{"id":566212,"date":"2021-06-03T13:26:24","date_gmt":"2021-06-03T13:26:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=566212"},"modified":"2025-12-16T05:18:57","modified_gmt":"2025-12-16T05:18:57","slug":"enterprise-theres-light-at-the-end-of-the-tunnel-for-our-pmi-reading-despite-continued-contraction","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-theres-light-at-the-end-of-the-tunnel-for-our-pmi-reading-despite-continued-contraction\/","title":{"rendered":"Enterprise There\u2019s light at the end of the tunnel for our PMI reading, despite continued contraction"},"content":{"rendered":"<section id=\"566214\" 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=\"566214\">\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\/06\/03\/tonight-just-how-good-are-those-chinese-jabs-also-idh-is-looking-at-ma-targets-but-isnt-promising-to-close-one-this-year\/\">\r\n                            TONIGHT- Just how good are those Chinese jabs? Also: IDH is looking at M&#038;A targets, but isn\u2019t promising to close one this year                        <\/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\/06\/03\/tonight-just-how-good-are-those-chinese-jabs-also-idh-is-looking-at-ma-targets-but-isnt-promising-to-close-one-this-year\/\" 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\/06\/03\/tonight-just-how-good-are-those-chinese-jabs-also-idh-is-looking-at-ma-targets-but-isnt-promising-to-close-one-this-year\/')\">\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\/06\/03\/tonight-just-how-good-are-those-chinese-jabs-also-idh-is-looking-at-ma-targets-but-isnt-promising-to-close-one-this-year\/\">\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- Just how good are those Chinese jabs? Also: IDH is looking at M&#038;A targets, but isn\u2019t promising to close one this year&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/tonight-just-how-good-are-those-chinese-jabs-also-idh-is-looking-at-ma-targets-but-isnt-promising-to-close-one-this-year\/\">\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\/06\/03\/tonight-just-how-good-are-those-chinese-jabs-also-idh-is-looking-at-ma-targets-but-isnt-promising-to-close-one-this-year\/&title=TONIGHT- Just how good are those Chinese jabs? Also: IDH is looking at M&#038;A targets, but isn\u2019t promising to close one this year\">\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-+Just+how+good+are+those+Chinese+jabs%3F+Also%3A+IDH+is+looking+at+M%26%23038%3BA+targets%2C+but+isn%E2%80%99t+promising+to+close+one+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F03%2Ftonight-just-how-good-are-those-chinese-jabs-also-idh-is-looking-at-ma-targets-but-isnt-promising-to-close-one-this-year%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\/06\/03\/tonight-just-how-good-are-those-chinese-jabs-also-idh-is-looking-at-ma-targets-but-isnt-promising-to-close-one-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566214\" class=\"content-area-description single-story post-566214 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-african-union tag-art tag-bahrain tag-covid-19 tag-donald-trump tag-enterprisepm tag-mali tag-mena tag-pfizer tag-politics tag-russia tag-sinopharm tag-us tag-vaccines 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, friends, we\u2019ve made it through another workweek together <\/strong>\u2014 and our reward after a heavy news day is another weekend of beautiful weather, with daytime highs of just 34\u00b0C. Perfect weather for some tennis, if you ask us.<\/p>\n<p><strong>THE BIG STORY here at home today? M&A, baby. <\/strong>Lest you need any reminder that 2021 is shaping up as a great year for M&A (the lawyers and bankers thank you all), we have more on <strong>ADQ\u2019s reported quest for a stake in Juhayna<\/strong> \u2014 and news that the Abu Dhabi fund is facing a challenge from a Saudi outfit in its bid for a <strong>stake in the military\u2019s Wataniya filling stations network<\/strong>. We have chapter and verse in this afternoon\u2019s Speed Round, below.<\/p>\n<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>MEANWHILE- Good news for our regional energy hub ambitions: It looks like we could <\/strong><strong>get access to even more Israeli natural gas<\/strong> as our neighbors to the east mull rolling back limits on exports that have been in place for nearly a decade, according to a draft government report seen by <a href=\"https:\/\/www.reuters.com\/business\/energy\/israel-weighing-fewer-limits-natural-gas-exports-2021-06-03\/\">Reuters<\/a>. Lifting the lid on exports comes as Israel looks to boost natural gas sales abroad before global demand starts to fade as the world shifts away from fossil fuels \u2014 and as it works to encourage more natural gas drilling off its coast. The country had previously limited exports to set aside some 60% of its reserves for domestic use.<\/p>\n<p><strong>Egypt will import over 85 bcm of gas from Israel\u2019s Leviathan and Tamar fields through to <\/strong><strong>2034<\/strong> under a <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/03\/israel-to-boost-gas-supply-to-egypt-by-34-after-changes-to-landmark-agreement\/\">landmark USD 19.5 bn agreement<\/a> signed in 2018 by Alaa Arafa\u2019s Dolphinus with the field\u2019s partners, which were led by Delek and Texas-based Noble Energy at the time. Natural gas shipments started flowing into Arish <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b01eeb3-86ed-4805-a41e-59b38ccb0709\">early last year<\/a>.<\/p>\n<p><strong>ALSO: Consumer healthcare giant Integrated Diagnostics Holding (IDH) is indeed on the <\/strong><strong>lookout for new acquisitions <\/strong>(as we reported earlier this week) <strong>but hasn\u2019t decided on when to pull the trigger<\/strong>, a company official told us, clarifying a story in <a href=\"https:\/\/bit.ly\/2TuRQ8a\">Al Mal<\/a> this morning claiming that IDH was committed to an acquisition this year. IDH is screening a number of potential targets, but there is no set timeline as to when it plans to execute on them, the official said.<\/p>\n<p><strong>** CATCH UP QUICK on the top stories from today\u2019s EnterpriseAM:<\/strong><\/p>\n<ul>\n<li><strong>2.5 mn people have had at least one covid jab<\/strong> \u2014 and our first batch of homemade CoronaVac will be ready this month, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/edf2a649-5f56-4ac0-9ac6-42c25d9a82be\">the Health Ministry says<\/a>.<\/li>\n<li><strong>Revised terms for the license to establish Egypt\u2019s second major tobacco company <\/strong><strong>have been handed<\/strong> to four local tobacco companies, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21653885-6d94-46a8-988d-5cb98cbe41b6\">according to a report<\/a> by Reuters.<\/li>\n<li><strong>There\u2019s still a chance that direct flights to Red Sea destinations form Russia <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3374da94-62a9-49ab-be30-3e93e44241e8\">could<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3374da94-62a9-49ab-be30-3e93e44241e8\">be in the air this month<\/a><\/strong> after Russia\u2019s deputy PM said authorities are \u201cputting the finishing touches\u201d on a plan to see them resume \u201cin the near future.\u201d<\/li>\n<\/ul>\n<p><strong>QUICK FOLLOW UP #1- Just how good are those Chinese jabs? It\u2019s complicated. <\/strong>The World Health Organization gave Sinovac <a href=\"https:\/\/www.bbc.com\/news\/world-asia-china-57322504\">emergency approval<\/a> earlier this week \u2014 and the Health Ministry <a href=\"https:\/\/www.egypttoday.com\/Article\/1\/104612\/Egypt%E2%80%99s-health-ministry-says-Sinovac-vaccine-showed-91-efficacy-in\">said yesterday<\/a> that a seven-country study put the jab\u2019s overall effectiveness at 91%.<\/p>\n<p><strong>But results in Gulf countries are giving some observers pause. <\/strong>The <a href=\"https:\/\/www.washingtonpost.com\/world\/middle_east\/uae-sinopharm-third-dose\/2021\/03\/21\/588fcf0a-8a26-11eb-a33e-da28941cb9ac_story.html\">Washington Post<\/a> reported in late May that the UAE was giving third \u201cbooster\u201d shots to some people \u201cafter antibody tests indicated they did not have a sufficient immune response\u201d after two doses of Sinopharm\u2019s rival vaccine.<\/p>\n<p><strong>The latest development: Bahrain is giving a Pfizer booster to some folks who were given <\/strong><strong>Sinopharm. <\/strong>Residents over 50, who have chronic diseases or are obese are being urged to have the third jab. The <a href=\"https:\/\/www.wsj.com\/articles\/bahrain-facing-a-covid-surge-starts-giving-pfizer-boosters-to-recipients-of-chinese-vaccine-11622648737\">Wall Street Journal<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-03\/bahrain-s-covid-vaccine-boosters-cast-cloud-over-sinopharm-shot\">Bloomberg<\/a> have the story.<\/p>\n<p><strong>Speaking of Bahrain: The kingdom will also begin manufacturing and distributing <\/strong><strong>Sputnik V vaccines destined for the <\/strong><strong>MENA region<\/strong> after signing today an MoU with the Russian Direct Investment Fund (RDIF) to set up a regional manufacturing facility, according to a <a href=\"https:\/\/rdif.ru\/Eng_fullNews\/6865\/\">RDIF press release<\/a>. Among the signatories of the MoU were Bahraini sovereign wealth fund <a href=\"https:\/\/mumtalakat.bh\/\">Mumtalakat<\/a> and Binnopharm Group, the release said, without disclosing when the plant will open or the production capacity it\u2019s targeting.<\/p>\n<p><strong>Egypt has a similar agreement in place<\/strong>, with Minapharm <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f26e1432-d88a-4d80-a628-e03687889ed5\">set to manufacture<\/a> some 40 mn doses of Sputnik V per year under an agreement with RDIF. The locally manufactured vaccines should begin to be rolled out in 3Q2021.<\/p>\n<p><strong>QUICK FOLLOW UP #2- The first women to be appointed as public prosecutors will be <\/strong><strong>sworn in this October<\/strong>, according to a report in <a href=\"https:\/\/bit.ly\/3pgAtnq\">Youm7<\/a>. That\u2019s when the country will also start appointing women to the bench on the State Council (Maglis El Dowla).<\/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>THE BIG STORY ABROAD? Not much. <\/strong>No single story dominates the global business news agenda, but we\u2019re keeping a close eye on the inflation story \u2014 see this afternoon\u2019s For Your Commute, below, for more.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>We\u2019re looking forward to the second-most-holy holiday on the iSheep calendar this <\/strong><strong>coming Monday <\/strong>\u2014 that\u2019s when the faithful will stream Apple\u2019s <a href=\"https:\/\/developer.apple.com\/wwdc21\/\">WWDC<\/a> keynote. We\u2019ll get a look at what\u2019s next for macOS, iOS and iPadOS, sure \u2014 but more than a few of us will be praying for hardware announcements, too. You can catch <a href=\"https:\/\/appleinsider.com\/articles\/21\/06\/01\/what-to-expect-from-wwdc-2021---and-what-not-to\">AppleInsider<\/a>\u2019s and <a href=\"https:\/\/gizmodo.com\/wwdc-2021-ios-15-ipados-15-macos-12-watchos-8-mor-1847019275\">Gizmodo<\/a>\u2019s prognostications or just circle your calendar for 7pm CLT on Monday and <a href=\"https:\/\/www.apple.com\/apple-events\/event-stream\/\">stream the keynote here<\/a>.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.gymnastics.sport\/site\/events\/detail.php?id=16598#loaded\">FIG World Challenge Cup<\/a><\/strong><strong> in Artistic Gymnastics<\/strong> for men and women has kicked off in Egypt today and will run until Sunday.<\/p>\n<p><strong>The British Egyptian Business Association will hold a virtual conversation with Oil <\/strong><strong>Minister Tarek El Molla on 7 June<\/strong> to discuss the sector\u2019s achievements. You can register <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_MVUuhotDTyOEplB7iVpuNw\">through this link<\/a>.<\/p>\n<p><strong>May inflation figures <\/strong>are due out next week from state statistics agency Capmas (which, oddly enough, is the Central Agency for <em>Public Mobilization <\/em>and Statistics).<\/p>\n<p>? <strong>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><strong>French <\/strong><strong>artist JR will create his next art installation at the Giza Pyramids<\/strong>, he announced on Instagram. JR is known for creating optical illusions at famous landmarks by installing images at a distance. His latest creation was at the Eiffel Tower where he created an installation that gives the illusion that the monument is coming out of a crater. JR hinted that the Giza Pyramids project could be a photo collage after he scouted the location back in April. <strong>The installation has been commissioned by <\/strong><strong><a href=\"https:\/\/www.artdegypte.org\/\">Art D\u2019Egypte<\/a><\/strong> who are organizing a contemporary art exhibition titled <a href=\"https:\/\/www.artdegypte.org\/copy-of-eternal-light#:~:text=test%20of%20time.-,',a%2520UNESCO%2520world%2520heritage%2520site.\">Forever is Now<\/a> at the pyramids which will be held in October to celebrate the \u201cmerging of ancient heritage and contemporary art\u201d. <a href=\"https:\/\/www.thenationalnews.com\/arts-culture\/art\/french-artist-jr-reveals-next-project-will-take-place-at-egypt-s-pyramids-of-giza-1.1233986\">The National<\/a> has more on the story. You can check out more of JR\u2019s artwork on <a href=\"https:\/\/www.jr-art.net\/\">his website<\/a>.<\/p>\n<p><strong>Donald Trump may be back to haunt us in the 2024 US elections<\/strong>, hinting in recent weeks that he may be re-running for the presidency, reports the <a href=\"https:\/\/apnews.com\/article\/michael-pence-donald-trump-campaign-2016-election-2020-government-and-politics-7306533132e2fa9aa0e9b5da60db9420\">Associated Press<\/a>. Trump\u2019s potential campaign will be hindered by his tumultuous history of two impeachment trials and the Capitol Hill riots. <strong>Trump\u2019s former vice president, Mike Pence, is also rumored to be running for office <\/strong>alongside other Republican candidates already moving to challenge Joe Biden for the presidency.<\/p>\n<p><strong><a href=\"https:\/\/www.cnbc.com\/2021\/06\/02\/trump-blog-page-shuts-down-for-good.html\">Dude can\u2019t even keep his own \u201cblog\u201d running<\/a><\/strong>, but that stranglehold on the GOP? That\u2019s apparently not going anywhere.<\/p>\n<hr class=\"grey-line\" \/>\n<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>Supply chain woes and potential for even more raw material-driven inflation: <\/strong>Surging demand for coal that coincided with output constraints as mines in China and Indonesia face safety issues and heavy rainfall is threatening a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-03\/it-s-not-over-for-coal-yet-as-global-prices-surge-on-hot-demand?sref=mmeFTDW1\">spike in the global prices of the least climate-friendly fossil<\/a>, and a seaport in China hit by a fresh covid-19 outbreak is <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-03\/supply-chains-pressured-in-china-as-ships-avoid-virus-hit-port?sref=mmeFTDW1\">delaying good deliveries<\/a> to the US and Europe. But the higher coal prices will likely be temporary and a result of a seasonal spike in electricity consumption in North Asia as summer temperatures boost air conditioning needs. Plus, climate policies are making it hard for miners to add capacity. Still, coal isn\u2019t the only commodity whose price has been on the up amid the global <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2fb13174-3377-49ef-8300-480e0abee206\">post-covid commodities boom<\/a> that has hit everything from food to energy to key metals as more economies continue to recover from the pandemic.<\/p>\n<p><strong>Should we expect higher inflation? <\/strong>Domestic inflation has so far been shrugging off rising global commodity prices due to a favorable base effect. The latest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d82773c-16b8-4e19-956b-28cf55f425a6\">reading<\/a> even showed that the headline figure slowed down, against expectations. But it might not be long until the commodities rally starts hitting consumers, and analysts have been increasingly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bb18bfa-39fe-4f57-ae02-2d7688b688be\">penciling in<\/a> heightened inflation soon as a result of the year-long rally.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE THIS WEEKEND-<\/strong><\/p>\n<p><strong>The next Narcos?<\/strong> An Amazon Prime Original series <a href=\"https:\/\/www.primevideo.com\/detail\/0S45ROKTPKOPQ0SZC16WC0BR7T\/ref=atv_nb_lcl_en_US\">Dom<\/a> is being released tomorrow. The Brazilian crime-drama series follows police officer Victor who dedicated his life to fighting the narcotraffic war, all while his own son rises to become one of the Rio de Janeiro most notorious criminals. Based on a true story, the first season features eight episodes of around one-hour runtime. The series promises drama, action, emotional scenes, and a ton of plot twists. We recommend you check out the trailer (<a href=\"https:\/\/www.youtube.com\/watch?v=PNaRkd0ijqk\">watch, runtime: 02:59<\/a>).<\/p>\n<p><strong>Egyptian actress Sherihan is continuing her comeback with a planned show on Shahid <\/strong>that will focus on the life of designer Coco Chanel, according to <a href=\"https:\/\/www.harpersbazaararabia.com\/celebrity\/sherihan-is-teaming-up-with-shahid-for-a-comeback-like-no-other\">Harper\u2019s Bazaar<\/a>. Neither Shahid nor Sherihan have yet announced a timeline for the show. Sherihan ended her years-long hiatus last Ramadan, featuring in a musical advertisement for telecom Vodafone.<\/p>\n<p><strong>\u2615 DRINK THIS TONIGHT- <\/strong><\/p>\n<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>Discover a new coffee bean with <\/strong><strong><a href=\"https:\/\/fyngan.com\/\">Fyngan<\/a><\/strong><strong>: <\/strong>Located in The Grocer in Sheikh Zayed, Fyngan is a specialty coffee bean store that brings the different tastes of the world into your morning coffee cup. With beans from Honduras, Nicaragua, and Uganda, the beans are one for the books and we love that you can get information on where and how the beans were sourced, their harvest period, and the beans\u2019 variety and cupping notes. If you\u2019re unsure of what beans you would enjoy the most, Fyngan\u2019s website has a quiz you can take to determine the best type of coffee beans for you to take home based on your flavor profile and how you like to make your coffee (we got Nicaragua). You can check out Fyngan in person or order the beans online for delivery \u2014 thank us later.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><\/p>\n<p><strong>TAM Gallery\u2019s <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/1130509677426633\/?active_tab=about\">Summer Affordable Art Show<\/a><\/strong><strong> is ongoing until the end of August<\/strong>, featuring art starting from EGP 1k for those wanting to get into the art scene without breaking the bank.<\/p>\n<p><strong>The Beatles<\/strong><strong> cover band Glass Onion is <\/strong><strong><a href=\"https:\/\/www.instagram.com\/p\/CPoIC7JnhZa\/?utm_medium=copy_link\">performing tomorrow<\/a><\/strong><strong> at The Tap West <\/strong>in Sheikh Zayed.<\/p>\n<p><strong>Tivoli Heliopolis is hosting a <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/2016234671859271\/?active_tab=about\">Hello June Bazar<\/a><\/strong><strong> this weekend<\/strong>, with offerings of books, clothes, and accessories.<\/p>\n<p>You can also check out the <strong><a href=\"https:\/\/www.facebook.com\/events\/1380081558999357\/?active_tab=about\">LA Market-Summer Breeze<\/a><\/strong><strong> bazar<\/strong> at New Cairo\u2019s Park Mall tomorrow.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>Re-shape your relationship with risk and uncertainty with Michele Wucker\u2019s <\/strong><strong><a href=\"https:\/\/www.amazon.com\/You-Are-What-Risk-Navigating\/dp\/164313678X\">You Are<\/a><\/strong><strong><a href=\"https:\/\/www.amazon.com\/You-Are-What-Risk-Navigating\/dp\/164313678X\">What You Risk<\/a><\/strong><strong>.<\/strong> Released in the midst of an uncertain world, the book aims to shed light on what makes some people more prone to risk than others as well as how to mitigate risk in a myriad of circumstances. Understanding risk and having a framework to decide whether its a venture worth taking can help individuals, organizations, and businesses reach their highest potential. Wucker weaves in economics, anthropology, sociology, and psychology research to come up with what she calls a \u201crisk fingerprint\u201d that once optimized can inspire new habits, catalyze innovation and creativity, and improve teamwork.<\/p>\n<hr class=\"grey-line\" \/>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- We\u2019re loving the current weather in Cairo and it\u2019s expected <\/strong><strong>to stay put during the weekend.<\/strong> You can look forward to daytime highs of 34\u00b0C and nighttime lows of 18-19\u00b0C, our favorite weather app forecasts.<\/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\/african-union\/\">African Union<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/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> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"566215\" 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 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" 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class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"566216\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">SPEED ROUND: ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/pmi-outlook-brightens-but-remained-in-contraction-territory-last-month\/\">\r\n                            PMI outlook brightens, but remained in contraction territory last month                        <\/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\" 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<\/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\/06\/03\/pmi-outlook-brightens-but-remained-in-contraction-territory-last-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/418.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"566217\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/pmi-outlook-brightens-but-remained-in-contraction-territory-last-month\/418-jpg-11\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/418.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"418.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/418.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/418.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566216\" class=\"content-area-description single-story post-566216 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-economy tag-economy tag-enterprisepm tag-gcc tag-pmi tag-uae 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>Activity in Egypt\u2019s non-oil private sector contracted for a sixth consecutive month in May,<\/strong> <strong>but at a <\/strong><strong>slower rate<\/strong> as market conditions in major areas of the economy improved compared to the past three months and as optimism reached at a new high, according to IHS Markit\u2019s purchasing managers\u2019 index <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/9fab9c599b31418fa08c0c4f8a0fc5e2\">survey (pdf)<\/a><sup><\/sup>. <strong>The PMI gauge rose to <\/strong><strong>48.6<\/strong>, from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2dcfcd20-2bb5-4453-bf6c-94aab883abd1\">47.7 in April<\/a>, remaining below the 50.0 mark which separates expansion from contraction, due to a further, albeit milder, drop in output and new business.<\/p>\n<p><strong>The drop in output was the softest since February<\/strong>, when the overall gauge <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8faed8bc-23ab-4b8c-b5c1-dcfdd52aa20b\">stood at<\/a> 49.3. The same trend was seen for new orders, with businesses reporting muted demand, but to the least extent since February. The level of sales also edged closer toward stabilization, and there were major signs of improvement in new export orders, which increased solidly. Sub-gauges measuring output and new orders signalled contraction, but were at three-month highs.<\/p>\n<p><strong>Businesses slashed new input purchases as a result of the overall drop in output. <\/strong>But again, the rate at which purchasing activity fell was the slowest in six months and there was evidence firms are starting to rebuild their inventories. A small number of firms, however, reported a worsening of supplier lead times throughout the month.<\/p>\n<p><strong>Muted activity meant less need for capacity and contributed to a drop in employment<\/strong>, translating into a streak of job losses now extending beyond a year and a half. The rate of job cuts, however, has been easing since the start of the second quarter.<\/p>\n<p><strong>That said, inflationary pressures remained very strong in May. <\/strong>Input shortages, coupled with high freight and staff costs, meant a spike in input prices that was second-quickest since September 2019. Some businesses passed those costs along to consumers in May and others absorbed most of the steeper input prices.<\/p>\n<p><strong>But while output remains under pressure, the outlook is even better than pre-pandemic, <\/strong>with optimism for the coming year recording its strongest level since <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/06\/new-orders-grow-appetite-from-eu-improving-but-pmi-reading-still-below-below-50-in-february\/\">February 2018<\/a> among firms in the non-oil economy. A recovery in market conditions as the pandemic slowly abates was seen as a key positive driver in coming months, according to the survey. \u201cBusiness expectations data offered a glimpse of a positive future, as firms were \u2026 expectant of a strong recovery in business conditions to follow soon,\" IHS Markit economist David Owen said.<\/p>\n<p><strong>Meanwhile, in the GCC:<\/strong><\/p>\n<ul>\n<li><strong>Activity in Saudi expanded at its fastest pace since in over three years last month<\/strong>, with the oil producer\u2019s <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/e2a71b2256f8487d80e3a0e610f79369\">gauge of the non-oil economy (pdf)<\/a><sup><\/sup> rising to 56.4 in May from 55.2 in April, owed to its continued easing of covid-19 restrictions. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-03\/saudi-business-activity-expands-at-fastest-pace-in-three-years?sref=mmeFTDW1\">Bloomberg<\/a> has more.<\/li>\n<li><strong>The opposite trend was seen in the UAE<\/strong>, which recorded a slight drop in <a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/0a8ef7b88a9b48e8b37428ccf67c4fe5\">the<\/a><a href=\"https:\/\/www.markiteconomics.com\/Public\/Home\/PressRelease\/0a8ef7b88a9b48e8b37428ccf67c4fe5\">composite gauge (pdf)<\/a> to 52.3 in May from 52.7 in April due to pandemic-related restrictions persisting in some areas.<\/li>\n<\/ul>\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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"566218\" 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=\"566218\">\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\/06\/03\/juhayna-wont-confirm-its-in-talks-to-sell-a-stake-to-adq-but-dont-count-this-out-yet\/\">\r\n                            Juhayna won\u2019t confirm it\u2019s in talks to sell a stake to ADQ, but don\u2019t count this out yet                        <\/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\/06\/03\/juhayna-wont-confirm-its-in-talks-to-sell-a-stake-to-adq-but-dont-count-this-out-yet\/\" 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\/06\/03\/juhayna-wont-confirm-its-in-talks-to-sell-a-stake-to-adq-but-dont-count-this-out-yet\/')\">\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\/06\/03\/juhayna-wont-confirm-its-in-talks-to-sell-a-stake-to-adq-but-dont-count-this-out-yet\/\">\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=Juhayna won\u2019t confirm it\u2019s in talks to sell a stake to ADQ, but don\u2019t count this out yet&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/juhayna-wont-confirm-its-in-talks-to-sell-a-stake-to-adq-but-dont-count-this-out-yet\/\">\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\/06\/03\/juhayna-wont-confirm-its-in-talks-to-sell-a-stake-to-adq-but-dont-count-this-out-yet\/&title=Juhayna won\u2019t confirm it\u2019s in talks to sell a stake to ADQ, but don\u2019t count this out yet\">\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=Juhayna+won%E2%80%99t+confirm+it%E2%80%99s+in+talks+to+sell+a+stake+to+ADQ%2C+but+don%E2%80%99t+count+this+out+yet+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F03%2Fjuhayna-wont-confirm-its-in-talks-to-sell-a-stake-to-adq-but-dont-count-this-out-yet%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\/06\/03\/juhayna-wont-confirm-its-in-talks-to-sell-a-stake-to-adq-but-dont-count-this-out-yet\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566218\" class=\"content-area-description single-story post-566218 post type-post status-publish format-standard hentry category-speed-round-ma-watch tag-adq tag-egx tag-enterprisepm tag-juhayna 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-02\"><\/a> <strong>Is Juhayna in talks to sell a stake to Abu Dhabi\u2019s <\/strong><strong>sovereign wealth fund? <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e59166cb-e94c-4bfe-835f-5e3705485898\">Bloomberg<\/a> broke the news last night, quoting unnamed sources as saying ADQ Holding was looking to take a stake in Egypt\u2019s leading maker of dairy products. The report said the talks were at a preliminary stage, with no certainty the fund would go ahead with the transaction.<\/p>\n<p><strong>JUFO said this morning (<\/strong><strong><a href=\"https:\/\/ent.news\/2021\/6\/Juhayna-EGX.pdf\">pdf<\/a><\/strong><strong>) that it has yet to receive an official offer from ADQ<\/strong>. The EGX <a href=\"https:\/\/www.egx.com.eg\/ar\/BulletinNews.aspx?BCODE=263643&All=\">halted trading<\/a> on JUFO\u2019s shares for 10 minutes after the statement was logged. <strong>JUFO shares closed up nearly 5%<\/strong><sup><\/sup><strong> today <\/strong>at EGP 4.44 apiece.<\/p>\n<p><strong>It\u2019s easy to see why ADQ might be interested. <\/strong>Juhayna is sharply undervalued, with its shares trading at near an all-time low after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e59166cb-e94c-4bfe-835f-5e3705485898\">plunging more than 40%<\/a> in the period after the company\u2019s founder and CEO were each detained on charges unrelated to the company. Shares snapped a three-day losing streak yesterday and were up the maximum 5% in early trading today, but it\u2019s still trading at a PE of less than 7 based on its forecast 2021 earnings. Its fundamentals are strong, with a great product portfolio, a track record of product innovation and plenty of room to run in a fast-growing consumer market that still skews toward unpackaged milk and milk products.<\/p>\n<p><strong>JUFO reported stable revenues in 9M2020 <\/strong>at EGP 5.7 bn, with notable improvements in gross profit margin and net income at the same time as it cut its net debt by more than 40%, according to its <a href=\"http:\/\/www.juhayna.com\/app\/uploads\/2020\/10\/1603355139_596_471033_jufoer3q20eng.pdf\">last earnings release (pdf)<\/a>.<\/p>\n<p><strong>There\u2019s some noise around the stock<\/strong>, including the detention of the Thabets and the company\u2019s shares being <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b008ce56-a392-4bee-9678-8e1988912054\">bumped to the EGX\u2019s \u201cD-list\u201d<\/a> after it failed to report its 2020 results on time. The latter is hardly a surprise given the company (which had never previously been sanctioned by the EGX) is wrangling two auditors who are getting their heads around the detention of Seif and Safwan Thabet.<\/p>\n<p><strong>But ADQ is the type of investor that can see beyond that. <\/strong>It\u2019s a long-term in also has a proven interest in both the consumer foods segment and in Egypt. It\u2019s been on an acquisition spree in Omm El Donia as of late, acquiring 100% of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d117b907-a3f9-4a75-80dc-b07748621d7a\">Amoun Pharma<\/a> in April in a USD 740 mn transaction and investing USD 1 bn last year in retailer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/958aae17-9582-4af8-a183-ae322ccf304b\">LuLu\u2019s Egypt expansion<\/a>. It\u2019s also looking at investments in Egyptian meat and poultry business <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad79dcc4-e48b-492b-a3fc-e706b8fcb8cc\">Atyab<\/a> and gas stations operator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d32e060-6886-4e50-912d-289c42928f40\">Wataniya<\/a>. Still, having amassed an estimated USD 110 bn in assets since its founding in 2018, the fund wants to make significant new investments over the next five years, CEO Mohamed Hassan Alsuwaidi told Bloomberg <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c19d4a2-09dd-4630-9337-bc0e08fbd385\">last month<\/a>.<\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/juhayna\/\">Juhayna<\/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=\"566219\" 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=\"566219\">\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\/06\/03\/the-bidding-war-for-the-armys-wataniya-petroleum-is-heating-up\/\">\r\n                            The bidding war for the army\u2019s Wataniya Petroleum is heating up                        <\/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\/06\/03\/the-bidding-war-for-the-armys-wataniya-petroleum-is-heating-up\/\" 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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The company will compete with each of Qalaa Holdings\u2019 Taqa Arabia, Dubai\u2019s state-owned Emirates National Oil Company, and a consortium of Abu Dhabi\u2019s sovereign wealth fund ADQ and Abu Dhabi National Oil Company (Adnoc) for a majority stake in the army-owned gas stations operator. Saudi\u2019s <a href=\"https:\/\/www.aldrees.com\/english\/\">Aldrees Petroleum and Transport Services Company<\/a> was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c581195f-c2cd-40e4-831d-0b6f2a19873a\">also reported<\/a> to be interested in the stake. Due diligence on Wataniya is currently underway, according to Bloomberg\u2019s sources.<\/p>\n<p><strong>Petromin is already in Egypt: <\/strong>The company has been operating here since 1992 through local subsidiary <a href=\"https:\/\/petromin.com\/\">Petromin Egypt<\/a>, which markets lubricants, oils, and petroleum products, the business information service noted.<\/p>\n<p><strong>Background: <\/strong>Wataniya is one of two companies that were chosen to spearhead a process led by the Sovereign Fund of Egypt to sell majority stakes to the private sector in companies owned by the Defense Ministry\u2019s National Service Products Organization. The sale of a stake in Wataniya is expected to go ahead before the end of the year after the SFE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a942317-1102-4ec1-9b16-79861b30fcfd\">changed its plans<\/a> for a 1H2021 closing.<\/p>\n<p><strong>Another Armed Forces-affiliated company \u2014 bottled water producer Safi \u2014 is then expected to follow suit<\/strong> as part of a total of 10 military-owned companies planned to be sold to the private sector under the program, and then listed on the EGX further down the line. The SFE had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97d049e6-a61e-4b0c-889d-f141f384cee9\">previously said<\/a>it plans to retain a 10-20% stake in the companies up for sale.<\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wataniya-petroleum\/\">Wataniya Petroleum<\/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=\"566221\" 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=\"566221\">\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: ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/current-account-under-the-spotlight-as-economy-continues-to-recover-from-covid\/\">\r\n                            Current account under the spotlight as economy continues to recover from covid                        <\/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\/06\/03\/current-account-under-the-spotlight-as-economy-continues-to-recover-from-covid\/\" 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\/06\/03\/current-account-under-the-spotlight-as-economy-continues-to-recover-from-covid\/')\">\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\/06\/03\/current-account-under-the-spotlight-as-economy-continues-to-recover-from-covid\/\">\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=Current account under the spotlight as economy continues to recover from covid&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/current-account-under-the-spotlight-as-economy-continues-to-recover-from-covid\/\">\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\/06\/03\/current-account-under-the-spotlight-as-economy-continues-to-recover-from-covid\/&title=Current account under the spotlight as economy continues to recover from covid\">\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=Current+account+under+the+spotlight+as+economy+continues+to+recover+from+covid+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F03%2Fcurrent-account-under-the-spotlight-as-economy-continues-to-recover-from-covid%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\/06\/03\/current-account-under-the-spotlight-as-economy-continues-to-recover-from-covid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566221\" class=\"content-area-description single-story post-566221 post type-post status-publish format-standard hentry category-speed-round-economy tag-economy tag-enterprisepm tag-fdi tag-hala-el-said 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>Remittances to Egypt<\/strong> <strong>rose 10% y-o-y in the first five months of 2021, <\/strong>Planning Minister Hala El Said said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/148155024021593?__cft__[0]=AZUvmxiXLIk0oVo0VaU_S9s8x62WkAe2-XIRIAK6trdl-WLanQQrax7Hiw4lSIDtiJAwjYZAM7rDOcq9euHa9j-SCn_8QCo9TGmhqVdbwxs98yyBdU3MojV6fXLn9KFipz2oqoErSqABwliaeUKRprc-LFJfzb-MUkTuewS0xKySyg&__tn__=%2CO%2CP-R\">a statement<\/a>. Egyptians working abroad transferred USD 15.5 bn since January, already up nearly 10% compared to the period between January and July 2020, according to figures presented by El Said.<\/p>\n<p><strong>FX inflows from this vital source of hard currency have been holding firm in the face of the pandemic<\/strong> \u2014 and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9026fa43-ed04-4d8d-bed4-2b429442b37b\">rose 10.5%<\/a> during 2020 to USD 29.6 bn despite <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fee18695-3f9f-4d32-9ae5-62db710d9481\">falling 1.6%<\/a> across other low- and middle-income countries in the pandemic-ridden year.<\/p>\n<p><strong>Net FDI, meanwhile, might have already hit government targets, <\/strong>as it continues to stage a sustained recovery from pandemic lows. Inflows reached <strong>USD 3.4 bn so far this year,<\/strong> up from USD 2.5 bn in the first half of 2020, El Said noted. <a href=\"https:\/\/ent.news\/2021\/4\/BOP-2Q2021-EN.pdf\">Balance of payments performance (BoP) data (pdf)<\/a> released by the CBE in April shows that we\u2019re on track to land USD 6.8 bn by the end of the state\u2019s ongoing fiscal year on 30 June, which puts the figure close to the USD 7.5 bn achieved in pre-pandemic FY2019-2020. Net FDI <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d56d3d8-9b32-4478-a8c8-014522865219\">is then expected<\/a> to grow to USD 7 bn in FY2021-2022.<\/p>\n<p><strong>Record April for Suez Canal receipts: <\/strong>Revenues made by the government from collecting Suez Canal transit fees \u2014 another source of FX that was hit hard by the pandemic \u2014 reached <strong>USD 553.6 mn in April<\/strong>. This, according to El Said, is the highest month on record, and is a 16.3% increase over April 2020. According to the CBE\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7042bbd-cedd-44cb-aefb-6ea18b372cd4\">latest balance of payments report<\/a>, Suez Canal receipts were only fractionally below pre-pandemic levels during the second quarter of FY2020-2021, which ran between October 2020 and January 2021.<\/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\/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\/hala-el-said\/\">Hala El Said<\/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=\"566222\" 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=\"566222\">\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\/06\/03\/earnings-state-owned-el-nasr-civil-works-egyptalum-remain-in-the-red\/\">\r\n                            Earnings: state-owned El Nasr Civil Works, Egyptalum remain in the red                        <\/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\/06\/03\/earnings-state-owned-el-nasr-civil-works-egyptalum-remain-in-the-red\/\" 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\/06\/03\/earnings-state-owned-el-nasr-civil-works-egyptalum-remain-in-the-red\/')\">\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\/06\/03\/earnings-state-owned-el-nasr-civil-works-egyptalum-remain-in-the-red\/\">\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: state-owned El Nasr Civil Works, Egyptalum remain in the red&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/earnings-state-owned-el-nasr-civil-works-egyptalum-remain-in-the-red\/\">\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\/06\/03\/earnings-state-owned-el-nasr-civil-works-egyptalum-remain-in-the-red\/&title=Earnings: state-owned El Nasr Civil Works, Egyptalum remain in the red\">\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%3A+state-owned+El+Nasr+Civil+Works%2C+Egyptalum+remain+in+the+red+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F03%2Fearnings-state-owned-el-nasr-civil-works-egyptalum-remain-in-the-red%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\/06\/03\/earnings-state-owned-el-nasr-civil-works-egyptalum-remain-in-the-red\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566222\" class=\"content-area-description single-story post-566222 post type-post status-publish format-standard hentry category-go-with-the-flow tag-automotive tag-construction tag-earnings-watch tag-egypt-aluminum tag-el-nasr-civil-works tag-enterprisepm tag-gb-auto tag-go-with-the-flow tag-manufacturing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EARNINGS WATCH- State-owned Egyptian Aluminium Company (Egyptalum) saw its net <\/strong><strong>losses narrow to EGP 348 mn in 9M2020-2021, <\/strong>compared to a lost EGP 1.02 bn in the same period last year, the company said in its <a href=\"https:\/\/ent.news\/2021\/6\/Egyptalum-03-2021-earnings.pdf\">earnings report (pdf)<\/a>. Revenues rose 46% y-o-y to EGP 8.14 bn in the first nine months of the company\u2019s fiscal year, which runs from 1 July 2020 to 30 June 2021.<\/p>\n<p><strong>El Nasr Civil Works reported a net loss of EGP 2.54 mn in 1Q2021, <\/strong>compared to a positive bottom line of EGP 4.04 mn in the same quarter last year, according to the company\u2019s <a href=\"https:\/\/ent.news\/2021\/6\/El-Nasr-Civil-works-03-2021-earnings.pdf\">quarterly financials (pdf)<\/a>. Revenues fell 17.6% y-o-y to reach EGP 46.6 bn during the quarter, down from EGP 56.6 bn in 1Q2020.<\/p>\n<p><strong>MARKET NEWS- GB Auto is now the sole distributor in Egypt of Chinese automotive <\/strong><strong>company Changan,<\/strong> according to a bourse filing (<a href=\"https:\/\/ent.news\/2021\/6\/GB-Auto-Changan-EGX.pdf\">pdf<\/a>). GB Auto will be launching this month the New Alsvin, Eado DT sedans, and the CS15 and the CS55 SUV brands.<\/p>\n<p><strong>MARKET ROUNDUP-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.7% at today\u2019s close<\/strong> on turnover of EGP 1.51 bn (13.9% above the 90-day average). Foreign investors were net sellers. The index is down 7.3% YTD.<\/p>\n<p><strong>In the green: <\/strong>Ibnsina Pharma (+2.5%), Pioneers Holding (+2.3%) and Telecom Egypt (+2.0%).<\/p>\n<p><strong>In the red: <\/strong>CI Capital (-4.8%), Fawry (-2.0%) and Qalaa Holding (-1.9%).<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/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\/egypt-aluminum\/\">Egypt Aluminum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-nasr-civil-works\/\">El Nasr Civil works<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-auto\/\">GB Auto<\/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\/manufacturing\/\">Manufacturing<\/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=\"566223\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"566224\" 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=\"566224\">\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\">CYBERSECURITY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/03\/cybercriminals-have-created-operations-that-can-rival-major-firms\/\">\r\n                            Cybercriminals have created operations that can rival major firms                        <\/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\/06\/03\/cybercriminals-have-created-operations-that-can-rival-major-firms\/\" 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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One such platform, DarkSide, garnered attention after it facilitated a recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba540bd1-0b36-412c-9347-7f8f30042707\">cyberattack on the US\u2019 Colonial Pipeline<\/a>, forcing its closure and halting the delivery of almost half of the US East Coast\u2019s fuel supply. Darkside claimed responsibility for the Colonial Pipeline hacking, and even issued a press release saying that they \u201cregret creating problems,\u201d and that the attack had no geopolitical motivations but only aimed at making money, reports <a href=\"https:\/\/www.ft.com\/content\/0afb53f0-f382-442a-9a32-02824ce8bb70\">The Financial Times<\/a>.<\/p>\n<p><strong>And make money they did.<\/strong> DarkSide was paid a USD 4.4 mn ransom to provide a decryption key and delete all stolen sata, Colonial Pipeline\u2019s CEO told <a href=\"https:\/\/www.wsj.com\/articles\/colonial-pipeline-ceo-tells-why-he-paid-hackers-a-4-4-million-ransom-11621435636\">The Wall Street Journal<\/a>, saying it was the right thing to do for the country.<\/p>\n<p><strong>So how does the platform work? <\/strong>DarkSide has put a system in place for hackers to perform cyber attacks on companies, acting as a facilitator for reaching out and asking for a ransom from the firm and ensuring the payment reaches the cyber criminal. DarkSide gets its talent from on the dark web, where CVs and references are solicited, writes <a href=\"https:\/\/www.ft.com\/content\/87887f26-b57e-48d8-b60e-c4eb281ff679\">The FT<\/a>. Once the cyber criminal platform successfully attacks a firm, they use the method of double extortion to demand separate sums for both a digital key needed to unlock any files and servers, and a separate ransom in exchange for a promise to destroy any data stolen from the victim, according to <a href=\"https:\/\/krebsonsecurity.com\/2021\/05\/a-closer-look-at-the-darkside-ransomware-gang\/\">KrebsonSecurity<\/a>. If the ransom is not paid, DarkSide will publish all the data and store it on their content delivery network for at least six months as well as send notifications of the leak to media, partners, and customers.<\/p>\n<p><strong>Cue the ethical hacker manifesto: <\/strong>Following the Colonial Pipeline attack, DarkSide has said it would \u201ccheck each company that our partners want to encrypt to avoid social consequences in the future.\u201d Based \u201con their principles\u201d, the platform has also forbidden affiliates from dropping ransomware on organizations in industries including healthcare, funeral services, education, public sector and non-profits, according to screenshots obtained by <a href=\"https:\/\/www.bbc.com\/news\/business-57050690\">BBC<\/a>. If that doesn\u2019t sound insane enough, Darkside has also said that it only attacks companies that can pay the requested amount, explaining that they analyze targets\u2019 finances before the hack as they \u201cdo not want to kill your business\u201d. If hacked firms have any questions, they can ask DarkSide\u2019s customer support that will help you pay the ransom.<\/p>\n<p><strong>DarkSide has attacked at least three more companies since the Colonial Pipeline incident. <\/strong>The platform announced three more hacks on global firms on the dark web, but none appear to engage in critical infrastructure, writes <a href=\"https:\/\/www.cnbc.com\/2021\/05\/12\/darkside-hacker-group-behind-pipeline-attack-claims-three-new-victims.html\">CNBC<\/a>. The hacked companies are a US technology services reseller, a Brazilian renewable energy products reseller, and a Scottish construction firm, but CNBC did not reveal the names or the amount of ransom asked for. UK firm One Call Insurance has also fallen victim to a DarkSide attack, with <a href=\"https:\/\/www.doncasterfreepress.co.uk\/news\/one-call-cyber-attack-all-you-need-to-know-about-hackers-darkside-and-insurance-boss-john-radford-3244076\">Doncaster Free Press<\/a> writing that a ransom of GBP 15 mn is being requested. The news has not made it into any larger media organizations.<\/p>\n<p><strong>How to save your own firm: <\/strong>We\u2019ve all seen the misspelt scam emails, the clumsy phishing attacks, and pop up virus threats, however, DarkSide and its partners require more effort to stay safe than just being careful where you click. The US\u2019s <a href=\"https:\/\/us-cert.cisa.gov\/ncas\/alerts\/aa21-131a\">Cybersecurity and Infrastructure Security Agency<\/a> released guidelines on the best practices for preventing business disruption from ransomware attacks following the DarkSide hacking. The guidelines include requiring multi-factor authentication, setting up antivirus and antimalware programs to conduct regular scans, and limiting access to resources over networks, among many other mitigation measures.<\/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\/cybersecurity\/\">cybersecurity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/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=\"566226\" 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\/06\/03\/your-essential-business-calendar-on-3-june-2021-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566226\" class=\"content-area-description single-story post-566226 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>3-6 June (Thursday-Monday): Egypt is hosting the <a href=\"https:\/\/www.gymnastics.sport\/site\/events\/detail.php?id=16598#loaded\">FIG World Challenge Cup<\/a> in Artistic Gymnastics.<\/p>\n<p>7 June (Monday): British Egyptian Business Association hosts an event featuring Oil Minister Tarek El Molla.<\/p>\n<p>14 June (Monday): Egypt Green Economy Forum.<\/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>20 June (Sunday): Ismailia Economic Court to hold hearing on Ever Given compensation case.<\/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. The Big 5 Egypt Impact Awards will also be taking place at the event on 27 June.<\/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 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>1 July (Thursday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bf7988d-19f6-45a6-ada1-65d7c23ec723\">the Advance Cargo Information (ACI) system<\/a>.<\/p>\n<p>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>2-4 August (Monday-Wednesday): Egypt is hosting the <a href=\"https:\/\/www.africa-foodmanufacturing.com\/en\/Home.html\">Africa Food Manufacturing<\/a> exhibition at the Egypt International Exhibition Center.<\/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>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>1H2022: The World Economic Forum annual meeting, location TBD.<\/p>\n<p>May 2022: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>27 June-3 July 2022 (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish below between the actual holiday and its observance.<\/p>\n\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":566213,"template":"","categories":[],"tags":[],"class_list":["post-566212","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4fd7bfe6-1714-4e07-a9f7-ab50a7a092f0","teaser":"","photo_url":"https:\/\/ent.news\/2021\/6\/417.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 There\u2019s light at the end of the tunnel for our PMI reading, despite continued contraction - 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-theres-light-at-the-end-of-the-tunnel-for-our-pmi-reading-despite-continued-contraction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise There\u2019s light at the end of the tunnel for our PMI reading, despite continued contraction\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-theres-light-at-the-end-of-the-tunnel-for-our-pmi-reading-despite-continued-contraction\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T05:18:57+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/417.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-theres-light-at-the-end-of-the-tunnel-for-our-pmi-reading-despite-continued-contraction\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-theres-light-at-the-end-of-the-tunnel-for-our-pmi-reading-despite-continued-contraction\/\",\"name\":\"Enterprise There\u2019s light at the end of the tunnel for our PMI reading, despite continued contraction - 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