{"id":543455,"date":"2022-02-02T03:54:18","date_gmt":"2022-02-02T03:54:18","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=543455"},"modified":"2025-12-15T20:17:07","modified_gmt":"2025-12-15T20:17:07","slug":"finmins-kouchouk-on-the-fed-our-sovereign-sukuk-and-how-we-got-back-onto-jpms-em-bond-index","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/finmins-kouchouk-on-the-fed-our-sovereign-sukuk-and-how-we-got-back-onto-jpms-em-bond-index\/","title":{"rendered":"FinMin\u2019s Kouchouk on the Fed, our sovereign sukuk and how we got back onto JPM\u2019s EM bond index"},"content":{"rendered":"<section id=\"543457\" 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=\"543457\">\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\/02\/02\/this-morning-govt-to-privatize-as-many-state-companies-as-possible-its-gonna-get-windy-out-there\/\">\r\n                            THIS MORNING: Gov\u2019t to privatize \u201cas many state companies as possible\u201d + it\u2019s gonna get windy out there                        <\/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\/02\/02\/this-morning-govt-to-privatize-as-many-state-companies-as-possible-its-gonna-get-windy-out-there\/\" 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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We\u2019re drinking from a fire hose of news this morning<\/strong>, with tons of news on everything from privatization (hello, EGX) to an exclusive sit-down with the Finance Ministry\u2019s Ahmed Kouchouk \u2014 with stops at the green economy, Planet Startup and subsidy policy in between. Let\u2019s jump right in:<\/p><p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>THE BIG STORY HERE AT HOME- The government is looking to list \u201cas many state <\/strong><strong>companies as possible\u201d on the <\/strong><strong>EGX in 2022<\/strong>, PM Moustafa Madbouly said yesterday during a follow-up meeting on the state privatization program, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/329358242567936\">statement<\/a>. The meeting looked at the list of companies that could debut before the end of June, as well as preparations for the IPOs of military-owned firms (think: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5d7a08f-8981-4c32-965f-7ae7fb4c4a23\">Safi<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cd40893-6a1e-4d00-975c-6fa551a0f8f3\">Wataniya<\/a>). The PM\u2019s remarks come after Finance Minister Mohamed Maait on Monday <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a1cc54-983a-4d83-b1b1-9d8fba1e65a6\">said<\/a> the privatization program would resume in March, and days after Planning Minister Hala El Said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53d12a2a-49ef-49e0-ae71-3db7b494282d\">revealed<\/a> plans to sell stakes in state-owned companies every month or two<\/p><p><strong>Likely up to list or offer more shares this year:<\/strong> Heliopolis Housing and Development (which is eyeing a secondary offering) and state fertilizer producer Mopco. Misr Ins. Holding subsidiary Misr Life Ins. is looking at an IPO, and perennial candidate Banque du Caire could also make its EGX debut.<\/p><p><strong>The caveat: <\/strong>As always, IPO windows open and close with global market conditions \u2014 and things are looking a bit choppy globally this winter.<\/p><p><strong>ALSO FROM CABINET- <\/strong><strong>Replacing bread subsidies with EGP handouts could add to <\/strong><strong>inflationary <\/strong><strong>pressures<\/strong>, Supply Minister Ali El Moselhy was quoted as saying in a <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-eyes-bread-subsidy-overhaul-global-inflation-bites-2022-02-01\/\">Reuters<\/a> interview, adding that \"when inflation is stable, then you can introduce cash.\u201d Handouts ringfenced specifically for bread would be Moselhy\u2019s preferred option, he added. The ministry is discussing several scenarios to rework the expensive bread subsidy system and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/217bd2c8-c468-4975-b723-ba0e372c9b2c\">expects to announce<\/a> its plans by the end of March.<\/p><p><strong>WATCH THIS SPACE- <\/strong>The Finance Ministry is mulling whether to lower the mandatory <strong>0.25%<\/strong> <strong>tithe on corporate revenues<\/strong> that funds (in part) the universal health ins. program, <a href=\"https:\/\/bit.ly\/35B8QzH\">Al Borsa<\/a> quotes Finance Minister Mohamed Maait as having said.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong>.<\/p><p><strong>The 6% fee hikes for most ships transiting the Suez Canal came into effect yesterday<\/strong> as scheduled, Suez Canal Authority head Osama Rabie said in a <a href=\"https:\/\/bit.ly\/3IYLtyD\">statement<\/a>. LNG carriers and cruise ships are exempt from the increase, which comes as the authority starts to wind down a range of pandemic-era incentives and reductions<\/p><p><strong>Suez Canal revenues rose 10% y-o-y in January to record USD 544.7 mn, <\/strong>Rabie added.<\/p><p>Revenues have been on the up for some time \u2014 hitting a record <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ecdab9a-ff65-47d5-ae69-31fe56c7c420\">USD 6.3 bn in 2021<\/a> \u2014 amid a global supply chain crunch that has seen shipping costs soar.<\/p><p><strong>PSA- We\u2019re in for a few days of wind + rain:<\/strong> Wind will pick up across Greater Cairo, Upper Egypt and the North Coast tomorrow and Friday, bringing light to moderate rainfall to parts of the country, the <a href=\"https:\/\/www.facebook.com\/ema.gov.eg\/posts\/302416561916918\">national weather service<\/a> forecasts<\/p><p><strong>THE BIG STORY ABROAD- <\/strong><\/p><p><strong>Putin speaks on Ukraine \u2014 and it\u2019s not what the West wanted to hear. <\/strong>Russian President Vladimir Putin has accused the US of trying to lure Russia into a war over Ukraine, breaking a near-six week silence on the escalating Ukrainian crisis. Putin claimed that the US was using Ukraine as a \u201ctool\u201d to impose sanctions that would dent Russia\u2019s development, while ignoring Russian demands for a promise that its neighbor would not become a NATO member.<\/p><p><strong>An alternative explanation for the rising tensions:<\/strong> Putin has sent more than 100k troops to the Russia-Ukraine border in recent weeks. US officials urged Russia to pull back from the border and return to diplomatic negotiations in response to his latest comments.<\/p><p><strong>Everyone and their mother had coverage of the developments<\/strong>, from <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-announces-plan-boost-army-foreign-leaders-rally-2022-02-01\/\">Reuters<\/a> and the <a href=\"https:\/\/www.ft.com\/content\/1683a26f-abd7-466c-90db-6fd09894ff3d\">Financial Times<\/a>, to the <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/02\/01\/ukraine-russia-putin-blinken-diplomacy-nato\/\">Washington Post<\/a>, the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/02\/01\/world\/russia-ukraine-news\">New York Times<\/a>, and the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-putin-nato-87d17dd0c1943ac40b3903b54f31939a\">Associated Press<\/a>.<\/p><p><strong>ON A RELATED NOTE- <\/strong><strong>The Netherlands received its<\/strong><strong><a href=\"https:\/\/m.akhbarelyom.com\/news\/NewDetails\/3656868\/1\/%D9%88%D8%B5%D9%88%D9%84-%D8%A3%D9%88%D9%84-%D8%B4%D8%AD%D9%86%D8%A9-%D9%84%D9%84%D8%BA%D8%A7%D8%B2-%D8%A7%D9%84%D8%B7%D8%A8%D9%8A%D8%B9%D9%8A-%D8%A7%D9%84%D9%85%D8%B3%D8%A7%D9%84-%D9%85%D9%86-%D9%85%D8%B5%D8%B1-%D8%A5%D9%84%D9%89-%D9%87%D9%88%D9%84%D9%86%D8%AF%D8%A7..%C2%A0%D9%85%D9%86%D8%B0-2011\">first ever LNG shipment<\/a><\/strong><strong> from Egypt<\/strong> <strong>on <\/strong><strong>Monday <\/strong>via the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3613f080-5d75-4b85-af31-1b66fcda3204\">recently reopened<\/a> Damietta LNG Plant, as Europe continues to suffer from an energy crisis that sees it attempt to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/314a2761-8189-4c18-b8a1-64a65c934fdf\">diversify<\/a> its gas imports. That bid for new supply will only get worse if Russia turns off the taps.<\/p><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<\/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    <\/p><\/div>\n<\/div>\n<\/div><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>Swvl is now set to close its merger with blank-check firm <\/strong><strong><a href=\"https:\/\/queensgambitspac.com\/\">Queen\u2019s Gambit<\/a><\/strong><strong> in either<\/strong> <strong>February or March<\/strong>, company CFO Youssef Salem said, confirming a report in <a href=\"https:\/\/bit.ly\/342Z9Ka\">Al Mal<\/a>. The transaction is waiting on final approval from US regulators, he added. Streaming platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34e2d54a-40f0-4a3b-9c05-052f0edf014d\">Anghami<\/a>, meanwhile, has a deadline to close its SPAC with <a href=\"https:\/\/vmac.media\/\">Vistas Media Acquisition Company<\/a> by 11 February.<\/p><p><strong>OPEC+ is set to agree on more gradual production increases in its <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-01-26\/opec-delegates-expect-to-stick-to-plan-for-modest-output-hike?srnd=premium-middle-east&amp;sref=mmeFTDW1\">meeting today<\/a><\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-01\/opec-barely-increased-supply-last-month-amid-chronic-struggles?sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p><p><strong>Laughing all the way to the bank: <\/strong><strong>ExxonMobil<\/strong><strong> and Chevron, <\/strong>which saw <a href=\"https:\/\/www.ft.com\/content\/6a62453f-5cfb-42c4-bc57-902d673b8b93\">earnings rise<\/a> to levels not seen in eight years in 2021 on the back of spiraling crude prices. Shell and BP are expected to follow suit when they reportlater this week, the <a href=\"https:\/\/www.wsj.com\/articles\/exxon-chevron-hit-gushers-of-cash-as-big-oil-companies-lure-back-investors-11643721078?mod=hp_lead_pos11\">Wall Street Journal<\/a> reports. Brent crude prices threaten to break the USD 100-per-barrel mark this year. The international benchmark settled just a touch under the USD 90 mark on Tuesday.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Key news triggers to keep your eye on in the first days of this new month:<\/strong><\/p><ul>\n<li><strong>Interest rates: <\/strong>The Central Bank of Egypt will hold its first policy meeting of 2022 on Thursday. All analysts surveyed in our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4f0876c-b382-42d3-897f-9972a2721bed\">regular interest rate poll<\/a> expect the CBE to keep rates on hold, as they anticipate our rates continuing to attract portfolio inflows even amid Fed tightening and global inflationary pressures.<\/li>\n<li><strong>PMI: <\/strong>January PMI figures for Egypt, Saudi Arabia, and the UAE are also <a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/ReleaseDates\">due out on Thursday<\/a>.<\/li>\n<li><strong>Foreign reserves<\/strong> figures for January should be out from the Central Bank of Egypt before the week is out.<\/li>\n<li><strong>Inflation:<\/strong> Inflation figures for January will be released next Thursday, 10 February.<\/li>\n<\/ul><p><strong>A call to logistics and cargo transport firms for rail freight privatization: <\/strong>Egyptian National Railways (ENR) is inviting private sector players to a forum at its headquarters on Tuesday, 22 February, to gauge interest in its plans to delegate the management and operations of freight transport to the private sector, <a href=\"https:\/\/bit.ly\/3GfeEvj\">Al Mal<\/a> reports. You can register for the forum by sending the organizers an <a href=\"mailto:ashraf_elsbaei@yahoo.com\">email<\/a>.<\/p><p><strong>From our friends at the US embassy: Women can now apply to join <\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/education-culture\/exchange-opportunities\/\">Fortune Global<\/a><\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/education-culture\/exchange-opportunities\/\">Women's Mentoring Program<\/a><\/strong> which will take place from 8-28 May 2022. The program aims to bring emerging women leaders from around the world to the US to meet and learn from the Fortune Most Powerful Women community, which includes executive women mentors from companies such as Accenture, Johnson &amp; Johnson, and Aetna. The deadline to apply for the program is 8 February. <strong>You can begin your application by <\/strong><strong><a href=\"https:\/\/usembassycairo.submittable.com\/submit\/1048ec7c-7e08-4d86-b814-f54772c6910b\/2022-fortune-global-womens-mentoring-program-deadline-tuesday-february-8-at\">signing up here<\/a><\/strong><strong>.<\/strong><\/p><p><strong>ALSO- The embassy is now <\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/cultural-property-agreement-implementation-grant\/\">accepting applications<\/a><\/strong><strong> for Cultural Property Agreement <\/strong><strong>Implementation projects<\/strong> that would help Egypt protect cultural property from looting, theft, and illicit trafficking. The <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">guidelines<\/a> state that concept notes should be sent in by this Thursday, 3 February, while shortlisted applicants will need to submit full applications by 4 May. Each project will receive USD 50-100k, with around USD 500k earmarked for the entire program.<\/p><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><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>A long neglected component of Cairo\u2019s urban and historical core, Old Cairo is finally on the cusp of revitalization. With restoration work already underway in the former capital of the Islamic world and at least EGP 4 bn designated for the first of the three-stage government project, we take a look at what has been accomplished so far and what might be in store for residents and tourists in the very near future.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ali-el-moselhy\/\">Ali El Moselhy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chevron\/\">Chevron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/exxonmobil\/\">ExxonMobil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/a>\n                <!-- <span 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class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/1600px-W-x-1200px-H-post-02-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543459\" 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=\"543459\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/finmins-ahmed-kouchouk-mitigating-the-fed-our-first-sovereign-sukuk-and-how-we-got-back-onto-the-jpmorgan-bond-index\/\">\r\n                            FinMin\u2019s Ahmed Kouchouk mitigating the Fed, our first sovereign sukuk and how we got back onto the JPMorgan bond index                        <\/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\/02\/02\/finmins-ahmed-kouchouk-mitigating-the-fed-our-first-sovereign-sukuk-and-how-we-got-back-onto-the-jpmorgan-bond-index\/\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/finmins-ahmed-kouchouk-mitigating-the-fed-our-first-sovereign-sukuk-and-how-we-got-back-onto-the-jpmorgan-bond-index\/18-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/18.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"18.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/18.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/18.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543459\" class=\"content-area-description single-story post-543459 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-ahmed-kouchouk tag-debt tag-economy tag-enterpriseam tag-euroclear tag-jp-morgan tag-us-federal-reserve wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>EXCLUSIVE<\/strong><strong>- How our inclusion in the JPMorgan indices will help with us manage our debt as<\/strong><strong> countries around the world raise key interest rates: <\/strong>On the face of it, the timing of Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b27d495-abb6-48a9-8592-71684cf88cf7\">rejoining JPMorgan\u2019s emerging-market bond index<\/a> might not have been ideal, considering the US Federal Reserve\u2019s push to raise interest rates this year \u2014 potentially driving inflows out of emerging markets. Vice Minister of Finance Ahmed Kouchouk would argue differently: Not only is joining the indices a milestone in our debt diversification and reduction strategy, our inclusion and the message this sends to investors would help cushion Egypt from the worst of any potential outflows.<\/p>\n<p><strong>We spoke with Kouchouk on <\/strong><strong>how the inclusion<\/strong><strong> is a crucial element of our debt strategy<\/strong>, what it took to get us back in the index, what the government plans to do to mitigate the impact of a high global interest rate environment, and the timing of some key debt issuances we have planned this year.<\/p>\n<p>Below are edited excerpts of our conversation:<\/p>\n<p><strong>Joining JPMorgan\u2019s emerging-market bond index at the weight at which we did was a crucial milestone in our debt management strategy<\/strong> \u2014 and one that has been in the works for three years now. When the Finance Ministry was drawing up its debt reduction plan, it knew that the plan would rest on three objectives: diversifying our borrowing, extending our debt profile away from short-term borrowing and into long-term borrowing, and bringing down our debt-to-GDP ratio.<\/p>\n<p><strong>Joining the index would directly help accomplish the first two goals and would help drive us into the third<\/strong> as it would give us access and raise our exposure to more sophisticated institutional investors who are looking for long-term fixed-income investments, Kouchouk told us. It would also allow us to generate more demand for longer tenor debt offerings, he added.<\/p>\n<p><strong>What kind of long-term investor are we looking at? <\/strong>\u201cWe are starting to see interest from big pension funds from Western Europe and the US,\u201d some of whom want to buy into our debt for the first time, Kouchouk revealed. \u201cWe\u2019re talking huge investors,\u201d with asset managers that manage USD tns. \u201cWe\u2019ve never seen fixed income investors of this size buy into our debt before,\u201d he said.<\/p>\n<p><strong>Step #1 to getting back on the index \u2014 more liquidity in the market: <\/strong>Egypt\u2019s debt sales needed to be bigger in terms of size, tenors and frequency, Kouchouk said. When the ministry first entered talks with JP Morgan, our local currency sales of T-bonds were on average in the neighborhood of EGP 500 mn per offering. JP Morgan inclusion requirements meant that number needed to be raised to around the EGP 5-7 bn mark. They also wanted to see additional trading on the bonds to ensure adequate trading liquidity, he noted.<\/p>\n<p><strong>Step #2 to getting back on the index \u2014 engaging with investors: <\/strong>Next up, the Finance Ministry had to set up dedicated teams that liaise with investors in Egypt\u2019s debt to help troubleshoot on issues such as dual taxation and tax clearance, as well as setting up an investor relations unit that would help communicate any shifts in the market and to reassure them about their investments, Kouchouk noted.<\/p>\n<p><strong>Good implementation on those fonts got Egypt onto the index watch list <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2942a7fd-4cca-4286-98b3-5c2d1c99da8a\">in April,<\/a><\/strong> which is effectively a monitor tool to gauge the consistency of our bond sales, the performance of our bonds, and meeting our other requirements for inclusion. In the end: <strong>90% of investors surveyed independently by JP Morgan voted to include Egypt\u2019s bonds<\/strong>.<\/p>\n<p><strong>Would a series of Fed rate hikes offset any potential gains from joining the index? <\/strong>The Fed raising interest rates will undoubtedly have an impact on all emerging markets and has the potential to drive outflows to more developed markets, Kouchouk warned. He points out that the USD 26 bn in EGP bonds in the indices have an average yield of around 14.9% (with an average net yield of around 13%). This is among the highest of any emerging markets and so the impact would not be as pronounced as on other EMs. \u201cIt is still too early to measure what impact such a decision would have on our yields, but we hope that they will continue to remain at manageable levels in light of positive macro fiscal developments delivered by the Finance Ministry and the government,\u201d he added. These should also improve risk premium by investors, he notes.<\/p>\n<p><strong>The Finance Ministry<\/strong><strong> can only react to market-changing global conditions by sticking to the strategy at hand<\/strong><strong>, says Kouchouk.<\/strong> This includes delivering solid macro indicators and meeting our targets for the primary balance (a surplus of 1.5% of GDP in FY2021-22), the overall budget deficit (6.7% of GDP) and lowering the debt-to-GDP ratio to below 90% by the end of the current fiscal year. \u201cThe Finance Ministry has been and would remain committed to meet its annual targets despite external headwinds,\u201d he added.<\/p>\n<p><strong>Almost as crucially, we must continue to be proactive with investors to manage the risk perception<\/strong>, Kouchouk tells us. We must constantly engage with them to remind them that Egypt is an outlier among emerging markets.<\/p>\n<p><strong>As far as global foreign currency denominated debt is concerned, <\/strong><strong>the Finance Ministry\u2019s baseline scenario sees us issuing at a similar pace as in previous years<\/strong> (an average of USD 5 bn), Kouchouk said. He notes, however, that it is still too early to announce a target for issuances as the FY2022-23 budget is still being worked on, and that would of course also be dependent on market conditions. Last year, the Finance Ministry sold USD 6.75 bn in USD-denominated eurobonds across the two issuances it took to market in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94498ea7-0305-484a-9bac-6085ffdec1ca\">February<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3bac1988-3ad3-472c-94b4-3f1bc54bb126\">September<\/a>, both of which saw strong demand from foreign investors.<\/p>\n<p><strong>Having said that, Kouchouk <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5077feac-9224-4aa4-b97a-dfce2053e7a7\">still expects<\/a><\/strong><strong> our maiden sovereign sukuk issuance to take place by June 2022.<\/strong> The Finance Ministry also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51628974-be35-4f80-bb1a-b37a346a766d\">recently announced<\/a> it is looking to issue EGP 500 mn worth of JPY-denominated Samurai bonds by the end of June.<\/p>\n<p><strong>FinMin is also looking to diversify our bond offerings with <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e057d921-0f82-4059-a155-a4a702146e2a\">development and ESG bonds<\/a><\/strong>, and is working on preparing for a likely sale some time in the next fiscal year, he says.<\/p>\n<p><strong>Why is our debt still not Euroclearable?<\/strong> It is simply a matter of procedure, he tells us. Representatives of the Belgian clearinghouse must arrive here and inspect our readiness to become Euroclearable and address any outstanding issues before we look to sign on. Last we heard, the government expects to finalize an agreement with the Belgian clearinghouse to clear local debt in Europe during the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11eb3081-75f6-433f-b7b0-62d2c029fe7a\">second half of 2022<\/a>.<\/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\/ahmed-kouchouk\/\">Ahmed Kouchouk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/euroclear\/\">Euroclear<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jp-morgan\/\">JP Morgan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us-federal-reserve\/\">US Federal Reserve<\/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=\"543461\" 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=\"543461\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/local-pharma-player-nerhadou-attracts-private-equity-interest\/\">\r\n                            Local pharma player Nerhadou attracts private equity interest                        <\/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\/02\/02\/local-pharma-player-nerhadou-attracts-private-equity-interest\/\" 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\/02\/02\/local-pharma-player-nerhadou-attracts-private-equity-interest\/')\">\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\/02\/02\/local-pharma-player-nerhadou-attracts-private-equity-interest\/\">\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=Local pharma player Nerhadou attracts private equity interest&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/local-pharma-player-nerhadou-attracts-private-equity-interest\/\">\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\/02\/02\/local-pharma-player-nerhadou-attracts-private-equity-interest\/&title=Local pharma player Nerhadou attracts private equity interest\">\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=Local+pharma+player+Nerhadou+attracts+private+equity+interest+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F02%2Flocal-pharma-player-nerhadou-attracts-private-equity-interest%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\/02\/02\/local-pharma-player-nerhadou-attracts-private-equity-interest\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543461\" class=\"content-area-description single-story post-543461 post type-post status-publish format-standard hentry category-ma-watch tag-affirma-capital tag-enterpriseam tag-investment-watch tag-ma-watch tag-pharma tag-private-equity wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Nerhadou may have new minority shareholders: <\/strong>Emerging-market private equity firms <a href=\"https:\/\/affirmacapital.com\/\">Affirma Capital<\/a> and <a href=\"https:\/\/www.stonepine-capital.com\/\">StonePine<\/a> have agreed to invest USD 20 mn to purchase a \u201csignificant minority stake\u201d in local pharma and nutraceutical player <a href=\"http:\/\/nerhadou.com\/\">Nerhadou International<\/a>, according to a <a href=\"https:\/\/ent.news\/2022\/2\/01-02-2022-Nerhadou-International-Press-Release-FINAL-English.pdf\">press release (pdf)<\/a>, which didn\u2019t disclose the size of the stake or the value of the transaction.<\/p>\n<p><strong>Why Nerhadou? <\/strong>The two PE firms \u201cidentified Nerhadou as a unique player due to its sizeable presence and dominant market share,\u201d the statement reads, describing it as \u201cone of the largest and fastest-growing nutraceutical and pharma players\u201d in the country. They also noted that the pharma firm is the first to manufacture oral dispersible film \u2014 tabs that dissolve on the tongue to deliver meds, as an alternative to pills \u2014 in Egypt, giving it a first-mover advantage.<\/p>\n<p><strong>IPO dreams: <\/strong>Nerhadou plans to use the investment to expand operations and launch new products in Egypt and regional markets, as well as to \u201cbring the company to IPO standards,\u201d CEO Mohamed Shalaby said.<\/p>\n<p><strong>This isn\u2019t StonePine\u2019s<\/strong><strong> first gig in Egypt:<\/strong> StonePine ACE Fund \u2014 a joint venture between StonePine Capital Partners and ACE & Company, a Geneva-based global PE fund \u2014 was among the consortium of companies that <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/23\/ci-capital-led-consortium-acquires-60-of-taaleem-for-egp-1-2-bn\/\">acquired a 60% stake<\/a> in Taaleem Management Services in 2019. It has also made an undisclosed investment in <a href=\"https:\/\/aceandcompany.com\/portfolio\/sokna\/\">funeral services startup Sokna<\/a>.<\/p>\n<p><strong>Affirma has been eying the Egyptian market for a while now:<\/strong> Affirma does not list any Egyptian investments on its website, though last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10fa5551-0e70-4db1-94fa-454fb261dbb7\">it was reportedly planning to invest<\/a> USD 20-100 mn in at least one Egyptian business.<\/p>\n<p><strong>More<\/strong><strong> on the way?<\/strong> The investment \u201cwill support the broader Egypt-focused investment strategy for both firms which are in the process of evaluating and jointly-executing further investment opportunities in Egypt,\u201d the statement said.<\/p>\n<p><strong>When will the transaction close? <\/strong>Execution is subject to satisfaction of conditions precedent and requires regulatory approvals, including from the Egyptian Drug Authority.<\/p>\n<p><strong>Advisors: <\/strong>Renaissance Capital was the exclusive financial advisor to Affirma Capital and StonePine, while ADIB Capital acted as the lead sell side advisor. Al Tamimi & Co was Nerhadou\u2019s legal advisor and White & Case advised Affirma Capital and StonePine.<\/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\/affirma-capital\/\">Affirma Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543462\" 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=\"543462\">\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\">Green economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/solar-plants-face-new-grid-integration-fees\/\">\r\n                            Solar plants face new grid integration fees                        <\/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\/02\/02\/solar-plants-face-new-grid-integration-fees\/\" 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\/02\/02\/solar-plants-face-new-grid-integration-fees\/')\">\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\/02\/02\/solar-plants-face-new-grid-integration-fees\/\">\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=Solar plants face new grid integration fees&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/solar-plants-face-new-grid-integration-fees\/\">\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\/02\/02\/solar-plants-face-new-grid-integration-fees\/&title=Solar plants face new grid integration fees\">\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=Solar+plants+face+new+grid+integration+fees+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F02%2Fsolar-plants-face-new-grid-integration-fees%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\/02\/02\/solar-plants-face-new-grid-integration-fees\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/20.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543463\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/solar-plants-face-new-grid-integration-fees\/20-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/20.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"20.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/20.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/20.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543462\" class=\"content-area-description single-story post-543462 post type-post status-publish format-standard has-post-thumbnail hentry category-green-economy tag-egyptera tag-energy tag-enterpriseam tag-green-economy tag-investment-watch tag-new-and-renewable-energy-authority tag-renewable-energy tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Solar plants are facing more new charges:<\/strong> Solar plants producing more than 500 KW of power will be required to pay fees to the Electricity Ministry to help defray the costs of connecting to the national grid \u2014 a move that industry players say represents a threat to Egypt\u2019s nascent solar sector.<\/p>\n<p><strong>The fees:<\/strong> Solar plant operators will pay EGP 0.257- 0.329 per KWh in \u201cintegration fees,\u201d according to <a href=\"https:\/\/ent.news\/2022\/1\/3_2022.pdf\">a decision (pdf)<\/a> this week by the Egyptian Electric Utility & Consumer Protection Regulatory Agency (Egyptera). All solar plants over 500 KW \u2014 whether the energy is only being used for self-consumption or whether the excess is being fed into the grid under a net metering system \u2014 will face the charges. The new taxes come at a time when <a href=\"https:\/\/enterprise.press\/greeneconomys\/global-commodities-boom-putting-egyptian-solar-players-pressure\/\">margins in the sector are facing sharp pressure<\/a> amid rising commodity prices and shipping costs.<\/p>\n<p><strong>Solar players are concerned: <\/strong>The decision is causing \u201canxiety and concern\u201d among companies in the sector, said Ayman Abdel Halim, the executive director of industry body the Solar Energy Development Association (SEDA), who called it a \u201cdangerous move that contradicts the state\u2019s aim to expand the production of renewable energy.\u201d<\/p>\n<p><strong>They knew the fees were coming \u2014 just not how much they would be: <\/strong>The integration fees were first announced in an April 2020 decision, but had not been defined until now, former head of the New and Renewable Energy Authority Mohamed Al Sobki told us. He said that the set fees could impact future projects, but that projects that were implemented after the April date had already agreed to pay integration fees.<\/p>\n<p><strong>And not everyone shares the concern: <\/strong>The solar industry remains attractive to investors despite the new fees, Ehab Ismail, deputy head of the New and Renewable Energy Authority (NREA), told us, adding that it was up to solar developers to make investment decisions on a project-by-project basis.<\/p>\n<p><strong>Egypt has ambitious renewables targets: <\/strong>Ahead of this year\u2019s COP27 climate summit in Sharm El Sheikh, Egypt has pledged to expand renewable capacity to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46eb0c0b-2e62-47e0-8423-05c5359f3275\">cover 42% of the country\u2019s energy needs<\/a> by 2030, up from 10% currently. That target could be made harder to achieve by the new integration fees, as well as the incoming <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39795576-3662-4f64-bcaf-c3ee4cccb768\">5% import tariff<\/a> on PV cells.<\/p>\n<p><strong>Could this make renewables less interesting to investors and operators?<\/strong> The fees are only being applied to renewable energy sources, with conventional energy getting an exemption from the charges, which could result in renewables losing their competitive advantage.<\/p>\n<p><strong>FDI could be on the line:<\/strong> In a statement to Enterprise, a source from a private sector solar company called the decision \u201cextremely prohibitive for the feasibility of solar projects\u201d and said it would hurt investment into the sector. \u201cWe urge the authorities to prevent solar companies from defaulting \u2026 and avoid a situation where FDI stops flowing into a very promising sector that could have a significant role in Egypt\u2019s economy,\u201d they said.<\/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\/egyptera\/\">Egyptera<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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\/investment-watch\/\">investment 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\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543464\" 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=\"543464\">\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\">Green economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/egypt-moves-closer-to-getting-its-first-waste-to-hydrogen-plant\/\">\r\n                            Egypt moves closer to getting its first waste-to-hydrogen plant                        <\/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\/02\/02\/egypt-moves-closer-to-getting-its-first-waste-to-hydrogen-plant\/\" 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 plant will cost around USD 3 bn to establish, executive chairman Michael Stusch told <a href=\"https:\/\/www.thenationalnews.com\/business\/road-to-net-zero\/2022\/02\/01\/egypt-approves-h2-industries-3bn-waste-to-hydrogen-plant\/\">The National<\/a>.<\/p>\n<p><strong>H2 Industries says the 1 GW facility will produce 300k tonnes of hydrogen each year at half the cost of current production technologies<\/strong>, consuming 4 mn tonnes of organic waste and non-recyclable plastics in the process.<\/p>\n<p><strong>The company has not made clear how it plans to finance the USD 3 bn facility<\/strong>, nor has it made clear other significant project details. The SCZone does not appear to have issued any statement about the H2 Industries project, although it did <a href=\"https:\/\/sczone.eg\/sczone-is-qualified-to-be-a-global-hub-for-green-hydrogen-industries\/\">release a statement<\/a> a week ago touting its attractiveness as a destination of investment in \u201cgreen hydrogen industries\u201d following a visit by UK Ambassador Gareth Bailey and UN climate official Nigel Topping.<\/p>\n<p><strong>The first waste-to-hydrogen plant on this scale: <\/strong>\u201cThe exciting part of the project is that it is the first big-scale, waste-to-hydrogen plant for a huge amount of hydrogen,\u201d Stusch said in the statement. Waste-to-hydrogen technology is still in its infancy \u2014 we know of no operational large-scale W2H plant in operation, though some are set to come online this year. Get in touch if you know otherwise.<\/p>\n<p><strong>Whose waste? <\/strong>The \u201ctons of waste that collects in Egypt\u201d will be \u201csecured at the Mediterranean entrance to the [Suez] canal,\u201d the statement reads, without further clarification.<\/p>\n<p><strong>About the company<\/strong><strong>: <\/strong>Headquartered in New York, H2 Industries is a global hydrogen generation and energy storage solutions company, with a focus on developing technologies that generate, store, transport and release green hydrogen.<\/p>\n<p><strong>Egypt is looking to burnish its <\/strong><strong><a href=\"https:\/\/enterprise.press\/greeneconomys\/enterprise-explains-green-hydrogen\/\">green hydrogen<\/a><\/strong><strong> credentials <\/strong>ahead of this year\u2019s COP27 climate summit in Sharm El Sheikh with projects that could be worth<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe7a15bc-d122-4bdd-9aab-2af8f4f37393\">USD 3-4 bn<\/a>. The country\u2019s first plant \u2014 a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ebef003-0472-4513-93aa-ef59d457a5ea\">100 MW facility<\/a> being constructed in Ain Sokhna by a developer consortium of Orascom Construction, Norway\u2019s Scatec, Nassif Sawiris-backed Fertiglobe, and the Sovereign Fund of Egypt\u2014 will be showcased at the global gathering and is expected to come online in 2024. The Electricity Ministry is also looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5303348f-7e38-4a01-971e-4d935d99fdc6\">work with international consultants<\/a> to help it put together a 12-month development strategy for the local industry, which is also attracting names such as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d82dc1ad-6821-4ed2-9677-40b18ad2439d\">Siemens<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aff3aab7-2de8-4461-ba56-0bcf3f15bf45\">Eni, General Electric and ThyssenKrupp<\/a>.<\/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\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/h2-industries\/\">H2 industries<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/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=\"543466\" 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=\"543466\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/car-sales-up-26-in-2021\/\">\r\n                            Car sales up 26% 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\/02\/02\/car-sales-up-26-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(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/car-sales-up-26-in-2021\/')\">\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\/02\/02\/car-sales-up-26-in-2021\/\">\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=Car sales up 26% in 2021&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/car-sales-up-26-in-2021\/\">\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\/02\/02\/car-sales-up-26-in-2021\/&title=Car sales up 26% in 2021\">\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=Car+sales+up+26%25+in+2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F02%2Fcar-sales-up-26-in-2021%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\/02\/02\/car-sales-up-26-in-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/22.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543467\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/car-sales-up-26-in-2021\/22-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/22.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"22.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/22.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/22.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543466\" class=\"content-area-description single-story post-543466 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-amic tag-automotive tag-chip-shortage 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>Egypt\u2019s auto sector deftly managed the global chip shortage in 2021<\/strong> as strong demand pushed sales to their highest levels since the EGP float in 2016. Industry figures out yesterday showed that almost 291k new vehicles were sold last year, up 26% from 2020, despite <a href=\"https:\/\/enterprise.press\/hardhats\/egypts-auto-sector-is-not-immune-to-the-global-chip-crisis\/\">rising prices<\/a> caused by shortage of many models (thank you, chip shortage) and higher shipping costs. Sales of new passenger cars rose 28% to 215k, while truck sales were up 35% to 50k, according to data released by the Automobile Market Information Council (AMIC).<\/p>\n<p><strong>Sales were up in December: <\/strong>AMIC reported 22.2k cars sold in December, up 12% from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91040c3d-7702-4515-8b2e-f062975ad41c\">November's sales<\/a> and up 9.7% from December 2020. Bus sales rose 8.7% from the same month last year, while truck sales saw a slight dip of 2.6% in comparison to December 2020.<\/p>\n<p><strong>The figures don\u2019t tell the whole story:<\/strong> A top exec at one of the country\u2019s largest distributors has previously told us it is \u201cday to day\u201d when it comes to availability of many models \u2014 explaining that it is unlikely that supply of most brands will improve significantly before mid-2022 or later. The culprit remains shortages of the chips used in modern vehicles. Distributors are also facing pressure on pricing from rising freight costs as part of the Great Global Supply Chain Snarl \u2014 and will need to pass those on to consumers.<\/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\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chip-shortage\/\">chip shortage<\/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=\"543468\" 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=\"543468\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/delivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round\/\">\r\n                            Delivery startup Yalla Fel Sekka plans MENA expansion after closing USD 7 mn series A round                        <\/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\/02\/02\/delivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round\/\" 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\/02\/02\/delivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round\/')\">\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\/02\/02\/delivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round\/\">\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=Delivery startup Yalla Fel Sekka plans MENA expansion after closing USD 7 mn series A round&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/delivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round\/\">\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\/02\/02\/delivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round\/&title=Delivery startup Yalla Fel Sekka plans MENA expansion after closing USD 7 mn series A round\">\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=Delivery+startup+Yalla+Fel+Sekka+plans+MENA+expansion+after+closing+USD+7+mn+series+A+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F02%2Fdelivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round%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\/02\/02\/delivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/23.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543469\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/delivery-startup-yalla-fel-sekka-plans-mena-expansion-after-closing-usd-7-mn-series-a-round\/23-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/23.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"23.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/23.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/23.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543468\" class=\"content-area-description single-story post-543468 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-logistics tag-startup-watch tag-startups tag-yalla-fel-sekka 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>Delivery startup <\/strong><strong><a href=\"https:\/\/yallafelsekka.com\/\">Yalla Fel Sekka<\/a><\/strong><strong> (YFS)<\/strong><strong> has closed a USD 7 mn series A <\/strong><strong>funding round<\/strong>, the company announced in an emailed statement. The round was led by <a href=\"https:\/\/www.disruptad.ae\/\">DisruptAD<\/a>, an Abu Dhabi-based VC set up by the emirate\u2019s sovereign wealth fund ADQ in 2021. Kharafi Group also participated in the round, as well as existing investors <a href=\"https:\/\/www.flybridge.com\/\">Flybridge Ventures<\/a> and <a href=\"https:\/\/www.isquaredcapital.com\/\">I Squared Capital<\/a>, which took part in the company\u2019s previous USD 2.5 mn seed round, according to <a href=\"https:\/\/finance.yahoo.com\/news\/egypts-yfs-gets-7m-scale-080534896.html\">TechCrunch<\/a>.<\/p>\n<p><strong>What does the company do, exactly?<\/strong> YFS is a B2B2C delivery and logistics company that allows businesses such as supermarkets, pharmacies and ecommerce outfits to sell to their customers via its network of dark stores, warehouses and delivery drivers. Since launching in early 2020, the company has increased its order rate to more than 10k per day and its gross merchandise volume is expanding 20% each month, said Yasmine Abdel Karim, YFS\u2019 CEO and co-founder. It has completed 2 mn deliveries and is now operating in five cities in Egypt \u2014 Cairo, Giza, Alexandria, Mansoura and Tanta \u2014 with a network of 1k drivers.<\/p>\n<p><strong>Expansion plans:<\/strong> YFS will use the funds to continue expanding in Egypt and enter new markets in the MENA region, it said in the statement. This includes building up its network of dark stores, of which the company wants to build another 20-40 this year, Abdel Karim told TechCrunch.<\/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\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yalla-fel-sekka\/\">Yalla Fel Sekka<\/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=\"543470\" 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=\"543470\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/efg-hermes-tops-egx-brokerage-league-table-in-january-yet-again\/\">\r\n                            EFG Hermes tops EGX brokerage league table in January \u2014 yet again                        <\/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\/02\/02\/efg-hermes-tops-egx-brokerage-league-table-in-january-yet-again\/\" 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\/02\/02\/efg-hermes-tops-egx-brokerage-league-table-in-january-yet-again\/')\">\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\/02\/02\/efg-hermes-tops-egx-brokerage-league-table-in-january-yet-again\/\">\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 tops EGX brokerage league table in January \u2014 yet again&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/efg-hermes-tops-egx-brokerage-league-table-in-january-yet-again\/\">\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\/02\/02\/efg-hermes-tops-egx-brokerage-league-table-in-january-yet-again\/&title=EFG Hermes tops EGX brokerage league table in January \u2014 yet again\">\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+tops+EGX+brokerage+league+table+in+January+%E2%80%94+yet+again+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F02%2Fefg-hermes-tops-egx-brokerage-league-table-in-january-yet-again%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\/02\/02\/efg-hermes-tops-egx-brokerage-league-table-in-january-yet-again\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543470\" class=\"content-area-description single-story post-543470 post type-post status-publish format-standard hentry category-capital-markets tag-capital-markets tag-ci-capital tag-efg-hermes tag-egx tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EFG Hermes topped the EGX\u2019s brokerage league table once again in January<\/strong>, with a market share of 46%, according to <a href=\"https:\/\/ent.news\/2022\/2\/DiscDoc_ID35852_31-Jan-2022_ENG.pdf\">figures from the EGX (pdf)<\/a>. Rounding out the top five were CI Capital (5.1%), Arqaam (4%), Beltone (3.4%) and Mubasher (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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/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\/egx\/\">EGX<\/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=\"543471\" 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=\"543471\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/543471\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543471\" class=\"content-area-description single-story post-543471 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\/1600px-V-editions-magazine-AD-scaled.jpeg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543472\" 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=\"543472\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/last-nights-talk-shows-fresh-usd-1-6-bn-arms-purchase-from-korea-more-minimum-wage-exemption-shenanigans\/\">\r\n                            Last Night\u2019s Talk Shows: Fresh USD 1.6 bn arms purchase from Korea + more minimum wage exemption shenanigans                        <\/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\/02\/02\/last-nights-talk-shows-fresh-usd-1-6-bn-arms-purchase-from-korea-more-minimum-wage-exemption-shenanigans\/\" 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\/02\/02\/last-nights-talk-shows-fresh-usd-1-6-bn-arms-purchase-from-korea-more-minimum-wage-exemption-shenanigans\/')\">\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\/02\/02\/last-nights-talk-shows-fresh-usd-1-6-bn-arms-purchase-from-korea-more-minimum-wage-exemption-shenanigans\/\">\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: Fresh USD 1.6 bn arms purchase from Korea + more minimum wage exemption shenanigans&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/last-nights-talk-shows-fresh-usd-1-6-bn-arms-purchase-from-korea-more-minimum-wage-exemption-shenanigans\/\">\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\/02\/02\/last-nights-talk-shows-fresh-usd-1-6-bn-arms-purchase-from-korea-more-minimum-wage-exemption-shenanigans\/&title=Last Night\u2019s Talk Shows: Fresh USD 1.6 bn arms purchase from Korea + more minimum wage exemption shenanigans\">\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+Fresh+USD+1.6+bn+arms+purchase+from+Korea+%2B+more+minimum+wage+exemption+shenanigans+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F02%2Flast-nights-talk-shows-fresh-usd-1-6-bn-arms-purchase-from-korea-more-minimum-wage-exemption-shenanigans%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\/02\/02\/last-nights-talk-shows-fresh-usd-1-6-bn-arms-purchase-from-korea-more-minimum-wage-exemption-shenanigans\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543472\" class=\"content-area-description single-story post-543472 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-labor tag-last-nights-talk-shows tag-security tag-south-korea 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-08\"><\/a> <strong>Featuring on the airwaves last night:<\/strong> Egypt\u2019s USD 1.65 bn purchase of an unspecified number of K9 howitzers from South Korea captured the attention of Masaa DMC\u2019s Ramy Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=hp3a0vwCtnA\">watch, runtime: 1:49<\/a>). The agreement includes tech transfer, allowing Egypt to manufacture the weapon system locally, a military spokesperson said in a <a href=\"https:\/\/www.facebook.com\/EgyArmySpox\/posts\/2554691264661840\">statement<\/a>. The news comes less than a week after the US <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab50bdc4-147d-49c7-84bf-57bcb8c65d14\">approved a USD 2.5 bn arms purchase<\/a> by the Egyptian government.<\/p>\n<p><strong>SMART POLICY- Entire sectors can\u2019t be exempt from the new private sector minimum wage: <\/strong>The National Council for Wages (NCW) is rejecting all requests for exemption from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a48e903-d707-4969-9ab6-be99c9b3cb91\">new private sector minimum wage<\/a> that were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab2f1480-2a53-4e41-82db-0d0737236b44\">filed by<\/a> sectors as a whole, NCW board member Magdy Al Badawy told Masaa DMC\u2019s Radwan in a phone-in last night (<a href=\"https:\/\/www.youtube.com\/watch?v=MJX3zPvUd9A\">watch, runtime: 7:03<\/a>). Al Badawy noted that some 22 sectors had been vying for an exemption for businesses before the council directed companies to file requests on an individual basis for case-by-case review. The new minimum wage of EGP 2.4k per month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a07a80f5-6aac-43e7-b076-f87aaa5ccab6\">came into effect<\/a> at the start of the year, but t<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/305cb528-260b-4ce8-9b62-16b7235fb92e\">housands of companies<\/a> were handed six-week grace periods until mid-February, when the government will decide on whether to exempt them.<\/p>\n<p><strong>Also getting attention:<\/strong> A gas leak that killed a family of seven in their home in Cairo\u2019s Sharabia neighborhood also got some airtime from Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=298e1Bfl-Tg\">watch, runtime: 5:05<\/a>).<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/labor\/\">labor<\/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\/security\/\">security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-korea\/\">South Korea<\/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=\"543473\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 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alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" 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   \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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/02\/another-record-daily-tally\/\">\r\n                            Another record daily tally                        <\/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\/02\/02\/another-record-daily-tally\/\" target=\"_blank\">\n      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entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>You guessed it: We\u2019ve hit another record daily tally: <\/strong>The Health Ministry <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/261315549513000\">reported<\/a> 2,291 new covid-19 infections yesterday, up from 2,223 the day before \u2014 an eighth consecutive record high. Egypt has now disclosed a total of 428,202 confirmed cases of covid-19. The ministry also reported 48 new deaths, bringing the country\u2019s total death toll to 22,683.<\/p>\n<p><strong>Cases likely won\u2019t cool off until the middle of the month,<\/strong> according to the head of Vacsera\u2019s allergy center.<\/p>\n<p><strong>The vaccine tally: <\/strong>26,360,054 people are now fully vaccinated against the virus, while some 11.1 mn people have received only their first shots and 622,204 people have received booster shots.<\/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\/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    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  \n<article id=\"post-543475\" class=\"content-area-description single-story post-543475 post type-post status-publish format-standard hentry category-planet-finance tag-al-nahdi-medical tag-dubai tag-enterpriseam tag-financial-markets tag-ipo-watch tag-planet-finance tag-saudi-arabia tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a><strong> Another blockbuster Saudi IPO? <\/strong>The kingdom\u2019s largest retail pharmacy chain, <a href=\"https:\/\/www.nahdi.sa\/en\/\">Al<\/a><a href=\"https:\/\/www.nahdi.sa\/en\/\">Nahdi Medical<\/a>, hopes to raise USD 1.3 bn in its Tadawul debut \u2014 which would make it the KSA\u2019s largest listing since Aramco\u2019s bumper USD 30 bn IPO in 2019, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-01\/saudi-pharmacy-chain-seeks-1-3-billion-in-top-ipo-since-aramco?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports, citing unnamed sources. The 30% stake sale, which could see the company valued at USD 4.3 bn, is planned to go ahead within months. Al Nahdi has appointed HSBC Holdings and Saudi National Bank\u2019s investing arm to manage the sale.<\/p><p><strong>Dubai looks to soften the blow of the UAE\u2019s new corporate tax: <\/strong>The emirate is considering cutting fees for businesses in a bid to balance out the costs of the newly introduced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/138efa1a-8db5-4ecb-adc3-92a7e30ff806\">corporate tax<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-01\/dubai-weighs-reducing-business-fees-as-uae-unveils-corporate-tax?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports. The Dubai bourse fell the most in the region yesterday, after the UAE on Monday announced that businesses would start paying tax for the first time ever starting next year. The Abu Dhabi exchange saw intraday losses but went into the green by close, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-01\/dubai-weighs-reducing-business-fees-as-uae-unveils-corporate-tax?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>notes.<\/p><p><strong>EARNINGS WATCH- Google parent company Alphabet smashed another quarterly sales record<\/strong> in the fourth quarter as sales jumped 32% to hit USD 75.3 bn, <a href=\"https:\/\/www.reuters.com\/technology\/google-parent-alphabet-beats-revenue-estimates-online-ad-strength-2022-02-01\/\">Reuters<\/a> reports. The results lend weight to some analysts\u2019 assertion that Big Tech will prove immune to the current jolts in the market. <strong>Meta<\/strong> is next to announce its Q4 financials later today, while <strong>Amazon<\/strong> is up on Thursday.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,603<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: -2.9%)<\/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>12,293<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +9.0%)<\/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>8,717<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +2.7%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,171<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -0.8%)<\/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><a href=\"https:\/\/www.bloomberg.com\/quote\/SPX:IND?sref=mmeFTDW1\">S&amp;P 500<\/a><\/strong><\/p>\n<\/td>\n<td>\n<p>4,547<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -4.6%)<\/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><a href=\"https:\/\/www.bloomberg.com\/quote\/UKX:IND?sref=mmeFTDW1\">FTSE 100<\/a><\/strong><\/p>\n<\/td>\n<td>\n<p>7,536<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +2.1%)<\/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><a href=\"https:\/\/www.bloomberg.com\/markets\/commodities?sref=mmeFTDW1\">Brent crude<\/a><\/strong><\/p>\n<\/td>\n<td>\n<p>USD 89.16<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.88<\/p>\n<\/td>\n<td>\n<p>+2.7%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,801<\/p>\n<\/td>\n<td>\n<p>-0.0%<\/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><a href=\"https:\/\/www.coindesk.com\/price\/bitcoin\">BTC<\/a><\/strong><\/p>\n<\/td>\n<td>\n<p>USD 38,848<\/p>\n<\/td>\n<td>\n<p>+1.0% (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 rose 1.0% yesterday<\/strong> on turnover of EGP 782 mn (28.4% below the 90-day average). Local investors were net buyers. The index is down 2.9% YTD.<\/p><p><strong>In the green: <\/strong>Orascom Development Egypt (+5.8%), Qalaa Holdings (+5.2%) and Palm Hills Development (+3.6%).<\/p><p><strong>In the red: <\/strong>CIRA (-2.9%), TMG Holding (-2.0%) and Egypt Kuwait Holding-EGP (-1.2%).<\/p>\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\/al-nahdi-medical\/\">Al Nahdi Medical<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/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\/ipo-watch\/\">IPO watch<\/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\/saudi-arabia\/\">Saudi Arabia<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"543476\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/project-profile-old-cairo-redevelopment\/\"> \r\n                            PROJECT PROFILE- Old Cairo Redevelopment<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/project-profile-old-cairo-redevelopment\/\" 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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But years of mismanagement and neglect has left large swaths of historic buildings in the area dilapidated and underutilized from a tourism standpoint. This could be set to change after the government <a href=\"https:\/\/www.youtube.com\/watch?v=AjQpxLRp38o\">last year announced<\/a> a three-stage restoration project that aims to revitalize Old Cairo into a year-round tourist attraction and preserve the area\u2019s heritage (<a href=\"https:\/\/www.youtube.com\/watch?v=AjQpxLRp38o\">watch, runtime: 25:42<\/a>).<\/p>\n<p><strong>So what exactly is in store for Old Cairo? <\/strong>Proposals submitted by archeologists and heritage experts to the government last year focus on restoring facades and registering previously unregistered historic buildings, according to a <a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=1879717222206634&id=794615087383525\">cabinet statement<\/a>. They also include a plan to establish new hotels in the area, a bazaar and restaurant space, a handicraft school, a documentary film center, retail spaces, public parks, tourist walkways, and parking. The aim is to create a self-contained, walkable area that has been entirely redeveloped and will be independently managed with UNESCO supervision, lead consultant on the project Mohamed El Khattib told Masaa DMC in December (<a href=\"https:\/\/www.youtube.com\/watch?v=YF9K65n6p2o\">watch, runtime 11:45<\/a>).<\/p>\n<p><strong>The Citadel alone is set to see a new recreational park<\/strong> with a handicrafts complex, restaurants, entertainment, and a cultural education center, Ihab El Far, head of the Armed Forces Engineering Authority, said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/273671481469946\">cabinet statement<\/a>. Caravanserai or wikalat (inns or guest houses) in the area are also set to be restored, he added.<\/p>\n<p><strong>The project\u2019s first phase focuses on restoration in five priority locations:<\/strong> The area surrounding <a href=\"https:\/\/egymonuments.gov.eg\/monuments\/mosque-of-al-hakim-bi-amr-allah\/\">Al Hakim Mosque<\/a> and the Northern gates of Old Cairo (<a href=\"https:\/\/egymonuments.gov.eg\/en\/monuments\/bab-al-futuh\">Bab Al Futuh<\/a> and <a href=\"https:\/\/egymonuments.gov.eg\/en\/monuments\/bab-al-nasr\">Bab Al Nasr<\/a>); the area surrounding Al Hussein Mosque; <a href=\"https:\/\/egymonuments.gov.eg\/monuments\/bab-zuwayla\/\">Bab Zuwayla<\/a> and El Khayameya; and the <a href=\"https:\/\/egymonuments.gov.eg\/en\/archaeological-sites\/cairo-citadel\">Citadel<\/a> and Darb El Labana. Development will also take place on <a href=\"https:\/\/egymonuments.gov.eg\/en\/archaeological-sites\/al-muizz-street\">Al-Mu'izz Street<\/a> and <a href=\"https:\/\/www.wmf.org\/project\/al-darb-al-ahmar-district-mosques\">Darb El Ahmar Street<\/a>, according to El Khattib. Plans for the following two stages of the project have not yet been disclosed.<\/p>\n<p><strong>By the numbers:<\/strong> Building restorations in the first phase will cover approximately 0.42 sqkm \u2014 some 5.25% of the total 8 sqkm area \u2014 and are expected to be completed in three years\u2019 time at a cost of some EGP 4 bn, Khaled Siddiq, Director of the Urban Development Fund, tells us.<\/p>\n<p><strong>The bill to see the entire project through could run up to some EGP 60-70 bn<\/strong>, Siddiq estimates, though the final cost is dependent on further studies. The project is being implemented by the Armed Forces Engineering Authority with oversight from the Urban Development Fund, and funded by state budget allocations to the Housing Ministry.<\/p>\n<p><strong>That\u2019s a huge sum, especially when compared to other major tourism site projects:<\/strong> By comparison, the restoration of the Giza Plateau, including establishing the new Grand Egyptian Museum, is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91b9c7da-39f4-4422-adb6-3d20f5a2e1a5\">estimated to have cost around EGP 30 bn<\/a>. But the government is ready to foot the bill: \u201cFor the first time the budget is not a problem,\u201d El Khattib told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-forges-new-plan-restore-cairos-historic-heart-2021-09-29\/\">Reuters<\/a> last September, adding that \u201cany budget for Historic Cairo will be approved.\"<\/p>\n<p><strong>Where things stand: <\/strong>Work has already begun on restoring the facades of historic buildings and refacing newer buildings \u2014 as well as relocating some residents and businesses away from the area to make room for recreational and commercial activity. Prime Minister Moustafa Madbouly last year announced a freeze <a href=\"https:\/\/alborsaanews.com\/2021\/03\/13\/1424954\">on construction and demolition<\/a> in the area, including for those with current permits. By November, restoration had commenced on the facades of 18 historic buildings, General El Far told the Cabinet. Some 190 dilapidated buildings in the phase-one area were in the process of being vacated, while work had begun on six empty plots that were handed over to the authorities. Some 22 workshops were also vacated, 16 of which had been cleared of debris by late last year, while debris was also cleared from the area surrounding the Al Hakim Mosque.<\/p>\n<p><strong>What about Old Cairo residents? <\/strong>Some residential properties will be redeveloped for commercial and tourist purposes, while others will be restored and maintained as homes. Buildings at risk of collapse are set to be demolished and the land repurposed, while hazardous and polluting industrial factories, warehouses and storage facilities \u2014 some of which <a href=\"https:\/\/bit.ly\/3HfLiy9\">have in the past seen<\/a> fires break out that threatened historic buildings \u2014 are being relocated, according to El Khattib. The owners of homes and businesses deemed unsafe or \u201cinappropriate\u201d by the council are being moved to the Gehan El Sadat axis in Nasr City or offered equivalent compensation, officials have said.<\/p>\n<p><strong>Management is being streamlined: <\/strong>The involvement of many different organizations and ministries \u2014 from Cairo governorate to the Tourism and Antiquities Ministry, the Ministry of Religious Endowments, and the Housing Ministry \u2014 has led to \u201cinappropriate and conflicting management,\u201d of the area, Khattib has said. The project aims to overcome this by creating one centralized authority for the redevelopment of Old Cairo, run by a council of heritage experts that coordinates between ministries and reports directly to the Cabinet, with oversight from UNESCO.<\/p>\n<p><strong>And the private sector could be brought in: <\/strong>Although financing for restoration work is set to come entirely from state coffers, according to Siddiq, there will be opportunities for private sector involvement. The Sovereign Fund of Egypt (SFE) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1303125-401f-4d38-a2d5-cdd14ae88090\">in 2020 signed an agreement<\/a> with the Supreme Council of Antiquities (SCA) to kick off plans to develop the Bab El Azab landmark <a href=\"https:\/\/egymonuments.gov.eg\/ar\/news\/the-minister-of-planning-witnesses-the-signing-of-a-memorandum-of-understanding-between-the-egypt-sovereign-fund-and-bedayat-misr\">nearby the Citadel<\/a> into a tourist area in partnership with private investors. The agreement gave the SFE the greenlight to shop for private partners to participate in the project as investors or service providers, with the SCA retaining managerial control over the site. Management, maintenance and marketing initiatives across Old Cairo could be opened up to private sector players once restoration work is complete, Siddiq told us.<\/p>\n<p><strong>The Old Cairo restoration initiative is part of a citywide heritage push: <\/strong>As the government heads to the new administrative capital, many parts of Cairo\u2019s innermost districts are set to see redevelopment \u2014 with a focus on preserving and repurposing historic buildings. The Fustat Garden development project <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/207460971424331\">announced last year<\/a>, which could soon be home to a new 500 acre public park nearby the National Museum of Egyptian Civilization and the Ain El Sira lake, is a crucial component of the government\u2019s ambitions. The Magra El Oyoun development project \u2014 which was <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/312462590924168\">earlier this month<\/a>estimated to be 65% complete \u2014 is also part of the grander ambition of reshaping what Old Cairo has to offer.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Natural gas exports to Lebanon to begin by March:<\/strong> The Arab Gas pipeline running through Jordan and Syria through which Egypt is expecting to export natural gas to Lebanon <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a11595f-b4c4-47f8-a38d-b96ca2538e6c\">will be up and running<\/a> by the end of February or the beginning of March, Oil Minister Tarek El Molla said.<\/li>\n<li><strong>El Sewedy Electric for Trading and Distribution<\/strong> has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1c3d7ce-4443-4170-aaf3-74f3c683184b\">signed an EGP 615 mn contract<\/a> with construction firm EDECS to complete <strong>network and infrastructure work<\/strong> at Alexandria Port.<\/li>\n<li><strong>The Suez Canal Economic Zone <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e210544a-c2d2-4cc8-89dc-e29f3f8ee453\">is looking for ways<\/a><\/strong><strong> to increase business ties with Greece\u2019s second-largest port <\/strong>after it signed an agreement with the Thessaloniki Port Authority last week.<\/li>\n<li><strong>The European Bank for Reconstruction and Development<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e210544a-c2d2-4cc8-89dc-e29f3f8ee453\">is working with QNB AlAhli<\/a> and blockchain platform <strong>CargoX <\/strong>\u2014 of Nafeza fame \u2014 to test out digital trade finance network Contour in Egypt.<\/li>\n<\/ul>\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\/al-hossein-mosque\/\">Al Hossein Mosque<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/bab-el-fotouh\/\">Bab El Fotouh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bab-el-nasr\/\">Bab El Nasr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/darb-el-ahmar\/\">Darb El Ahmar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/darb-el-labana\/\">Darb El Labana<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-khayameya\/\">El Khayameya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/historic-cairo\/\">historic cairo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khedival-cairo\/\">khedival cairo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moezz-street\/\">Moezz street<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-khatib\/\">Mohamed El Khatib<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-authority\/\">Suez Canal Authority<\/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\/tourism-and-antiquities-ministry\/\">Tourism and Antiquities Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unesco\/\">UNESCO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"543478\" 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\/02\/02\/543478\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543478\" class=\"content-area-description single-story post-543478 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>1Q2022: Pharos Energy\u2019s sale of 55% stake in El Fayum, Beni Suef concessions to IPR Energy Group subsidiary IPR Lake Qarun expected to close.<\/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>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>25 January - 1 February (Tuesday-Tuesday): EGX <a href=\"https:\/\/alborsaanews.com\/2022\/01\/23\/1501763\">will open over the counter transactions<\/a> for the National Bank of Kuwait.<\/p>\n<p>27 January-7 February (Thursday-Monday): Cairo International Book Fair, Egypt International Exhibition Center.<\/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>2 February (Wednesday): OPEC+ will meet to decide on another 400k oil production increase a day for March.<\/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>3 February (Thursday): Deadline to send in concept notes for Cultural Property Agreement Implementation projects to the <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">US Embassy in Cairo<\/a>.<\/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>14-19 February (Monday- Saturday): An <a href=\"https:\/\/ent.news\/2022\/1\/Dream-Art-Exhibition-First-Press-release-English-final-ML-1.pdf\">art exhibition<\/a> created by marginalized children will be held at Townhouse Gallery. The event is organized by the Sawiris Foundation for Social Development, AlexBank, Townhouse Gallery, Al Ismaelia for Real Estate Investment, and Ubuntu Art Gallery.<\/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>22 February (Tuesday): The Egyptian National Railway is holding a forum to gauge public interest in its plans to delegate the management and operations of freight transport to the private sector.<\/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>27 February (Sunday): British-Egyptian Business Association (BEBA) green finance event with Finance Minister Mohamed Maait, Semiramis Intercontinental, Cairo<\/p>\n<p>28 February- 1 March (Monday-Tuesday): <a href=\"https:\/\/futuredc.org\/\">The Future of Data Centers Summit<\/a>.<\/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>24 March (Thursday): Egypt will host Senegal in the first leg of their 2022 FIFA World Cup qualifiers&#39; playoff.<\/p>\n<p>26 March (Saturday): Egypt-EU World Trade Organization dispute settlement consultations end.<\/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>29 March (Tuesday): The second leg of the 2022 FIFA World Cup qualifiers&#39; playoff between Egypt and Senegal.<\/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>4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">US Embassy in Cairo<\/a>.<\/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>2H2022: The government will have vaccinated 70% of the population.<\/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>October: World Bank and IMF annual meetings in Washington, DC<\/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>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP27<\/a> in Sharm El Sheikh.<\/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\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":543456,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-543455","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"dbb55be2-3eba-4f07-9a40-b8008ec9d34b","teaser":"","photo_url":"https:\/\/ent.news\/2022\/2\/17.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>FinMin\u2019s Kouchouk on the Fed, our sovereign sukuk and how we got back onto JPM\u2019s EM bond index - 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\/finmins-kouchouk-on-the-fed-our-sovereign-sukuk-and-how-we-got-back-onto-jpms-em-bond-index\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FinMin\u2019s Kouchouk on the Fed, our sovereign sukuk and how we got back onto JPM\u2019s EM bond index\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/finmins-kouchouk-on-the-fed-our-sovereign-sukuk-and-how-we-got-back-onto-jpms-em-bond-index\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:17:07+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/17.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\/finmins-kouchouk-on-the-fed-our-sovereign-sukuk-and-how-we-got-back-onto-jpms-em-bond-index\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/finmins-kouchouk-on-the-fed-our-sovereign-sukuk-and-how-we-got-back-onto-jpms-em-bond-index\/\",\"name\":\"FinMin\u2019s Kouchouk on the Fed, our sovereign sukuk and how we got back onto JPM\u2019s EM bond index - 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