{"id":543624,"date":"2022-02-10T03:53:22","date_gmt":"2022-02-10T03:53:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=543624"},"modified":"2025-12-15T20:21:17","modified_gmt":"2025-12-15T20:21:17","slug":"first-abu-dhabi-bank-makes-offer-for-majority-stake-in-efg-hermes","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/first-abu-dhabi-bank-makes-offer-for-majority-stake-in-efg-hermes\/","title":{"rendered":"First Abu Dhabi Bank makes offer for majority stake in EFG Hermes"},"content":{"rendered":"<section id=\"543626\" 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=\"543626\">\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\/10\/this-morning-macro-groups-egx-debut-its-inflation-day\/\">\r\n                            THIS MORNING: Macro Group\u2019s EGX debut + It\u2019s inflation day                        <\/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\/10\/this-morning-macro-groups-egx-debut-its-inflation-day\/\" 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\u2019ve made it through another workweek together, and <\/strong><strong>our reward is what can only be called one hell of a news day <\/strong>\u2014 a news day that reinforces what we think is fast becoming one of the dominant themes of 2022.<\/p><p><strong>With just a bit more than 10% of the year behind us, it\u2019s clear that we have very good <\/strong><strong>friends in the Emirates. <\/strong>FAB is making a play for our friends at EFG Hermes not even two months after real estate giant Aldar and Abu Dhabi sovereign wealth fund ADQ acquired our friends at SODIC. And just as FAB made its announcement yesterday, Aldar \u2014 a high-metabolism outfit \u2014 made clear it intends to continue growing in Egypt through acquisition.<\/p><p><strong>This is bns of EGP worth of foreign investment pouring into the country from <\/strong><strong>well-managed, well-governed, high-quality strategic investors <\/strong>who can literally choose to invest anywhere in the world. Their choice to come here is not just a ringing endorsement of what the teams at EFG Hermes and SODIC have built \u2014 it emphasizes Egypt\u2019s position as an exceptionally promising place to build and grow a business. For all of the things (in the business world and outside) that we need to fix or improve, our macro, business and other fundamentals are very compelling \u2014 and the opportunities to grow are immense.<\/p><p><strong>EFG\u2019s own growth story underscores that: <\/strong>A flagship Egyptian multinational, EFG was born as a two-person consultancy back in the 1980s and has grown into a universal bank that encompasses the top emerging markets investment bank, a fast-growing non-bank financial services house, a commercial bank, and fintech properties all under the same roof. The offer is a ringing endorsement of the vision and hard work that Karim Awad and his team have put in over a sustained (and challenging) period.<\/p><p><strong>Karim <\/strong><strong>spoke with us about<\/strong><strong> how he and his team have built out the institution <\/strong>in the first season of Making It, our seasonal podcast on how to build a great business here in Egypt <a href=\"https:\/\/enterprise.press\/podcast\/#84182\">(listen, runtime: 34:07)<\/a>.<\/p><p><strong>And the icing on the cake: <\/strong>EFG Hermes\u2019 investment bankers and brokerage team could be in for a really busy year (provided global investor sentiment holds).<\/p><p><strong>Consider this:<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>IT\u2019S A BIG DAY FOR CAPITAL MARKETS- Macro Group\u2019s shares will <\/strong><strong>begin trading on the EGX today <\/strong>under the ticker MCRO.CA. Macro raised EGP 1.3 bn in its IPO, which saw it sell 264.5 mn shares at EGP 4.85 apiece, valuing the cosmeceutical company at around EGP 2.8 bn. The institutional offering \u2014 which was allocated 95% of the shares \u2014 was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18e68f20-0bbf-4f69-afae-028e84e5bb77\">1.8x oversubscribed<\/a>, while the retail component saw stronger demand, closing on Monday <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ab7ae42-c6bb-432f-b092-99fe1ecf890a\">102x oversubscribed<\/a>. <strong>The crew at EFG Hermes quarterbacked the transaction.<\/strong><\/p><p><strong>Speaking of IPOs:<\/strong> <strong>NI Capital CEO Mohamed Metwally expects \u201ca minimum of two, <\/strong><strong>but up to four government-related public offerings this year,\" <\/strong>he told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-state-investment-bank-ni-capital-sets-up-new-fixed-income-fund-2022-02-09\/\">Reuters,<\/a> saying that those are the transactions in which NI Capital is involved. \u201cThere are other entities that are involved in other transactions,\u201d he added.<\/p><p><strong>Officials have been talking a lot about the state\u2019s listing pipeline lately.<\/strong> Last week, Finance Minister Mohamed Maait said the government plans to sell shares in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">up to 10 state-owned companies<\/a> on the EGX this year. Maait also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8a1cc54-983a-4d83-b1b1-9d8fba1e65a6\">pledged to restart the privatization program<\/a> in March, a few days after Minister Hala El Said said that the government could sell stakes <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53d12a2a-49ef-49e0-ae71-3db7b494282d\">every month or two<\/a>. Prime Minister Moustafa Madbouly, meanwhile, said the government is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ae94891-e027-4d1d-a265-2fc17b43d749\">list \u201cas many state companies as possible\u201d<\/a> on the EGX in 2022.<\/p><p><strong>First up: <\/strong><strong>Ghazl El Mahalla FC<\/strong> is set to offer a 67.5% stake in its IPO around about now, which is expected to raise a total of EGP 135 mn after attracting EGP 37 mn from institutional investors during the private placement. Further out, <strong>Heliopolis Housing and Development<\/strong> is eyeing a secondary offering, and state fertilizer producer <strong>Mopco<\/strong> also wants to tap the EGX. Misr Ins. Holding subsidiary <strong>Misr Life Ins.<\/strong> is looking at an IPO, while perennial candidate <strong>Banque du Caire<\/strong> could also make its EGX debut.<\/p><p><strong>ALSO TODAY-<\/strong><\/p><p><strong>Inflation figures are due out today:<\/strong> Annual urban inflation rose to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8bb1d8d-f765-4ef6-bccb-73f889b098b1\">5.9%<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8bb1d8d-f765-4ef6-bccb-73f889b098b1\">in December<\/a> from 5.6% in November. Prices are expected to continue to rise in the short term due to an unfavorable base effect along with a global increase in consumer prices \u2014 but look set to stay within the central bank\u2019s target range of 7% (\u00b12%) by 4Q2022. The Central Bank of Egypt expects price stability in the medium term, it said last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2842659-e6ac-47ab-ba44-3132fd174c2a\">following its monetary policy committee meeting<\/a>. The government\u2019s fuel pricing committee\u2019s decision to raise fuel prices over the weekend is expected to have only a limited impact on inflation, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fee97989-84a3-4a9c-9ceb-ed67e0f1d174\">analysts said<\/a>.<\/p><p><strong>Keep an eye on the US, which will release its own CPI data just a few hours later.<\/strong> The data, which will be released at 3:30pm CLT (8:30am EET), is expected to show another jump in inflation figures last month, with the consumer price index expected to rise 7.2% in January after rising to a 40-year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/310e24da-2b97-4c31-9d4b-2ffef0bce2aa\">record 7% in December<\/a>. Any reading above the projected 7.2% could push the US Federal Reserve to tighten policy faster by implementing its first half-percentage-point rate hike in over two decades when it meets in March, where it is expected to kick-off a series of interest rate rises to bring inflation under control, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-09\/hot-inflation-data-risk-pushing-fed-closer-to-a-super-sized-hike?sref=mmeFTDW1\">Bloomberg<\/a> reports. The Fed more customarily moves rate a quarter point at a time.<\/p><p><strong>Budget consultations resume today:<\/strong> The Finance Ministry will begin the next round of public consultations on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79d7e611-1ab6-488a-a236-2fc863fa1576\">draft FY 2022-2023 budget<\/a> today.<\/p><hr class=\"grey-line\"><p><strong>PSA- Expect cooler weather today and tomorrow<\/strong> with the mercury peaking at 17\u00b0C both days and falling into the single digits overnight. <strong>That\u2019s probably the last gasp of winter <\/strong>as the mercury looks set to return to the 21-24\u00b0C range for the following 10 days, our favourite weather app suggests.<\/p><p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/ema.gov.eg\/posts\/307378278087413\">national weather service forecasts<\/a><\/strong><strong> a chance of rain<\/strong> along the North Coast, in Cairo and other parts of the country today.<\/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>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>The crisis in Ukraine is on a slow simmer<\/strong> as it drops further down the front pages of the international press. US officials continue to brief that Russia has not stopped building up its military presence on its border with Ukraine, the <a href=\"https:\/\/www.ft.com\/content\/36a4a1d8-fe4b-4717-bbf5-9decf4bd28ae\">Financial Times<\/a> reports, while the US is sending troop reinforcements to Romania in case of \u201cpotential spillover\u201d from the crisis, according to <a href=\"https:\/\/www.reuters.com\/world\/europe\/us-reinforcement-troops-arrive-romania-more-expected-2022-02-09\/\">Reuters<\/a>. All in all, while it's still too soon to call \u201cstorm-in-a-teacup\u201d on this latest geopolitical kerfuffle, there is at least no new significant escalation to report.<\/p><p><strong>The US papers, meanwhile, are squarely focused on \u2014 dare we say it? \u2014 the end of the pandemic.<\/strong> Several states including New York dropped blanket mask mandates on Wednesday, citing lower daily case numbers and hospitalizations, while covid-19 oracle and US chief medical adviser Dr. Anthony Fauci spurred further optimism when he said that the country was firmly \u201con the road to approaching normality.\u201d The <a href=\"https:\/\/www.washingtonpost.com\/health\/2022\/02\/09\/covid-mask-mandate-hochul\/\">Washington Post<\/a>, the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/02\/09\/world\/covid-19-tests-cases-vaccine\">New York Times<\/a>, and the <a href=\"https:\/\/www.wsj.com\/articles\/new-york-state-to-drop-indoor-mask-mandate-11644419799?mod=hp_lead_pos1\">Wall Street Journal<\/a> all have coverage.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>There are two conferences taking place in Cairo next week:<\/strong><\/p><ul>\n<li><strong>The <\/strong><strong><a href=\"https:\/\/asdweek.co\/\">Arab Sustainable Development Week<\/a><\/strong> will kick off on <strong>Sunday, 13 February and run<\/strong><strong> through to Tuesday <\/strong>at the Arab League headquarters and the Nile Ritz Carlton. <\/li>\n<li>The three-day <strong><a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show<\/a><\/strong><strong> (EGYPS)<\/strong> begins at the Egypt International Exhibition Center on Monday, 14 February, and runs until Wednesday.<\/li>\n<\/ul><p><strong>German Foreign Minister Annalena Baerbock will be in town this Friday, 11 February for a <\/strong><strong>two-day visit<\/strong> that will see her meet with Foreign Minister Sameh Shoukry and other officials for bilateral talks, the German Embassy in Cairo said in a <a href=\"https:\/\/www.facebook.com\/german.embassy.cairo\/posts\/241250271531035\">statement<\/a>. Baerbock is also expected to discuss potential collaboration between the two countries on the COP27 climate summit in Sharm El Sheikh this November.<\/p><p><strong>Keen on a trip to Kinshasa?<\/strong> EgyptAir will launch three direct weekly flights to the Congolese capital of Kinshasa starting 27 March, <a href=\"https:\/\/bit.ly\/3uxTF4S\">Al Mal<\/a> reported yesterday. This marks the first direct air link between the two capitals. All Cairo-Kinshasa flights until 1 July will be 35% off, provided tickets are bought before the new line\u2019s launch.<\/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>\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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dr-congo\/\">DR Congo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptair\/\">EgyptAir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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\/macro-group\/\">Macro Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ni-capital\/\">NI Capital<\/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\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543627\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div 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   \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543628\" 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=\"543628\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/\">\r\n                            First Abu Dhabi Bank makes play for EFG Hermes                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" 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   <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/136.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543629\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/first-abu-dhabi-bank-makes-play-for-efg-hermes\/136-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/136.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"136.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/136.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/136.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543628\" class=\"content-area-description single-story post-543628 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-efg-hermes tag-enterpriseam tag-first-abu-dhabi-bank tag-ma-watch tag-matouk-bassiouny-hennawy tag-uae 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>F<\/strong><strong>irst Abu Dhabi Bank wants EFG Hermes:<\/strong> First Abu Dhabi Bank (FAB) has offered to buy a majority stake in leading financial services corporation EFG Hermes in an all-cash acquisition that values it at EGP 18.5 bn (c. USD 1.2 bn), the Emirati bank announced in <a href=\"https:\/\/ent.news\/2022\/2\/FAB-disclosure-on-EFG-acquisiton-offer-ADX.pdf\">a disclosure (pdf)<\/a> to the ADX yesterday. FAB said it submitted a non-binding offer for a minimum 51% stake in the financial institution for EGP 19.00 a share. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-09\/top-uae-lender-first-abu-dhabi-bank-offers-to-buy-efg-hermes-kzfb1qbk\">Bloomberg<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/finance\/first-abu-dhabi-bank-talks-buy-efg-hermes-sources-2022-02-09\/\">Reuters<\/a> both have the story, which is getting a lot of buzz in the international business press.<\/p>\n<p><strong>The offer is priced at a 21% premium to EFG\u2019s closing share price<\/strong> on Tuesday, representing \u201can attractive liquidity event and a compelling value proposition\u201d for the bank\u2019s shareholders, which include French bank Natixis and Emirati investment firm RA MENA Holdings, FAB said.<\/p>\n<p><strong>EFG\u2019s share price surged on the news<\/strong>, gaining 9.3% on the EGX yesterday to close at EGP 17.20. The bank\u2019s LSE-listed global depository receipts climbed 17.3%.<\/p>\n<p><strong>FAB\u2019s offer reflects a growing interest in the Egyptian market among Gulf companies<\/strong>, Radwa El Swaify, head of research at Al Ahly Pharos, told <a href=\"https:\/\/bit.ly\/3Bdsb5J\">Hapi Journal<\/a>. This includes FAB, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb1b0f90-8b66-49c2-a2d9-5128a0be09c6\">purchased Bank Audi Egypt<\/a> last year, making it one of Egypt\u2019s largest foreign banks in terms of assets. Bahrain\u2019s Bank ABC acquired Blom Bank\u2019s Egypt arm <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4b287f2-a3b9-4821-9670-9dc5c1650303\">last August.<\/a><\/p>\n<p><strong>EFG\u2019s <\/strong><strong><a href=\"https:\/\/www.ft.com\/content\/a78bb188-05c5-11e4-8b94-00144feab7de\">one-time suitor<\/a><\/strong><strong> Naguib Sawiris also praised the move: <\/strong>The offer will likely have a positive impact on the EGX\u2019s performance and could be a boon for the country\u2019s investment climate, Naguib Sawiris told <a href=\"https:\/\/bit.ly\/34NLAxS\">Hapi Journal<\/a>.<\/p>\n<p><strong>What\u2019s next? <\/strong>\u201cThe completion of the transaction and the final purchase price is conditional upon the completion of a satisfactory comprehensive due diligence on the company, and the receipt of the required regulatory approvals,\u201d EFG said in a disclosure to the <a href=\"https:\/\/ent.news\/2022\/2\/Disclosure-FAB-offers-to-buy-EFG-Hermes.pdf\">EGX (pdf)<\/a> and the <a href=\"https:\/\/www.londonstockexchange.com\/news-article\/EFGD\/receives-a-non-binding-offer-from-abu-dhabi-bank\/15321731\">London<\/a> Stock Exchange. FAB has formally notified the Financial Regulatory Authority (FRA) of its offer, the regulator said yesterday in a <a href=\"https:\/\/ent.news\/2022\/2\/FRA-FAB-EFG-Hermes-offer.pdf\">disclosure (pdf)<\/a>.<\/p>\n<p><strong>Following due diligence, a mandatory tender offer will be made to EFG shareholders<\/strong>, in line with EGX regulations, the FRA statement said.<\/p>\n<p><strong>EFG to continue operating independently, say sources: <\/strong>FAB wants to keep the bank independent, <a href=\"https:\/\/www.reuters.com\/business\/finance\/first-abu-dhabi-bank-talks-buy-efg-hermes-sources-2022-02-09\/\">Reuters<\/a> quoted sources it says has knowledge of the matter as saying. FAB\u2019s statement stressed \u201cthe outstanding reputation of EFG Hermes in regional and international markets and recognizes its strong management team, high standards of corporate governance, and strong brand equity. The offer also views the employees of the company as a vital component of the organization\u2019s ability to compete and succeed,\u201d EFG said in its statement.<\/p>\n<p><strong>FAB wants to expand regional presence: <\/strong>The bank has \u201clong term strategic ambitions to become the reference institution for investment banking in the region,\u201d FAB said in its statement, adding that the potential transaction \u201cprovides enhanced scale, specialization, growth levers and revenue synergies, strengthening FAB\u2019s offering and regional presence.\u201d<\/p>\n<p><strong>The offer comes on the back of solid earnings and operational achievements by EFG: <\/strong>The group\u2019s net income rose 26% y-o-y to EGP 1.1 bn in during<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac0dfde1-f857-4ad6-b700-3082efb67164\">the first nine months of 2021<\/a>, and revenues were up 8% y-o-y to EGP 4.0 bn, while growth of group operating expenses was controlled, inching down 1% y-o-y to EGP 2.5 bn in 9M2021. The leading financial institution also acquired a 51% stake in Arab Investment Bank in November, officially becoming a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a015541a-1a21-48dd-80d4-3dd23dd9d76b\">universal bank.<\/a><\/p>\n<p><strong>Advisors:<\/strong> Rothschild & Co is advising FAB on the transaction, Reuters quoted unidentified sources as saying. Matouk Bassiouny & Hennawy are local legal advisors to FAB, the Emirati bank\u2019s FRA\u2019s filing said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/first-abu-dhabi-bank\/\">First Abu Dhabi Bank<\/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\/matouk-bassiouny-hennawy\/\">Matouk Bassiouny &amp; Hennawy<\/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<section id=\"543630\" 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=\"543630\">\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\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/\">\r\n                            Aldar could target retail + education acquisitions in Egypt                        <\/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\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/\" 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\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/')\">\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\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Aldar could target retail + education acquisitions in Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/\">\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\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/&title=Aldar could target retail + education acquisitions in Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Aldar+could+target+retail+%2B+education+acquisitions+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Faldar-could-target-retail-education-acquisitions-in-egypt%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\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/138.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543631\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/aldar-could-target-retail-education-acquisitions-in-egypt\/138-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/138.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"138.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/138.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/138.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543630\" class=\"content-area-description single-story post-543630 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-abu-dhabi tag-adq tag-aldar-properties tag-earnings tag-enterpriseam tag-investment-watch tag-ma-watch tag-real-estate tag-sodic tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Egyptian retail + education assets could be in Aldar\u2019s crosshairs:<\/strong> Aldar Properties will spend at least AED 5 bn (c. USD 1.4 bn) on acquiring retail and education assets in Egypt, the UAE and Saudi Arabia, CFO Greg Fewer said during a call following the company\u2019s latest earnings release yesterday, according to <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/abu-dhabis-aldar-plans-spend-136-bln-deals-this-year-2022-02-09\/\">Reuters<\/a>. He didn\u2019t mention specific acquisition targets but said that the company is focused on these three markets.<\/p>\n<p><strong>Aldar now = SODIC:<\/strong> Aldar joined up with Abu Dhabi sovereign wealth fund ADQ to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ff33ea0-89c5-479c-87c3-bace1f57c63c\">acquire a 85.5% stake<\/a> in leading Egyptian real estate developer SODIC last year for EGP 6.1 bn. \u201cThe consortium will now pursue its objective to advance SODIC\u2019s position as a leading national developer by scale and reputation, growing its portfolio of mixed-use residential communities in Greater Cairo, the North Coast and other major markets,\u201d Aldar said in its <a href=\"https:\/\/ent.news\/2022\/2\/Aldar-Q4-2021-Preliminary-Financial-Results-Press-Release-09.02.22-EN.pdf\">earnings release (pdf)<\/a>.<\/p>\n<p><strong>Earnings watch:<\/strong> Aldar reported 21% growth in net income in 2021 to AED 2.33 bn.The figures exclude SODIC because of its acquisition late last year. The full audited and consolidated financials, including the impact of the SODIC acquisition, will be published in March.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aldar-properties\/\">Aldar Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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<section id=\"543632\" 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=\"543632\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/selling-your-house-could-soon-become-cheaper\/\">\r\n                            Selling your house could soon become cheaper                        <\/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\/10\/selling-your-house-could-soon-become-cheaper\/\" 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\/10\/selling-your-house-could-soon-become-cheaper\/')\">\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\/10\/selling-your-house-could-soon-become-cheaper\/\">\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=Selling your house could soon become cheaper&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/selling-your-house-could-soon-become-cheaper\/\">\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\/10\/selling-your-house-could-soon-become-cheaper\/&title=Selling your house could soon become cheaper\">\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=Selling+your+house+could+soon+become+cheaper+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fselling-your-house-could-soon-become-cheaper%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\/10\/selling-your-house-could-soon-become-cheaper\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/139.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543633\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/selling-your-house-could-soon-become-cheaper\/139-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/139.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"139.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/139.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/139.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543632\" class=\"content-area-description single-story post-543632 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-enterpriseam tag-house-of-representatives tag-income-tax-act tag-legislation-watch tag-planning-and-budget-committee tag-real-estate-registry-act wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Another potential boon for homeowners:<\/strong> The House of Representatives\u2019 Planning and Budget Committee yesterday greenlit amendments to the Income Tax Act that would overhaul the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c808039-3cb1-44c2-b027-fe4c72017443\">property disposal tax<\/a> to reduce selling costs for home owners, according to <a href=\"https:\/\/bit.ly\/3GGgMMZ\">Al Mal<\/a>. The bill would see property owners pay a lump sum tax ranging from EGP 1.5k-4k when they register real estate assets that were sold before the original law came into effect on 19 May, 2013. Properties sold after that date would continue being subject to the current 2.5% tax paid by sellers on properties\u2019 disposition or quick sale value.<\/p>\n<p><strong>How is the new tax calculated? <\/strong>Sellers of properties worth up to EGP 250k will be taxed a lump sum of EGP 1.5k, while properties sold for between EGP 250k- 500k will be taxed EGP 2k. Property sales of EGP 500k-1 mn will be taxed EGP 3k, while properties costing more than EGP 1 mn will be taxed EGP 4k. This would put the disposal tax at less than 1% of the value of the property in all cases.<\/p>\n<p><strong>This comes as part of a package of changes geared at encouraging more people to register their ownership contracts<\/strong> with the national property registry. The committee\u2019s approval comes a day after amendments to the Real Estate Registry Act that aim to simplify property registration procedures <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b56c376f-07af-4c83-ad67-0cabdab0f8b7\">received preliminary approval<\/a> from the House.<\/p>\n<p><strong>What\u2019s next for the bill: <\/strong>The bill will be up for further discussion by the wider House of Representatives. If it gets the final nod, it will be sent to President Abdel Fattah El Sisi to be signed into law. The amendments to the Real Estate Registry Act, meanwhile, will be discussed further in a few weeks\u2019 time before receiving final approval, Planning and Budget Committee head Fakhry Elfiky told Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=UhkLAzUYerM\">watch, runtime: 5:51<\/a>).<\/p>\n<p><strong>OTHER LEGISLATION NEWS<\/strong><strong>: <\/strong><strong>The House of Representatives approved in principle a draft law establishing th<\/strong><strong>e Egyptian Health Council<\/strong> to regulate medical training and licensing, which got <a href=\"https:\/\/dailynewsegypt.com\/2022\/02\/01\/parliament-approves-health-council-draft-law-in-principle\/\">preliminary approval<\/a> last week, <a href=\"https:\/\/bit.ly\/3gzQXn7\">Youm7<\/a> reports.<\/p>\n<p><em>EDITOR'S NOTE- This story was updated on 10 February, 2022 to correct the tax on properties sold before the law's original issuance.<\/em><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/income-tax-act\/\">income tax act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-and-budget-committee\/\">Planning and Budget Committee<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate-registry-act\/\">Real Estate Registry Act<\/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=\"543634\" 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=\"543634\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\">\r\n                            New clearing company\u2019s board formed in another step to joining Euroclear                        <\/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\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\" 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\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/')\">\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\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\">\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=New clearing company\u2019s board formed in another step to joining Euroclear&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\">\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\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/&title=New clearing company\u2019s board formed in another step to joining Euroclear\">\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=New+clearing+company%E2%80%99s+board+formed+in+another+step+to+joining+Euroclear+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fnew-clearing-companys-board-formed-in-another-step-to-joining-euroclear%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\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/140.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543635\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/new-clearing-companys-board-formed-in-another-step-to-joining-euroclear\/140-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/140.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"140.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/140.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/140.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543634\" class=\"content-area-description single-story post-543634 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-ahmed-kouchouk tag-bonds tag-central-bank-of-egypt tag-debt-watch tag-enterpriseam tag-euroclear tag-finance-ministry tag-nevine-gamea tag-rami-aboul-naga wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Inching closer to \u201cEuroclearable\u201d status:<\/strong> The board of directors has been formed for our new central clearing and depository company, Egyptian Central Securities Depository (ECSD) in another step toward making local debt \u201cEuroclearable,\u201d Al Borsa <a href=\"https:\/\/alborsaanews.com\/2022\/02\/09\/1506735\">reports<\/a>, picking up a story from state-owned Middle East News Agency.<\/p>\n<p><strong>What\u2019s this new company? <\/strong>ECSD \u2014 which is 70% owned by the Central Bank of Egypt (CBE) and 30% owned by the Finance Ministry \u2014 will manage registration, deposit and settlement procedures for government debt instruments. It will use a different system than the one used by Misr for Central Clearing and Depository (MCDR), though the two are currently working together, CEO and Managing Director Yasser Zaazaa was quoted as telling Al Borsa. ECSD has issued and paid-up capital of EGP 100 mn and authorized capital of EGP 1 bn.<\/p>\n<p><strong>Why do we care? <\/strong> ECSD\u2019s establishment \u2014 which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c31d5b0-7df8-4820-8d29-6d2de7a51ea0\">got the final sign-off at the end of 2020<\/a> \u2014 is a key step for Egyptian debt to be cleared in Europe under Euroclear. Having local debt cleared in Europe will make EGP bonds more accessible to foreign investors, who can currently only access the market through a small number of local banks. Making it easier for foreign funds to invest should translate into greater inflows into Egyptian debt.<\/p>\n<p><strong>The board: <\/strong>The nine-member-strong board includes five central bank representatives, two Finance Ministry representatives, and two independent members. Zaazaa was appointed managing director <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d5a2dd0-b3ba-47d1-91c7-7d8b4d1473c0\">last year<\/a>, when CBE Deputy Governor Rami Aboul Naga was also named non-executive chairman. Joining them are:<\/p>\n<ul>\n<li><strong>From the CBE: <\/strong>Central bank board member Tamer Eldakak, and Assistant Sub-Governors Zakeya Ibrahim and Ehab Nasr.<\/li>\n<li><strong>From FinMin: <\/strong>Vice Minister of Finance Ahmed Kouchouk and advisor Nevine Mansour.<\/li>\n<li><strong>Independents:<\/strong> Mohamed Youssef, and a final independent board member who has yet to be appointed.<\/li>\n<\/ul>\n<p><strong>Next steps: <\/strong>The company will begin operations in the third quarter of this year, Al Borsa quoted Zaazaa as saying (after the government irons out the final wrinkles \u2014 related to an unresolved <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11eb3081-75f6-433f-b7b0-62d2c029fe7a\">\u201ctechnical point\u201d<\/a> \u2014 in its discussions with Euroclear). The latest indications from the Finance Ministry are that we should expect our debt to become \u201cEuroclearable\u201d in the second half of 2022.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-kouchouk\/\">Ahmed Kouchouk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/euroclear\/\">Euroclear<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nevine-gamea\/\">Nevine Gamea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rami-aboul-naga\/\">Rami Aboul Naga<\/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=\"543636\" 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=\"543636\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/capital-med-gets-egp-800-mn-loan-from-nbe\/\">\r\n                            Capital Med gets EGP 800 mn loan from NBE                        <\/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\/10\/capital-med-gets-egp-800-mn-loan-from-nbe\/\" 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\/10\/capital-med-gets-egp-800-mn-loan-from-nbe\/')\">\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\/10\/capital-med-gets-egp-800-mn-loan-from-nbe\/\">\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=Capital Med gets EGP 800 mn loan from NBE&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/capital-med-gets-egp-800-mn-loan-from-nbe\/\">\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\/10\/capital-med-gets-egp-800-mn-loan-from-nbe\/&title=Capital Med gets EGP 800 mn loan from NBE\">\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=Capital+Med+gets+EGP+800+mn+loan+from+NBE+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fcapital-med-gets-egp-800-mn-loan-from-nbe%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\/10\/capital-med-gets-egp-800-mn-loan-from-nbe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543636\" class=\"content-area-description single-story post-543636 post type-post status-publish format-standard hentry category-debt-watch tag-cira-education tag-debt-watch tag-enterpriseam tag-healthcare tag-national-bank-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>The National Bank of Egypt (NBE) has approved a long-term EGP 800 mn loan to <\/strong><strong>Capital Med<\/strong> to cover part of the financing for its EGP 21 bn medical center in Badr City, <a href=\"https:\/\/bit.ly\/3rEcAJv\">Al Mal<\/a>quotes Egypt Care Chairman Hassan Al Qalla as saying.<\/p>\n<p><strong>Cairo Investment and Real Estate (CIRA) holds 14% of Capital Med, while <\/strong><strong>Egypt Care<\/strong><strong> holds 10%,<\/strong> Al Mal reported, adding that the rest of the project is divided among local and foreign investors. Some 70% of the financing for the medical city is dependent on loans, Al Qalla reportedly said.<\/p>\n<p><strong>NBE\u2019s loan will go toward financing the first phase of the medical center,<\/strong> which will include clinics and a 350-bed hospital. Construction of the first phase is expected to be completed by the end of the year, according to Al Qalla. The entire four-phase project is expected to take seven years to implement.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/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=\"543637\" 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=\"543637\">\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\/10\/thndr-lands-usd-20-mn-series-a-investment\/\">\r\n                            Thndr lands USD 20 mn series A investment                        <\/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\/10\/thndr-lands-usd-20-mn-series-a-investment\/\" 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\/10\/thndr-lands-usd-20-mn-series-a-investment\/')\">\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\/10\/thndr-lands-usd-20-mn-series-a-investment\/\">\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=Thndr lands USD 20 mn series A investment&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/thndr-lands-usd-20-mn-series-a-investment\/\">\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\/10\/thndr-lands-usd-20-mn-series-a-investment\/&title=Thndr lands USD 20 mn series A investment\">\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=Thndr+lands+USD+20+mn+series+A+investment+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fthndr-lands-usd-20-mn-series-a-investment%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\/10\/thndr-lands-usd-20-mn-series-a-investment\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/142.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543638\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/thndr-lands-usd-20-mn-series-a-investment\/142-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/142.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"142.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/142.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/142.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543637\" class=\"content-area-description single-story post-543637 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-4dx-ventures tag-beco-capital tag-endure-capital tag-enterpriseam tag-equities tag-financial-markets tag-startup-watch tag-startups tag-thndr 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>Stock trading app <\/strong><strong><a href=\"https:\/\/thndr.app\/\">Thndr<\/a><\/strong><strong> has closed a USD 20 mn series A round<\/strong>, the company announced in <a href=\"https:\/\/ent.news\/2022\/2\/Thndr-fundraise-press-release-9-February-2022.pdf\">a statement (pdf)<\/a> yesterday. The round was co-led by <a href=\"https:\/\/www.tigerglobal.com\/\">Tiger Global<\/a>, <a href=\"https:\/\/becocapital.com\/\">BECO Capital<\/a> and <a href=\"https:\/\/www.prosus.com\/ventures\">Prosus Ventures<\/a>, and featured additional participation from Base Capital, <a href=\"https:\/\/firstminute.capital\/\">firstminute<\/a>, and existing investors <a href=\"https:\/\/endurecap.com\/\">Endure Capital<\/a>, <a href=\"https:\/\/www.4dxventures.com\/\">4DX Ventures<\/a>, <a href=\"https:\/\/rabacap.com\/\">Raba Partnership<\/a> and <a href=\"https:\/\/jimco.com\/en\/\">JIMCO<\/a>. The company will use the funding to invest in product development and expand to other markets in the MENA region, the statement said.<\/p>\n<p><strong>About the company:<\/strong> Thndr is a zero-commission trading platform that allows investors to buy and sell equities, bonds and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/042a8d1a-1bc4-49e9-b038-f0cdb0cb58ce\">mutual funds<\/a>. The app offers two zero-commission plans, one unpaid scheme, and one priced at EGP 55 per month which gives users access to real-time market data. Thndr became the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ed52300-b59e-469a-8c92-06e0a52ced58\">first company<\/a> to be awarded a brokerage license since 2008 when it launched in late 2020.<\/p>\n<p><strong>Growth trajectory:<\/strong> Thndr has expanded its assets under custody and monthly trading values almost thirty-fold since its launch.<\/p>\n<p><strong>SOUND SMART-: Thndr was responsible for 36% of all new brokerage accounts <\/strong>opened in Egypt last year.<\/p>\n<p><strong>This is the company\u2019s first funding round since December 2019<\/strong>, when it secured an undisclosed amount of pre-seed investment from Y-Combinator, 4DX Ventures, Endure Capital, the Raba Partnership, and MSA Capital.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/4dx-ventures\/\">4dx Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beco-capital\/\">Beco Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/endure-capital\/\">Endure Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/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\/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\/thndr\/\">Thndr<\/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=\"543639\" 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=\"543639\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/mystery-egyptian-investor-looks-to-acquire-nesma-airlines\/\">\r\n                            Mystery Egyptian investor looks to acquire Nesma Airlines                        <\/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\/10\/mystery-egyptian-investor-looks-to-acquire-nesma-airlines\/\" 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\/10\/mystery-egyptian-investor-looks-to-acquire-nesma-airlines\/')\">\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\/10\/mystery-egyptian-investor-looks-to-acquire-nesma-airlines\/\">\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=Mystery Egyptian investor looks to acquire Nesma Airlines&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/mystery-egyptian-investor-looks-to-acquire-nesma-airlines\/\">\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\/10\/mystery-egyptian-investor-looks-to-acquire-nesma-airlines\/&title=Mystery Egyptian investor looks to acquire Nesma Airlines\">\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=Mystery+Egyptian+investor+looks+to+acquire+Nesma+Airlines+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fmystery-egyptian-investor-looks-to-acquire-nesma-airlines%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\/10\/mystery-egyptian-investor-looks-to-acquire-nesma-airlines\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543639\" class=\"content-area-description single-story post-543639 post type-post status-publish format-standard hentry category-ma-watch tag-aviation tag-enterpriseam tag-ma-watch tag-saudi-arabia tag-transport tag-travel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>An \u201cEgyptian investor\u201d is looking to acquire 100% of Saudi airline <\/strong><strong>Nesma <\/strong><strong>within <\/strong><strong>weeks<\/strong>, CEO Ashraf Lamloum told Enterprise, confirming a report published by Amwal Al Ghad earlier this week. Lamloum expects the acquisition to be finalized this month, adding that negotiations are still ongoing. He did not disclose the identity of the investor, the value of the transaction, or its financial advisors.<\/p>\n<p><strong>Saudi\u2019s <\/strong><strong><a href=\"https:\/\/www.nesma.com\/\">Nesma Group<\/a><\/strong><strong> is the majority shareholder of Nesma Airlines, <\/strong>which operates international flights between Saudi Arabia and Egypt. It was founded in 2007, according to its website.<\/p>\n<p><strong>The aviation industry was hit hard by the pandemic, and Nesma Airlines was no exception<\/strong>. The transaction could help the airline resume operations, which were halted \u201crecently\u201d due to high costs and covid-related travel restrictions, Lamloum said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aviation\/\">aviation<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/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=\"543640\" 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=\"543640\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/earnings-watch-elsewedy-electric-revenues-up-by-a-third-in-2021\/\">\r\n                            Earnings watch: Elsewedy Electric revenues up by a third 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\/10\/earnings-watch-elsewedy-electric-revenues-up-by-a-third-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\/10\/earnings-watch-elsewedy-electric-revenues-up-by-a-third-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\/10\/earnings-watch-elsewedy-electric-revenues-up-by-a-third-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=Earnings watch: Elsewedy Electric revenues up by a third in 2021&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/earnings-watch-elsewedy-electric-revenues-up-by-a-third-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\/10\/earnings-watch-elsewedy-electric-revenues-up-by-a-third-in-2021\/&title=Earnings watch: Elsewedy Electric revenues up by a third 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=Earnings+watch%3A+Elsewedy+Electric+revenues+up+by+a+third+in+2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fearnings-watch-elsewedy-electric-revenues-up-by-a-third-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\/10\/earnings-watch-elsewedy-electric-revenues-up-by-a-third-in-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543640\" class=\"content-area-description single-story post-543640 post type-post status-publish format-standard hentry category-earnings-watch tag-afreximbank tag-burkina-faso tag-dana-gas tag-earnings-watch tag-elsewedy-electric tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Elsewedy Electric booked EGP 3.5 bn in net income in 2021<\/strong>, up 16.7% y-o-y, while revenues for the full year rose 30.5% y-o-y to EGP 60.5 bn, according to the company\u2019s <a href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/swdy\/Elsewedy-Electric-FY-2021-ER-En-.pdf\">earnings release (pdf)<\/a>. For the fourth quarter of 2021, net income fell 4.3% y-o-y to EGP 1.2 bn. Revenues for the quarter came in at EGP 19.7 bn, up 31.6% y-o-y.<\/p>\n<p><strong>Wires + cables segment underpinning growth:<\/strong> The company\u2019s quarterly and full-year performance was buoyed largely by its wires and cables segment. Revenues from turnkey projects also rose in the final quarter and for the full year.<\/p>\n<p><strong>Looking ahead:<\/strong> Elsewedy Electric expects to continue taking on projects as part of the government\u2019s infrastructure development strategy, management said. \u201cWe are well positioned for growth in the years ahead and possess all the necessary resources\u201d to capitalize on the potential from government expansion plans, CEO Ahmed El Sewedy said.<\/p>\n<p><strong>SEPARATELY- El Sewedy is also pushing ahead with Africa-wide expansion plans:<\/strong><\/p>\n<ul>\n<li><strong>The company\u2019s board signed off yesterday on setting up a new company branch <\/strong><strong>in Burkina Faso<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/2\/273818_1.pdf\">a disclosure (pdf)<\/a>. No further details were provided.<\/li>\n<li><strong>The company is also reportedly in talks with Afreximbank over a EUR 50 mn hotel <\/strong><strong>project in Comoros,<\/strong> for which Afreximbank would provide finance to the Comoros government, <a href=\"https:\/\/bit.ly\/3rDv4d5\">Hapi Journal<\/a> quoted Regional Intra-African Trade Finance Manager Ayman El Zoghby as saying. Contracts could be signed next month.<\/li>\n<\/ul>\n<p><strong>ALSO REPORTING RESULTS- Dana Gas\u2019 oil production in Egypt fell 7% to 28.3k barrels <\/strong><strong>of oil equivalent per day<\/strong> <strong>in 2021<\/strong> due to natural field depletion, the company said in its <a href=\"https:\/\/ent.news\/2022\/2\/Dana-Gas-FY-2021-Press-Release-En.pdf\">earnings release (pdf)<\/a> yesterday. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4751ecd8-18e6-482e-8edd-ea56bdd61f33\">said last month<\/a> that its collections from Egypt more than doubled to USD 184 mn last year, reducing our arrears to their lowest level since the company started operating here in 2007.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/afreximbank\/\">AfreximBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/burkina-faso\/\">Burkina Faso<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dana-gas\/\">Dana Gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/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=\"543641\" 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=\"543641\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/543641\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543641\" class=\"content-area-description single-story post-543641 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 data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/1\/1600px-V-editions-magazine-AD-scaled.jpeg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543642\" 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=\"543642\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/last-nights-talk-shows-how-well-do-you-know-your-property-law\/\">\r\n                            Last Night\u2019s Talk Shows: How well do you know your property law?                        <\/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\/10\/last-nights-talk-shows-how-well-do-you-know-your-property-law\/\" 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\/10\/last-nights-talk-shows-how-well-do-you-know-your-property-law\/')\">\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\/10\/last-nights-talk-shows-how-well-do-you-know-your-property-law\/\">\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: How well do you know your property law?&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/last-nights-talk-shows-how-well-do-you-know-your-property-law\/\">\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\/10\/last-nights-talk-shows-how-well-do-you-know-your-property-law\/&title=Last Night\u2019s Talk Shows: How well do you know your property law?\">\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+How+well+do+you+know+your+property+law%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Flast-nights-talk-shows-how-well-do-you-know-your-property-law%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\/10\/last-nights-talk-shows-how-well-do-you-know-your-property-law\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543642\" class=\"content-area-description single-story post-543642 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-house-of-representatives tag-income-tax-act tag-last-nights-talk-shows tag-real-estate-registry-act tag-supreme-constitutional-court wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Lessons on proposed property laws dominated the airwaves last night: <\/strong> Real Estate Registry Head Gamal Yacout laid out amendments to the Real Estate Registry Act meant to simplify property registration in an interview on Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=OIf1muEB-2U\">watch, runtime: 42:23<\/a>). The amendments received the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b56c376f-07af-4c83-ad67-0cabdab0f8b7\">greenlight<\/a> from the House of Representatives yesterday. A related overhaul of the property disposal tax, which was greenlit by the House of Representatives\u2019 Planning and Budget Committee yesterday, was discussed in a phone-in from committee head Fakhry Elfiky to Yahduth Fi Masr\u2019s Sherif Amer (<a href=\"https:\/\/www.youtube.com\/watch?v=UhkLAzUYerM\">watch, runtime: 5:51<\/a>). The bill would see property owners pay a lump sum tax when selling their real estate assets, replacing the current 2.5% tax. We have more on the bills that were up in the House yesterday in our Legislation Watch section, above.<\/p>\n<p><strong>Also getting coverage:<\/strong> The swearing in of Judge Boulos Fahmy as the first Coptic Christian to head the Supreme Constitutional Court. Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=WAUlyBP9eno\">watch, runtime: 7:27<\/a>), Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=borDcslV7DI\">watch, runtime: 3:08<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=Ag7b-IR4SIs\">watch, runtime: 5:25<\/a>), and Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=sTdWet3axy8\">watch, runtime: 1:28<\/a>) took note of the milestone.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/income-tax-act\/\">income tax act<\/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\/real-estate-registry-act\/\">Real Estate Registry Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supreme-constitutional-court\/\">Supreme Constitutional Court<\/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=\"543643\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n           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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/omani-firm-wants-to-manage-the-ring-roads-brt-system-raya-wants-in-on-evx\/\">\r\n                            Omani firm wants to manage the Ring Road\u2019s BRT system + Raya wants in on EVx                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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Road\u2019s BRT system + Raya wants in on EVx\">\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=Omani+firm+wants+to+manage+the+Ring+Road%E2%80%99s+BRT+system+%2B+Raya+wants+in+on+EVx+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fomani-firm-wants-to-manage-the-ring-roads-brt-system-raya-wants-in-on-evx%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\/10\/omani-firm-wants-to-manage-the-ring-roads-brt-system-raya-wants-in-on-evx\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543645\" class=\"content-area-description single-story post-543645 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-dana-gas tag-energy tag-enterpriseam tag-hassan-allam-holding tag-infrastructure tag-oil-and-gas tag-russia tag-tourism tag-water wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Omani investment firm eyes BRT:<\/strong> Omani investment group <a href=\"https:\/\/binomeir.om\/\">Bin Omeir Holding<\/a> has expressed interest in operating the Cairo Ring Road bus rapid transit (BRT) system, the Transport Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/333991242104636\">said<\/a> yesterday. This came during talks between Transport Minister Kamel El Wazir and the chairman of the company, which operates public transport in Abu Dhabi and Tanzania. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/949fbd12-51f3-4544-9b9f-20470e5eb974\">The BRT system<\/a> will provide an alternative means of transportation on the Ring Road, and is aimed at reducing traffic on the congested freeway.<\/p>\n<p><strong>A<\/strong><strong>nother EV player? <\/strong>Raya Auto <a href=\"https:\/\/bit.ly\/3HDglEw\">is in advanced talks<\/a> with two international companies to import electric vehicles into Egypt this year, before locally assembling the cars in a second phase.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Chinese building manufacturer Jushi is <\/strong><strong><a href=\"https:\/\/www.yicaiglobal.com\/news\/fiberglass-giant-china-jushi-eyes-egypt-after-scrapping-india-project-due-to-covid-19-pandemic\">planning to set up<\/a><\/strong><strong> a new fiberglass <\/strong><strong>production facility<\/strong> in Egypt, with an expected production capacity of 120k tons annually.<\/li>\n<li><strong>Some 125k Russian tourists <\/strong><strong><a href=\"https:\/\/bit.ly\/34C1POF\">visited Egypt<\/a><\/strong><strong> in the first two weeks of 2022<\/strong>, while last year saw more than 700k Russians visit, Russian ambassador to Egypt Georgy Borisenko said.<\/li>\n<li><strong>NBK Egypt has been officially <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/2\/NBK-Egypt-9-02-22-1600px.jpg\">removed from the EGX<\/a><\/strong><strong> as of today. <\/strong>The bank decided to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/145d3218-b6ab-4f57-8a74-68367bae1bbb\">voluntarily delist<\/a> its shares from the bourse last year.<\/li>\n<li>A <strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/04\/11\/hassan-allam-abdul-latif-jameel-form-jv-for-developing-investing-in-water-projects\/\">consortium<\/a><\/strong> made up of <strong>Hassan Allam Holding<\/strong> and <strong>Abdul Latif Jameel<\/strong> has <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/335080638662363\">proposed<\/a> a project to produce <strong>1 mn cubic meters<\/strong> of <strong>desalinated seawater<\/strong> a year.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dana-gas\/\">Dana Gas<\/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\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/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\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"543646\" 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=\"543646\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/daily-covid-tallies-decline-for-third-consecutive-day\/\">\r\n                            Daily covid tallies decline for third consecutive day                        <\/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\/10\/daily-covid-tallies-decline-for-third-consecutive-day\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" 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consecutive day&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/daily-covid-tallies-decline-for-third-consecutive-day\/\">\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\/10\/daily-covid-tallies-decline-for-third-consecutive-day\/&title=Daily covid tallies decline for third consecutive day\">\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 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format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/266914852286403\">reported<\/a><\/strong> <strong>2,191 new covid-19 infections yesterday<\/strong>, on par with the 2,194 it noted the day before. Egypt has now disclosed a total of 446,308 confirmed cases of covid-19. The ministry also reported 57 new deaths, bringing the country\u2019s total death toll to 23,110.<\/p>\n<p><strong>Has our omicron wave peaked? <\/strong>Daily cases have been in decline for three consecutive days after steadily rising since the start of the year to reach a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79e8b909-9bf6-4b8c-8f82-ee6ddd5f760a\">record 2,301<\/a> new cases on Sunday. Officials <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c30a1db-9d05-4f85-a4a0-6df670538e56\">previously said<\/a> not to expect the peak of this omicron-induced wave before mid-month<\/p>\n<p><strong>The vaccine tally:<\/strong> 28,673,560 people are now fully vaccinated against the virus, while some 9.6 mn people have received only their first shots and 672,266 people have received booster shots.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/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=\"543647\" 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=\"543647\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/the-us-securities-regulator-wants-a-look-in-the-books-of-private-funds-tech-stocks-fuel-a-market-comeback\/\">\r\n                            The US securities regulator wants a look in the books of private funds + tech stocks fuel a market comeback                        <\/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\/10\/the-us-securities-regulator-wants-a-look-in-the-books-of-private-funds-tech-stocks-fuel-a-market-comeback\/\" 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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                        <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543647\" class=\"content-area-description single-story post-543647 post type-post status-publish format-standard hentry category-planet-finance tag-aramco tag-enterpriseam tag-financial-markets tag-hedge-funds tag-ipo-watch tag-maersk tag-nasdaq tag-planet-finance tag-private-equity tag-sec 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>Hedge funds and private equity firms are going the have to make a lot more information public if the <\/strong><strong>Securities and Exchange Commission (SEC)<\/strong><strong> gets its way. <\/strong>The SEC gave preliminary approval to proposals that would force both types of firms to disclose more information in a bid to improve their transparency, the <a href=\"https:\/\/www.wsj.com\/articles\/sec-to-propose-broad-disclosure-rules-for-private-investment-funds-11644418801?mod=hp_lead_pos2\">Wall Street Journal<\/a> reports. If passed, the proposals would require annual audits of private funds, quarterly performance and fee disclosures, and written policies to mitigate cybersecurity risks. The watchdog also called for rules cutting the time required for stock and bond trades to be finalized.<\/p><p><strong>With IPOs on the out, private investors are set to see more scrutiny: <\/strong>Volatility in the US markets that has seen the S&amp;P 500 lose nearly 4% since the start of the year means fewer companies are looking to go public \u2014 and more are turning to private sources to raise capital instead, the Financial Times reports. Private equity buyouts surged 133% to USD 818 bn in the first three quarters of 2021, on the back of a record year for M&amp;As, according to <a href=\"https:\/\/www.reuters.com\/business\/finance\/private-fund-advisers-spell-out-fees-performance-under-new-us-sec-proposals-2022-02-09\/\">Reuters<\/a>.<\/p><p><strong>That said, US markets could be staging a comeback:<\/strong> The S&amp;P500 extended Tuesday\u2019s rally yesterday, buoyed by the comeback in tech stocks that saw them recover about half of this year\u2019s losses, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-08\/asia-stocks-to-track-u-s-gains-treasuries-drop-markets-wrap?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports. The Nasdaq also posted its biggest daily gains so far this month, with stronger-than-expected <a href=\"https:\/\/investor.uber.com\/news-events\/news\/press-release-details\/2022\/Uber-Announces-Results-for-Fourth-Quarter-and-Full-Year-2021\/default.aspx\">earnings reports from Uber<\/a> and <a href=\"https:\/\/thewaltdisneycompany.com\/app\/uploads\/2022\/02\/q1-fy22-earnings.pdf\">Walt Disney (pdf)<\/a> pushing the index higher, as well as dip-buying on Meta shares. Last week, Meta and Spotify saw their shares <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80642b53-f79d-4cfb-ba08-0bb58fa5797a\">fall sharply<\/a> after posting disappointing forecasts.<\/p><hr><p><strong>Also worth knowing about this morning:<\/strong><\/p><ul>\n<li><strong>Danish container shipping group Maersk expects freight rates to fall and the <\/strong><strong>global supply chain crunch to ease<\/strong> by the second half of this year, it said in its <a href=\"https:\/\/ml-eu.globenewswire.com\/Resource\/Download\/bcfbaa51-a332-4655-b448-319675e28836\">earnings release (pdf)<\/a> yesterday.<\/li>\n<li><strong>Saudi Aramco has restarted talks to build a huge refining and petrochemicals <\/strong><strong>complex in China<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-08\/aramco-revives-talks-on-multi-billion-dollar-refinery-in-china?srnd=premium-middle-east\">Bloomberg<\/a> reports, citing anonymous sources.<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-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>11,596<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -3.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,206<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +8.2%)<\/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>8,842<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +4.2%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,246<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +1.6%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,587<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: -3.8%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,643<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 91.83<\/p>\n<\/td>\n<td>\n<p>+1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.01<\/p>\n<\/td>\n<td>\n<p>-5.6%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,837<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 44,505<\/p>\n<\/td>\n<td>\n<p>+0.5% (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 0.6% at today\u2019s close <\/strong>on turnover of EGP 1.24 bn (14.8% above the 90-day average). Local investors were net buyers. The index is down 2.95% YTD.<\/p><p><strong>In the green: <\/strong>EFG Hermes (+9.3%), GB Auto (+5.1%) and TMG Holding (+5.0%).<\/p><p><strong>In the red: <\/strong>Fawry (-3.9%), MM Group (-2.8%) and Credit Agricole Egypt (-1.4%).<\/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\/aramco\/\">Aramco<\/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\/hedge-funds\/\">hedge funds<\/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\/maersk\/\">Maersk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nasdaq\/\">Nasdaq<\/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\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sec\/\">SEC<\/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=\"543648\" 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=\"543648\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/us-military-chief-emphasizes-close-security-ties-despite-withheld-military-aid-in-cairo-visit\/\">\r\n                            US military chief emphasizes close security ties despite withheld military aid in Cairo visit                        <\/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\/10\/us-military-chief-emphasizes-close-security-ties-despite-withheld-military-aid-in-cairo-visit\/\" 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\/10\/us-military-chief-emphasizes-close-security-ties-despite-withheld-military-aid-in-cairo-visit\/')\">\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\/10\/us-military-chief-emphasizes-close-security-ties-despite-withheld-military-aid-in-cairo-visit\/\">\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=US military chief emphasizes close security ties despite withheld military aid in Cairo visit&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/us-military-chief-emphasizes-close-security-ties-despite-withheld-military-aid-in-cairo-visit\/\">\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\/10\/us-military-chief-emphasizes-close-security-ties-despite-withheld-military-aid-in-cairo-visit\/&title=US military chief emphasizes close security ties despite withheld military aid in Cairo visit\">\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=US+military+chief+emphasizes+close+security+ties+despite+withheld+military+aid+in+Cairo+visit+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fus-military-chief-emphasizes-close-security-ties-despite-withheld-military-aid-in-cairo-visit%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\/10\/us-military-chief-emphasizes-close-security-ties-despite-withheld-military-aid-in-cairo-visit\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543648\" class=\"content-area-description single-story post-543648 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-abdelmadjid-tebboune tag-algeria tag-climate-change tag-cop27 tag-diplomacy tag-enterpriseam tag-foreign-ministry tag-libya tag-sameh-shoukry tag-security tag-us 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>Top US general makes first visit to Egypt since aid cut: <\/strong>Gen. Kenneth McKenzie, head of the US Central Command and the top US military commander in the Middle East, landed in Egypt yesterday as part of a Middle East tour. McKenzie met with Defense Minister Mohamed Zaki, according to a <a href=\"https:\/\/www.facebook.com\/EgyArmySpox\/posts\/2561064684024498\">statement<\/a> from the military spokesperson. The two agreed to strengthen joint military cooperation and increase joint exercises between the countries.<\/p>\n<p><strong>The US wants us to know we\u2019re still firm friends on security: <\/strong>McKenzie\u2019s visit marks the first for a top US official since the Biden administration <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8ef2e3d-fb81-49ac-9f25-021f12d08769\">announced<\/a> plans to cut USD 130 mn in aid to Egypt over human rights concerns. That\u2019s not to say we\u2019re not still receiving US arms, though: The State Department <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab50bdc4-147d-49c7-84bf-57bcb8c65d14\">green-lit the sale<\/a> of up to USD 2.5 bn-worth of American fighter jets and radar systems to Egypt just a few weeks back. \u201cThe US is committed to helping Egypt build its capabilities to face threats to its security,\u201d McKenzie told <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1237\/460825\/Egypt\/Defence\/US-committed-to-helping-Egypt-build-capabilities-C.aspx\">Ahram Online<\/a> in an interview, while emphasizing to reporters shortly before landing that human rights would be on the agenda in talks, according to <a href=\"https:\/\/www.reuters.com\/world\/american-general-egypt-talks-after-us-cuts-military-aid-2022-02-09\/\">Reuters<\/a>.<\/p>\n<p><strong>With caveats:<\/strong> \u201cMy message will be the inherent superiority of US [weapons] systems and our desire to maintain a close partnership with Egypt, which would necessarily be affected if they executed large weapons sales with Russia,\u201d <a href=\"https:\/\/www.reuters.com\/world\/american-general-egypt-talks-after-us-cuts-military-aid-2022-02-09\/\">Reuters<\/a> quoted McKenzie as saying to reporters. Egypt's imports of arms from Russia, France, Germany and Italy have surged in recent years.<\/p>\n<p><strong>IN OTHER DIPLOMACY NEWS: <\/strong><\/p>\n<ul>\n<li><strong>Climate cooperation with the US:<\/strong> Foreign minister and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a925d015-f57e-4886-9f6d-db7a15c76bd3\">COP27<\/a> president Sameh Shoukry discussed with US climate envoy John Kerry establishing a joint climate action group to coordinate efforts ahead of this year\u2019s climate conference in Sharm El Sheikh, according to a foreign ministry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/254601580183029\">statement<\/a>.<\/li>\n<li><strong>President Abdel Fattah El Sisi discussed boosting trade and mutua<\/strong><strong>l investments with Algerian President Abdelmadjid Tebboune <\/strong>in a phone call yesterday, according to an Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/502152634606803\">statement<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/abdelmadjid-tebboune\/\">Abdelmadjid Tebboune<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/algeria\/\">Algeria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/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\/us\/\">US<\/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=\"543649\" 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=\"543649\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/my-morning-routine-hossam-taher-co-founder-ceo-and-head-of-product-at-orcas\/\">\r\n                            My Morning Routine: Hossam Taher, co-founder, CEO and head of product at Orcas                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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Hossam Taher, co-founder, CEO and head of product at Orcas\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=My+Morning+Routine%3A+Hossam+Taher%2C+co-founder%2C+CEO+and+head+of+product+at+Orcas+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F10%2Fmy-morning-routine-hossam-taher-co-founder-ceo-and-head-of-product-at-orcas%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\/10\/my-morning-routine-hossam-taher-co-founder-ceo-and-head-of-product-at-orcas\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/145.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543650\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/10\/my-morning-routine-hossam-taher-co-founder-ceo-and-head-of-product-at-orcas\/145-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/145.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"145.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/145.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/145.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543649\" class=\"content-area-description single-story post-543649 post type-post status-publish format-standard has-post-thumbnail hentry category-my-morning-routine tag-enterpriseam tag-my-morning-routine tag-orcas 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-09\"><\/a> <strong>Hossam Taher, co-founder, CEO and head of product, Orcas: <\/strong>Each week, My Morning Routine looks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun.<\/p>\n<p><strong>Speaking to us this week is Hossam Taher (<\/strong><strong><a href=\"https:\/\/eg.linkedin.com\/in\/hossamtaher\">LinkedIn<\/a><\/strong><strong>), <\/strong><strong>co-founder, CEO and head of product at edtech platform Orcas<\/strong>, which offers online and in-person courses for K-12 students. The company recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad8084bb-103d-4a9f-ae73-fdb55323edeb\">raised USD 2.1 mn<\/a> in a pre-series A round and last month started operating in Pakistan, its first market outside of Egypt. Edited excerpts from our conversation follow:<\/p>\n<p><strong>My name is Hossam Taher and I\u2019m currently CEO and head of product at <\/strong><strong><a href=\"https:\/\/www.orcas.io\/\">Orcas<\/a><\/strong>, the edtech company that I co-founded with Amira El Gharib. I\u2019m 31 years old and I graduated from the German school and studied medicine at Cairo University. I love tech, I love products, I love solving problems and I love math.<\/p>\n<p><strong>I wake up at 6-6:30 am and I have my morning coffee while watching the NBA highlights from the day before.<\/strong> I\u2019m a huge basketball fan and play 2-3 times a week, so in the morning I usually go to the club, run a bit, shoot some hoops before going home and taking a shower. Afterwards, I check out Enterprise or read something that I\u2019ve saved from the day before. Sometimes I read a book instead or spend time chatting with my wife. By 9 am, I start doing my own work, answering emails and messages. At 11, I walk to the office and that\u2019s when the insanity begins.<\/p>\n<p><strong>I do two main activities at Orcas, I\u2019m the CEO and head of product. <\/strong>As CEO, I\u2019m responsible for hiring and building teams, fundraising, making sure that there is a company runway and making sure that our plans make sense on the strategic level. I have to make sure that I align with team leaders, investors, team members, and the board. I do a lot of firefighting and problem-solving and decision-making everyday.<\/p>\n<p><strong>Everyday, I\u2019m bombarded with questions and decisions. <\/strong>For me, feeling comfortable with being assertive and decisive are things that come with being a CEO. You have to perfect it and learn from the mistakes. And by perfecting it, I don\u2019t mean being right all the time: I mean learning to live with the wrong decisions that you make and understanding that decision-making quality does not reflect the quality of the outcome and that worrying about the outcome distracts from the decision making process.<\/p>\n<p><strong>My work as head of product allows me to outsource decisions to the user. <\/strong>When I was in med school, we would document the personal and medical history of a patient using a set methodology. I love applying this methodology to products. Our users are students, moms, teachers and schools, and so I ask them questions about the product and try to validate their answers through investigations or data by comparing what they say to what they do. Then I can figure out what the actual problem is and turn that into product features. This is something that I really enjoy working on.<\/p>\n<p><strong>We recently <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad8084bb-103d-4a9f-ae73-fdb55323edeb\">raised USD 2.1 mn<\/a><\/strong><strong> in a pre-series A round. <\/strong>That money will go towards two things. Expanding our reach by opening Pakistan and looking to Saudi Arabia. And the second thing that we\u2019re focused on is making sure that our product is the best that we can offer. We want to invest in the quality of teachers, classrooms, assessments, etc. We want to provide more monitoring and more control for the parents. We want to be present and monetizing in three markets, so product investment is very important.<\/p>\n<p><strong>We started our Pakistan operations in early January.<\/strong> We\u2019re applying all the lessons learned from Egypt to Pakistan. We don't cross borders, so we match Pakistani teachers with Pakistani students. It\u2019s currently the best way to provide the best results for our students, but working across borders is definitely something that we want to explore in the future.<\/p>\n<p><strong>Online is becoming part of how we learn but it\u2019s not the only way. <\/strong>We still have more demand for offline tutoring, but our data shows that online tutoring was less than 1% of our offerings in 2020, and 30% did it in 2021 and today, 70% do hybrid.<\/p>\n<p><strong>When work is done, I like to sit with my wife. <\/strong>We talk about life and things, we watch Netflix or documentaries, or go to the club and have lunch. I also love to play board games with my friends. Traveling is also very important to me, so I try to do weekend getaways to Sokhna and I go to Fayoum a lot.<\/p>\n<p><strong>One of my favorite books is called <\/strong><strong><a href=\"https:\/\/www.goodreads.com\/book\/show\/35957157-thinking-in-bets\">Thinking in [redacted]<\/a><\/strong><strong> by Annie Duke. <\/strong>She\u2019s a poker player and it\u2019s built on the idea that life is like a poker game, not a game of chess. She talks a lot about decision-making and she basically concludes that you should never let the outcome of a decision determine if your decision was right. I also like <a href=\"https:\/\/www.goodreads.com\/book\/show\/18693884-how-not-to-be-wrong\">How Not To Be Wrong: The Power of Mathematical Thinking<\/a> by Jordan Ellenberg.<\/p>\n<p>[<em>Editor\u2019s note:<\/em> Annie Duke\u2019s book is great. It also uses in its title a word we can\u2019t use in Enterprise \u2014 not because it\u2019s crude and we\u2019re prudes, but because it enrages the algorithms that determine whether we make it into your inboxes or disappear into a bad folder.]<\/p>\n<p><strong>I don\u2019t remember who told me this, but the best piece of advice that I\u2019ve been given is the ability to unlearn. <\/strong>We live in an age that is full of updates and events that are changing everything that we know, and we have to unlearn and relearn things. It also frees up your brain capacity; it\u2019s like upgrading your brain with new apps and removing cached material.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orcas\/\">Orcas<\/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=\"543651\" 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\/10\/543651\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543651\" class=\"content-area-description single-story post-543651 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 a 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>1H2022: The Transport Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/334230905414003\">to sign<\/a> a memorandum of understanding with <a href=\"https:\/\/www.adports.ae\/\">Abu Dhabi Ports<\/a> to set up a transport route across the Nile to transport products from Al Canal\u2019s Minya<a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/23\/uaes-al-ghurair-to-invest-usd-1-bn-in-sugar-agriculture-project\/\">sugar factory<\/a>.<\/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.<\/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>4-20 February (Friday-Sunday): 2022 Winter Olympics, Beijing.<\/p>\n<p>10 February (Thursday): Macro Group\u2019s shares set to begin trading on the EGX.<\/p>\n<p>11-12 February (Friday-Saturday): German Foreign Minister Annalena Baerbock will be in Cairo for a two-day visit.<\/p>\n<p>11-13 February (Friday-Sunday) FIBA Intercontinental Cup, Cairo.<\/p>\n<p>13-15 February (Sunday-Tuesday): <a href=\"https:\/\/asdweek.co\/\">Arab Sustainable Development Week<\/a>. Arab League headquarters, Nile Ritz Carlton.<\/p>\n<p>14-16 February (Monday-Wednesday): <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum S<\/a><a href=\"https:\/\/www.egyps.com\/\">how<\/a>, 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>22-24 February (Tuesday-Thursday): <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/332874495549644\">Investment Forum<\/a>, General Authority For Investments (GAFI) Main Office, Nasr City.<\/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<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/318887153615045\">Tourirsm Organization Middle East committee meeting<\/a>.<\/p>\n<p>March: The Salam \u2013 new administrative capital \u2013 10th of Ramadan Light Rail Train (LRT) line <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/327078179462609\">will start operating<\/a>.<\/p>\n<p>3 March (Thursday): Fawry\u2019s<a href=\"https:\/\/ent.news\/2022\/2\/Fawry-extraordinary-general-assembly-capital-increase-3-March.pdf\">extraordinary general assembly (pdf)<\/a> to vote on EGP 800 mn capital increase.<\/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' 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' 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>April: Fuel pricing committee meets to decide quarterly fuel prices.<\/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>14 April (Thursday): European Central Bank monetary policy meeting.<\/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>9 June (Thursday): European Central Bank monetary policy 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>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/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>21 July (Thursday): European Central Bank monetary policy meeting.<\/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>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve Finterest 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>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/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>27 October (Thursday): European Central Bank monetary policy meeting.<\/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>15 December (Thursday): European Central Bank monetary policy 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>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":543625,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-543624","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3f1d6c54-de7b-4299-9a3f-c9a5dd99c38e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/2\/132.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>First Abu Dhabi Bank makes offer for majority stake in EFG Hermes - 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\/first-abu-dhabi-bank-makes-offer-for-majority-stake-in-efg-hermes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First Abu Dhabi Bank makes offer for majority stake in EFG Hermes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/first-abu-dhabi-bank-makes-offer-for-majority-stake-in-efg-hermes\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:21:17+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\/132.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\/first-abu-dhabi-bank-makes-offer-for-majority-stake-in-efg-hermes\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/first-abu-dhabi-bank-makes-offer-for-majority-stake-in-efg-hermes\/\",\"name\":\"First Abu Dhabi Bank makes offer for majority stake in EFG Hermes - 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