{"id":544541,"date":"2022-03-09T03:32:54","date_gmt":"2022-03-09T03:32:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544541"},"modified":"2025-12-15T20:42:41","modified_gmt":"2025-12-15T20:42:41","slug":"bread-price-controls-could-be-coming-cabinet-spokesman-says","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/bread-price-controls-could-be-coming-cabinet-spokesman-says\/","title":{"rendered":"Bread price controls could be coming, cabinet spokesman says"},"content":{"rendered":"<section id=\"544543\" 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=\"544543\">\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\/09\/this-morning-nato-chief-issues-warning-to-russia-a-good-night-for-isheep-market-volatility-continues\/\">\r\n                            THIS MORNING: Nato chief issues warning to Russia; A good night for iSheep; Market volatility continues                        <\/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\/09\/this-morning-nato-chief-issues-warning-to-russia-a-good-night-for-isheep-market-volatility-continues\/\" 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\/09\/this-morning-nato-chief-issues-warning-to-russia-a-good-night-for-isheep-market-volatility-continues\/')\">\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\/09\/this-morning-nato-chief-issues-warning-to-russia-a-good-night-for-isheep-market-volatility-continues\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Nato chief issues warning to Russia; A good night for iSheep; Market volatility continues&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/this-morning-nato-chief-issues-warning-to-russia-a-good-night-for-isheep-market-volatility-continues\/\">\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\/09\/this-morning-nato-chief-issues-warning-to-russia-a-good-night-for-isheep-market-volatility-continues\/&title=THIS MORNING: Nato chief issues warning to Russia; A good night for iSheep; Market volatility continues\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Nato+chief+issues+warning+to+Russia%3B+A+good+night+for+iSheep%3B+Market+volatility+continues+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F09%2Fthis-morning-nato-chief-issues-warning-to-russia-a-good-night-for-isheep-market-volatility-continues%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\/09\/this-morning-nato-chief-issues-warning-to-russia-a-good-night-for-isheep-market-volatility-continues\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544543\" class=\"content-area-description single-story post-544543 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-apple tag-enterpriseam tag-equities tag-financial-markets tag-nato tag-russia tag-russia-ukraine-war tag-ukraine tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Hello, everyone, and welcome to a brisk Wednesday <\/strong>in which domestic business news takes second seat to the latest from Eastern Europe.<\/p><p><strong>THE BIG STORY everywhere today remains <\/strong><strong>Russia\u2019s<\/strong><strong> invasion of Ukraine. <\/strong>Egypt is uniquely impacted as a country that has long had strong ties to both countries, who together account for up to 80% of our wheat supply and a third of our inbound tourism market. Ukrainian companies invest here and are working on transport projects. Russia has plans to build an industrial zone and a nuclear power plant.<\/p><p><strong>Russia-Ukraine coverage dominates this morning\u2019s edition<\/strong>, from the latest on disruptions to the global energy and commodities markets to the Madbouly government\u2019s warning it could move to temper rising bread prices \u2014 and a suggestion from JPMorgan that it\u2019s not impossible we\u2019ll be talking again with our friends at the International Monetary Fund for a new assistance package if the fallout continues. The Madbouly government has so far done a very solid job of leading us through a dicey situation that was not of our making; it makes eminently good sense for us to explore options now to hedge against a day when the global environment could become even more challenging. As the hoary old adage goes: An ounce of prevention is worth a pound of cure.<\/p><p><strong>An ominous warning: Nato boss Jens Stoltenberg warned Russia against attacking the <\/strong><strong>supply lines of member states who are supplying Ukraine <\/strong>with weapons and material, saying that to do so would be a \u201cdangerous escalation of the war raging in eastern Europe,\u201d <a href=\"https:\/\/www.cbc.ca\/news\/politics\/ukraine-russia-putin-stoltenberg-nato-1.6377675\">Canada\u2019s CBC reports<\/a>.<\/p><p><strong>MEANWHILE- IT WAS A GOOD NIGHT FOR Apple nerds, who got a glimpse of the future <\/strong><strong>with the <\/strong><strong><a href=\"https:\/\/www.apple.com\/newsroom\/2022\/03\/apple-unveils-all-new-mac-studio-and-studio-display\/\">Mac Studio<\/a><\/strong><strong> \u2014 and for the first time in years (and years and years) were rewarded with a stand-alone display. <\/strong>The all-new super-powered desktop computer targets creators, scientists, designers and others with crazy compute needs and has (mercifully) tons of ports. It also runs quiet and cool thanks to the M1 Ultra processor, which makes its debut in the Mac Studio.<\/p><p><strong>The company\u2019s first product event of the year also saw it unveil <\/strong>a <a href=\"https:\/\/www.apple.com\/newsroom\/2022\/03\/apple-announces-the-new-iphone-se-a-powerful-smartphone-in-an-iconic-design\/\">new iPhone SE<\/a> that includes a 4.7-inch display and support for 5G, a <a href=\"https:\/\/www.apple.com\/newsroom\/2022\/03\/apple-introduces-the-most-powerful-and-versatile-ipad-air-ever\/\">new iPad Air<\/a> with M1 chip (plus 5G in the wifi + LTE version), and <a href=\"https:\/\/www.apple.com\/newsroom\/2022\/03\/apple-introduces-gorgeous-new-green-finishes-for-the-iphone-13-lineup\/\">new colors<\/a> for the iPhone 13 (green and alpine green). You can <a href=\"https:\/\/www.apple.com\/apple-events\/march-2022\/\">watch a replay of the event here<\/a> or check out <a href=\"https:\/\/www.theverge.com\/2022\/3\/8\/22965564\/apple-event-iphone-se-ipad-air-m1-ultra-mac-studio-display-biggest-announcements\">the Verge\u2019s rundown on everything that Apple announced here.<\/a><\/p><p><strong>One more thing? <\/strong>The Mac Studio is even <a href=\"https:\/\/www.theverge.com\/2022\/3\/8\/22962081\/apple-mac-studio-m1-max-ultra-price-specs-processor-release-date\">more powerful<\/a> than then Mac Pro, which tops Apple\u2019s Mac line, but it won\u2019t be for long \u2014 a top Apple exec teased last night that a new Mac Pro is in the works.<\/p><p><strong>PSA #1- The weather is starting to cool today<\/strong>, with the mercury set to ease to 24\u00b0C in the capital city before hitting 20\u00b0C tomorrow and then slipping into the high teens from Friday through Monday.<\/p><p><strong>PSA #2- Our fellow coffee nerds may wish to attend the three-day 2022 National Barista <\/strong><strong>Championship<\/strong>, which gets underway tomorrow at the Egypt International Exhibition Center. <a href=\"https:\/\/www.instagram.com\/egyptcoffeecommunity\/\">Hit up IG for more<\/a>.<\/p><p><strong>KUDOS- With the pre-Ramadan silly season at its apex for folks in the ad industry, our <\/strong><strong>f<\/strong><strong>riends at Tarek Nour Communications have launched a wellness program <\/strong>with Singapore\u2019s <a href=\"https:\/\/www.mindnation.com\/\">MindNation<\/a>. <a href=\"https:\/\/ent.news\/2022\/3\/TNC_MindNation.pdf\">You can learn more about it here (pdf)<\/a> and as you read, ask yourself: <strong>Is there anything you can do as a leader at your company to make life better for your team?<\/strong> TNC\u2019s year-round program will walk the company\u2019s people through issues including work-life balance and goals for their mental health and physical well-being.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>MARKET WATCH-<\/strong><\/p><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>It was another day of volatility in the financial markets yesterday<\/strong> as investors reacted to Washington\u2019s decision to go ahead with a ban on Russian energy imports. Following a heavy sell-off on Monday, US stocks whipsawed through the session, eventually closing slightly in the red. The S&amp;P 500 ended almost 1% down after being up 2% earlier in the session, leaving it in correction territory. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/stock-plunge-commodity-surge-set-to-weigh-on-asia-markets-wrap?srnd=premium&amp;sref=mmeFTDW1\">Bloomberg<\/a> has more.<\/p><p><strong>Volatility in the commodities markets also continued following the oil ban<\/strong>, which we recap in this morning\u2019s news well, below.<\/p><p><strong>Shares in Asia are mounting a slight recovery in early trading this morning<\/strong>, with most indexes in the region in the green. Oil and gold are continuing where they left off yesterday and are seeing early albeit gains. Stock futures in Europe and the US indicate that shares will open in the green later today.<\/p><p><strong>THIS WEEK + BEYOND- <\/strong><\/p><p><strong>Turkish and Israeli heads of state will meet today for the first time in over a decade. <\/strong>Israeli President Isaac Herzog is in Ankara for talks with Turkish President Recep Tayyip Erdogan, who is hoping to mend bridges with a longtime foe, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkish-israeli-presidents-meet-first-time-after-fractious-decade-2022-03-08\/\">Reuters<\/a> reports.<\/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 tomorrow.<\/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>Inflation figures for February will be released <\/strong><strong>tomorrow<\/strong><strong>:<\/strong> Annual urban inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">hit its<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">highest level in almost two and a half years<\/a> in January due to rising food prices and an unfavorable base effect.<\/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 this Saturday, 12 March on its premises in Fustat, Old Cairo.<\/p><p><strong>Green energy forum: <\/strong>The German Arab Chamber of Industry and Commerce is hosting the Egyptian German Green Energy Forum on Tuesday, 22 March. Planning Minister Hala El Said, Vice Minister of Finance Ahmed Kouchouk and German Ambassador Frank Hartmann are among those slated to attend. The even runs 5:30-9:00pm CLT at the InterContinental Cairo Semiramis.<\/p><p><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.<\/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\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>Think Cairo\u2019s traffic is bad? There are 40 cities in the world worse than us.<\/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\/apple\/\">Apple<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nato\/\">NATO<\/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\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544544\" 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=\"544544\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/544544\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544544\" class=\"content-area-description single-story post-544544 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/soma-hotels1600pxjpg.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Experience luxury in every thoughtful detail where prestige hospitality is rediscovered with genuine warmth and passion. Awaken forgotten desires and build unforgettable memories to fuel a lifetime of inspiration. Spend your winter break at Somabay with special rates and choose among five different hotels at one destination. Visit: www.Somabay.com\/hotels\/<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544545\" 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=\"544545\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/oil-prices-rise-again-on-us-russia-energy-ban-moscow-to-retaliate-with-export-restrictions\/\">\r\n                            Oil prices rise again on US\u2019 Russia energy ban; Moscow to retaliate with export restrictions                        <\/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\/09\/oil-prices-rise-again-on-us-russia-energy-ban-moscow-to-retaliate-with-export-restrictions\/\" 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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As part of its sweeping sanctions package, US President Joe Biden <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/03\/08\/remarks-by-president-biden-announcing-u-s-ban-on-imports-of-russian-oil-liquefied-natural-gas-and-coal\/\">announced<\/a> that his country will aim for \"the main artery of Russia's economy\" by banning all energy imports from Russia, which supplies 17% of the world\u2019s gas and 12% of its oil.<\/p>\n<p><strong>The UK isn\u2019t going all-in right away<\/strong> and instead will phase out imports of Russian oil by the end of 2022, it <a href=\"https:\/\/www.gov.uk\/government\/news\/uk-to-phase-out-russian-oil-imports\">announced<\/a> yesterday. Russia, the world\u2019s second-largest crude exporter, currently provides around 8% of the country\u2019s total oil consumption. The government is also looking into reducing imports of natural gas, which only makes up 4% of its supply.<\/p>\n<p><strong>The market response: Brent rose as much as 7% to USD 133.00<\/strong> before falling back to close at USD 129.20, up 5%. US crude ended the session up 4.9% to USD 123.70, having eclipsed USD 129.00 earlier in the session.<\/p>\n<p><strong>The US is trying to limit the fallout on its economy by <\/strong><strong><a href=\"https:\/\/www.energy.gov\/articles\/us-and-30-countries-commit-release-60-million-barrels-oil-strategic-reserves-stabilize\">unlocking 30 mn barrels of crude<\/a><\/strong> <strong>from its reserves<\/strong>, part of a coordinated effort with other countries to shore up global supply that will see the release of 60 mn barrels.<\/p>\n<p><strong>How much higher can it go before demand destruction kicks in?<\/strong> Goldman Sachs <a href=\"https:\/\/www.livemint.com\/economy\/goldman-sachs-warns-global-economy-faces-largest-energy-supply-shocks-ever-11646736057566.html\">raised its 2022 spot price forecast<\/a> yesterday to USD 135 \u2014 and said that the world is facing one of the \u201c<strong>largest energy supply shocks ever<\/strong>.\u201d Norwegian consultancy Rystad Energy believes it could reach <a href=\"https:\/\/uk.finance.yahoo.com\/news\/oil-could-hit-200-barrel-143937092.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAEEk8OA2RhHSN9x9FByiQgbyCRGsO30pWCFWvicP9TMXaOt7MQ7vrufRlJrxG8TypfD21Q6f-OEANpR6iLGUZ5Z7dJ0CyQmfkvpBj1QpZv-nrsDSPcFNkES8c826fjxF7Z3xLPST8xhg8beGxVZ5TZK2XvH3ziBvj9QyIdQfKuEx\">an unprecedented USD 200<\/a> in the worst case scenario that Europe joins the embargo.<\/p>\n<p><strong>The move is unlikely to strike a critical blow to Russia\u2019s energy sector:<\/strong> The country provides only around 8% of the US and the UK\u2019s oil and will likely find willing buyers in Asia. The oil embargo would be most damaging if it included Europe, which is heavily reliant on Russian energy imports.<\/p>\n<p><strong>The response: Russia will move to ban exports of certain raw materials<\/strong> until the end of the year, according to <a href=\"https:\/\/interfax.com\/newsroom\/top-stories\/75965\/\">a decree<\/a> signed yesterday by President Vladimir Putin introducing \u201cspecial economic measures\u201d to \u201censure Russia\u2019s security.\u201d<\/p>\n<p><strong>The details remain sketchy:<\/strong> The Kremlin has not announced which raw materials it will block and said only that the government will decide in the next two days which countries will face restrictions. As well as being one of the world\u2019s largest energy producers, Russia is also a major exporter of nickel, palladium and uranium.<\/p>\n<p><strong>In other commodities news:<\/strong> Trading didn\u2019t quite match <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f59fbbaf-16c3-463e-8e10-a1010337507f\">the frenzy of Monday\u2019s session<\/a> though it was hardly a normal day at the office either:<\/p>\n<ul>\n<li><strong>Nickel trading has been suspended by the London Metals Exchange<\/strong> until at least 11 March after prices doubled to <a href=\"https:\/\/www.reuters.com\/business\/lme-suspends-nickel-trading-day-after-prices-see-record-run-2022-03-08\/\">more than USD 100k a tonne<\/a> yesterday.<\/li>\n<li><strong>Gold was close to closing at record highs<\/strong>, with futures rising 2.9% to close at USD 2,054.<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>EGYPT IN THE WAR-<\/strong><\/p>\n<p><strong>Ukraine wants Egypt\u2019s weapons: <\/strong>Ukraine has submitted an official request to Egypt to affirm its support for Kyiv by supplying it with weapons, defense equipment, ammunition, fuel and humanitarian support necessary to confront Russian forces, Ukrainian Charge d\u2019Affaires in Egypt Ruslan Nechai told <a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/03\/ukraine-calls-egypt-support-it-abandon-neutrality#ixzz7MxN87Z1j\">Al Monitor<\/a> in an interview.<\/p>\n<p><strong>Egypt has so far refrained from explicitly taking sides in the confl<\/strong><strong>ict<\/strong>. In its first reaction to the violence, the Foreign Ministry voiced <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/265630632413457\">\u201cdeep concern\u201d<\/a> and called for a political settlement (and an emergency meeting of the Arab League), but avoided directly criticizing Russia, with whom we have strong trade and military ties with. However, at last week\u2019s<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/294db1ac-d5c4-4292-9ca8-d39ca401e4a1\">emergency session<\/a>of the UN General Assembly, Egypt sided with Ukraine and joined 140 countries in condemning the invasion. Some 35 countries abstained, but Egypt and the GCC temporarily abandoned neutrality and joined the vast majority of the international community in censuring Moscow.<\/p>\n<p><strong>THE HUMAN TOLL- <\/strong><\/p>\n<p><strong>More than 2 mn people have now fled Ukraine in the 13 days since the war started<\/strong>, according to the <a href=\"https:\/\/data2.unhcr.org\/en\/situations\/ukraine\">UN<\/a>, and almost half of them are <a href=\"https:\/\/twitter.com\/1james_elder\/status\/1501148154934312963\">children<\/a>. The UN High Commissioner for Refugees has <a href=\"https:\/\/twitter.com\/FilippoGrandi\/status\/1500395166624010249?s=20&t=RkP4nRo8InmlbOfRG-3sWg\">called it<\/a> the fastest-growing refugee crisis in Europe since World War II.<\/p>\n<hr class=\"grey-line\">\n<p><strong>EXODUS-<\/strong><\/p>\n<p><strong>McDonald\u2019s, Starbucks, Coca-Cola and Pepsi suspend Russian operations: <\/strong>More major Western companies are suspending business in Russia in objection to its invasion of Ukraine. The latest raft of high-profile exits include <a href=\"https:\/\/www.coca-colacompany.com\/press-releases\/coca-cola-company-suspends-business-russia\">Coca-Cola<\/a> and <a href=\"https:\/\/www.pepsico.com\/news\/press-release\/pepsico-suspends-production-and-sale-of-pepsi-cola-and-other-global-beverage-brands-in-russia\">Pepsico<\/a>, which will now not sell soft-drinks in the country, <a href=\"https:\/\/corporate.mcdonalds.com\/corpmcd\/en-us\/our-stories\/article\/ourstories.Russia-update.html\">McDonald\u2019s<\/a>, which said it\u2019s temporarily suspending operations at its 850 locations, and <a href=\"https:\/\/stories.starbucks.com\/press\/2022\/letter-to-partners-from-kevin-johnson-on-ukraine\/\">Starbucks<\/a>, which is suspending all business activity in Russia including shipment of its products. Meanwhile, consumer goods giant <a href=\"https:\/\/www.unilever.com\/news\/news-search\/2022\/updated-unilever-statement-on-the-war-in-ukraine\/\">Unilever<\/a> became the first major European company to halt imports and exports out of Russia.<\/p>\n<p><strong>One Western company that won\u2019t be leaving is Danone<\/strong>, whose CEO has ruled out abandoning its operations or selling its businesses, the <a href=\"https:\/\/www.ft.com\/content\/a812ec18-058c-49b2-8a70-e8791ea1e43a\">Financial Times<\/a> reports.<\/p>\n<p><strong>Russia should nationalize factories owned by the boycotting companies<\/strong>, a senior figure in the ruling United Russia party has said, according to <a href=\"https:\/\/www.reuters.com\/business\/russia-proposes-nationalising-foreign-owned-factories-that-shut-operations-2022-03-08\/\">Reuters<\/a>.<\/p>\n<p><strong>European energy firms are continuing to exit Russia:<\/strong> Shell said it will pull out of Russia entirely, suspending the purchase of Russian crude oil and phasing out involvement in Russian hydrocarbons extending from oil to LNG, it said in <a href=\"https:\/\/www.shell.com\/media\/news-and-media-releases\/2022\/shell-announces-intent-to-withdraw-from-russian-oil-and-gas.html\">a statement<\/a>. The company had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4bf98c5-d0be-4ae8-9d34-0a935bf30f00\">already said<\/a> it would exit its JVs with Russian state-owned gas producer Gazprom. BP also <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-08\/shell-to-phase-out-all-purchases-of-russian-oil-and-gas?sref=mmeFTDW1\">announced<\/a> it would stop buying Russian energy after last week <a href=\"https:\/\/www.bp.com\/en\/global\/corporate\/news-and-insights\/press-releases\/bp-to-exit-rosneft-shareholding.html\">cutting ties with Rosneft<\/a>.<\/p>\n<p><strong>And Chinese companies look to be moving in:<\/strong> Chinese state companies could score a bargain as they look to buy or increase stakes in Russian energy and commodities companies, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-08\/china-considers-buying-stakes-in-russian-energy-commodity-firms?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reported yesterday. Companies such as Sinopec and China National Petroleum are reportedly considering making potential investments in Russian companies to boost its energy supplies and food security, \u201cnot as a show of support for Russia\u2019s invasion,\u201d according Bloomberg\u2019s unidentified sources.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/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\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war\/\">war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544547\" 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=\"544547\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/mps-approve-amendments-to-the-agrarian-reform-act-prison-reforms\/\">\r\n                            MPs approve amendments to the Agrarian Reform Act + prison reforms                        <\/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\/09\/mps-approve-amendments-to-the-agrarian-reform-act-prison-reforms\/\" 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 amendments aim to help repurpose unutilized land to meet needs in rural areas, including for hospitals and schools affiliated with the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da2a81a3-1162-48a2-9a5d-5768514275c1\">Decent Life initiative<\/a>.<\/p>\n<p><strong>Educational programs in prisons: <\/strong>The House also approved a draft law that aims to introduce rehabilitation and education programs in Egypt\u2019s prisons, <a href=\"https:\/\/bit.ly\/3Mwwu1i\">Masrawy<\/a> reported.<\/p>\n<p><strong>Next steps: <\/strong>Both bills will now make their way to President Abdel Fattah El Sisi to be signed into law.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agrarian-reform-act\/\">agrarian reform act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hayah-karima\/\">Hayah Karima<\/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\/legislation-watch\/\">Legislation 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=\"544549\" 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=\"544549\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/544549\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544549\" class=\"content-area-description single-story post-544549 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\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=\"544550\" 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=\"544550\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\">\r\n                            SODIC\u2019s net income up 89% y-o-y for 4Q2021                        <\/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\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\" 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\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/')\">\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\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\">\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=SODIC\u2019s net income up 89% y-o-y for 4Q2021&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\">\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\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/&title=SODIC\u2019s net income up 89% y-o-y for 4Q2021\">\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=SODIC%E2%80%99s+net+income+up+89%25+y-o-y+for+4Q2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F09%2Fsodics-net-income-up-89-y-o-y-for-4q2021%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\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/110.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544551\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/sodics-net-income-up-89-y-o-y-for-4q2021\/110-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/110.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"110.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/110.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/110.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544550\" class=\"content-area-description single-story post-544550 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-arabian-cement tag-cement tag-earnings tag-earnings-watch tag-enterpriseam tag-real-estate tag-sodic 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>Real estate giant SODIC\u2019s net income nearly doubled during 4Q 2021<\/strong>, rising 89% y-o-y to EGP 518 mn, according to the company\u2019s latest <a href=\"https:\/\/ent.news\/2022\/3\/08-03-2022-Sodic-Earnings-Press-Release-English.pdf\">earnings release (pdf<\/a><a href=\"https:\/\/ent.news\/2022\/3\/08-03-2022-Sodic-Earnings-Press-Release-English.pdf\">)<\/a>. Revenues rose 81% for the quarter to record EGP 3.6 bn. For the full year, net income was up 5% to EGP 860 mn, while revenues rose 24% to EGP 6.9 bn.<\/p>\n<p><strong>What drove the growth? <\/strong>Strong revenue growth in both the fourth quarter and the full year was driven by deliveries at East Cairo projects, which made up 84% of deliveries by value in the fourth quarter, and three-quarters of deliveries by value over the year. But the surge in revenues didn\u2019t fully trickle down to SODIC\u2019s bottomline in 2021, as margins were impacted by \u201cone-off costs\u201d and a \u201csharp decline\u201d in net finance income due to lower interest rates.<\/p>\n<p><strong>REMEMBER- <\/strong><strong>For real estate companies, sales \u2260 revenues.<\/strong> They book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project.<\/p>\n<p><strong>Sales: <\/strong>SODIC sold 928 units with a gross contracted sales value of almost EGP 6 bn during the fourth quarter, marking a 59% y-o-y increase in the number of units sold and an 81% rise in sales value. The company set new annual records for both number and value of units sold in 2021, selling 1.7k units for a total EGP 11.4 bn \u2014 up 54% in value on 2020. The growth came despite the temporary suspension of sales at the company\u2019s New Zayed project in West Cairo, after the Housing Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0579dbf-4aa3-467f-9573-236768e18475\">decided to move<\/a> it to a new location.<\/p>\n<p><strong>SODIC is under new management:<\/strong> The release is the SODIC\u2019s first since an Emirati consortium of real estate giant Aldar Properties and Abu Dhabi sovereign wealth fund ADQ <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ff33ea0-89c5-479c-87c3-bace1f57c63c\">acquired 85.5% of the company<\/a> for EGP 6.1 bn in December. The Aldar-ADQ consortium \u201chas communicated its objective to advance SODIC\u2019s position as a leading national developer by scale and reputation, growing the company\u2019s portfolio of mixed-use residential communities in Greater Cairo, the North Coast, and other major markets,\u201d the release read.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Arabian Cement returns to the black:<\/strong> Arabian Cement recorded net income of EGP 52 mn in 4Q 2021 after posting a EGP 78 mn in the same quarter in 2020, according to the company\u2019s latest <a href=\"https:\/\/ent.news\/2022\/3\/ACC-FY-2021-Earnings-Release.pdf\">earnings release (pdf)<\/a>. Revenues were up 44% to EGP 774 mn during the October-December period as market prices began to recover from an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dce8e2fd-6a12-472b-bab6-fc72d9848ad3\">extended supply glut<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arabian-cement\/\">Arabian Cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cement\/\">cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544552\" 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=\"544552\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/breadfast-appoints-new-cfo\/\">\r\n                            Breadfast appoints new CFO                        <\/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\/09\/breadfast-appoints-new-cfo\/\" 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\/09\/breadfast-appoints-new-cfo\/')\">\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\/09\/breadfast-appoints-new-cfo\/\">\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=Breadfast appoints new CFO&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/breadfast-appoints-new-cfo\/\">\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\/09\/breadfast-appoints-new-cfo\/&title=Breadfast appoints new CFO\">\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=Breadfast+appoints+new+CFO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F09%2Fbreadfast-appoints-new-cfo%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\/09\/breadfast-appoints-new-cfo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544552\" class=\"content-area-description single-story post-544552 post type-post status-publish format-standard hentry category-moves tag-breadfast tag-enterpriseam tag-moves tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong><a href=\"https:\/\/www.breadfast.com\/\">Breadfast<\/a><\/strong> has appointed <strong>Eugene Hooi<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/eugene-hooi-63aa4037\">LinkedIn<\/a>) as its first <strong>chief financial officer<\/strong>, according to a company <a href=\"https:\/\/ent.news\/2022\/3\/220308-Breadfast-CFO-Announcement.pdf\">statement (pdf)<\/a>. Hooi joins the local grocery delivery startup from the food investments team at US-based VC firm Prosus Ventures, before which he worked as an investment banker at Goldman Sachs.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/breadfast\/\">Breadfast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544553\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"544553\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/544553\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544553\" class=\"content-area-description single-story post-544553 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544554\" 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=\"544554\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/govt-weighs-price-controls-to-temper-rising-bread-prices\/\">\r\n                            Gov\u2019t weighs price controls to temper rising bread prices                        <\/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\/09\/govt-weighs-price-controls-to-temper-rising-bread-prices\/\" 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\/09\/govt-weighs-price-controls-to-temper-rising-bread-prices\/')\">\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\/09\/govt-weighs-price-controls-to-temper-rising-bread-prices\/\">\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=Gov\u2019t weighs price controls to temper rising bread prices&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/govt-weighs-price-controls-to-temper-rising-bread-prices\/\">\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\/09\/govt-weighs-price-controls-to-temper-rising-bread-prices\/&title=Gov\u2019t weighs price controls to temper rising bread prices\">\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=Gov%E2%80%99t+weighs+price+controls+to+temper+rising+bread+prices+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F09%2Fgovt-weighs-price-controls-to-temper-rising-bread-prices%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\/09\/govt-weighs-price-controls-to-temper-rising-bread-prices\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544554\" class=\"content-area-description single-story post-544554 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-commodities tag-diplomacy tag-enterpriseam tag-last-nights-talk-shows tag-mohammed-bin-salman tag-politics tag-russia tag-saudi-arabia tag-ukraine tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Rising bread prices featured heavily on the airwaves again last night: <\/strong>The government could consider introducing price controls on unsubsidized bread if sellers continue to raise their prices, cabinet spokesperson Nader Saad told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/youtu.be\/pfeotN67Cbw\">watch, runtime 5:25<\/a> | <a href=\"https:\/\/youtu.be\/5OwGX_56gvo\">5:12<\/a>). Saad also appeared on Kelma Akhira (<a href=\"https:\/\/youtu.be\/bOfIa5_nIas\">watch, runtime 9:37)<\/a>.<\/p>\n<p><strong>The mechanism could be similar to how the government regulates fuel prices across the country<\/strong>, according to Saad. The government currently fixes the prices of fuel sold at the pump and to factories, and reviews them at the beginning of every quarter according to movements in the global market.<\/p>\n<p><strong>The price of unsubsidized bread in the Greater Cairo area has risen by <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd6bb322-4455-45ba-a0a8-1cb3976dbdbc\">as much as 50%<\/a><\/strong> in the course of a week in response to global wheat prices. Saad accused sellers of hiking prices \u201cunnecessarily\u201d and urged them not to take advantage of the current global situation.<\/p>\n<p><strong>One wheat shipment is on its way from Russia<\/strong>, Saad said. Egypt has struggled to access regular grain shipments from the Black Sea region since the start of the conflict, with two cargoes <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ed46039-3d92-4d6c-acc9-0261343b42c2\">stuck in Ukraine<\/a> and another <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16670d8f-ff7e-4942-8c23-7f16a463f32f\">two tenders canceled<\/a> due to high prices and a lack of bids.<\/p>\n<p><strong>In non-Ukraine news: President Abdel Fattah El Sisi\u2019s meeting with Saudi Crown Prince Mohamed bin Salma in Riyadh yesterday<\/strong> got coverage on several of the talk shows. Al Hayah Al Youm\u2019s Mohamed Sherdy gave us live coverage from Riyadh (<a href=\"https:\/\/youtu.be\/_FnVJECEO9k\">watch, runtime 9:48<\/a>) to cover the meeting. The leaders discussed boosting their cooperation on fighting terrorism, increasing economic and investment partnerships, along with bolstering trade, real estate development, and tourism between the two countries. Ala Mas\u2019ouleety also had coverage (<a href=\"https:\/\/youtu.be\/16N84tRy4xY\">watch, runtime 13:59<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohammed-bin-salman\/\">Mohammed bin Salman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544555\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n  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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544556\" 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=\"544556\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/jpmorgan-thinks-there-is-a-reasonable-probability-that-we-could-start-talks-with-the-imf-on-another-assistance-program-if-global-conditions-continue-to-deteriorate\/\">\r\n                            JPMorgan thinks there is a \u201creasonable probability\u201d that we could start talks with the IMF on another assistance program \u2014 if global conditions continue to deteriorate                        <\/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\/09\/jpmorgan-thinks-there-is-a-reasonable-probability-that-we-could-start-talks-with-the-imf-on-another-assistance-program-if-global-conditions-continue-to-deteriorate\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n   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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/jpmorgan-thinks-there-is-a-reasonable-probability-that-we-could-start-talks-with-the-imf-on-another-assistance-program-if-global-conditions-continue-to-deteriorate\/&title=JPMorgan thinks there is a \u201creasonable probability\u201d that we could start talks with the IMF on another assistance program \u2014 if global conditions continue to deteriorate\">\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=JPMorgan+thinks+there+is+a+%E2%80%9Creasonable+probability%E2%80%9D+that+we+could+start+talks+with+the+IMF+on+another+assistance+program+%E2%80%94+if+global+conditions+continue+to+deteriorate+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F09%2Fjpmorgan-thinks-there-is-a-reasonable-probability-that-we-could-start-talks-with-the-imf-on-another-assistance-program-if-global-conditions-continue-to-deteriorate%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\/09\/jpmorgan-thinks-there-is-a-reasonable-probability-that-we-could-start-talks-with-the-imf-on-another-assistance-program-if-global-conditions-continue-to-deteriorate\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544556\" class=\"content-area-description single-story post-544556 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-commodities tag-enterpriseam tag-fiscal-policy tag-imf tag-russia-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-03\"><\/a> <strong>Will the Madbouly government open talks with the International Monetary <\/strong><strong>Fund on an assistance package to help us get through the fallout from Russia\u2019s war in Ukraine? <\/strong>Analysts at JPMorgan think that there is a \u201creasonable probability\u201d in the event that \u201cmarket conditions continue to deteriorate, according to a note to investors that <a href=\"https:\/\/www.reuters.com\/article\/idUSL2N2VB1E1\">Re<\/a><a href=\"https:\/\/www.reuters.com\/article\/idUSL2N2VB1E1\">uters picked up on<\/a>.<\/p>\n<p><strong>The problem: The war in Ukraine is turbo-charging global commodity prices<\/strong>, putting further pressure on state finances here and in emerging markets around the world. The prices of wheat and oil, which together make up the bulk of Egypt\u2019s import spend, have reached highs not seen in years. Egypt imports c. 80% of its wheat needs from Russia and Ukraine, and our tourism sector stands to lose out on revenues as holidaymakers from Russia and Ukraine drop.<\/p>\n<p><strong>Who\u2019s saying what: <\/strong><a href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/risks-to-egypts-external-financing-model-are-rising-08-12-2021\">Fitch said<\/a> in December (before the war broke out) that Egypt could require another IMF programme in the event of a liquidity squeeze, and top cabinet members including Mohamed Maait, Ali El Moselhy and Tarek El Molla (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/731d170e-0d1f-4b23-bc64-336247c74924\">here<\/a>) have been very blunt in public that Egypt is being uniquely squeezed as a result of the war. The IMF was tight-lipped in December when <a href=\"https:\/\/bit.ly\/3tG5mEr\">Masrawy<\/a> asked about whether Egypt would sign up for a new assistance program, saying the ball was squarely in Cairo\u2019s court.<\/p>\n<p><strong>BACKGROUND- We have turned to the lender twice in the past six years.<\/strong> Once in 2016 when we took out a <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2016\/11\/11\/PR16501-Egypt-Executive-Board-Approves-12-billion-Extended-Arrangement\">USD 12 bn facility<\/a> to back an ambitious program of economic reforms coinciding with the float of the EGP \u2014 and again after the onset of the covid-19 pandemic, when we borrowed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">USD 8 bn<\/a> to cushion the economic impact of the outbreak.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fiscal-policy\/\">fiscal policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-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=\"544557\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544558\" 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=\"544558\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/govt-to-pay-eur-150-mn-to-alstom-consortium-for-monorail-work\/\">\r\n                            Gov\u2019t to pay EUR 150 mn to Alstom consortium for monorail work                        <\/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\/09\/govt-to-pay-eur-150-mn-to-alstom-consortium-for-monorail-work\/\" 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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This is the second payment to the consortium, which also includes Orascom Construction and Arab Contractors, after it received USD 280 mn from the government in October, the sources reportedly said. The <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/06\/egypt-signs-usd-4-5-bn-agreement-for-monorails-to-giza-and-new-capital\/\">USD 4.5 bn project<\/a> is expected to be completed in May 2023.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>EFG Hermes<\/strong>\u2019 fintech platform <strong>valU<\/strong> has <a href=\"https:\/\/ent.news\/2022\/3\/valU-noon-English.pdf\">partnered (pdf<\/a><a href=\"https:\/\/ent.news\/2022\/3\/valU-noon-English.pdf\">)<\/a> with online marketplace <strong>Noon<\/strong> to provide installment plans for customers.<\/li>\n<li><strong>Contact Financial Holdings<\/strong> <a href=\"https:\/\/hapijournal.com\/?p=178480\">has signed an EGP 100 mn<\/a> factoring agreement providing finance for B2B marketplace <strong><a href=\"https:\/\/www.capiter.net\/\">Capiter<\/a><\/strong>.<\/li>\n<li><strong>Juhayna<\/strong> will temporarily <a href=\"https:\/\/bit.ly\/35WdmZQ\">resume operations<\/a> at the Assiut yogurt factory it shuttered in 2016, as the dairy giant starts preparing for Ramadan when demand is expected to triple.<\/li>\n<li><strong>Abu Dhabi Islamic Bank<\/strong> <a href=\"https:\/\/bit.ly\/3Ks21zK\">will lend<\/a><strong><a href=\"https:\/\/bit.ly\/3Ks21zK\">HoldiPharma<\/a><\/strong><a href=\"https:\/\/bit.ly\/3Ks21zK\">EGP 1 bn<\/a> to bring its meds production up to international standards in a bid to boost exports.<\/li>\n<li><strong>Palm Hills Developments<\/strong> has <a href=\"https:\/\/ent.news\/2022\/3\/%D8%A7%D9%86%D9%83%D9%88%D9%84%D9%8A%D8%B3-%D8%A8%D8%B9%D8%AF-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0-8-3-2022-1.pdf\">acquired (pdf)<\/a> a 7.97% stake in <strong>Incolease<\/strong> in an EGP 65.4 mn transaction.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alstom\/\">Alstom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-contractors\/\">Arab Contractors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capiter\/\">Capiter<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/contact-financial-holdings\/\">Contact Financial Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/holdipharma\/\">HoldiPharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/incolease\/\">Incolease<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/juhayna-monorail\/\">Juhayna. Monorail<\/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\/orascom-construction\/\">Orascom Construction<\/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\/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=\"544559\" 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=\"544559\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/09\/agthia-still-has-its-eye-on-egypt-acquisitions\/\">\r\n                            Agthia still has its eye on Egypt acquisitions                        <\/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\/09\/agthia-still-has-its-eye-on-egypt-acquisitions\/\" 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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Agthia recorded a 535% y-o-y jump in its net income to AED 216 mn in 2021, on the back of a 49% y-o-y increase in revenues to register AED 3.1 bn. The Emirati food player <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248e5d41-7c58-42ed-abe9-f67d9ac74995\">acquired<\/a>75% of Atyab brand owner Ismailia Agricultural and Industrial Investments last year, following a series of Gulf acquisitions.<\/p><p><strong>First Abu Dhabi Bank and Abu Dhabi Commercial Bank could soon be one entity: <\/strong>The two UAE lenders are close to finalizing a potential merger, <a href=\"https:\/\/bit.ly\/3hRy144\">Al Arabiya<\/a> reported yesterday citing sources with knowledge of the matter. If the merger goes ahead, it would create the largest banking entity in the region in terms of assets with more than USD 350 bn, the newspaper said. An announcement could be made by 2Q2022 or 3Q2022 if regulators approve the merger.<\/p><p><strong>Higher crude prices could translate into fewer sukuk issuances in the Gulf in <\/strong><strong>2022<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-08\/moody-s-expects-surge-in-oil-to-dampen-islamic-bond-sales?sref=mmeFTDW1\">Bloomberg<\/a>reported, citing a report from ratings agency Moody\u2019s. The surge in oil prices on the back of Russia\u2019s invasion of Ukraine means the six oil-rich GCC countries won\u2019t need as much financing through Islamic bonds, with Moody\u2019s estimating overall issuances to fall to USD 160-170 bn from USD 181 bn last year.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,397<\/p>\n<\/td>\n<td>\n<p>-2.8% (YTD: -13.30%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,851<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +13.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,732<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +14.7%)<\/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>3,412<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +6.8%)<\/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>4,196<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: -11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>6,964<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -5.7%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 129.20<\/p>\n<\/td>\n<td>\n<p>+4.9%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.53<\/p>\n<\/td>\n<td>\n<p>-6.3%<\/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 2,043<\/p>\n<\/td>\n<td>\n<p>+2.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 38,537<\/p>\n<\/td>\n<td>\n<p>+1.9% (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 2.8% at yesterday\u2019s close<\/strong> on turnover of EGP 1.29 bn (27.1% above the 90-day average). Local investors were net buyers. The index is down 13.0% YTD.<\/p><p><strong>In the green: <\/strong>Orascom Construction (+1.2%), EFG Hermes (+1.1%) and ADIB Egypt (+0.1%).<\/p><p><strong>In the red: <\/strong>MM Group (-8.6%), Heliopolis Housing (-5.5%) and CIB (-4.9%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-commercial-bank\/\">Abu Dhabi Commercial Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agthia\/\">Agthia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/first-abu-dhabi-bank\/\">First Abu Dhabi Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/google\/\">Google<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/islamic-bonds\/\">Islamic bonds<\/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\/mandiant\/\">Mandiant<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moodys\/\">Moody\u2019s<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shell\/\">Shell<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"544560\">\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\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday 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\/hardhat\/\">\r\n                            Read Hardhat                        <\/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\">9<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/your-morning-commute-isnt-nearly-as-bad-as-you-thought-in-relative-terms\/\"> \r\n                            Your morning commute isn\u2019t nearly as bad as you thought (in relative terms)<\/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\/hardhats\/your-morning-commute-isnt-nearly-as-bad-as-you-thought-in-relative-terms\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n        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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=\"544561\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/your-morning-commute-isnt-nearly-as-bad-as-you-thought-in-relative-terms\/114-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/114.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"114.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/114.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/114.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-544560\" class=\"content-area-description post-544560 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-enterprise-hardhat tag-enterpriseam tag-infrastructure tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>The data has spoken: Your commute in Cairo is by no means the worst in the world.<\/strong> Cairo was the 41st most-congested city in 2021, making it less congested than the likes of Paris, Dublin, Osaka, and Athens, according to the <a href=\"https:\/\/www.tomtom.com\/en_gb\/traffic-index\/ranking\/\">Tomtom Traffic Index<\/a>.<\/p>\n<p><strong>At the top of the index:<\/strong> Istanbul, whose traffic logjams resulted in some 142 hours of wasted time per year, the index shows. Rounding out the top five are Moscow (140 hours), Kyiv (128 hours), Bogota (126 hours), and Mumbai (121 hours). By contrast, Cairo traffic wastes around 80 hours per year.<\/p>\n<p><strong>How it\u2019s measured:<\/strong> The congestion level, expressed as a percentage, indicates how much longer travel times are \u201cthan during the baseline non-congested conditions. This means that a 30-minute trip driven in freeflow condition will take 11 minutes longer when the congestion level is at 35%.\u201d<\/p>\n<p><strong>If anything, our commutes have actually been less time-consuming and riddled with fewer jams than they were two years ago<\/strong>, <a href=\"https:\/\/www.tomtom.com\/en_gb\/traffic-index\/cairo-traffic\">the data shows<\/a>. The average annual congestion level dipped to 35% in 2021, from 36% in 2020 and 40% in 2019. Time-wise, the amount of time we wasted throughout 2021 in traffic is down 1% y-o-y and is 5% lower than 2019. By way of comparison, top-congested city Istanbul saw an 11% y-o-y increase in its congestion rates.<\/p>\n<p><strong>Probably helping to ease matters: The Sisi administration\u2019s massive transport infrastructure push.<\/strong> 2021 was a huge year for transportation infrastructure in Egypt, as we noted in our <a href=\"https:\/\/enterprise.press\/hardhats\/shell-coming-round-mountain-21\/\">Hardhat year in review<\/a>. Transport received the lion\u2019s share of allocations in the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/81752172-816f-49fe-9fc3-52b7a7f79894\">infrastructure public spending plan for FY2021-2022<\/a>, with some EGP 245 bn earmarked for roads, bridges, and river ports. That\u2019s besides the EGP 27 bn allocated for the railways alone. A chunk of that expenditure went towards overhauling our existing railways and metro lines, and the government also began moving towards new forms of advanced transport, such as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c77944-a194-421e-b52d-c3ab09523df6\">USD 4.5 bn high-speed rail<\/a> connecting the Red Sea to the Mediterranean and <a href=\"https:\/\/enterprise.press\/hardhats\/cairos-ring-road-isnt-just-getting-wider-its-getting-a-brt-lane-heres-why-thats-a-great-idea\/\">implementing the BRT system<\/a> on the Ring Road as part of a massive EGP 7.3 bn bn overhaul of the critical freeway.<\/p>\n<p><strong>Typically, our rush hours are worst between 6-7pm<\/strong>, with Tuesday and Wednesday being the worst days of the week. Morning rush hour (usually around 8am) adds an average 10 minutes to commute times, compared to the 19 minutes on average added to evening commutes.<\/p>\n<p><strong>Our worst day of the year:<\/strong> Sunday, 11 April, which recorded a 61% congestion rate. We expect the higher-than-usual congestion came as everyone went on their customary pre-Ramadan grocery buying spree \u2014 Ramadan began in the evening of Tuesday, 13 April. And our two most-congested months were March and November, with congestion rates in the low-40% range.<\/p>\n<p><strong>Interestingly, the first week or so of Ramadan saw some of the lowest congestion rates <\/strong>throughout the year, \u201cwith the congestion lower more than two times in comparison with respective days.\u201d<\/p>\n<p><strong>The ranking doesn\u2019t provide data for any other cities in Egypt outside Cairo<\/strong>, but the congestion map shown at the top of the ranking indicates what most of us already know: The Greater Cairo area is the most congested area of Egypt. The majority of the red and orange lines indicating heavy traffic are seen in Cairo and Helwan, with some other industrial and cosmopolitan hubs \u2014 such as Alexandria and Damietta \u2014 also show signs of major or minor delays due to traffic.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li>The <strong>European Bank for Reconstruction and Development (EBRD)<\/strong> has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/169dfb05-125a-4071-bb81-af610f454a22\">signed the final EUR 250 mn financing agreement<\/a> for the <strong>Alexandria metro project<\/strong> with the Transport Ministry.<\/li>\n<li>Cabinet is <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/350691530434607\">considering new legislation<\/a> that would <strong>strip people who encroach on agricultural land of their subsidy entitlements<\/strong>, and has <a href=\"https:\/\/alborsaanews.com\/2022\/03\/06\/1516955\">already taken action<\/a> against nearly 500 people.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/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>\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=\"544562\" 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\/09\/544562\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544562\" class=\"content-area-description single-story post-544562 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 annual <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>22 March (Tuesday): Egyptian German GReen Energy Forum, 5:30-9:30pm CLT at the InterContinental Cairo Semiramis.<\/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. 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