{"id":566680,"date":"2021-07-07T13:48:02","date_gmt":"2021-07-07T13:48:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=566680"},"modified":"2025-12-16T05:30:46","modified_gmt":"2025-12-16T05:30:46","slug":"enterprise-efg-hermes-karim-moussa-talks-to-us-on-its-big-renewables-push-through-the-vortex-egypt-iv-fund","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-efg-hermes-karim-moussa-talks-to-us-on-its-big-renewables-push-through-the-vortex-egypt-iv-fund\/","title":{"rendered":"Enterprise EFG Hermes\u2019 Karim Moussa talks to us on its big renewables push through the Vortex Egypt IV fund."},"content":{"rendered":"<section id=\"566682\" 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=\"566682\">\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\/07\/07\/tonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland\/\">\r\n                            TONIGHT: EFG Hermes reaches first close of Vortex Energy IV Fund. + Consumer finance players get VAT exemption. ALSO: Take us to Iceland.                        <\/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\/07\/07\/tonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland\/\" 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\/07\/07\/tonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland\/')\">\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\/07\/07\/tonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland\/\">\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: EFG Hermes reaches first close of Vortex Energy IV Fund. + Consumer finance players get VAT exemption. 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ALSO: Take us to Iceland.\">\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+EFG+Hermes+reaches+first+close+of+Vortex+Energy+IV+Fund.+%2B+Consumer+finance+players+get+VAT+exemption.+ALSO%3A+Take+us+to+Iceland.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F07%2F07%2Ftonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland%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\/07\/07\/tonight-efg-hermes-reaches-first-close-of-vortex-energy-iv-fund-consumer-finance-players-get-vat-exemption-also-take-us-to-iceland\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566682\" class=\"content-area-description single-story post-566682 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-astrazeneca tag-covid-19 tag-education tag-efg-hermes tag-employment tag-enterprisepm tag-ever-given tag-gerd tag-iceland tag-johnson-johnson tag-judiciary tag-karim-moussa tag-saudi-arabia tag-social-welfare tag-tunisia tag-un 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>It\u2019s a finance heavy issue today,<\/strong> ladies and gentlemen, new transactions, private equity funds and FDI news coming in through the pipeline.<\/p>\n<p><strong>THE BIG STORY TODAY- Our friends at EFG Hermes have reached the first close of its renewables-focused Vortex Energy IV fund<\/strong>, with USD 200 mn in funding secured. We sat down with head of Private Equity and Asset Management at EFG Hermes and CEO of Vortex Energy Karim Moussa who talked us through where these investments will be deployed and why and EFG\u2019s ambitions for the fund. You can read more in the Speed Round below.<\/p>\n<p><strong>Mabrouk, consumer finance players,<\/strong> the Tax Authority will give you a VAT exemption following an agreement with the Financial Regulatory Authority. We dive deeper into the move in the Speed Round below.<\/p>\n<p><strong>PSA- In other finance news, state-owned banks were given the greenlight to offer commercial and real estate registry services to their clients, <\/strong>provided they table a request to the Central Bank of Egypt to set up a service desk in their branches. Privately-owned banks will be allowed to follow suit at a later stage, the CBE said in a <a href=\"https:\/\/ent.news\/2021\/7\/CBE-commercial-registry-offices-07-07-21.pdf\">letter to lenders (pdf)<\/a>.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Calling all brokers: <\/strong>A mockup session to trial a new proposed mechanism for closing auctions on the EGX is taking place tomorrow between 3-4:30 pm CLT, <a href=\"https:\/\/ent.news\/2021\/7\/EGX-closing-price-7-7-21.jpg\">the exchange said in a bulletin<\/a>. At least one representative from all licensed brokerage firms needs to be present at the EGX trading floor during the trial sessions. Two more sessions will be held at the same time on Sunday and Monday.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/Adios_Ever_Given_1600x.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>HAPPENING NOW- El bab yefawet gammal (we hope): <\/strong>The Ever Given has made its way out of the Bitter Lake, where it\u2019s been held up for nearly three months since it was confiscated by the Suez Canal Authority (SCA). The vessel got the green light to leave after the Ismailia Economic Court ordered the release of the Ever Given <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83b3f444-21ac-4ccf-a22b-992c014a2381\">earlier this week<\/a>.<\/p>\n<p><strong>You can catch-up on a livestream of the signing ceremony and the ship sailing out of the waterway here<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=A08auM8HTYI&ab_channel=eXtranews\">watch, runtime: 7:49<\/a>). Let\u2019s hope it doesn\u2019t get stuck on the way out.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Egypt\u2019s hotel occupancy rates <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7ec3926-8a2f-479c-a6fb-8ad65c2c7227\">rose to 35-40%<\/a><\/strong><strong> in 1H2021<\/strong> in key holiday destinations such as Cairo, Sharm El Sheikh, and Hurghada.<\/li>\n<li><strong>Nile Misr <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c06421e-7c3e-41fe-9f7f-eb6fce2ba842\">could exit the race<\/a><\/strong><strong> for Alex Medical if the bidding war continues. <\/strong>The most recent bid set the purchase price at EGP 740 mn.<\/li>\n<li><strong>EGX companies will have to have <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc56bff7-bf5e-43d7-8f04-1af138f15663\">25% of their boardroom be female<\/a><\/strong> under new diversity targets proposed by the Financial Regulatory Authority to promote more female representation.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>THE BIG STORY ABROAD-<\/strong> <strong>Hatian president Jovenel Moise was assassinated <\/strong><strong>last night<\/strong> after being shot by a group of armed men who attacked his personal residence in Port-au-Prince. Moise\u2019s wife, Martine Moise, was also wounded in the overnight attack orchestrated by an unidentified group of men, \u201csome of whom spoke spanish,\u201d Prime Minister Claude Joseph said. The 53 year old president\u2019s murder comes after months of fragmented protests in the poorest Carribean nation over corruption and an alleged constitutional violation of his presidential term. Moise has been in charge of the country since 2017 after his predecessor Michel Martelly stepped down from office.<\/p>\n<p><strong>The story is dominating international headlines: <\/strong>(<a href=\"https:\/\/www.reuters.com\/world\/americas\/haitian-president-shot-dead-home-overnight-pm-2021-07-07\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/haiti-president-jovenel-moise-killed-b56a0f8fec0832028bdc51e8d59c6af2\">The Associated Press<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-latin-america-57750358\">BBC<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2021\/jul\/07\/haiti-president-jovenel-moise-reportedly-assassinated\">The Guardian<\/a> | <a href=\"https:\/\/www.nytimes.com\/2021\/07\/07\/world\/americas\/haiti-president-jovenel-moise-killed.html\">The New York Times<\/a> | <a href=\"https:\/\/www.ft.com\/content\/781475e8-caf6-45a2-960c-102efefc27eb\">The Financial Times<\/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>FOR TOMORROW-<\/strong><\/p>\n<p><strong>The long-awaited UN Security Council meeting on the Grand Ethiopian Renaissance Dam <\/strong><strong>(GERD) is taking place tomorrow<\/strong>. Tensions have been high after Ethiopia unilaterally began to fill the dam, causing the US and the UN to urge for calm. We had the rundown in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9005a74-e1c7-4895-9b2f-7ca7ec1f5cd6\">this morning\u2019s EnterpriseAM<\/a>.<\/p>\n<p><strong>Support from our neighbors is there: <\/strong>Tunisia has submitted a draft resolution to the council, calling on Addis Ababa to halt the filling of the reservoir after sitting down with Egypt and Sudan, according to a copy of the resolution seen by <a href=\"https:\/\/bit.ly\/3yqiJcC\">the AFP<\/a>. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf569f50-d3cc-4dde-8ddb-a85aa347bfda\">As expected<\/a>, the draft urged Egypt, Ethiopia, and Sudan to restart African Union-brokered negotiations, with the intent of reaching a resolution within six months.<\/p>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The EGX will <\/strong><strong><a href=\"https:\/\/ent.news\/2021\/7\/EGX-board-elections.jpg\">hold its board elections for the 2021-2025 term<\/a><\/strong><strong> on Wednesday, 14 July.<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b76f7fc-ede8-49b8-8ce0-5c4dccf91b52\">Here\u2019s a rundown<\/a> of the candidates vying to fill board positions.<\/p>\n<p><strong>The Cairo International Book Fair is currently ongoing at Egypt International Exhibition <\/strong><strong>Center today.<\/strong> The event will run through to 15 July and the fair\u2019s committee has <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2373698\">now allowed<\/a> the exhibition ground to operate at 70% capacity. <sup><\/sup><\/p>\n<p>? <strong>FOR YOUR COMMUTE-<\/strong><\/p>\n<p><strong>Iceland is cutting working hours, but keeping the same pay, after finding that no productivity was lost <\/strong>and employees reported less stress and an improved work-life balance, according to a <a href=\"https:\/\/en.alda.is\/2021\/07\/04\/going-public-icelands-journey-to-a-shorter-working-week\/\">report<\/a> by Iceland\u2019s Association for Sustainable Democracy and UK-based think tank Autonomy. The trials, conducted from 2015 to 2019, involved 2.5k workers and cut their hours down to about 35 a week. Since then, 86% of Iceland\u2019s entire working population have either moved to shorter hours or can choose to do so.<\/p>\n<p><strong>Achieving the same level of productivity in less time involves changing the way tasks are done<\/strong>, which included shortening meetings or replacing them with emails, cutting out unnecessary tasks, and rearranging shifts, the report said.<\/p>\n<p><strong>Heading in the opposite direction, meanwhile, is Saudi: <\/strong>Saudi Arabia is contemplating changes to the pension system that will increase the retirement age (which is now at age 60) and require citizens to work for longer, people familiar with the matter told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-07-06\/saudis-may-work-longer-pay-more-to-fill-pension-fund-gap?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>The move comes as the kingdom looks for ways to fill in the USD 213 bn gap at the state-controlled pension fund.<\/strong> They could also begin requiring workers to contribute more of their salaries to the country\u2019s pension organization, the General Organization for Social Ins.. The changes are still being weighed and no final decision has been set, the sources added.<\/p>\n<hr class=\"grey-line\">\n<p><strong>YOUR MANDATORY COVID STORY- PF4 amino acids have been identified as the link to rare blood clotting in people who have received AstraZeneca and J&J jabs <\/strong>researchers at Canadian McMaster University have found in a new study published in <a href=\"https:\/\/www.nature.com\/articles\/s41586-021-03744-4\">Nature<\/a>. Viral vector vaccines like AstraZeneca and Johnson and Johnson\u2019s, which effectively instruct the immune system to produce covid-19 spike proteins, have been found in the very rare cases where clotting does occur, to inadvertently cause proteins to cling on to a blood component known as PF4 amino acids and stimulate simultaneous bleeding and clotting. The new findings could pave the way for doctors to improve treatment of the condition, according to <a href=\"https:\/\/www.wsj.com\/articles\/covid-19-vaccine-related-blood-clots-linked-to-amino-acids-in-new-study-11625648400?mod=hp_lead_pos6\">the WSJ.<\/a><\/p>\n<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p><strong>Dwayne 'The Rock' Johnson\u2019s new sitcom is out on OSN Streaming.<\/strong> <a href=\"https:\/\/www.osn.com\/en-eg\/watch\/series\/young-rock\">Young Rock<\/a> is a family comedy based on the outrageous stories of his youth and his journey to become a famous wrestler and an even more famous actor. From being a young child in Hawaii to a high schooler in Pennsylvania to a college student and football player at the University of Miami. We\u2019re personally big fans of The Rock and we\u2019re sure that he has a lot of mischief and fun in his youth to make for a great TV show. Check out the trailer for a glimpse (<a href=\"https:\/\/www.youtube.com\/watch?v=abcrXl6SQo0\">watch, runtime: 01:16<\/a>).<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> \u26bd<strong> Italy is on to the finals <\/strong>after beating Spain yesterday. The match tied at 1-1, went into overtime with no more goals, and finally ended in a penalty shootout.<\/p>\n<p><strong>Either Denmark or England will go up against Italy<\/strong>, with the semi final match tonight at 9pm. The finals will take place on Sunday, 11 July.<\/p>\n<p>?<strong> OUT AND ABOUT-<\/strong><\/p>\n<p><strong>Lamasatt Art Gallery is opening a new exhibition titled <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/271963131269857\/?active_tab=about\">Art Through<\/a><\/strong><strong> tonight at 7pm<\/strong>, featuring works done by young artists from babies to teenagers.<\/p>\n<p><strong>Bardo Clubhouse is hosting <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/5141792825840431\/?active_tab=about\">A Day Out with Alan-K & Friends<\/a><\/strong><strong> on Friday<\/strong> \u2014 a day of music, cool vendors, and food.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><strong>The economics behind the pandemic: <\/strong><a href=\"https:\/\/www.amazon.com\/Economics-One-Virus-Introduction-Reasoning-ebook\/dp\/B08RSCHYF5\/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=\">Economics in One Virus<\/a> by Ryan A. Bourne draws on the dramatic events of 2020 to explain the economic decisions and mishaps we all saw during the covid-19 pandemic. From hand sanitizer running out to airlines getting government bailouts, the economic tour of the past year will help readers understand what they went through using supporting data and new academic evidence. As the pandemic continues, the book will help you analyze the policies and choices by political leaders while also applying economic thinking during your own day-to-day reasoning.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>Another boat of 40\u00b0C weather for Cairo tomorrow, while Sahel enjoys a nice 31\u00b0C breeze, our favorite weather app taunts 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\/astrazeneca\/\">AstraZeneca<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/employment\/\">employment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ever-given\/\">Ever Given<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iceland\/\">Iceland<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/johnson-johnson\/\">Johnson &amp; Johnson<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/judiciary\/\">judiciary<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karim-moussa\/\">Karim Moussa<\/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\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tunisia\/\">Tunisia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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=\"566683\" 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, 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class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240936.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/cira.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27480.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Shaping the future of education in Egypt<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" 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        Big ESG private equity funding coming, courtesy of EFG                        <\/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\/07\/07\/big-esg-private-equity-funding-coming-courtesy-of-efg\/\" 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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data-image-meta=\"[]\" data-image-title=\"347.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/347.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/347.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566684\" class=\"content-area-description single-story post-566684 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-green-economy tag-efg-hermes tag-enterprisepm tag-finance tag-green-economy tag-private-equity tag-renewables 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>EFG Hermes makes first USD 200 mn close for Vortex Energy IV fund: <\/strong>EFG Hermes announced its first close of USD 200 mn for the fourth fund of its flagship renewable energy platform Vortex Energy, including a USD 25 mn of conditional commitment, the company said in a press release (<a href=\"https:\/\/ent.news\/2021\/7\/Vortex-Energy-IV-ENG.pdf\">pdf<\/a>)<sup><\/sup>. The Vortex Energy IV fund is anchored by EFG Hermes, \u201cAbu Dhabi sovereign institutional investors\u201d (which we will assume involves ADQ) and family offices, and an unnamed Asian family office, the company said.<\/p>\n<p><strong>EFG Hermes plans to grow the fund to USD 750 mn in the coming two years<\/strong>, head of Private Equity and Asset Management at EFG Hermes and CEO of Vortex Energy Karim Moussa said.<\/p>\n<p><strong>c.USD 2 bn pipeline in Europe and the US:<\/strong> \u201cWe are already looking at a very interesting pipeline of [transactions] and companies worth c. USD 2 bn in Europe and the US,\u201d CIO of Vortex Energy Bakr Abdel-Wahab said.<\/p>\n<p><strong>T<\/strong><strong>he fund will look at acquisitions of existing projects and building new ones<\/strong>, Moussa adds. \u201cMost of our targets are growth capital, meaning someone who needs capital to build, as opposed to somebody selling out,\u201d Moussa tells us in a separate interview.<\/p>\n<p><strong>Pipeline for Vortex IV: <\/strong>Currently, Vortex IV is looking at a wind and solar energy developer in Spain, and is assessing transactions in Poland, Greece, UK and the US, Moussa tells us. A lot of developers now tend to do wind and solar together, to leverage renewable energy sources during the day and night, he tells us, noting that \u201cthat is going to be the future.\u201d<\/p>\n<p><strong>Why Europe and the US?<\/strong> \u201cEurope is a market that we\u2019re very familiar with and it\u2019s very diverse,\u201d he says. \u201cWe\u2019ve been contemplating a lot of investments there.\u201d Vortex IV will also be selective with some markets in Latin America and Australia.<\/p>\n<p><strong>Moussa points to major infrastructure projects such as US Biden administration\u2019s USD 2 tn infrastructure plans<\/strong>, which includes decarbonization and green energy, as one of the main drivers for investing in these markets. He believes that a lot of push in the next few decades will come from \u201cThat is why EFG is launching this fund,\u201d Moussa says.<\/p>\n<p><strong>A timeline for a second or final close is still unclear<\/strong>, Moussa says. It is very difficult to raise investments in light of travel restrictions. \u201cThis is really slowing us down. You can do hundreds of Zoom meetings, but you\u2019re not going to acquire a company if you\u2019ve never seen someone. You really need to physically meet people,\u201d Moussa says. The process will be expedited once travel opens up in a few months, he adds. So far, EFG has raised from a group of investors that it was very familiar with, but once \u201cbusiness-as-usual\u201d resumes, they will be able to go and close much faster, according to Moussa.<\/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\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/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=\"566686\" 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=\"566686\">\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: INVESTMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/saudi-german-hospital-to-build-a-new-medical-complex-by-1q2022\/\">\r\n                            Saudi German Hospital to build a new medical complex by 1Q2022                        <\/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\/07\/07\/saudi-german-hospital-to-build-a-new-medical-complex-by-1q2022\/\" 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\/07\/07\/saudi-german-hospital-to-build-a-new-medical-complex-by-1q2022\/')\">\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\/07\/07\/saudi-german-hospital-to-build-a-new-medical-complex-by-1q2022\/\">\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=Saudi German Hospital to build a new medical complex by 1Q2022&url=https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/saudi-german-hospital-to-build-a-new-medical-complex-by-1q2022\/\">\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\/07\/07\/saudi-german-hospital-to-build-a-new-medical-complex-by-1q2022\/&title=Saudi German Hospital to build a new medical complex by 1Q2022\">\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=Saudi+German+Hospital+to+build+a+new+medical+complex+by+1Q2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F07%2F07%2Fsaudi-german-hospital-to-build-a-new-medical-complex-by-1q2022%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\/07\/07\/saudi-german-hospital-to-build-a-new-medical-complex-by-1q2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/348.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"566687\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/saudi-german-hospital-to-build-a-new-medical-complex-by-1q2022\/348-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/348.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"348.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/348.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/348.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566686\" class=\"content-area-description single-story post-566686 post type-post status-publish format-standard has-post-thumbnail hentry category-speed-round-investment-watch tag-enterprisepm tag-investment-watch tag-saudi-arabia 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>The Saudi German Hospital will start building a new medical complex in 6 October City by 1<\/strong><strong>Q2022<\/strong>, Regional Manager Mohamed Hablas told us, confirming reports from <a href=\"https:\/\/bit.ly\/3wksNT3\">Al Mal<\/a> this morning.<\/p>\n<p><strong>The centerpiece will be a new 300-bed hospital: <\/strong>The Saudi German Hospital will open a new hospital with a capacity of 300 beds in the new medical complex, doubling the group\u2019s current capacity in Egypt, which stands at 300 beds at its hospital in Heliopolis.<\/p>\n<p><strong>The new hospital will provide new services to its lineup<\/strong>, including radiotherapy. The Saudi German Hospital just signed an agreement with Valu <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab09a0ab-2bde-4441-973f-cdda4cb268f0\">yesterday<\/a>, which aims to offer payment programs up to 60 months, with no interest and no down payments for a period of six months.<\/p>\n<p><strong>Medical expansion in Upper Egypt and Alexandria:<\/strong> The Saudi German group also aims at expanding in Upper Egypt and is currently studying which governorates it will target there. It is also setting its eyes on Alexandria with plans to launch a new hospital there by 1Q2022 as part of its Batterjee Medical City, its medical complex there.<\/p>\n<p><strong>Saudi Arabia has been eyeing our healthcare sector: <\/strong>The Saudi German Hospitals Group pledged last year to pump EGP 40-50 bn into its Egypt operations over the next 15 years. But it isn\u2019t the only one. Saudi healthcare investment fund Humania plans establish specialized medical facilities in Egypt and Morocco, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ff32264-7e62-47d4-a11e-423cd1755201\">securing<\/a> USD 108.5 mn from the International Finance Corporation, France\u2019s Proparco and the Danish Investment Fund for Developing Countries<\/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\/investment-watch\/\">investment watch<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"566688\" 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=\"566688\">\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\">Taxation<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/mabrouk-consumer-finance-players\/\">\r\n                            Mabrouk consumer finance players                        <\/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\/07\/07\/mabrouk-consumer-finance-players\/\" 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\/07\/07\/mabrouk-consumer-finance-players\/')\">\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\/07\/07\/mabrouk-consumer-finance-players\/\">\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=Mabrouk consumer finance players&url=https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/mabrouk-consumer-finance-players\/\">\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\/07\/07\/mabrouk-consumer-finance-players\/&title=Mabrouk consumer finance players\">\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=Mabrouk+consumer+finance+players+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F07%2F07%2Fmabrouk-consumer-finance-players%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\/07\/07\/mabrouk-consumer-finance-players\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566688\" class=\"content-area-description single-story post-566688 post type-post status-publish format-standard hentry category-taxation tag-consumer-finance tag-enterprisepm tag-financial-regulatory-authority tag-legislation tag-non-banking-financial-services tag-tax tag-tax-authority tag-taxation wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Consumer finance providers are in line for an exemption from value-added tax (VAT)<\/strong>, under an agreement the Financial Regulatory Authority reached with tax authorities, FRA Deputy Chairman Islam Azzam said in a <a href=\"https:\/\/ent.news\/2021\/7\/%D8%A5%D8%B9%D9%81%D8%A7%D8%A1-%D8%AA%D9%85%D9%88%D9%8A%D9%84-%D8%A7%D8%B3%D8%AA%D9%87%D9%84%D8%A7%D9%83%D9%8A-%D9%85%D9%86-%D8%A7%D9%84%D9%82%D9%8A%D9%85%D8%A9-%D8%A7%D9%84%D9%85%D8%B6%D8%A7%D9%81%D8%A9.docx-1.pdf\">statement (pdf)<\/a>. This came as the regulator sought to give consumer finance players the same VAT treatment afforded to other non-banking financial services (NBFS) providers including mortgage finance firms, leasing and factoring companies, and securitized bonds advisors under its purview.<\/p>\n<p><strong>The Tax Authority will still need to amend the list of VAT waivers in VAT Act\u2019s executive regulations<\/strong> for the exemptions to take effect, but the prospect seems very likely. This will simply need the Finance Minister\u2019s sign off and won\u2019t need to go to the legislative branch.<\/p>\n<p><strong>Why weren\u2019t they already exempt? That\u2019s because consumer finance is now under the FRA\u2019s purview<\/strong>. The industry was brought under the umbrella of the nation\u2019s NBFS regulator after the Consumer Credit Act <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/471c6d79-d116-449e-89be-1b80b3b3af25\">was signed into law last year<\/a>. FRA-regulated NBFS providers are automatically subject to exemptions under the executive regulations of the 2016 VAT Tax Act, Azzam noted.<\/p>\n<p><strong>How big is this sector? <\/strong>Consumer finance providers doled out nearly EGP 5.5 bn to some 515k borrowers during the first five months of the year alone, Azzam said. Since the Consumer Credit Act passed last year, 12 companies specialized exclusively in consumer finance and 13 other non-specialized players were awarded licenses, he noted.<\/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\/consumer-finance\/\">consumer 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\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax-authority\/\">Tax Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taxation\/\">TAXATION<\/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=\"566689\" 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=\"566689\">\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\/07\/07\/oih-dice-report-1q2021-earnings\/\">\r\n                            OIH, Dice report 1Q2021 earnings                        <\/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\/07\/07\/oih-dice-report-1q2021-earnings\/\" 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\/07\/07\/oih-dice-report-1q2021-earnings\/')\">\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\/07\/07\/oih-dice-report-1q2021-earnings\/\">\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=OIH, Dice report 1Q2021 earnings&url=https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/oih-dice-report-1q2021-earnings\/\">\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\/07\/07\/oih-dice-report-1q2021-earnings\/&title=OIH, Dice report 1Q2021 earnings\">\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=OIH%2C+Dice+report+1Q2021+earnings+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2021%2F07%2F07%2Foih-dice-report-1q2021-earnings%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\/07\/07\/oih-dice-report-1q2021-earnings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566689\" class=\"content-area-description single-story post-566689 post type-post status-publish format-standard hentry category-go-with-the-flow tag-dice-sport-and-casual-wear tag-earnings-watch tag-enterprisepm tag-financial-services tag-go-with-the-flow tag-investment-watch tag-manufacturing tag-orascom-investment-holding tag-retail wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EARNINGS WATCH- Orascom Investment Holding (OIH) reported net losses of EGP 31 <\/strong><strong>mn in 1Q2021, <\/strong>compared to a net income of EGP 51.6 mn in the same quarter last year, according to its <a href=\"https:\/\/ent.news\/2021\/7\/OIH-earnings-1Q2021.pdf\">consolidated financials (pdf)<\/a>. Operating revenues were up to EGP 206.6 mn during the quarter from EGP 179.4 mn in 1Q2020. Earlier this year, OIH spun off its non-bank financial services holdings into Orascom Financial Holdings through a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0c34203-11bd-4e8b-ad37-b861ca42b976\">horizontal demerger<\/a>.<\/p>\n<p><strong>Dice reported a consolidated bottomline of EGP 4.06 mn in 1Q2021,<\/strong> reversing a net loss position to the tune of EGP 43.3 mn during the same quarter of the previous year, according to its <a href=\"https:\/\/ent.news\/2021\/7\/Dice-earnings-1Q2021.pdf\">latest financials (pdf)<\/a>. The EGX-listed clothing manufacturer's total sales jumped almost 15% to EGP 297.6 mn in 1Q2021, up from EGP 260 mn in 1Q2020.<\/p>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.2% at today\u2019s close<\/strong> on turnover of EGP 1.06 bn (14% below the 90-day average). Local investors were net sellers. The index is down 5.2% YTD.<\/p>\n<p><strong>In the green: <\/strong>CIB (+2.5%), TMG Holding (+2.2%), and CI Capital (+2.2%).<\/p>\n<p><strong>In the red: <\/strong>Fawry (-1.5%), Orascom Development Egypt (-0.9%) and Sodic (-0.2%).<\/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\/dice-sport-and-casual-wear\/\">Dice Sport and Casual Wear<\/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\/financial-services\/\">financial services<\/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\/investment-watch\/\">investment watch<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-investment-holding\/\">Orascom Investment Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"566690\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"566691\" 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=\"566691\">\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\">Enterprise explains<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/futures-are-coming-to-egypt-so-lets-brush-up-on-them\/\">\r\n                            Futures are coming to Egypt, so let\u2019s brush up on them...                        <\/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\/07\/07\/futures-are-coming-to-egypt-so-lets-brush-up-on-them\/\" 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 Financial Regulatory Authority is keen to get Egypt\u2019s futures exchange up and running before 2022, which would mark the first time that investors are able to buy and sell derivatives contracts on the EGX, according to its deputy chairman Eslam Azzam. So let\u2019s dive deeper into what futures are.<\/p>\n<p><strong>Put simply:<\/strong> Futures are derivative contracts where a buyer and a seller exchange an asset at a future date at a price they both agree upon in advance.<\/p>\n<p><strong>How do they work in practice? Picture this scenario:<\/strong> An auto manufacturer needs to purchase aluminum to produce cars. The market price has been stable for a few years, but recent price rises and increasing talk of a commodities supercycle has the company worried that it could soon be paying three times as much per ton of the metal.<\/p>\n<p><strong>Hedging risk:<\/strong> One option for the company to mitigate the price risk is to enter into a futures contract with its supplier. Instead of paying market value (AKA, the spot price), the manufacturer will sit down with its supplier and negotiate a different price for the metal \u2014 let\u2019s say, USD 2k per tonne \u2014 in three months\u2019 time. If, after three months have elapsed, the market price of aluminum has risen to, say, USD 2.5k, the manufacturer has successfully hedged against price risk, saving itself USD 500 per tonne.<\/p>\n<p><strong>And on the other side of the trade\u2026:<\/strong> In this scenario, the producer loses out in the transaction, and must sell at the futures price, which, in this case, is USD 500 below market.<\/p>\n<p><strong>But this works both ways:<\/strong> Should the market price move in the opposite direction, the manufacturer becomes the loser. In the event that the price falls to USD 1.5k per tonne after the three months, the company will still have to pay the agreed USD 2k \u2014 USD 500 above the market price.<\/p>\n<p><strong>Futures are useful for producers, too:<\/strong> Imagine the reverse scenario taking place. Prices are dipping and there is growing talk of a bear market. Fearful of a fall in prices, the aluminum supplier could choose to hedge the risk by agreeing with its clients to sell at a specific price in the future.<\/p>\n<p><strong>Futures are commonly used for commodities:<\/strong> Energy commodities such as oil, natural gas; foods such as corn, wheat and soy; and metals like gold, silver and aluminum.<\/p>\n<p><strong>But they go far beyond that:<\/strong> Investors use \u201cforward rate contracts\u201d to both speculate on and hedge against fluctuations in interest rates. \u201cCurrency forwards\u201d do the same for exchange rates. Stock forwards allow traders to speculate on future share prices, and bond forwards do the same for fixed income.<\/p>\n<p><strong>Futures are more often used by investors for speculation<\/strong>, who buy and sell contracts based on the direction that they think the underlying asset\u2019s price will move. Index futures \u2014 which will be the first type of contracts open to investors in Egypt \u2014 allow traders to speculate on the fluctuations of a share index such as the EGX.<\/p>\n<p><strong>For a clearer idea on speculation, think oil markets. <\/strong>Oil contracts are frequently bought and sold on exchanges by speculators. They allow traders to benefit (or lose) from fluctuations in the price of the key commodity, all without having to, you know, own any physical oil.<\/p>\n<p><strong>Further reading:<\/strong><\/p>\n<ul>\n<li><strong>You can dive into a reference book by the Federal Reserve Bank of Chicago<\/strong>: <a href=\"https:\/\/www.chicagofed.org\/publications\/understanding-derivatives\/index\">Understanding Derivatives: Markets and Infrastructure<\/a>.<\/li>\n<li><strong>Tired of Reading?<\/strong> Harvest Public Media has a handy video explainer on futures markets (<a href=\"https:\/\/www.youtube.com\/watch?v=CC9VeHrI3Es&ab_channel=HarvestPublicMedia\">watch, runtime: 4:26<\/a>)<\/li>\n<li><strong>Futures are often used to give equity traders a glimpse into what to expect ahead of the start of a trading session,<\/strong> <a href=\"https:\/\/www.fidelity.com\/learning-center\/trading-investing\/trading\/using-futures-as-indicator\">here\u2019s why<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/derivatives\/\">derivatives<\/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\/enterprise-explains\/\">Enterprise Explains<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/futures\/\">futures<\/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=\"566693\" 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=\"566693\">\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\">DOWNTIME<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2021\/07\/07\/add-these-to-your-sahel-packing-list\/\">\r\n                            Add these to your Sahel packing list                        <\/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\/07\/07\/add-these-to-your-sahel-packing-list\/\" 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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When game maker Nilco first introduced the product, they changed everything from the places you could buy to the metal characters you move across the board. The game resonated with the local audience who was excited to have a game that depicted their own realities and the fight to own New Cairo, Sheikh Zayed, or Maadi was not in the slightest less flip-the-board-over-inducing than its predecessor.<\/p>\n<p><strong>More homegrown games have continued to pop up, paying homage to our jokes, films, and history\u2026 or just promising a good time. <\/strong>Here are a few to look out for:<\/p>\n<p><strong>For the full-fledged Egyptian TV experts: <\/strong><a href=\"https:\/\/www.2oolameme.com\/\">2ool AMeme<\/a> is an Egyptian game development company that offers a few games, mostly to do with \u2018efehat aflam\u2019 or memes from popular Egyptian films or dramas. Their inaugural game, also called 2ool AMema \u2014 Egypt\u2019s take on cards against humanity \u2014 featured photo stills or quotes that players would have to match to the right film. Since then, they\u2019ve also released \u20182ool aw e3mel\u2019 which is a Franco-Arabic language game derived from truth or dare.<\/p>\n<p><strong>The wonders that emerged from quarantine\u2026 : <\/strong><a href=\"https:\/\/www.instagram.com\/oshfot_kershak\/?utm_medium=copy_link\">Oshfot Kershak<\/a> was released during quarantine and makes fun of the fact that many of us tended to gain a little weight during the lockdown. The premise is simple\u2026 avoid the kersh card (belly card) while trying to get rid of your other cards before the other players. The cards are all amazingly illustrated and include strategy cards such as the \u2018meezan\u2019 which allows you to look ahead at the next three cards in the deck or \u20183amel diet\u2019 to skip your turn.<\/p>\n<p><strong>Test out your knowledge about all things Egypt: <\/strong>The first thing we love about <a href=\"https:\/\/www.instagram.com\/p\/CPYQadmndT0\/?utm_medium=copy_link\">Baladna<\/a> is its packaging, with the board game coming in a vintage suitcase decorated with Egypt-inspired stickers. The trivia game will ask questions about Egypt\u2019s creatures, places, seas, deserts, and people to help you move across the board and to the finish line. Baladna is created by <a href=\"https:\/\/makouk.com\/shop\/\">Makouk<\/a>, a local game development brand that offers fun and creative games for children and adults alike.<\/p>\n<p><strong>Make your friendships closer: <\/strong>English-language game <a href=\"https:\/\/www.instagram.com\/thebonfirexperience\/?utm_medium=copy_link\">The Bonfire Experience<\/a> is meant to spark meaningful conversations between friends, families, or strangers by asking personal and deep questions for people to open up, closely interact, get to know each other, or reminisce. This game is our personal pick for the upcoming Sahel season during relaxing beach days or nighttime rendezvous with friends.<\/p>\n<p><strong>May the greatest foul cart emerge victorious:<\/strong> <a href=\"https:\/\/instagram.com\/bee3thegame?utm_medium=copy_link\">Bee3<\/a> is an elaborate new game that looks more like an arts and crafts kit than a game. The purpose of the game is for players to utilize their social and negotiation skills to build businesses in different districts whether it\u2019s a koshk or a foul cart. Characters such as the baltagi and the harami will pop up and threaten the businesses during the game with the most successful entrepreneur taking it all.<\/p>\n<p><strong>A variety of games in one box: <\/strong><a href=\"https:\/\/www.instagram.com\/carnaval20_\/?utm_medium=copy_link\">Carnaval 2020<\/a> consists of 4 flashcard games that remind us of non-card games we\u2019ve played since childhood. Our favorite two are \u201cHabasat\u2019halak\u201d, where a team needs to guess two of three things written on a flashcard, and \u201cMo\u2019assasa\u201d, where all players have a word whispered into their ear except for one (the spy) and everyone is tasked with finding out who the spy among them is.<\/p>\n<p><strong>It\u2019s in our blood: <\/strong>Playing board and card games is literally taking us back to our Ancient Egyptian roots, seeing as one of the earliest known board games was found right here. Beloved by Tutankhamun and Queen Nefertari alike, the game \u2018Senet\u2019 dates to around 3100 BC and involved two players to race all their pieces to the end of the board, according to the <a href=\"https:\/\/blog.britishmuseum.org\/top-10-historical-board-games\/\">British Museum<\/a>.<\/p>\n<p><strong>Where to purchase the games: <\/strong>You can order these games from their pages on Instagram or find them at Virgin Megastore and Diwan Bookstore.<\/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\/downtime\/\">DOWNTIME<\/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=\"566695\" 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\/07\/07\/your-essential-business-calendar-on-7-july-2021-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-566695\" class=\"content-area-description single-story post-566695 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>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>8 July (Thursday): The UN Security Council will <a href=\"https:\/\/www.alsudaninews.com\/ar\/?p=129431\">meet<\/a> to discuss the GERD crisis with Egypt, Sudan and Ethiopia.<\/p>\n<p>11 July (Sunday): Ismailia Economic Court will hold a hearing on Ever Given compensation case.<\/p>\n<p>14 July (Wednesday): The EGX will hold <a href=\"https:\/\/ent.news\/2021\/7\/EGX-board-elections.jpg\">board elections<\/a> for the 2021-2025 term.<\/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:\/\/bit.ly\/3dp0wnB\">CFO Leadership & Strategy Summit<\/a> is taking place in Egypt.<\/p>\n<p>16 September (Thursday): The CBE\u2019s Monetary Policy Committee will meet to review interest rates.<\/p>\n<p>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":566681,"template":"","categories":[],"tags":[],"class_list":["post-566680","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"fe0f1ca7-eba3-425b-af78-a607be8fa67c","teaser":"","photo_url":"https:\/\/ent.news\/2021\/7\/344.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 EFG Hermes\u2019 Karim Moussa talks to us on its big renewables push through the Vortex Egypt IV fund. - 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-efg-hermes-karim-moussa-talks-to-us-on-its-big-renewables-push-through-the-vortex-egypt-iv-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise EFG Hermes\u2019 Karim Moussa talks to us on its big renewables push through the Vortex Egypt IV fund.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-efg-hermes-karim-moussa-talks-to-us-on-its-big-renewables-push-through-the-vortex-egypt-iv-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-16T05:30:46+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/7\/344.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-efg-hermes-karim-moussa-talks-to-us-on-its-big-renewables-push-through-the-vortex-egypt-iv-fund\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/enterprise-efg-hermes-karim-moussa-talks-to-us-on-its-big-renewables-push-through-the-vortex-egypt-iv-fund\/\",\"name\":\"Enterprise EFG Hermes\u2019 Karim Moussa talks to us on its big renewables push through the Vortex Egypt IV fund. - 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