{"id":613264,"date":"2024-01-11T00:00:00","date_gmt":"2024-01-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&p=613264"},"modified":"2025-12-17T03:09:14","modified_gmt":"2025-12-17T03:09:14","slug":"work-and-art","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/work-and-art\/","title":{"rendered":"Work and art"},"content":{"rendered":"
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If you haven\u2019t already: Sign up for the UAE edition <\/strong>here<\/a><\/strong>. <\/strong>Our report, produced in the UAE and in Cairo, is written for decision-makers in the UAE as well as executives, investors, and others doing business or deploying capital there. <\/p>\n

EnterpriseAM UAE is available to you without charge <\/strong>thanks to the generous support of our friends at Mashreq and is published by 7am UAE time Monday through Friday.<\/p>\n

** THAT\u2019S NOT ALL: EnterpriseAM Saudi Arabia is launching later this month. <\/strong>You can sign up here<\/a> to let us know you\u2019d like to be on the list on launch day. More details soon. <\/p>\n

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THE BIG STORIES SINCE YESTERDAY<\/strong><\/p>\n

#1-<\/strong>New credit card restrictions:<\/strong> Abu Dhabi Islamic Bank and CIB have announced new monthly credit card limits for international transactions. Abu Dhabi Islamic Bank clamped down on international monthly credit card purchases within Egypt to the equivalent of USD 50 \u2014 down from the equivalent of USD 250. CIB also took a double-whammy approach, reducing the international monthly purchase limit from within Egypt to the equivalent of EGP 2,000-7,750. Limits for monthly international spending are now determined by segment type, not by credit card class, CIB said. More details are on the banks\u2019 websites here<\/a> and here<\/a>. Until we dispatched no other banks had publicly announced new limits. <\/p>\n

#2- Headline inflation eased for the third consecutive month in Egyptian cities<\/strong> thanks to a favorable base effect. The consumer prices decelerated in urban areas to 33.7% y-o-y in December from 34.6% in <\/a>November<\/a>, according to data released yesterday by state statistics agency Capmas.<\/p>\n

#3- ACWA Power + Hassan Allam Utilities secure land for their USD 1.5 bn wind farm in <\/strong>Egypt: <\/strong>A consortium led by Saudi\u2019s Acwa Power and includes Egypt\u2019s Hassan Allam Utilities, signed a 25-year land usufruct agreement with the New and Renewable Energy Authority (NREA) for its 1.1 GW wind farm<\/a> in the Gulf of Suez, according to a statement (pdf)<\/a> released yesterday. The consortium is set to begin site studies for the USD 1.5 bn project, which is expected to begin commercial operations by the end of 2026.<\/p>\n

THE BIG STORY ABROAD<\/strong><\/p>\n

The US Securities and Exchange Commission approving the first spot BTC ETFs is <\/strong>still driving the international news this afternoon. <\/strong>The SEC approved 11 ETFs from various sponsors, including Fidelity and Invesco, and they are set to trade with special tax treatment. This step marks a big move in the cryptocurrency market and could pull in investors since the risks of unregulated exchanges will be mitigated. Trading could come into effect as early as today after a months-long buildup featuring legal battles and some drama, as hackers posted about the approval prematurely through the SEC\u2019s X account, causing a brief 1.5% spike in BTC's price. (Financial Times<\/a> | Bloomberg<\/a>)<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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\u2600\ufe0f <\/strong>TOMORROW\u2019S<\/strong> WEATHER- <\/strong>Expect sunny skies tomorrow with a high of 19\u00b0C in the daytime before dropping down to 12\u00b0C in the evening, according to our favorite weather app. <\/p>\n\n\t<\/div>\n\n\t\n<\/article>\n\n\n

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FOR YOUR COMMUTE<\/p>\r\n

\r\n \r\n Shh, don\u2019t tell them it\u2019s an ESG investment <\/a>\r\n <\/h3>\r\n\r\n \r\n\t\t\t\t\t\n
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