{"id":542853,"date":"2022-01-20T03:59:21","date_gmt":"2022-01-20T03:59:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=542853"},"modified":"2025-12-15T20:02:54","modified_gmt":"2025-12-15T20:02:54","slug":"primary-surplus-falls-y-o-y-in-1h2021-2022","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/primary-surplus-falls-y-o-y-in-1h2021-2022\/","title":{"rendered":"Primary surplus falls y-o-y in 1H2021-2022"},"content":{"rendered":"<section id=\"542855\" 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=\"542855\">\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're Tracking Today<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/this-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser\/\">\r\n                            THIS MORNING: Egypt advance to Afcon knockouts after beating Sudan; Biden\u2019s epic presser                        <\/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\/2022\/01\/20\/this-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser\/\" 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\/2022\/01\/20\/this-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser\/')\">\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\/2022\/01\/20\/this-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser\/\">\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=THIS MORNING: Egypt advance to Afcon knockouts after beating Sudan; Biden\u2019s epic presser&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/this-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser\/\">\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\/2022\/01\/20\/this-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser\/&title=THIS MORNING: Egypt advance to Afcon knockouts after beating Sudan; Biden\u2019s epic presser\">\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=THIS+MORNING%3A+Egypt+advance+to+Afcon+knockouts+after+beating+Sudan%3B+Biden%E2%80%99s+epic+presser+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Fthis-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser%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\/2022\/01\/20\/this-morning-egypt-advance-to-afcon-knockouts-after-beating-sudan-bidens-epic-presser\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542855\" class=\"content-area-description single-story post-542855 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-biden-administration tag-customs tag-davos tag-diplomacy tag-enterpriseam tag-joe-biden tag-nafeza tag-politics tag-russia tag-sports tag-trade tag-us tag-what-were-tracking-today tag-world-cup wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Well, friends, we\u2019ve nearly made it through another workweek together <\/strong>\u2014 may our collective reward be a relaxing weekend and a very productive, holiday-shortened week to come. Expect an announcement this coming Sunday or Monday that we\u2019re taking next Thursday off in observation of the 25 January holiday.<\/p>\n<p><strong>It\u2019s a very quiet news morning here at home <\/strong>(the big story isn\u2019t even business, but our making the final 16 of Afcon) <strong>and abroad<\/strong> (where our friends at Kashat get a shout-out from Forbes). Enjoy the calm \u2014 our Spidey Senses tell us next week is going to be busy.<\/p>\n<p><strong>HAPPENING TODAY- Taking stock of Nafeza:<\/strong> Lynx Strategic Business Advisors is hosting a webinar this afternoon at 1pm CLT that will see Customs Authority chief Elshahat Ghatwary and Misr Technology Services\u2019 Khaled Nassef discuss the progress on implementing the new digital customs system, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34333583-f129-4e6d-ab99-763f535eccc2\">Nafeza<\/a>. The keynote speakers will also discuss their recommendations for the way forward and how to expand the application of the system. You can register for the webinar <a href=\"https:\/\/us06web.zoom.us\/webinar\/register\/WN_qRnR6ykARsSjBAI_ONw0Yw\">here<\/a>.<\/p>\n<p><strong>It\u2019s <\/strong><strong><a href=\"https:\/\/www.weforum.org\/events\/the-davos-agenda-2022\/programme\">Day 4<\/a><\/strong><strong> of digital Davos:<\/strong> Indonesia\u2019s president Joko Widodo and European Commission president Ursula von der Leyen will address participants in the morning of the fourth day of the virtual Davos Agenda. The afternoon will see sessions on ESG metrics, supply chains and global trade, and the commercialization of space.<\/p>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>AFCON- Egypt made it through to the final 16 of Afcon 2021 with a 1-0 <\/strong><strong>victory against S<\/strong><strong>udan<\/strong> last night. Center-back Mohamed Abdelmonem\u2019s headed goal in the 38th minute was enough to see the Pharaohs through to the next round but it was another unconvincing display for Carlos Quieroz\u2019s men, who rarely posed a threat to Sudan\u2019s goal. In the other game in Group D, Nigeria topped the group with maximum points after they cruised to a 2-0 victory against Guinea\u2013Bissau.<\/p>\n<p><strong>Who will Egypt face in the next round? We\u2019ll know tonight.<\/strong> Having finished second in the group, Egypt will face whoever tops Group E in the last 16. The group is still wide open and any of Ivory Coast, Equatorial Guinea, Sierra Leone and Algeria could top the group. The third and final games of the group will be played this evening, with leaders Ivory Coast facing bottom-placed Algeria, and Equatorial Guinea playing Sierra Leone.<\/p>\n<p><strong>MEANWHILE- Tickets for the Qatar 2022 World Cup are <\/strong><strong><a href=\"https:\/\/www.fifa.com\/tournaments\/mens\/worldcup\/qatar2022\/tickets\">now on sale<\/a><\/strong><strong>:<\/strong> Prices for group-stage matches start at around USD 69 while getting a good seat at the final is going to set you back as much as USD 1.6k. The tournament will kick off on 21 November, making it the first-ever winter World Cup.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>THE BIG STORY ABROAD- Joe Biden\u2019s epic presser is all over the front pages of<\/strong><strong> the <\/strong><strong>global press this morning.<\/strong> With his administration slumping in opinion polls and the Democrats facing an uphill battle in this year\u2019s midterms, the US president made a rare public appearance last night, answering questions from the press for almost two hours on his stalled legislative agenda, surging covid cases and tensions with Russia over Ukraine.<\/p>\n<p><strong>Most outlets are focusing heavily on his comments about Russia:<\/strong> Speaking unusually frankly on Russia\u2019s intentions in Ukraine, Biden said he expected Moscow to invade in the coming weeks (\u201cmy guess is [Putin] will move in, he has to do something\u201d), and threatened to introduce harsh sanctions and even cyber attacks in response. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-19\/biden-expects-russia-to-move-in-on-ukraine-warns-putin-again\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/europe\/blinken-says-russian-attack-ukraine-could-come-very-short-notice-2022-01-19\/\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/01\/19\/us\/biden-voting-rights-filibuster\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/01\/19\/joe-biden-live-updates\/\">Washington Post<\/a> | <a href=\"https:\/\/www.ft.com\/content\/0db12864-a154-4607-a0e8-c9722e956424\">FT<\/a>)<\/p>\n<p><strong>Fewer are focusing on the domestic problems faced by the administration<\/strong>, including covid-19, surging inflation, and a gridlocked Senate. <a href=\"https:\/\/apnews.com\/article\/coronavirus-pandemic-joe-biden-health-business-economy-6f49a98b7d04d41a4e9eb975c24fddc2\">The Associated Press<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-address-skeptics-presidency-nears-one-year-mark-wednesday-2022-01-19\/\">Reuters<\/a> both have macro takes on Biden\u2019s first year in office and where it goes from here.<\/p>\n<p><strong>The Fed:<\/strong> <a href=\"https:\/\/www.cnbc.com\/2022\/01\/19\/biden-backs-federal-reserve-chair-jerome-powell-policy-tightening-plan.html\">CNBC<\/a> is the only outlet highlighting Biden\u2019s comments expressing support for the Federal Reserve raising interest rates to curb inflation.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The Cairo International Book Fair<\/strong> opens next Wednesday, 26 January at the <strong>Egypt <\/strong><strong>International Exhibition Center.<\/strong> The event runs 13 days until 7 February.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/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\/biden-administration\/\">Biden administration<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/davos\/\">Davos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nafeza\/\">Nafeza<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-cup\/\">World Cup<\/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=\"542856\" 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                            \"\r\n            id=\"542856\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/542856\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542856\" class=\"content-area-description single-story post-542856 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/1600px-W-x-1200px-H-post-02-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Escape to a slice of bay paradise where golden sunsets touch the open sea. Somabay: so magnetic, every day.<\/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<section id=\"542857\" 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=\"542857\">\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\">Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/non-oil-exports-hit-record-usd-32-bn-in-2021\/\">\r\n                            Non-oil exports hit record USD 32 bn in 2021                        <\/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\/2022\/01\/20\/non-oil-exports-hit-record-usd-32-bn-in-2021\/\" 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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Government efforts to support exporters with subsidies and pay off arrears, restructure export councils, and bilateral and multilateral trade agreements helped to drive the increase in revenues, she said. The figure is slightly higher than the preliminary USD 31 bn Prime Minister Moustafa Madbouly announced at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f12d3c8-c550-4b95-89d6-74b63b3c63fa\">beginning of the month<\/a>.<\/p>\n<p><strong>The sectors that generated the most export revenues<\/strong> were chemical products and fertilizers at USD 6.7 bn (up 45%), engineering and electronics at USD 3.4 bn (up 46%), and readymade garments at USD 2 bn (up 39%).<\/p>\n<p><strong>Our biggest export markets?<\/strong> The US, Saudi Arabia, Turkey, Italy, the UAE, Malta, Spain, the UK, Libya and Canada.<\/p>\n<p><strong>And by region: <\/strong>Exports to the EU increased 56% to USD 9.2 bn, exports to the US were up 51% to USD 2.4 bn, exports to Africa excluding Arab nations jumped 28% to USD 1.9 bn, and exports to other markets were up 31% to hit USD 7 bn.<\/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\/nevine-gamea\/\">Nevine Gamea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade-and-industry-ministry\/\">Trade and Industry Ministry<\/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=\"542859\" 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=\"542859\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/\">\r\n                            Our maiden sovereign sukuk issuance is inching closer                        <\/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\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/\" 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\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/')\">\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\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/\">\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=Our maiden sovereign sukuk issuance is inching closer&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/\">\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\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/&title=Our maiden sovereign sukuk issuance is inching closer\">\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=Our+maiden+sovereign+sukuk+issuance+is+inching+closer+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Four-maiden-sovereign-sukuk-issuance-is-inching-closer%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\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/246.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"542860\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/our-maiden-sovereign-sukuk-issuance-is-inching-closer\/246-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/246.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"246.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/246.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/246.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542859\" class=\"content-area-description single-story post-542859 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-cabinet-watch tag-debt-watch tag-enterpriseam tag-new-and-renewable-energy-authority tag-smes tag-sukuk tag-usaid 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 Finance Ministry just got the green light to start preparing to take its first <\/strong><strong>sovereign sukuk issuance to international markets<\/strong>, after the Madbouly Cabinet signed off on the move during its <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/320076093496151\">weekly meeting yesterday<\/a>. The issuance is expected to drop sometime in the first half of this year, officials have said.<\/p>\n<p><strong>But first<\/strong><strong>: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1cbd3f2-6824-4bc3-8a9d-cb471806bb0e\">The Finance Ministry has said the government is looking to finalize<\/a> the executive regulations of the Sovereign Sukuk Act by the end of the month, setting the stage for the country\u2019s maiden issuance before the end of the fiscal year in June. Officials have previously suggested it could be in the c. USD 2 bn range. The Financial Regulatory Authority (FRA) and Al Azhar are working with the ministry on the regulations, which were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88126f66-190a-4cdd-a26b-d5ce65a7e762\">previously expected<\/a> to be issued by November last year.<\/p>\n<p><strong>Also approved yesterday:<\/strong><\/p>\n<ul>\n<li>A presidential decision to <strong>reallocate some areas of state-owned land <\/strong><strong>to the<\/strong><strong> General Authority for Reconstruction and Agricultural Development<\/strong> in Assiut, Minya, and Beni Suef to be used in various development projects. The land was previously held by the New and Renewable Energy Authority (NREA). Meanwhile, several plots of state-owned land in Assiut and Minya have been allocated to the NREA for solar and wind projects.<\/li>\n<li>A presidential decision to <strong>add USD 28.3 mn to the <\/strong><strong><a href=\"https:\/\/www.usaid.gov\/egypt\/economic-growth-and-trade\">Assistance Grant Agreement<\/a><\/strong><strong> between Egypt and the US<\/strong>, to bring the total amount of the grant to USD 155.9 mn, which will go towards supporting MSMEs and entrepreneurship, as well as technical vocational education, training and workforce development.<\/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\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-and-renewable-energy-authority\/\">New and Renewable Energy Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/usaid\/\">USAID<\/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=\"542861\" 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=\"542861\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/covid-tally-up-again-as-health-minister-says-omicron-spreading\/\">\r\n                            Covid tally up again as health minister says omicron spreading                        <\/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\/2022\/01\/20\/covid-tally-up-again-as-health-minister-says-omicron-spreading\/\" 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\/2022\/01\/20\/covid-tally-up-again-as-health-minister-says-omicron-spreading\/')\">\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\/2022\/01\/20\/covid-tally-up-again-as-health-minister-says-omicron-spreading\/\">\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=Covid tally up again as health minister says omicron spreading&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/covid-tally-up-again-as-health-minister-says-omicron-spreading\/\">\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\/2022\/01\/20\/covid-tally-up-again-as-health-minister-says-omicron-spreading\/&title=Covid tally up again as health minister says omicron spreading\">\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=Covid+tally+up+again+as+health+minister+says+omicron+spreading+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Fcovid-tally-up-again-as-health-minister-says-omicron-spreading%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\/2022\/01\/20\/covid-tally-up-again-as-health-minister-says-omicron-spreading\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542861\" class=\"content-area-description single-story post-542861 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam 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-06\"><\/a> <strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/252201553757733\">reported<\/a><\/strong><strong> 1,379<\/strong> <strong>new covid-19 infections yesterday<\/strong>, up from 1,303 the day before. Egypt has now disclosed a total of 403,990 confirmed cases of covid-19. The ministry also reported 33 new deaths, bringing the country\u2019s total death toll to 22,238.<\/p>\n<p><strong>Omicron taking hold?<\/strong> There has been an \u201cincrease in the prevalence\u201d of omicron in Egypt between November and January, a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/320075386829555\">Health Ministry statement<\/a> reported interim minister Khaled Abdel Ghaffar as saying during yesterday\u2019s weekly cabinet meeting, without disclosing further details. Since its discovery in late November, the ministry has provided little information on omicron\u2019s presence in Egypt, making it hard to gauge to what extent the variant is responsible for the recent upswing in cases.<\/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\/covid-19\/\">covid-19<\/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=\"542862\" 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=\"542862\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\">\r\n                            Primary surplus falls y-o-y in 1H2021-2022                        <\/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\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\" 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 surplus came on the back of an increase in tax revenues, which rose 16% y-o-y, the minister said.<\/p>\n<p><strong>The surplus is down on an annual basis, but it\u2019s still a surplus: <\/strong>The surplus is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ef08409-5977-4816-915a-9daf6cf04c63\">down 77%<\/a> on the same period last fiscal year, but marks a positive shift from where we stood in the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/db3e7873-e17d-4691-b57e-b53c6a4734e7\">first quarter of the fiscal year<\/a>, when the primary balance fell into a slight deficit, while the overall deficit widened.<\/p>\n<p><strong>Is the surplus on track with expectations?<\/strong> The Finance Ministry expects the primary surplus to increase to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79d7e611-1ab6-488a-a236-2fc863fa1576\">1.5% of GDP<\/a> this fiscal year, from 0.9% in FY 2020-2021. We won\u2019t know how we fared in 1H2021-2022 in relation to that forecast until GDP figures are released for the second quarter. GDP growth hit 9.8% in the first quarter of FY2021-2022, and is expected to record 6-7% in the second quarter, Planning Minister Hala El Said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/346bda71-d9f0-42ee-b29d-1a13546e3181\">has said<\/a>.<\/p>\n<p><strong>The budget deficit won\u2019t shrink as much as previously hoped: <\/strong>The budget deficit is now expected to stand at 6.9% by the end of FY2021-2022, after the ministry revised upwards its prior <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f10ef3d-eec0-4f11-a112-c1dee1ee9780\">forecast of 6.7%<\/a> on the basis of the first-half data. The deficit narrowed from 8.0% to 7.4% last fiscal year, and is targeted to fall to 6.1% in FY 2022-2023.<\/p>\n<p><strong>Public investment increased 12% y-o-y to EGP 82 bn in<\/strong> <strong>1H2021-2022<\/strong>, with the biggest increases to spending on premiums paid to pension funds (up 77%), health (up 30.4%), and education (up 21.1%). Spending on state pensions and the Takaful and Karama programs was up 10.7%, while spending on salaries also increased by 10.4% as the new EGP 2.4k public sector minimum wage came into effect. The pandemic also saw spending on meds triple to hit EGP 9.2 bn.<\/p>\n<p><strong>Silence on debt repayments:<\/strong> Maait didn\u2019t disclose how much the government spent on servicing its debts, which is the single-biggest cost to the public purse. <a href=\"https:\/\/ent.news\/2022\/1\/Section-4-Fiscal-Sector4.pdf\">Official figures (pdf)<\/a> show that interest payments alone accounted for 41% of all expenditure during 1Q 2021-2022. The ministry expects to spend EGP 579.6 bn on interest during the course of the year, amounting to almost a third of total expenditure.<\/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\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/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=\"542864\" 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=\"542864\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/\">\r\n                            Aldar CEO appointed as SODIC chairman                        <\/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\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/\" 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\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/')\">\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\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/\">\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=Aldar CEO appointed as SODIC chairman&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/\">\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\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/&title=Aldar CEO appointed as SODIC chairman\">\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=Aldar+CEO+appointed+as+SODIC+chairman+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Faldar-ceo-appointed-as-sodic-chairman%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\/2022\/01\/20\/aldar-ceo-appointed-as-sodic-chairman\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542864\" class=\"content-area-description single-story post-542864 post type-post status-publish format-standard hentry category-moves tag-adq tag-enterpriseam tag-magued-sherif tag-moves tag-sodic 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-05\"><\/a> <strong>Aldar Group CEO Talal Shaffique Abdullah Al Dhiyebi<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/talal-al-dhiyebi-52288840\/\">LinkedIn<\/a>) will become SODIC\u2019s new chairman after being voted in by the board Tuesday, replacing <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6be5141f-11c8-4977-a3e7-777ab0fab5ea\">Osama Saleh<\/a><\/strong> who will now serve as deputy chairman, the company announced in an <a href=\"https:\/\/ent.news\/2022\/1\/SODIC-Board-of-directors-filing-18.1.2022.pdf\">EGX disclosure (pdf)<\/a> following the new board of directors\u2019 first meeting on Tuesday. Our friend <strong>Magued Sherif<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/magued-sherif-11823855\">LinkedIn<\/a>) will remain <strong>managing director<\/strong> of the company.<\/p>\n<p><strong>Reminder:<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be2aa5c9-5fd7-4c4a-b65a-2d70a469a9b3\">formation<\/a> of the new board came after the Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ in December <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ff33ea0-89c5-479c-87c3-bace1f57c63c\">acquired 85.5% of SODIC<\/a> in an allcash, EGP 6.1 bn transaction. The new structure sees five representatives from Aldar on the board, and two other spots taken up by representatives from ADQ\u2019s Gamma Forge. In addition to Sherif, and Saleh, Masar Chairwoman and CEO \u2014 and former investment minister \u2014 Dalia Khorshed rounds out the board as an independent director.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/magued-sherif\/\">Magued Sherif<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/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=\"542865\" 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=\"542865\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/efg-hermes-pakistan-named-best-international-brokerage-in-asiamoney-poll\/\">\r\n                            EFG Hermes Pakistan named best international brokerage in Asiamoney Poll                        <\/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\/2022\/01\/20\/efg-hermes-pakistan-named-best-international-brokerage-in-asiamoney-poll\/\" 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\/2022\/01\/20\/efg-hermes-pakistan-named-best-international-brokerage-in-asiamoney-poll\/')\">\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\/2022\/01\/20\/efg-hermes-pakistan-named-best-international-brokerage-in-asiamoney-poll\/\">\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=EFG Hermes Pakistan named best international brokerage in Asiamoney Poll&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/efg-hermes-pakistan-named-best-international-brokerage-in-asiamoney-poll\/\">\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\/2022\/01\/20\/efg-hermes-pakistan-named-best-international-brokerage-in-asiamoney-poll\/&title=EFG Hermes Pakistan named best international brokerage in Asiamoney Poll\">\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=EFG+Hermes+Pakistan+named+best+international+brokerage+in+Asiamoney+Poll+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Fefg-hermes-pakistan-named-best-international-brokerage-in-asiamoney-poll%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\/2022\/01\/20\/efg-hermes-pakistan-named-best-international-brokerage-in-asiamoney-poll\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542865\" class=\"content-area-description single-story post-542865 post type-post status-publish format-standard hentry category-kudos tag-capital-markets tag-efg-hermes tag-enterpriseam tag-financial-services tag-kudos tag-pakistan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>KUDOS-<\/strong> <strong>EFG Hermes Pakistan was named best international brokerage firm for the first <\/strong><strong>time <\/strong>in the 2021 <a href=\"https:\/\/www.asiamoney.com\/\">Asiamoney<\/a> Brokers Poll, the firm <a href=\"https:\/\/www.efghermes.com\/en\/newsroom-km\/efg-hermes-pakistan-best-brokerage-firm-asia-money\">announced in a statement<\/a>. The EFG Hermes subsidiary was also named the third-best brokerage for research, sales, corporate access, and execution in the poll, in which 5.7k representatives of institutional investment firms took part. \u201cThe recognition that the team in Pakistan has garnered in the Asiamoney Brokers Poll is a true testament to the kind of foothold that EFG Hermes has been able to attain,\u201d our friend Ali Khalpey, EFG Hermes Frontier CEO, said.<\/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\/capital-markets\/\">capital markets<\/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\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pakistan\/\">Pakistan<\/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=\"542866\" 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                            \"\r\n            id=\"542866\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/542866\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542866\" class=\"content-area-description single-story post-542866 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/Villette-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/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<section id=\"542867\" 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=\"542867\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/last-nights-talk-shows-minimum-wage-hike-tops-the-agenda-for-second-day-running\/\">\r\n                            Last Night\u2019s Talk Shows: Minimum wage hike tops the agenda for second day running                        <\/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\/2022\/01\/20\/last-nights-talk-shows-minimum-wage-hike-tops-the-agenda-for-second-day-running\/\" 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\/2022\/01\/20\/last-nights-talk-shows-minimum-wage-hike-tops-the-agenda-for-second-day-running\/')\">\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\/2022\/01\/20\/last-nights-talk-shows-minimum-wage-hike-tops-the-agenda-for-second-day-running\/\">\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=Last Night\u2019s Talk Shows: Minimum wage hike tops the agenda for second day running&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/last-nights-talk-shows-minimum-wage-hike-tops-the-agenda-for-second-day-running\/\">\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\/2022\/01\/20\/last-nights-talk-shows-minimum-wage-hike-tops-the-agenda-for-second-day-running\/&title=Last Night\u2019s Talk Shows: Minimum wage hike tops the agenda for second day running\">\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=Last+Night%E2%80%99s+Talk+Shows%3A+Minimum+wage+hike+tops+the+agenda+for+second+day+running+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Flast-nights-talk-shows-minimum-wage-hike-tops-the-agenda-for-second-day-running%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\/2022\/01\/20\/last-nights-talk-shows-minimum-wage-hike-tops-the-agenda-for-second-day-running\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542867\" class=\"content-area-description single-story post-542867 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-finance-ministry tag-last-nights-talk-shows tag-minimum-wage wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The 12.5% hike to the minimum wage announced on Tuesday <\/strong>continued to dominate the airwaves on a quiet night last night. The monthly minimum wage paid to public sector workers will rise to EGP 2.7k from July on the instruction of President Abdel Fattah El Sisi, who also directed that 30k new teachers be hired annually for the next five years.<\/p>\n<p><strong>The minimum wage hike will cost the state treasury around EGP 45 bn<\/strong>, Finance Minister Mohamed Maait said in yesterday\u2019s Cabinet meeting. Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=KmrTtk5BSPA\">watch, runtime: 1:29<\/a>) and Al Hayah Al Youm (watch, runtime: <a href=\"https:\/\/www.youtube.com\/watch?v=h8enJwO4pxE\">6:16<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=YPj1bLA7xkk\">3:33<\/a>) had coverage.<\/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\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/minimum-wage\/\">minimum wage<\/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=\"542868\" 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 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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\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column 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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/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-aket789\" data-v=\"4\" data-block-id=\"aket789\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-aket789-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-aket789-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\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" 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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=\"542869\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/egypt-in-the-news-city-of-the-dead-tomb-removals-egp-bns-spent-on-cultural-heritage\/\">\r\n                            Egypt in the News: City of the Dead tomb removals + EGP bns spent on cultural heritage                        <\/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\" 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   <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/egypt-in-the-news-city-of-the-dead-tomb-removals-egp-bns-spent-on-cultural-heritage\/&title=Egypt in the News: City of the Dead tomb removals + EGP bns spent on cultural heritage\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News%3A+City+of+the+Dead+tomb+removals+%2B+EGP+bns+spent+on+cultural+heritage+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Fegypt-in-the-news-city-of-the-dead-tomb-removals-egp-bns-spent-on-cultural-heritage%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\/2022\/01\/20\/egypt-in-the-news-city-of-the-dead-tomb-removals-egp-bns-spent-on-cultural-heritage\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542869\" class=\"content-area-description single-story post-542869 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-archaeology tag-enterpriseam tag-khaled-el-anany tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a pleasantly quiet news day for Egypt in the international press. <\/strong><\/p>\n<p><strong>IN BUSINESS NEWS- Our friends at <\/strong><strong><a href=\"https:\/\/kashat.com.eg\/en\/\">Kashat, the country\u2019s first nano-financial services<\/a><\/strong><strong><a href=\"https:\/\/kashat.com.eg\/en\/\">provider<\/a><\/strong><strong>, get a shout-out in Forbes<\/strong>, where they\u2019re name-checked in a piece on whether <a href=\"https:\/\/www.forbes.com\/sites\/adigaskell\/2022\/01\/18\/ai-creates-job-disruption-but-not-job-destruction\/?sh=796d5aa23b3e\">artificial intelligence is destroying or disrupting jobs<\/a>. Their take: \u201cWith the introduction of AI, new skills have been introduced into the underwriting process [in a labor-intensive industry] in order to serve at scale, while enabling employees to further expand their skillset and become even more valuable in the future.\u201d<\/p>\n<p><strong>MEANWHILE- <\/strong>The UAE\u2019s <a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/01\/19\/cairos-city-of-the-dead-faces-destruction-to-ease-traffic-jams\/\">the National<\/a> picked up on opposition to the planned <strong>removal of <\/strong><strong>some 2k tombs in Cairo\u2019s City of the Dead<\/strong> to make way for a motorway. And <strong>we\u2019re spending EGP bns to <\/strong><strong>promote and preserve antiquities<\/strong><strong>: <\/strong>\u201cWe are paying like we never paid before to preserve our heritage,\u201d <a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/01\/19\/egypt-is-spending-billions-to-preserve-and-promote-its-cultural-heritage-minister-says\/\">the same outlet<\/a> reports Tourism and Antiquities Minister Khaled El Enany as saying on Tuesday<\/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\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khaled-el-anany\/\">Khaled El Anany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"542870\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"542871\" 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=\"542871\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/hitachi-to-help-connect-vestas-250-mw-suez-gulf-wind-farm-to-national-grid\/\">\r\n                            Hitachi to help connect Vestas\u2019 250 MW Suez Gulf wind farm to national grid                        <\/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\/2022\/01\/20\/hitachi-to-help-connect-vestas-250-mw-suez-gulf-wind-farm-to-national-grid\/\" 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\/2022\/01\/20\/hitachi-to-help-connect-vestas-250-mw-suez-gulf-wind-farm-to-national-grid\/')\">\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\/2022\/01\/20\/hitachi-to-help-connect-vestas-250-mw-suez-gulf-wind-farm-to-national-grid\/\">\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=Hitachi to help connect Vestas\u2019 250 MW Suez Gulf wind farm to national grid&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/hitachi-to-help-connect-vestas-250-mw-suez-gulf-wind-farm-to-national-grid\/\">\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\/2022\/01\/20\/hitachi-to-help-connect-vestas-250-mw-suez-gulf-wind-farm-to-national-grid\/&title=Hitachi to help connect Vestas\u2019 250 MW Suez Gulf wind farm to national grid\">\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=Hitachi+to+help+connect+Vestas%E2%80%99+250+MW+Suez+Gulf+wind+farm+to+national+grid+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Fhitachi-to-help-connect-vestas-250-mw-suez-gulf-wind-farm-to-national-grid%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\/2022\/01\/20\/hitachi-to-help-connect-vestas-250-mw-suez-gulf-wind-farm-to-national-grid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542871\" class=\"content-area-description single-story post-542871 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-climate tag-commodities tag-enterpriseam tag-green-economy tag-hurghada tag-manufacturing tag-new-and-renewable-energy-authority tag-renewable-energy tag-renewables tag-tourism tag-vestas-wind-systems wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Hitachi Energy will provide the equipment to connect Vestas\u2019 250 MW wind farm <\/strong><strong>in the Gulf of Suez to the national grid<\/strong>, it said in <a href=\"https:\/\/ent.news\/2022\/1\/Hitachi-GOS-Wind-Farm-Press-Release.pdf\">a statement (pdf)<\/a> yesterday. The 70-turbine farm will generate 1 TWh of energy each year when operational. The New and Renewable Energy Authority signed an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b82dcb9-9d57-4606-922d-b94fcc35f8e8\">EGP 4.3 bn agreement<\/a> with a consortium led by Denmark\u2019sVestas in summer 2020. It was said at the time that the plant would take 35 months to construct.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Fund administrator <\/strong><strong><a href=\"https:\/\/www.servfund.com\/about_us\">Servfund<\/a><\/strong> plans to establish an <strong>EGP 2 bn investment fund<\/strong><strong> for non-banking financial services<\/strong> including consumer financing and financial leasing.<\/li>\n<li><strong>Tripadvisor has named Hurghada the <\/strong><strong><a href=\"https:\/\/edition.cnn.com\/travel\/article\/tripadvisor-travelers-choice-awards-2022\/index.html\">10th most popular<\/a><\/strong><strong> travel destination <\/strong><strong>worldwide<\/strong> in its 2022 Travellers\u2019 Choice Awards, while Cairo made the #2 spot on its <a href=\"https:\/\/www.tripadvisor.com\/TravelersChoice-Destinations\">2022 top trending destinations list<\/a>.<\/li>\n<li><strong><a href=\"https:\/\/delemaralu.com\/\">Delemar Aluminum<\/a><\/strong><strong> will open <\/strong><strong><a href=\"https:\/\/bit.ly\/3o2FqB9\">three new factories<\/a><\/strong><strong> worth a total EGP 450<\/strong><strong> mn in 6th of October City\u2019s industrial zone this year<\/strong>, with a first phase set to start operations in March. The company is among the largest producers of extruded aluminum products in Egypt and the wider region.<\/li>\n<li><strong>Athlete found dead in Kafr El Sheikh:<\/strong> The 21-year-old former speedball world champion Rawan El Hussein was found dead on a rooftop in Kafr El Sheikh. Police are treating it as a murder and <a href=\"https:\/\/bit.ly\/3tFXkNv\">have made an arrest<\/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\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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\/hurghada\/\">Hurghada<\/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\/new-and-renewable-energy-authority\/\">New and Renewable Energy Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vestas-wind-systems\/\">Vestas Wind Systems<\/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=\"542872\" 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=\"542872\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/nasdaq-falls-into-correction-as-tech-exit-continues-early-swvl-investors-eye-africa-spac\/\">\r\n                            Nasdaq falls into correction as tech exit continues + Early Swvl investors eye Africa SPAC                        <\/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\/2022\/01\/20\/nasdaq-falls-into-correction-as-tech-exit-continues-early-swvl-investors-eye-africa-spac\/\" 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 tech-heavy index fell another 1.2% during the trading session as investors continued to exit growth stocks in anticipation of rising interest rates. The other benchmark indexes didn\u2019t fare much better, with the S&amp;P 500 and the Dow Jones both losing 1.0%. The story is on all the front pages of the business press this morning: <a href=\"https:\/\/www.reuters.com\/business\/futures-gain-unitedhealth-bofa-rise-results-2022-01-19\/\">Reuters<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/01\/18\/stock-market-futures-open-to-close-news.html\">CNBC<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-18\/stocks-set-to-extend-drop-amid-higher-bond-yields-markets-wrap?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/global-stock-markets-dow-update-01-19-2022-11642581538\">Wall Street Journal<\/a>.<\/p><p><strong>Shares in Asia are mostly in the black this morning<\/strong>, with indexes in China, Hong Kong, Japan and South Korea all seeing strong gains. Shares in the US and Europe are currently on course to rebound from yesterday\u2019s sell-off, according to the futures markets.<\/p><p><strong>Also worth noting:<\/strong><\/p><ul>\n<li><strong>SPACs for Africa:<\/strong> Two of Swvl\u2019s early investors are hoping to repeat the ride-hailing firm\u2019s success in merging with a blank check firm last year by setting up a SPAC of their own targeting startups on the continent. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-19\/angel-investors-plan-blank-check-firm-targeting-african-startups?sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Goldman who?<\/strong> <a href=\"https:\/\/d1io3yog0oux5.cloudfront.net\/_b6af6691b4ac08762ec9549f4bdf96ce\/bankofamerica\/db\/806\/9527\/earnings_release\/The+Press+Release.pdf\">Bank of America (pdf)<\/a> and <a href=\"https:\/\/www.morganstanley.com\/content\/dam\/msdotcom\/en\/about-us-ir\/shareholder\/4q2021.pdf\">Morgan Stanley (pdf)<\/a> both posted strong 4Q earnings yesterday, ending a so-so earnings season for America\u2019s biggest banks which saw <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4359591-7c38-466d-a5fd-6bc11073d6c5\">Goldman Sachs<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0491cca-a488-4429-aba8-f65182f00f79\">Citigroup<\/a> and JPMorgan post weaker than expected quarterly earnings.<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,715<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,260<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>8,613<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: +1.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,169<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -0.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,532<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -4.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,590<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 87.72<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.03<\/p>\n<\/td>\n<td>\n<p>-5.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,843<\/p>\n<\/td>\n<td>\n<p>+1.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 41,987<\/p>\n<\/td>\n<td>\n<p>-1.4% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.4% yesterday<\/strong> on turnover of EGP 724 mn (37.5% below the 90-day average). Local investors were net buyers. The index is down 2.0% YTD.<\/p><p><strong>In the green: <\/strong>TMG Holding (+1.0%) and Orascom Development Egypt (+0.4%).<\/p><p><strong>In the red: <\/strong>MM Group (-4.4%), CIRA (-4.3%) and Rameda (-2.9%).<\/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\/african-startups\/\">African startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bank-of-america\/\">Bank of America<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jpmorgan\/\">JPMorgan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morgan-stanley\/\">Morgan Stanley<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/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=\"542873\" 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=\"542873\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/uae-gives-turkey-usd-4-9-bn-helping-hand-to-prop-up-the-try\/\">\r\n                            UAE gives Turkey USD 4.9 bn helping hand to prop up the TRY                        <\/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\/2022\/01\/20\/uae-gives-turkey-usd-4-9-bn-helping-hand-to-prop-up-the-try\/\" 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\/2022\/01\/20\/uae-gives-turkey-usd-4-9-bn-helping-hand-to-prop-up-the-try\/')\">\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\/2022\/01\/20\/uae-gives-turkey-usd-4-9-bn-helping-hand-to-prop-up-the-try\/\">\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=UAE gives Turkey USD 4.9 bn helping hand to prop up the TRY&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/uae-gives-turkey-usd-4-9-bn-helping-hand-to-prop-up-the-try\/\">\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\/2022\/01\/20\/uae-gives-turkey-usd-4-9-bn-helping-hand-to-prop-up-the-try\/&title=UAE gives Turkey USD 4.9 bn helping hand to prop up the TRY\">\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=UAE+gives+Turkey+USD+4.9+bn+helping+hand+to+prop+up+the+TRY+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Fuae-gives-turkey-usd-4-9-bn-helping-hand-to-prop-up-the-try%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\/2022\/01\/20\/uae-gives-turkey-usd-4-9-bn-helping-hand-to-prop-up-the-try\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542873\" class=\"content-area-description single-story post-542873 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-boris-johnson tag-enterpriseam tag-israel tag-mahmoud-abbas tag-palestine tag-sheikh-jarrah tag-turkey tag-uae tag-uk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The UAE and Turkey signed a USD 4.9 bn, three-year currency swap agreement <\/strong><strong>yesterday<\/strong> in a bid to prop up dwindling Turkish FX reserves, adding to similar agreements with Qatar, South Korea and China, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-19\/turkey-uae-sign-fx-swap-deal-worth-around-5-billion?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg reports<\/a>. Turkey <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e11e634-8053-4d77-990b-d49341e28608\">has been selling<\/a> record amounts of USD to support its crashing currency \u2014 which lost 40% of its value last month alone. The agreement cements the new friendship between the two countries, after the UAE signed agreements with Turkey for bns of USD of investments <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/becc9ce3-6354-4e43-abef-fc0770e6346e\">last November<\/a> to help stabilize the TRY.<\/p>\n<p><strong>Also worth knowing this morning:<\/strong><\/p>\n<ul>\n<li><strong>Is the party finally over for Boris Johnson? <\/strong>Pressure is escalating on the British prime minister to resign \u2014 or else risk being pushed out of power by his own MPs \u2014 as outrage over Downing Street lockdown parties refuses to dissipate, <a href=\"https:\/\/www.reuters.com\/world\/uk\/uk-pm-johnson-faces-plot-trigger-leadership-challenge-2022-01-19\/\">Reuters<\/a>reports<\/li>\n<li><strong>Yesterday\u2019s pre-dawn demolition of a disputed property in east Jerusalem\u2019s <\/strong><strong>Sheikh Jarrah by Israeli police<\/strong> has set off local protests and drawn international criticism, with Palestinian President Mahmoud Abbas calling it a \u201cwar crime,\u201d <a href=\"https:\/\/apnews.com\/article\/lifestyle-middle-east-jerusalem-israel-neighborhoods-60b62d0c043cd9a00e9bb04204f3b849\">AP reports<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/boris-johnson\/\">Boris Johnson<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-abbas\/\">Mahmoud Abbas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sheikh-jarrah\/\">Sheikh Jarrah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/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=\"542874\" 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=\"542874\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/my-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl\/\">\r\n                            My Morning Routine: Mohamed El Feky, founder and CEO of Sympl                        <\/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\/2022\/01\/20\/my-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl\/\" 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\/2022\/01\/20\/my-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl\/')\">\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\/2022\/01\/20\/my-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl\/\">\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=My Morning Routine: Mohamed El Feky, founder and CEO of Sympl&url=https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/my-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl\/\">\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\/2022\/01\/20\/my-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl\/&title=My Morning Routine: Mohamed El Feky, founder and CEO of Sympl\">\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=My+Morning+Routine%3A+Mohamed+El+Feky%2C+founder+and+CEO+of+Sympl+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F01%2F20%2Fmy-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl%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\/2022\/01\/20\/my-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/251.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"542875\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/my-morning-routine-mohamed-el-feky-founder-and-ceo-of-sympl\/251-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/251.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"251.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/251.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/251.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542874\" class=\"content-area-description single-story post-542874 post type-post status-publish format-standard has-post-thumbnail hentry category-my-morning-routine tag-banking tag-consumer-finance tag-enterpriseam tag-mohamed-el-feky tag-my-morning-routine tag-sympl tag-valu wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Mohamed El Feky, founder and CEO of Sympl: <\/strong>Each week, My Morning Routine looks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun. Speaking to us this week is Mohamed El Feky (<a href=\"https:\/\/eg.linkedin.com\/in\/mohamed-el-shabrawy-el-feky-4071739\">LinkedIn<\/a>), founder and CEO of consumer finance player <a href=\"https:\/\/sympl.ai\/\">Sympl<\/a> and, previously, part of the team that helped create EFG Hermes\u2019 valU. Edited excerpts from our conversation follow:<\/p>\n<p><strong>My name is Mohamed El Feky, I am originally an engineer, but I\u2019ve never worked in the field.<\/strong> I\u2019ve always been fascinated with marketing and sales and, over the years, I developed a passion for it. I did a marketing diploma and later an MBA in marketing and spent 20 years in corporate life, 11-12 of which were in the banking sector. It wasn\u2019t planned at all, but I ended up in this industry. I moved around a lot between banks, doing roles in product development and segment management.<\/p>\n<p><strong>We don't acquire the customer, we acquire the purchase. <\/strong>Many customers have the money and the need, but they don\u2019t have to pay it all at once in this single transaction. This was especially true after the pandemic, when we all went to a phase of uncertainty. So what Sympl tries to do is give customers control over their spending by approaching them at checkout and offering the pay later option. They\u2019ve already made their decision about what they want to buy, so we give them the option of how to pay it off depending on their employment status and how they are paid.<\/p>\n<p><strong>Right now, my morning routine revolves around work and numbers and responding to emails.<\/strong> I stopped having a personal daily routine when I quit my banking job. I used to have a morning routine and go for a jog before going to the office, but this stopped six or seven years ago. It is not good, but it happened.<\/p>\n<p><strong>My responsibilities include managing the team, making sure that we have the right calibers for the model and for the challenge. <\/strong>In a startup, you need people who believe in value creation, people who want to disrupt the market. I\u2019m not looking for typical employees who are looking for a 9-5 job, so it\u2019s all about the team and how they can work in sync together. I work very hard to make sure that they are compatible to avoid disputes or conflicts. Secondly, I give a lot of attention to our marketing services and I usually respond personally to customers on social media because their voice is very important to me.<\/p>\n<p><strong>The easiest part of my job is staying focused and organized <\/strong><strong>\u2014 <\/strong><strong>I think this comes easy to me because I\u2019m an engineer, so I\u2019m already very structured. <\/strong>The challenge is that not everyone else understands or appreciates what it means to be organized. It means that you are sequential, you don\u2019t make impulsive decisions, which some people see as a waste of time, so I have to put in extra time and effort to educate them on why we have to follow this route.<\/p>\n<p><strong>I like going to the sea to relax and switch off. <\/strong>Sitting on the beach is my ultimate goal. That would be my retirement plan. I wouldn\u2019t even mind being a beach boy. Anything that brings me closer to the sea is very fulfilling. On a day-to-day basis, I like listening to Omm Kolthoum concerts on Rotana Classic at 10pm. If I manage to go home early, I like to watch black-and-white Egyptian movies.<\/p>\n<p><strong>I don\u2019t usually watch TV shows because I like to start and finish things in one sitting<\/strong>, but during the pandemic I watched the Good Doctor and I really liked it.<\/p>\n<p><strong>On a personal level, after making sure that the company is going well, I\u2019d like to give more time to my kids, because I only see them once or twice a week right now. <\/strong>On a professional level, if this company is successful, I\u2019d like to help other young people who have ideas but don't have funding or connections to realize their dreams. I do it now informally, so people send me messages over LinkedIn asking me about certain things, but I want it to be much more structured so that they can feel the return.<\/p>\n<p><strong>I was very fortunate to meet a lot of good people in my life, so I borrowed bits and pieces of advice from everyone. <\/strong>But the main piece of advice that I would share with others is to say yes to the things that God gives you and not to overthink things. You can think things while you\u2019re in the experience itself.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/mohamed-el-feky\/\">Mohamed El Feky<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sympl\/\">Sympl<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"542876\" 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\/2022\/01\/20\/542876\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-542876\" class=\"content-area-description single-story post-542876 post type-post status-publish format-standard hentry category-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>1Q2022: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9cd1fc44-1593-4317-8658-0aa792215521\">Launch of the Egyptian Commodities Exchange<\/a>.<\/p>\n<p>1Q2022: Swvl acquisition of Viapool expected to close.<\/p>\n<p>1Q2022: Waste collection startup Bekia plans to expand to the UAE and Saudi Arabia.<\/p>\n<p>1Q2022: Rameda Pharma will begin selling its generic version of Merck\u2019s oral antiviral covid-19 med.<\/p>\n<p>Early 2022: Results <a href=\"https:\/\/www.elwatannews.com\/news\/details\/5876314\">to be announced<\/a> for the second round of the state\u2019s gold and precious metals auction.<\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1H2022: The government will respond to private companies\u2019 bids to build desalination plants.<\/p>\n<p>1H2022: Egypt\u2019s second corporate green bond issuance expected to be announced.<\/p>\n<p>January: Sovereign Sukuk Act executive regulations expected to be finalized.<\/p>\n<p>January: Tenth of Ramadan dry port tender to be launched.<\/p>\n<p>January: Three-month trial period of ACI for air freight to begin.<\/p>\n<p>9 January - 6 February (Sunday-Sunday): 2021 Africa Cup of Nations, Cameroon.<\/p>\n<p>Second half of January: Egypt <a href=\"https:\/\/alborsaanews.com\/2021\/11\/23\/1483989\">will host<\/a> the Egyptian-Bahraini Joint Committee.<\/p>\n<p>Second half of January: <a href=\"https:\/\/alborsaanews.com\/2021\/12\/20\/1492507\">Regulations<\/a> for installing EV charging stations will be published.<\/p>\n<p>17-21 January (Monday-Friday): World Economic Forum\u2019s <a href=\"https:\/\/www.weforum.org\/events\/the-davos-agenda-2022\">Davos Agenda<\/a>, virtual.<\/p>\n<p>20 January (Thursday): Kadmar Shipping\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01ff5c98-c2b7-42a3-9c0f-7e33f4c9e638\">new line<\/a> transporting agricultural crops between Alexandria and Russia begins its operations.<\/p>\n<p>19-21 January (Wednesday-Friday): South Korean President Moon Jae-in <a href=\"https:\/\/bit.ly\/3f4YtFS\">will visit Egypt<\/a> as part of his diplomatic tour of the region.<\/p>\n<p>23 January (Sunday): Deadline for Macro Pharma to IPO on the EGX.<\/p>\n<p>25 January (Tuesday): The IMF will release its World Economic Outlook.<\/p>\n<p>25 January (Tuesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>25 January (Tuesday): <a href=\"https:\/\/alex.technesummit.com\/2022\">Techne Summit<\/a> announces awardees of Corporate Innovation Program.<\/p>\n<p>25-26 January (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>26 January-7 February (Wednesday-Monday): Cairo International Book Fair, Egypt International Exhibition Center.<\/p>\n<p>27 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p>30-31 January (Sunday-Monday): <a href=\"https:\/\/alborsaanews.com\/2022\/01\/12\/1498617\">Ins. Federation of Egypt medical ins. forum<\/a>.<\/p>\n<p>End of January: The Egyptian-Romanian business forum will take place with the aim of strengthening joint investment relations.<\/p>\n<p>January-February 2022: Construction work on the Abu Qir metro upgrade <a href=\"https:\/\/www.youtube.com\/watch?v=vXBilirlgw0\">will begin<\/a>.<\/p>\n<p>February: Hassan Allam Construction\u2019s <a href=\"https:\/\/alborsaanews.com\/2021\/12\/07\/1488592\">new construction firm<\/a> established with Russia\u2019s Titan-2 to handle construction work on the Dabaa nuclear power plant begins its operations.<\/p>\n<p>February: Ghazl El Mahalla shares will begin trading on the EGX this month.<\/p>\n<p>February: Suez canal transit fees <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36bf88d1-efc3-4194-aa9a-23a4defc0035\">set to increase 6%<\/a>, exempting cruise ships and LNG carriers.<\/p>\n<p>Mid-February: End of grace period to comply with new minimum wage for firms who sent in exemption requests.<\/p>\n<p>Mid-February: A Hungarian delegation will arrive in Egypt for talks over a potential investment in an industrial area in the SCZone.<\/p>\n<p>3 February (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>3 February (Thursday): January PMI figures for Egypt, Saudi Arabia, and the UAE will be released.<\/p>\n<p>4-20 February (Friday-Sunday): 2022 Winter Olympics, Beijing.<\/p>\n<p>11 February (Friday): <a href=\"https:\/\/finance.yahoo.com\/news\/vistas-media-acquisition-company-inc-203000610.html\">Deadline for Anghami SPAC merger<\/a>.<\/p>\n<p>11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.<\/p>\n<p>14-16 February (Monday-Wednesday): Egypt Petroleum Show, Egypt International Exhibition Center, New Cairo, Egypt.<\/p>\n<p>15 February (Tuesday): The Industrial Development Authority\u2019s deadline for <a href=\"https:\/\/alborsaanews.com\/2021\/11\/21\/1483299\">receiving offers<\/a> from companies for licenses to manufacture steel products.<\/p>\n<p>15 February (Tuesday): Orange Ventures\u2019 <a href=\"https:\/\/vc4a.com\/orange-ventures\/egypt-seed-fintech-challenge\/\">deadline<\/a> to receive applications from seed-stage fintech startups.<\/p>\n<p>19 February (Saturday): Public universities begin the second term of the 2021-2022 academic year.<\/p>\n<p>19-21 February (Saturday-Monday): <a href=\"https:\/\/www.facebook.com\/NebuGoldExpo\">Nebu Expo for Gold and Jewelry 2022<\/a>.<\/p>\n<p>21 February (Monday): <a href=\"https:\/\/ent.news\/2022\/1\/Speed-Medical-disclosure-17-01-2022.pdf\">Hearing at Cairo Economic Court (pdf)<\/a> on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/107f1754-dca0-4654-92e9-fd680c3c9d71\">FRA lawsuits<\/a> filed against Speed Medical.<\/p>\n<p>26 February (Saturday): Speed Medical will elect a new board during <a href=\"https:\/\/ent.news\/2022\/1\/Speed-Medical-statement_190122.pdf\">ordinary general assembly (pdf)<\/a>.<\/p>\n<p>https:\/\/ent.news\/2022\/1\/Speed-Medical-statement_190122.pdf<\/p>\n<p>End of February: Lebanon to receive gas from Egypt via a pipeline crossing Jordan and Syria.<\/p>\n<p>March: <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/304519788385115\">Rollout<\/a> of the government financial management information system (GFMIS), a suite of electronic tools to automate the government\u2019s financial management processes (<a href=\"https:\/\/ent.news\/2021\/7\/tnm1007.pdf\">pdf<\/a>) that will replace the existing \u201cclosed\u201d financial management system.<\/p>\n<p>March: 4Q2021 earnings season.<\/p>\n<p>March: Deadline for the World Health Organization\u2019s <a href=\"https:\/\/www.who.int\/news\/item\/01-12-2021-world-health-assembly-agrees-to-launch-process-to-develop-historic-global-accord-on-pandemic-prevention-preparedness-and-response\">intergovernmental negotiating body<\/a> to meet to discuss binding treaty on future pandemic cooperation.<\/p>\n<p>March: World Cup playoffs.<\/p>\n<p>March: The government hopes to sign a final contract between El Nasr Automotive and a new partner for the local production of electric cars.<\/p>\n<p>March: Target date for Saudi tech firm Brmaja to IPO on the EGX.<\/p>\n<p>March: Egypt to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/318887153615045\">host World Tourism Organization Middle East committee meeting<\/a>.<\/p>\n<p>9-18 March (Wednesday-Friday): The 55th edition of the <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/291436426360972\">Cairo International Fair<\/a>.<\/p>\n<p>15-16 March (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>24 March (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>28-29 March (Monday-Tuesday): The Egypt International Mining Show (<a href=\"https:\/\/egypt-mining.com\/\">EIMS 2022<\/a>) will take place virtually.<\/p>\n<p>31 March (Thursday): Deadline for submitting tax returns for individual taxpayers.<\/p>\n<p>31 March (Thursday): Vodacom purchase of Vodafone Group\u2019s stake in Vodafone Egypt expected to be completed by this date.<\/p>\n<p>31 March (Thursday): Supply Ministry expected to take final decision on bread subsidies by this date.<\/p>\n<p>2 April (Saturday): First day of Ramadan (TBC).<\/p>\n<p>3 April (Sunday): Bidding begins on the Industrial Development Authority\u2019s license to manufacture tobacco products.<\/p>\n<p>4 April (Monday): CDC Group will formally change its name to British International Investment.<\/p>\n<p>22-24 April (Friday-Sunday): <a href=\"http:\/\/sdg.iisd.org\/events\/2022-spring-meetings-of-the-world-bank-group-and-the-international-monetary-fund\/\">World Bank-IMF spring meeting<\/a>, Washington D.C.<\/p>\n<p>24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April (Monday): Sham El Nessim.<\/p>\n<p>25 April (Monday): Sinai Liberation Day.<\/p>\n<p>28 April (Thursday): National Holiday in observance of Sham El Nessim.<\/p>\n<p>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>Late April - 15 May: 1Q2022 earnings season<\/p>\n<p>May: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>1 May (Sunday): Labor Day.<\/p>\n<p>3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>5 May (Thursday): National Holiday in observance of Labor Day.<\/p>\n<p>2 May (Monday): Eid El Fitr (TBC).<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15-18 June (Wednesday-Saturday): <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August: 2Q2022 earnings season.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>January 2023: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/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 above 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":542854,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-542853","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"40ad85bc-b05f-4f46-a9a2-50b61e6d5a9d","teaser":"","photo_url":"https:\/\/ent.news\/2022\/1\/244.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>Primary surplus falls y-o-y in 1H2021-2022 - 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\/issues\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Primary surplus falls y-o-y in 1H2021-2022\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:02:54+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/244.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\/issues\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/primary-surplus-falls-y-o-y-in-1h2021-2022\/\",\"name\":\"Primary surplus falls y-o-y in 1H2021-2022 - 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