{"id":544514,"date":"2022-03-08T03:37:32","date_gmt":"2022-03-08T03:37:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544514"},"modified":"2025-12-15T20:42:09","modified_gmt":"2025-12-15T20:42:09","slug":"the-egx30-is-in-correction-territory-as-chaos-sweeps-the-global-commodities-market","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-egx30-is-in-correction-territory-as-chaos-sweeps-the-global-commodities-market\/","title":{"rendered":"The EGX30 is in correction territory as chaos sweeps the global commodities market"},"content":{"rendered":"<section id=\"544516\" 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=\"544516\">\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\/08\/this-morning-global-shares-slipping-into-correction-territory\/\">\r\n                            THIS MORNING: Global shares slipping into correction territory                        <\/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\/08\/this-morning-global-shares-slipping-into-correction-territory\/\" 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 mercury will reach a high of 25\u00b0C in Cairo today, with an overnight low of 14\u00b0C. Our favourite weather app doesn\u2019t see today\u2019s storm, but is claiming we could face winds and blowing sand on Thursday. Either way, be prepared.<\/p><p><strong>THE BIG STORY in financial markets here and abroad- Stocks are now well into <\/strong><strong>correction territory<\/strong>, meaning benchmark indexes are now down more than 10% from a recent high.<\/p><p><strong>The EGX 30 slipped into correction yesterday<\/strong> after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d7ae9ab-78a7-4663-93b7-f43ab7373061\">turmoil in global energy markets<\/a> caused the benchmark index to hit its lowest level since early October. Shares slid 3.6% during trading amid upheaval in the energy and other commodities markets, prompted by fears that the US and Europe could move to blockade Russian oil and gas exports. The index is now down 10.4% year-to-date, putting it in correction territory for the second time in less than a year.<\/p><p><strong>US stocks had their worst day in 17 months yesterday<\/strong> in response to the turmoil in the commodities markets. The S&amp;P 500 re-entered correction territory falling almost 3% (its sharpest drop since May 2020), while the Nasdaq Composite is in a bear market, now down 18% YTD after sliding 3.7% during yesterday\u2019s session.<\/p><p><strong>Germany\u2019s DAX and the pan-European Euro Stoxx 50 became bear markets<\/strong> earlier in the day in Europe.<\/p><p><strong>Today isn\u2019t looking much better: <\/strong>Major Asian benchmarks including the Nikkei, Shanghai, ASX 200, and KOSPI are all in the red this morning, with the Hang Seng being the only one bucking the trend. Futures suggest it will be red as far as the eye can see in Europe at the opening bell. Shares in Toronto will face selling pressure, while Wall Street could yet open in the green.<\/p><hr class=\"grey-line\"><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>It\u2019s gadget day for the Apple faithful<\/strong> as the tech giant holds its traditional spring event. Pundits expect a new iPad Air, an updated entry-level iPhone SE, a Mac of some form and \u2014 possibly, for the first time in years \u2014 a standalone display. The event starts at 8pm CLT and you can tune in <a href=\"https:\/\/www.apple.com\/apple-events\/\">here on Apple\u2019s website<\/a> or <a href=\"https:\/\/www.youtube.com\/user\/Apple\">here on its Youtube page<\/a>.<\/p><p><strong>Look out, semsars: The final vote in the House of Representatives on amendments <\/strong><strong>to the law regulating commercial and real estate brokerage will be held in today\u2019s plenary session.<\/strong> After <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fb38673-fb8e-473e-ad91-bf13c1040483\">receiving initial approval<\/a> on Sunday, a further amendment to the bill outlining penalties was given a preliminary nod by lawmakers yesterday. Under the amendment, brokers could face up to two years in prison and fines ranging between EGP 50k and EGP 1 mn if they break the law, according to <a href=\"https:\/\/english.ahram.org.eg\/News\/462407.aspx\">Ahram Online<\/a>.<\/p><p><strong>About the bill: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6fb38673-fb8e-473e-ad91-bf13c1040483\">legislation<\/a> aims to bring real estate brokers into the formal economy and crack down on what policymakers say is illegal activity in the sector. It would set up an electronic registry for licensed brokers, set rules for their activities, and regulate the fees they charge.<\/p><p><strong>SMART POLICY #1- Bank accounts for all.<\/strong> Egyptians can open bank accounts without charge and with no minimum deposit starting today through the end of March as part of the Central Bank of Egypt\u2019s financial inclusion strategy, <a href=\"https:\/\/bit.ly\/3IQUlqr\">Al Mal<\/a> reported yesterday. Banks will also provide an additional number of services at no cost over the next three weeks in an effort to attract more of the unbanked into the financial system.<\/p><p><strong>SMART POLICY #2- Manufacturers will reportedly be required to include expiration dates on <\/strong><strong>product labels<\/strong> starting May, according to <a href=\"https:\/\/alborsaanews.com\/2022\/03\/07\/1517396\">new rules<\/a> issued by the Consumer Protection Agency.<\/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><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>MARKET WATCH- The commodities crunch is accelerating across the globe: <\/strong>The implications of trying to shut out the world\u2019s second-largest commodity producer from the global economy are becoming clearer with each passing day. It was another day of chaos in commodities markets yesterday with everything from energy to metals and wheat seeing historic price moves as investors reckoned with the fallout from the conflict in Ukraine and the attempts by the West to isolate Russia\u2019s economy. Here\u2019s a snapshot:<\/p><ul>\n<li><strong>Brent futures rose as much as 18% to highs not seen since 2008<\/strong> on concerns that the US and Europe will ban imports of Russian oil and gas. After surging to almost USD 140 a barrel in early trading, the oil benchmark pared gains to close at USD 124.40 \u2014 <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-06\/brent-oil-soars-above-135-on-fears-over-tightening-market?sref=mmeFTDW1\">the biggest daily swing in history<\/a>.<\/li>\n<li><strong>US wheat futures reached record highs yesterday<\/strong>, climbing 7% to USD 12.94 a bushel. Chicago wheat has now <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/wheat-climbs-nearer-to-record-as-ukraine-supply-paralyzed-by-war?sref=mmeFTDW1\">risen 52% in the past two weeks<\/a>.<\/li>\n<li><strong>Natural gas prices in Europe reached dizzying new heights:<\/strong> The benchmark Dutch TTF contract <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/from-oil-to-nickel-to-wheat-commodities-mayhem-in-five-charts?srnd=premium-middle-east&amp;sref=mmeFTDW1\">rose as much as 79% yesterday<\/a> to the equivalent of more than a USD 600 barrel of oil.<\/li>\n<li><strong>Nickel rose an incredible 90% in a single day to reach a new record high<\/strong>, in what <a href=\"https:\/\/twitter.com\/BloombergTV\/status\/1500928462500028434?cxt=HHwWpICziYCfr9QpAAAA\">Bloomberg<\/a> described as \u201cone of the most extreme price moves ever seen on the London Metal Exchange.\u201d Russia is one of the world\u2019s biggest suppliers of the metal.<\/li>\n<\/ul><p><strong>The bond market is beginning to hint at recession:<\/strong> The spread between 2-year and 10-year US treasuries narrowed below 20 bps yesterday, an indication of growing concerns among investors that the US economy could fall into recession. Inverted yield curves, which occur when short-term bonds are viewed as riskier than long-term debt, have historically been a <a href=\"https:\/\/www.chicagofed.org\/publications\/chicago-fed-letter\/2018\/404\">reliable forecaster of recessions<\/a>.<\/p><p><strong>Unfortunately for us, saner heads do not seem to be prevailing in Washington or Moscow<\/strong>, meaning that the situation is likely to get worse before it gets better. We have more on this in this morning\u2019s War Watch, below.<\/p><p><strong>FROM THE DEPT. OF \u201cIS THIS WHY HEDGIES UNDERPERFORM?\u201d- Bill Ackman thinks <\/strong><strong>that World War III has already begun <\/strong>and the rest of us are just slow on the uptake. He also \u201ccompared the use of Russian rockets against Ukrainian citizens to Adolf Hitler's gas chambers,\u201d <a href=\"https:\/\/www.businessinsider.com\/bill-ackman-warns-world-war-iii-already-started-russia-ukraine-2022-3\">Business Insider<\/a> notes. The Pershing Square boss said on Twitter he feels today as he did in January 2020, when he was worried that covid-19 would become a pandemic.<\/p><p><strong>MEANWHILE- Keeping track of the covid toll:<\/strong> More than 6 mn people around the world have now died as a result of covid-19, according to data tracked by Johns Hopkins University.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>US Deputy Secretary of State Wendy Sherman <\/strong><strong><a href=\"https:\/\/www.state.gov\/deputy-secretary-shermans-travel-to-turkey-spain-morocco-algeria-and-egypt\/\">will be in town<\/a><\/strong><strong> for two days this week <\/strong><strong>starting Thursday.<\/strong> Sherman will meet with Foreign Minister Sameh Shoukry and \u201cother senior officials,\u201d including National Council for Human Rights chief Moushira Khattab.<\/p><p><strong>Contemporary art and culture center <\/strong><strong><a href=\"https:\/\/www.facebook.com\/3031ArtFest\/\">Darb1718<\/a><\/strong><strong> is hosting its <\/strong><strong><a href=\"https:\/\/collardtickets.com\/event\/3031-art-festival\/?s=1\">3031 Art Festival<\/a><\/strong> until next Saturday, 12 March on its premises in Fustat, Old Cairo.<\/p><p><strong>Other news triggers to keep your eye on<\/strong> over the next few weeks:<\/p><ul>\n<li><strong>Inflation:<\/strong> Inflation figures for February will be released on Thursday, 10 March.<\/li>\n<li><strong>Interest rates: <\/strong>The Central Bank of Egypt will hold its <a href=\"https:\/\/www.cbe.org.eg\/en\/MonetaryPolicy\/Pages\/MPCMeetingSchedule.aspx\">next monetary policy meeting<\/a> on Thursday, 24 March.<\/li>\n<\/ul><p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/351220690381691\">Ahlan Ramadan supermarket expo<\/a><\/strong><strong> will take place from 24 March to 1 April<\/strong> at the Cairo International Convention Center.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>The executive regulations for the Waste Management Act are finally out. In this week\u2019s Going Green, we parse through the regs to find out how the government is planning to address the country\u2019s serious waste problem.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/market-watch\/\">Market Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/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=\"544517\" 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=\"544517\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/544517\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544517\" class=\"content-area-description single-story post-544517 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/soma-hotels1600pxjpg.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Experience luxury in every thoughtful detail where prestige hospitality is rediscovered with genuine warmth and passion. Awaken forgotten desires and build unforgettable memories to fuel a lifetime of inspiration. Spend your winter break at Somabay with special rates and choose among five different hotels at one destination. Visit: www.Somabay.com\/hotels\/<\/p>\n\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=\"544518\" 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=\"544518\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\">\r\n                            Egypt reassess fiscal targets in light of war in Ukraine                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt reassess fiscal targets in light of war in Ukraine&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/&title=Egypt reassess fiscal targets in light of war in Ukraine\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+reassess+fiscal+targets+in+light+of+war+in+Ukraine+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F08%2Fegypt-reassess-fiscal-targets-in-light-of-war-in-ukraine%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/87.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544519\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/egypt-reassess-fiscal-targets-in-light-of-war-in-ukraine\/87-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/87.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"87.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/87.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/87.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544518\" class=\"content-area-description single-story post-544518 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-budget-watch tag-economy tag-enterpriseam tag-finance-ministry tag-mohamed-maait tag-ukraine-war wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>The government will likely have to revisit its fiscal targets for FY2022-2023 in light <\/strong><strong>of the war in Ukraine and its implications on the global economy<\/strong>, Finance Minister Mohamed Maait said in a presser yesterday. The Finance Ministry had finished the draft 2022-2023 budget earlier this year but will now need to revise it to account for the new supply disruptions, rising commodity prices, and the drop in tourism from Russia and Ukraine, Maait said. \u201cThe war has mixed everything up,\u201d he said. \u201cGlobal markets have been hit by uncertainty because no one knows how long this will last.\"<\/p>\n<p><strong>Pre-Ukraine targets:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79d7e611-1ab6-488a-a236-2fc863fa1576\">Initial figures<\/a> released by the ministry in January forecast 5.7% economic growth during FY 2022-2023 and saw the budget deficit narrowing to 6.1%. Debt was expected to decline to less than 90% of GDP.<\/p>\n<p><strong>We could miss our deficit target this year: <\/strong>The ministry set an \u201coptimistic\u201d budget deficit target of 6.7% for 2021-2022 but now has to reckon with a higher import bill, Maait said. \u201cWe will do our best to stay within the range of 6.7%, but I can\u2019t give exact numbers due to the uncertainty and volatility of the situation,\u201d he said.<\/p>\n<p><strong>Otherwise, he was tightlipped on how the conflict may affect next year\u2019s budget:<\/strong> It was unclear whether the government is planning to make adjustments to spending or to what extent it is reevaluating its fiscal targets in light of the escalating global headwinds.<\/p>\n<p><strong>We\u2019ll find out on 31 March<\/strong> when the updated draft budget is presented to the House of Representatives for discussion, according to the minister.<\/p>\n<p><strong>A REMINDER- Maait, Oil Minister Tarek El Molla and Supply Minister Ali El Moselhy have been leading on cabinet\u2019s effort to keep the public abreast<\/strong> of the impact here of war in Ukraine. Not terribly long ago, our response would have been to bury our head in the sand. Cabinet deserves credit for being up-front and forthright about how they\u2019re handling a crisis they neither created nor control.<\/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\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine-war\/\">Ukraine war<\/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=\"544520\" 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=\"544520\">\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\/08\/us-lawmakers-to-vote-on-russia-oil-ban-moscow-threatens-to-shutter-key-gas-pipeline-to-europe\/\">\r\n                            US lawmakers to vote on Russia oil ban + Moscow threatens to shutter key gas pipeline to 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\/08\/us-lawmakers-to-vote-on-russia-oil-ban-moscow-threatens-to-shutter-key-gas-pipeline-to-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(); 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The framework was authored by Republican and Democratic lawmakers who sit on trade committees in the House and Senate, and could be put up for a vote in the House as soon as Tuesday, a congressional aide <a href=\"https:\/\/www.reuters.com\/article\/ukraine-crisis-usa-oil\/u-s-house-to-vote-as-soon-as-tuesday-on-russia-energy-import-ban-aide-idINW1N2US031\">told the newswire<\/a>.<\/p>\n<p><strong>Some European countries aren\u2019t on board with an embargo on Russian energy<\/strong>, but two sources <a href=\"https:\/\/www.reuters.com\/business\/energy\/us-prepared-move-alone-banning-russian-oil-imports-sources-2022-03-07\/\">told Reuters<\/a> that Washington is happy to go it alone and ban Russian oil from its shores. US officials have been in talks with European leaders over a joint ban but European nations are split over whether to sanction Russian oil and gas. Germany yesterday publicly opposed the idea while other nations such as Poland are calling for action, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/eu-is-divided-over-russian-oil-sanctions-as-calls-for-ban-grow?sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p>\n<p><strong>But it does want to slash imports this year:<\/strong> The bloc wants to cut up to two-thirds of its energy imports from Russia, the EU Commission <a href=\"https:\/\/www.politico.eu\/article\/eu-slash-russia-gas-dependence-timmermans-iea\/\">said yesterday<\/a>. This seems like a tall order given the continent relies on Russia for 40% of its gas, but a realignment of the continent\u2019s energy strategy <strong>could open a space for producers such as Egypt to increase exports<\/strong>.<\/p>\n<p><strong>Russia threatens to suspend key gas pipeline to Europe:<\/strong> The Russian deputy prime minister threatened to cut off gas supplies to Europe delivered through the Nordstream 1 pipeline if Western governments move to reduce purchases from Russia, according to <a href=\"https:\/\/www.reuters.com\/business\/energy\/russia-warns-west-300-per-barrel-oil-cuts-eu-gas-supply-2022-03-07\/\">Reuters<\/a>. Alexander Novak, who also handles energy policy, said that a restriction of Russian supplies could push oil prices to USD 300 a barrel, and warned that Moscow could respond to energy sanctions by shuttering the pipeline.<\/p>\n<p><strong>TALKS HAVE BROKEN DOWN-<\/strong><\/p>\n<p><strong>A third round of direct talks between the two sides failed to produce a breakthrough <\/strong><strong>yesterday<\/strong> after Ukraine rejected Moscow\u2019s demands, the <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/03\/07\/russia-ukraine-war-news-putin-live-updates\/&sourceid=chrome&ie=UTF-8\/\">Washington Post<\/a> reports. The Kremlin said yesterday that it will stop the bombardment \u201cin a moment\u201d if Ukraine accedes to its demands. Moscow wants Kyiv to enshrine neutrality in its constitution, recognize Crimea as Russian territory, and allow the breakaway states in the east of the country to become independent, spokesperson Dmitry Peskov said, according to <a href=\"https:\/\/www.reuters.com\/world\/kremlin-says-russian-military-action-will-stop-moment-if-ukraine-meets-2022-03-07\/\">Reuters<\/a>.<\/p>\n<p><strong>Small signs of progress:<\/strong> Negotiators brokered an agreement to establish humanitarian corridors to allow civilians to escape the fighting, and Russia\u2019s UN ambassador announced that it will abide by a ceasefire starting 10am Moscow time, according to the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-europe-new-zealand-global-trade-23327d0cb464c712ee042dfac159f1a2\">Associated Press<\/a>.<\/p>\n<p><strong>ON THE GROUND- <\/strong><\/p>\n<p><strong>Rockets continue to be fired on the north and south of the country<\/strong>, disrupting plans to evacuate civilians via humanitarian corridors, the <a href=\"https:\/\/www.wsj.com\/livecoverage\/russia-ukraine-latest-news-2022-03-07\">Wall Street Journal<\/a> reports. More than 200k citizens in the southeastern city of Mariupo are at grave risk, <a href=\"https:\/\/www.hrw.org\/news\/2022\/03\/07\/ukraine-mariupol-residents-trapped-russian-assault\">Human Rights Watch<\/a> said, and have not had access to running water, electricity, or heat since 2 March, when Russian forces began to besiege the city. Three evacuation attempts were canceled since then due to continued attacks.<\/p>\n<p><strong>Meanwhile outside Kyiv, <\/strong><strong>Russian <\/strong><strong>troops are preparing to seize the capital from the east <\/strong><strong>and west<\/strong> in an operation <a href=\"https:\/\/www.understandingwar.org\/backgrounder\/russian-offensive-campaign-assessment-march-7\">Institute for the Study of War<\/a> believes will start in the next few days.<\/p>\n<p><strong>THE HUMAN TOLL- Around 1.7 mn Ukrainians have fled their country so far<\/strong>, according to the <a href=\"https:\/\/twitter.com\/Refugees\/status\/1500865859862077444?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\">UN refugee agency<\/a>. This is the biggest refugee crisis in Europe since World War II.<\/p>\n<p><strong>PLANET WAR FINANCE- <\/strong><\/p>\n<p><strong>There\u2019s now an 80% chance that Russia will default on its debt<\/strong>, after credit default swaps on Russian bonds rose to record highs yesterday, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/russia-swaps-signal-80-chance-of-default-on-ruble-payout-decree?sref=mmeFTDW1\">Bloomberg<\/a> reported yesterday, citing ICE Data Services. Ratings agencies Moody\u2019s, Fitch and S&P have all slashed the country\u2019s sovereign rating to <a href=\"https:\/\/www.cnbc.com\/2022\/03\/07\/stephen-roach-says-russian-default-would-hit-emerging-markets-and-china.html\">\u201cjunk\u201d status,<\/a> after the US imposed sanctions on Russian sovereign debt and its central bank, and banned some of its banks from the SWIFT payments system.<\/p>\n<p><strong>Russia is officially the most sanctioned country on Earth<\/strong>, taking the ignominious prize out of the hands of countries like Iran and North Korea. The country has been slapped with almost 2.8k new sanctions since 22 February, taking the total to more than 5.5k, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/russia-surges-past-iran-to-become-world-s-most-sanctioned-nation?sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>EXODUS-<\/strong><\/p>\n<p><strong>Fitch has become the second western credit rating agency to suspend its operations in <\/strong><strong>Russia<\/strong>, according to <a href=\"https:\/\/www.reuters.com\/markets\/europe\/ratings-agency-fitchs-commercial-operations-russia-suspended-2022-03-07\/\">Reuters<\/a>. The firm said that its activities in the country would cease with immediate effect and that its analysts would cover the country from abroad. Moody\u2019s was the first major rating agency to leave the country, announcing an end to its operations at the weekend.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy-watch\/\">energy watch<\/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\/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=\"544522\" 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=\"544522\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/unsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets\/\">\r\n                            Unsubsidized bread in Egypt is getting pricier as Russia\u2019s war roils the wheat markets                        <\/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\/08\/unsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets\/\" 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\/08\/unsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets\/')\">\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\/08\/unsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets\/\">\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=Unsubsidized bread in Egypt is getting pricier as Russia\u2019s war roils the wheat markets&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/unsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets\/\">\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\/08\/unsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets\/&title=Unsubsidized bread in Egypt is getting pricier as Russia\u2019s war roils the wheat markets\">\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=Unsubsidized+bread+in+Egypt+is+getting+pricier+as+Russia%E2%80%99s+war+roils+the+wheat+markets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F08%2Funsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets%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\/08\/unsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/89.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544523\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/unsubsidized-bread-in-egypt-is-getting-pricier-as-russias-war-roils-the-wheat-markets\/89-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/89.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"89.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/89.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/89.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544522\" class=\"content-area-description single-story post-544522 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-russia tag-ukraine tag-wheat-prices 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>The price of unsubsidized bread in the Greater Cairo area has risen by as much <\/strong><strong>as 50% in the course of a week<\/strong> as global wheat prices soar following Russia\u2019s invasion of Ukraine, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/ukraine-war-spurs-some-bread-price-rises-in-top-wheat-importer\">Bloomberg<\/a> reports. A pack of five balady loaves can now cost EGP 7.50 in Cairo, up from EGP 5.00 last week, said Khaled Sabri, a member of the bakeries division at the Federation of Egyptian Chambers of Commerce.<\/p>\n<p><strong>Russia\u2019s war in Ukraine has sent global wheat prices spiraling<\/strong> as markets are deprived of supply from the Black Sea region, which accounts for around a quarter of the world\u2019s grain and the bulk of imports to Egypt. As of last week, Egypt was facing prices 37% higher than its forecast in the 2021-2022 budget, a shock that could increase the government\u2019s wheat spend by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">up to EGP 15 bn<\/a> this fiscal year.<\/p>\n<p><strong>Bakeries are feeling the strain: <\/strong>Local bakers are \u201cgetting a ton of flour for EGP 12.3k versus EGP 9k a week ago, on top of the high price they pay for everything from electricity to fuel,\u201d head of the bakeries division at the Cairo Chamber of Commerce Attia Hamad told Ala Mas\u2019ouleety on Saturday (<a href=\"https:\/\/youtu.be\/IvTZwbHkQBY\">watch, runtime 10:15<\/a>).<\/p>\n<p><strong>Where the global price hikes matter most is in their impact on bread subsidies. <\/strong>The majority of our wheat \u2014 both local and imported \u2014 ends up as subsidized loaves, which are handed out to more than 60 mn Egyptians. The Madbouly government is now considering raising the price of subsidized loaves to cope with the costs and is expected to announce plans to taper its subsidy program at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/217bd2c8-c468-4975-b723-ba0e372c9b2c\">end of March<\/a>. While the state will need to find a way to cope with the burden on its coffers, lifting subsidies would come with its own drawbacks \u2014 including a likely rise in inflation, Al Ahly Pharos\u2019 head of research Radwa El Swaify said earlier this week.<\/p>\n<p><strong>ANECDOTALLY- Prices of chicken and other staples <\/strong>also seem to be facing some upward pressure. The issue made headlines on last night\u2019s talk shows (below).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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-prices\/\">Wheat prices<\/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=\"544524\" 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=\"544524\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/\">\r\n                            Qatari dairy firm Baladna acquires 5% of Juhayna + Compass ups share in Rameda                        <\/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\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/\" 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\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/')\">\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\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/\">\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=Qatari dairy firm Baladna acquires 5% of Juhayna + Compass ups share in Rameda&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/\">\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\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/&title=Qatari dairy firm Baladna acquires 5% of Juhayna + Compass ups share in Rameda\">\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=Qatari+dairy+firm+Baladna+acquires+5%25+of+Juhayna+%2B+Compass+ups+share+in+Rameda+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F08%2Fqatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda%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\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/91.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544525\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/qatari-dairy-firm-baladna-acquires-5-of-juhayna-compass-ups-share-in-rameda\/91-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/91.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"91.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/91.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/91.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544524\" class=\"content-area-description single-story post-544524 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-baladna tag-enterpriseam tag-gcc tag-juhayna tag-ma-watch tag-qatar tag-rameda-pharma wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Qatar\u2019s Baladna acquires 5% stake in Juhayna: <\/strong>Qatari dairy firm <a href=\"https:\/\/baladna.com\/\">Baladna<\/a> has acquired a 5% stake (47.1 mn shares) in leading Egyptian dairy company Juhayna (JUFO) for EGP 285.8 mn, the firm said in <a href=\"https:\/\/www.qe.com.qa\/displaynewsdetails?InfoID=34117\">a d<\/a><a href=\"https:\/\/www.qe.com.qa\/displaynewsdetails?InfoID=34117\">isclosur<\/a><a href=\"https:\/\/www.qe.com.qa\/displaynewsdetails?InfoID=34117\">e<\/a> to the Qatar Stock Exchange. That works out to an average price per share of EGP 6.07. JUFO shares fell 2.7% in trading yesterday to EGP 5.70.<\/p>\n<p><strong>This makes Baladna the company\u2019s <\/strong><strong>third-largest shareholde<\/strong><strong>r:<\/strong> Pharon Investment \u2014<\/p>\n<p>an offshore vehicle owned by the Thabet family \u2014 owns 50.1%, and Rimco Investments holds 10.6%.<\/p>\n<p><strong>A good time to jump in on JUFO. <\/strong>The local dairy firm posted strong growth in its latest earnings release, with its bottom line rising 28% during 9M2021 on the back of a 16% increase in revenues. JUFO is also under new management, having <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83893c75-0fae-47a7-96e9-943e7cc69964\">tapped<\/a> new group CEO Niels Thomsen a few weeks ago. Baladna\u2019s entry comes nearly a year after reports that Abu Dhabi\u2019s sovereign wealth fund was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f79108d-be4e-4e2b-8353-7cd2e0ab774c\">eyeing<\/a> a stake in the dairy producer, though there has been no news on that front since.<\/p>\n<p><strong>OTHER M&A NEWS-<\/strong> <strong>Compass again ups stake in Rameda as part of a block transaction <\/strong><strong>that saw 6.4% of the company\u2019s shares change hands<\/strong><strong>:<\/strong> Rameda Pharma\u2019s largest shareholder, Equinox Pharma, has purchased another 1.8% of the company, raising its stake to 17.5%, Rameda announced in <a href=\"https:\/\/ent.news\/2022\/3\/Rameda-Equinox-NR-E.pdf\">a statement<\/a><a href=\"https:\/\/ent.news\/2022\/3\/Rameda-Equinox-NR-E.pdf\">(pdf)<\/a> yesterday. Equinox is owned by Compass Investment, which acquired 100% of Rameda in 2011 before listing it on the EGX in 2019, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee1e2cb1-e9d8-477f-a314-4b7ccca8c307\">last year upped<\/a> its stake in the pharma firm by 2.7 points to 15.4%.<\/p>\n<p><strong>Equinox wasn\u2019t the only investor to acquire shares:<\/strong> An unnamed GCC institutional investor and an executive board member of Rameda also bought shares in the company, the statement said. Including Equinox\u2019s purchase, 6.4% of the company (64.3 mn shares) was sold via a block trade worth EGP 128.6 mn, for an average share price of EGP 2.00 per share. Rameda shares closed 7% lower yesterday at EGP 2.00.<\/p>\n<p><strong>On the sell-side: <\/strong>The shares were sold by several pre-IPO investors including Seddik Mohamed Seddik, company spokesperson Yasmine Negm told Enterprise. Rameda announced late last year that Seddik was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/498c1d16-a998-4807-9309-fcdf1f100df2\">selling a 5% stake<\/a> (49 mn shares) in the company to an unnamed foreign institutional investor, on the condition that the investor holds onto the shares for the remainder of Seddik\u2019s post-IPO lock-up period.<\/p>\n<p><strong>What they said:<\/strong> \u201cJust two years after its listing, and with solid year-end results reported by the company in 2021, we believe that Rameda is on track to generate exceptional growth in both the short and long-term,\u201d said Equinox MD (and Compass chief) Shamel Aboul Fadel.<\/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\/baladna\/\">Baladna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/juhayna\/\">Juhayna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rameda-pharma\/\">Rameda Pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544526\" 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=\"544526\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/544526\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544526\" class=\"content-area-description single-story post-544526 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:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544527\" 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=\"544527\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/logistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding\/\">\r\n                            Logistics startup Naqla raises USD 10.5 mn in pre-series A funding                        <\/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\/08\/logistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding\/\" 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\/08\/logistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding\/')\">\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\/08\/logistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding\/\">\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=Logistics startup Naqla raises USD 10.5 mn in pre-series A funding&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/logistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding\/\">\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\/08\/logistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding\/&title=Logistics startup Naqla raises USD 10.5 mn in pre-series A funding\">\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=Logistics+startup+Naqla+raises+USD+10.5+mn+in+pre-series+A+funding+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F08%2Flogistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding%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\/08\/logistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/92.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544528\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/logistics-startup-naqla-raises-usd-10-5-mn-in-pre-series-a-funding\/92-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/92.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"92.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/92.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/92.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544527\" class=\"content-area-description single-story post-544527 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-chefaa tag-el-sewedy-capital-holding tag-enterpriseam tag-global-brain tag-gms-capital-partners tag-hassan-allam-holding tag-logistics tag-naqla tag-newtown-partners tag-pharma tag-startup-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Trucking startup <\/strong><strong><a href=\"https:\/\/naqla.xyz\/\">Naqla<\/a><\/strong><strong> has raised USD 10.5 mn in a pre-series A round <\/strong>led by El Sewedy Capital Holding, Hassan Allam Holding and the Sallam family, according to a <a href=\"https:\/\/naqla.xyz\/index.php\/2022\/03\/07\/egyptian-logistics-platform-naqla-raises-10-5-million-in-pre-series-a\/\">press release<\/a> out yesterday.<\/p>\n<p><strong>How the funding will be deployed:<\/strong> Naqla will use the funding to launch new segments including its Naqla Store selling heavy automotive maintenance products to drivers, as well as for driver financing and \u201cscaling our pool of talent and tech product,\u201d co-founder and CEO Sherif Taher told us.<\/p>\n<p><strong>About Naqla:<\/strong> Founded in 2017 by Taher and Samer Sallam, the startup\u2019s B2B logistics platform connects individual truck drivers with cargo companies and offers road assistance, finance, ins., healthcare and maintenance services to the drivers in its network. The startup is now working with over 400 shipping firms and 10.5k drivers nationwide, and has so far helped deliver over 4.6 mn tons of cargo.<\/p>\n<p><strong>The Sallam family are synonymous with consumer goods in Egypt<\/strong>, having founded brands including Btech and Olympic Group. A family vehicle <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/beb112af-a317-4887-a46e-3b3962bdf559\">recently invested in real estate developer MNHD<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Egypt-based pharma delivery platform <\/strong><strong><a href=\"https:\/\/chefaa.com\/ar\">Chefaa<\/a><\/strong><strong> has raised an undisclosed sum <\/strong>in a funding round led by South African VC <a href=\"https:\/\/www.newtownpartners.com\/\">Newtown Partners<\/a>, Japan-based <a href=\"https:\/\/globalbrains.com\/en\/\">Global Brain<\/a> and US investor <a href=\"http:\/\/www.gmscap.com\/\">GMS Capital Partners<\/a>, a <a href=\"https:\/\/www.wamda.com\/2022\/03\/chefaa-secures-undisclosed-venture-round\">press<\/a><a href=\"https:\/\/www.wamda.com\/2022\/03\/chefaa-secures-undisclosed-venture-round\">release<\/a> out yesterday. The round marks the three VCs\u2019 first investment in the Egyptian market, according to the release.<\/p>\n<p><strong>Chefaa is branching out into ins. services: <\/strong>The startup will use the fund to launch its Chefaa Prime medical ins. alternative, a subscription-based service \u201cdesigned for emerging markets.\u201d The round will also fund Chefaa\u2019s \u201cefforts to digitize chronic illness management\u201d and help it enter unspecified new markets, the release read.<\/p>\n<p><strong>Background:<\/strong> Founded in 2017, the female-led startup operates an AI-powered platform for buying pharma products, which allows customers to scan their prescriptions, locate their nearest pharmacies and order meds online. Chefaa closed a seven-figure USD <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/675d2226-af5f-4e3b-937a-8db93bec698f\">pre-series A round<\/a> in 2020, after raising a six-figure USD sum from Flat6Labs and 500Startups in a 2019 <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/14\/egypt-based-pharma-locator-chefaa-secures-six-figure-seed-round\/\">seed round<\/a>. The pharma delivery platform was among 10 MENA startups to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c2a3fb5-43bb-48e3-8058-ee565c55a115\">take part<\/a> in the first iteration of the Google-led three-month digital accelerator program in MENA last year.<\/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\/chefaa\/\">Chefaa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-sewedy-capital-holding\/\">El Sewedy Capital Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-brain\/\">Global Brain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gms-capital-partners\/\">GMS Capital partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/naqla\/\">Naqla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/newtown-partners\/\">Newtown Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pharma\/\">pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup 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=\"544529\" 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=\"544529\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/\">\r\n                            Housing and Development Bank, Palm Hills report rise in net income                        <\/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\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/\" 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\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/')\">\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\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/\">\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=Housing and Development Bank, Palm Hills report rise in net income&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/\">\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\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/&title=Housing and Development Bank, Palm Hills report rise in net income\">\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=Housing+and+Development+Bank%2C+Palm+Hills+report+rise+in+net+income+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F08%2Fhousing-and-development-bank-palm-hills-report-rise-in-net-income%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\/08\/housing-and-development-bank-palm-hills-report-rise-in-net-income\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544529\" class=\"content-area-description single-story post-544529 post type-post status-publish format-standard hentry category-earnings-watch tag-banking tag-earnings tag-earnings-watch tag-enterpriseam tag-housing-and-development-bank tag-palm-hills-developments tag-real-estate 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>Housing and Development Bank\u2019s (HDB) net income rose 5% in 4Q 2021<\/strong> to EGP 396 mn, according to the bank\u2019s latest <a href=\"https:\/\/ent.news\/2022\/3\/HDB-FY2021-Earnings-Press-Release.pdf\">earnings release (pdf)<\/a>. The bank reported net interest income of EGP 818 mn during the quarter, down almost 1% from 4Q 2020.<\/p>\n<p><strong>In 2021:<\/strong> HDB reported EGP 1.8 bn in net income through the year up almost 2% from 2020. This was supported by 17% growth in net interest income, which rose to EGP 3.6 bn on the back of increased gross loans and central bank deposits.<\/p>\n<p><strong>What they said:<\/strong> \u201cWith 2021 behind us, HDB can look back on several important achievements. The bank has successfully weathered the uncertainties of recent years and has made remarkable progress in its transition from an institution focused on real estate development and the financing of large projects to a full-fledged commercial bank that is increasingly aligned with the cutting edge of the Egyptian and global markets,\u201d said Chairman Hassan Ghanem.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Palm Hills Developments (PHD) recorded a 16% growth in its bottom line in 2021<\/strong>, driven by a strong increase in new sales, the real estate developer said in its 4Q <a href=\"https:\/\/ent.news\/2022\/3\/PHD_FY2021-Earnings-Release-English.pdf\">earnings release (pdf)<\/a> yesterday. The company reported net income of EGP 824 mn during the year, supported by a 48% increase in revenues which reached EGP 7.7 bn.<\/p>\n<p><strong>In detail:<\/strong> Revenues from new sales grew 35% in 2021 to EGP 17.3 bn, the bulk of which came from the company\u2019s residential developments which brought in EGP 15.3 bn. Growth was strongest in PHD\u2019s North Coast projects, which saw sales increase 70% to EGP 7.1 bn. Developments in West Cairo recorded EGP 7.3 bn in revenues, up 10% from 2020, while East Cairo sales rose 49% to EGP 2.9 bn.<\/p>\n<p><strong>Looking ahead:<\/strong> PHD expects new sales to increase 16% to EGP 20 bn in 2022. The company said it will increase delivered units to more than 2k this year, up from 1.3k in 2021, and it expects to spend EGP 3.4 bn on construction and development.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/housing-and-development-bank\/\">Housing and Development Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"544530\" 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=\"544530\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/544530\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544530\" class=\"content-area-description single-story post-544530 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\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=\"544531\" 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=\"544531\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/the-inflationary-shockwaves-from-ukraine-get-the-headline-treatment-on-the-airwaves\/\">\r\n                            The inflationary shockwaves from Ukraine get the headline treatment on the airwaves                        <\/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\/08\/the-inflationary-shockwaves-from-ukraine-get-the-headline-treatment-on-the-airwaves\/\" 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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Around 30 mn citizens have been vaccinated so far, he added, which has significantly reduced the number of covid cases across the country.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/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\/last-nights-talk-shows\/\">LAST 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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/ignore-the-wheat-crisis-and-its-a-slow-day-for-egypt-in-the-foreign-press\/\">\r\n                            Ignore the wheat crisis and it\u2019s a slow day for Egypt in the foreign press                        <\/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\/08\/ignore-the-wheat-crisis-and-its-a-slow-day-for-egypt-in-the-foreign-press\/\" target=\"_blank\">\n                    Open in new tab            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class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544533\" class=\"content-area-description single-story post-544533 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-gender tag-house-of-representatives tag-legislation tag-religion wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a slow morning in the foreign press as far as Egypt\u2019s concerned <\/strong>\u2014 that is, if you ignore the deluge of headlines screaming \u201cwheat crisis.\u201d In non-Ukraine \/ commodities news, the <a href=\"https:\/\/www.washingtonpost.com\/opinions\/2022\/03\/07\/egypt-sissi-authoritarian-dilemma\/\">Washington Post<\/a> has an opinion piece from Ezzedine C. Fishere on what the ongoing investigation into journalist Ibrahim Eissa says about the contradictory nature of religious discourse in Egypt. Meanwhile, <a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/03\/egyptian-parliament-considers-mandatory-psych-exams-marriage\">Al Monitor<\/a> reports that a number of MPs are pushing for people to undergo mandatory psychiatric evaluations before they get married in a bid to stem domestic violence.<\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/religion\/\">Religion<\/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=\"544534\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544535\" 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=\"544535\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/ebrd-to-double-down-on-sczone-digitization-support\/\">\r\n                            EBRD to double down on SCZone digitization support                        <\/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\/08\/ebrd-to-double-down-on-sczone-digitization-support\/\" 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\/08\/ebrd-to-double-down-on-sczone-digitization-support\/')\">\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\/08\/ebrd-to-double-down-on-sczone-digitization-support\/\">\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=EBRD to double down on SCZone digitization support&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/ebrd-to-double-down-on-sczone-digitization-support\/\">\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\/08\/ebrd-to-double-down-on-sczone-digitization-support\/&title=EBRD to double down on SCZone digitization support\">\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=EBRD+to+double+down+on+SCZone+digitization+support+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F08%2Febrd-to-double-down-on-sczone-digitization-support%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\/08\/ebrd-to-double-down-on-sczone-digitization-support\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544535\" class=\"content-area-description single-story post-544535 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-consumer-protection-agency tag-development-finance tag-digitization tag-ebrd tag-enterpriseam tag-fintech tag-manufacturing tag-paynas tag-ride-hailing tag-suez-canal-economic-zone tag-swvl tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>EBRD to offer more support for SCZone\u2019s digital transformation:<\/strong> The European Bank for Reconstruction and Development (EBRD) signed an agreement on Saturday to extend its assistance for the digitalization of the Suez Canal Economic Zone, the bank said in a <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-supports-the-digital-transformation-of-the-suez-canal-economic-zone-.html\">statement<\/a> yesterday. The lender has already completed the first phase of technical support \u2014 helping the SCZone deliver seamless, digital investor services, including licenses and permits \u2014 with the second phase set to be launched in 1H2022.<\/p><p><strong>The bank signed <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/169dfb05-125a-4071-bb81-af610f454a22\">three other agreements<\/a><\/strong><strong> last week<\/strong> during the launch event for the lender\u2019s new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/169dfb05-125a-4071-bb81-af610f454a22\">2022-2027 Egypt strategy<\/a>. The EBRD signed off on the <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-promotes-greener-urban-transport-in-egypt-.html\">EUR 250 mn loan<\/a> for the Alexandria metro project, agreed to set up a <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-boosts-tourism-sector-skills-in-egypt-.html\">new initiative aimed at developing skills<\/a> in Egypt\u2019s tourism sector, and <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-assesses-lowcarbon-hydrogen-in-egypt.html\">inked an MoU<\/a> with the electricity and oil ministries to assess Egypt\u2019s hydrogen production potential.<\/p><p><strong>ALSO-<\/strong> Mass transit app <strong>Swvl<\/strong> is partnering with fintech startup <strong>Paynas<\/strong> to provide its drivers with <a href=\"https:\/\/ent.news\/2022\/3\/Swvl-Paynas-partner-on-integrated-financial-services.pdf\">financial services (pdf)<\/a> including compensation payouts, buy-now-pay-later options and ins. policies.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/consumer-protection-agency\/\">Consumer Protection Agency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paynas\/\">Paynas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ride-hailing\/\">ride-hailing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544536\" 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=\"544536\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/upcoming-spac-listings-are-on-life-support\/\">\r\n                            Upcoming SPAC listings are on life support                        <\/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\/08\/upcoming-spac-listings-are-on-life-support\/\" target=\"_blank\">\n                    Open in new tab                  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href=\"https:\/\/x.com\/intent\/post?text=Upcoming SPAC listings are on life support&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/08\/upcoming-spac-listings-are-on-life-support\/\">\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\/08\/upcoming-spac-listings-are-on-life-support\/&title=Upcoming SPAC listings are on life support\">\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=Upcoming+SPAC+listings+are+on+life+support+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F08%2Fupcoming-spac-listings-are-on-life-support%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\/08\/upcoming-spac-listings-are-on-life-support\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544536\" class=\"content-area-description single-story post-544536 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-hedge-fund tag-planet-finance tag-saudi-arabia tag-spacs tag-startups tag-tabby tag-tadawul wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Hedge funds are cashing in as \u201cdesperate\u201d SPACs hemorrhage investments: <\/strong>Special purpose acquisition companies are having to turn to hedge funds to help close their mergers as investors pull funds at increasing rates, the <a href=\"https:\/\/www.ft.com\/content\/991d89ec-1036-4a9e-b456-27a4a2256d30\">Financial Times<\/a> reports. More regulatory scrutiny, poor performances, and scandals have dimmed investors\u2019 appetite for the unorthodox investment vehicles, leading SPAC managers to look to hedge funds for short-term, loan-like arrangements in a \u201cdesperate\u201d bid to fill finance gaps. The hedge funds\u2019 capital is returned to them as soon as the SPAC transaction closes, in an expensive and short term arrangement that leaves newly public companies with depleted coffers. M&amp;A lawyers characterized the transactions as \u201ctoxic,\u201d while one SPAC sponsor described hedge funds who engage in the practice as \u201cambulance chasers.\u201d<\/p><p><strong>From the Gulf:<\/strong><\/p><ul>\n<li><strong>Gulf fintech major Tabby raises USD 54 mn round:<\/strong> Emirati buy-now-pay-later provider Tabby has raised USD 54 mn in a funding round led by Sequoia Capital India and Saudi VC firm STV, bringing its total funds raised so far to USD 180 mn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/sequoia-stv-lead-54-million-funding-for-gulf-fintech-tabby?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports. Tabby was once the \u201cmost funded\u201d fintech in the region, before MNT-Halan blew past the milestone with a blockbuster <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b07d9131-549a-4e31-aba4-b39a6704f6ac\">USD 120 mn funding round<\/a>late last year.<\/li>\n<li><strong>Selling Neom in New York: <\/strong>Execs at the Saudi crown prince\u2019s USD 500 bn city of the future will gauge investment appetite on Wall Street at an April meeting in New York. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/saudi-prince-s-500-billion-neom-megaproject-woos-wall-street?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Saudi Arabia will greenlight single-stock futures trading in the second quarter of t<\/strong><strong>his year<\/strong>, Tadawul Stock Exchange CEO Khalid Al-Hussan told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/saudi-exchange-to-allow-single-stock-futures-from-next-quarter\">Bloomberg TV<\/a>. The Saudi bourse will initially choose 10 liquid companies for futures trading, Al-Hussan said, with more to follow depending on investor demand. The move aims to boost liquidity by further liberalizing the exchange and luring foreign investors.<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,701<\/p>\n<\/td>\n<td>\n<p>-3.6% (YTD: -10.4%)<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,808<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +13.5%)<\/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>9,672<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +14.0%)<\/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>3,419<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +7.0%)<\/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>4,201<\/p>\n<\/td>\n<td>\n<p>-3.0% (YTD: -11.9%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,959<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -5.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 124.40<\/p>\n<\/td>\n<td>\n<p>+5.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.83<\/p>\n<\/td>\n<td>\n<p>-3.7%<\/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 1,996<\/p>\n<\/td>\n<td>\n<p>+1.5%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 38,226<\/p>\n<\/td>\n<td>\n<p>-2.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 3.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.49 bn (36.7% above the 90-day average). Foreign investors were net sellers. The index is down 10.4% YTD.<\/p><p><strong>In the green: <\/strong>Abu Qir Fertilizers (+0.9%), Cleopatra Hospital (+0.9%) and Mopco (+0.5%).<\/p><p><strong>In the red: <\/strong>CIB (-7.2%), Rameda (-7.0%) and MM Group (-6.7%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hedge-fund\/\">hedge fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tabby\/\">Tabby<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tadawul\/\">Tadawul<\/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 vertical-section wide-section going-green wp-block-group issue-section\" id=\"544537\">\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\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday 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\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-regs-are-out-for-the-legislation-that-is-supposed-to-solve-egypts-growing-waste-problem\/\">\r\n                            The regs are out for the legislation that is supposed to solve Egypt\u2019s growing waste problem<\/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\/goinggreens\/the-regs-are-out-for-the-legislation-that-is-supposed-to-solve-egypts-growing-waste-problem\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-regs-are-out-for-the-legislation-that-is-supposed-to-solve-egypts-growing-waste-problem\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/97.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"544538\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-regs-are-out-for-the-legislation-that-is-supposed-to-solve-egypts-growing-waste-problem\/97-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/97.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"97.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/97.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/97.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-544537\" class=\"content-area-description post-544537 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-enterprise-going-green tag-enterpriseam tag-recycling tag-regulation-watch tag-waste-management-act wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>The executive regulations for the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f88c424-fb0d-4c69-acf8-879ee73744ca\">Waste Management Act<\/a><\/strong><strong> are finally here. <\/strong>The <a href=\"https:\/\/ent.news\/2022\/3\/Waste-Managment-Regulations.pdf\">regulations (pdf)<\/a> set guidelines for the safe disposal of household, commercial, industrial, agricultural, and medical waste, and stipulate how waste disposal will be sustainably financed. The regulations also lay out a package of incentives to motivate private sector and small-scale players to chip in, as part of the drive to formalize waste management through a comprehensive national system.<\/p>\n<p><strong>Why do we need a Waste Management Act? <\/strong>First off, because we create a lot of waste at high expense. Egypt produces 50k-60k tonnes of solid waste per day, totaling 22 mn tonnes annually, at costs some estimate at as high as EGP 480 per tonne, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/acd63d4c-eaea-4fe3-9e67-1a7e8805b79d\">as we reported previously<\/a>. Solid waste collection fees introduced in 2005 don\u2019t cover more than some 20% of that cost, while stubborn structural problems in the industry \u2014 including the lack of a nationwide collection infrastructure and a struggling recycling market \u2014 have proved a barrier to private sector participation.<\/p>\n<p><strong>A national strategy under one authority: <\/strong>The law tasks the <a href=\"http:\/\/www.wmra.gov.eg\/ar-eg\/pages\/default.aspx\">Waste Management Regulatory<\/a><a href=\"http:\/\/www.wmra.gov.eg\/ar-eg\/pages\/default.aspx\">Authority<\/a> (WMRA) with creating and implementing a national strategy for integrated waste management. The exec regs lay out the strategy\u2019s key aims: Limiting the production of waste; converting waste into profitable resources; and encouraging recycling. The strategy should also develop a framework for improving the environmental management of sanitary landfills.<\/p>\n<p><strong>With licensed private providers pitching in:<\/strong> Under the law, anyone managing or importing non-hazardous waste will need a license to do so from the WMRA, which will set the license fee. Applicants must disclose information on their operations, organizational structure and staffing, and equipment, and agree to keep electronic records of their business. Providers must also train workers in best practices. The authority should process applications within a month and the license lasts for a year.<\/p>\n<p><strong>Also under the WMRA\u2019s remit: <\/strong>The authority is pretty much in charge of all things waste. It will advise on any new waste-related policy; approve development studies and projects in the sector; and sign off on waste-related spending in the draft state budget. The WMRA\u2019s board will also approve each governorate\u2019s local waste management plan. This all represents a much-expanded role for the authority, which had previously acted as an intermediary, rather than a policy leader.<\/p>\n<p><strong>The law aims to encourage small players and the private sector to get in on the <\/strong><strong>integrated waste management system with a raft of <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/2\/Perks-and-incentives-.pdf\">perks and incentives<\/a><\/strong><a href=\"https:\/\/ent.news\/2022\/2\/Perks-and-incentives-.pdf\">(pdf)<\/a>. Among these are the promise of financial and technical support from the Medium, Small, and Micro Enterprises Development Agency (MSMEDA) for licensed municipal waste collectors, transporters and recycling companies who haven\u2019t previously received similar perks.<\/p>\n<p><strong>Companies and facilities that voluntarily earmark a percentage of their net income to pay <\/strong><strong>into the waste management system will also get tub-tubs<\/strong> from the Environment Ministry with an annual list of the best among these players, based on the impact of their activities on the environment.<\/p>\n<p><strong>The regs seek to limit single-use plastic bags: <\/strong>The regulations prohibit the sale, trade, or distribution of single-use plastic bags unless they comply with certain specifications, such as those issued by the Egyptian Organization for Standardization and Quality, including <a href=\"https:\/\/bit.ly\/3Kl2iV0\">increasing their thickness<\/a> to reduce their chances of being carried by the wind. Even then, retailers and producers are prohibited from distributing plastic bags without charge except with written permission from the WMRA. Medium and large outlets are also required to start using multi-use shopping bags and promote their use to customers.<\/p>\n<p><strong>Critically, there are financial incentives to support the alternatives: <\/strong>The Finance Ministry will offer incentives including tax and customs exemptions to encourage the import, production and manufacturing of safe, environmentally friendly alternatives to single-use plastic bags. These apply to projects recycling plastic bags or facilities manufacturing biodegradable plastic bags.<\/p>\n<p><strong>Producers will also get branding incentives to reduce waste: <\/strong>The WRMA and the Trade Ministry will grant \u201cgreen label\u201d certificates to manufacturers who make low-waste or recyclable products to motivate manufacturers to increase their recyclable inputs and reduce the generation of industrial waste. The green label will be awarded to products that are made without causing harm to human health or the environment, that rationalize water and electricity use in the manufacturing process, and that are packaged sustainably.<\/p>\n<p><strong>On municipal waste:<\/strong> The regs task authorities (whether that is NUCA or local governorate authorities) with putting an end to unlicensed landfills and waste dumps within two years of the Waste Management Act coming into effect. Under the rules, the authorities are responsible for everything from putting a plan for these dumps\u2019 closure to safely disposing of their waste.The New Urban Communities Authority (NUCA) will finance municipal waste management in new cities.The regs also include specs on where intermediate waste processing facilities should be located.<\/p>\n<p><strong>Toxic and hazardous waste: <\/strong>A technical committee manned by representatives from various authorities and ministries will create a list of the kinds of waste deemed toxic or hazardous, and lay out rules for its management. Companies working in toxic waste management must open a comprehensive ins. policy with a licensed ins. provider, with a value equal to at least 50% of their activity.<\/p>\n<p><strong>No more waste-filled construction sites? <\/strong>The WMRA will implement a new system for the collection, transportation and disposal of construction and demolition waste through licensed firms, including by working to provide treatment sites. Authorities including the Local Development Ministry, individual governorates, and NUCA will work in tandem to designate landfill and recycling sites for construction waste.<\/p>\n<p><strong>The rules for construction firms:<\/strong> Companies have 20 days after wrapping up a construction project to safely dispose of any waste on the site, for which they will bear the costs. They must contract with a licensed company to provide containers to collect the waste, which needs to be safely stored to prevent it polluting the surrounding environment. Hazardous waste needs to be separated from the rest. Firms who don\u2019t comply with the new rules won\u2019t be able to get their new buildings hooked up to utilities until their waste has been safely disposed of.<\/p>\n<p><strong>Industrial waste management <\/strong>will fall under the purview of the Trade Ministry, which will form a committee to set standards for and oversee its safe disposal or recycling.<\/p>\n<p><strong>Agricultural and medical waste: <\/strong>Animal and plant waste must be reused, treated, or given or sold to recycling companies, rather than left to rot in fields following the harvest or illegally dumped. The Health Ministry is set to introduce a system to sterilize and bury medical waste. Medical waste should be brought back to the supplier or factory of origin, if the expiration is yet to pass.<\/p>\n<p><strong>What\u2019s next? <\/strong>Establishments have a year from when the regs were published to bring their waste disposal practices in line with the new rules.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top climate stories for the week:<\/strong><\/p>\n<ul>\n<li>(xxMA) <strong>EBRD to assess national green hydrogen strategy: <\/strong>The European Bank for Reconstruction and Development (EBRD) <a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/265298912451754\">signed an MoU<\/a> with the electricity and oil ministries to assess the technical, economic, and regulatory feasibility of creating a \u201clow carbon hydrogen economy in Egypt.\u201d<\/li>\n<li>(xxSA)<strong> COP27\u2019s Dutch delegation will move around Sharm El Sheikh <\/strong><strong><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1234\/462223\/Egypt\/Foreign-Affairs\/Dutch-delegation-at-COP-to-cycle-in-Sharm-ElSheikh.aspx\">on bicycles<\/a><\/strong><strong>.<\/strong><\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recycling\/\">recycling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waste-management-act\/\">Waste Management Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\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=\"544539\" 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\/08\/544539\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544539\" class=\"content-area-description single-story post-544539 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>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 \u2013 new administrative capital \u2013 10th of Ramadan Light Rail Train (LRT) line <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/327078179462609\">will start operating<\/a>.<\/p>\n<p>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 March: The first edition of <a href=\"https:\/\/www.exportsmart.net\/\">Export Smart<\/a> at Royal Maxim Palace Kempinski<\/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 (Thursday): GB Auto Extraordinary General Assembly (<a href=\"https:\/\/ent.news\/2022\/3\/GBAuto-06-03-2022.pdf\">pdf<\/a>).<\/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' playoff (TBC).<\/p>\n<p>26 March (Saturday): Egypt-EU World Trade Organization dispute settlement consultations end.<\/p>\n<p>28-29 March (Monday-Tuesday): The Egypt International Mining Show (<a href=\"https:\/\/egypt-mining.com\/\">EIMS 2022<\/a>) will take place virtually.<\/p>\n<p>28 March (Monday): The second leg of the 2022 FIFA World Cup qualifiers' playoff between Egypt and Senegal (TBC).<\/p>\n<p>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\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":544515,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-544514","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"f7c9b23f-ff90-434d-9b98-90a3688ebf55","teaser":"","photo_url":"https:\/\/ent.news\/2022\/3\/86.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 EGX30 is in correction territory as chaos sweeps the global commodities market - 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-egx30-is-in-correction-territory-as-chaos-sweeps-the-global-commodities-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The EGX30 is in correction territory as chaos sweeps the global commodities market\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-egx30-is-in-correction-territory-as-chaos-sweeps-the-global-commodities-market\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:42:09+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\/86.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-egx30-is-in-correction-territory-as-chaos-sweeps-the-global-commodities-market\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-egx30-is-in-correction-territory-as-chaos-sweeps-the-global-commodities-market\/\",\"name\":\"The EGX30 is in correction territory as chaos sweeps the global commodities market - 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