{"id":543943,"date":"2022-02-27T04:10:57","date_gmt":"2022-02-27T04:10:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=543943"},"modified":"2025-12-15T20:28:48","modified_gmt":"2025-12-15T20:28:48","slug":"as-russia-advances-on-kyiv-the-west-gets-tough-on-sanctions","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/as-russia-advances-on-kyiv-the-west-gets-tough-on-sanctions\/","title":{"rendered":"As Russia advances on Kyiv, the West gets tough on sanctions"},"content":{"rendered":"<section id=\"543945\" 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=\"543945\">\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\/27\/this-morning-russia-closes-in-on-kyiv-as-west-steps-up-financial-war\/\">\r\n                            THIS MORNING: Russia closes in on Kyiv as West steps up financial war                        <\/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\/27\/this-morning-russia-closes-in-on-kyiv-as-west-steps-up-financial-war\/\" target=\"_blank\">\n            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<\/a>\r\n\r\n                \n<article id=\"post-543945\" class=\"content-area-description single-story post-543945 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-enterpriseam tag-insurance tag-legislation tag-russia tag-senate tag-ukraine tag-war tag-what-were-tracking-today 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_27645\"\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\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>The nastiest war to hit Europe since Yugoslavia disintegrated more than 30 years ago <\/strong><strong>kicked off just after we hit \u201csend\u201d on Thursday\u2019s edition. <\/strong>We think this is going to change a lot of things for all of us \u2014 the business climate this year, how and where we do business, who will be investing where, and who is allied with whom.<\/p><p><strong>For the next while, we\u2019ll be covering what\u2019s happening in Ukraine (and its impact beyond <\/strong><strong>that nation\u2019s borders) in War Watch<\/strong>, a new section that leads this morning\u2019s news well, below.<\/p><p><strong>Here\u2019s what you need to know right now:<\/strong><\/p><ul>\n<li><strong>Russian forces stepped up their assault in Kyiv overnight <\/strong>after the Ukrainian Army and civilian volunteers put up unexpectedly stiff resistance. Pundits on our Twitter are suggesting Russia has so far committed barely a third of the total number of troops it has massed.<\/li>\n<li><strong>Select Russian banks are about to be (kind of) cut off from the global banking <\/strong><strong>system. <\/strong>Unplugging them from SWIFT, the banking world\u2019s (archaic) global messaging system, will mean the affected banks need to reach out to other banks on a peer-to-peer basis if they want to transfer funds. And whether those banks will accept transfers is another question entirely.<\/li>\n<li><strong>The big thing to watch for: Sanctions on Russia\u2019s central bank. <\/strong>Western nations are preparing measures designed to make it difficult for Russian President Vladimir Putin to deploy his country\u2019s &gt;USD 600 mn in reserves to shore up his economy. One catch: Russia\u2019s reserves pile is famously well-diversified. Expect the sanctions to be announced as early as today.<\/li>\n<\/ul><p><strong>Ukraine has captured the world\u2019s hearts with tough resistance to invasion \u2014 and some <\/strong><strong>very memorable lines. <\/strong>Ukrainian President <a href=\"https:\/\/edition.cnn.com\/2022\/02\/25\/europe\/volodymyr-zelensky-profile-cmd-intl\/index.html\">Volodymyr Zelensky<\/a> refused an American offer of evacuation: <a href=\"https:\/\/edition.cnn.com\/2022\/02\/26\/europe\/ukraine-zelensky-evacuation-intl\/index.html\">\u201cI need ammuniti<\/a><a href=\"https:\/\/edition.cnn.com\/2022\/02\/26\/europe\/ukraine-zelensky-evacuation-intl\/index.html\">on, not a ride,\u201d<\/a> he said, <a href=\"https:\/\/twitter.com\/nytimes\/status\/1497321773452468231?s=12&amp;utm_source=pocket_mylist\">releasing a video proving<\/a> he and his top officials were still in the capital. <a href=\"https:\/\/www.theguardian.com\/world\/2022\/feb\/25\/ukraine-soldiers-told-russians-to-go-fuck-yourself-before-black-sea-island-death\">\u201cRussian warship, go<\/a><a href=\"https:\/\/www.theguardian.com\/world\/2022\/feb\/25\/ukraine-soldiers-told-russians-to-go-fuck-yourself-before-black-sea-island-death\">f<\/a><a href=\"https:\/\/www.theguardian.com\/world\/2022\/feb\/25\/ukraine-soldiers-told-russians-to-go-fuck-yourself-before-black-sea-island-death\">\u2014 yourself\u201d<\/a> indeed.<\/p><p><strong>In Russia, meanwhile, the invasion is playing out on <\/strong><strong><a href=\"https:\/\/edition.cnn.com\/videos\/media\/2022\/02\/26\/russia-media-coverage-ukraine-invasion-vpx.cnn?utm_source=pocket_mylist\">state television as a liberation<\/a><\/strong> of two breakaway territories of Ukraine that Putin recognized last week. Protests against the war have cropped up in most major Russian cities, and many Russian celebs have taken to social media to call for peace.<\/p><p><strong>THE IMPACT ON EGYPT-<\/strong><\/p><p><strong>Emerging markets including Egypt have so far born the brunt of the global reaction to the <\/strong><strong>war<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/a6227910-751b-443c-883f-2ed41a828426\">Financial Times<\/a> reports. Analysts noted steep sell-offs in Ghana, Turkey, Egypt and Pakistan, citing a \u201cflight to safety from financially vulnerable countries.\u201d The EGX closed down 3.6% on Thursday, on turnover of EGP 1.1 bn (7.8% above the 90-day average). Foreign investors were net sellers.<\/p><p><strong>The big question: What does this mean for our access to wheat? <\/strong>We have the full story in this morning\u2019s news well, below.<\/p><p><strong>REMINDER- Egypt has deep economic ties to both Ukraine and Russia<\/strong>, which together account for well over 50% of our wheat supply and send us mns of tourists every year. Russia is building a nuclear reactor and an industrial zone here. Ukrainian companies work with us on transport and infrastructure projects.<\/p><p><strong>Egyptian hotels are now required to extend stays of Ukrainian tourists stranded in Egypt<\/strong> under directives from the <a href=\"https:\/\/ent.news\/2022\/2\/274710482_3155978094666882_1197628395938092331_n-converted.pdf\">Egyptian Hotel Association (pdf)<\/a> and the <a href=\"https:\/\/ent.news\/2022\/2\/274604939_3155978084666883_5692686239618107783_n-converted.pdf\">Tourism Ministry (pdf)<\/a>.<\/p><p><strong>Egyptian citizens in Ukraine have been directed to stay home for the time being<\/strong>, while Romanian and Polish border checkpoints will allow safe passage for Egyptians in the port city Odessa, the Egyptian Embassy in Kyiv said in separate statements (<a href=\"https:\/\/www.facebook.com\/Egyptinkiev\/posts\/324954299678626\">here<\/a> and <a href=\"https:\/\/www.facebook.com\/Egyptinkiev\/posts\/325032273004162\">here<\/a>). Egyptians studying at Ukrainian universities have shifted to online learning, the Education Ministry said, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/346584337511993\">statement<\/a>.<\/p><p><strong>It\u2019s only going to get more complicated <\/strong>as businesses brace themselves for continued high energy prices, jittery stock markets, and the prospect that inflation will be around even longer than expected. Need the rundown? Go read the Financial Times\u2019 very good <a href=\"https:\/\/www.ft.com\/content\/a6227910-751b-443c-883f-2ed41a828426\">How will Russia\u2019s invasion of Ukraine hit the global economy?<\/a><\/p><p><strong>ELSEWHERE TODAY- <\/strong><\/p><p><strong>The Senate is set to discuss the unified ins. act in plenary sessions starting <\/strong><strong>today<\/strong>, <a href=\"https:\/\/bit.ly\/3Hsdu06\">Al Mal reports<\/a>. The draft bill. which has been at least three years in the making, aims to appoint the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">Financial Regulatory Authority<\/a>the primary regulator for the ins. sector, make ins. compulsory for SMEs and freelancers, and set up new economic courts to mediate disputes.<\/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 long-awaited tender for the Tenth of Ramadan dry port is <\/strong><strong>kicking off today<\/strong>, Amr Ismail, head of the General Authority for Ports, told <a href=\"https:\/\/alborsaanews.com\/2022\/02\/26\/1513661\">Al Borsa<\/a>, adding that four consortiums \u2014 out of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4b7dda6-68ea-494b-9b5c-c5c6523967d5\">six<\/a> that came forward with offers \u2014 are competing to build and operate the EGP 3.5 bn dry port and logistics hub. The four consortiums reportedly include Orascom Construction-<a href=\"https:\/\/www.adports.ae\/\">Abu Dhabi Ports<\/a>, Elsewedy Electric-<a href=\"https:\/\/www.cma-cgm.com\/ebusiness\/tracking\">CMA CGM<\/a>, a consortium led by the <a href=\"https:\/\/www.msc.com\/\">Mediterranean Shipping Company<\/a>, and another by <a href=\"https:\/\/www.bollore-logistics.com\/en\/\">Bollore Logistics<\/a>.<\/p><p><strong>Consoleya<\/strong><strong> is holding its second <\/strong><strong><a href=\"https:\/\/www.eventbrite.com\/e\/consoleya-women-meet-up-inclusivity-in-investment-more-tickets-274903282117\">Women Meet-up<\/a><\/strong><strong> to discuss topics including inclusivity <\/strong><strong>in <\/strong><strong>investment.<\/strong> The program will include a panel discussion on gender-lens funding here in Egypt. The event takes place on Wednesday, 2 March.<\/p><p><strong>ARE YOU BUILDING A FINTECH STARTUP?<\/strong> You might want to apply for Visa\u2019s global startup competition, the <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/everywhere-initiative\/initiative.html\">Visa Everywhere Initiative<\/a>, which is running <a href=\"https:\/\/ent.news\/2022\/2\/CBE-VEI-PRL-EN-FINAL.pdf\">in Egypt in partnership (pdf)<\/a> with the Central Bank of Egypt. Lean more <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/everywhere-initiative\/initiative.html#How_to_participate_a72e\">here<\/a>. The deadline for applications in Egypt is 20 March.<\/p><p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/Diarna.moss\">Diarna Handicrafts Fair<\/a><\/strong><strong> kicked off on Thursday<\/strong> and runs through 7 March at Cairo Festival City from 10am until 10pm daily.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><a href=\"http:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue:<\/strong> Egypt\u2019s fintech scene has grown leaps and bounds over the past few years, with 2021 specifically being a good year to be a fintech startup. This is supported by the Central Bank of Egypt\u2019s (CBE) fintech data, which were released last week as part of the Fintech Landscape report (pdf) published by CBE-backed initiative Fintech Egypt. Today, we break down those numbers and what they mean for the local fintech scene.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/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\/senate\/\">Senate<\/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\/war\/\">war<\/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=\"543946\" 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=\"543946\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/543946\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543946\" class=\"content-area-description single-story post-543946 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/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\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=\"543947\" 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=\"543947\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/russia-steps-up-assault-on-kyiv-overnight-faces-sanctions-on-its-central-bank-and-being-cut-off-from-swift-global-banking-network\/\">\r\n                            Russia steps up assault on Kyiv overnight \u2014 faces sanctions on its central bank and being cut off from SWIFT global banking network                        <\/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\/27\/russia-steps-up-assault-on-kyiv-overnight-faces-sanctions-on-its-central-bank-and-being-cut-off-from-swift-global-banking-network\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                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           <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/russia-steps-up-assault-on-kyiv-overnight-faces-sanctions-on-its-central-bank-and-being-cut-off-from-swift-global-banking-network\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/367.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543948\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/russia-steps-up-assault-on-kyiv-overnight-faces-sanctions-on-its-central-bank-and-being-cut-off-from-swift-global-banking-network\/367-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/367.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"367.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/367.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/367.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543947\" class=\"content-area-description single-story post-543947 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-egx tag-enterpriseam tag-financial-markets tag-russia tag-tourism tag-ukraine tag-war tag-war-watch 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>Russia stepped up its assault on Kyiv overnight <\/strong>as the war in Ukraine <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-26\/ukraine-claims-to-rebuff-russian-forces-as-nations-condemn-putin?srnd=premium-middle-east&sref=mmeFTDW1\">entered<\/a><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-26\/ukraine-claims-to-rebuff-russian-forces-as-nations-condemn-putin?srnd=premium-middle-east&sref=mmeFTDW1\"><\/a><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-26\/ukraine-claims-to-rebuff-russian-forces-as-nations-condemn-putin?srnd=premium-middle-east&sref=mmeFTDW1\">its fourth day<\/a>. Here\u2019s what you need to know this morning:<\/p>\n<p><strong>\u201cHuge explosions\u201d were reported near Kyiv in the early hours of this morning<\/strong> as Russian troops advance on the Ukrainian capital, the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-volodymyr-zelenskyy-kyiv-europe-united-nations-edc6df79755195b29473cfd6d38b1ebb\">Associated Press<\/a> reports. Fighting continues across the country, though it\u2019s unclear just how much of Ukraine is now held by Russian forces.<\/p>\n<p><strong>The human toll:<\/strong> More than 200 Ukrainians have been killed and another 1k injured \u2014 and some 150k Ukrainians have fled the country so far, the UN High Commissioner for Refugees <a href=\"https:\/\/twitter.com\/FilippoGrandi\/status\/1497578215665250304\">said yesterday on Twitter<\/a>. Around half of them have fled to neighboring Poland, which along with Romania effectively threw open its borders. There are no casualty figures available for Russian troops.<\/p>\n<p><strong>The financial toll: <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-24\/russian-billionaires-lose-39-billion-in-a-day-on-ukraine-attack?utm_content=business&cmpid%3D=socialflow-twitter-billionaires&utm_campaign=socialflow-organic&utm_medium=social&utm_source=pocket_mylist&cmpid=socialflow-twitter-business&sref=mmeFTDW1\">Russian bn\u2019aires lost USD 39 bn in wealth<\/a><\/strong><strong> in the first day of the war<\/strong> as Moscow\u2019s benchmark stock market plunged more than 33% \u2014 the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-24\/russian-stocks-suffer-third-worst-rout-in-history-of-markets?sref=mmeFTDW1\">fifth-worst one-day plunge in the history of global markets<\/a>, Bloomberg says.<\/p>\n<p><strong>THE WEST IS GETTING SERIOUS with arms and actions. <\/strong>In a major policy shift, Germany has agreed to supply Kyiv with weapons, going against historical restraint from exporting arms to war zones, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-26\/germany-upends-policy-to-hit-russia-on-swift-ship-ukraine-arms?srnd=premium-middle-east\">Bloomberg<\/a> reports. <strong>The US has also pledged an additional USD 350 mn in assistance<\/strong> to Ukraine as its army attempts to hold the capital.<\/p>\n<p><strong>Some Russian banks are about to be cut off from SWIFT\u2026<\/strong> The US, Canada, UK, Germany, France, Italy and the European Commission announced in a <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/statement_22_1423\">joint statement<\/a> that they would remove \u201cselect\u201d Russian banks from the SWIFT global payments system. That would make it a whole lot more difficult for Russian companies to do business abroad, <a href=\"https:\/\/www.theguardian.com\/technology\/2022\/feb\/24\/what-is-swift-international-payments-network-russia-sanction\">the Guardian<\/a> and <a href=\"https:\/\/www.wsj.com\/articles\/swift-banking-system-sanctions-biden-11645745909\">Wall Street Journal<\/a> report. Tns of USD move through the SWIFT messaging system daily.<\/p>\n<p><strong>\u2026and impose sanctions on Russia\u2019s central bank. This is the big one.<\/strong> Sanctions on Russia\u2019s central bank would be designed to make it difficult for Vladimir Putin to shore up the economy by deploying cash from Russia\u2019s more than USD 600 bn stockpile of reserves. US officials said the measures are designed to \u201csend the ruble into \u2018freefall\u2019 and promote soaring inflation in the Russian economy,\u201d <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-europe-european-union-704b3b6678c5d23bd05482c89a0384d2\">the Associated Press<\/a> reports.<\/p>\n<p><strong>Putin himself and his Foreign Minister, Sergey Lavrov, have both been hit with personal<\/strong> <strong>sanctions<\/strong> by countries including Canada and Australia \u2014 and the US State Department has signaled that <a href=\"https:\/\/home.treasury.gov\/policy-issues\/financial-sanctions\/recent-actions\/20220225_33\">Washington may follow suit<\/a>.<\/p>\n<p><strong>But don\u2019t expect NATO to send troops or impose a no-fly zone <\/strong>\u2014 with pundits pointing out that a no-fly zone would, by definition, find Western countries in direct conflict with Russia.<\/p>\n<p><strong>There\u2019s plenty of mumbling in Western capitals about finding ways to arm and support<\/strong> <strong>Ukrainian rebels for the long term <\/strong>if, as many expect, Ukraine\u2019s army is ultimately overcome by the invading force.<\/p>\n<p><strong>ISOLATING RUSSIA- Russia finds itself increasingly isolated on the world stage. <\/strong>A total of 11 countries voted in favor of a UN Security Council resolution condemning Russia's invasion of Ukraine. Russia, as expected, used its veto power to block the resolution. Notably, the UAE (which cooperates with Russia on oil policy, among other things), China, and India <a href=\"https:\/\/news.un.org\/en\/story\/2022\/02\/1112802\">abstained<\/a> from voting.<\/p>\n<p><strong>China may be <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-26\/china-distances-itself-from-russia-calls-for-halt-to-violence\">slowly distancing<\/a><\/strong><strong> itself from Russia<\/strong>, with Foreign Minister Wang Yi on Friday calling on all sides to exercise restraint, shortly after President Xi Jinping called Putin to urge him to seek a diplomatic resolution.<\/p>\n<p><strong>DIGITAL WARFARE- <\/strong>Official Russian government websites became inaccessible yesterday due to reported cyberattacks, reports the <a href=\"https:\/\/www.wsj.com\/livecoverage\/russia-ukraine-latest-news-2022-02-26\/card\/UpQXfZO7yIMCDR5yY4g9\">Wall Street Journal<\/a>.<\/p>\n<p><strong>And Big Tech has chosen sides: <\/strong>Youtube has restricted access to Russia\u2019s state-controlled RT and other channels in Ukraine in response to a request from the Ukrainian government, the <a href=\"https:\/\/www.wsj.com\/livecoverage\/russia-ukraine-latest-news-2022-02-26\/card\/RUoifRgHkZHwUfJmjGDP\">Wall Street Journal<\/a> reported. In line with US sanctions, the Google-owned platform will be pausing several Russian channels\u2019 ability to monetize their Youtube videos. Facebook joined YouTube in blocking Russian state-backed media from advertising on the site, while Twitter \u2014 which already banned such ads in 2019 \u2014 put a temporary pause on all advertising through its platform in Russia and Ukraine, <a href=\"https:\/\/www.npr.org\/2022\/02\/26\/1083291122\/russia-ukraine-facebook-twitter\">NPR<\/a> reports.<\/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\/egx\/\">EGX<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war\/\">war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war 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=\"543949\" 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=\"543949\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine\/\">\r\n                            Fresh wheat tender on Monday after war breaks out between top suppliers Russia + Ukraine                        <\/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\/27\/fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine\/\" 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 authority canceled <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d62e3f0-9d66-4bf5-8447-110e1540903c\">last Thursday\u2019s tender<\/a> after receiving only one offer for French wheat. Tender rules mean at least two offers must be submitted for a purchase to go ahead, <a href=\"https:\/\/www.nasdaq.com\/articles\/egypts-gasc-cancels-international-wheat-tender\">Reuters<\/a> cited a GASC official as saying.<\/p>\n<p><strong>Russian + Ukrainian ports close: <\/strong>Ports in Ukraine have been closed since Russia <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91944d08-8c13-4390-bc26-c49df849355e\">launched its invasion<\/a> on Thursday, the same day as GASC\u2019s canceled tender. Meanwhile, Russian wheat exports will likely be on hold for \u201ca couple of weeks,\u201d the country\u2019s grain association said, adding that \u201cIt is difficult to plan any transactions at the moment.\u201d Russia on Friday <a href=\"https:\/\/www.reuters.com\/world\/europe\/moldovan-flagged-tanker-hit-by-missile-ukraine-coast-2022-02-25\/\">attacked<\/a> a Panamanian-flagged cargo vessel due to load wheat for shipment to an unspecified destination near Ukraine\u2019s Odessa port.<\/p>\n<p><strong>What about the Ukrainian grain we\u2019ve already locked in? <\/strong>We\u2019re waiting on two 180k-tonne purchases of Ukrainian wheat for February and March delivery \u2014 but traders are warning that those contracts could be canceled by force majeure as war rages in Ukraine, according to <a href=\"https:\/\/financialpost.com\/pmn\/business-pmn\/egypts-gasc-issues-wheat-tender-amid-supply-disruption-worries\">Reuters<\/a>, which reports that one shipment of Ukrainian wheat bought by GASC is currently stuck at a Ukrainian port. A shipment of 60k tonnes of Ukrainian wheat purchased in a December tender is safely on its way to Egypt, <a href=\"https:\/\/www.dostor.org\/3726680\">Al Dostor<\/a> reports, citing exclusive statements from GASC.<\/p>\n<p><strong>The gov\u2019t is planning for further price hikes: <\/strong>Prime Minister Moustafa Madbouly met with Central Bank of Egypt (CBE) governor Tarek Amer on Thursday to ensure there is sufficient financing to help the government purchase food and oil supplies that could be impacted by the crisis, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/345683617602065\">statement<\/a>. Government spokesperson Nader Saad reportedly <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220226-arabs-fear-for-wheat-supplies-after-russia-invades-ukraine\">said<\/a> that we \u201cwill no longer be able to buy at the price before the crisis,\u201d while business mogul Naguib Sawiris <a href=\"https:\/\/africa.businessinsider.com\/local\/markets\/egypts-second-richest-man-naguib-sawiris-tells-authorities-to-stockpile-wheat-amidst\/31x42cz\">also took to<\/a><a href=\"https:\/\/africa.businessinsider.com\/local\/markets\/egypts-second-richest-man-naguib-sawiris-tells-authorities-to-stockpile-wheat-amidst\/31x42cz\">Twitter<\/a> to urge authorities to stockpile wheat before prices surge further.<\/p>\n<p><strong>Wheat futures surged to a record high on Thursday <\/strong>on the back of the war, <a href=\"https:\/\/www.reuters.com\/business\/energy\/grain-exporters-tap-eu-supplies-war-shuts-ukraine-ports-traders-2022-02-25\/\">Reuters<\/a> reports, having already hit decade-highs over the past year amid a supply squeeze.<\/p>\n<p><strong>Casting a wider net:<\/strong> GASC\u2019s latest tender calls for offers from the US, Canada, France, Bulgaria, Australia, Poland, the UK and Romania, as well as Russia and Ukraine. Egypt plans to continue to look for ways to further diversify wheat imports, cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a9acf68-5e94-4b5e-9863-8b8591b32d22\">said<\/a> at a meeting last week held to weigh the economic impact of the war. GASC locked in its latest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a38a8f80-51ed-4cc9-83ab-64e4d1ea633c\">shipment of wheat<\/a> from Romania despite Ukrainian suppliers offering a better price at the time. Russia and Ukraine\u2019s breadbaskets together account for around 80% of supply to Egypt and nearly a third of the world\u2019s wheat supply.<\/p>\n<p><strong>It might prove an upward battle to secure offers at Monday\u2019s tender:<\/strong> \u201cLast time there was only one offer before any attacks, now that the situation got serious I\u2019m sure suppliers are more apprehensive,\u201d Reuters cited an anonymous trader as saying. Egypt currently has a 4.5-month reserve of wheat on hand, Prime Minister Moustafa Madbouly <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/340066111497149\">said last week<\/a>.<\/p>\n<p><strong>US sanctions could also impact the wheat market: <\/strong>Suppliers have reportedly asked some Egyptian traders and agents to switch from Russia\u2019s Sberbank, which has been hit by <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0608\">US sanctions<\/a>, according to Reuters. Meanwhile, some of Russia\u2019s biggest wheat exporters have links to now-sanctioned state-owned bank VTB Group.<\/p>\n<p><strong>None of this is good for inflation \u2014 especially for EMs:<\/strong> \u201cThe food security impact of the conflict will likely be felt beyond Ukraine\u2019s border, especially on the poorest of the poor,\u201d the World Food Programme wrote in a <a href=\"https:\/\/www.wfp.org\/news\/wfp-executive-director-statement-impact-conflict-ukraine\">statement<\/a> on Thursday. \u201cInterruption to the flow of grain out of the Black Sea region will increase prices and add further fuel to food inflation.\u201d Annual urban inflation in Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">hit its highest level<\/a> in almost two and a half years in January \u2014 7.3% \u2014 due to rising food prices, while analysts expect inflation to hit mid-7% or higher in the short term.<\/p>\n<p><strong>The gov\u2019t is still mulling how to taper bread subsidies. <\/strong>The Supply Ministry is considering several scenarios for tapering bread subsidies for the first time in decades, with a final decision on how they will be reworked expected by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/217bd2c8-c468-4975-b723-ba0e372c9b2c\">the end of March<\/a>. The government is also considering <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d62e3f0-9d66-4bf5-8447-110e1540903c\">hedging wheat.<\/a><\/p>\n<p><strong>The impact of the war on wheat supply here at home and in the wider region is getting coverage pretty much everywhere: <\/strong><a href=\"https:\/\/www.nytimes.com\/2022\/02\/25\/world\/middleeast\/in-north-africa-ukraine-war-strains-economies-weakened-by-pandemic.html\">The New York Times<\/a> | <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220226-arabs-fear-for-wheat-supplies-after-russia-invades-ukraine\">France24<\/a> | <a href=\"https:\/\/www.npr.org\/2022\/02\/25\/1082893801\/russias-invasion-of-ukraine-may-cause-havoc-for-wheat-importing-mideast-nations\">NPR<\/a> | <a href=\"https:\/\/www.ft.com\/content\/b6712657-d6b7-4d56-95f7-849a653d5a66\">Financial Times<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-inflation\/\">food inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/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=\"543951\" 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=\"543951\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/etisalat-could-push-into-egypts-fintech-sector-following-rebrand-to-e\/\">\r\n                            Etisalat could push into Egypt\u2019s fintech sector following rebrand to \u201ce&#038;\u201d                        <\/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\/27\/etisalat-could-push-into-egypts-fintech-sector-following-rebrand-to-e\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/370.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543952\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/etisalat-could-push-into-egypts-fintech-sector-following-rebrand-to-e\/370-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/370.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"370.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/370.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/370.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543951\" class=\"content-area-description single-story post-543951 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-cit tag-e tag-earnings tag-enterpriseam tag-etisalat tag-fintech tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Etisalat is now <\/strong><strong>e&<\/strong><strong> \u2014 and the rebranded firm wants in on our fintech sector: <\/strong>The UAE\u2019s largest telecoms operator has rebranded itself as e&, according to a disclosure to the <a href=\"https:\/\/eand.com\/en\/system\/com\/assets\/docs\/latest-announcements\/2022\/new-brand-identity-24-feb-2022.pdf\">Abu Dhabi bourse (pdf)<\/a>, as the company looks to expand beyond telecoms to become \u201ca global technology and investment conglomerate that accelerates the digital transformation journey.\u201d Under the rebrand, the firm has split into consumer services branch e& life, digital services arm e& enterprise, mergers and acquisitions arm e& capital, and telecoms operator Etisalat, according to <a href=\"https:\/\/www.reuters.com\/markets\/deals\/uaes-e-looks-expand-telecoms-other-areas-including-via-ma-2022-02-26\/\">Reuters<\/a>.<\/p>\n<p><strong>The company will soon make an announcement about a transaction related to Egypt\u2019s fintech sector<\/strong> as part of its expansion drive, <a href=\"https:\/\/www.reuters.com\/markets\/deals\/uaes-e-looks-expand-telecoms-other-areas-including-via-ma-2022-02-26\/\">Reuters<\/a> reported Group CEO Hatem Dowidar as saying in an interview. E& is reportedly eyeing \u201cpotential joint ventures, acquisitions and listings of subsidiaries\u201d as it plots an expansion into new sectors and markets across Africa, Europe, and Asia.<\/p>\n<p><strong>No rebrand so far for Etisalat Misr:<\/strong> There are no current plans to rebrand the company\u2019s operations in Egypt or any other foreign country, <a href=\"https:\/\/www.google.com\/url?q=https:\/\/bit.ly\/3HDcruF&sa=D&source=docs&ust=1645926305855355&usg=AOvVaw2mp7z8T7aMKbz8HwLYyt8x\">Youm7<\/a> reported an Etisalat Misr source as saying.<\/p>\n<p><strong>Etisalat Misr saw a 21% y-o-y increase in revenues to reach AED 5.0 bn (EGP 21.4 bn) in 2021, <\/strong>according to the parent company\u2019s latest <a href=\"https:\/\/ent.news\/2022\/2\/Etisalat-earning-releases-q4-2021.pdf\">earning release (pdf)<\/a>. Revenues were up 22% yo-y in the fourth quarter to record AED 1.4 bn (EGP 6 bn).<\/p>\n<p><strong>More subscribers = more revenue:<\/strong> E& attributed the revenue rise in Egypt to a growing subscriber base and increased mobile data and national roaming revenue. The number of Etisalat Misr subscribers grew 5% y-o-y to hit 27.8 mn in 2021.<\/p>\n<p><strong>Higher revenues translated into stronger earnings: <\/strong>Etisalat Misr\u2019s EBITDA was up 20% to hit AED 2.1 bn (EGP 9 bn) in 2021. Fourth-quarter EBITDA recorded AED 500 mn (EGP 2.1 bn) \u2014 up 15% on an annual basis, but down 18% compared with the third quarter. Etisalat attributed the quarter-over-quarter drop to higher costs for interconnection and roaming, mobile devices, and marketing.<\/p>\n<p><strong>Capex spending dips: <\/strong>Etisalat Egypt\u2019s capital expenditure was down by 5% y-o-y in 2021 at AED 1.4 bn (EGP 6 bn), most of which went to 4G deployment and upgrades.<\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e\/\">e&amp;<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/etisalat\/\">Etisalat<\/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\/ma-watch\/\">M&amp;A 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=\"543953\" 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=\"543953\">\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\">Transport<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/siemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month\/\">\r\n                            Siemens-led consortium set to sign on second + third high-speed rail lines next month                        <\/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\/27\/siemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month\/\" 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\/27\/siemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month\/')\">\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\/27\/siemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month\/\">\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=Siemens-led consortium set to sign on second + third high-speed rail lines next month&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/siemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month\/\">\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\/27\/siemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month\/&title=Siemens-led consortium set to sign on second + third high-speed rail lines next month\">\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=Siemens-led+consortium+set+to+sign+on+second+%2B+third+high-speed+rail+lines+next+month+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Fsiemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month%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\/27\/siemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/371.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543954\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/siemens-led-consortium-set-to-sign-on-second-third-high-speed-rail-lines-next-month\/371-jpg-48\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/371.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"371.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/371.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/371.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543953\" class=\"content-area-description single-story post-543953 post type-post status-publish format-standard has-post-thumbnail hentry category-transport tag-arab-contractors tag-enterpriseam tag-high-speed-rail tag-orascom-construction tag-siemens-mobility tag-transport 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> Contracts for second + third lines of Egypt\u2019s high-speed railway to <\/strong><strong>be signed in March:<\/strong> The Transport Ministry and the consortium of Siemens Mobility, Orascom Construction and Arab Contractors tasked with building Egypt\u2019s first high-speed rail line are next month set to sign final contracts for the second and third lines of the project, after completing \u201cmarathon negotiations that lasted for several months,\u201d according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/345826554254438\">statement<\/a>. The second and third lines of the 1.7k-km high-speed rail network will connect 6th of October with Aswan, and Luxor to Hurghada via Qena and Safaga.<\/p>\n<p><strong>Background: <\/strong>The three-line high-speed rail project is set to link Cairo, Aswan, the North Coast and the Red Sea. The Siemens \/ Orascom \/ Arab Contractors consortium was<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c77944-a194-421e-b52d-c3ab09523df6\">last year contracted<\/a> to design, install and maintain the first phase of the line, which runs 660 km between Ain Sokhna, Alexandria and Marsa Matrouh and is set to be completed by 2023. Passenger trains on the line will travel at up to 250 km\/hour, reducing journey times by around 50%.<\/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\/arab-contractors\/\">Arab Contractors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/high-speed-rail\/\">high-speed rail<\/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\/siemens-mobility\/\">Siemens Mobility<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543955\" 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=\"543955\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/\">\r\n                            Egypt launches new World Bank-backed USD 50 mn VC fund                        <\/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\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/\" 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\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/')\">\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\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/\">\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=Egypt launches new World Bank-backed USD 50 mn VC fund&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/\">\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\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/&title=Egypt launches new World Bank-backed USD 50 mn VC fund\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+launches+new+World+Bank-backed+USD+50+mn+VC+fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Fegypt-launches-new-world-bank-backed-usd-50-mn-vc-fund%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\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/372.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"543956\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/372-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/372.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"372.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/372.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/372.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543955\" class=\"content-area-description single-story post-543955 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-investment-watch tag-sme-development-authority tag-startup-watch tag-startups tag-venture-capital tag-world-bank 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>MSMEDA partners with World Bank to launch USD 50 mn VC fund: <\/strong>The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has launched a venture capital fund with USD 50 mn from the World Bank, according to a <a href=\"https:\/\/magnitt.com\/news\/egypt-launches-50m-vc-53247\">press release<\/a>. Trade Minister and MSMEDA Executive Director Nevine Gamea announced the new fund at a private investment conference co-organized by MSMEDA, the <a href=\"https:\/\/www.avca-africa.org\/\">African Private Equity and Venture Capital Association<\/a>, the World Bank, German development agency GIZ, and Misr Ins. Holding.<\/p>\n<p><strong>How will the fund work?<\/strong> The program will funnel financing into existing investment funds and create new ones, according to the press release, which didn\u2019t specify the targeted sectors or planned ticket sizes. International funds looking to enter African markets are eligible to receive funds through the program, Gamea is quoted as saying, in a move meant to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b85ff92f-1f06-44c0-9ee2-ced557fb28ac\">boost pan-African trade<\/a> and idea-sharing. Some funding will also go towards training financial institutions\u2019 employees on VC funding, according to the statement.<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sme-development-authority\/\">SME Development Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/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=\"543957\" 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=\"543957\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/earnings-watch-rameda-pharma-gb-auto-and-contact-financial-report-fy2021-earnings\/\">\r\n                            Earnings watch: Rameda Pharma, GB Auto and Contact Financial report FY2021 earnings                        <\/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\/27\/earnings-watch-rameda-pharma-gb-auto-and-contact-financial-report-fy2021-earnings\/\" 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\/27\/earnings-watch-rameda-pharma-gb-auto-and-contact-financial-report-fy2021-earnings\/')\">\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\/27\/earnings-watch-rameda-pharma-gb-auto-and-contact-financial-report-fy2021-earnings\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Earnings watch: Rameda Pharma, GB Auto and Contact Financial report FY2021 earnings&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/earnings-watch-rameda-pharma-gb-auto-and-contact-financial-report-fy2021-earnings\/\">\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\/27\/earnings-watch-rameda-pharma-gb-auto-and-contact-financial-report-fy2021-earnings\/&title=Earnings watch: Rameda Pharma, GB Auto and Contact Financial report FY2021 earnings\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Earnings+watch%3A+Rameda+Pharma%2C+GB+Auto+and+Contact+Financial+report+FY2021+earnings+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Fearnings-watch-rameda-pharma-gb-auto-and-contact-financial-report-fy2021-earnings%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\/27\/earnings-watch-rameda-pharma-gb-auto-and-contact-financial-report-fy2021-earnings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543957\" class=\"content-area-description single-story post-543957 post type-post status-publish format-standard hentry category-earnings-watch tag-contact-financial tag-earnings tag-earnings-watch tag-enterpriseam tag-gb-auto tag-rameda-pharma 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>Tenth of Ramadan for Pharma Industries and Diagnostic Reagents (Rameda) <\/strong><strong>reported an 18.8% increase in net income in 4Q2021 to EGP 74.1 mn<\/strong>, according to an <a href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/ram\/Rameda-ER-FY21-E.pdf\">earnings release (pdf)<\/a>. Revenues for the quarter grew 37.1% y-o-y to EGP 393.9 mn, marking the company\u2019s highest-ever quarterly revenues. On a full-year basis, Rameda reported a 61% increase in its bottomline to EGP 181.2 mn, with consolidated revenues rising 30% y-o-y to EGP 1.25 bn.<\/p>\n<p><strong>The growth was underpinned by private sales<\/strong>, which grew 35.5% y-o-y in 2021, outpacing the overall private market for the year by 28.2 percentage points, CEO Amr Morsy said. Rameda also continued to grow its portfolio throughout the year, launching a total of seven new products throughout the year, including three in 4Q2021, which helped raise its overall retail pricing by 8% y-o-y to EGP 36.3 in 2021. Also contributing to Rameda\u2019s strong 2021 showing was its export activity, including exports to the Levant, where the pharma company recently began exporting, as well as a rise in revenues from exports to Iraq and Yemen.<\/p>\n<p><strong>Rameda plans to launch another 8-10 products in 2022<\/strong> \u201cat relatively higher price points relative to its existing portfolio,\u201d according to Morsy. These products include nutraceuticals and existing line extensions, Morsy said. Rameda is also looking to tap into new export markets, including in the GCC and Europe, with registrations underway.<\/p>\n<hr class=\"grey-line\">\n<p><strong>GB Auto\u2019s net income rose 64.2% y-o-y in 4Q2021 to EGP 472.6 mn<\/strong>, the company said in its <a href=\"http:\/\/resources.inktankir.com\/gb\/GB-Auto-ER-4Q21-E-FINAL.pdf\">earnings release (pdf)<\/a>. Revenues rose 25.6% y-o-y during the quarter to EGP 9.05 bn. GB reported a 61.2% y-o-y increase in its full-year bottomline to EGP 1.48 bn, on revenues of EGP 31.44 bn, up 34.9% y-o-y, thanks to recovering demand in 2021.<\/p>\n<p><strong>In detail:<\/strong> Revenues from the auto and auto-related segment grew 30.2% y-o-y in 4Q2021 to EGP 7.16 bn, while full-year revenues rose 38.7% y-o-y to EGP 24.92 bn thanks to \u201cimproved market conditions and strengthening consumer purchasing power,\u201d the company said. GB Capital delivered 13.6% y-o-y revenue growth during the final quarter of the year, with full-year revenues rising 24.2% y-o-y to EGP 7.95 bn. GB Capital also reported a decrease in its non-performing loans, falling to 2.02% in 4Q2021 from 2.48% in 4Q2020.<\/p>\n<p><strong>Looking ahead:<\/strong> GB Auto is looking to further expand its footprint in Egypt\u2019s compressed natural gas (CNG) vehicle market as the Sisi administration presses forward with its natgas conversion strategy, CEO Nader Ghabbour said. \u201cWe are optimistic that market conditions will continue to improve, consumer demand will persist and our refined pricing strategy will offset the impacts of supply chain disruptions and inflationary pressures.\u201d The company also has \u201cambitious goals\u201d in 2022 for GB Capital, as it works to introduce new products to the fintech market, Ghabbour said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Contact Financial\u2019s net income rose 32% y-o-y in 2021 to EGP 465 mn<\/strong>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/2\/Contact-FY2021-Results-PR-E-Final_Compressed.pdf\">earnings release (pdf)<\/a>.<\/p>\n<p><strong>Growth was buoyed by a 30% y-o-y increase in financing net income<\/strong>, reaching EGP 442 mn in 2021. Contact extended a record EGP 7.1 bn of new financing throughout the year, thanks to \u201cincreased physical and digital capabilities coupled with an expanded product offering.\u201d Its ins. unit also delivered EGP 36 mn in net income during the year, soaring 185% y-o-y. Gross written premiums rose 82% y-o-y in 2021 to EGP 517 mn.<\/p>\n<p><strong>Looking ahead: <\/strong>Contact said it is entering 2022 \u201cwith confidence stemming from our outstanding performance in the year just ended\u201d and said strengthening its digital capabilities will be a \u201ckey area of focus\u201d this year. \u201cOn this front, our Contact Pay venture is pressing ahead with the rollout of its services, including e-payment solutions to provide, operate and manage payment solutions through integration with Contact channels. The services will first be rolled out at our digital financing channel, Contact App.\u201d The company is also on the lookout to grow through \u201cstrategic partnerships,\u201d noting that it has made investments in companies including Sakneen, Sa3ar, Synapse Analytics and ecommerce super-app Wasla. \u201cLooking ahead, several other investments are in the pipeline as we continue to look for new ways to better serve our expanding audience, and continue to transform the way consumers and businesses access financial services.\u201d<\/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\/contact-financial\/\">Contact Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gb-auto\/\">GB Auto<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rameda-pharma\/\">Rameda Pharma<\/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=\"543958\" 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=\"543958\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/543958\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543958\" class=\"content-area-description single-story post-543958 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543959\" 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=\"543959\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/last-nights-talk-shows-its-all-about-russias-war-in-ukraine\/\">\r\n                            Last Night\u2019s Talk Shows: It\u2019s all about Russia\u2019s war in Ukraine                        <\/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\/27\/last-nights-talk-shows-its-all-about-russias-war-in-ukraine\/\" 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\/27\/last-nights-talk-shows-its-all-about-russias-war-in-ukraine\/')\">\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\/27\/last-nights-talk-shows-its-all-about-russias-war-in-ukraine\/\">\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: It\u2019s all about Russia\u2019s war in Ukraine&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/last-nights-talk-shows-its-all-about-russias-war-in-ukraine\/\">\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\/27\/last-nights-talk-shows-its-all-about-russias-war-in-ukraine\/&title=Last Night\u2019s Talk Shows: It\u2019s all about Russia\u2019s war in Ukraine\">\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+It%E2%80%99s+all+about+Russia%E2%80%99s+war+in+Ukraine+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Flast-nights-talk-shows-its-all-about-russias-war-in-ukraine%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\/27\/last-nights-talk-shows-its-all-about-russias-war-in-ukraine\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543959\" class=\"content-area-description single-story post-543959 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-russia tag-ukraine tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Russia-Ukraine conflict dominated our airwaves this weekend. At the top of the <\/strong><strong>agenda were reassurances on our wheat supplies: <\/strong>Egypt has sufficient wheat reserves to last until the end of 2022, Internal Trade Development Authority head Ibrahim Ashmawy said in a phone call with Al Hekaya (<a href=\"https:\/\/youtu.be\/HMRsKDfCMN0\">watch, runtime 1:01<\/a>). Russia and Ukraine together supply around 80% of our wheat imports, leading to fears that the war between the two countries could threaten supply. We have more on the story in this morning\u2019s Commodities section, above.<\/p>\n<p><strong>Around <\/strong><strong>6k Egyptians live in Ukraine, <\/strong>including almost 4k students, whose evacuation is being prioritized, Emigration Minister Nabila Makram told Hadith Al Kahera (<a href=\"https:\/\/youtu.be\/GcwpuOPpUH0\">watch, runtime 11:10<\/a>). Around 1.1k Egyptians have fled or are in the process of fleeing Ukraine to Romania, while some 120 students are making their way to or have already arrived in Poland, Makram told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/youtu.be\/G5hYqSgjly0\">watch, runtime 4:34<\/a>). An operations room has been set up to communicate with Egyptians in Ukraine, Makram told Al Hayah Al Youm\u2019s Lobna Assal (<a href=\"https:\/\/youtu.be\/pEPskoIoFKQ\">watch, runtime 7:48<\/a>). She also shared how to communicate with the Egyptian Embassy in Kyiv to ensure a safe exit from Ukraine in a phone-in with Al Hekaya (<a href=\"https:\/\/youtu.be\/bebI-_Rgtwo\">watch, runtime 11:41<\/a>).<\/p>\n<p><strong>The talking heads also gave us a wider rundown of events in Ukraine: <\/strong>A political expert based in Ukraine talked Kelma Akhira\u2019s Lamees El Hadidi through the latest developments on the ground (<a href=\"https:\/\/youtu.be\/OVia95r7Fx8\">watch, runtime 9:09<\/a>), while Amr Adib broke down the situation for the audience of Al Hekaya (<a href=\"https:\/\/youtu.be\/51dx52pB61Y\">watch, runtime 24:13<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/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=\"543960\" 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 class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" 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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-wspvm9f\" data-v=\"4\" data-block-id=\"wspvm9f\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-wspvm9f-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-wspvm9f-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 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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=\"543961\" 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=\"543961\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/our-very-own-net-zero-target-for-cop27-plus-remittances-up-again\/\">\r\n                            Our very own net-zero target for COP27? Plus: Remittances up again.                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/our-very-own-net-zero-target-for-cop27-plus-remittances-up-again\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/our-very-own-net-zero-target-for-cop27-plus-remittances-up-again\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/our-very-own-net-zero-target-for-cop27-plus-remittances-up-again\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Our very own net-zero target for COP27? Plus: Remittances up again.&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/our-very-own-net-zero-target-for-cop27-plus-remittances-up-again\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/our-very-own-net-zero-target-for-cop27-plus-remittances-up-again\/&title=Our very own net-zero target for COP27? Plus: Remittances up again.\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Our+very+own+net-zero+target+for+COP27%3F+Plus%3A+Remittances+up+again.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Four-very-own-net-zero-target-for-cop27-plus-remittances-up-again%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/our-very-own-net-zero-target-for-cop27-plus-remittances-up-again\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543961\" class=\"content-area-description single-story post-543961 post type-post status-publish format-standard hentry category-also-on-our-radar tag-al-morshedy tag-also-on-our-radar tag-cop27 tag-egyptology tag-enterpriseam tag-fedex-express tag-hanwha-group tag-net-zero-target tag-retail tag-security tag-south-korea 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_408146\"\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\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a><strong> Egypt could announce its first net-zero target during COP27: <\/strong>Egyptian authorities may announce a net-zero carbon emissions target at November\u2019s COP27 climate summit in Sharm El Sheikh, Oil Minister Tarek El Molla told Bloomberg TV (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-02-24\/egyptian-oil-minister-net-zero-target-may-come-at-cop27-video?sref=mmeFTDW1\">watch, runtime: 8:51<\/a>). The government has pledged to expand renewable capacity to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46eb0c0b-2e62-47e0-8423-05c5359f3275\">cover 42% of the country\u2019s energy needs<\/a> by 2030, up from 10% currently, but has not previously set a date for reaching overall carbon neutrality.<\/p><p><strong>Economist Mahmoud Mohieldin has been appointed a <\/strong><strong><a href=\"https:\/\/unfccc.int\/climate-action\/marrakech-partnership\/actors\/meet-the-champions\">high-level climate champion<\/a><\/strong><strong> for the COP27 summit<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/345834084253685?__cft__%5B0%5D=AZUKIJ-5dLI2lvAdpBtNrp-bgqyLfNhuXpvm8g7XvNPaNsP48AtOy-lwnsb1xbvDeWzt-tf3uCYQqTnHoHEkuNHAoSkdnNV6gQOw5tc7hRl3aJBvvx7gSQlrF2j_e9_RKi7_FzWpkrTlpMMK4DjJKpoQ&amp;__tn__=%2CO%2CP-R\">statement<\/a>. Mohelden will work to coordinate on climate between the government, the business community, the private sector, and international financing institutions. Mohieldin, who is an executive director at the International Monetary Fund and the UN Special Envoy on Financing the 2030 Sustainable Development Agenda, will also work closely with Nigel Topping, the UK\u2019s high-level champion for last year\u2019s COP26 summit.<\/p><p><strong>Transfers from Egyptians abroad rose 6.6% y-o-y in 11M2021 to USD 28.9 bn<\/strong>, according to a Central Bank of Egypt <a href=\"https:\/\/ent.news\/2022\/2\/November2021remittances.pdf\">statement (pdf)<\/a>. The increase is in line with previous <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bc57065-1428-4154-b4f4-4f871c4a590d\">World Bank projections<\/a> that remittance inflows to Egypt could hit a record high in 2021, with the bank forecasting transfers from Egyptian expats increasing nearly 13% y-o-y to USD 33 bn throughout the year. The projection would make Egypt one of the world\u2019s top five recipients of remittances.<\/p><p><em>EDITOR'S NOTE- This story was updated on 27 February, 2022 to reflect that remittance inflows rose 6.6% y-o-y in 11M2021, not 9M2021.<\/em><\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-morshedy\/\">Al Morshedy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptology\/\">Egyptology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fedex-express\/\">FedEx Express<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hanwha-group\/\">Hanwha Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/net-zero-target\/\">Net-zero target<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/security\/\">security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-korea\/\">South Korea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"543962\" 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=\"543962\">\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\">COVID WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/daily-tally-continues-to-fall\/\">\r\n                            Daily tally continues to fall                        <\/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\/27\/daily-tally-continues-to-fall\/\" 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\/27\/daily-tally-continues-to-fall\/')\">\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\/27\/daily-tally-continues-to-fall\/\">\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=Daily tally continues to fall&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/daily-tally-continues-to-fall\/\">\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\/27\/daily-tally-continues-to-fall\/&title=Daily tally continues to fall\">\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=Daily+tally+continues+to+fall+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Fdaily-tally-continues-to-fall%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\/27\/daily-tally-continues-to-fall\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543962\" class=\"content-area-description single-story post-543962 post type-post status-publish format-standard hentry category-covid-watch tag-covid-19 tag-enterpriseam tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Health Ministry <\/strong><strong><a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/278978544413367\">reported<\/a><\/strong><strong> 1,743 new covid-19 infections yesterday<\/strong>, down from 1,811 the day before. Egypt has now disclosed a total of 480,727 confirmed cases of covid-19. The ministry also reported 35 new deaths, bringing the country\u2019s total death toll to 23,992.<\/p>\n<p>29,953,832 Egyptians are now fully vaccinated against the virus, up 488.2k from last week. 9.7 mn people have received just one shot and close to 1.1 mn have received booster shots.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"543963\" 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=\"543963\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/analysts-say-six-fed-rate-hikes-wont-halt-inflation-kuwaits-stock-exchange-looks-to-add-new-instruments\/\">\r\n                            Analysts say six Fed rate hikes won\u2019t halt inflation + Kuwait\u2019s stock exchange looks to add new instruments                        <\/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\/27\/analysts-say-six-fed-rate-hikes-wont-halt-inflation-kuwaits-stock-exchange-looks-to-add-new-instruments\/\" 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\/27\/analysts-say-six-fed-rate-hikes-wont-halt-inflation-kuwaits-stock-exchange-looks-to-add-new-instruments\/')\">\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\/27\/analysts-say-six-fed-rate-hikes-wont-halt-inflation-kuwaits-stock-exchange-looks-to-add-new-instruments\/\">\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=Analysts say six Fed rate hikes won\u2019t halt inflation + Kuwait\u2019s stock exchange looks to add new instruments&url=https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/analysts-say-six-fed-rate-hikes-wont-halt-inflation-kuwaits-stock-exchange-looks-to-add-new-instruments\/\">\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\/27\/analysts-say-six-fed-rate-hikes-wont-halt-inflation-kuwaits-stock-exchange-looks-to-add-new-instruments\/&title=Analysts say six Fed rate hikes won\u2019t halt inflation + Kuwait\u2019s stock exchange looks to add new instruments\">\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=Analysts+say+six+Fed+rate+hikes+won%E2%80%99t+halt+inflation+%2B+Kuwait%E2%80%99s+stock+exchange+looks+to+add+new+instruments+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F02%2F27%2Fanalysts-say-six-fed-rate-hikes-wont-halt-inflation-kuwaits-stock-exchange-looks-to-add-new-instruments%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\/27\/analysts-say-six-fed-rate-hikes-wont-halt-inflation-kuwaits-stock-exchange-looks-to-add-new-instruments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543963\" class=\"content-area-description single-story post-543963 post type-post status-publish format-standard hentry category-planet-finance tag-aramco tag-boursa-kuwait tag-enterpriseam tag-financial-markets tag-inflation tag-interest-rates tag-planet-finance tag-saudi-arabia tag-saudi-sovereign-wealth-fund wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a><strong> Will the Fed\u2019s rate hikes be too little, too late? <\/strong>Almost half of economists polled by the <a href=\"https:\/\/www.ft.com\/content\/e2880073-c75c-40ce-aee4-0a179b6c3bfc\">Financial Times<\/a> think the six quarter-point rate hikes expected from the Federal Reserve will likely be too slow to bring inflation in line. Just over 40% of economists said a total 1.5-percentage-point hike in 2022 would be \u201ctoo little, too late,\u201d in contrast with less than 5% who worried the Fed may move too aggressively to tame inflation, risking a recession. US inflation hit a forty-year high in January, prompting some market-watchers (including l<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ab8b8ac-9278-4b45-b95f-67f6360fb6dc\">eading investment banks<\/a>) to predict faster and more aggressive tightening from the Fed starting from its March meeting. Russia\u2019s invasion of Ukraine is not helping matters, the FT reports, saying the potential economic repercussions of war have clouded the economic outlook.<\/p><p><strong>Kuwait\u2019s bourse plans push into derivatives trading in bid to up IPOs: <\/strong>Boursa Kuwait is planning to introduce derivatives products including index and single-stock futures towards the end of 2023, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-24\/kuwait-bourse-plans-derivatives-trading-amid-push-for-more-ipos\">Bloomberg<\/a> quotes CEO Mohammed Al-Osaimi said. The exchange is also closing in on launching a fixed-income market for corporate bonds and sukuk, and could introduce special purpose acquisition companies (SPACs) based on demand, Al-Osaimi said. The moves come as the Gulf country looks to encourage more listings to help boost its IPO pipeline, with debuts expected from some family-owned companies \u201csoon,\u201d followed by government-controlled firms, he added.<\/p><p><strong>Saudi\u2019s PIF could sell its USD 90 bn Aramco stake:<\/strong> Saudi Arabia\u2019s sovereign wealth fund, the Public Investment Fund (PIF), is mulling a full or partial sale of the 4% stake in Saudi Aramco it now holds, among other scenarios it\u2019s looking at to monetize the stake, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-23\/saudi-wealth-fund-weighs-options-for-86-billion-aramco-stake?srnd=premium-middle-east\">Bloomberg<\/a> reports citing sources it says have knowledge of the matter.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,891<\/p>\n<\/td>\n<td>\n<p>-3.6% (YTD: -8.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,298<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,123<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +7.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,312<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: +3.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,385<\/p>\n<\/td>\n<td>\n<p>+2.2% (YTD: -8.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,490<\/p>\n<\/td>\n<td>\n<p>+4.0% (YTD: +1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 97.93<\/p>\n<\/td>\n<td>\n<p>-1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.47<\/p>\n<\/td>\n<td>\n<p>-0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,888<\/p>\n<\/td>\n<td>\n<p>-2.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 39,404<\/p>\n<\/td>\n<td>\n<p>+1.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 3.6% at Thursday\u2019s close<\/strong> on turnover of EGP 1.1 bn (7.8% above the 90-day average). Foreign investors were net sellers. The index is down 8.9% YTD.<\/p><p><strong>In the green: <\/strong>Mopco (+1.0%) and Abu Qir Fertilizers (+0.1%).<\/p><p><strong>In the red: <\/strong>Orascom Development Egypt (-10.6%), Heliopolis Housing (-9.3%) and Palm Hills Development (-8.1%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/boursa-kuwait\/\">Boursa Kuwait<\/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\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-sovereign-wealth-fund\/\">Saudi Sovereign Wealth Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"543964\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\"\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/2021-was-a-bumper-year-for-fintech-funding-in-egypt-cbe\/\">         \r\n                            2021 was a bumper year for fintech funding in Egypt \u2014 CBE<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/2021-was-a-bumper-year-for-fintech-funding-in-egypt-cbe\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n         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34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"543965\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/2021-was-a-bumper-year-for-fintech-funding-in-egypt-cbe\/375-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/375.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"375.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/375.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/375.png?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-543964\" class=\"content-area-description post-543964 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-central-bank-of-egypt tag-enterprise-whats-next tag-enterpriseam tag-fintech tag-fintech-startups 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>Inside the Central Bank of Egypt\u2019s fintech report: <\/strong>Egypt\u2019s fintech scene has grown leaps and bounds over the past few years, with fintech startups leading other sectors in terms of venture capital funding in Egypt in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c3b99bc-dc50-48af-9f1b-d9ffbbc8bc71\">2020<\/a> and <a href=\"https:\/\/enterprise.press\/whatsnexts\/egypts-startup-scene-2021-part-startups-just-keep-breaking-investment-records\/\">2021<\/a>. This is supported by the Central Bank of Egypt\u2019s (CBE) fintech data, which were released last week as part of the <a href=\"https:\/\/ent.news\/2022\/2\/Egypts-FinTech-Landscape-Report-2021.pdf\">Fintech Landscape report (pdf)<\/a> published by CBE-backed initiative <a href=\"https:\/\/fintech-egypt.com\/\">Fintech Egypt<\/a>. The report surveyed and interviewed 112 fintech and \u201cfintech-enabled\u201d startups, investors, accelerators and ecosystem enablers, with a focus on startups rather than the big payment service provider (PSP) players. Today, we break down those numbers and what they mean for the fintech scene here.<\/p>\n<p><strong>2021 was a good year to be a fintech startup<\/strong>, with total investments in the sector more than quadrupling to USD 159 mn last year, up from USD 37.1 mn in 2020.<\/p>\n<p><strong>There\u2019s also growth in the number of startups receiving funding<\/strong>, with 32 fintech startups netting over USD 157 mn in investments last year, up from 25 the year before.<\/p>\n<p><strong>Just to give a perspective on how far we\u2019ve come:<\/strong> Only three transactions were signed by Egyptian fintech companies worth a total of USD 900k in 2017 (when the CBE <a href=\"https:\/\/enterprise.press\/stories\/2017\/09\/13\/statements-from-amer-and-the-afi-on-financial-inclusion\/\">kicked off its full court press<\/a> on financial inclusion). That\u2019s more than 10x the number of transactions, while their combined value has increased by more than 140x.<\/p>\n<p><strong>Which sub-sectors snagged the most funding? <\/strong>Over the past five years, B2B marketplaces saw the most agreements signed, followed by payment and remittance, payroll and benefits, and rotating savings and credit associations (ROSCA) \u2014 more commonly known as digital gameya.<\/p>\n<p><strong>Breaking down the fintech scene by sub-sector: <\/strong>Of the 112 fintech or fintech-enabled startups in Egypt, 34 of them (or 30%) operate in the payment and remittance space. Coming in at a distant second is lending and alternative finance, with 15 players (13%), followed by personal finance management and literacy, accounting and expense management, and payroll and benefits (8% each).<\/p>\n<p><strong>But there are some sub-sectors that require more attention. <\/strong>The rest are \u201cdiversified,\u201d ranging between wealth management and savings, ROSCA, regtech and several others, the report notes. There is, however, <strong>a noticeable gap in the Egyptian market for startups operating in sub-sectors that have become popular globally<\/strong>, such as blockchain, chatbots, digital investment platforms, supply chain digitization platforms, big data and AI, and digital banking.<\/p>\n<p><strong>The sector is still young:<\/strong> Nearly half of fintech companies (43%) operating in Egypt are looking to raise seed funding, while 32% are still at the pre-seed funding or bootstrapping stages. Only 14% of fintechs surveyed are looking to raise Series A funding, while 11% are eyeing Series B funding rounds.<\/p>\n<p><strong>\u2026and still concentrated in the capital city:<\/strong> Some 20% of startups operate in governorates other than Cairo. Most of these have outreach to Lower Egypt (Giza, Monofia, Ismailia, Sharkia, and Dakahlia) followed by Upper Egypt and Alexandria.<\/p>\n<p><strong>But more than a handful are looking abroad: <\/strong>Some 20% of startups have expanded regionally and internationally to the GCC and MENA regions and Europe.<\/p>\n<p><strong>Most startups have received some funding: <\/strong>44% of startups have raised two or more funding rounds, while 40% of startups have had one funding round. Around 16% of startups have not raised any funding rounds yet.<\/p>\n<p><strong>But early-stage startups are struggling to raise funds:<\/strong> The number of transactions signed by fintechs with incubators and accelerators declined in 2021, according to the report, causing a \u201cfunding gap\u201d for early-stage startups. \u201cInvestments in the last year were done in startups at an advanced stage,\u201d the report reads. \u201cAn unmet need coming from startups in terms of receiving debt financing and long-term investments is one of the key hurdles faced.\u201d<\/p>\n<p><strong>Next week, we\u2019ll look at the CBE\u2019s view on challenges in the sector <\/strong>\u2014 and what the industry needs to do to move forward.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Tech-enabled F&B logistics platform OneOrder secured a USD 1 mn funding round<\/strong> led by A15, and simultaneously announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1fce3958-8452-4138-a302-2683a4cf95c5\">its launch.<\/a> <\/li>\n<li><strong>HR tech startup Samas Gamify scored USD 150k in a<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b291382e-7ec1-4fde-9312-55794edf8d8c\">pre-seed round<\/a><\/strong> led by Softeq Venture Studio.<\/li>\n<li><strong>Cashback provider WaffarX\u2019s co-founder and CEO Ezz Fayek shared his Morning Routine<\/strong> with us. Head <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87676c31-3ee7-49e0-afbf-f4332e3fd47d\">here<\/a> to read our conversation.<\/li>\n<li><strong>If you\u2019re building a fintech startup, you might want to apply for Visa\u2019s global startup competition<\/strong>. The deadline for <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/everywhere-initiative\/initiative.html#How_to_participate_a72e\">applications<\/a> to the Visa Everywhere Initiative in collaboration with the Central Bank of Egypt is 20 March.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech-startups\/\">fintech startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"543966\" 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\/27\/543966\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-543966\" class=\"content-area-description single-story post-543966 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>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>24 February - 7 March (Thursday-Monday): The 72nd edition of the <a href=\"https:\/\/www.facebook.com\/Diarna.moss\">Diarna Handicrafts Fair<\/a>. Cairo Festival City, Cairo.<\/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>27 February: Bidding for the construction and operation of the Tenth of Ramadan dry port kicks off.<\/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 (Monday): <a href=\"https:\/\/ent.news\/2022\/2\/Speed-Medical-statement-21-2-22.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>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<\/p>\n<p>replace the existing \u201cclosed\u201d financial management system.<\/p>\n<p>March: Contracts for last two phases of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\">Egypt\u2019s USD 4.5 bn high-speed rail line<\/a> to be signed.<\/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 &ndash; new administrative capital &ndash; 10th of Ramadan Light Rail Train (LRT) line <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/327078179462609\">will start operating<\/a>.<\/p>\n<p>March: The new multi-purpose station at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b705927d-ff68-4720-8bae-3b3dfde3705d\">Dekheila Port and the revamped Ain Sokhna Port<\/a> will start operating.<\/p>\n<p>March: General Authority for Land and Dry Ports <a href=\"https:\/\/bit.ly\/3IbQQKI\">to issue the condition booklets<\/a> for the operations of the Tenth of Ramadan dry port.<\/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>20 March (Sunday): Applications close for Visa\u2019s global startup competition, the <a href=\"https:\/\/usa.visa.com\/visa-everywhere\/everywhere-initiative\/initiative.html\">Visa Everywhere Initiative<\/a>.<\/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&#39; 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&#39; 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>April: Ghazl El Mahalla shares will begin trading on the EGX.<\/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>5-7 June (Sunday-Tuesday): <a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a>, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.<\/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\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":543944,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-543943","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c9ccebe2-0fe0-4c43-95a2-3aadb13a3026","teaser":"","photo_url":"https:\/\/ent.news\/2022\/2\/364.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>As Russia advances on Kyiv, the West gets tough on sanctions - 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\/as-russia-advances-on-kyiv-the-west-gets-tough-on-sanctions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As Russia advances on Kyiv, the West gets tough on sanctions\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/as-russia-advances-on-kyiv-the-west-gets-tough-on-sanctions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:28:48+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\/364.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\/as-russia-advances-on-kyiv-the-west-gets-tough-on-sanctions\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/as-russia-advances-on-kyiv-the-west-gets-tough-on-sanctions\/\",\"name\":\"As Russia advances on Kyiv, the West gets tough on sanctions - 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