{"id":585000,"date":"2023-04-09T00:00:00","date_gmt":"2023-04-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=585000"},"modified":"2025-12-16T14:06:13","modified_gmt":"2025-12-16T14:06:13","slug":"reasons-to-not-fear-ai","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/reasons-to-not-fear-ai\/","title":{"rendered":"Reasons to not fear AI"},"content":{"rendered":"<section id=\"585002\" 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=\"585002\">\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\/2023\/04\/09\/this-evening-govt-says-its-keeping-subsidized-loans-for-industry-agriculture-tensions-continue-to-rise-in-jerusalem\/\">\r\n                            THIS EVENING: Gov\u2019t says it\u2019s keeping subsidized loans for industry, agriculture + Tensions continue to rise in Jerusalem                        <\/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=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/370.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"585003\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/this-evening-govt-says-its-keeping-subsidized-loans-for-industry-agriculture-tensions-continue-to-rise-in-jerusalem\/370-jpg-31\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/370.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"370.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/370.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/370.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-585002\" class=\"content-area-description single-story post-585002 post type-post status-publish format-standard has-post-thumbnail hentry category-what-were-tracking-tonight tag-enterprisepm tag-israel-palestine-conflict tag-state-budget tag-what-were-tracking-tonight wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.bc27311b-daef-4aca-a44b-bdd2838ed9ce.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good afternoon, friends.<\/span><span style=\"\"> We\u2019re still seeing telltale signs of that long-awaited Ramadan news<\/span><span style=\"font-weight:400;\"> slowdown today, with a relatively calm Sunday to start the week. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** SO, WHEN DO WE EAT? <\/span><span style=\"\">We\u2019ll be breaking our fasts at 6:18pm CLT today. You have until <\/span><span style=\"font-weight:400;\">4:05am tomorrow morning to hydrate and grab a bite to eat. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY TODAY<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Gov\u2019t isn\u2019t scrapping EGP 150 subsidized loan program for industry +<\/span><span style=\"font-weight:700\"> agriculture:<\/span><span> The government is planning to move ahead with its planned EGP 150 bn loan program for industry and agriculture players in FY 2023-2024, despite the fiscal burden it will incur, according to a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/tinyurl.com\/2yzdjxwf\" style=\"\">Finance Ministry statement<\/a><\/span><span>.<\/span><span style=\"font-weight:400;\"> The loans will be offered at a subsidized 11% rate, which will cost state coffers some EGP 13 bn, the statement says. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY ABROAD<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Israel hit multiple military targets in Syria after rockets were fired overnight towards<\/span><span style=\"font-weight:700\"> Israeli occupied territories in Golan Heights yesterday<\/span><span>, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/israel-says-missile-alert-sounded-golan-heights-2023-04-08\/\" style=\"\">Reuters<\/a><\/span><span>. Syrian state media reported explosions near the capital Damascus with no casualties. Of the three rockets that were fired, two fell on open ground and the third was intercepted, Israeli officials said. The story is also getting ink in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-09\/tensions-build-around-jerusalem-shrine-after-syria-rockets\" style=\"\">Bloomberg<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cnbc.com\/world\/?region=world\" style=\"\">CNBC<\/a><\/span><span>. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">** CATCH UP QUICK<\/span><span style=\"\"> on the top stories from today\u2019s <\/span><span style=\"font-weight:700\">EnterpriseAM<\/span><span style=\"font-weight:400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight:700\">World Bank revises downward its Egypt economic growth forecast:<\/span><span> The World Bank <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee8ce1f3-29e5-4eba-99f3-e3fbea436095\" style=\"\">now expects<\/a><\/span><span style=\"font-weight:400;\"> Egypt\u2019s economy to grow at a 4.0% clip during the fiscal year 2022-2023, according to its April MENA Economic Update.<\/span><\/li>\n<li><span style=\"font-weight:700\">Feed suppliers can now register to buy yellow corn through the EMX:<\/span><span> The Supply Ministry <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32ffe510-f219-4858-b44d-16882f3429ac\" style=\"\">is selling<\/a><\/span><span style=\"font-weight:400;\"> imported yellow corn to poultry feed factories through the Egyptian Mercantile Exchange (EMX). <\/span><\/li>\n<li><span style=\"font-weight:700\">New high-yield CDs:<\/span><span> Emirates NBD Egypt and United Bank of Egypt <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949808ec-6766-4180-9d42-6c14825eba76\" style=\"\">have brought<\/a><\/span><span style=\"font-weight:400;\"> new, high-interest rate certificates of deposit to the market.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<p class=\"web-image-inner\"><img data-recalc-dims=\"1\" decoding=\"async\" style=\"display: block\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/03\/Inside-Industry-en-WEB-1600x584-v5-03-1.jpg\" alt=\"enterprise\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">*** It\u2019s Inside Industry day \u2014<\/span><span style=\"font-weight:700\">your weekly briefing of all things industrial in Egypt.<\/span><span style=\"font-weight:400;\"> Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In today\u2019s issue:<\/span><span style=\"\"> We look at the different steps being taken to develop the domestic tire<\/span><span style=\"font-weight:400;\"> industry and address our outsized reliance on imports to meet local consumption. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/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 style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">? CIRCLE YOUR CALENDAR-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Good news for the tired souls among us: This will be our last full work week of the <\/span><span style=\"font-weight:700\">month. <\/span><\/p>\n<ul>\n<li><span>Coptic Easter falls on<\/span><span style=\"font-weight:700\"> Sunday, 16 April. <\/span><span style=\"font-weight:400;\">It\u2019s typically a bank holiday, but not a national holiday (though it should be); <\/span><\/li>\n<li><span style=\"font-weight:700\">Monday, 17 April <\/span><span>is a public holiday for both the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0BNL8Rkb2kqTeGd758PhNDiQcgxtn1x1u6t78PLrLrBfrhhQJ4SfYq9QnJPKzCASfl\" style=\"\">public and private sector<\/a><\/span><span style=\"font-weight:400;\"> to mark Sham El Nessim. Look for confirmation this week that the EGX and central bank will follow suit;<\/span><\/li>\n<li><span>Eid El Fitr should land on or around<\/span><span style=\"font-weight:700\"> Friday, 21 April<\/span><span>,<\/span><span>and <\/span><span style=\"font-weight:700\">Tuesday, 25 April <\/span><span style=\"font-weight:400;\">is Sinai Liberation Day.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The caveat: <\/span><span style=\"\">Cabinet has yet to make clear what days we will observe as national holidays in <\/span><span style=\"font-weight:400;\">the 21-25 April window. Are you planning to bridge? <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">PSA- <\/span><span style=\"font-weight:700\">We\u2019re bringing back daylight saving time (yet again) on Friday, 28 April. <\/span><span style=\"\">You\u2019ll be losing an hour\u2019s sleep as clocks jump forward one hour until the final Thursday of October. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">\u2600\ufe0f <\/span><span style=\"font-weight:700\">TOMORROW\u2019S WEATHER- <\/span><span style=\"font-weight:700\">We\u2019re heading into a week of changeable weather <\/span><span style=\"\">with a good chance of <\/span><span>wind and rain in much of the country throughout the week, particularly on the North and Red Sea coasts. In the Greater Cairo Area, things are starting off hot, with the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/photo?fbid=664965735673850&amp;set=pcb.664965765673847\" style=\"\">Egyptian Meteorological Authority (EMA)<\/a><\/span><span> forecasting<\/span><span> a daytime high of 28\u00b0C and a nighttime low of 15\u00b0C tomorrow.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/632.jpg?ssl=1\"><\/a><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">We are delighted to share with you that the Enterprise Exports &amp; FDI Forum <\/span><span style=\"\">will be taking <\/span><span style=\"\">place on<\/span><span style=\"font-weight:700\"> Monday, 15 May <\/span><span style=\"\">at the<\/span><span style=\"font-weight:700;\"> Four Seasons Hotel at Nile Plaza.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">DO YOU WANT TO ATTEND?<\/span><span style=\"\"> If you\u2019re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" style=\"\">TAP OR CLICK HERE<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/exportsfdi.enterprise.press\/registration.html\" style=\"\">to request a spot at this exclusive event<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WANT TO SHARE YOUR STORY ON STAGE?<\/span><span> Drop a note to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"mailto:patrick@enterprisemea.com\" style=\"\">Patrick here and let\u2019s talk<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">WANT TO BECOME A COMMERCIAL PARTNER?<\/span><span> Ping a note to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"mailto:mtaalab@inktankir.com\" style=\"\">Moustafa, our head of commercial, here<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel-palestine-conflict\/\">Israel-Palestine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/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=\"585004\" 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=\"585004\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">FOR YOUR COMMUTE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/the-robots-are-definitely-coming-but-they-might-bring-good-things-what-sunday-scaries-tell-us-about-staff\/\">\r\n                            The robots are definitely coming, but they might bring good things + What Sunday scaries tell us about staff                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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src=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/583.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"585005\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/the-robots-are-definitely-coming-but-they-might-bring-good-things-what-sunday-scaries-tell-us-about-staff\/583-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/583.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"583.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/583.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/3\/583.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-585004\" class=\"content-area-description single-story post-585004 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-ai tag-enterprisepm tag-for-your-commute tag-office-life tag-technology wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.6bf17f9b-22f0-45eb-bd1f-366b92b013dc.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Unpopular opinion: The AI era will yield positive outcomes for employment<\/span><span style=\"font-weight:700\"> \u2014 including shorter weeks<\/span><span>, <\/span><span>Nobel Prize Laureate and labor economist Christopher Pissarides told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-05\/chatgpt-opens-door-to-four-day-week-says-nobel-prize-winner#xj4y7vzkg\" style=\"\">Bloomberg<\/a><\/span><span>. Despite the rapid development of the technology \u2014 <\/span><span>which raises c<\/span><span>oncerns about potential <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52661c35-b2c0-446d-9277-29c051df0b75\" style=\"\">\u201cdramatic economic and political disruptions\u201d<\/a><\/span><span style=\"font-weight:400;\"> \u2014 the labor market will adapt in time to these changes.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Productivity will rise: <\/span><span style=\"\">The uptake of AI could account for a 7% increase in annual global GDP,<\/span><span> a <\/span><span>Goldman Sachs <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.goldmansachs.com\/insights\/pages\/generative-ai-could-raise-global-gdp-by-7-percent.html\" style=\"\">report<\/a><\/span><span> has found. Artificial intelligence can replace humans for the \u201cboring things,\u201d allowing people to take care of more compelling tasks, the London School of Economics professor said. This shift can create room for more leisure and many jobs \u201ccould move to a four-day week easily\u201d \u2014 a<\/span><span> welcome development that is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c15a0d0d-0931-4988-b584-953622147555\" style=\"\">backed by research<\/a><\/span><span> suggesting that shorter working hours are better for mental health.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But there are risks:<\/span><span style=\"\"> Despite his optimism, Pissarides has some worries. Although he does not<\/span><span> believe that <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/214c6969-50b8-459a-b3cd-d6668823871d\" style=\"\">AI coming for our jobs<\/a><\/span><span> is a necessarily detrimental thing<\/span><span style=\"font-weight:400;\">, his focus is more security-oriented with the Nobel laureate citing surveillance and privacy violation as areas of concern.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Social media colloquialisms are revealing truths about the workplace<\/span><span style=\"\">, according to an<\/span><span> article published in the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/a985fb2d-545f-4c4a-9b81-fd47d8a96262\" style=\"\">Financial Times<\/a><\/span><span> last week.<\/span><span style=\"font-weight:400;\">The covid-19 pandemic, ensuing lockdown, and the drastic changes they have incurred on the way we work, have also changed the way we speak about work. And researchers concur: 65% of employees responded that the epidemic had caused them to reconsider the importance of work in their lives, the article states. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s a little bit funny: <\/span><span style=\"\">\u201cRage applying\u201d is the tendency to submit one\u2019s application to companies<\/span><span> en masse as dissatisfaction with work grows. \u201cSunday scaries\u201d \u2014 <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/fortune.com\/well\/2022\/10\/23\/the-sunday-scaries-are-real-heres-how-to-beat-the-dread-and-kickstart-your-week\/\" style=\"\">coined as early as 2009<\/a><\/span><span style=\"font-weight:400;\"> \u2014 is an expression commonly used to describe the dread people experience as the weekend comes to a close and Monday looms ahead. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But also pretty serious: <\/span><span style=\"\">Tongue-in-cheek idioms aside, \u201cthe Great Resignation\u201d \u2014 an<\/span><span style=\"font-weight:400;\"> expression invented by academic Anthony Klotz \u2014 refers to very palpable realities: Over 50 mn workers in the US alone left their occupations in 2022, the largest figure in more than two decades, the newswire reports. \u201cQuiet quitting\u201d is a term that is generally understood as doing the bare minimum at work, just enough to get by. Some, however, see it as a strict abidance to job descriptions and a refusal to extend beyond the scope of one\u2019s work. <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/for-your-commute\/\">FOR YOUR COMMUTE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/office-life\/\">office life<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/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=\"585006\" 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=\"585006\">\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\">A MESSAGE FROM MASHREQ<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/sme-financing-as-a-catalyst-for-economic-growth-and-development-goals\/\">\r\n                            SME financing as a catalyst for economic growth and development goals                        <\/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\/2023\/04\/09\/sme-financing-as-a-catalyst-for-economic-growth-and-development-goals\/\" 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\/2023\/04\/09\/sme-financing-as-a-catalyst-for-economic-growth-and-development-goals\/')\">\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\/2023\/04\/09\/sme-financing-as-a-catalyst-for-economic-growth-and-development-goals\/\">\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=SME financing as a catalyst for economic growth and development goals&url=https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/sme-financing-as-a-catalyst-for-economic-growth-and-development-goals\/\">\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\/2023\/04\/09\/sme-financing-as-a-catalyst-for-economic-growth-and-development-goals\/&title=SME financing as a catalyst for economic growth and development goals\">\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=SME+financing+as+a+catalyst+for+economic+growth+and+development+goals+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F04%2F09%2Fsme-financing-as-a-catalyst-for-economic-growth-and-development-goals%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\/2023\/04\/09\/sme-financing-as-a-catalyst-for-economic-growth-and-development-goals\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/358.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"585007\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/sme-financing-as-a-catalyst-for-economic-growth-and-development-goals\/358-jpg-24\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/358.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"358.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/358.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2023\/4\/358.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-585006\" class=\"content-area-description single-story post-585006 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from-mashreq tag-a-message-from-mashreq tag-enterprisepm wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.4cde7e34-eea9-483b-a5e5-6edc1999b18d.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"> Small and medium-sized enterprises (SMEs) play an important role in national economies by providing employment and advancing innovation. In contrast to large organizations, SMEs are known for being more nimble and agile, which allows them to adapt to market changes more quickly. They typically also maintain lower overheads, which gives them an additional competitive advantage over their larger counterparts. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">In emerging markets specifically, SMEs provide additional benefits as catalysts for social and economic development. As stated in the Future Business Journal, these types of businesses generate income and create the majority of jobs in the market, accounting for up to 70% of new employment in emerging economies. As the backbone of a healthy economy, SMEs are responsible for 60% and 75% of jobs in the manufacturing and services sectors, respectively, according to a report by the Organisation for Economic Co-operation and Development (OECD). Additionally, the OECD indicates that SMEs generate between 50% and 60% of value-added services on average in emerging economies, contributing up to a whopping 33% of GDP.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Given the substantial impact of the SME market on the economy, it is essential to support the health and sustainability of this ecosystem. However, the access to financial services for SMEs currently remains severely restricted in many developing countries, in turn curbing the growth of these economies. In the Middle East and beyond, premier financial institutions that are well positioned to provide credit solutions have a key role to play in bolstering the SME landscape and generating synergies through targeted financing campaigns. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p class=\"tag-border-left\">The ripple effects of SMEs throughout the economy and alignment with wider economic goals<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">To support the SME segment across different sectors of the economy, private banks must take active steps to provide financial assistance programs that help organizations buttress their operating capital, including equipment finance, revolving loan facilities, and receivables finance. Academic literature illustrates how enabling SMEs\u2019 access to no-hassle financing channels has a multi-fold positive impact with ripple effects on economic activity. A pre-pandemic report from the International Monetary Fund noted that increasing SME access to finance in the Middle East and Africa (MENA) region to an average level comparable to their counterparts in all emerging economies would raise annual growth by 1%, potentially creating up to 8 mn jobs in the Arab world by 2025. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">An emphasis on SME financing from private banks, however, does not operate in a vacuum. Rather, the credit extended to SMEs triggers economic growth through the benefits that are reaped from a healthy SME ecosystem and aligns this approach with both national and international economic development objectives. In this context, the work of private banks with SMEs advances the United Nations Sustainable Development Goals, a collection of 17 goals that provide a global framework for shared peace and prosperity. Leading financial institutions\u2019 approach to SME financing may intersect with 3 of those goals, demonstrating the interconnectedness and significance of the sector. Goal 8 outlines decent work and economic growth, both of which are triggered when SMEs create employment opportunities. SMEs also enable industry, innovation, and infrastructure \u2013 Goal 9 \u2013 by their very nature as agile components of national economies. Finally, Goal 10 focuses on reducing inequalities, which is realized when SMEs grow the incomes of their respective workforces. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">As a further example of the alignment between private banks\u2019 SME financing and national economic growth objectives, the Central Bank of Egypt (CBE) has encouraged banks to expand their financial services for SMEs and increase the proportion of the total lending that goes into that sector to reach at least 25% by end of 2023. The CBE has additionally stimulated private and public banks to establish special units that are devoted to providing SMEs with financial services. Driven by corporate sustainability strategies and a keen focus on supporting national objectives, banks must find ways to support central banks\u2019 economic development strategies by deploying SME financing initiatives such as directing credit to businesses with sales turnover of less than EGP 50 mn and targeting manufacturing companies. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p class=\"tag-border-left\">SME financing is a key pillar for our collective future<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">A healthy SME sector is a vital ingredient for inclusive growth and creation of jobs across regions and sectors, including for low-skilled workers. It provides opportunities for upskilling and supports employee access to healthcare and social services. A focus on SMEs has been one of Egypt\u2019s national priorities since the launch of its Sustainable Development Strategy, Vision 2030, and is also a key element of the United Nations Sustainable Development Goals. SMEs form a key pillar of both initiatives and represent stakeholders across the economy that can accelerate the progress towards the achievement of these visions. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">To spur the growth of the SME sector in Egypt, Mashreq has established loan programs for organizations operating in sectors identified as those most affected by SMEs.These include food and beverage, chemicals plastics and rubber, paper printing and packaging, pharmaceuticals and medical equipment, and electrical manufacturing.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">Mashreq\u2019s role in financing SMEs in the country has grown over time to reach EGP 1.53 bn in 2021. The positive trend continued in 2022 with the total amount reaching EGP 2.43 bn. Through various funding services, Mashreq is expanding its involvement in the Egyptian SME landscape and providing expertise in the regional debt market to help fulfill the growth objectives of SME customers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">One such example is a manufacturer based in Upper Egypt that is active in the field of electrical product manufacturing like tubes, controllers, and generators. The company was established in 2017 as a sole proprietorship with paid-in capital of EGP 2.5 mn. To capitalize on its initial success in the field, it rolled out ambitious growth plans to set up additional manufacturing capacity in Egypt. Mashreq granted the company a medium-term loan for EGP 2 mn for a tenor of 36 months, which has enabled the company to accelerate its growth plans and directly contribute to the nation\u2019s economic development and job creation. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">These examples show how concerted efforts by lenders can pave the way for small and medium-sized businesses to grow organically and sustainably. In this way, these empowered SMEs become an important catalyst for achieving economic growth and development goals. As governments and public institutions are gradually changing their regulatory policies and launching targeted initiatives to accelerate the growth of these businesses, there is no better time than now for banks to also step up their credit offerings and close the financing gap for SMEs in the region. At Mashreq, we are committed to playing our part to achieve these goals, as we believe that sustainable development is the way forward to a sustainable and socially conscious future.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\">This op-ed was written by Ahmed Mobarak (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.linkedin.com\/in\/ahmed-mobarak-976439b\/\" style=\"\">LinkedIn<\/a><\/span><span style=\"font-weight:400;\">), head of Business Banking-SMEs, Mashreq Egypt.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a-message-from-mashreq\/\">A MESSAGE FROM MASHREQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"585008 advertiser\" class=\"issue-section enterprise-adv\">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"585008\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/585008\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-585008\" class=\"content-area-description single-story post-585008 post type-post status-publish format-standard hentry category-advertiser wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><span style=\"font-weight:400;\"><a href=\"https:\/\/www.palmhillsdevelopments.com\/en-us\/home\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprise.press\/wp-content\/uploads\/2022\/12\/Palm-Hills-The-Crown-web-dec-22.jpg\"><\/a><\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"585009\" 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=\"585009\">\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\">ENTERPRISE RECOMMENDS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/souq-el-kanto-aesthetically-pleasing-but-not-a-particularly-innovative-plot\/\">\r\n                            Souq El Kanto: Aesthetically pleasing, but not a particularly innovative plot                        <\/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\/2023\/04\/09\/souq-el-kanto-aesthetically-pleasing-but-not-a-particularly-innovative-plot\/\" 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\/2023\/04\/09\/souq-el-kanto-aesthetically-pleasing-but-not-a-particularly-innovative-plot\/')\">\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\/2023\/04\/09\/souq-el-kanto-aesthetically-pleasing-but-not-a-particularly-innovative-plot\/\">\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=Souq El Kanto: Aesthetically pleasing, but not a particularly innovative plot&url=https:\/\/enterpriseam.com\/egypt\/2023\/04\/09\/souq-el-kanto-aesthetically-pleasing-but-not-a-particularly-innovative-plot\/\">\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\/2023\/04\/09\/souq-el-kanto-aesthetically-pleasing-but-not-a-particularly-innovative-plot\/&title=Souq El Kanto: Aesthetically pleasing, but not a particularly innovative plot\">\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=Souq+El+Kanto%3A+Aesthetically+pleasing%2C+but+not+a+particularly+innovative+plot+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F04%2F09%2Fsouq-el-kanto-aesthetically-pleasing-but-not-a-particularly-innovative-plot%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\/2023\/04\/09\/souq-el-kanto-aesthetically-pleasing-but-not-a-particularly-innovative-plot\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-585009\" class=\"content-area-description single-story post-585009 post type-post status-publish format-standard hentry category-enterprise-recommends-2 tag-enterprise-recommends tag-enterprisepm tag-on-the-tube-tonight wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.246e8122-d990-446d-9e2e-8b4dc6e99d31.mp3\"><\/audio><\/figure><p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">? <\/span><span style=\"font-weight:700\">ON THE TUBE TONIGHT-<br \/><\/span><span style=\"font-weight:400;\">(all times CLT)<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Souq El Kanto is an age-old retelling of a love story that faces obstacles.<\/span><span style=\"\"> The mosalsal<\/span><span>transports<\/span><span> us to Cairo in 1929 and to Souq El Kanto, a market specializing in the sale of old unwanted items and textiles. Taha Al Qamash (Amir Karara) is the son of a popular textile merchant and a Robin Hood of sorts trying to maneuver the British occupation by making his money from bootlegging and selling counterfeit liquor to local bars, among other activities. On the other hand, Rawia (Mai Ezzeldin) is a young Greek woman who works as a seamstress for Madame Marie at an atelier. Despite owning their own hotel, they are riddled in debts racked up by her late father, and Rawia is trying her best to think up quick get rich plans to pay back their debts. The action picks up when both paths collide as love sparks between them \u2014 surprise, surprise \u2014 but run into hurdles due to religious differences, and several betrayals and brushes with the law. Souq El Kanto is available on <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3KpL1vC\" style=\"\">Shahid<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-recommends\/\">Enterprise Recommends<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/on-the-tube-tonight\/\">On The Tube 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=\"585016\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-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\/240927.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/mashreq.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27486.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Rise every day<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-ygw9oqs\" data-v=\"4\" data-block-id=\"ygw9oqs\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-ygw9oqs-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-ygw9oqs-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\/240928.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.beltoneholding.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27484.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Where disruption meets success<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-h1sfq7z\" data-v=\"4\" data-block-id=\"h1sfq7z\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-h1sfq7z-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-h1sfq7z-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                <\/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\" 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256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"585017\" 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=\"585017\">\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\/2023\/04\/09\/what-the-markets-are-doing-on-9-april-2023\/\">\r\n                            What the markets are doing on 9 April, 2023                        <\/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\/2023\/04\/09\/what-the-markets-are-doing-on-9-april-2023\/\" 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 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href=\"https:\/\/api.whatsapp.com\/send?text=What+the+markets+are+doing+on+9+April%2C+2023+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2023%2F04%2F09%2Fwhat-the-markets-are-doing-on-9-april-2023%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\/2023\/04\/09\/what-the-markets-are-doing-on-9-april-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-585017\" class=\"content-area-description single-story post-585017 post type-post status-publish format-standard hentry category-go-with-the-flow tag-egx tag-enterprisepm tag-go-with-the-flow wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.58971c42-5a60-4b42-9f5c-84e1e4b8a886.mp3\"><\/audio><\/figure>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The EGX30 fell 0.2% at today\u2019s close<\/span><span style=\"\"> on turnover of EGP 1.1 bn. International investors were<\/span><span style=\"font-weight:400;\"> net sellers. The index is up 14.2% YTD.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In the green: <\/span><span>Egypt Kuwait Holding<\/span><span style=\"font-weight:400;\"> (+6.2%), Qalaa Holding (+4.3%) and Elsewedy Electric (+1.9%).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">In the red: <\/span><span>Credit Agricole<\/span><span> (-3.2%), GB Auto (-3.0%) and Abu Qir Fertilizers (-2.5%).<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull inside-industry vertical-section wide-section wp-block-group issue-section\" id=\"585018\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27470.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly look at the issues, trends, and policies that are shaping Egypt's manufacturing industries.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27477.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterprisePM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/inside-industry\/\">\r\n                            Read Inside Industry                            \r\n                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\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\">INSIDE INDUSTRY<\/p>\r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/inside_industry\/where-we-stand-on-egypts-plans-to-localize-tire-manufacturing\/\">  \r\n                            Where we stand on Egypt\u2019s plans to localize tire manufacturing<\/a>\r\n                        <\/h3>\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\/inside_industry\/where-we-stand-on-egypts-plans-to-localize-tire-manufacturing\/\" 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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With Egypt\u2019s heavy reliance on imported tires, a shortage of domestic manufacturing of tires and the recent 300% surge in tire prices impacted both consumers and businesses alike. This week, we delve into the different measures and initiatives to address the scarcity by developing the domestic tire industry. The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aoi.org.eg\/en\" style=\"\">Arab Organization for Industrialization<\/a><\/span><span> (AOI) and several private companies are ready to step in and <\/span><span>st<\/span><span style=\"font-weight:400;\">rengthen the tire industry by prioritizing domestic productions, industry insiders tell us. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REFRESHER- <\/span><span style=\"\">Egypt consumed around 10 mn tires in FY2022, of which only 15% (1.5 mn) tires<\/span><span> were produced domestically, with the remainder coming from imports. At present, Pirelli and Pyramid Tires stand as the only tire manufacturers in Egypt, covering around 8.2% of domestic demand, after domestic tire manufacturer Trenco \u2014 which previously covered 30% of the internal market \u2014 shut down operations last year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">One step closer towards localizing the tires industry: <\/span><span style=\"\">The AOI <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/AOI.OfficialPage\/posts\/pfbid02K9FdLXK6VEQRFw4LT7ff9TYmDpiNMFvtYprt4QyFCobPjVyjVNrjvFuanQWqxFmSl?__cft__[0]=AZVym_i8qFi6QEL_Fb8EVpd0PxeI_tVR_RvaZXo4rXhWGqAUXoCqiWhl8N1PguU0bSLaAsjhZTR7Y413MaAM5McR8K85ZJZVZiuWcwXBJe9xB_haVyStB7idmbWvWB_h6FhmgF9c8ilVHpVVGEgfylvSFveRKgUAGAgKuKE-97AUcMocvSkxm9F0SDXxGuopXZkzUXtewJRCvEfxP9oNHHMt&__tn__=%2CO%2CP-R\" style=\"\">inked an agreement<\/a><\/span><span style=\"\"> last<\/span><span> November with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.hillintl.com\/\" style=\"\">Hill International<\/a><\/span><span> to set up a facility to manufacture tires for passenger cars, trucks, buses, tractors, and heavy equipment. It also agreed with <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/blackdonuts.com\/\" style=\"\">Black Donuts<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.rolandberger.com\/en\/\" style=\"\">Roland Berger<\/a><\/span><span> to work on separate feasibility studies to establish other tire factories, Black Donuts CEO Kai Hauvala told Enterprise.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CAVEAT- There\u2019s a lot we don\u2019t know: <\/span><span style=\"\">Figures regarding outputs and how much of domestic<\/span><span style=\"font-weight:400;\"> consumption each of these facilities will cover have not been disclosed. There were also no details provided on the timelines for these projects. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Ramping up domestic tire manufacturing would help our trade balance: <\/span><span style=\"\">These projects are<\/span><span> a stride towards opening new export markets, which will \u201cpositively reflect on the provision of foreign currency and the promotion of the Egyptian economy,\u201d AOI head Mokhtar Abdel Latif said. They also demonstrate progress towards expanding Egypt\u2019s exports and reducing dependency on imports, he said, and would also help narrow our current account deficit by reducing imports, which recently <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/02\/05\/current-account-deficit-narrows-20-in-1q-2022-23-95378\/\" style=\"\">narrowed<\/a><\/span><span style=\"font-weight:400;\"> by 20% to USD 3.2 bn in 1Q2022-23. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">\u2026 And help us part ways with logistics costs: <\/span><span style=\"\">Replacing imported tires with homegrown<\/span><span style=\"\"> ones would eliminate high logistical costs involved by transitioning to domestic logistics, canceling out impacts of supply chain breakdowns, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/blackdonuts.com\/\" style=\"\">Black Donut\u2019s<\/a><\/span><span style=\"\"> sales representative, Ahmed Abou El Nasr told us. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Deepening the tire industry has been on the government\u2019s radar for while:<\/span><span style=\"\"> The feasibility<\/span><span style=\"\">studies prepared fall in line with the joint vision between the Public Enterprises Ministry, Military Production Ministry, and the AOI to \u201cdeepen this industry locally in accordance with international quality standards,\u201d former Public Enterprises Minister Hisham Tawfik <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.aoi.org.eg\/en\/news\/discussing_feasibility_studies_for_establishing_a_factory_for_producing_all_kinds_of_vehicle_tires\" style=\"\">previously said<\/a><\/span><span style=\"font-weight:400;\">. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">And localizing manufacturing to reduce our reliance on imports \u2014 and boost exports \u2014<\/span><span style=\"font-weight:700\"> is a major policy priority:<\/span><span>In light of global market conditions and the war in Ukraine, import substitution and growing domestic manufacturing are now at the forefront of the Madbouly government's <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/06d7d8e9-a8dc-4967-a466-fa6730efdde4\" style=\"\">priority list<\/a><\/span><span>. The government has as an objective to boost exports to reach <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\" style=\"\">USD 100 bn<\/a><\/span><span> by the middle of the decade to slash the country\u2019s trade deficit and reduce consumers\u2019 vulnerability to import prices. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The move to deepen the domestic tire industry comes as the government works to<\/span><span style=\"font-weight:700\"> launch the <\/span><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/03\/13\/a-first-look-at-the-long-awaited-automotive-strategy-bidding-for-new-ev-charging-company-management-this-week-66761\/\" style=\"\">Automotive Industry Development Program<\/a><\/span><span style=\"font-weight:400;\"> (AIDP), which through certain incentives strives to localize production in the automotive industry as a whole. The program \u2014 which has been years in the making \u2014 aims to boost the country\u2019s existing assembly and manufacturing capabilities while also drawing in new avenues for investment. The localization of the automotive industry includes the manufacturing of automotive components such as tires. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The good news: Egypt has the potential.<\/span><span style=\"\"> Egypt is definitely a potential tire-manufacturing<\/span><span style=\"\"> hub, due to the numerous cost advantages it holds, Hauvala told Enterprise. Cost-wise, reasonably low labor and land costs make it a very attractive location for foreign investment. The growing population also makes the market increasingly appealing for investments \u2014 in an automobile-dependent country, the demand for tires grows in proportion to the growing population, he added. <\/span><span>These factors make Egypt an interesting prospective market for investment, and there are currently a handful of serious private sector players eyeing the industry, he said, without disclosing the names of these companies. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">There\u2019s still room for more companies to get involved, but there are hurdles in the<\/span><span style=\"font-weight:700\"> Egyptian market that are holding back investments<\/span><span>, Abou El Nasr told us. The lack of know-how in the Egyptian industry and the high cost of capital investment stand as significant barriers to entry for players eyeing the market, Nasr stated. The lack of raw materials available domestically increases our dependence on imported components, which when coupled with the USD crunch makes tire production extremely costly, he added.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inside-industry\/\">INSIDE INDUSTRY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"585020\" 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\/2023\/04\/09\/585020\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-585020\" class=\"content-area-description single-story post-585020 post type-post status-publish format-standard hentry category-the-enterprise-entertainment-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> THE ENTERPRISE ENTERTAINMENT CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">APRIL <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>9-11 April (Sunday-Tuesday): ACT Theatre Group performs <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/events\/684396740227775\/\" style=\"\">Goha fe Rawabet<\/a><\/span><span style=\"font-weight:400;\"> at 9pm, Rawabet Art Space.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10 April (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/groups\/350540205606670\" style=\"\">Bookly Ever After<\/a><\/span><span style=\"font-weight:400;\"> kids\u2019 event.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>12 April (Wednesday): Medhat Saleh <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/events\/950645109625067\/\" style=\"\">concert<\/a><\/span><span style=\"font-weight:400;\"> at 9:30pm, the Cairo Opera House.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14 April (Friday): Hazem Shaheen <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/events\/976136973549846\/?acontext=%7B%22event_action_history%22%3A%5B%7B%22mechanism%22%3A%22discovery_local_tab%22%2C%22surface%22%3A%22bookmark%22%7D%5D%2C%22ref_notif_type%22%3Anull%7D\" style=\"\">concert<\/a><\/span><span style=\"font-weight:400;\"> at 9pm, Rawabet Art Space.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>14 April (Friday): Egyptian Project <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/events\/182578651159586\/?acontext=%7B%22event_action_history%22%3A[%7B%22mechanism%22%3A%22discovery_local_tab%22%2C%22surface%22%3A%22bookmark%22%7D]%2C%22ref_notif_type%22%3Anull%7D\" style=\"\">live performance<\/a><\/span><span style=\"font-weight:400;\"> at 9pm, Skas Restaurant, El Obour.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 April (Saturday): Nesma Medhat folk <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/events\/904502133936634\/\" style=\"\">storytelling performance<\/a><\/span><span style=\"font-weight:400;\"> at 8pm, Maq\u2019ad of Sultan Qaitbey.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>15 April (Saturday): BigBang <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/events\/612954080293921\/\" style=\"\">stand-up comedy night<\/a><\/span><span style=\"font-weight:400;\"> at 8:30pm, Room Art Space and Caf\u00e9.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">16 April (Sunday): Coptic Easter.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>16 April (Sunday): Irtigalia <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/events\/6082504128545301\/?acontext=%7B%22event_action_history%22%3A[%7B%22mechanism%22%3A%22discovery_local_tab%22%2C%22surface%22%3A%22bookmark%22%7D]%2C%22ref_notif_type%22%3Anull%7D\" style=\"\">improv performance<\/a><\/span><span style=\"font-weight:400;\"> at 9pm, Room Art Space and Caf\u00e9.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">17 April (Monday): Sham El Nessim. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">21-26 April (Friday-Wednesday): LaLiga Egypt Football Camp, Xanadu Hotel, Makadi Bay, Hurghada. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">22 April (Saturday): Eid El Fitr (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>22 April (Saturday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/events\/905672813882245\/\" style=\"\">Iftour<\/a><\/span><span style=\"font-weight:400;\"> iftar and Downtown tour 5:30pm, Downtown Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">25 April (Tuesday): Sinai Liberation Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">MAY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">1 May (Monday): Labor Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>1 May (Monday): <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ticketsmarche.com\/prebooking\/buy-tickets-backstreet-boys-dna-world-tour-2023-prebooking-01-may-2023-zed-east-by-ora-new-cairo-10540.html?cdBusinessPartner=FB&fbclid=IwAR36Mo37QnFX4UwgJqR0vxxuZsaz-GpQCs471QM2U7XkW2kO6FFEL1Y58b4\" style=\"\">Backstreet Boys<\/a><\/span><span style=\"font-weight:400;\"> at 7pm, ZED East, New Cairo.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">4 May (Thursday): National holiday in observance of Labor Day (TBC). <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">12-15 May (Friday-Monday): Egypt Fashion Week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">JUNE <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span>10 June (Saturday): Thanaweya Amma examinations <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/moe.gov.eg\/what-s-on\/news\/dates-for-the-exams\/\" style=\"\">begin<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">30 June (Friday): June 30 Revolution Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">JULY <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">18 July (Tuesday): Islamic New Year.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">23 July (Sunday): Revolution Day. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">27 July (Thursday): National holiday in observance of Revolution Day.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">SEPTEMBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">OCTOBER <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">6 October (Friday): Armed Forces Day.13 October- 20 October (Friday-Friday): The sixth edition of El Gouna Film Festival (GFF).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">EVENTS WITH NO SET DATE<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\">2023: The inauguration of the Grand Egyptian Museum.<\/span><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":585001,"template":"","categories":[],"tags":[],"class_list":["post-585000","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"38b06109-4bfe-4fc2-80f2-e31d04bb261c","teaser":"","photo_url":"https:\/\/ent.news\/2023\/4\/371.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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