{"id":566594,"date":"2021-06-29T13:58:27","date_gmt":"2021-06-29T13:58:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=566594"},"modified":"2025-12-16T05:28:36","modified_gmt":"2025-12-16T05:28:36","slug":"enterprise-the-state-privatization-program-could-wake-up-in-september-says-omran","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-the-state-privatization-program-could-wake-up-in-september-says-omran\/","title":{"rendered":"Enterprise The state privatization program could wake up in September, says Omran."},"content":{"rendered":"<section id=\"566596\" 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=\"566596\">\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\/29\/tonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae\/\">\r\n                            TONIGHT: Our condolences to the Sawiris family. + G20 ministers meet in Italy. ALSO: Israeli Foreign Minister Yair Lapid\u2019s first visit is to UAE.                        <\/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\/29\/tonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae\/\" 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\/29\/tonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae\/')\">\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\/29\/tonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae\/\">\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: Our condolences to the Sawiris family. + G20 ministers meet in Italy. 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ALSO: Israeli Foreign Minister Yair Lapid\u2019s first visit is to UAE.\">\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+Our+condolences+to+the+Sawiris+family.+%2B+G20+ministers+meet+in+Italy.+ALSO%3A+Israeli+Foreign+Minister+Yair+Lapid%E2%80%99s+first+visit+is+to+UAE.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F29%2Ftonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae%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\/29\/tonight-our-condolences-to-the-sawiris-family-g20-ministers-meet-in-italy-also-israeli-foreign-minister-yair-lapids-first-visit-is-to-uae\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566596\" class=\"content-area-description single-story post-566596 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-africa tag-climate tag-covid-19 tag-enterprisepm tag-g20 tag-israel tag-onsi-sawiris tag-uae 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>We have one more sleep cycle to go before the three-day weekend<\/strong>, ladies and gentlemen. We hope you\u2019re looking forward to it as much as us.<\/p>\n<p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>The business community bids farewell to Onsi Sawiris Sr<\/strong>: Before we dive into today\u2019s stories, we are sorry to report that Sawiris family patriarch, Onsi Sawiris, has passed away at the age of 91, according to several local press sources from <a href=\"https:\/\/bit.ly\/3w7gMAe\">Youm7<\/a> to <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2364898\">Al Masry Al Youm<\/a> and <a href=\"https:\/\/bit.ly\/3AbFMcL\">Masrawy<\/a>. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-06-29\/onsi-sawiris-patriarch-of-egypt-billionaire-dynasty-dies-at-90?sref=mmeFTDW1\">Bloomberg<\/a> also had the story.<\/p>\n<p><strong>A titan of Egyptian business: <\/strong>Onsi started out his career in construction with the founding of Lamei and Onsi in 1952 \u2014 the predecessor of construction behemoth Orascom Construction Industries (OCI). Sawiris had a net worth standing at around USD 1 bn as of 2021, according to <a href=\"https:\/\/www.forbes.com\/profile\/onsi-sawiris\/?sh=5b6b1e6713b0\">Forbes<\/a> data.<\/p>\n<p><strong>His story mirrors the ups and downs of Egypt\u2019s private sector: <\/strong>Being the consummate survivor, Sawiris had withstood Gamal Abdel Nasser\u2019s nationalization efforts. He took his business to Libya before returning to Egypt 12 years later to set up his construction empire in <a href=\"https:\/\/orascom.com\/about\/#history\">197<\/a><a href=\"https:\/\/orascom.com\/about\/#history\">6<\/a>.<\/p>\n<p><strong>Hear his amazing life story in his own words here (<\/strong><strong><a href=\"https:\/\/www.youtube.com\/watch?v=zHrpw7KWeII&t=286s\">watch, runtime 16:11<\/a><\/strong><strong>)<\/strong><strong>.<\/strong><\/p>\n<p><strong>He is survived by his three sons Naguib, Nassef, and Samih <\/strong>who are the heads of <a href=\"https:\/\/orascomih.com\/en\/about\/\">Orascom Investment Holding<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/381d3c13-fa1f-4afa-a77c-09e50d52aff6\">NNS Holding<\/a>, and <a href=\"https:\/\/www.orascomdh.com\/\">Orascom Development Holding<\/a> respectively and <strong>his grandson Onsi<\/strong>, who heads VC firm <a href=\"https:\/\/www.hofvc.com\/\">HOF Capital<\/a>.<\/p>\n<p><strong>His work has also spawned several major corporations that are now household names with outstanding stories<\/strong>, including <a href=\"https:\/\/orascom.com\/\">Orascom Construction<\/a>, <a href=\"http:\/\/orascomfh.com\/\">Orascom Financial Holding<\/a>, and <a href=\"https:\/\/www.oci.nl\/\">OCI NV<\/a>, the region\u2019s largest fertilizer producer.<\/p>\n<p><strong>The <\/strong><strong>funeral<\/strong><strong> service will be limited to family members<\/strong>, yet the exact date has not yet been set, sources told Youm7. Funeral mass is being <a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.almasryalyoum.com\/news\/details\/2364962&sa=D&source=editors&ust=1624968260093000&usg=AOvVaw0Me0tUNJyVvUnnD9b1n5gL\">held today<\/a> in Gouna.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>THE BIG STORY TODAY- Is the privatization program coming back to life in September?<\/strong> That\u2019s the message coming from Financial Regulatory Authority boss Mohamed Omran, who suggested in a presser today that up to three state companies might sell shares in the bourse.<\/p>\n<p><strong>AND THERE\u2019S MORE- Omran is apparently going to announce tomorrow Egypt\u2019s maiden corporate green bond sale.<\/strong> While he\u2019s keeping quiet about who\u2019s issuing the bonds, we speculate that our friends at CIB will be the ones to pull the trigger. We cover details of his statement in the Speed Round below.<\/p>\n<p><strong>** CATCH UP QUICK <\/strong>on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Private-sector workers <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a48e903-d707-4969-9ab6-be99c9b3cb91\">are getting<\/a><\/strong><strong> a minimum wage of EGP 2.4k starting next year <\/strong>after a decision by the National Council for Wages. Employees will also be given a mandatory bonus equal to 7% of the basic salary.<\/li>\n<li><strong>Egypt does not need additional external financing at the moment<\/strong> thanks to structural policy and fiscal reforms that have course-corrected the economy, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69ec747c-bf7c-4f54-9a9b-5e8a99e1d25e\">the IMF said yesterday<\/a> after disbursing the final tranche of the USD 5.2 bn standby loan.<\/li>\n<li><strong>Waste management 2.0: <\/strong>The private sector waste management companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f88c424-fb0d-4c69-acf8-879ee73744ca\">we spoke with<\/a> see the Waste Management Act, which aims to provide structure for a fragmented industry, as a step in the right direction. That said, they would still need to see more before committing to new investments.<\/li>\n<\/ul>\n<p><strong>The deadline for <\/strong><strong>Egypt\u2019s first international oil and gas E&P <\/strong><strong><a href=\"https:\/\/eug.petroleum.gov.eg\/dp\/pages\/common\/BidroundHighlights.jsp\">tender<\/a><\/strong><strong> of 2021 will be on 30 <\/strong><strong>September,<\/strong> Oil Minister Tarek El Molla announced during a <a href=\"https:\/\/www.amcham.org.eg\/ResponsiveUrl\/livenew_stream_online.asp?utm_source=june2021livebraodcast-TarekElMolla&utm_medium=email&utm_campaign=june2021-event-TarekElMolla&utm_content=livebroadcastonline\">panel session<\/a> organized by the American Chamber of Commerce in Egypt (AmCham Egypt). Several international oil companies had requested that the deadline be extended from the previously announced date of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c4454f8-c6d8-46dc-a04b-f1d3ab0b9291\">1 August<\/a>.<\/p>\n<p><strong>The Egyptian General Petroleum Company (EGPC) is offering 24 blocks<\/strong> at the Gulf of Suez, the Western Desert, and the Mediterranean through the <a href=\"https:\/\/eug.petroleum.gov.eg\/dp\/controller\/PLEASE_LOGIN_PAGE\">Egypt Upstream Gateway (EUG)<\/a>, which allows IOCs to expand their exploration and production activities via geological data.<\/p>\n<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>HAPPENING NOW- The G20 foreign ministers are meeting face-to-face for <\/strong><strong>the first time in two years in Italy as we speak<\/strong>, according to a <a href=\"https:\/\/www.g20.org\/foreign-and-development-ministers-meeting-and-ministerial-event-on-humanitarian-assistance.html\">statement<\/a><\/p>\n<p><strong>The US appears to be gearing to make a push for the 15% <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f40e85f-6132-4035-a552-9b35ce8f655e\">minimum global corporate tax proposal<\/a><\/strong><strong> at the meeting<\/strong>, according to a statement from the <a href=\"https:\/\/www.state.gov\/reinforcing-the-u-s-commitment-to-multilateralism-at-the-g20-foreign-ministers-meeting\/\">US State Department<\/a>, which states that the country will seek \u201cbuilding a global tax system that is equitable.\u201d The global tax proposal aims to block large firms from dodging tax by operating in low-tax jurisdictions and was put on the table at the G7 summit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f40e85f-6132-4035-a552-9b35ce8f655e\">last month<\/a>. The pact will set a minimum level of corporate tax in all countries of 15%, with the figure possibly changing as more talks take place.<\/p>\n<p><strong>Enterprise sat down with French Finance Minister Bruno Le Maire <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/548e9c5f-fc70-4553-8e5f-edc63e2721e3\">who told Enterprise<\/a><\/strong><strong> he thinks the global tax proposal is \u201cfair and efficient\u201d for nations such as Egypt.<\/strong> \u201cAll the digital giants which have made huge [gains] off the pandemic will have to pay their fair share of taxes,\u201d he said, stressing the readiness of countries to adopt such a move.<\/p>\n<p><strong>The uneven distribution of jabs is also sure to be brought up as ministers express unease at geopolitical biases coming in the way of a global vaccine rollout.<\/strong> Italy, who currently holds the rotating presidency of the G20 countries, is planning to put global food security and nutrition on the table for discussion, while international trade and climate concerns are also expected to be at the forefront of the talks. However, while analysts do not see the summit bearing concrete results, they are pleased with the resumption of in-person meetings that rally behind increased cooperation. <a href=\"https:\/\/www.reuters.com\/world\/g20-foreign-ministers-meet-face-to-face-after-pandemic-2021-06-29\/\">Reuters<\/a> has more on this.<\/p>\n<p><strong>Today\u2019s meeting comes ahead of a G20 leaders' summit in October in Rome<\/strong> that is expected to bring together US President Joe Biden and his Chinese counterpart Xi Jinping for the first time, writes <a href=\"https:\/\/www.france24.com\/en\/live-news\/20210629-g20-talks-urge-greater-global-cooperation-post-covid\">AFP<\/a>.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>It\u2019s the final day of the<\/strong> <strong><a href=\"https:\/\/www.thebig5constructegypt.com\/\">Big 5 Construct Egypt<\/a><\/strong> at the Cairo International Convention Center.<\/p>\n<p><strong>Planning a summer trip abroad?<\/strong> You\u2019ll need to get a travel insurance certificate ready as travellers won\u2019t be allowed to leave the country without it starting July under a new FRA decision, FRA head Mohamed Omran <a href=\"https:\/\/bit.ly\/3dp5sco\">said today<\/a>.<\/p>\n<p><strong>The Cairo International Book Fair will open its doors<\/strong> at the Egypt International Exhibition Center tomorrow. The two-week event will run through to 15 July.<\/p>\n<p><strong>The British Egyptian Business Association (BEBA) is organizing a virtual education week <\/strong><strong>from 5-6 July<\/strong> with three seminars planned. The first, taking place at 10am on 5 July, will discuss <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_6h0ENWL5Rg61kAViRsbi7Q\">skills-based learning<\/a> while the <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_JL59Z3vIQ8Se-s8THnt3IQ\">future of investment in education<\/a> will be the topic on the table at 12:30pm the same day. On 6 July, a talk on the <a href=\"https:\/\/us02web.zoom.us\/webinar\/register\/WN_EOlyoDeQQryADcYSJ3-_5Q\">digitalization of education in Egypt<\/a> will be held at 12pm.<\/p>\n<p><strong>The Clean Energy Business Council (CEBC) MENA is holding a webinar<\/strong> titled <a href=\"https:\/\/register.gotowebinar.com\/register\/6716521125423287567\">Energy<\/a><a href=\"https:\/\/register.gotowebinar.com\/register\/6716521125423287567\">Efficiency in the MENA region: Status and Outlook<\/a> on 6 July at 3:30pm.<\/p>\n<p>? <strong>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><strong>Israeli Foreign Minister Yair Lapid is in the UAE for his first official visit <\/strong>since both countries became besties last year, Lapid <a href=\"https:\/\/twitter.com\/yairlapid\/status\/1409720681424642048\/photo\/1\">tweeted<\/a>. Lapid is slated to open <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c2817c11-af6c-461d-a84c-bce3fed42afb\">Israel\u2019s embassy<\/a> in Abu Dhabi and its consulate in Dubai.<\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p><strong>Nascar\u2019s Netflix sitcom <\/strong><strong><a href=\"https:\/\/www.netflix.com\/eg-en\/title\/81047664\">The Crew<\/a><\/strong><strong> promises a good time: <\/strong>Crew chief Kevin Gibson (played by the King of Queens\u2019 Kevin James) has been heading a Nascar race team for 25 years, and he keeps the tight-knit crew going. But the team hasn\u2019t snagged many victories lately, prompting the team owner to retire and pass the reins to his twenty-something daughter Catherine (Jillian Mueller). Catherine, who used to be a Silicon Valley executive, wants to put her own stamp on the team, and the show revolves around the old crew keeping up with the new changes and ideas brought on by fresh blood.<\/p>\n<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> \u26bd <strong>Today in Euro 2020: <\/strong>In the last two matches to determine which teams are going to the quarter finals, England is playing against Germany at 6pm while Sweden is going up against Ukraine at 9pm. The two match victors will play each other on 3 July in Rome.<\/p>\n<p><strong>Yesterday\u2019s *insane* matches: <\/strong>The game between Croatia and Spain was heated to say the least, and after a stellar performance from both sides, Spain took the lead 5-3. Meanwhile, in the twist of all twists, Switzerland came out on top against France. The two teams were tied 3-3, but Switzerland took home the win after getting in all five penalties while France faltered at the last second.<\/p>\n<p><strong>? EAT THIS DURING THE WEEKEND-<\/strong><\/p>\n<p><strong>With the long weekend coming up, we\u2019re sure a ton of you are heading to Sahel to get some vitamin D (and much needed rest).<\/strong> One of the best parts of the Sahel experience is undoubtedly getting some yummy food on the beach and what\u2019s more delicious than shawarma? <strong><a href=\"https:\/\/instagram.com\/akleh.eg?utm_medium=copy_link\">Akleh<\/a><\/strong> is opening up shop at Stella Walk this summer offering a wide range of manaqish, sandwiches, fatteh, and roasted chicken. It\u2019s a great option for a quick bite to eat on the go, or for a group of friends wanting to get a Lebanese fix. If you\u2019re in Cairo, Akleh is also available in Sheikh Zayed and will definitely make these hot summer days more bearable.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><\/p>\n<p><strong>The duo behind O7 Therapy are <\/strong><strong><a href=\"https:\/\/circle.thegreekcampus.com\/events\/151\">giving a talk<\/a><\/strong><strong> at the Greek Campus today at 5pm,<\/strong> titled \u201cBridge the Gap, Shape the Future: The Power of Mental Wellness in the Workplace\u201d.<\/p>\n<p><strong>Downtown Cairo\u2019s Lamassat Gallery is hosting the <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/157209513099057?acontext=%7B%22event_action_history%22%3A[%7B%22surface%22%3A%22page%22%7D]%7D\">\u2018Meltaka El Etegahat<\/a><\/strong><strong>\u2019 exhibition<\/strong> that brings together works of art from various styles and schools. The exhibit will run until 2 July.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>YOUR SAHEL WEEKEND READ- Bill Bryson\u2019s <\/strong><strong><a href=\"https:\/\/www.amazon.com\/Short-History-Nearly-Everything-Illustrated-ebook\/dp\/B004CFAWES\/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=\">A Short History of Nearly Everything<\/a><\/strong> takes readers on a journey through the universe and ourselves, making connections between past and present to show how we finally made it to the modern world. He explains complex scientific concepts using easily accessible language. Bryson\u2019s book is the aftermath of his own personal quest of following around archaeologists, anthropologists, and mathematicians, travelling to their offices, laboratories, and field camps over the years and asking them all the questions he could think of. Sometimes profound, sometimes funny, and always well explained, A Short History of Nearly Everything is your introduction to the human realm starting from the beginning of time.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mercury will be at 41\u00b0C tomorrow during the day, falling to 25\u00b0C at night, our favorite weather app tells us.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/africa\/\">Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/g20\/\">G20<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/onsi-sawiris\/\">Onsi Sawiris<\/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                            <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=\"566597\" 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\" 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class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-xghkrbq\" data-v=\"4\" data-block-id=\"xghkrbq\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-xghkrbq-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-xghkrbq-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240936.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/cira.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27480.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Shaping the future of education in Egypt<\/span>\r\n   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   <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">SPEED ROUND: PRIVATIZATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/two-or-three-state-companies-are-making-egx-debuts-this-year\/\">\r\n                            Two (or three) state companies are making EGX debuts 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 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      <!-- <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=Two+%28or+three%29+state+companies+are+making+EGX+debuts+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F29%2Ftwo-or-three-state-companies-are-making-egx-debuts-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\/29\/two-or-three-state-companies-are-making-egx-debuts-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/610.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"566599\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/two-or-three-state-companies-are-making-egx-debuts-this-year\/610-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/610.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"610.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/610.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/6\/610.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566598\" class=\"content-area-description single-story post-566598 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-privatization-watch tag-agriculture tag-banking tag-cib tag-cit tag-debt tag-e-finance tag-enterprisepm tag-financial-regulatory-authority tag-fintech tag-ghazl-el-mahalla tag-green-bonds tag-hisham-tawfik tag-ma-watch tag-mohamed-omran tag-privatization-watch tag-state-privatization-program tag-sustainability 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>The state privatization program could make a comeback as early as September<\/strong>, with two to three companies expected to sell shares on the EGX before the year is out, Financial Regulatory Authority (FRA) boss Mohamed Omran <a href=\"https:\/\/bit.ly\/3qyVBWz\">told reporters<\/a> in a press conference today. Omran did not name the companies, and provided no further details. Public Enterprises Minister Hisham Tawfik said as much last April when he said at least two government-affiliated companies will take to the EGX come 3Q2021. <a href=\"https:\/\/www.reuters.com\/article\/idUSC6N2M800N\">Reuters<\/a> also has the story.<\/p>\n<p><strong>What we\u2019ve previously heard:<\/strong> EGX Chairman Mohamed Farid said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d76af368-d2af-47da-a931-c394fcc6c8f1\">earlier this month<\/a> he expects four companies, both private and state-owned, to debut on the EGX in the second half of this year. Farid had said the companies <strong>operate in the IT, agriculture and chemicals industries.<\/strong><\/p>\n<p><strong>Potential candidates<\/strong>: E-payments company E-Finance received this month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c18da9be-b09d-48fc-8ccd-da89d6947dbc\">sign-off from regulators<\/a> for its planned IPO. The approval takes it one step closer toward its inaugural sale of shares on the stock exchange, which is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9dcf72de-83f0-4f8b-a789-7f634c29f006\">expected to happen<\/a> sometime in 2H2021. El Mahalla Spinning and Weaving Company\u2019s Ghazl El Mahalla sports club, meanwhile, is another candidate lined up for a state-led IPO, and is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53331868-71bb-4e99-b6e2-c84eb16072a6\">looking to list around two-thirds of its shares<\/a> on the EGX before the football season finishes in October.<\/p>\n<p><strong>A quick recap of the program:<\/strong> The state privatization program ran headlong into global market turmoil since it was announced in 2018 and has seen transactions <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0078f808-91d9-4cff-b35b-9ce190e48e7e\">postponed multiple times<\/a>. It is due to include both stake sales by already-listed companies and fresh IPOs. Out of the two dozen companies slated to list shares, only a single offering has materialized: Tobacco monopoly Eastern Company\u2019s 4.5% secondary offering in <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/\">March 2019<\/a>. Banque du Caire had planned to debut 20-30% of its shares on the EGX <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40690e96-1782-465c-b1ae-4e96bd528bea\">in April<\/a> 2020 but shelved plans due to the onset of the pandemic. Alexandria Containers, Abu Qir Fertilizers, and Sidi Kerir Petrochemicals have also pushed back stake sales.<\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghazl-el-mahalla\/\">Ghazl El Mahalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-tawfik\/\">Hisham Tawfik<\/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\/mohamed-omran\/\">Mohamed Omran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sustainability\/\">sustainability<\/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=\"566600\" 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=\"566600\">\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: DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/egypts-first-corporate-green-bond-sale-to-be-announced-tomorrow\/\">\r\n                            Egypt\u2019s first corporate green bond sale to be announced tomorrow?                        <\/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\/29\/egypts-first-corporate-green-bond-sale-to-be-announced-tomorrow\/\" 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\/29\/egypts-first-corporate-green-bond-sale-to-be-announced-tomorrow\/')\">\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\/29\/egypts-first-corporate-green-bond-sale-to-be-announced-tomorrow\/\">\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=Egypt\u2019s first corporate green bond sale to be announced tomorrow?&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/egypts-first-corporate-green-bond-sale-to-be-announced-tomorrow\/\">\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\/29\/egypts-first-corporate-green-bond-sale-to-be-announced-tomorrow\/&title=Egypt\u2019s first corporate green bond sale to be announced tomorrow?\">\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=Egypt%E2%80%99s+first+corporate+green+bond+sale+to+be+announced+tomorrow%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F29%2Fegypts-first-corporate-green-bond-sale-to-be-announced-tomorrow%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\/29\/egypts-first-corporate-green-bond-sale-to-be-announced-tomorrow\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566600\" class=\"content-area-description single-story post-566600 post type-post status-publish format-standard hentry category-speed-round-debt-watch tag-bonds tag-cib tag-debt-watch tag-enterprisepm tag-financial-regulatory-authority tag-green-bonds tag-mohamed-omran 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>Meanwhile, Egypt\u2019s first corporate green bonds sale is getting FRA signoff tomorrow<\/strong>, Omran said during the press conference. While he made no mention of the issuer, the only company we know to have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c062674-f53c-4868-b5ab-3a5cb71cc371\">announced<\/a> a corporate green bond issuance are our friends at CIB, which is looking to take to market up to USD 100 mn-worth of climate-friendly debt. The bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9609fe5-7ebc-42ee-864a-41463c932a27\">has been in talks<\/a> with the International Finance Corporation (IFC) to participate in the issuance. A representative from the FRA was unavailable to comment as of dispatch time, and officials at CIB declined to comment on Omran\u2019s statement.<\/p>\n<p><strong>Background: <\/strong>The sale was previously expected to take place in October 2020, back when CIB\u2019s head of debt capital markets Heba Abdellatif <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00d6c9a2-72c7-4dce-8957-52ce5b25c1a0\">told us that<\/a> due diligence was in its final stages. The IFC, which the bank has been previously courting, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e9609fe5-7ebc-42ee-864a-41463c932a27\">was looking to invest<\/a> USD 65 mn in the first tranche of what were said to be five-year bonds, before potentially increasing its investment to USD 100 mn in another tranche. Here\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c062674-f53c-4868-b5ab-3a5cb71cc371\">all you need to know<\/a> about the sale.<\/p>\n<p><strong>IN OTHER FRA NEWS -<\/strong><\/p>\n<p><strong>The authority has approved ADQ\u2019s offer to acquire 100% of Amoun Pharma<\/strong>, the regulator said in an <a href=\"https:\/\/ent.news\/2021\/6\/%D9%85%D9%88%D8%A7%D9%81%D9%82%D8%A9-%D9%87%D9%8A%D8%A6%D8%A9-%D8%A7%D9%85%D9%88%D9%86-%D9%84%D9%84%D8%A7%D8%AF%D9%88%D9%8A%D8%A9-29-06-2021.pdf\">EGX filing (pdf)<\/a>. A subsidiary of Abu Dhabi\u2019s sovereign wealth fund ADQ, Ultra Welfare Limited, will offer EGP 37.8 per share for a total of 272.2 mn shares, amounting to EGP 10.3 bn in total. The FRA was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eed80cb-828d-44e8-8364-bed517c90850\">previously<\/a>reviewing the MTO before giving its final nod.<\/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\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-omran\/\">Mohamed Omran<\/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=\"566601\" 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=\"566601\">\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: ECONOMY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/ebrd-is-a-bit-more-optimistic-about-our-growth-prospects\/\">\r\n                            EBRD is a bit more optimistic about our growth prospects                        <\/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\/29\/ebrd-is-a-bit-more-optimistic-about-our-growth-prospects\/\" 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\/29\/ebrd-is-a-bit-more-optimistic-about-our-growth-prospects\/')\">\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\/29\/ebrd-is-a-bit-more-optimistic-about-our-growth-prospects\/\">\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=EBRD is a bit more optimistic about our growth prospects&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/ebrd-is-a-bit-more-optimistic-about-our-growth-prospects\/\">\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\/29\/ebrd-is-a-bit-more-optimistic-about-our-growth-prospects\/&title=EBRD is a bit more optimistic about our growth prospects\">\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=EBRD+is+a+bit+more+optimistic+about+our+growth+prospects+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F29%2Febrd-is-a-bit-more-optimistic-about-our-growth-prospects%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\/29\/ebrd-is-a-bit-more-optimistic-about-our-growth-prospects\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566601\" class=\"content-area-description single-story post-566601 post type-post status-publish format-standard hentry category-speed-round-economy tag-cit tag-economy tag-enterprisepm tag-investment-watch 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>Egypt\u2019s economy to grow 4.5% in FY<\/strong><strong>202<\/strong><strong>1-2022, says EBRD in June update: <\/strong>The European Bank for Reconstruction and Development (EBRD) sees economic growth in Egypt slowing down to 2.5% in the state\u2019s ongoing fiscal year, which ends on 1 July, before recovering to 4.5% in FY2021-2022, the bank said in its latest Regional Economic Prospects report. The EBRD\u2019s FY2020-2021 forecast is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25f9cb94-cb29-4bc6-940c-e3d41d7b425f\">slightly lower<\/a> than the 2.8% the Finance Ministry is penciling in for growth during the fiscal year ending this week, but higher than a recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25f9cb94-cb29-4bc6-940c-e3d41d7b425f\">World Bank forecast<\/a>.<\/p>\n<p><strong>Growth for the 2021 calendar year, meanwhile, is expected to come in at 4.2%<\/strong>, the EBRD said. The bank then expects the economy to grow at a 5.2% clip in 2022, close to what the country achieved before the pandemic hit last year. Egypt has been one of few economies to post positive growth in 2020, in spite of the pandemic, the EBRD said.<\/p>\n<p><strong>The forecast for the 2021 calendar year is on par with the regional average, <\/strong>which measures growth in the EBRD\u2019s Southern and Eastern Mediterranean (SEMED) regional classification. The 5.2% forecast for 2021, however, is higher than the regional mean.<\/p>\n<p><strong>Telecoms to take the lead, employment to buoy consumption, FDI to inch up: <\/strong>Growth in the coming fiscal year will be driven by a \u201cboom in the telecommunications sector,\u201d the EBRD said, adding that lower unemployment rates throughout other areas of the economy will support consumption. FDI and private investment are also expected to recover from pandemic lows.<\/p>\n<p><strong>Threats to the outlook: <\/strong>A slow vaccination rate, weak recovery prospects for tourism as the sector faces potential global headwinds, and the \u201cslowing momentum of major projects implemented in different parts of the country\u201d were cited as key risks to the growth outlook.<\/p>\n<p><strong>Better prospects for emerging markets: <\/strong>The EBRD raised to 4.2% its 2021 forecast for growth in the SEMED region \u2014 which spans developing countries in the southern and eastern Mediterranean, emerging Europe, and central Asia, up from an earlier forecast of 3.6% the bank made in September.<\/p>\n<p><strong>Read the report: <\/strong>Tap \/ click here to download <a href=\"https:\/\/ent.news\/2021\/6\/Regional_Economic_Prospects_June_2021.pdf\">the full report (pdf)<\/a>, or here for <a href=\"https:\/\/www.ebrd.com\/news\/2021\/ebrd-raises-forecast-for-the-southern-and-eastern-mediterranean-region.html\">a press release<\/a> on the major findings.<\/p>\n<p><strong>CATCH UP QUICK:<\/strong><\/p>\n<ul>\n<li><strong>Businessman Hassan Rateb was arrested for allegedly funding illegal excavations <\/strong><strong>of antiques, <\/strong>according to <a href=\"https:\/\/gate.ahram.org.eg\/News\/2841356.aspx\">Al Ahram<\/a>. Rateb was reportedly accused of funding MP Alaa Hassanein\u2019s alleged illegal excavations. Hassanein had been arrested <a style=\"font-size: 1.6rem;\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6a2070ec-7e09-4e4c-b270-1cca92d26aea\">earlier<\/a><span style=\"font-size: 1.6rem;\"> this month for smuggling antiquities. Rateb was the former chairman of El Mehwar TV channel and Chairman of Sinai University, <\/span><a style=\"font-size: 1.6rem;\" href=\"https:\/\/enterprise.press\/stories\/2016\/10\/26\/sama-group-to-increase-its-investments-in-egypt-to-egp-8-3-bn-during-2017\/\">Sama Group<\/a><span style=\"font-size: 1.6rem;\">, and Sinai Cement Company among other companies.<\/span><\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment 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=\"566602\" 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=\"566602\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">GO WITH THE FLOW<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/meet-our-analyst-of-the-week-beltones-mohamed-magdi\/\">\r\n                            Meet our analyst of the week: Beltone\u2019s Mohamed Magdi                        <\/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\/29\/meet-our-analyst-of-the-week-beltones-mohamed-magdi\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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I started off my career at Prime Research before moving to Sigma Capital and then ended up here at Beltone. I always knew that I wanted this field. I love analysis and presenting my ideas creatively. It\u2019s a job that suits my passions and personality.<\/p>\n<p><strong>As a vice president, one of the most important things I\u2019m tasked with is finding hidden gems.<\/strong> I try to find stories that no one is paying much attention to and seeing if it has potential. There are a lot of stocks listed on the EGX, and retail investors focus mainly on stocks that have a high turnover and liquidity while institutional investors usually go for large or medium caps. So sometimes really good stocks can fall through the cracks.<\/p>\n<p><strong>The best part of my job is knowing everything about some sectors, and some things about all sectors.<\/strong> It\u2019s a job that keeps you aware of all events happening around you, from TV commercials to new products.<\/p>\n<p><strong>The worst part of my job is the working hours.<\/strong> They\u2019re long and unpredictable. There have been incidents where a whole vacation or event was interrupted because I needed to jump back into work right away.<\/p>\n<p><strong>I was not at all a fan of work from home.<\/strong> I found it extremely boring and difficult to stay focused. In Beltone, we\u2019re always interacting with the traders and people from other departments throughout the day to discuss what the market is doing or share news about a stock and I really missed that interaction while working from home. When we got the chance to go back to the office, I was one of the first people to run back to my desk.<\/p>\n<p><strong>My theory of investment is that fundamentals always prevail. <\/strong>They pave the way for a true, consistent, and sustainable investment and we always look for fundamental stories and fundamental trading ideas in companies. Of course, diversification is also very important. The perfect ratio in my opinion is having 20% of your portfolio dedicated to risky trading, while the bulk should be in fundamental investments.<\/p>\n<p><strong>The most important factor I look at before recommending an investment is the management. <\/strong>Even with solid fundamentals, poor management can get in the way of business success. What makes a good management team in my opinion is being aware of everything in the field, including competition, and most importantly being open to change and innovation. A lot of firms opt to stick to traditional ways of doing things and refuse new strategies. Those managers are usually doomed to fail as they fall behind their peers.<\/p>\n<p><strong>Honestly, I don\u2019t think Egypt was dealt such a big hit in 2020 for us to see such a huge rally this year. <\/strong>The country slid through the pandemic somewhat unscathed and even sectors where we thought would be disrupted, like logistics, came out fine. The recovery was quick across most sectors and I think we\u2019re back on track for the most part.<\/p>\n<p><strong>I wouldn\u2019t necessarily say that 2021 is the year of Egypt, but it is the year of manufacturing. <\/strong>The government has taken several measures that have really positively impacted factories and the companies that own them such as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">cutting gas prices<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1154689d-294f-4d45-95b4-84a76d67466c\">and tariffs<\/a>.<\/p>\n<p><strong>If I had to switch and cover another industry it would be real estate. <\/strong>The dynamics are close to those of manufacturing since they\u2019re also impacted by global trends. I also feel like these kinds of sectors are the most exciting.<\/p>\n<p><strong>The last great thing I watched was <\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt6156584\/\">Snowpiercer<\/a><\/strong><strong>.<\/strong> It\u2019s not the best show ever, but it came at a time where I needed something to get me through studying for my CFA level 2. It did the trick and I now feel it has a sentimental value to me [laughs].<\/p>\n<p><strong>The last great thing I read was <\/strong><strong><a href=\"https:\/\/www.amazon.com\/Confessions-Economic-Hit-John-Perkins\/dp\/0452287081\">Confessions of an Economic Hit Man<\/a><\/strong><strong> by John Perkins. <\/strong>It\u2019s definitely one of the best books I\u2019ve ever picked up. It\u2019s so shocking that at first I thought it was completely fictional and none of this could ever happen, but when he mentioned names some connections began to form. It\u2019s a book that really shows that our field isn\u2019t always based on demand and supply like they say and that other factors are often in control.<\/p>\n<p><strong>When I\u2019m not working, I like to play video games. <\/strong>FIFA especially is my special way to relax and lose some time. I also work out quite a bit. I run, play football, and have started to enjoy paddle tennis as well.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The EGX30 fell 1.5% at today\u2019s close<\/strong> on turnover of EGP 1.23 bn (1.4%<sup><\/sup> below the 90-day average). Foreign investors were net sellers. The index is down 6.7% YTD.<\/p>\n<p><strong>In the green: <\/strong>MM Group (+2.4%) and Orascom Development Egypt (+1.1%).<\/p>\n<p><strong>In the red: <\/strong>GB Auto (-3.3%), Export Development Bank Egypt (-3.1%) and AMOC (-2.8%).<\/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\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"566604\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"566605\" 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=\"566605\">\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\">CRYPTOCURRENCY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/enterprise-explains-entering-the-btc-mines-part-ii\/\">\r\n                            Enterprise Explains: Entering the BTC mines (Part II)                        <\/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\/29\/enterprise-explains-entering-the-btc-mines-part-ii\/\" 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\/29\/enterprise-explains-entering-the-btc-mines-part-ii\/')\">\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\/29\/enterprise-explains-entering-the-btc-mines-part-ii\/\">\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=Enterprise Explains: Entering the BTC mines (Part II)&url=https:\/\/enterpriseam.com\/egypt\/2021\/06\/29\/enterprise-explains-entering-the-btc-mines-part-ii\/\">\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\/29\/enterprise-explains-entering-the-btc-mines-part-ii\/&title=Enterprise Explains: Entering the BTC mines (Part II)\">\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=Enterprise+Explains%3A+Entering+the+BTC+mines+%28Part+II%29+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F06%2F29%2Fenterprise-explains-entering-the-btc-mines-part-ii%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\/29\/enterprise-explains-entering-the-btc-mines-part-ii\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566605\" class=\"content-area-description single-story post-566605 post type-post status-publish format-standard hentry category-cryptocurrency tag-blockchain tag-china tag-cryptocurrency tag-digital-currency tag-enterprisepm tag-financial-markets 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>Entering the BTC mines- Part II: Grab your pickaxe.<\/strong> In <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30340a11-6de5-471d-9ad5-c808b0e747b9\">the first part<\/a> of this explainer last week, we explored some of the foundational concepts of the bitcoin network: blockchain, cryptography and \u201cconsensus algorithms.\u201d This week, we bring all of this together to explain what it means to \u201cmine\u201d a bitcoin.<\/p>\n<p><strong>Step 1: Find yourself a computer. A very powerful computer.<\/strong> We\u2019re not talking about a MacBook Pro here. We\u2019re talking about a computer the size of a warehouse. This mine (<a href=\"https:\/\/www.youtube.com\/watch?v=-z4qbkQ3cK8\">watch, runtime: 5:08<\/a>), one of the largest in the US, features 1800 servers that can produce about seven bitcoins per day. That\u2019s almost USD 240k of BTC at today\u2019s market price.<\/p>\n<p><strong>Can\u2019t I just use my home computer?<\/strong> Not if you want to give yourself a better chance of mining a bitcoin. Machines used for crypto mining are usually extremely sophisticated, and capable of making as many computations a second as possible. More on that below.<\/p>\n<p><strong>The amount of energy involved is why people are becoming increasingly concerned about crypto\u2019s effects on the environment.<\/strong> Almost 68 TWh per year is used to mine bitcoins, more than countries like Austria, Israel or the Czech Republic use in a single year. The sheer amount of power consumed by mines around the world is such that policymakers are starting to examine their carbon footprint, with the European Central Bank <a href=\"https:\/\/www.ft.com\/content\/1aecb2db-8f61-427c-a413-3b929291c8ac\">recently criticizing<\/a> bitcoin\u2019s \u201cexorbitant\u201d emissions.<\/p>\n<p><strong>Step 2: Make it solve a math problem.<\/strong> Now that you\u2019ve bought your warehouse-sized computer and acquired enough money to foot the electricity bill, you now need to teach your computer to solve a math problem. Finding the solution won\u2019t be easy though. Before looking at the problem you need to solve, let\u2019s rewind to last week\u2019s piece.<\/p>\n<p><strong>Remember the \u201cconsensus algorithm\u201d we mentioned last week?<\/strong> This is the rule that determines how users can add new blocks to the chain \u2014 and in the case of the bitcoin network, who gets to bundle up the next batch of transactions and add them to the ledger. Though there are several types of algorithm used by blockchain networks, bitcoin uses what\u2019s known as a \u2018<a href=\"https:\/\/www.coindesk.com\/what-is-proof-of-work\">proof-of-work\u2019<\/a> algorithm. Before computers are allowed to add a block to the chain, they have to provide an authenticated proof-of-work to the network. They do this by solving the computation.<\/p>\n<p><strong>And what is this computation? Miners across the world are all looking for the \u2018hash.\u2019<\/strong> This is just a long, random number generated by the bitcoin network that miners have to guess correctly. Why is this such a challenge? The hash is a 64-digit hexadecimal number, a number so large it can require tns of guesses to get right. Computers across the world are pushing out tns of random numbers every second in an effort to match the current bitcoin hash.<\/p>\n<p><strong>An example:<\/strong> The hash for <a href=\"https:\/\/www.blockchain.com\/btc\/block\/000000000000000004dd3426129639082239efd583b5273b1bd75e8d78ff2e8d\">block 429816<\/a> of the bitcoin chain is 000000000000000004dd3426129639082239efd583b5273b1bd75e8d78ff2e8d.<\/p>\n<p><strong>Step 3: Enjoy your bitcoins.<\/strong> If your computer successfully guesses the number correctly, you will be rewarded with a certain number of bitcoins and obtain the right to add the next block to the blockchain. Your computer will bundle together the most recent bitcoin transactions into a block, and send it, together with the correct hash, to the global network for verification. Servers around the world then update their copies of the blockchain with your addition, the network generates a new hash, and the process starts over again.<\/p>\n<p><strong>Why is any of this necessary?<\/strong> To incentivize people to play by the rules of the game. One of the biggest issues facing a decentralized digital currency is the potential for people to \u201cdouble-spend,\u201d i.e. by duplicating the transaction details and spending the same coins over and over again. The use of the proof-of-work algorithm makes it so it is in everyone's best interests to play by the rules, not only by rewarding those who help to create new currency but by instantly detecting fraudulent behavior that doesn\u2019t correspond to the hash requested by the network.<\/p>\n<p><strong>And there you have it:<\/strong> Bitcoin mining = computers + a lot of guesswork.<\/p>\n<p><strong>Want more?<\/strong><\/p>\n<ul>\n<li><strong>Don\u2019t do this if you live in Egypt:<\/strong> Here\u2019s what you need to set up a basic at-home crypto mining rig. (<a href=\"https:\/\/www.zdnet.com\/article\/how-to-build-a-cryptomining-rig\/\">Znet<\/a>)<\/li>\n<li><strong>The new epicenter of BTC mining?<\/strong> Texas Republicans want to capitalize on China\u2019s crypto crackdown by attracting miners to set up shop in the Lone Star State. But as the state faces increasingly severe power supply issues, lawmakers might want to be careful what they wish for. (<a href=\"https:\/\/asia.nikkei.com\/Spotlight\/Cryptocurrencies\/China-s-Bitcoin-crackdown-drives-miners-toward-freewheeling-Texas\">Nikkei Asia<\/a> | <a href=\"https:\/\/slate.com\/technology\/2021\/06\/bitcoin-mining-china-texas-energy.html\">Slate<\/a>)<\/li>\n<li><strong>Proof-of-work vs. proof-of-stake:<\/strong> The alternative, energy-efficient consensus algorithm that Ethereum is rolling out in Ethereum 2.0 (<a href=\"https:\/\/www.youtube.com\/watch?v=M3EFi_POhps\">watch, runtime: 7:58<\/a>).<\/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\/blockchain\/\">blockchain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digital-currency\/\">Digital currency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/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=\"566606\" 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\/29\/your-essential-business-calendar-on-29-june-2021-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566606\" class=\"content-area-description single-story post-566606 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>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>29 June (Tuesday): The London School of Economics (LSE) discussion \u201c<a href=\"https:\/\/www.lse.ac.uk\/africa\/Events\/Public-Events\/Policy-Reform-Rania-Al-Mashat\">Policy Reform in the Making: Stakeholder Engagement through Economic Diplomacy<\/a>\u201d from 3pm-4:15pm. You can register through <a href=\"https:\/\/lse.zoom.us\/webinar\/register\/WN_SvozdZzER9S9yAhBRgKE9w\">this link<\/a>.<\/p>\n<p>30 June (Wednesday): 30 June Revolution Day.<\/p>\n<p>30 June- 15 July: The Cairo International Book Fair, Egypt International Exhibition Center.<\/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): Deadline for 17 EGX-listed companies to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ea07d9b0-6120-41be-9261-eecc78483f5a\">file their 1Q2021 earnings<\/a>.<\/p>\n<p>1-10 July (Thursday-Saturday): The government\u2019s fuel pricing committee <a href=\"https:\/\/bit.ly\/3wQkCz2\">will meet to announce<\/a> 3Q prices.<\/p>\n<p>4 July (Sunday): Ismailia Economic Court to hold hearing on Ever Given compensation case.<\/p>\n<p>Mid-July: <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=20062021&id=8bcd83a3-21d4-44b1-940d-ddcc78544942\">Legislative session expected to end<\/a>.<\/p>\n<p>19 July (Monday): Arafat Day (national holiday).<\/p>\n<p>21 July (Wednesday): Clean Energy Business Council\u2019s webinar <a href=\"https:\/\/www.eventbrite.ca\/e\/joint-event-wire-clean-energy-business-council-mena-tickets-157709897549\">Women entrepreneurs in clean energy<\/a> (3pm)<\/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>23 July-11 August (Friday-Wednesday): Tokyo 2020 Olympics.<\/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>3-5 September (Friday-Sunday): The World Karate Federation will hold <a href=\"https:\/\/www.wkf.net\/news-center-new\/cairo-replaces-tashkent-as-host-of-2021-karate-1-premier-league\/1606\">the third competition<\/a> of the 2021 Karate 1-Premier League in Cairo.<\/p>\n<p>12-15 September (Sunday-Wednesday): Sahara Expo: the 33rd International Agricultural Exhibition for Africa and the Middle East.<\/p>\n<p>15 September (Wednesday): The <a href=\"https:\/\/almalnews.com\/%D9%84%D9%84%D9%85%D8%B1-%D8%A9-%D8%A7%D9%84%D8%AB%D8%A7%D9%86%D9%8A%D8%A9-%D9%81%D9%8A-%D9%85%D8%B5%D8%B1-%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%B1%D8%A4%D8%B3%D8%A7%D8%A1-%D8%A7%D9%84%D9%82%D8%B7\/\">CFO Leadership & Strategy Summit<\/a> is taking place in Egypt.<\/p>\n<p>16 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 September-2 October (Thursday-Saturday): Egypt Projects 2021 expo, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>30 September-8 October (Thursday-Friday): The Cairo International Fair, Cairo International Conference Center, Cairo, Egypt.<\/p>\n<p>30 September: Closing of 2021\u2019s first oil and gas <a href=\"https:\/\/eug.petroleum.gov.eg\/dp\/pages\/common\/BidroundHighlights.jsp\">tender<\/a> in the Gulf of Suez, Western Desert, and the Mediterranean.<\/p>\n<p>1 October (Friday): Businesses importing goods at seaports will need to file shipping documents and cargo data digitally to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bf7988d-19f6-45a6-ada1-65d7c23ec723\">the Advance Cargo Information (ACI) system<\/a>.<\/p>\n<p>1 October (Friday): Expo 2020 Dubai opens.<\/p>\n<p>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>24-28 October (Sunday-Thursday) <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week<\/a>, Cairo, Egypt.<\/p>\n<p>27-28 October (Wednesday-Thursday) <a href=\"https:\/\/platforms-root-technologies.com\/icec-2021\/\">Intelligent Cities Exhibition & Conference<\/a>, Royal Maxim Palace Kempinski, Cairo, Egypt.<\/p>\n<p>28 October (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>30 October - 4 November (Saturday-Thursday): The first edition of <a href=\"https:\/\/globalswimseries.com\/ryan-lochte-announces-first-race-the-legends-event-in-egypt\/\">Race The Legends<\/a>, Egypt.<\/p>\n<p>1-3 November (Monday-Wednesday): Egypt Energy exhibition on power and renewable energy, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>November: Egypt will <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/163314772505618\">host another round of talks<\/a> to reach a potential Egyptian-Eurasian trade agreement, which can significantly contribute to increasing the volume of Egyptian exports to the Russia-led bloc that includes Armenia, Belarus, Kazakhstan and Kyrgyzstan.<\/p>\n<p>1-12 November (Monday-Friday): 2021 United Nations Climate Change Conference (COP26), Glasgow, United Kingdom.<\/p>\n<p>29 November-2 December (Monday-Thursday): Egypt Defense Expo.<\/p>\n<p>12-14 December (Sunday-Tuesday): <a href=\"http:\/\/www.foodafrica-expo.com\/\">Food Africa Cairo<\/a> trade exhibition, Egypt International Exhibition Center, Cairo, Egypt.<\/p>\n<p>13-17 December: United Nations Convention against Corruption, Sharm El Sheikh, Egypt.<\/p>\n<p>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":566595,"template":"","categories":[],"tags":[],"class_list":["post-566594","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ef3e1e58-c00e-4497-b704-1464b71be31d","teaser":"","photo_url":"https:\/\/ent.news\/2021\/6\/609.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 The state privatization program could wake up in September, says Omran. - 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-the-state-privatization-program-could-wake-up-in-september-says-omran\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise The state privatization program could wake up in September, says Omran.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-the-state-privatization-program-could-wake-up-in-september-says-omran\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T05:28:36+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\/609.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-the-state-privatization-program-could-wake-up-in-september-says-omran\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-the-state-privatization-program-could-wake-up-in-september-says-omran\/\",\"name\":\"Enterprise The state privatization program could wake up in September, says Omran. - 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