{"id":544461,"date":"2022-03-06T03:35:12","date_gmt":"2022-03-06T03:35:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544461"},"modified":"2025-12-15T20:40:55","modified_gmt":"2025-12-15T20:40:55","slug":"the-world-is-facing-the-biggest-commodities-shock-in-decades","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-world-is-facing-the-biggest-commodities-shock-in-decades\/","title":{"rendered":"The world is facing the biggest commodities shock in decades"},"content":{"rendered":"<section id=\"544463\" 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=\"544463\">\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\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/\">\r\n                            THIS MORNING: Goodbye Covid Watch; IMF warns of global economic impact of Ukraine war; FX reserves rise in February.                        <\/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\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/\" 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\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/')\">\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\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Goodbye Covid Watch; IMF warns of global economic impact of Ukraine war; FX reserves rise in February.&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/\">\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\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/&title=THIS MORNING: Goodbye Covid Watch; IMF warns of global economic impact of Ukraine war; FX reserves rise in February.\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Goodbye+Covid+Watch%3B+IMF+warns+of+global+economic+impact+of+Ukraine+war%3B+FX+reserves+rise+in+February.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F06%2Fthis-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february%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\/03\/06\/this-morning-goodbye-covid-watch-imf-warns-of-global-economic-impact-of-ukraine-war-fx-reserves-rise-in-february\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544463\" class=\"content-area-description single-story post-544463 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-chelsea-fc tag-covid-19 tag-enterpriseam tag-foreign-reserves tag-imf tag-legislation tag-lotfy-mansour tag-ukraine-conflict 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>Good morning, friends, and happy Sunday to you all. <\/strong>This morning\u2019s issue is a bit like drinking from a fire hose, so let\u2019s jump straight in:<\/p><p><strong>THE BIG STORY ABROAD THIS MORNING- The war in Ukraine and sanctions on Russia <\/strong><strong>will have a \u201csevere impact\u201d on the global economy<\/strong>, the IMF said in a <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/03\/05\/pr2261-imf-staff-statement-on-the-economic-impact-of-war-in-ukraine?cid=em-COM-123-44397\">statement<\/a> yesterday. Price shocks will likely be felt worldwide, especially in poor households where food and fuel make up a significant proportion of expenses. \u201cThe sanctions on Russia will also have a substantial impact on the global economy and financial markets, with significant spillovers to other countries,\u201d the statement said.<\/p><p><strong>We have the latest on the war and its impact on Egypt <\/strong>in this morning\u2019s news well, below.<\/p><p><strong>DATA POINT OF THE MORNING- Egypt\u2019s net foreign reserves rose to USD 40.99 bn in <\/strong><strong>February<\/strong>, up from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/db81baf7-d9fa-4b17-9983-b8eb6f71798d\">USD 40.98 bn in January<\/a>, according to <a href=\"https:\/\/www.cbe.org.eg\/en\/Pages\/HighlightsPages\/NIR-February-2022.aspx\">central bank data<\/a> out last week.<\/p><p><strong>PSA- Keep your windows closed today \u2014 there\u2019s a sand storm incoming. <\/strong>The Egyptian Meteorological Authority is <a href=\"https:\/\/ent.news\/2022\/3\/Weather-until-March-10.pdf\">predicting (pdf)<\/a> high winds will whip up dust today in parts of Cairo, the North Coast and elsewhere across the country. The mercury will reach a high of 27\u00b0C in the capital today before things cool to a milder 21-22\u00b0C through the rest of the week. Overnight lows will range from 10-12\u00b0C through until Thursday.<\/p><hr class=\"grey-line\"><p><strong>EDITOR\u2019S NOTE- We\u2019re discontinuing our regular Covid Watch section, ending our <\/strong><strong>two-year-old count of <\/strong><strong>new daily cases. <\/strong>The peak of this omicron-led wave is now well behind us, Egypt is making progress on vaccination that was unimaginable a year ago, and more and more holdouts are going back to (some form of) working from the office. With omicron so mild, what matters far more than new case numbers is the official death count \u2014 and that was at 10 yesterday, a fifth of what it was just a few weeks ago. (And as we all know, the official case count has always been from government labs only, so it gives us \u201cdirectionality\u201d only when you consider that the majority of tests are done at private labs.)<\/p><p><strong>\u201cBut Enterprise, we\u2019re still in the middle of the pandemic,\u201d you say.<\/strong> Yes, we are \u2014 for the moment. Nations around the world have for some time been moving to \u201clive with\u201d the virus \u2014 something we did here in Egypt more than 18 months ago. The simple fact is that we\u2019re in a far better position today than at any time in the past two years when it comes to this bug (touch wood). We\u2019ll continue to monitor developments, and if there\u2019s a need, we\u2019ll bring back Covid Watch.<\/p><p><strong>We will keep track once a week of the government\u2019s vaccination figures. <\/strong>About 50% of those eligible have now been vaccinated, Acting Minister of Health Khaled Abdel Ghaffar said during <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02tpNGGrZCiuMGGLvnNhgCozB6WJbTR1qQDbqT3PaxE2Ebk2PufQeXwmd1kjbUdy8ml\">last week\u2019s cabinet meeting<\/a>. The <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/283700307274524\">latest health ministry figures<\/a> show that almost 30.4 mn people are now fully vaccinated and another 10.1 mn have received their first shot. More than 1.2 mn have now received a booster jab. Around 121.6k children aged 12-15 and around 769k 15-18 year-olds have received two shots of a covid jab, Abdel Ghaffar said.<\/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>HAPPENING TODAY-<\/strong><\/p><p><strong>Mansour is not heading to Stamford Bridge: <\/strong>CEO of Mantrac Group and Man Capital Loutfy Mansour is not considering making a bid to buy Chelsea, Mansour\u2019s spokesperson told <a href=\"https:\/\/www.theguardian.com\/football\/live\/2022\/mar\/04\/chelsea-sale-latest-premier-league-team-news-and-more-live?filterKeyEvents=false&amp;page=with:block-6221e7768f08c1dd5f65aee5#block-6221e7768f08c1dd5f65aee5\">the Guardian<\/a>. The <a href=\"https:\/\/www.telegraph.co.uk\/football\/2022\/03\/03\/roman-abramovich-confirms-selling-chelsea-donating-net-proceeds\/\">Telegraph<\/a> last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1d27c10-ca21-406a-a7a8-ab510fd1eae3\">reported<\/a> that the business mogul was considering a takeover bid after the club\u2019s owner, Russian b\u2019naire Roman Abramovich, announced he would sell the club amid Western sanctions imposed on Russia in the wake of its invasion of Ukraine.<\/p><p><strong>The House of Representatives is holding plenary sessions <\/strong><strong><a href=\"http:\/\/www.parliament.gov.eg\/SESSIONS_SHOW.aspx\">today through Tuesday<\/a><\/strong> to discuss a handful of bills, including amendments to the law regulating <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ac7b012-92d5-47a4-8dec-c8700ba74982\">real estate brokerage<\/a> that would see a registry set up for licensed brokers. The changes would also regulate fees, among other moves to professionalize the largely informal sector, <a href=\"https:\/\/bit.ly\/35Udd9m\">Youm7<\/a> reports.<\/p><p><strong>Also on the agenda:<\/strong><\/p><ul>\n<li>Amendments to the law on <strong>illegal migration and people smuggling<\/strong> that will see tougher penalties and a national coordination committee set up, <a href=\"https:\/\/bit.ly\/3HMpvOj\">Youm7<\/a> reports.<\/li>\n<li>Amendments to a law regulating the <strong>safety of vessels at sea<\/strong> that will make it mandatory for ship owners to report the sale or rent of their units to the relevant authorities, according to <a href=\"https:\/\/bit.ly\/3hHrKaV\">Youm7.<\/a><\/li>\n<\/ul><p><strong>Military Production Minister Mohamed Morsy is attending the World Defense Show in <\/strong><strong>Saudi Arabia, <\/strong>which kicks off today and runs through 9 March. Many of the ministry\u2019s products will be on display at the Egyptian pavilion, from armored vehicles through munitions, according to a <a href=\"https:\/\/www.facebook.com\/MOMPEGYPT\/posts\/328506909306382\">statement<\/a> by the ministry yesterday.<\/p><p><strong>CIRCLE YOUR CALENDAR- <\/strong><\/p><p><strong>US Deputy Secretary of State Wendy Sherman will be in town this Thursday and <\/strong><strong>Friday<\/strong>, the State Department said in <a href=\"https:\/\/www.state.gov\/deputy-secretary-shermans-travel-to-turkey-spain-morocco-algeria-and-egypt\/\">a statement<\/a> on Thursday. Sherman will meet with Foreign Minister Sameh Shoukry and \u201cother senior officials\u201d, as well as the head of the National Council of Human Rights Moushira Khattab.<\/p><p class=\"web-image-inner\"><img data-recalc-dims=\"1\" decoding=\"async\" style=\"display: block\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/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> Last week, we took a look at a recent CBE report on the recent evolution of Egypt\u2019s local fintech scene. Today, we explore what it tells us about what keeps Egypt\u2019s fintech players up at night.<\/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\/chelsea-fc\/\">Chelsea FC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/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\/lotfy-mansour\/\">Lotfy Mansour<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine-conflict\/\">Ukraine conflict<\/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=\"544464\" 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=\"544464\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/544464\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544464\" class=\"content-area-description single-story post-544464 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\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=\"544465\" 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=\"544465\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/the-biggest-global-commodities-shock-in-decades-is-inbound\/\">\r\n                            The biggest global commodities shock in decades is inbound                        <\/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\/03\/06\/the-biggest-global-commodities-shock-in-decades-is-inbound\/\" 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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  <!-- <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\/03\/06\/the-biggest-global-commodities-shock-in-decades-is-inbound\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/51.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544466\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/the-biggest-global-commodities-shock-in-decades-is-inbound\/51-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/51.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"51.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/51.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/51.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544465\" class=\"content-area-description single-story post-544465 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-energy tag-enterpriseam tag-inflation tag-oil-and-gas tag-ukraine-conflict tag-wheat 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> The world is facing the biggest commodities shock in decades<\/strong> as conflict in Ukraine cuts off a quarter of the world\u2019s wheat supply and western nations try to isolate Russia \u2014 the world\u2019s second-largest commodities producer \u2014 from the global economy.<\/p>\n<p><strong>A snapshot of the global commodities markets last week<\/strong>, courtesy of Bloomberg (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-05\/russia-energy-chaos-triggers-the-biggest-market-shock-in-decades?sref=mmeFTDW1\">here<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-04\/wheat-surges-to-fresh-14-year-high-on-mounting-supply-fears?sref=mmeFTDW1\">here<\/a>, and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-04\/industrial-metals-have-never-risen-this-much-in-a-week-before?sref=mmeFTDW1\">here<\/a>):<\/p>\n<ul>\n<li><strong>Bloomberg\u2019s raw materials index saw its largest weekly gain<\/strong> since at least 1960;<\/li>\n<li><strong>Brent futures rose almost 20%<\/strong> to near USD 120 a barrel \u2014 its highest level since 2012 and almost <strong>double the price forecast in Egypt\u2019s 2021-2022 budget<\/strong>;<\/li>\n<li><strong>European natural gas<\/strong> prices hit new records;<\/li>\n<li><strong>Metals saw one the biggest weekly gains on record<\/strong>, with aluminum hitting all-time highs and nickel and zinc the highest in 10+ years;<\/li>\n<li><strong>Coal prices spiked<\/strong> 80%;<\/li>\n<li><strong>US wheat futures surged<\/strong> more than 40% to a 14-year high.<\/li>\n<\/ul>\n<p><strong>From Goldman Sachs\u2019 Department of the Obvious:<\/strong> \u201cYou don\u2019t shut down the second-largest commodity producer in the world and not expect bad things to happen,\u201d Jeff Currie, head of commodities research at Goldman, told Bloomberg.<\/p>\n<p><strong>Global food prices hit all-time highs in February \u2014 and that was before Russian shells <\/strong><strong>started landing in Kyiv:<\/strong> <a href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\/\">New figures<\/a> from the UN\u2019s Food and Agriculture Organization yesterday showed that food prices hit a record high in February, surpassing the previous record set in February 2011.<\/p>\n<p><strong>We don\u2019t mean to beat a dead horse, but:<\/strong> Wheat and oil are both vital commodities here in Egypt. The country imports some 60-80% of its wheat from Ukraine and Russia, whose grains \u2014 which account for around a quarter of global supply \u2014 have been all but removed from the market.<\/p>\n<p><strong>Finance Minister Mohamed Maait acknowledged the situation last week<\/strong>, telling <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2540936\">Al Masry Al<\/a><a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2540936\">Youm<\/a> that the Egyptian economy is inevitably going to suffer the consequences of the war. The surge in oil prices \u2014 which hit USD 118.11 over the weekend \u2014 is not \u201cgood news\u201d for the economy, he said, pointing out that Egypt currently imports more than 120 mn barrels of crude a year. The minister also highlighted the war\u2019s impact on the domestic tourism industry, saying that Russia and Ukraine account for 35-40% of tourists at Egyptian resorts.<\/p>\n<p><strong>Maait moved to calm fears over events in the wheat markets<\/strong>, suggesting that Egypt\u2019s stockpile, a bigger <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/74c0dedf-7743-40b0-8037-9a3fd5e235d1\">domestic harvest<\/a>, and new suppliers will mitigate the incoming pressures. The country currently has enough wheat in reserve to sustain the country for 4.5 months and the local harvest will provide a further 4 months\u2019 worth, he said.<\/p>\n<p><strong>The same message was relayed by Deputy Supply Minister Ibrahim Ashmawy<\/strong> who told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/ukraine-crisis-throws-egypts-wheat-purchases-into-doubt-2022-03-03\/\">Reuters<\/a> on Thursday that Egypt\u2019s stockpile means it doesn\u2019t need to rush to find new suppliers. This came as traders told the newswire that two cargoes carrying 120k tonnes of Egypt-bound wheat were being held up in Ukrainian ports. State grains buyer GASC, which has already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16670d8f-ff7e-4942-8c23-7f16a463f32f\">canceled two tenders<\/a> since the beginning of the war, was said to have agreed to an extended shipment deadline and is offering more flexibility over documentation. \u201cWe don't know what's going to happen to the vessels, but we do have our negotiations,\u201d Ashmawy said.<\/p>\n<p><strong>What would happen if suppliers don\u2019t meet the extended deadline? <\/strong>Suppliers are obligated to look for an alternative origin for the purchase if they fail to execute the purchase themselves, since GASC contracts do not include a force majeure clause, traders said.<\/p>\n<p><strong>Egypt is eyeing the EU for future imports,<\/strong> but \u201cwill not exclude other exporters like the US, Kazakhstan, Romania,\" Ashmawy added.<\/p>\n<p><strong>Shrinking supply and rising prices is putting more pressure on the state to act on <\/strong><strong>subsidies:<\/strong> The Supply Ministry is still 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>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine-conflict\/\">Ukraine conflict<\/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=\"544467\" 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=\"544467\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/egypt-looking-after-ukrainian-tourists-as-russia-ukraine-peace-talks-sputter\/\">\r\n                            Egypt looking after Ukrainian tourists as Russia-Ukraine peace talks sputter                        <\/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\/03\/06\/egypt-looking-after-ukrainian-tourists-as-russia-ukraine-peace-talks-sputter\/\" 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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A Russian negotiator was not quite as committal, saying only that the talks \u201cmight\u201d start on Monday.<\/p>\n<p><strong>BUT: Zelensky really wants Nato to effectively declare war:<\/strong> Ukrainian President Volodymyr Zelensky <a href=\"https:\/\/www.nytimes.com\/2022\/03\/05\/us\/politics\/zelensky-congress-no-fly-zone.html\">again urged Nato<\/a> to enter the conflict by imposing a no-fly zone over the country during a call with 300 US senators and representatives. Western governments have so far rejected the Ukrainian government\u2019s calls, which would likely require Nato forces to engage in direct combat with the Russian military. In <a href=\"https:\/\/www.bbc.co.uk\/news\/world-europe-60629175\">a separate speech<\/a> from the country\u2019s capital, the president said that western leaders were \u201cweak, under-confident inside\u201d for refusing to heed his calls and accused them of being responsible for the deaths of Ukrainians.<\/p>\n<p><strong>And Moscow is threatening to end Ukraine as a country:<\/strong> \u201cIf they continue to do what they are doing, they are calling into question the future of Ukrainian statehood,\u201d President Vladimir Putin said yesterday. He <a href=\"https:\/\/www.cbsnews.com\/news\/putin-warns-against-no-fly-zone-over-ukraine\/\">warned<\/a> that any country that attempts to prevent Russian planes from entering Ukrainian airspace will be treated as a participant in the war, and compared western sanctions as \u201c<a href=\"https:\/\/www.reuters.com\/markets\/europe\/top-wrap-1-europes-largest-nuclear-power-plant-fire-after-russian-attack-mayor-2022-03-04\/\">akin to a declaration of war<\/a>.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><strong>ON THE GROUND-<\/strong> For the most reliable picture of what\u2019s happening on the ground as of yesterday, check out the Institute for the Study of War\u2019s <a href=\"https:\/\/www.understandingwar.org\/backgrounder\/russian-offensive-campaign-assessment-march-5\">5 March bulletin<\/a>. <strong>Tl;dr:<\/strong> Moscow\u2019s push to take Kyiv and Kharkiv is on hold, but is intensifying its attacks on the besieged southern coastal city of Mariupol (see below).<\/p>\n<p><strong>The fog of war:<\/strong> A negotiated humanitarian corridor allowing civilians to escape Mariupol quickly collapsed yesterday, with both Russia and Ukraine accusing each other of breaching the ceasefire.<\/p>\n<p><strong>Nuclear freakout:<\/strong> The seizure of a large nuclear plant by Russian forces on Thursday had Ukrainian officials warning of a 10x Chernobyl-scale disaster. None of the plant\u2019s reactors were affected and no radiation leaked due to a resulting fire, but the operation was still <a href=\"https:\/\/www.ft.com\/content\/f085b5e3-f47c-4c4a-a0db-f6b030bffc9e\">met with condemnation<\/a> from western nations.<\/p>\n<hr class=\"grey-line\">\n<p><strong>EGYPTIANS IN UKRAINE- More than 200 Egyptian expats who escaped Ukraine into <\/strong><strong>neighboring countries have been flown back to the country:<\/strong> Two Air Cairo flights carrying 177 Egyptians<a href=\"https:\/\/bit.ly\/36ZpBoV\">arrived at Cairo Airport from Poland<\/a> last night, while EgyptAir <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/270892571887263\">brought back 30 expats<\/a> from Budapest on Friday.<\/p>\n<p><strong>More are coming: <\/strong>Another flight from Romania is due to fly 175 Egyptians back home within the next couple of days, according to <a href=\"https:\/\/www.facebook.com\/egyptembassybucharest\/posts\/361687649296862\">Egypt\u2019s embassy in Bucharest<\/a>. Authorities will send two daily flights through Friday to Hungary to bring back Egyptians who crossed the border from Ukraine, Egypt\u2019s embassy in Budapest said <a href=\"https:\/\/www.facebook.com\/EmbEgyptBudapest\/posts\/4951131151576072\">yesterday.<\/a> Senior Foreign Ministry Official Salah Abdel Sadek discussed the government\u2019s repatriation efforts with Kelma Akheera\u2019s Lamis El Hadidi in a phone-in last night (<a href=\"https:\/\/www.youtube.com\/watch?v=H3GHOi6S68Y\">watch, runtime 6:02<\/a>).<\/p>\n<p><strong>Around <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1e1ff1a-04f0-4a1a-a3e8-000f0d409cad\">6k Egyptians had been living in Ukraine<\/a><\/strong><strong> before the war broke out<\/strong>, including almost 4k students whose evacuation is being prioritized. The government has launched an online registration form for Egyptians studying in Ukraine, Higher Education Minister Khaled Abdel Ghaffar told Amr Adib last night(<a href=\"https:\/\/www.youtube.com\/watch?v=BdYs57Cv9BM\">watch, runtime 4:18<\/a>).<\/p>\n<p><strong>UKRAINIANS IN EGYPT- Egypt to pay for accommodation for Ukranians: <\/strong>The Tourism and Antiquities Fund will pay USD 10 a night for Ukrainian tourists stranded here to stay at three-star hotels, the <a href=\"https:\/\/ent.news\/2022\/3\/2022-03-03-03-21-34-966.pdf\">Egyptian Hotel Association said in a statement (pdf)<\/a>. Last week, hotels received directives <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0b6ed6af-b367-4217-8328-c0849b6b96ea\">requiring them<\/a> to extend stays of Ukrainian tourists stranded in Egypt. Last week there were some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c6565e7-5e9c-48af-9ffa-d740e453ab07\">20k Ukrainians stranded in Egypt<\/a>, though around 4k were flown to neighboring European countries over the past few days, Egyptian Cabinet Spokesperson Nader Saad told Al Hayah Al Youm <a href=\"https:\/\/youtu.be\/mVWhpTids-g\">(watch, runtime 9:05)<\/a> last night.<\/p>\n<p><strong>RUSSIANS NOT IN EGYPT- We can say goodbye to Russian tourists for the foreseeable <\/strong><strong>future<\/strong> after sanctions yesterday forced flag carrier Aeroflot to <a href=\"https:\/\/www.aeroflot.com\/ru-en\/news\/62292\">suspend travel to all countries<\/a> except Belarus. The airline operates direct flights to Cairo, Sharm El Sheikh and Hurghada from Moscow. Russia\u2019s second biggest airline, S7 Airlines, has also <a href=\"https:\/\/simpleflying.com\/russian-s7-suspend-all-international-flights-airspace-bans\/\">halted<\/a> all international flights while Ural Airlines will <a href=\"https:\/\/bit.ly\/3HJ8Rir\">cease scheduled flights to Egypt<\/a> from 14 March to 20 May. <strong>Charter flights are also canceling <\/strong>runs into Egypt.<\/p>\n<p><strong>EGYPT-UKRAINE IN THE FOREIGN PRESS- <\/strong>Is the topic everywhere from <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-04\/higher-prices-budget-strains-to-hit-africa-from-war-in-ukraine?sref=mmeFTDW1\">Bloomberg<\/a> to <a href=\"https:\/\/mei.edu\/publications\/russia-ukraine-war-has-turned-egypts-food-crisis-existential-threat-economy\">the<\/a><a href=\"https:\/\/mei.edu\/publications\/russia-ukraine-war-has-turned-egypts-food-crisis-existential-threat-economy\">Middle East Institute<\/a> (<a href=\"https:\/\/www.mei.edu\/publications\/getting-complicated-hurry-implications-egypt-russias-invasion-ukraine\">here<\/a> and <a href=\"https:\/\/mei.edu\/publications\/russia-ukraine-war-has-turned-egypts-food-crisis-existential-threat-economy\">here<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/ukraine-conflict\/\">Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vladimir-putin\/\">Vladimir Putin<\/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=\"544469\" 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=\"544469\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/pmi-says-youre-not-optimistic-but-our-survey-said-you-are\/\">\r\n                            PMI says you\u2019re not optimistic, but our survey said you are\u2026                        <\/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\/03\/06\/pmi-says-youre-not-optimistic-but-our-survey-said-you-are\/\" 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 contraction eased slightly to 48.1 from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a533fba9-e013-44ee-8bd9-ad967da1c1e5\">47.9 in January<\/a> but concerns about economic conditions sent confidence levels to the lowest in the survey\u2019s history.<\/p>\n<p><strong>This is the 15th consecutive month that Egypt\u2019s private sector has been in contraction<\/strong> since the two months\u2019 of growth in September and October 2020.<\/p>\n<p><strong>What they said: <\/strong>\u201cThe pandemic-led surge in input prices and the omicron wave continued to derail Egypt's recovery in the first quarter of 2022,\u201d said David Owen, IHS Markit economist. \u201cOutput, new business, employment and purchases were all down.\u201d<\/p>\n<p><strong>Confidence is at an all-time low: <\/strong>\u201cOverall confidence fell to its lowest level in the series history, with just 11% of firms reporting a positive outlook for the upcoming year,\u201d said Owen. That\u2019s in stark contrast to our Enterprise 2022 reader poll taken at the start of the year, when most of you were pretty <a href=\"https:\/\/enterprise.press\/2022\/01\/23\/enterprise-2022-reader-poll-results\/\">optimistic about doing business in Egypt in 2022<\/a>.<\/p>\n<p><strong>ELSEWHERE IN THE REGION- <\/strong>The UAE and Saudi Arabia both recorded strong growth in the non-oil private sector in February, as rising demand and confidence levels buoyed activity. The <a href=\"https:\/\/ent.news\/2022\/3\/PMI-Feb-2022-UAE.pdf\">UAE\u2019s PMI (pdf)<\/a> rose to 54.8 in February from 54.1 in January as output levels rose and growing confidence saw input purchases hit their highest level since 2019. Meanwhile, <a href=\"https:\/\/ent.news\/2022\/3\/PMI-Feb-2022-KSA.pdf\">KSA<\/a><a href=\"https:\/\/ent.news\/2022\/3\/PMI-Feb-2022-KSA.pdf\">\u2019s PMI (pdf)<\/a> rose to 56.2 in February from 53.2 in January, with purchasing growth hitting a 33-month high.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/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\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544471\" 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=\"544471\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/need-an-exemption-from-the-minimum-wage-prove-you-really-need-it\/\">\r\n                            Need an exemption from the minimum wage? Prove you really need it.                        <\/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\/03\/06\/need-an-exemption-from-the-minimum-wage-prove-you-really-need-it\/\" 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\/03\/06\/need-an-exemption-from-the-minimum-wage-prove-you-really-need-it\/')\">\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\/03\/06\/need-an-exemption-from-the-minimum-wage-prove-you-really-need-it\/\">\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=Need an exemption from the minimum wage? 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Prove you really need it.\">\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=Need+an+exemption+from+the+minimum+wage%3F+Prove+you+really+need+it.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F06%2Fneed-an-exemption-from-the-minimum-wage-prove-you-really-need-it%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\/03\/06\/need-an-exemption-from-the-minimum-wage-prove-you-really-need-it\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/55.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544472\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/need-an-exemption-from-the-minimum-wage-prove-you-really-need-it\/55-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/55.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"55.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/55.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/55.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544471\" class=\"content-area-description single-story post-544471 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-labor tag-manpower-ministry tag-minimum-wage 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>SMART POLICY- Companies need to cough up lots of info before they can qualify for an exemption to the new national minimum wage. <\/strong>The National Council for Wages (NCW) has not yet started reviewing the 6k requests companies have filed for exemptions from the new private sector <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5a48e903-d707-4969-9ab6-be99c9b3cb91\">minimum wage<\/a>, Manpower Minister Mohamed Saafan said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/351518963685197\">statement<\/a> Friday. None of the companies have submitted financial statements, leaving the council unable to assess the potential losses caused by the wage hike, the minister said.<\/p>\n<p><strong>What qualifies a company for exemption?<\/strong> Firms requesting exemptions are required to present proof that they will incur losses or other evidence that their industry has faced disruptions, head of the NCW\u2019s complaints committee Abdelhamid Belal told Enterprise. Officials will subsequently visit the companies to verify the evidence, he added.<\/p>\n<p><strong>WE DON\u2019T LIKE EXEMPTIONS. <\/strong>Sorry to be hard(redacted) about this, but we hate the idea that any company or industry should get anything more than a passing exemption from the minimum wage. We have a duty to our people to pay living wages \u2014 and the minimum wage barely meets that threshold. If your industry or company can\u2019t afford to do that, you need to go back to the drawing board.<\/p>\n<p><strong>Companies that receive exemptions will get a<\/strong> <strong>one-year <\/strong><strong>grace period b<\/strong><strong>efore authorities revisit their status<\/strong>, Manpower Ministry spokesman Haitham Saad El Din told us. Companies that are eventually found to be ineligible for an exemption could be slapped with a retroactive fine for not raising salaries in line with the new minimum wage, he added, without disclosing the amount they would be required to pay.<\/p>\n<p><strong>The NCW will finish reviewing applications by the end of March<\/strong>, Belal said, after which the Manpower Ministry and NCW will meet to make a final decision on which companies will be exempted.<\/p>\n<p><strong>Background:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/305cb528-260b-4ce8-9b62-16b7235fb92e\">Thousands of companies<\/a> have been handed a temporary reprieve from implementing the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a07a80f5-6aac-43e7-b076-f87aaa5ccab6\">new EGP 2.4k minimum wage<\/a> that came into effect at the start of the year, while the government decides whether to grant their requests for exemptions. The firms claim that high employment counts, increased production costs, and the pandemic have left them unable to pay for the additional labor costs. We\u2019d previously been told to expect rulings on a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/311375c8-9ae6-48bb-ad61-4868c5c1af10\">case-by-case basis<\/a> by mid-February.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/labor\/\">labor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manpower-ministry\/\">Manpower Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/minimum-wage\/\">minimum wage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544473\" 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=\"544473\">\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\">Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/\">\r\n                            CBE issues updates to its L\/Cs FAQ sheet                        <\/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\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/\" 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\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/')\">\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\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/\">\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=CBE issues updates to its L\/Cs FAQ sheet&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/\">\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\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/&title=CBE issues updates to its L\/Cs FAQ sheet\">\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=CBE+issues+updates+to+its+L%2FCs+FAQ+sheet+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F06%2Fcbe-issues-updates-to-its-l-cs-faq-sheet%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\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/57.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544474\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/cbe-issues-updates-to-its-l-cs-faq-sheet\/57-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/57.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"57.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/57.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/57.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544473\" class=\"content-area-description single-story post-544473 post type-post status-publish format-standard has-post-thumbnail hentry category-trade tag-enterpriseam tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>CBE issues updates clarifying new import rules:<\/strong> The central bank on Thursday issued <a href=\"https:\/\/ent.news\/2022\/3\/%D9%83%D8%AA%D8%A7%D8%A8-%D8%AF%D9%88%D8%B1%D9%8A-%D8%A8%D8%AA%D8%A7%D8%B1%D9%8A%D8%AE-2-%D9%85%D8%A7%D8%B1%D8%B3-2022-%D8%A8%D8%B4%D8%A3%D9%86-%D8%A7%D9%84%D8%B1%D8%AF-%D8%B9%D9%84%D9%8A-%D8%A7%D8%B3%D8%AA%D9%81%D8%B3%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%A8%D9%86%D9%88%D9%83-%D8%A8%D8%AE%D8%B5%D9%88%D8%B5-%D8%A7%D9%84%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%86%D8%AF%D9%8A%D8%A9.pdf\">updates (pdf)<\/a> to its responses to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d8f2db6-5595-4107-bba0-f31b1775ea45\">importers\u2019 questions<\/a> about new rules requiring them to get letters of credit (L\/Cs) for their purchases.<\/p>\n<p><strong>What new rules? <\/strong>As of the beginning of March, banks have stopped documentary collection as part of the import cycle after the CBE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">instructed banks<\/a> to only accept letters of credit. The central bank has in recent weeks announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/02842f2d-4216-4a4b-92f3-70ea5c592f06\">moves to ease the transition<\/a> after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1a4f5d65-6810-4ca6-b716-00e3c739fd3d\">pushback<\/a> from trade and industry organizations who said it would drive up the price of goods in the local market and hurt the competitiveness of Egyptian exports.<\/p>\n<p><strong>The updates<\/strong><strong> include clarification on downpayments to foreign sellers: <\/strong>The CBE will continue to allow importers to send downpayments on shipments to foreign suppliers through banks, if that was their previous arrangement. However, importers will also need to open an L\/C for the remaining amount owed to foreign sellers.<\/p>\n<p><strong>And on the status of freezone companies: <\/strong>Any trade between the local market and freezones \u2014 whether in EGP or foreign currency \u2014 need to be done using L\/Cs but transactions between freezones and overseas companies do not.<\/p>\n<p><strong>L\/Cs aren\u2019t necessary for some types of cross-border trade: <\/strong>Cross-border trade conducted by companies who are already exempt from filing certain CBE import paperwork \u2014 like firms in special economic zones and oil companies \u2014 is exempt from the new rules, according to the CBE. All other forms of trade by these companies will require L\/Cs.<\/p>\n<p><strong>BACKGROUND- <\/strong>The CBE had previously announced exemptions for temporary imports and imports for re-export, imports by foreign companies, those made via express shipment, imports of goods worth up to USD 5k, and a raft of commodity and pharma imports.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544475\" 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=\"544475\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/israel-is-now-sending-us-natural-gas-through-jordan\/\">\r\n                            Israel is now sending us natural gas through Jordan                        <\/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\/03\/06\/israel-is-now-sending-us-natural-gas-through-jordan\/\" 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\/03\/06\/israel-is-now-sending-us-natural-gas-through-jordan\/')\">\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\/03\/06\/israel-is-now-sending-us-natural-gas-through-jordan\/\">\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=Israel is now sending us natural gas through Jordan&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/israel-is-now-sending-us-natural-gas-through-jordan\/\">\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\/03\/06\/israel-is-now-sending-us-natural-gas-through-jordan\/&title=Israel is now sending us natural gas through Jordan\">\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=Israel+is+now+sending+us+natural+gas+through+Jordan+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F06%2Fisrael-is-now-sending-us-natural-gas-through-jordan%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\/03\/06\/israel-is-now-sending-us-natural-gas-through-jordan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/59.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544476\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/israel-is-now-sending-us-natural-gas-through-jordan\/59-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/59.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"59.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/59.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/59.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544475\" class=\"content-area-description single-story post-544475 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-greece tag-israel tag-newmed-energy tag-oil-and-gas 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>Israel has begun exporting additional natural gas to Egypt through a pipeline <\/strong><strong>traversing Jordan<\/strong>, Israeli energy company NewMed Energy \u2014 formerly Delek Drilling \u2014 announced in a <a href=\"https:\/\/ent.news\/2022\/3\/IR-1.3.2022.pdf\">statement (pdf)<\/a> to the Tel Aviv bourse and securities regulator. Chevron and NewMed, which operate Israel\u2019s two biggest offshore reservoirs \u2014 the Tamar and Leviathan gas fields \u2014 are expected to export 2.5-3 bn cubic meters (bcm) of gas this year, the Israeli energy ministry <a href=\"https:\/\/www.gov.il\/en\/departments\/news\/ng_160222\">said last month<\/a> following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c3436666-a19c-422d-bd4c-2d0667b55771\">an agreement<\/a> announced by Israeli Energy and Water Minister Karine Elharrar. This could increase to 4 bcm in subsequent years, the ministry said.<\/p>\n<p><strong>This marks the first time Israel exports natural gas to Egypt via the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5c99baf-cefd-4b4a-86c1-61b8486ce0fc\">Arab Gas Pipeline<\/a><\/strong>, which has been renovated in recent months as part of a plan to export natural gas from Egypt to crisis-stricken Lebanon via Jordan and Syria.<\/p>\n<p><strong>Israel currently ships gas to Egypt via the Eastern Mediterranean Gas (EMG) pipeline<\/strong> that runs between Ashkelon and Arish, which has an approximate annual capacity of 7 bcm.<\/p>\n<p><strong>All part of our east-Med energy hub ambitions:<\/strong> The Oil Ministry has been looking to<a href=\"https:\/\/enterprise.press\/hardhats\/infrastructure-whats-come-2022\/\">increase<\/a> the amount of gas it imports from Israel for re-export to Europe, which is in search of alternative suppliers to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3606e9c7-127e-43d4-b6f9-ece94d1f63b0\">decrease its reliance on Russian gas<\/a>. Late last year, the Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/891598e1-8197-40e4-91d6-93e212f9c000\">signed agreements<\/a> with Greece and Israel laying the groundwork to up import and re-export volumes. That said, it\u2019s not clear whether Egypt or the EU have the capacity to up their gas trade: Oil Minister Tarek El Molla said in December that Egypt\u2019s Idku and Damietta LNG terminals are both <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b05357d8-d636-4372-a069-cf77d948b1e7\">running at full capacity<\/a> while Europe <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9116ce66-29a8-46af-a031-9619f15bfa0f\">doesn\u2019t have catapacity at import terminals<\/a> needed to significantly increase LNG imports.<\/p>\n<p><strong>Background: <\/strong>We first started importing gas from Israel in 2020 under a landmark <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/20\/dolphinus-reportedly-signs-usd-15-bn-natural-gas-agreement-with-israel\/\">USD 15 bn contract<\/a> signed in 2018 that saw Egyptian firm Dolphinus agree to purchase 64 bcm over a 10-year period. In 2019, the two sides agreed to <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/03\/israel-to-boost-gas-supply-to-egypt-by-34-after-changes-to-landmark-agreement\/\">increase the supply<\/a> to 85.3 bn bcm over 15 years.<\/p>\n<p><strong>IN OTHER ENERGY NEWS-<\/strong><\/p>\n<p><strong>More Egyptian-Greek energy cooperation: <\/strong>President Abdel Fattah El Sisi held virtual talks with Greek Prime Minister Kyriakos Mitsotakis on Thursday to talk about electricity and gas interconnection projects, according to a <a href=\"https:\/\/bit.ly\/3hCeGUp\">presidential statement<\/a>. The two countries are considering establishing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/891598e1-8197-40e4-91d6-93e212f9c000\">a new subsea gas pipeline<\/a> that would allow Egypt to export gas directly to Europe. Egypt and Greece are also working on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d58a836-bff9-4fc9-9db3-c2828087edec\">EuroAfrica connector<\/a>, which will enable Cairo to ship surplus electricity across the Mediterranean via Cyprus,<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/newmed-energy\/\">NewMed Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544477\" 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=\"544477\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/egyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe\/\">\r\n                            Egyptian app Elves partners with travel group Der Touristic Eastern Europe                        <\/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\/03\/06\/egyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe\/\" 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\/03\/06\/egyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe\/')\">\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\/03\/06\/egyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe\/\">\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=Egyptian app Elves partners with travel group Der Touristic Eastern Europe&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/egyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe\/\">\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\/03\/06\/egyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe\/&title=Egyptian app Elves partners with travel group Der Touristic Eastern Europe\">\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=Egyptian+app+Elves+partners+with+travel+group+Der+Touristic+Eastern+Europe+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F06%2Fegyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe%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\/03\/06\/egyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/61.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544478\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/egyptian-app-elves-partners-with-travel-group-der-touristic-eastern-europe\/61-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/61.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"61.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/61.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/61.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544477\" class=\"content-area-description single-story post-544477 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-elves tag-enterpriseam tag-startup-watch tag-tourism tag-travel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>(xxDA) <strong>Travel app <\/strong><strong><a href=\"https:\/\/www.elvesapp.com\/\">Elves<\/a><\/strong><strong> will be getting a slew of new users as part of a new partnership <\/strong><strong>with major travel operator <\/strong><strong><a href=\"https:\/\/www.dertouristik.com\/de\/\">Der Touristik<\/a><\/strong><strong> Eastern Europe<\/strong>, the companies announced yesterday in a <a href=\"https:\/\/ent.news\/2022\/3\/Press-Release-Elves-and-Der-Touristik-Eastern-Europe-1.pdf\">statement (pdf)<\/a>. The two companies will cooperate together and direct up to 200k tourists visiting Egypt to use Elves, as well as help the homegrown app tap into new, international destinations including Greece, Spain, Mexico, and Africa, said Elves CEO Karim El Sahy.<\/p>\n<p><strong>About Elves:<\/strong> After launching as a general digital concierge service, last year the AI-powered app repositioned itself in the tourism sector and now provides a range of services targeted at travelers, such as hotel and flight bookings, restaurants reservations, and covid travel advice.<\/p>\n<p><strong>Learn more about how Elves has been focusing on expanding its machine learning capabilities <\/strong>from our podcast, Making It, where we interviewed co-founders Karim El Sahy and his business partner (and wife) Abeer El Sisi. You can listen to the episode<a href=\"https:\/\/enterprise.press\/podcasts\/mr-mrs-claus-couple-behind-killer-concierge-app-elves\/\">here.<\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elves\/\">Elves<\/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\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544479\" 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=\"544479\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/vodafone-egypt-taps-new-head-of-enterprise-business\/\">\r\n                            Vodafone Egypt taps new head of enterprise business                        <\/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\/03\/06\/vodafone-egypt-taps-new-head-of-enterprise-business\/\" 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\/03\/06\/vodafone-egypt-taps-new-head-of-enterprise-business\/')\">\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\/03\/06\/vodafone-egypt-taps-new-head-of-enterprise-business\/\">\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=Vodafone Egypt taps new head of enterprise business&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/vodafone-egypt-taps-new-head-of-enterprise-business\/\">\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\/03\/06\/vodafone-egypt-taps-new-head-of-enterprise-business\/&title=Vodafone Egypt taps new head of enterprise business\">\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=Vodafone+Egypt+taps+new+head+of+enterprise+business+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F06%2Fvodafone-egypt-taps-new-head-of-enterprise-business%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\/03\/06\/vodafone-egypt-taps-new-head-of-enterprise-business\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544479\" class=\"content-area-description single-story post-544479 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-moves tag-vodafone-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Vodafone Egypt<\/strong> has appointed <strong>Mahmoud El Khateeb<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/mahmoud-el-khateeb-13397521\/\">LinkedIn<\/a>) as its <strong>director of <\/strong><strong>enterprise business<\/strong>, <a href=\"https:\/\/bit.ly\/3pILEXt\">Hapi Journal reports<\/a>. El Khateeb previously held positions at IBM and Microsoft focusing on data, AI, and cloud computing.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-egypt\/\">Vodafone Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544480\" 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=\"544480\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/544480\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544480\" class=\"content-area-description single-story post-544480 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\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=\"544481\" 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=\"544481\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage\/\">\r\n                            Ukraine crisis and \u201cpoor-quality petrol\u201d top talk show coverage                        <\/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\/03\/06\/ukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage\/\" 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\/03\/06\/ukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage\/')\">\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\/03\/06\/ukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage\/\">\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=Ukraine crisis and \u201cpoor-quality petrol\u201d top talk show coverage&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage\/\">\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\/03\/06\/ukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage\/&title=Ukraine crisis and \u201cpoor-quality petrol\u201d top talk show coverage\">\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=Ukraine+crisis+and+%E2%80%9Cpoor-quality+petrol%E2%80%9D+top+talk+show+coverage+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F06%2Fukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage%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\/03\/06\/ukraine-crisis-and-poor-quality-petrol-top-talk-show-coverage\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544481\" class=\"content-area-description single-story post-544481 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-automotive tag-cement tag-enterpriseam tag-last-nights-talk-shows tag-oil-ministry 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>Leading the conversation on the airwaves last night was the government\u2019s efforts to <\/strong><strong>repatriate Egyptians fleeing the conflict in Ukraine.<\/strong> We have more information in this morning\u2019s War Watch wrap-up, above.<\/p>\n<p><strong>Fuel fury: Oil Ministry spokesman Hamdi Abdel Aziz denied allegations that \u201cpoor <\/strong><strong>quality-petrol\u201d sold in Egypt has resulted in \u201cvehicle technical problems\u201d <\/strong>in a phone-in with El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=xNHbm249BbA\">watch, runtime 9:12<\/a>). The European Automobile Manufacturers' Association (ACEA) said that several hundred cars broke down in Egypt in 2021 due to inferior fuel quality and that traces of manganese were detected in the fuel in Cairo and Suez, which Abdel Aziz unequivocally denied. \u201cEgyptian petrol conforms to standard specifications,\u201d and \u201cit is free of manganese,\u201d he said. Kelma Akheera (<a href=\"https:\/\/www.youtube.com\/watch?v=yXbptTgLVxk\">watch, runtime 12:41<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=3Jll4dWozSg\">watch, runtime 6:06<\/a>) also had coverage.<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>Economist Mahmoud Mohieldin talked about the implications of the Ukraine war <\/strong>and how Egypt is preparing for COP27 in Sharm El Sheikh in a phone-in with Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=rgKsr_eenV8\">watch, runtime 42:53<\/a> )<\/li>\n<li><strong>Blame Russia sanctions for rising cement prices:<\/strong> Ahmed Sherine, a reported expert on the cement industry, explained to El Hekaya that cement is getting pricier due to the rising global price of coal \u2014 which is used in the production of cement and which Russia is a major exporter of \u2014 in a phone-in with El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=VeL-QtFRseE\">watch, runtime 6:53<\/a>)<\/li>\n<li><strong>Unsubsidized bread is getting more expensive<\/strong> due to sellers pushing up flour prices on the back of the Russia-Ukraine conflict, head of the bakeries division at the Cairo Chamber of Commerce Attia Hamad told Ala Mas\u2019ouleety (<a href=\"https:\/\/youtu.be\/IvTZwbHkQBY\">watch, runtime 10:15<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cement\/\">cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/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    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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/ebrd-green-growth-and-sanad-funds-all-have-money-for-egypt-more-competition-in-consumer-finance\/\">\r\n                            EBRD, Green Growth and Sanad funds all have money for Egypt + more competition in consumer finance                        <\/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             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tag-fintech tag-infrastructure tag-kfw tag-national-investment-bank tag-non-banking-financial-services tag-renewable-energy tag-sudan tag-valu wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The European Bank for Reconstruction and Development (EBRD) has put pen to <\/strong><strong>paper on its financing of the Alexandria metro project<\/strong>, which will see it provide the Transport Ministry with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4f6c39b-3572-4e50-9dd7-9b1c21f444f2\">EUR 250 mn<\/a> to transform the Abu Qir railway into an electrified metro line. <a href=\"https:\/\/alborsaanews.com\/2022\/03\/05\/1516501\">Al Borsa<\/a> reports that the EBRD and the ministry signed the agreement yesterday during the launch event for the lender\u2019s new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e7d802ba-6991-4e24-bfc0-2cd2f6f9ef87\">2022-2027 Egypt strategy<\/a>, which will continue to see it support economic growth and its transition towards a greener economy.<\/p>\n<p><strong>That\u2019s not all:<\/strong> The EBRD will assess Egypt\u2019s potential to build a hydrogen industry, as well as support skills in the local tourism industry, after signing separate MOUs with the oil and tourism ministries, the newspaper reported.<\/p>\n<p><strong>Banque Misr has received USD 75 mn from the Green for Growth Fund (GGF) and Sanad <\/strong><strong>Fund<\/strong> <strong>for on-lending to green projects <\/strong>as well as micro-, small- and medium-sized enterprises, according to a <a href=\"https:\/\/ent.news\/2022\/3\/Press-Release-Banque-Misr-Joins-Forces-with-GGF-and-SANAD_March-2022.pdf\">press release (pdf)<\/a>. Some USD 40 mn of the funding is from GGF and USD 35 mn from Sanad. Both funds are backed by German development bank KfW, among others.<\/p>\n<p><strong>This is the GGF\u2019s second green lending agreement in Egypt in a month: <\/strong>State-owned Banque du Caire <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab084adb-2d22-462b-81a7-07ade08538b3\">last month<\/a> snagged USD 30 mn from the GGF for on-lending to green projects. The loan marked the GGF\u2019s first tier-two investment in Egypt, after it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03a3106b-cabc-4e8c-8cbd-742d79570cd8\">received a license<\/a> from the Central Bank of Egypt (CBE) in January to provide funds to local banks for on-lending.<\/p>\n<hr class=\"grey-line\">\n<p><strong>*** MORE COMPETITION IN CONSUMER FINANCE:<\/strong> The National Investment Bank has established an EGP 100 mn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/501c48dd-a42e-4512-b6be-60ee775d5044\">consumer financing arm<\/a> \u2014 the Egyptian Company for Consumer Finance Services \u2014 for its subsidiary <a href=\"https:\/\/www.ayadyegypt.com\/#\">Ayady Investment and Development<\/a>, which plans to release its first product in 3Q2022, Ayady announced in a <a href=\"https:\/\/ent.news\/2022\/3\/Consumer-Finance-Press-Release-1-1.pdf\">press release (pdf)<\/a>.<\/p>\n<p><strong>MEANWHILE: <\/strong>EFG Hermes\u2019 fintech platform <strong>valU is targeting <\/strong><strong><a href=\"https:\/\/bit.ly\/3MqLeig\">750k customers and EGP 5 bn<\/a><\/strong><strong> in sales this year<\/strong>, while <strong>Egypt Post is set to launch <\/strong><strong><a href=\"https:\/\/bit.ly\/37aebyZ\">e-payment services<\/a><\/strong> via its mobile app.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-metro\/\">Alexandria metro<\/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\/ayady-investment-and-development\/\">Ayady Investment and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/consumer-finance\/\">consumer finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544484\" 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=\"544484\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/stocks-slip-as-investors-fret-over-ukraine-conflict\/\">\r\n                            Stocks slip as investors fret over Ukraine conflict                        <\/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        <!-- 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       \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/06\/stocks-slip-as-investors-fret-over-ukraine-conflict\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544484\" class=\"content-area-description single-story post-544484 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-planet-finance tag-ukraine-conflict 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>US stocks conti<\/strong><strong>nued to slip on Friday on the back of the war, <\/strong>with the tech-heavy Nasdaq falling 1.7% and the S&amp;P 500 slipping 0.8% in volatile trading, the <a href=\"https:\/\/www.ft.com\/content\/f6553a0a-c317-4ace-bf64-5757e72fe7c2\">Financial Times<\/a> reports. Investors flocked from equities to safe haven assets including gold and government bonds.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,306<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: -5.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,756<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +13.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,683<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +14.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,449<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +7.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,329<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -9.2%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,987<\/p>\n<\/td>\n<td>\n<p>-3.5% (YTD: -5.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 118.11<\/p>\n<\/td>\n<td>\n<p>+6.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.02<\/p>\n<\/td>\n<td>\n<p>+6.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,967<\/p>\n<\/td>\n<td>\n<p>+1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 39,295<\/p>\n<\/td>\n<td>\n<p>+0.5% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.0% at Thursday\u2019s close<\/strong> on turnover of EGP 865 mn (13% below the 90-day average). Foreign investors were net sellers. The index is down 5.4% YTD.<\/p><p><strong>In the green: <\/strong>AMOC (+6.0%), Sidi Kerir Petrochem (+5.0%) and Ezz Steel (+4.7%).<\/p><p><strong>In the red: <\/strong>Oriental Weavers (-1.2%), TMG Holding (-1.1%) and Fawry (-1.0%).<\/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\/financial-markets\/\">Financial Markets<\/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\/ukraine-conflict\/\">Ukraine conflict<\/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=\"544485\">\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\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/whats-keeping-egyptian-fintech-players-up-at-night\/\">         \r\n                            What\u2019s keeping Egyptian fintech players up at night?<\/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\/whats-keeping-egyptian-fintech-players-up-at-night\/\" 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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Learning to navigate a still-new regulatory climate, fighting pitched battles in the war for talent \u2014 and fundraising, fundraising, fundraising<\/strong>, according to an inaugural survey of 112 fintech and \u201cfintech-enabled\u201d startups. The <a href=\"https:\/\/ent.news\/2022\/2\/Egypts-FinTech-Landscape-Report-2021.pdf\">Fintech Landscape report (pdf)<\/a> published by the Central Bank of Egypt\u2019s <a href=\"https:\/\/fintech-egypt.com\/\">Fintech Egypt<\/a> initiative paints a detailed picture of the challenges that founders, investors, accelerators, and ecosystem enablers say the industry is working through as it simultaneously grows and becomes more mature.<\/p>\n<p><strong>This is the second part of a two-part report. <\/strong><strong><a href=\"https:\/\/enterprise.press\/greeneconomys\/egyptera-packaging-incentives-solar-producers-ahead-cop27\/\">Tap or click here<\/a><\/strong> if you missed part one.<\/p>\n<p><strong>Alongside the perennial challenge of fundraising, respondents say that the burden of regulatory compliance and a dearth of partnerships between key stakeholders <\/strong>are among the top challenges they face today. Nearly half of startups surveyed pointed to an inability to build partnerships with key stakeholders in the sector as the biggest impediment to their success. Regulatory compliance was another, followed by raising equity, international expansion, customer adoption, and tax incentives and government support.<\/p>\n<p><strong>What do they mean by \u201cpartnerships\u201d? Basically, they want love from banks. <\/strong>Respondents identified the relationship between banks and fintech startups as crucial to success on Planet Startup. In that context, existing banks can be customers or distribution channels for nascent startups \u2014 or funding gateways. This means that banks could be offering services and products that startups have been building to their existing and potential customers.<\/p>\n<p><strong>Talent shortages + operational issues are also on the list:<\/strong> 46% of the surveyed startups said finding qualified talent is a big issue, while 29% pointed to product development. Establishing efficient internal operations came in third, with founders citing issues like lack of technology and skills to develop a sustainable and profitable product.<\/p>\n<p><strong>The sector is still relatively male-dominated: <\/strong>Only 16% of respondents have female co-founders, and only one is fully owned by women. Women were on average just 30% of total headcount at respondents, and only 13% of companies surveyed said women accounted at least half of their staff.<\/p>\n<p><strong>Startups are flying blind on the gender of their customers: <\/strong>Nearly a third of respondents don\u2019t aggregate data based on gender. At the 53 startups that have gender data on their users, women accounted for just 28% of customers. Only 13 startups (12%) have women making up half or more of their customer base.<\/p>\n<p><strong>The regulatory environment is proving complex to navigate: <\/strong>Fintech startups have to work with multiple regulators, including the Financial Regulatory Authority, CBE, the National Telecom Regulatory Authority and the nation\u2019s Money Laundering and Terrorist Financing Combating Unit. This causes \u201cconfusion\u201d in the sector. \u201cHaving a channel for continuous interaction between the CBE, FRA and startups to understand the full process of licensing and registration as well as exchange thoughts on current regulations and challenges, future regulations and potential products to be developed by startups\u201d is one area that can be improved, the report quoted <a href=\"https:\/\/www.blnk.ai\/\">Blnk<\/a> CEO Amr Sultan as saying.<\/p>\n<p><strong>But there\u2019s good news on the regulatory front:<\/strong> Egypt\u2019s new fintech law will help create a more easily navigated regulatory environment in 2022, Sawari Ventures Managing Partner Hani Al Sonbaty <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf9ba69e-dd41-464f-b0f3-6a22f07fb397\">told Enterprise<\/a> earlier this year. While industry regulations were not originally designed for the use cases of the age we're in, there seems to be a lot of hope for the future, <a href=\"https:\/\/enterprise.press\/whatsnexts\/enterprise-talks-seif-amr-co-founder-coo-thndr\/\">cofounder and COO of Thndr Seif Amr told us in an interview<\/a>.<\/p>\n<p><strong>Why are they optimistic about change on the regulatory front? The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bb9e75aa-c2b9-4c01-ab85-81402f930b89\">recently-ratified<\/a><\/strong><strong> Fintech Act<\/strong>, which should come into effect this yea once executive regulations are out, regulates robo-advisory, nano-finance, insurtech, and (tech-enabled) consumer finance, among other sectors. The law makes the Financial Regulatory Authority (FRA) the only entity in charge of licensing and regulating fintech companies (with the obvious exception of companies that may, in future, engage in banking activities regulated by the CBE). Thndr\u2019s Amr hopes to see the executive regs tackle the ability to open accounts without the need for a physical signature and funding alternatives for brokerage accounts.<\/p>\n<p><strong>And there\u2019s another fintech-related law in the works: <\/strong>The CBE is currently working with the FRA to issue new law \u2014 provisionally named Alternative Finance Act \u2014 that regulates alternative finance activities including P2P lending, crowdfunding, rotating savings and credit associations (ROSCA \u2014 think \u201cgameya\u201d), and other digital financing activities, according to the report. The law will set a legislative framework for regulating digital alternative finance platforms. The central bank and the FRA will work on the regulatory framework once the law is issued.<\/p>\n<p><strong>Other recommendations from industry players: <\/strong>Industry players are hoping banks will be given incentives to partner with startups. They want a streamlined (and digitalized) licensing process for setting up a startup, and more debt financing options from banks. They\u2019re also hoping for a central database of all fintech companies and startups to provide transparency, the introduction of fintech education through workshops, and more public awareness of fintech.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li>The <strong>Micro, Small and Medium Enterprise Development Agency<\/strong> (MSMEDA) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/174420fe-2d8a-4476-89aa-624adea5cb7b\">has launched<\/a> a <strong>venture capital fund<\/strong> with <strong>USD 50 mn<\/strong> from <strong>the World Bank<\/strong><\/li>\n<li>Social commerce startup <strong>Brimore<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97d18b58-c4ce-433c-a564-a01518d97a61\">has invested<\/a> <strong>USD 5 mn in a pre-seed round<\/strong> for its delivery and logistics services arm <strong>Milezmore<\/strong>.<\/li>\n<li>E-commerce platform <strong>Mumerz<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c727d9e-3277-4020-9b04-4e09c9f041f4\">has raised<\/a> <strong>USD 1.2 mn in a pre-seed funding round<\/strong> led by Disruptech Ventures.<\/li>\n<li>Saudi B2B wholesale marketplace <strong>Sary<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/41f9df3d-6028-438a-9286-f7a360d99534\">has acquired<\/a> Egyptian e-commerce platform <strong>Mowarrid<\/strong> for <strong>an undisclosed amount<\/strong>.<\/li>\n<li>Online B2B fruit and veg platform <strong>FreshSource<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33d008a9-6004-4be5-8759-d859de6b5db0\">has closed<\/a> an <strong>undisclosed seven-figure USD seed round<\/strong> led by 4DX Ventures and Wamda.<\/li>\n<li>Online law education platform <strong>Kouncel<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33d008a9-6004-4be5-8759-d859de6b5db0\">has raised<\/a> <strong>funding and support worth EUR 1.2 mn<\/strong> in a pre-seed round.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/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=\"544487\" 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\/03\/06\/544487\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544487\" class=\"content-area-description single-story post-544487 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>24 February-7 March (Thursday-Monday): <a href=\"https:\/\/www.facebook.com\/Diarna.moss\">Diarna Handicrafts Fair<\/a>. Cairo Festival City, Cairo.<\/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>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>24 March-1 April: Ahlan Ramadan Supermarket Expo, Cairo International Convention Center.<\/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>28 March (Monday): The court hearing for a case brought by Arabia Investments Holding (AIH) against Peugeot <a href=\"https:\/\/ent.news\/2022\/3\/AIH-lawsuit-Peugeot.pdf\">has been postponed<\/a> until 28 March.<\/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>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release first financing product.<\/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>August: Work to extend the capacity of the <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a><\/strong> to 300 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve Finterest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>October: World Bank and IMF annual meetings in Washington, DC<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>January 2023: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":544462,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-544461","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"e831ded4-d975-4eb5-babd-c3be8ba5b8fc","teaser":"","photo_url":"https:\/\/ent.news\/2022\/3\/49.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>The world is facing the biggest commodities shock in decades - 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\/the-world-is-facing-the-biggest-commodities-shock-in-decades\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The world is facing the biggest commodities shock in decades\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-world-is-facing-the-biggest-commodities-shock-in-decades\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:40:55+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/49.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\/the-world-is-facing-the-biggest-commodities-shock-in-decades\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-world-is-facing-the-biggest-commodities-shock-in-decades\/\",\"name\":\"The world is facing the biggest commodities shock in decades - 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