{"id":543767,"date":"2022-02-17T03:56:04","date_gmt":"2022-02-17T03:56:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=543767"},"modified":"2025-12-15T20:24:45","modified_gmt":"2025-12-15T20:24:45","slug":"six-european-banks-lend-usd-1-5-bn-to-finance-assiut-refinerys-mazut-hydrocracking-complex","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/six-european-banks-lend-usd-1-5-bn-to-finance-assiut-refinerys-mazut-hydrocracking-complex\/","title":{"rendered":"Six European banks lend USD 1.5 bn to finance Assiut refinery\u2019s mazut hydrocracking complex"},"content":{"rendered":"<section id=\"543769\" 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=\"543769\">\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\/17\/this-morning-eu-au-summit-kicks-off-oil-prices-keep-on-rising\/\">\r\n                            THIS MORNING: EU-AU summit kicks off + Oil prices keep on rising                        <\/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\/17\/this-morning-eu-au-summit-kicks-off-oil-prices-keep-on-rising\/\" 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 have more on those stories \u2014 and lots, lots more \u2014 in this morning\u2019s news well, below.<\/p><p><strong>PSA #1- We\u2019re just over six weeks (44 days) away from Ramadan. <\/strong>We hope you\u2019re planning accordingly. And that if you\u2019re in the ad industry, things are going smoothly for you in this silly season.<\/p><p><strong>PSA #2- Your commute is going to be much worse on Sunday. <\/strong>Public universities begin the second term of their 2021-2022 academic year this Saturday, 19 February.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>The two-day EU-AU summit kicks off in Brussels today<\/strong>, where President Abdel Fattah El Sisi is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c38c42e-697e-4b6b-845b-c8b4c0bec7d0\">set to meet with<\/a> Prime Minister Alexander De Croo to talk diplomatic relations and regional issues.<\/p><p><strong>Also on the agenda for the summit:<\/strong> Look for El Sisi to speak about the integration of African countries into the global economy, ramping up foreign investment across the continent, and supporting developing countries in their green transition \u2014 all of which are key action points for COP27 in Sharm El Sheikh this November.<\/p><p><strong>In Brussels ahead of the summit:<\/strong> El Sisi discussed yesterday the protection of Egypt\u2019s coastline from erosion, cooperation in <strong><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/506717014150365\">defense-related industries<\/a><\/strong> and the production of <strong><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/506717394150327\">green hydrogen<\/a><\/strong> in meetings he held with Belgian business leaders, according to an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/506716427483757\">Ittihadiya statement<\/a>. He also <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/506876430801090\">spoke<\/a> with European Council President Charles Michel about <strong>Libya<\/strong> and with Belgium\u2019s King Philippe about Belgian <strong>investment<\/strong> in Egypt as well as ways of <strong>boosting trade and commercial ties<\/strong>, according to another Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/506874290801304\">readout<\/a>.<\/p><p><strong>AND TOMORROW-<\/strong><\/p><p><strong>THE BIG STORY ABROAD- It\u2019s still Ukraine \u2014 <\/strong><strong>and it could be for a while<\/strong>, as the international papers tell us with one voice this morning that Russia is growing, rather than drawing down, its military presence along the border with its neighbor. Russian officials had earlier this week said that some of the c. 150k assembled troops were being withdrawn \u2014 claims that US officials are now describing as false. The US estimates Russia to have mobilized another 7k troops \u2014 and alleges the country is still looking for a pretext to invade. The news is making headlines across <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-16\/russian-claims-of-ukraine-troop-pullback-are-false-u-s-says?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/europe\/russian-pullout-meets-uk-scepticism-ukraine-defence-website-still-hacked-2022-02-16\/\">Reuters<\/a>, the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-europe-russia-united-states-vladimir-putin-534fb1c355ff5f135ba0261cb1448c3c\">Associated Press<\/a>, the <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/02\/16\/ukraine-russia-putin-nato\/\">Washington Post<\/a>, the <a href=\"https:\/\/www.wsj.com\/articles\/russia-says-troops-withdraw-from-crimea-but-u-s-warns-ukraine-invasion-still-possible-11645007072?mod=hp_lead_pos1\">Wall Street Journal<\/a> and the <a href=\"https:\/\/www.ft.com\/content\/270d92d3-ac5d-49bc-a90b-2810e8f19ee2\">Financial Times<\/a>.<\/p><p><strong>CLOSER TO HOME- More ways the Ukraine crisis could directly affect us:<\/strong> Any sanctions on Russia in the event of a Ukraine invasion should also prohibit the country from exporting arms, the head of Ukraine\u2019s center for defense reforms, Oleksandr Danylyuk, writes in a letter to the <a href=\"https:\/\/www.ft.com\/content\/acf116ed-5255-4cbb-8c95-7bc62bdddd20\">Financial Times<\/a>. Egypt is both a major non-Nato ally of the US and a top-five buyer of Russian arms, Danylyuk points out. He adds that Russia should be barred from owning uranium deposits abroad \u2014 again namedropping Egypt for its under-construction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27a6e1fc-82cd-4dd5-abf4-5f1d9d018f3d\">Dabaa nuclear plant<\/a>, which is contracted to Russian state-owned nuclear company Rosatom. (It\u2019s not clear to us, though, that anyone is actively mining uranium here, though there are known deposits in Sinai.)<\/p><p><strong>If you care about oil prices, keep your eye on the crisis: <\/strong>Market watchers are now near-certain that international benchmark Brent crude will cross the USD-100 threshold, <a href=\"https:\/\/www.cnbc.com\/2022\/02\/16\/oil-could-vault-as-high-as-150-a-barrel-veteran-analyst-warns.html\">CNBC<\/a> reports. And it\u2019s likely not stopping there: \u201cThere is a scenario where we could vault past USD 120, even as high as USD 150,\u201d one analyst was quoted as saying. Brent settled 1.6% up at USD 94.81 yesterday, as the threat of war in Ukraine continues to pressure an already tight market.<\/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>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/NebuGoldExpo\">Nebu Expo for Gold and Jewelry 2022<\/a><\/strong><strong> kicks off this Saturday<\/strong>, 19 February and wraps on Monday, 21 February.<\/p><p><strong>A call for tech startups: <\/strong>The Information Technology Industry Development Agency (ITIDA) and US-based VC firm <a href=\"https:\/\/www.plugandplaytechcenter.com\/\">Plug and Play<\/a> have <a href=\"https:\/\/itida.gov.eg\/English\/PressReleases\/Pages\/ITIDA-and-Plug-and-Play-Join-Hands-with-USAID%E2%80%99s-Economic-Governance-Activity-(EGA)-to-Launch-Open-Innovation-Platformin-.aspx\">launched<\/a> an incubator and accelerator program for digital transformation-focused startups in partnership with our friends at USAID. The newly launched \u201cSmart Cities\u201d innovation hub will select 20-30 Egypt-based companies for its inaugural three-month program, which starts in March. Startups can apply <a href=\"https:\/\/www.plugandplaytechcenter.com\/cairo\/#apply\">here<\/a> before applications close on 28 February.<\/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\/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\/nuclear-energy\/\">nuclear energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine-russia\/\">Ukraine-Russia<\/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=\"543770\" 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=\"543770\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/543770\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543770\" class=\"content-area-description single-story post-543770 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/soma-hotels1600pxjpg.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Experience luxury in every thoughtful detail where prestige hospitality is rediscovered with genuine warmth and passion. Awaken forgotten desires and build unforgettable memories to fuel a lifetime of inspiration. Spend your winter break at Somabay with special rates and choose among five different hotels at one destination. Visit: www.Somabay.com\/hotels\/<\/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=\"543771\" 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=\"543771\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/\">\r\n                            Diesel refinery gets USD 1.5 bn financing + lots of other energy news from Egyps                        <\/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\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/\" 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\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/')\">\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\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/\">\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=Diesel refinery gets USD 1.5 bn financing + lots of other energy news from Egyps&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/\">\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\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/&title=Diesel refinery gets USD 1.5 bn financing + lots of other energy news from Egyps\">\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=Diesel+refinery+gets+USD+1.5+bn+financing+%2B+lots+of+other+energy+news+from+Egyps+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Fdiesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps%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\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/238.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543772\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/diesel-refinery-gets-usd-1-5-bn-financing-lots-of-other-energy-news-from-egyps\/238-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/238.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"238.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/238.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/238.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543771\" class=\"content-area-description single-story post-543771 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-amcham tag-aramco tag-assiut tag-bnp-paribas tag-credit-agricole tag-egyps tag-energy tag-enppi tag-enterpriseam tag-fuel tag-hsbc tag-oil-ministry tag-red-sea-national-petrochemicals-company tag-socit-generale-france tag-unicredit-italia 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>Several of <\/strong><strong>Europe\u2019s biggest banks are providing us with USD 1.5 bn to finance the construction of the new mazut hydrocracking complex at the Assiut refinery<\/strong>, the Oil Ministry said in a <a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/253375983644047\">statement<\/a> yesterday. A syndicate of six European banks put pens to paper on the sidelines of the Egypt Petroleum Show yesterday to lend money for the project, which is expected to produce around 2.8 mn tonnes of petroleum products each year.<\/p>\n<p><strong>What\u2019s mazut? <\/strong>It\u2019s a heavy, low-quality fuel oil that that is particularly thick, usually full of pollutants, and can be burned to produce electricity or fire boilers. <strong>The refinery in Assiut will turn this into Euro V-grade diesel<\/strong>, gasoline, and other refined fuels, helping to reduce the amount spent on oil imports. Egypt spent USD 8.3 bn on oil imports during the previous fiscal year, according to official figures. Euro V diesel is the cleanest-burning diesel standard in the world, so the refinery should deliver a net reduction in our national sulfur dioxide and carbon dioxide emissions if the experience at Qalaa Holdings\u2019 Egyptian Refining Company is anything to go by.<\/p>\n<p><strong>Who is ponying up the money?<\/strong> The funding will be led by Cr\u00e9dit Agricole, which is acting as general coordinator, along with HSBC, which is acting as general agent. UniCredit Italia, BNP Paribas, Soci\u00e9t\u00e9 Generale France, and Italian state lender Cassa Depositi e Prestiti (CDP) round out the list. Italian Export Credit Agency Sace will back the funding. An alliance between the National Bank of Egypt and the National Bank of Kuwait acted as financial advisor.<\/p>\n<p><strong>The complex has been a while in the making:<\/strong> Initial contracts to establish the facility were signed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd34334b-1da4-45f4-b486-b15b48fcfc64\">in early 2020<\/a> with local contractors Enppi and Petrojet and French construction firm Technip, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65a80b2e-f4b9-4506-9eb8-d3493d05e295\">inked a USD 1 bn EPC contract<\/a> several months later. The complex will be built and operated by the Assiut National Oil Processing Company.<\/p>\n<hr class=\"grey-line\">\n<p><strong>INVESTMENT WATCH- Apache Egypt expects to spend more than USD 3.5 bn in Egypt <\/strong><strong>over the next five years, <\/strong>Vice-President & General Manager David Chi told Bloomberg Alsharq on the sidelines of the conference (<a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1493872880672821248\">watch, runtime: 2:32<\/a>). The company expects to spend an extra USD 250 mn on Egypt this year, in addition to its annual investments.<\/p>\n<p><strong>FAST FACT- Apache\u2019s JV here is Egypt\u2019s largest oil producer. <\/strong>The Oil Ministry inked a USD 3.5 bn, 20-year production agreement with the Apache-Sinopec JV in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/510ef9d0-a0b6-4280-91f0-19eb6d557bca\">December.<\/a><\/p>\n<hr class=\"grey-line\">\n<p><strong>Egypt will be receiving newly announced <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c3436666-a19c-422d-bd4c-2d0667b55771\">additional natural gas exports<\/a><\/strong><strong> from <\/strong><strong>Israel via a new route through Jordan<\/strong>, rather than the Arish-Ashkelon pipeline that Israel usually uses to ship gas to Egypt, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-energy-ministry-okays-gas-flow-egypt-through-jordan-2022-02-16\/\">Reuters<\/a> reports. The route is likely the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a11595f-b4c4-47f8-a38d-b96ca2538e6c\">Arab Gas Pipeline<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-15\/israel-to-boost-gas-supply-to-egypt-by-up-to-50-this-month?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> notes, which runs through Jordan and Syria. The pipeline has been under renovation and is expected to be up and running within weeks.<\/p>\n<p><strong>Aramco to supply new Ain Sokhna refinery:<\/strong> Saudi Aramco signed an agreement with the Red Sea National Petrochemicals Company for long-term supply of Arabian light crude to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b5a4e24-d736-41b6-b4a6-f4ab2e674e5f\">the petrochemical complex<\/a> set to be built in Ain Sokhna, according to <a href=\"https:\/\/bit.ly\/3LCH4DA\">a ministry statement<\/a>. The Egyptian General Petroleum Corporation also signed a contract with Aramco\u2019s Luberef to import base oil.<\/p>\n<p><strong>EGPC teams up with Tenaris on digital infrastructure: <\/strong>The Egyptian General Petroleum Corporation (EGPC) signed a memorandum of understanding with manufacturing firm Tenaris, for digital solutions to help the authority plan and manage resources, according to a ministry <a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/253488863632759\">statement<\/a>.<\/p>\n<p><strong>Military-affiliated Enppi will cooperate on MENA-based projects with<\/strong><strong> Abu Dhabi\u2019s <\/strong><strong><a href=\"https:\/\/www.npcc.ae\/NPCCWeb\/Default.aspx\">National Petroleum Construction Company<\/a><\/strong>, after the two firms signed an MoU according to an Oil Ministry <a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/253506103631035\">statement<\/a>. Ennpi also signed an MoU with US-based Honeywell to boost cooperation on energy conversion, sustainable development, and digital solutions, among several other agreements with local and international firms.<\/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\/amcham\/\">AmCham<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/assiut\/\">Assiut<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bnp-paribas\/\">BNP Paribas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/credit-agricole\/\">Credit Agricole<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyps\/\">EGYPS<\/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\/enppi\/\">Enppi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea-national-petrochemicals-company\/\">Red Sea National Petrochemicals Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/socit-generale-france\/\">Soci&eacute;t&eacute; Generale France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unicredit-italia\/\">UniCredit Italia<\/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=\"543773\" 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=\"543773\">\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\">INFRASTRUCTURE WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/metito-scatec-oc-eye-usd-1-5-bn-desalination-facility\/\">\r\n                            Metito, Scatec, OC eye USD 1.5 bn desalination facility                        <\/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\/17\/metito-scatec-oc-eye-usd-1-5-bn-desalination-facility\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The consortium is looking to get the Sovereign Wealth Fund of Egypt onboard as a partner in the project, according to Madwar.<\/p>\n<p><strong>In detail: <\/strong>The solar-powered desalination plant would process 1-2 mn cubic meters per day. The plant would be built under a build, own, operate and transfer (BOOT) framework.<\/p>\n<p><strong>Metito and Scatec are no strangers to the market:<\/strong> Metito has worked with OC and Hassan Allam Construction on several local wastewater treatment and desalination plants, and is currently in talks with the Housing Ministry to build <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5eec2ed7-9c61-4e93-b1b0-fef6ddde4d2b\">floating desalination plants<\/a> in Egypt, akin to three plants it\u2019s building in Saudi Arabia for around <a href=\"https:\/\/www.metito.com\/news-detail\/metito-delivers-the-first-of-three-floating-desalination-barges-for-bahris-sar760m-announced-project-in-the-kingdom-of-saudi-arabia\/\">USD 202.6 mn<\/a>. Norway\u2019s Scatec, meanwhile, is currently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ebef003-0472-4513-93aa-ef59d457a5ea\">working with OC,<\/a> Nassif Sawiris-backed Fertiglobe, and the Sovereign Fund of Egypt to build the <a href=\"https:\/\/enterprisemea.com\/stories\/2021\/10\/17\/sfe-fertiglobe-partner-with-scatec-for-ain-sokhna-green-hydrogen-plant-55806\/\">100 MW green hydrogen plant<\/a> in Ain Sokhna.<\/p>\n<p><strong>Water security is a key priority for the gov\u2019t:<\/strong> Threats posed to our water supply by Ethiopia\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb46348d-7550-4cb5-983d-2b40da01a909\">Grand Ethiopian Renaissance Dam<\/a> and by <a href=\"https:\/\/enterprise.press\/greeneconomys\/green-economy-2021-part-ii\/\">climate change<\/a> have caused the government to put water at the forefront of its development plans. Egypt recently inaugurated the world\u2019s largest wastewater treatment plant \u2014 the EGP 18 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bd53455-008b-49a0-860f-1f17c68cea22\">Bahr Al Baqar wastewater treatment plant<\/a> \u2014 while the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/937f8328-b0fc-4e1f-84d9-893ddd22fc8f\">El Hammam agricultural wastewater plant<\/a> is currently in the works.<\/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\/bahr-al-baqar\/\">Bahr Al Baqar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure-watch\/\">infrastructure watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/scatec\/\">Scatec<\/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=\"543775\" 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=\"543775\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/9-economic-growth-hedging-wheat-and-privatization-get-air-time-in-pms-presser\/\">\r\n                            9% economic growth, hedging wheat, and privatization get air time in PM\u2019s presser                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/9-economic-growth-hedging-wheat-and-privatization-get-air-time-in-pms-presser\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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By comparison, our GDP growth came in at 1.3% in 1H2020-2021, Planning Minister Hala El Said said, according to <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-economic-growth-83-q2-expected-exceed-6-full-fiscal-year-pm-2022-02-16\/\">Reuters<\/a>.<\/p>\n<p><strong>The 2Q2021-2022 figure is higher than was previously expected<\/strong>: El Said had signaled <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/346bda71-d9f0-42ee-b29d-1a13546e3181\">in December<\/a> that GDP growth was forecast at 6-7% for the quarter. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4937ccd7-a197-4703-80bc-21dbb86318fa\">expects GDP growth to exceed 6%<\/a> for the full fiscal year, with the third and fourth quarters now expected to register 6% or higher growth, Madbouly said.<\/p>\n<p><strong>Full steam ahead for the state privatization program:<\/strong> The IPOs and secondary stake sales of a handful of state companies under the privatization program are moving forward, Madbouly said. The prime minister, El Said, and Finance Minister Mohamed Maait have said in recent weeks that we should see <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">several state listings this year<\/a>.<\/p>\n<p><strong>MEANWHILE- The government is still studying potentially hedging wheat<\/strong>, Madbouly said, confirming a statement from Supply Minister Ali El Moselhy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc922ba0-67ab-4050-9920-ee1ac7d63996\">earlier this week<\/a> that \u201cuncertainties\u201d in the global wheat market could require us to start hedging the commodity. Egypt first started looking into hedging against rising <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/03\/finmin-to-expand-hedging-on-other-goods-including-wheat\/\">wheat<\/a> and <a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/25\/finance-ministry-committee-to-begin-reviewing-fuel-hedging-offers-in-july\/\">oil<\/a> prices back in 2018.<\/p>\n<p><strong>Litmus test for the international wheat market in the meantime:<\/strong> State grain buyer GASC will issue a wheat tender next week to get a feel for market conditions amid the ongoing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1543446d-39c1-4ee0-baf7-63fcdcb0c433\">Russia-Ukraine tensions<\/a>, El Moselhy told <a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1493877956678197248\">Bloomberg Asharq<\/a> yesterday. The minister had signaled earlier this week that Egypt will be looking to diversify its sources of wheat imports to protect against supply shocks from Ukraine. Egypt is the largest consumer of Ukrainian wheat, purchasing the equivalent of around 14% of its total wheat consumption from the eastern European country.<\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said\/\">Hala El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hedging\/\">hedging<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/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\/wheat\/\">wheat<\/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=\"543777\" 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=\"543777\">\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\">Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/\">\r\n                            We have more details on the CBE\u2019s new import rules                        <\/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\/17\/we-have-more-details-on-the-cbes-new-import-rules\/\" 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\/17\/we-have-more-details-on-the-cbes-new-import-rules\/')\">\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\/17\/we-have-more-details-on-the-cbes-new-import-rules\/\">\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=We have more details on the CBE\u2019s new import rules&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/\">\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\/17\/we-have-more-details-on-the-cbes-new-import-rules\/&title=We have more details on the CBE\u2019s new import rules\">\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=We+have+more+details+on+the+CBE%E2%80%99s+new+import+rules+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Fwe-have-more-details-on-the-cbes-new-import-rules%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\/17\/we-have-more-details-on-the-cbes-new-import-rules\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/241.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543778\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/we-have-more-details-on-the-cbes-new-import-rules\/241-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/241.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"241.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/241.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/241.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543777\" class=\"content-area-description single-story post-543777 post type-post status-publish format-standard has-post-thumbnail hentry category-trade tag-central-bank-of-egypt tag-enterpriseam tag-federation-of-egyptian-banks tag-regulation-watch tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Details on CBE\u2019s new import rules outline exemptions for some goods + small <\/strong><strong>shipments:<\/strong> Imports of goods worth up to USD 5k (or the equivalent in any other foreign currency) will be exempt from the Central Bank of Egypt\u2019s (CBE) decision requiring importers to get letters of credit (L\/Cs) for their purchases, according to a Federation of Egyptian Banks (FEB) statement carried by <a href=\"https:\/\/bit.ly\/3oTaZOe\">Masrawy<\/a> and several other local outlets. The decision also exempts shipments delivered via express post, according to the statement.<\/p>\n<p><strong>The CBE is also exempting from the decision the import of meds, vaccines<\/strong>, and the active ingredients required to manufacture them locally. Imports of tea, meat and poultry products, fish, wheat, oil, milk powder, baby formula, fava beans, lentils, butter, and corn are also not subject to the new requirement.<\/p>\n<p><strong>The new rules will come into effect next Tuesday, 22 February<\/strong>, according to the FEB. The CBE had previously indicated that the decision would be implemented from the beginning of March.<\/p>\n<p><strong>Importers should be able to switch to L\/Cs without extra bank fees:<\/strong> Banks must lower the fees for issuing L\/Cs to match those for the existing process of documentary collection, according to the FEB statement. Banks are also required to raise credit limits for existing customers and set new limits for new customers, depending on their import volumes. The FEB is also instructing banks to provide L\/Cs to all customers who request them as quickly as possible.<\/p>\n<p><strong>Refresher:<\/strong> The CBE issued <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">over the weekend<\/a> new regulations that require banks to begin only accepting letters of credit to facilitate the purchase of imports, and to no longer accept documentary collection from exporters. L\/Cs ensure exporters that the bank will pay them if the importer defaults for whatever reason, offering exporters more protection. Trade and industry organizations had objected to the move, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">suggesting that<\/a> it would drive up the price of goods in the local market and hurt the competitiveness of Egyptian exports. Among the challenges presented by the decision: Complexity for SMEs unexperienced with navigating the bureaucracy needed to obtain an L\/C \u2014 and a cashflow hit for importers of all sizes, given banks typically freeze funds in importers\u2019 accounts equivalent to the full value of the L\/C until the L\/C is wound down.<\/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\/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\/federation-of-egyptian-banks\/\">Federation of Egyptian Banks<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543779\" 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=\"543779\">\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\">Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/valu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter\/\">\r\n                            ValU taps new partnerships in sports, aviation, and education ahead of first cross-border expansion this quarter                        <\/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\/17\/valu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter\/\" 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\/17\/valu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter\/')\">\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\/17\/valu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter\/\">\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=ValU taps new partnerships in sports, aviation, and education ahead of first cross-border expansion this quarter&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/valu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter\/\">\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\/17\/valu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter\/&title=ValU taps new partnerships in sports, aviation, and education ahead of first cross-border expansion this quarter\">\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=ValU+taps+new+partnerships+in+sports%2C+aviation%2C+and+education+ahead+of+first+cross-border+expansion+this+quarter+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Fvalu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter%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\/17\/valu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/243.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543780\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/valu-taps-new-partnerships-in-sports-aviation-and-education-ahead-of-first-cross-border-expansion-this-quarter\/243-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/243.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"243.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/243.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/243.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543779\" class=\"content-area-description single-story post-543779 post type-post status-publish format-standard has-post-thumbnail hentry category-finance tag-al-ahly-sporting-club tag-aviation tag-buy-now-pay-later tag-enterpriseam tag-finance tag-fintech tag-klickit tag-securitization tag-valu wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>EFG Hermes\u2019 fintech platform ValU has teamed up with Al Ahly Sporting Club to <\/strong><strong>offer financing plans on new memberships<\/strong>, the company announced in a <a href=\"https:\/\/ent.news\/2022\/2\/valU-Al-Ahly-Partnership-English.pdf\">press release (pdf)<\/a>. The partnership covers Al Ahly\u2019s Gezira, Nasr City, Sheikh Zayed and New Cairo branches, and will offer financing with up to ten-year tenures for membership payments. ValU has similar partnership agreements in place with SODIC\u2019s Club S and New Giza sports clubs, <a href=\"https:\/\/bit.ly\/34MUkVp\">Al Borsa<\/a> quotes ValU CEO Walid Hassouna, who also leads the firm\u2019s sprawling non-bank financial services platform, as saying.<\/p>\n<p><strong>The airline industry is also on ValU\u2019s radar:<\/strong> The company has signed a contract with Egyptian airline Nile Air to provide installment plans for flight tickets, Hassouna said, according to <a href=\"https:\/\/bit.ly\/34MUkVp\">Al Borsa<\/a>, and is currently in talks with three other airlines for similar partnerships, one of which it expects to finalize by next week.<\/p>\n<p><strong>As is education:<\/strong> ValU is also in talks with fintech startup <a href=\"https:\/\/www.klickit.co\/\">Klickit<\/a> to offer tuition financing, <a href=\"https:\/\/bit.ly\/3gTl4pI\">Al Borsa<\/a> quoted Hassouna as saying. Klickit provides e-payment services for school fees at over 55k educational establishments. EFG Hermes led Klickit\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79619ece-5b89-4c4e-a02e-a770befcb2ae\">first investment round<\/a> in December, which will see it integrate its tech stack with ValU\u2019s platform. ValU has already signed with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dedd78f0-9420-4592-b8ba-a7a225072f0d\">school operator GEMS<\/a> and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/913f2370-5e5b-4e4d-9131-f53d317ac7f8\">American University in Cairo<\/a> to provide tuition financing.<\/p>\n<p><strong>Regional expansion is in the cards for 1Q2022: <\/strong>The company is looking to make its first cross-border expansion into another Arab country before the end of this quarter, <a href=\"https:\/\/bit.ly\/354qoUv\">Hapi Journal<\/a> quoted Hassouna as saying. The company had previously said it intends to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45e6c2f1-d271-4c77-93e1-18c78385be8f\">expand<\/a> into Saudi Arabia and North Africa this year.<\/p>\n<p><strong>Followed by a fresh securitized bond tranche: <\/strong>ValU is also looking to issue EGP 500 mn of securitized bonds in 2Q2022, part of its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9792bf42-8581-4cea-bc12-7ae2a926732f\">EGP 2 bn securitization program<\/a>, Hassouna added. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2379b41-d12e-41da-a8aa-0971bc8b04e1\">kicked off<\/a> the program in September with a EGP 323 mn bond issuance.<\/p>\n<p><strong>The company carved out a sizable market share for itself last year:<\/strong> ValU rose to become the third-largest non-bank consumer lender in the country last year, with a market share of 11.3%.<\/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\/al-ahly-sporting-club\/\">Al Ahly Sporting Club<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/buy-now-pay-later\/\">buy now pay later<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/klickit\/\">Klickit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543781\" 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=\"543781\">\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\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/occupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers\/\">\r\n                            Occupancy rates at Egyptian hotels to rise by 19-29% this year -Colliers                        <\/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\/17\/occupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers\/\" 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\/17\/occupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers\/')\">\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\/17\/occupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers\/\">\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=Occupancy rates at Egyptian hotels to rise by 19-29% this year -Colliers&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/occupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers\/\">\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\/17\/occupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers\/&title=Occupancy rates at Egyptian hotels to rise by 19-29% this year -Colliers\">\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=Occupancy+rates+at+Egyptian+hotels+to+rise+by+19-29%25+this+year+-Colliers+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Foccupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers%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\/17\/occupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/246.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543782\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/occupancy-rates-at-egyptian-hotels-to-rise-by-19-29-this-year-colliers\/246-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/246.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"246.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/246.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/246.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543781\" class=\"content-area-description single-story post-543781 post type-post status-publish format-standard has-post-thumbnail hentry category-tourism tag-enterpriseam tag-hospitality tag-hurghada tag-red-sea tag-sharm-el-sheikh tag-tourism 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>Colliers International maintained its optimistic forecast for Egypt\u2019s hotel <\/strong><strong>occupancy<\/strong> in its <a href=\"https:\/\/ent.news\/2022\/2\/MENA-Hotel-Forecasts-January-2022.pdf\">January report on MENA hotels (pdf)<\/a>, with all four of its listed Egyptian destinations \u2014 Cairo, Sharm El Sheikh, Hurghada and Alexandria \u2014 expected to see occupancy rates rise by 19-29% this year compared with 2021.<\/p>\n<p><strong>More travelers are expected at our Red Sea resorts this year: <\/strong>Colliers expects occupancy rates in Sharm to hit 60%, up 19% y-o-y, while Hurghada\u2019s hotels are expected to reach occupancy rates of 69%, up 29% y-o-y. The real estate services firm increased its estimates for both cities by 2 percentage points on its <a href=\"https:\/\/ent.news\/2022\/2\/MENA-Hotel-Forecasts-November-2021.pdf\">last estimate in November (pdf)<\/a>.<\/p>\n<p><strong>The growth partly stems from a favorable base effect: <\/strong>The government<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ad1c2ff-9e91-4630-93e0-9b95db5765bb\">lifted a 70% cap<\/a> on hotel occupancy rates last October, after raising it from 50% in July. The cap was part of covid-19 measures brought in at the onset of the pandemic.<\/p>\n<p><strong>Could escalation in the Russia-Ukraine crisis pose a threat to recovery?<\/strong> \u201cTravel uncertainty in Egypt\u2019s key feeder markets is expected to slow the growth of demand,\u201d says the report. Russia and Ukraine are two of our most important tourism markets in terms of volume. More than <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/73f85fce-793e-4104-ae94-409b2900674a\">700k<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/73f85fce-793e-4104-ae94-409b2900674a\">Russian tourists<\/a> visited Egypt last year, boosted by the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/234df32f-1517-4870-b4dd-a4b8555fb036\">return of direct flights from Russia<\/a> to Red Sea resorts after a six-year hiatus, as well as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00cffa89-6746-4a96-8a5f-f95a63746dc6\">return of charter flights<\/a>.<\/p>\n<p><strong>GEM to draw tourists to the capital? <\/strong>\u201cNew attractions\u201d in Cairo are expected to push hotel occupancy rates to 69%, marking a 21% y-o-y rise. The opening of the EGP 20 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91b9c7da-39f4-4422-adb6-3d20f5a2e1a5\">Grand Egyptian Museum<\/a> \u2014 the largest museum in the world dedicated to a single civilization \u2014 is slated for the second half of this year.<\/p>\n<p><strong>Tourism revenues returned to pre-pandemic levels in 2021<\/strong>, surpassing USD 13 bn, according to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37b4540a-9a64-4483-ab5c-d2cda507d0cc\">Tourism Ministry<\/a>, and eclipsing its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9dfb2aca-9170-4294-8bfe-e91864b1a1f6\">USD 6-9 bn<\/a> target. The ministry is anticipating revenues to rise still further this year, on the back of the GEM\u2019s opening, the completion of the <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/29\/egypt-to-complete-usd-15-6-bn-sinai-development-by-2022-says-mahlab\/\">EGP 275 bn Sinai Development plan<\/a>, the inauguration of new destinations such as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdb65d9f-7a06-4113-80b3-15dcdd925a3f\">El Galala<\/a> and new hotels in El Alamein.<\/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\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hurghada\/\">Hurghada<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea\/\">Red Sea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh\/\">Sharm El Sheikh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543783\" 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=\"543783\">\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\">DISPUTE WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/damietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute\/\">\r\n                            Damietta Port Authority and DIPCO settle long-running container terminal dispute                        <\/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\/17\/damietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute\/\" 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\/17\/damietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute\/')\">\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\/17\/damietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute\/\">\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=Damietta Port Authority and DIPCO settle long-running container terminal dispute&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/damietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute\/\">\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\/17\/damietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute\/&title=Damietta Port Authority and DIPCO settle long-running container terminal dispute\">\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=Damietta+Port+Authority+and+DIPCO+settle+long-running+container+terminal+dispute+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Fdamietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute%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\/17\/damietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/248.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543784\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/damietta-port-authority-and-dipco-settle-long-running-container-terminal-dispute\/248-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/248.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"248.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/248.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/248.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543783\" class=\"content-area-description single-story post-543783 post type-post status-publish format-standard has-post-thumbnail hentry category-dispute-watch tag-damietta-international-ports-company tag-dispute-watch tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Damietta Port and DIPCO settle their years-long dispute: <\/strong>KGL International Ports, Warehousing & Transport and Damietta International Ports Company (DIPCO) have reached an agreement with the Damietta Port Authority (DPA) to settle all disputes between them, according to a <a href=\"https:\/\/ent.news\/2022\/2\/boursakuwait.pdf\">statement (pdf)<\/a> from KGL\u2019s transport subsidiary, which owns a 25% stake in DIPCO.<\/p>\n<p><strong>Refresher:<\/strong> The dispute began in 2015, when the DPA scrapped its 2006 contract with DIPCO to build a new container terminal at the port, alleging DIPCO had failed to stick to the agreed time frame. The International Court of Arbitration (ICC) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c61a014-0420-4e50-90e5-f6b0f1814f24\">ordered the DPA to pay<\/a> over USD 494 mn to DIPCO in 2020, but the Cairo <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9c41955-7271-4427-bf9e-494acd85cc30\">Court of Cassation overturned<\/a> the ICC\u2019s ruling the following year.<\/p>\n<p><strong>Settlement conditions: <\/strong>The DPA will pay USD 100 mn to KGL International, USD 40 mn to DIPCO, and USD 120 mn to other involved parties. After the payments have been made, all sides will drop their cases and the dispute will be resolved.<\/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\/damietta-international-ports-company\/\">Damietta International Ports Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dispute-watch\/\">dispute watch<\/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=\"543785\" 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=\"543785\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\">\r\n                            PHD\u2019s board approves EGP 3.25 bn sukuk sale                        <\/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\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\" 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\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/')\">\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\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\">\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=PHD\u2019s board approves EGP 3.25 bn sukuk sale&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\">\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\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/&title=PHD\u2019s board approves EGP 3.25 bn sukuk sale\">\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=PHD%E2%80%99s+board+approves+EGP+3.25+bn+sukuk+sale+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Fphds-board-approves-egp-3-25-bn-sukuk-sale%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\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/249.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543786\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/phds-board-approves-egp-3-25-bn-sukuk-sale\/249-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/249.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"249.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/249.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/249.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543785\" class=\"content-area-description single-story post-543785 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt tag-debt-watch tag-enterpriseam tag-palm-hills-developments tag-sarwa-sukuk-company tag-sukuk 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> Palm Hills Developments (PHD) is taking a EGP 3.25 bn sukuk issuance to market<\/strong> after its board of directors signed off on the sale, according to a company <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%d8%a8%d8%a7%d9%84%d9%85%20%d9%87%d9%8a%d9%84%d8%b2%20%d9%85%d8%ac%d9%84%d8%b3-16-02-2022.pdf\">disclosure (pdf)<\/a>. The sale, which will be managed by Contact Financial Holdings\u2019 sukuk arm, will finance the real estate developer\u2019s Badya project.<\/p>\n<p><strong>PHD could issue our first corporate sukuk of 2022:<\/strong> The sale could go ahead this quarter, Sarwa Promoting and Underwriting head Ayman Elsawy confirmed to Enterprise <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f346eed-58c4-469c-b8dc-783ee82f33fc\">last month<\/a>. Last year was a quiet one for the sharia-compliant bonds, seeing only <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b389205-5282-4d47-b93a-13d8a30d62ff\">one EGP 2.5 bn sukuk sale<\/a> from Contact Financing Holdings.<\/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\/debt\/\">debt<\/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\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sarwa-sukuk-company\/\">Sarwa Sukuk Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543787\" 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=\"543787\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/youve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town\/\">\r\n                            You\u2019ve heard of e-commerce. Now we have a c-commerce player in town                        <\/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\/17\/youve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town\/\" 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\/17\/youve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town\/')\">\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\/17\/youve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town\/\">\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=You\u2019ve heard of e-commerce. Now we have a c-commerce player in town&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/youve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town\/\">\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\/17\/youve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town\/&title=You\u2019ve heard of e-commerce. Now we have a c-commerce player in town\">\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=You%E2%80%99ve+heard+of+e-commerce.+Now+we+have+a+c-commerce+player+in+town+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Fyouve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town%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\/17\/youve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/251.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543788\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/youve-heard-of-e-commerce-now-we-have-a-c-commerce-player-in-town\/251-jpg-17\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/251.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"251.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/251.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/251.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543787\" class=\"content-area-description single-story post-543787 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-c-commerce tag-enterpriseam tag-flat6labs tag-flutterwave tag-jumiapay tag-ma-watch tag-saudi-arabia tag-startup-watch tag-zbooni wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>UAE-based c-commerce platform <\/strong><strong><a href=\"https:\/\/www.zbooni.com\/\">Zbooni<\/a><\/strong><strong> has launched operations in Egypt<\/strong>, according to a company <a href=\"https:\/\/www.zawya.com\/mena\/en\/press-releases\/story\/MENAs_leading_cCommerce_platform_Zbooni_launches_in_Egypt-ZAWYA20220216072247\/\">press release<\/a>. The company offers tools to help SMEs convert customer interactions through social and messaging apps into transactions, including by allowing businesses to share online shopping baskets and payment links and track sales data.<\/p>\n<p><strong>C-commerce?<\/strong> Connected commerce is a catch-all term for various services and strategies that use digital technologies and data to create a more seamless, personal and targeted shopping experience, boosting sales in the process. The average c-commerce cart is 2.7 times bigger than an e-commerce cart, says Zbooni.<\/p>\n<p><strong>About Zbooni: <\/strong>Founded in 2016, the company has offices in the UAE, Saudi Arabia and Jordan and serves around 6k businesses. The firm raised a USD 9.5 mn series A round last year to finance its regional expansion, develop new products and grow its team. Zbooni also partnered with JumiaPay in December to enable payments through Jumia across Zbooni's platform.<\/p>\n<p><strong>OTHER STARTUP NEWS-<\/strong><\/p>\n<p><strong>Is Africa\u2019s \u201chighest valued\u201d startup coming to Egypt?<\/strong> Africa and EM-focused fintech <a href=\"https:\/\/flutterwave.com\/us\/\">Flutterwave<\/a> is considering expanding into \u201cEgypt or Morocco\u201d through mergers and acquisitions, after it raised USD 250 mn from B Capital Group, Alta Park Capital, Whale Rock Capital and Lux Capital, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-16\/flutterwave-raises-funds-from-b-capital-at-3-billion-valuation?sref=mmeFTDW1\">Bloomberg<\/a> reports. The latest funding round means the firm has more than tripled its value in less than a year to USD 3 bn, making it the \u201chighest valued\u201d African startup, it says.<\/p>\n<p><strong>ALSO- Flat6Labs is looking to grow in Saudi Arabia <\/strong>with a new <a href=\"https:\/\/ent.news\/2022\/2\/F6L-TV-Partnership-PRL-EN-.docx.pdf\">memorandum of<\/a><a href=\"https:\/\/ent.news\/2022\/2\/F6L-TV-Partnership-PRL-EN-.docx.pdf\">understanding (pdf)<\/a> it has inked with university-associated \u201cinnovation investment company\u201d Taibah Valley.<\/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\/c-commerce\/\">c-commerce<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/flat6labs\/\">Flat6Labs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/flutterwave\/\">Flutterwave<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jumiapay\/\">JumiaPay<\/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\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zbooni\/\">Zbooni<\/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=\"543789\" 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=\"543789\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/ahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice\/\">\r\n                            Ahmed Saad appointed head of Hafez &#038; Partners\u2019 capital markets practice                        <\/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\/17\/ahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice\/\" 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\/17\/ahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice\/')\">\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\/17\/ahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice\/\">\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=Ahmed Saad appointed head of Hafez &#038; Partners\u2019 capital markets practice&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/ahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice\/\">\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\/17\/ahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice\/&title=Ahmed Saad appointed head of Hafez &#038; Partners\u2019 capital markets practice\">\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=Ahmed+Saad+appointed+head+of+Hafez+%26%23038%3B+Partners%E2%80%99+capital+markets+practice+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Fahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice%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\/17\/ahmed-saad-appointed-head-of-hafez-partners-capital-markets-practice\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543789\" class=\"content-area-description single-story post-543789 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-hafez-partners tag-law tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Hafez & Partners<\/strong> has tapped <strong>Ahmed Saad<\/strong> to <strong>head the law firm\u2019s capital markets <\/strong><strong>practice <\/strong>as an executive director, according to <a href=\"https:\/\/ent.news\/2022\/2\/150222_HP_DrAhmedSaad_PRL_Eng.docx.pdf\">a statement (pdf)<\/a>. Saad was previously the executive chairman of the former Capital Markets Authority and chief counselor to the Egyptian Financial Supervisory Authority (now the Financial Regulatory Authority).<\/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\/hafez-partners\/\">Hafez &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/law\/\">law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543790\" 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=\"543790\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/543790\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543790\" class=\"content-area-description single-story post-543790 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\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543791\" 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=\"543791\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/\">\r\n                            Last Night\u2019s Talk Shows: More imports paperwork talk                        <\/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\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/\" 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\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/')\">\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\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/\">\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: More imports paperwork talk&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/\">\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\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/&title=Last Night\u2019s Talk Shows: More imports paperwork talk\">\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+More+imports+paperwork+talk+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Flast-nights-talk-shows-more-imports-paperwork-talk%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\/17\/last-nights-talk-shows-more-imports-paperwork-talk\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543791\" class=\"content-area-description single-story post-543791 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-african-union tag-central-bank-of-egypt tag-enterpriseam tag-eu tag-federation-of-egyptian-banks tag-last-nights-talk-shows tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The CBE\u2019s new import rules led coverage on the airwaves for a second day <\/strong><strong>running. <\/strong>We have more on the new rules in this morning\u2019s Trade section, above.<\/p>\n<p><strong>There were advocates:<\/strong> A central bank directive to reduce fees for importers to obtain letters of credit (L\/Cs) is key and means that importers will not face any additional charges, said Federation of Egyptian Banks (FEB) head Mohamed El Etreby in a phone-in with Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=Tq72ExEaOxM\">watch, runtime: 26:21<\/a>). The central bank has told lenders to bring L\/C fees down to match those for documentary collection, according to new details circulating in local media that were issued by the FEB.<\/p>\n<p><strong>And there were critics:<\/strong> The CBE should exempt local manufacturers and producers \u2014 who import spare parts, machinery and equipment for production \u2014 from the new rules, deputy chair of the House of Representatives\u2019 industry committee Mohamed El Sallab said in a call with Yahduth Fi Misr (<a href=\"https:\/\/www.youtube.com\/watch?v=aZiXFflldaY\">watch, runtime: 6:16<\/a>). Masaa DMC\u2019s Ramy Radwan (<a href=\"https:\/\/www.youtube.com\/watch?v=yhfH5XPOxDI\">watch, runtime: 2:53<\/a>) echoed his sentiment in his coverage of the story.<\/p>\n<p><strong>El Sisi\u2019s attendance at the EU-AU summit in Brussels also got more airtime:<\/strong> President Abdel Fattah El Sisi\u2019s sit-down with Belgium\u2019s King Philippe, as well as the agreements he signed with Belgian companies in green hydrogen, energy and defense, got coverage from Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=4otZDkANy6s\">watch, runtime: 7:31<\/a>; <a href=\"https:\/\/www.youtube.com\/watch?v=4xdO073TycU\">5:46<\/a>). We have more in this morning\u2019s Diplomacy section, below.<\/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\/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\/african-union\/\">African Union<\/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\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/federation-of-egyptian-banks\/\">Federation of Egyptian Banks<\/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\/trade\/\">trade<\/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=\"543792\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div 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class=\"stk-block-content stk-inner-blocks stk-8c2s9t3-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-yr7lxga\" data-v=\"4\" data-block-id=\"yr7lxga\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-yr7lxga-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-yr7lxga-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543793\" 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=\"543793\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/digital-africa-will-invest-in-200-african-startups-over-the-next-three-years\/\">\r\n                            Digital Africa will invest in 200 African startups over the next three years                        <\/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\/17\/digital-africa-will-invest-in-200-african-startups-over-the-next-three-years\/\" target=\"_blank\">\n                    Open in new tab        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class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543793\" class=\"content-area-description single-story post-543793 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-cit tag-cit-ministry tag-crowdstrike tag-cybersecurity tag-enterpriseam tag-eu tag-hassan-allam-holding tag-ihs-egypt tag-telecom-towers wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>France-backed initiative to fund 200 African startups by 2025:<\/strong> French government-backed initiative <a href=\"https:\/\/digital-africa.co\/en\/\">Digital Africa<\/a> will turn to a forprofit model to provide EUR 70 mn worth of seed and series A funding to 200 African startups by 2025, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-15\/france-backed-digital-africa-to-fund-200-african-tech-startups?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. The initiative is looking at ticket sizes of between EUR 20k-200k for each startup in locations \u201cranging from Ivory Coast to Tunisia,\u201d according to a white paper seen by Bloomberg.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>SMART POLICY- Hassan Allam Holding<\/strong> <a href=\"https:\/\/dailynewsegypt.com\/2022\/02\/15\/hassan-allam-holding-partners-with-crowdstrike-to-provide-cybersecurity-solutions\/\">agreed<\/a> to a <strong>USD 1 mn ins. policy against <\/strong><strong>cyberattacks<\/strong> with US cybersecurity firm <strong><a href=\"https:\/\/www.crowdstrike.com\/\">CrowdStrike<\/a><\/strong>.<\/li>\n<li>A subsidiary of <strong><a href=\"https:\/\/alkhorcontracting.com\/\">Al Khor General Maintenance & Contracting<\/a><\/strong> plans to <strong><a href=\"https:\/\/bit.ly\/3uZHu13\">invest<\/a><\/strong><strong><a href=\"https:\/\/bit.ly\/3uZHu13\">EUR 100 mn<\/a><\/strong> in a medical city in the new administrative capital.<\/li>\n<li><strong>CIB customers<\/strong> can <a href=\"https:\/\/ent.news\/2022\/2\/CIB-VDT-PR.pdf\">now use (pdf)<\/a> the <strong>Via Drive Thru <\/strong>app to place orders within Via\u2019s vendor network and receive their orders from their cars.<\/li>\n<li><strong>The National Authority for Military Production<\/strong>, El Maasara for Engineering Industries and Italy\u2019s <a href=\"https:\/\/landirenzo.com\/en\">Landi Renzo<\/a> are <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/339790991524661\">setting up<\/a> a JV to <strong>manufacture components to convert vehicles to run on natural gas<\/strong>.<\/li>\n<li><strong>IHS Egypt<\/strong> \u2014 a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa89de59-3040-4a35-99d5-d7598551ac68\">joint venture<\/a> between IHS Towers and the government\u2019s digitization arm \u2014 <a href=\"https:\/\/www.alarabiya.net\/aswaq\/special-stories\/2022\/02\/15\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A8%D9%86%D8%A7%D8%A1-5-%D8%A2%D9%84%D8%A7%D9%81-%D8%A8%D8%B1%D8%AC-%D8%AA%D8%B4%D8%A7%D8%B1%D9%83%D9%8A-%D8%A8%D9%805-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AC%D9%86%D9%8A%D9%87\">will spend<\/a><strong><a href=\"https:\/\/www.alarabiya.net\/aswaq\/special-stories\/2022\/02\/15\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A-%D9%84%D9%84%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D8%A8%D9%86%D8%A7%D8%A1-5-%D8%A2%D9%84%D8%A7%D9%81-%D8%A8%D8%B1%D8%AC-%D8%AA%D8%B4%D8%A7%D8%B1%D9%83%D9%8A-%D8%A8%D9%805-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AC%D9%86%D9%8A%D9%87\">EGP 5 bn<\/a><\/strong> installing <strong>5k telecom towers<\/strong> over the next three years.<\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit-ministry\/\">CIT ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/crowdstrike\/\">CrowdStrike<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cybersecurity\/\">cybersecurity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/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\/ihs-egypt\/\">IHS Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-towers\/\">Telecom towers<\/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=\"543794\" 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=\"543794\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/rapid-antigen-tests-could-be-coming-soon-to-a-pharmacy-near-you\/\">\r\n                            Rapid antigen tests could be coming soon to a pharmacy near you                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn 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         <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/rapid-antigen-tests-could-be-coming-soon-to-a-pharmacy-near-you\/&title=Rapid antigen tests could be coming soon to a pharmacy near you\">\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=Rapid+antigen+tests+could+be+coming+soon+to+a+pharmacy+near+you+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Frapid-antigen-tests-could-be-coming-soon-to-a-pharmacy-near-you%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\/17\/rapid-antigen-tests-could-be-coming-soon-to-a-pharmacy-near-you\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543794\" class=\"content-area-description single-story post-543794 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam tag-rapid-antigen-test 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\/271795968464958\">reported<\/a><\/strong> <strong>2,101 new covid-19 infections yesterday<\/strong>, down from 2,117 the day before. Egypt has now disclosed a total of 461,299 confirmed cases of covid-19. The ministry also reported 54 new deaths, bringing the country\u2019s total death toll to 23,519.<\/p>\n<p><strong>The vaccine tally:<\/strong> 29,305,504 people are now fully vaccinated against the virus, while some 9.5 mn people have received only their first shots and 835,270 people have received booster shots.<\/p>\n<p><strong>Rapid antigen tests will be available for purchase in <\/strong><strong>pharmacies<\/strong>, Health Minister Khaled Abdel Ghaffar said yesterday, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/339875718182855\">Cabinet statement<\/a>. The move is meant to make covid-19 testing more widely available to the public. The tests have so far only been available through laboratories and diagnostics centers.<\/p>\n<p><strong>Merck\u2019s Molnupiravir antiviral covid pill will also be rolled out through ministry-affiliated<\/strong> <strong>pharmacies<\/strong>, Abdel Ghaffar said. The antiviral covid treatment, which is currently only available in hospitals, was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac5b8d09-b6ce-4c25-b4bb-c2402e5e0a64\">approved<\/a> for emergency use in late January, making it the first country in the Middle East and Africa to do so. Five local firms have already been licensed to manufacture the treatment.<\/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\/rapid-antigen-test\/\">Rapid antigen test<\/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=\"543795\" 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=\"543795\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/planet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike\/\">\r\n                            Planet Finance: UK inflation hits a fresh three-decade high, spurring fears of half-point rate hike                        <\/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\/17\/planet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike\/\" 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\/17\/planet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike\/')\">\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\/17\/planet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike\/\">\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=Planet Finance: UK inflation hits a fresh three-decade high, spurring fears of half-point rate hike&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/planet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike\/\">\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\/17\/planet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike\/&title=Planet Finance: UK inflation hits a fresh three-decade high, spurring fears of half-point rate hike\">\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=Planet+Finance%3A+UK+inflation+hits+a+fresh+three-decade+high%2C+spurring+fears+of+half-point+rate+hike+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F17%2Fplanet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike%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\/17\/planet-finance-uk-inflation-hits-a-fresh-three-decade-high-spurring-fears-of-half-point-rate-hike\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543795\" class=\"content-area-description single-story post-543795 post type-post status-publish format-standard hentry category-planet-finance tag-elm tag-enterpriseam tag-financial-markets tag-inflation tag-interest-rates tag-ipo-watch tag-planet-finance tag-saudi-sovereign-wealth-fund tag-uk 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>\n  <a class=\"content-anchor\" id=\"tldr-story-10\"><\/a><strong> Against expectations, UK inflation accelerated for a fourth consecutive month in <\/strong><strong>January to <\/strong><strong>reach 5.5%<\/strong>, marking a fresh 30-year high, according to the <a href=\"https:\/\/www.ons.gov.uk\/economy\/inflationandpriceindices\/bulletins\/consumerpriceinflation\/january2022\">Office of National Statistics<\/a>. Economists and the Bank of England (BoE) had expected inflation to hold steady at 5.4%. The uptick in prices may push the BoE to raise interest rates by half a percentage point when it meets next month in a bid to tame inflation, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-16\/u-k-inflation-overshoot-adds-pressure-for-big-boe-rate-hike?srnd=premium-middle-east\">Bloomberg <\/a>says. Rate hikes typically come in quarter-point increments \u2014 and the BoE has never made a half-point hike in its independent history. <\/p><p> <strong>Saudi sovereign wealth fund-owned<\/strong><strong> digital security firm <\/strong><strong><a href=\"https:\/\/www.elm.sa\/en\/about\/Pages\/about-elm.aspx\">Elm<\/a><\/strong><strong> saw its share price <\/strong><strong>rise 30% in its trading debut on the Tadawul yesterday<\/strong>,<br>\n  <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-16\/saudi-digital-security-firm-elm-soars-in-riyadh-trading-debut?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a><br>\n  reports. The kingdom\u2019s sovereign wealth fund has<br>\n  <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa9f09e0-0e14-4eb5-8da7-892c1841a4ef\">raked in USD 5 bn<\/a><br>\n  through fresh listings in just three months, with Elm\u2019s IPO following bn-USD<br>\n  sales of stakes in Saudi Telecom and the Tadawul itself.\n<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>EGX30 <\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          11,568\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +0.0% (YTD: -3.2%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets\">\n            <use xlink:href=\"#e-TypeMarkets\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>USD (CBE)<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          Buy 15.66\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          Sell 15.76\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets\">\n            <use xlink:href=\"#e-TypeMarkets\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>USD at CIB<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          Buy 15.66\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          Sell 15.76\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets\">\n            <use xlink:href=\"#e-TypeMarkets\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Interest rates CBE<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          8.25% deposit\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          9.25% lending\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Tadawul<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          12,495\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +1.2% (YTD: +10.8%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>ADX<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          9,202\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +0.7% (YTD: +8.4%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>DFM<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          3,326\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +1.4% (YTD: +4.1%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>S&amp;P 500<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          4,475\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +0.1% (YTD: -6.1%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>FTSE 100<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          7,604\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -0.1% (YTD: +3.0%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Brent crude<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          USD 94.81\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +1.6%\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Natural gas <\/strong>(Nymex)\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          USD 4.64\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -1.5%\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Gold<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          USD 1,872\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +0.0%\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>BTC<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          USD 44,028\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -0.4% (as of midnight)\n        <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p>\n  <strong>The EGX30 rose less than 0.1% at yesterday\u2019s close<\/strong> on<br>\n  turnover of EGP 705 mn (32% below the 90-day average). Foreign investors were<br>\n  net sellers. The index is down 3.2% YTD.\n<\/p><p>\n  <strong>In the green: <\/strong>Credit Agricole Egypt (+4.0%), Oriental Weavers<br>\n  (+1.7%) and Heliopolis Housing (+1.5%).\n<\/p><p>\n  <strong>In the red: <\/strong>Rameda (-3.6%), Ibnsina Pharma (-1.9%) and<br>\n  Elsewedy Electric (-1.9%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elm\/\">Elm<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-sovereign-wealth-fund\/\">Saudi Sovereign Wealth Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543796\" 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=\"543796\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">16<\/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\/17\/my-morning-routine-dina-el-shenoufy-chief-investment-officer-flat6labs\/\">\r\n                            My Morning Routine: Dina El-Shenoufy, Chief Investment Officer, Flat6Labs                        <\/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\/17\/my-morning-routine-dina-el-shenoufy-chief-investment-officer-flat6labs\/\" 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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Speaking to us this week is Dina El-Shenoufy (<a href=\"https:\/\/eg.linkedin.com\/in\/dinaelshenoufy\">LinkedIn<\/a>), chief investment officer at <a href=\"https:\/\/www.flat6labs.com\/\">Flat6Labs<\/a>. Edited excerpts from our conversation follow:<\/p>\n<p><strong>My name is Dina El-Shenoufy, I\u2019m the chief investment officer at Flat6Labs. <\/strong>I\u2019ve been doing it since 2011 and it doesn\u2019t look like that\u2019s going to change anytime soon. My job comes with a lot of responsibilities but if I really have to distill it, it\u2019s portfolio management, fundraising and investor relations.<\/p>\n<p><strong>I tend to wake up at around 5:30 am and I need an hour to drink my coffee. It\u2019s my sacred time. <\/strong>Following that there tends to be an hour or two of working out, depending on whether or not I\u2019m training for a race. And then it's breakfast, email, setting the day, e-commerce browsing, and work.<\/p>\n<p><strong>Now I\u2019m doing triathlons, which is why I tend to start with two hours of training every day. <\/strong>I started out as just a runner and I\u2019ve been doing that my whole life. I started doing marathons around 2013 and at some point I needed to give my knees a break, so I switched to triathlons in 2018. I haven\u2019t had a race in a while because covid has slowed things down. Pre-covid, I did the half Iron Man in Turkey, but the last few races have been here in Egypt<\/p>\n<p><strong>I tend to be a very disciplined person by nature. <\/strong>I have lists everywhere \u2014 mostly in my head. But I believe that sports have helped me to be very organized. They help me to organize the day ahead and to start the day earlier.<\/p>\n<p><strong>The origin story behind Flat6Labs is that we want to invest a hundred-mn USD ticket, but whoops, there\u2019s no company that knows how to spend a hundred-mn USD. <\/strong>Flat6Labs is a very early stage investor because we want to eventually have a company that can absorb that. So the question is: how do you make companies investable, how do you get them to understand how to manage a company, not a product? How do you invest while being return-centric, rather than just a support program? We are actually investors, remember. This is why I think that Flat6Labs is actually an institutional investor at a very early stage with a very particular investment thesis to cater for the higher risk associated with such early stage investments.<\/p>\n<p><strong>When you\u2019re investing at or just after the MVP (minimum viable product) stage, the likelihood of companies failing is very high<\/strong>, whereas a series A or series B VC would expect that 75% of the companies that it invests in will succeed. We are the opposite. We probably make 20 investments a year under the assumption that 75% of them will be written off and we have to do the returns on the 25% that succeed, but it becomes profitable on the overall portfolio. We do very small ticket sizes compared to a series A or series B investors, so it has a very different flavor.<\/p>\n<p><strong>The needle has moved a bit, which is also a reflection of the maturity in the market.<\/strong> <strong>When we started in 2011, we literally took ideas. <\/strong>It was the equivalent of USD 15k tickets at the time, and we took mostly idea-stage startups, but now more often than not there\u2019s a product, we help them turn it into a company, and take it to market. But for 80% of our companies, we are the first investment they receive.<\/p>\n<p><strong>I hear statistics about global gender bias against investing in female-led startups but I always feel inclined to dig deeper and find out how it\u2019s actually measured. <\/strong>At Flat6Labs we have a mandate and a target imposed by some of our LPs, and the struggle more often than not is finding a pipeline of female-led startups. As an investor, I look for female founders or co-founders, but we don't come across a lot of innovative ideas from female founders that have scalability and traction. But I do understand that there is a shift in mentality when a female is pitching versus a male is pitching, and in our organization it tends to be balanced out by having quite a few female managers. The other thing we put effort into is educating female founders in learning how to pitch. Female founders tend to be less courageous than males when presenting their companies.<\/p>\n<p><strong>I play <\/strong><strong><a href=\"https:\/\/wordshake.com\/boggle\">Boggle<\/a><\/strong><strong> and <\/strong><strong><a href=\"https:\/\/www.nytimes.com\/games\/wordle\/index.html\">Wordle<\/a><\/strong><strong> with my husband every single night.<\/strong> It\u2019s our nerdy guilty pleasure that we have to do every night. And I also have to play Sudoku everyday, so the nerdiness continues.<\/p>\n<p><strong>I\u2019m asleep by 9:30 pm every night<\/strong>, but I usually watch 45 minutes of TV. The series that I recently watched that was mind-boggling is a German show called <a href=\"https:\/\/www.netflix.com\/title\/80100172\">Dark<\/a>. It\u2019s difficult and complicated, but it\u2019s fantastic food for thought. Two books that I found to be life-defining are Ayn Rand\u2019s <a href=\"https:\/\/www.goodreads.com\/book\/show\/2122.The_Fountainhead\">The Fountainhead<\/a>, and <a href=\"https:\/\/www.goodreads.com\/en\/book\/show\/3047.A_Conflict_of_Visions\">A Conflict of Visions<\/a> by Thomas Sowell.<\/p>\n<p><strong>The best piece of advice I got was from a good friend of mine who told me to stop holding myself back and doubting myself.<\/strong> That was an eye-opening experience for me, and I think it\u2019s advice I would give to a lot of females. We tend to have self-doubt and we tend to hold ourselves back.<\/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\/dina-el-shenoufy\/\">Dina El-Shenoufy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/flat6labs\/\">Flat6Labs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543798\" 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\/17\/543798\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543798\" class=\"content-area-description single-story post-543798 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>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>17-18 February (Thursday-Friday): <a href=\"https:\/\/g20.org\/events\/1st-finance-ministers-and-central-bank-governor-meeting\/\">G20 Meeting of Finance Ministers and Central Bank Governors<\/a>, Jakarta.<\/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 (Monday): Applications close for the <a href=\"https:\/\/www.plugandplaytechcenter.com\/cairo\/#apply\">incubator and accelerator program<\/a> run by Information Technology Industry Development Agency (ITIDA), US-based VC firm Plug and Play, and USAID.<\/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\">Tourism 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>25 March (Friday): Egypt will host Senegal in the first leg of their 2022 FIFA World Cup qualifiers' playoff (TBC).<\/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>28 March (Monday): The second leg of the 2022 FIFA World Cup qualifiers' playoff between Egypt and Senegal (TBC).<\/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>Mid-April: Trading on the <a href=\"https:\/\/alborsaanews.com\/2022\/02\/13\/1508190\">Egyptian Commodity Exchange to start<\/a>.<\/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":543768,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-543767","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"e2efe727-2444-4b1d-8203-d13d74fbf2b4","teaser":"","photo_url":"https:\/\/ent.news\/2022\/2\/237.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>Six European banks lend USD 1.5 bn to finance Assiut refinery\u2019s mazut hydrocracking complex - 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\/six-european-banks-lend-usd-1-5-bn-to-finance-assiut-refinerys-mazut-hydrocracking-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Six European banks lend USD 1.5 bn to finance Assiut refinery\u2019s mazut hydrocracking complex\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/six-european-banks-lend-usd-1-5-bn-to-finance-assiut-refinerys-mazut-hydrocracking-complex\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:24:45+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\/237.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\/six-european-banks-lend-usd-1-5-bn-to-finance-assiut-refinerys-mazut-hydrocracking-complex\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/six-european-banks-lend-usd-1-5-bn-to-finance-assiut-refinerys-mazut-hydrocracking-complex\/\",\"name\":\"Six European banks lend USD 1.5 bn to finance Assiut refinery\u2019s mazut hydrocracking complex - 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