June (Tuesday-Sunday): The <a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11445\">CIB PSA World Tour Finals<\/a> for 2020-2021 will take place in Cairo.<\/p>\n<p>24 June (Thursday): End of the 2020-2021 academic year (public schools).<\/p>\n<p>26-29 June (Saturday-Tuesday): The Big 5 Construct Egypt, Cairo International Convention Center, Cairo, Egypt.<\/p>\n<p>30 June (Wednesday): The IMF will complete a second review of targets set under the USD 5.2 bn standby loan approved in June 2020 (proposed date).<\/p>\n<p>30 June (Wednesday): 30 June Revolution Day.<\/p>\n<p>30 June- 15 July: National Book Fair.<\/p>\n<p>July + August: Thanaweya Amma exams take place.<\/p>\n<p>1 July: (Thursday): National holiday in observance of 30 June Revolution.<\/p>\n<p>1 July (Thursday): Large taxpayers that have not yet signed on on to the e-invoicing platform 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>15 June (Saturday): EGX-listed will have to complete filing their financial disclosures for the period ended 31 March.<\/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>17-20 August (Tuesday-Friday): The World Economic Forum annual meeting, Singapore.<\/p>\n<p>12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.<\/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): 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>1 October (Friday): Expo 2020 Dubai 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>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>28 October (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/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>1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.<\/p>\n<p>29 November-2 December (Monday-Thursday): Egypt Defense Expo.<\/p>\n<p>13-17 December: United Nations Convention against Corruption, 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>14-16 February 2022 (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":565866,"template":"","categories":[],"tags":[],"class_list":["post-565865","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6b3fca59-5894-4e7f-9ab7-e9f8f41d82e3","teaser":"","photo_url":"https:\/\/ent.news\/2021\/5\/343.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>Cleopatra, Alameda acquisition talks collapse - 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\/cleopatra-alameda-acquisition-talks-collapse\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cleopatra, Alameda acquisition talks collapse\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/cleopatra-alameda-acquisition-talks-collapse\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T05:10:09+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/5\/343.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\/cleopatra-alameda-acquisition-talks-collapse\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/cleopatra-alameda-acquisition-talks-collapse\/\",\"name\":\"Cleopatra, Alameda acquisition talks collapse - 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