{"id":544564,"date":"2022-03-10T04:00:38","date_gmt":"2022-03-10T04:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544564"},"modified":"2025-12-15T20:43:24","modified_gmt":"2025-12-15T20:43:24","slug":"govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/","title":{"rendered":"Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly"},"content":{"rendered":"<section id=\"544566\" 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=\"544566\">\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\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/\">\r\n                            THIS MORNING: Inflation data out today; Stocks surge, oil plunges on Ukraine hopes.                        <\/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\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/\" 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\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/')\">\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\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/\">\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: Inflation data out today; Stocks surge, oil plunges on Ukraine hopes.&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/\">\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\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/&title=THIS MORNING: Inflation data out today; Stocks surge, oil plunges on Ukraine hopes.\">\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+Inflation+data+out+today%3B+Stocks+surge%2C+oil+plunges+on+Ukraine+hopes.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fthis-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes%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\/10\/this-morning-inflation-data-out-today-stocks-surge-oil-plunges-on-ukraine-hopes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544566\" class=\"content-area-description single-story post-544566 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-anchorage-investments tag-commodities tag-diplomacy tag-enterpriseam tag-equities tag-financial-markets tag-inflation tag-infrastructure tag-oil-and-gas tag-petchems tag-us tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people. We\u2019ve made it through another week together \u2014 and it <\/strong><strong>has been a doozy. <\/strong>(Does anybody use that word anymore? \u201cDoozy\u201d? It has nothing to do with the Duesenberg Motor Company \u2014 long defunct \u2014 and the folks who run the dictionary suggest <a href=\"https:\/\/www.merriam-webster.com\/dictionary\/doozy\">it\u2019s actually a corruption of \u201cdaisy\u201d from the late 1800s<\/a>, which at the time was slang for something or someone considered \u201cthe best.\u201d)<\/p><p><strong>THE BIG STORY THIS MORNING remains the war in Ukraine, a file on which Prime <\/strong><strong>Minister Moustafa Madbouly led by example yesterday. <\/strong>At a presser yesterday, the PM bluntly noted that (a) Egypt is uniquely squeezed between the two combatants and (b) that the fallout for our country is very real. Madbouly\u2019s meeting with the press comes after Mohamed Maait (finance), Tarek El Molla (oil) and Ali El Moselhy (supply) spent much of the past two weeks delivering very much the same messages. As we noted early this week, cabinet has really stepped up to manage \u2014 and communicate to the public \u2014 the impact on Egypt of this conflict, which has thrown already tricky global commodity markets into disarray and seen speculation among the Grand Wizards of High Finance that Egypt may consider opening talks with the IMF on a facility to help us through if markets don\u2019t stabilize soon.<\/p><p><strong>Also yesterday: President Abdel Fattah El Sisi spoke with Russian leader Vladimir Putin and called for a diplomatic solution to the conflict. <\/strong>We have chapter and verse on the latest developments from Ukraine and Russia in this morning\u2019s news well, below.<\/p><p><strong>MEANWHILE- <\/strong><strong>Inflation figures for Fe<\/strong><strong>bruary will be released today:<\/strong> Annual urban inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">hit its highest<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">level in almost two and a half years<\/a> in January due to rising food prices and an unfavorable base effect.<\/p><p><strong>PSA- Brace yourself for sweater weather this weekend. <\/strong>The Egyptian Meteorological Authority is<a href=\"https:\/\/www.facebook.com\/photo?fbid=325252092966698&amp;set=a.289008423257732\">predicting<\/a>a slight drop in temperature starting today through Saturday, with daytime highs of 19\u00b0C and overnight lows of 8\u00b0C across the capital and Alexandria. There\u2019s also a slight chance of light to medium rainfall in Cairo and the northern coasts.<\/p><hr class=\"grey-line\"><p><strong>WHAT\u2019S ALSO HAPPENING TODAY-<\/strong><\/p><p><strong>US Deputy Secretary of State Wendy Sherman <\/strong><strong><a href=\"https:\/\/www.state.gov\/deputy-secretary-shermans-travel-to-turkey-spain-morocco-algeria-and-egypt\/\">will be in town<\/a><\/strong><strong> for two days starting today.<\/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>Our fellow coffee nerds may wish to attend the three-day 2022 National Barista <\/strong><strong>Championship<\/strong>, which gets underway today at the Egypt International Exhibition Center. <a href=\"https:\/\/www.instagram.com\/egyptcoffeecommunity\/\">Hit up IG for more<\/a>.<\/p><p><strong>Petchem complex tender goes live this month:<\/strong> Anchorage Investments will launch the tender to choose the main contractor for its USD 2 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b234b47d-4c67-4ac4-8740-29a7de38916f\">petrochemical complex<\/a> in the Suez Canal Economic Zone in mid-March, the company announced in a <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/anchorage-investments-launches-its-2bn-major-petrochemicals-project-in-the-sczone-lyt5gf2f\">press release<\/a>. The Anchor Benitoite Project will produce a range of petrochemical products and natural gas derivatives, and is set to be completed within 36 months after funding is secured.<\/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-03\" class=\"content-anchor\"><\/a> <strong>Stocks surge, oil crashes on Ukraine hopes:<\/strong> US and European stocks had their best day since 2020 on hopes of a diplomatic solution to the Russia-Ukraine conflict. Following two weeks of almost constant losses, Germany\u2019s DAX surged 7.9%, while the S&amp;P 500 recovered from Monday\u2019s hefty sell-off, finishing 2.6% in the green. The rally came as a partial ceasefire was implemented in some areas of the country and Ukrainian President Volodymyr Zelenskiy signaled a potential compromise with Russia to end the conflict.<\/p><p><strong>We think traders might have been reading a bit too much into it though<\/strong>, for reasons we explain in this morning\u2019s War Watch, below.<\/p><p><strong>The rollercoaster in the global energy markets didn\u2019t stop as oil endured its worst day for two years:<\/strong> Following a historic spike at the start of the week, Brent and US crude tanked yesterday on hopes that oil producers would soon act to fix the escalating supply problem. WTI plunged 15% to USD 105 and Brent fell 12% to USD 112 a barrel after the UAE\u2019s US ambassador suggested that the country<a href=\"https:\/\/www.reuters.com\/business\/oil-extends-rally-after-us-bans-russian-imports-prompting-supply-fears-2022-03-09\/\">would push OPEC+ to increase supply<\/a>.<\/p><p><strong>But wait:<\/strong> The UAE\u2019s energy minister said later that the country <a href=\"https:\/\/www.reuters.com\/business\/energy\/uae-favors-oil-production-increase-media-citing-ambassador-us-2022-03-09\/\">remains committed to the current framework<\/a>, which sees the cartel increasing production by 400k barrels a day every month.<\/p><p><strong>Prices still remain elevated<\/strong>, with Brent still up some 15% since the beginning of the war.<\/p><p><strong>US wheat futures fell back yesterday<\/strong> after a <a href=\"https:\/\/www.usda.gov\/oce\/commodity\/wasde\/wasde0322.pdf\">government report (pdf)<\/a> forecast global stockpiles to rise, despite the war, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-09\/wheat-tumbles-as-traders-weigh-supply-with-war-raging-in-ukraine?sref=mmeFTDW1\">Bloomberg<\/a> reports. Chicago wheat fell by 6.6% during trading after the Department of Agriculture said larger production in Australia would boost stocks this year. The benchmark contract remains up 50% year-to-date due to supply fears caused by the conflict.<\/p><p><strong>Asia is picking up where Wall Street left off<\/strong>, with most indexes in the region seeing strong gains this morning. Europe and the US look to follow suit later today, according to the futures markets. Oil is continuing to dip, and was down c. 1.7% just before dispatch.<\/p><hr class=\"grey-line\"><p><strong>CORRECTION-<\/strong> We incorrectly said in the TL;DR section of yesterday\u2019s EnterpriseAM that First Abu Dhabi Bank (FAB) and Abu Dhabi Islamic Bank (ADIB) were considering a potential merger. The story body of the story correctly noted the potential merger between FAB and Abu Dhabi Commercial Bank (ADCB). We apologize for the typo \u2014 the entry has been updated on our web edition.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/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 event runs 5:30-9pm 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>(Much) further afield: Egypt will host the World Urban Forum in 2024 in cooperation with <\/strong><strong>UN Habitat. <\/strong>Prime Minister Moustafa Madbouly yesterday met with the regional director of the UN Habitat, Erfan Ali, to discuss preparations for the event, the two sides announced (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/354010960102664\">here<\/a> and <a href=\"https:\/\/twitter.com\/Erfan_A_Ali\/status\/1501279737746010130?cxt=HHwWpMC9zfT9ztUpAAAA\">here<\/a>). The forum aims to discuss rapid urbanization and its impact on communities, cities, economies, climate change and policies. This year\u2019s edition <a href=\"https:\/\/wuf.unhabitat.org\/\">will be held in Poland<\/a> this June.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/anchorage-investments\/\">Anchorage Investments<\/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\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/petchems\/\">petchems<\/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\/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=\"544567\" 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=\"544567\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/544567\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544567\" class=\"content-area-description single-story post-544567 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=\"544568\" 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=\"544568\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/\">\r\n                            Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly                        <\/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\/10\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/\" 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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Global wheat prices have surged 48% over the past two weeks, adding more than USD 100 to the price per ton, Madbouly said. In addition, sugar prices have risen 7%, frozen meat by 11% and poultry by 10% over the same period, he said. Oil prices have risen 15%.<\/p>\n<p><strong>Inflation was already on the up:<\/strong> Annual urban inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">reached a near two-and-a-half-year high in January<\/a>, underpinned by rising food prices and a declining base effect.<\/p>\n<p><strong>No sugar coating:<\/strong> The government is \u201cfully aware\u201d of Egypt\u2019s unique exposure to rising commodity prices \u2014 and the cost of living is certain to rise, he said. Prices of unsubsidized bread have already increased <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd6bb322-4455-45ba-a0a8-1cb3976dbdbc\">by up to 50%<\/a> since the start of the conflict.<\/p>\n<p><strong>The state will try to shoulder the burden:<\/strong> The government will try to absorb the costs \u201cas much as possible\u201d and relieve the inflationary impact on the public, the prime minister said. Finance Minister Mohamed Maait this week outlined the potential impact of the crisis on state finances, saying that the government may have to spend <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">an extra EGP 15 bn<\/a> to cover wheat imports. The Finance Ministry is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/731d170e-0d1f-4b23-bc64-336247c74924\">revising its budget targets<\/a> for the coming fiscal year in light of the situation, he said.<\/p>\n<p><strong>But what about the subsidy taper?<\/strong> The prime minister didn\u2019t say anything about government plans to partially lift bread subsidies, a plan that was in the works long before Russia invaded Ukraine. The Supply Ministry is supposed to announce its proposals <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/217bd2c8-c468-4975-b723-ba0e372c9b2c\">at the end of the month<\/a>, which could involve targeted cuts that ringfence the most vulnerable people.<\/p>\n<p><strong>The government is working to secure at least 3-6 months of reserves in all basic commodities<\/strong>, Madbouly said. Egypt currently has enough wheat to cover the next four months, and after the local harvest begins in April a further 5.5 mn tonnes will be added to supply, giving the country <strong>enough wheat to last it until the end of the year<\/strong>, he said.<\/p>\n<p><strong>And it\u2019s working on measures to step up wheat production:<\/strong> The government is preparing new incentives for farmers to increase the production of wheat, Agriculture Minister El Sayed El Quseir told Ala Mas\u2019ouleety\u2019s Ahmed Moussa last night (<a href=\"https:\/\/youtu.be\/mh4vl58RZm8\">watch, runtime 10:55<\/a>), without disclosing details.<\/p>\n<p><strong>It\u2019s not just food prices that are rising:<\/strong> Other areas of the economy such as manufacturing and construction will face higher input costs as the prices of raw materials rise. Iron ore prices have been <a href=\"https:\/\/www.nasdaq.com\/articles\/iron-ore-prices-rise-as-russia-ukraine-conflict-clouds-supply-outlook\">climbing<\/a> over concerns that the conflict could curb global supply of the key steelmaking ingredient, while steel prices in Europe <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-07\/eu-steel-prices-surge-on-hit-to-supply-from-ukraine-and-russia\">surged 22%<\/a> last week to their highest since August. Ezz Steel is now selling a ton of steel for EGP 17k after raising its prices by EGP 2k over the past month, while the Suez Steel Company hiked its prices by around EGP 1.5k, according to <a href=\"https:\/\/www.masrawy.com\/news\/news_economy\/details\/2022\/3\/9\/2188606\/-%D8%AD%D8%AF%D9%8A%D8%AF-%D8%B9%D8%B2-%D9%8A%D8%B1%D9%81%D8%B9-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%B7%D9%86-1500-%D8%AC%D9%86%D9%8A%D9%87-%D9%81%D9%8A-%D8%A7%D9%84%D8%A3%D8%B3%D9%88%D8%A7%D9%82#sectionListing\">Masrawy<\/a>.<\/p>\n<p><strong>The government has formed a crisis committee to manage the implications of the Russian-Ukrainian war<\/strong>, similar to the covid crisis committee that was formed in 2020, Madbouly said, adding that the government, private sector and the public \u201care able to overcome this crisis together.\u201d<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/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=\"544570\" 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=\"544570\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/ukraine-neutrality-sisi-talks-to-putin\/\">\r\n                            Ukraine neutrality + Sisi talks to Putin                        <\/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\/10\/ukraine-neutrality-sisi-talks-to-putin\/\" 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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Kyiv had agreed to amend its constitution as part of the Minsk accords signed following the 2014 conflict, but did not follow through.<\/p>\n<p><strong>But Kyiv won\u2019t give on Russia\u2019s territorial claims:<\/strong> The Ukrainian government will not hand over a \u201csingle inch of territory\u201d to Russia, Zhovkva said, rejecting Moscow\u2019s demands that it accept Russian sovereignty over Crimea and recognize the breakaway states in the Donbas as independent territories.<\/p>\n<p><strong>And demands a total ceasefire:<\/strong> \u201cOur first and foremost pre-condition for having such kind of negotiations is immediate cease-fire and withdrawal of Russian troops,\u201d he said.<\/p>\n<p><strong>Zelenskiy\u2019s hand isn\u2019t getting any stronger<\/strong>, with the southern city of Mariupol likely to fall in the coming days and a renewed assault on Kyiv expected this week. Putin hasn\u2019t indicated any willingness for a total ceasefire and has insisted that troops will continue with the operation.<\/p>\n<p><strong>EGYPT IN THE WAR-<\/strong><\/p>\n<p><strong>Egypt calls for diplomatic solution: <\/strong>President Abdel Fattah El Sisi called for dialogue and offered to help mediate an end to the conflict during talks with Putin yesterday, Ittihadiya said in <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/520991856056214\">a statement<\/a>. During the call, El Sisi told the Russian president that Egypt is ready to step in to help find a political settlement to the crisis,<\/p>\n<p><strong>Ties remain cordial:<\/strong> The two leaders emphasized the strength of \u201cdeeply-rooted and historical relations\u201d and El Sisi thanked Putin for helping to evacuate Egyptian nationals from the country.<\/p>\n<p><strong>There are good reasons why Egypt isn\u2019t going to be joining the West in ostracizing Moscow:<\/strong> \u201cThe presidents discussed further development of the strategic partnership between Russia and Egypt, including major joint projects in nuclear energy and industrial production,\u201d according to <a href=\"http:\/\/en.kremlin.ru\/events\/president\/news\/67952\">a readout<\/a> of the conversation from the Kremlin.<\/p>\n<p><strong>Russia and the Ukraine together account for about 80% of our wheat supply <\/strong>(with Russia being the larger of the two suppliers) and a third of our inbound tourism market.<\/p>\n<p><strong>ON THE GROUND- <\/strong><\/p>\n<p><strong>There has been slight progress on evacuations:<\/strong> More than 40k people were evacuated yesterday though people struggled to escape from conflict hotspots around Kyiv, Kharkiv and Mariupol, Ukrainian negotiator said yesterday, according to <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-evacuated-40000-one-day-problems-with-mariupol-kyiv-kharkiv-areas-2022-03-09\/\">Reuters<\/a>. Shelling continued in a number of places in the country despite Moscow agreeing to a 12-hour ceasefire to evacuate civilians. It remains unclear which side breached the ceasefire, with both sides trading blame for the continued fighting.<\/p>\n<p><strong>Fighting has been most intense in the southern city of Mariupol<\/strong>, which has been surrounded by Russian forces for over a week, with Ukrainian authorities describing conditions as \u201c<a href=\"https:\/\/www.theguardian.com\/world\/2022\/mar\/09\/ukraine-mariupol-civilians-russia-war\">apocalyptic<\/a>.\u201d<\/p>\n<p><strong>Russia bombed a childrens\u2019 hospital in the city yesterday: <\/strong>Russian airstrikes hit a maternity hospital in Mariupol yesterday, injuring at least 17 people, according to Ukrainian officials. The attack drew <a href=\"https:\/\/www.reuters.com\/world\/europe\/russia-promises-silence-ukrainians-flee-battered-cities-2022-03-09\/\">condemnation from US<\/a> and other Western leaders after troubling footage and photos of the attack were shared on social media and in the press.<\/p>\n<p><strong>THE HUMAN TOLL- <\/strong><\/p>\n<p><strong>The number of refugees from Ukraine has grown to more than 2.1 mn<\/strong>, according to the latest <a href=\"https:\/\/data2.unhcr.org\/en\/situations\/ukraine\">UN tally<\/a>.<\/p>\n<p><strong>SANCTIONS-<\/strong><\/p>\n<p><strong>The US could move to sanction Russian state nuclear company Rosatom<\/strong>, people familiar with the matter tell <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-09\/u-s-weighs-sanctions-on-russian-nuclear-power-supplier-rosatom?sref=mmeFTDW1\">Bloomberg<\/a>. The Biden administration has not taken a final decision on the move and is consulting with experts on the potential effects, the people said. Uranium was conspicuously absent from Washington\u2019s energy ban announced Tuesday, which blocks the import of Russian oil, gas and coal.<\/p>\n<p><strong>This could be disruptive:<\/strong> The company enriches around 35% of the world\u2019s uranium and ships the fuel to Europe and elsewhere around the world.<\/p>\n<p><strong>With potential blowback for us: <\/strong>Rosatom is the driving force behind the Dabaa nuclear plant, and is expected to begin construction on the facility later this year.<\/p>\n<p><strong>The EU\u2019s sanctions list grows ever longer:<\/strong> The EU has added another 14 Russian business people and 146 lawmakers to its sanctions list, according to documents seen by the <a href=\"https:\/\/www.ft.com\/content\/b45ec05a-7f2b-491f-806e-4e5c0082cdb6\">Financial Times<\/a>. Among the individuals targeted are executives at some of the country's biggest energy and banking companies and the CEO of flag carrier Aeroflot.<\/p>\n<p><strong>EXODUS- <\/strong><\/p>\n<p><strong>Western companies continued to announce pulling out of Russia yesterday: Amazon, Nestle, Sony, <\/strong><strong>Mondelez and Philip Morris<\/strong> all said they would be scaling down their operations in Russia yesterday in response to the invasion. Following Unilever and Procter and Gamble, Nestle said it would stop its investments in Russia, while Mondelez will reduce its nonessential activities in the country. Amazon and Sony are now longer shipping products to Russia, and the US ecommerce giant has also switched off Amazon Prime to Russian customers.<\/p>\n<p>Meanwhile, <strong>French hotelier Accor<\/strong>, which operates the Fairmont, Sofitel and Banyan Tree brands, <strong>is keeping its Russian hotels open<\/strong> but suspending future developments in a similar move taken by Hilton and Hyatt. <a href=\"https:\/\/www.reuters.com\/business\/exodus-draws-russian-threat-nationalise-foreign-plants-2022-03-09\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-09\/accor-halts-future-russia-projects-while-keeping-hotels-open?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> have more.<\/p>\n<p><strong>Italian energy group Eni has halted the purchase of oil from Russia<\/strong>, as EU leaders look to set up a plan to phase out the bloc\u2019s dependency on Russian energy sources. European oil giants Shell and BP <a href=\"https:\/\/www.wsj.com\/articles\/shell-to-withdraw-from-russian-oil-and-gas-amid-ukraine-war-11646737271\">announced<\/a> they would sever business ties with Russia earlier this week.<\/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\/diplomacy\/\">DIPLOMACY<\/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\/vladimir-putin\/\">Vladimir Putin<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zelenskiy\/\">Zelenskiy<\/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=\"544572\" 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=\"544572\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\">\r\n                            Banks have until September to comply with new capital requirements                        <\/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\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\" 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\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/')\">\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\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\">\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=Banks have until September to comply with new capital requirements&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\">\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\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/&title=Banks have until September to comply with new capital requirements\">\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=Banks+have+until+September+to+comply+with+new+capital+requirements+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fbanks-have-until-september-to-comply-with-new-capital-requirements%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\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/124.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544573\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/banks-have-until-september-to-comply-with-new-capital-requirements\/124-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/124.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"124.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/124.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/124.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544572\" class=\"content-area-description single-story post-544572 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-enterpriseam tag-regulation wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Banks now have until 14 September to comply with the new <\/strong><strong>capital requirements<\/strong> in the 2020 Banking Act after the central bank agreed to extend the deadline by a year, according to a<a href=\"https:\/\/ent.news\/2022\/3\/OfficialGazette-8March.pdf\">decree published in the Official Gazette (pdf)<\/a>.<\/p>\n<p><strong>The rules:<\/strong> Under the legislation, banks have to have <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/22\/commercial-banks-could-see-capital-requirements-rise-tenfold-under-banking-act-amendments\/\">at least EGP 5 bn<\/a> in liquid assets, a tenfold hike from previous rules. Foreign lenders\u2019 minimum capital was raised threefold to USD 150mn, while forex bureaus\u2019 increased fivefold to EGP 25 mn.<\/p>\n<p><strong>Why the extension?<\/strong> After the bill was signed into law in September 2020, banks were initially given a year to comply with the rules, but the legislation allows the central bank to extend this period by another two years. The CBE has not publicly commented on the reasons for the extension.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/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=\"544574\" 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=\"544574\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/\">\r\n                            EFG Hermes signs EGP 600 mn sale and leaseback agreement with LMD                        <\/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\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/\" 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\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/')\">\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\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/\">\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=EFG Hermes signs EGP 600 mn sale and leaseback agreement with LMD&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/\">\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\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/&title=EFG Hermes signs EGP 600 mn sale and leaseback agreement with LMD\">\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=EFG+Hermes+signs+EGP+600+mn+sale+and+leaseback+agreement+with+LMD+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fefg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd%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\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/126.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544575\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/efg-hermes-signs-egp-600-mn-sale-and-leaseback-agreement-with-lmd\/126-jpg-13\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/126.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"126.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/126.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/126.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544574\" class=\"content-area-description single-story post-544574 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-efg-hermes tag-efg-hermes-corp-solutions tag-enterpriseam tag-leasing tag-lmd tag-non-banking-financial-services wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>EFG Hermes Corp-Solutions has signed a EGP 600 mn sale and leaseback <\/strong><strong>agreement with real estate developer <\/strong><strong><a href=\"https:\/\/lmd.com.eg\/\">LMD<\/a><\/strong> to finance its multi-purpose <a href=\"https:\/\/lmd.com.eg\/property-item\/3sixty\/\">3\u2019Sixty<\/a> project in New Cairo, it announced in a <a href=\"https:\/\/ent.news\/2022\/3\/EFG-Hermes-Corp-Solutions-x-LMD-Sale-Leaseback-English.pdf\">press release (pdf)<\/a> yesterday. The developer received the funding in two equal tranches, which were disbursed in January and early March.<\/p>\n<p><strong>LMD will direct the funds to \u201censure fast-paced construction and on-time delivery\u201d of the project<\/strong>, CEO Amr Sultan said in the release. The EGP 4 bn business and leisure park is set to include offices, clinics, and retail space.<\/p>\n<p><strong>EFG likes real estate: <\/strong>This marks the latest of several agreements in real estate for EFG\u2019s leasing and factoring arm, which is looking to make further inroads in the sector. \u201cThe real estate sector in Egypt continues to be one of the most attractive and fast-growing sectors,\u201d CEO Talal Elayat said, adding that the company plans \u201cto continue to offer our premium financing opportunities to real estate developers in order to add high-quality, income-generating assets to our portfolio.\u201d EFG signed two separate EGP 750 mn leaseback agreements with real estate developers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/850d2216-0b24-4ff5-9248-017e0d9c3a42\">Misr Italia<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2eac66cd-7c5e-4937-9583-6fb425f3a217\">Madinet Nasr for Housing and Development<\/a> in the fourth quarter of 2021.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes-corp-solutions\/\">EFG Hermes Corp Solutions<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/leasing\/\">leasing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lmd\/\">LMD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/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=\"544576\" 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=\"544576\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/\">\r\n                            Carrefour Egypt to spend EGP 250 mn on Egypt expansion                        <\/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\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/\" 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\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/')\">\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\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/\">\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=Carrefour Egypt to spend EGP 250 mn on Egypt expansion&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/\">\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\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/&title=Carrefour Egypt to spend EGP 250 mn on Egypt expansion\">\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=Carrefour+Egypt+to+spend+EGP+250+mn+on+Egypt+expansion+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fcarrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion%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\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/127.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544577\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/carrefour-egypt-to-spend-egp-250-mn-on-egypt-expansion\/127-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/127.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"127.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/127.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/127.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544576\" class=\"content-area-description single-story post-544576 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-brmaja tag-carrefour-egypt tag-enterpriseam tag-investment-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>Carrefour Egypt plans to invest EGP 250 mn and build 10 new stores in Egypt this <\/strong><strong>year<\/strong>, <a href=\"https:\/\/bit.ly\/3CrA1cA\">Masrawy<\/a> quotes Carrefour Egypt head Philippe Peguilhan as saying. The Majid Al Futtaim-owned retailer is eyeing new locations in Cairo, Alexandria, the North Coast, the Red Sea, the Delta, and New El Alamein. Carrefour currently has 59 stores nationwide, including 14 hypermarkets and 45 supermarkets.<\/p>\n<p><strong>Ramadan prep amid the commodities crunch: <\/strong>At a recent meeting with government officials, Carrefour pledged to ensure all its product lines are available at reasonable prices ahead of Ramadan, despite Russia\u2019s war on Ukraine, Peguilhan said. The war has knocked out a good chunk of global wheat supply, sending prices soaring and threatening widespread food inflation.<\/p>\n<p><strong>Continued expansion: <\/strong>The chain saw sales rise 40% \u2014 exceeding its targets \u2014 and built seven new stores last year. Peguilhan said. Carrefour had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21b67e23-681b-497f-995a-b9c4c6b9bc0b\">reportedly targeted<\/a> investing EGP 400 mn to set up 20 new branches in 2021, backed by expectations for a rapid recovery in consumer demand.<\/p>\n<p><strong>OTHER INVESTMENT NEWS-<\/strong><\/p>\n<p><strong>Saudi tech firm Brmaja plans to increase its <\/strong><strong>investments in Egypt by 20% this year<\/strong>, <a href=\"https:\/\/bit.ly\/3vSGbkW\">Al Mal<\/a> reported CEO Hatem Bakheet as saying, without disclosing figures. The company and its two subsidiaries, Brmaja IT and Brmaja Innovation, are all looking to expand in the Egyptian market this year, he said.<\/p>\n<p><strong>The company\u2019s Egyptian arm has said it is eyeing an IPO on the EGX as early as this<\/strong><strong> month<\/strong>, but we\u2019ve seen little to suggest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c0cf8c6-a520-48bc-a8b1-07d272ed86ff\">the offering by<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c0cf8c6-a520-48bc-a8b1-07d272ed86ff\">Brmaja Innovation<\/a> is imminent. The company registered its shares with Misr for Central Clearing, Depository and Registry last month and is has said it could list 20% of its shares in an EGP 400 mn sale. It has plans to acquire its Saudi parent company in a reverse merger ahead of the listing.<\/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\/brmaja\/\">Brmaja<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carrefour-egypt\/\">Carrefour Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment 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=\"544578\" 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=\"544578\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/shatablee-receives-usd-1-2-mn-investment\/\">\r\n                            Shatablee receives USD 1.2 mn investment                        <\/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\/10\/shatablee-receives-usd-1-2-mn-investment\/\" 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\/10\/shatablee-receives-usd-1-2-mn-investment\/')\">\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\/10\/shatablee-receives-usd-1-2-mn-investment\/\">\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=Shatablee receives USD 1.2 mn investment&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/shatablee-receives-usd-1-2-mn-investment\/\">\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\/10\/shatablee-receives-usd-1-2-mn-investment\/&title=Shatablee receives USD 1.2 mn investment\">\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=Shatablee+receives+USD+1.2+mn+investment+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fshatablee-receives-usd-1-2-mn-investment%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\/10\/shatablee-receives-usd-1-2-mn-investment\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544578\" class=\"content-area-description single-story post-544578 post type-post status-publish format-standard hentry category-startup-watch tag-enterpriseam tag-investment-watch tag-shatablee tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Interior design startup <\/strong><strong><a href=\"https:\/\/www.shatablee.com\/\">Shatablee<\/a><\/strong><strong> has received a USD 1.2 mn investment<\/strong>, the company announced in <a href=\"https:\/\/www.wamda.com\/2022\/03\/shatablee-raises-1-2-million-interior-design-platform\">a press release<\/a>, without disclosing the investors. The money will be used to fund the company\u2019s expansion plans, founder and CEO Moustada Amer said, without providing further details.<\/p>\n<p><strong>About Shatablee:<\/strong> Founded in 2021, the company gives people the ability to design the interiors of their homes via a digital 3D platform. Users are given the option of a number of design packages which can then be customized to their personal tastes.<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shatablee\/\">Shatablee<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544579\" 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=\"544579\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/migrant-smugglers-could-face-life-imprisonment-in-proposed-law-changes\/\">\r\n                            Migrant smugglers could face life imprisonment in proposed law changes                        <\/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\/10\/migrant-smugglers-could-face-life-imprisonment-in-proposed-law-changes\/\" 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\/10\/migrant-smugglers-could-face-life-imprisonment-in-proposed-law-changes\/')\">\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\/10\/migrant-smugglers-could-face-life-imprisonment-in-proposed-law-changes\/\">\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=Migrant smugglers could face life imprisonment in proposed law changes&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/migrant-smugglers-could-face-life-imprisonment-in-proposed-law-changes\/\">\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\/10\/migrant-smugglers-could-face-life-imprisonment-in-proposed-law-changes\/&title=Migrant smugglers could face life imprisonment in proposed law changes\">\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=Migrant+smugglers+could+face+life+imprisonment+in+proposed+law+changes+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fmigrant-smugglers-could-face-life-imprisonment-in-proposed-law-changes%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\/10\/migrant-smugglers-could-face-life-imprisonment-in-proposed-law-changes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544579\" class=\"content-area-description single-story post-544579 post type-post status-publish format-standard hentry category-legislation-watch tag-enterpriseam tag-house-of-representatives tag-immigration tag-legislation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The House of Representatives approved in principle amendments to the law <\/strong><strong>combating illegal immigration. <\/strong>The proposed rules would increase penalties for anyone found guilty of attempting, mediating, or committing the act of smuggling migrants, handing out fines of EGP 200-500 mn and undisclosed jail time. If the crime is committed by an organized criminal group or for terrorism-related purposes, or if the migrants die in the process, the perpetrators could face up to life in prison, and fines ranging between EGP 500 mn - 5 mn, according to <a href=\"https:\/\/www.elbalad.news\/5192773\">Sada El Balad.<\/a><\/p>\n<p><strong>Next steps:<\/strong> The amendments will head back to the House for a final vote, and if passed, will be handed to President Abdel Fattah El Sisi to be ratified 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\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/immigration\/\">immigration<\/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=\"544580\" 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=\"544580\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/e-finances-net-income-up-84-in-4q2021\/\">\r\n                            E-finance\u2019s net income up 84% in 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\/10\/e-finances-net-income-up-84-in-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\/10\/e-finances-net-income-up-84-in-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\/10\/e-finances-net-income-up-84-in-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=E-finance\u2019s net income up 84% in 4Q2021&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/e-finances-net-income-up-84-in-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\/10\/e-finances-net-income-up-84-in-4q2021\/&title=E-finance\u2019s net income up 84% in 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=E-finance%E2%80%99s+net+income+up+84%25+in+4Q2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fe-finances-net-income-up-84-in-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\/10\/e-finances-net-income-up-84-in-4q2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544580\" class=\"content-area-description single-story post-544580 post type-post status-publish format-standard hentry category-earnings-watch tag-e-finance tag-earnings-watch tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>E-finance\u2019s net income jumped 84% y-o-y in 4Q 2021 to EGP<\/strong><strong> 139.3 m<\/strong><strong>n<\/strong>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/3\/E-finance-earnings-09-03-2022.pdf\">earnings<\/a><a href=\"https:\/\/ent.news\/2022\/3\/E-finance-earnings-09-03-2022.pdf\">release (pdf)<\/a>. Revenues rose almost 60% during the October-December period to record EGP 663.7 mn. Annually, the company\u2019s bottom line grew 47% to EGP 519.7 mn on revenues of EGP 1.96 bn, up 59% y-o-y.<\/p>\n<p><strong>The breakdown: <\/strong>The state-owned tech firm\u2019s flagship digital operations subsidiary, and its smart cards arm eCards, together accounted for around 95% of top-line growth in 2021. E-finance for Digital Operations\u2019 revenues were up 23% last year to EGP 1.5 bn, driven by a \u201crapid expansion\u201d in its financial cloud services. Revenues increased more than fourfold at eCards to reach EGP 375.8 mn as the subsidiary ramped up its new card management and smart solutions businesses. The company spent EGP 14.4 mn on one-off IPO-related expenses, including EGX, Financial Regulatory Authority, consulting fees, according to the release.<\/p>\n<p><strong>Looking ahead: <\/strong>E-finance aims to expand its client base \u201cbeyond government agencies and banks to grow the group\u2019s exposure to retailers and corporates.\u201d The company also aims to increase its share of wallet from digital banks, including by investing more in its cloud services, and to up its spend on tech in general.<\/p>\n<p><strong>New e-Finance shareholders will be paying close attention: <\/strong>This is the company\u2019s first full-year release since it made its blockbuster EGX debut last year, raising some EGP 5.8 bn. Earnings <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ac253e0-0e2d-4a1f-aff4-b82036b3ced5\">fell<\/a> in 3Q2021, but most investors will have been waiting for the 2021 release for a fuller picture on whether the firm can live up to the expectations generated in the IPO. E-finance shares closed down 2.9% at EGP 17.61 yesterday.<\/p>\n<p><strong>ALSO FROM E-FINANCE-<\/strong> The firm has appointed <strong>Sayed El Waraky<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/sayed-el-waraky-6a408a86\/?originalSubdomain=eg\">LinkedIn<\/a>) as <strong>investor relations <\/strong><strong>manager<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/3\/E-finance-new-IR-head.pdf\">disclosure to the bourse (pdf)<\/a>. Former IR head <strong>Ahmed El Sayed<\/strong> is still onboard, now as <strong>senior investor relations manager<\/strong>.<\/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\/e-finance\/\">e-finance<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544581\" 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=\"544581\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/544581\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544581\" class=\"content-area-description single-story post-544581 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=\"544582\" 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=\"544582\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/inflation-inflation-inflation\/\">\r\n                            Inflation, inflation, inflation                        <\/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\/10\/inflation-inflation-inflation\/\" 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\/10\/inflation-inflation-inflation\/')\">\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\/10\/inflation-inflation-inflation\/\">\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=Inflation, inflation, inflation&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/inflation-inflation-inflation\/\">\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\/10\/inflation-inflation-inflation\/&title=Inflation, inflation, inflation\">\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=Inflation%2C+inflation%2C+inflation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Finflation-inflation-inflation%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\/10\/inflation-inflation-inflation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544582\" class=\"content-area-description single-story post-544582 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-inflation tag-last-nights-talk-shows tag-russia tag-ukraine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Everything is getting more expensive. <\/strong>Incoming inflation thanks to the Russia-Ukraine conflict dominated the airwaves last night. Our commodities section (above) has all the details.<\/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\/inflation\/\">inflation<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544583\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-azt0e63\" data-v=\"4\" data-block-id=\"azt0e63\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-azt0e63-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-azt0e63-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-mkg9zzf\" data-v=\"4\" data-block-id=\"mkg9zzf\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-mkg9zzf-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-mkg9zzf-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-kfyujze\" data-v=\"4\" data-block-id=\"kfyujze\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-kfyujze-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-kfyujze-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-j19lclg\" data-v=\"4\" data-block-id=\"j19lclg\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-j19lclg-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-j19lclg-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544584\" 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=\"544584\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/another-quiet-morning-in-the-foreign-press\/\">\r\n                            Another quiet morning in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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class=\"content-area-description single-story post-544584 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-media wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a ghost town in the pages of the foreign press this morning.<\/strong><\/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\/media\/\">media<\/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=\"544585\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544586\" 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=\"544586\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/east-delta-to-build-125-mw-power-unit-at-el-arish\/\">\r\n                            East Delta to build 125 MW power unit at El Arish                        <\/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\/10\/east-delta-to-build-125-mw-power-unit-at-el-arish\/\" 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\/10\/east-delta-to-build-125-mw-power-unit-at-el-arish\/')\">\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\/10\/east-delta-to-build-125-mw-power-unit-at-el-arish\/\">\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=East Delta to build 125 MW power unit at El Arish&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/east-delta-to-build-125-mw-power-unit-at-el-arish\/\">\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\/10\/east-delta-to-build-125-mw-power-unit-at-el-arish\/&title=East Delta to build 125 MW power unit at El Arish\">\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=East+Delta+to+build+125+MW+power+unit+at+El+Arish+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Feast-delta-to-build-125-mw-power-unit-at-el-arish%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\/10\/east-delta-to-build-125-mw-power-unit-at-el-arish\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544586\" class=\"content-area-description single-story post-544586 post type-post status-publish format-standard hentry category-also-on-our-radar tag-abu-qir-fertilizers tag-also-on-our-radar tag-arab-company-for-industrialization tag-enterpriseam tag-finance-ministry tag-green-hydrogen tag-promethean tag-si-vision tag-tax-automation wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>East Delta Electricity Production Company will establish a 125 MW combined cycle <\/strong><strong>power unit at the El Arish plant,<\/strong> <a href=\"https:\/\/bit.ly\/3IZN7jT\">Al Mal<\/a> reported, citing sources at the Electricity Ministry. The company hopes to complete the EGP 2 bn project during FY 2022-2023 after acquiring the land, which is currently being negotiated with local authorities, they said.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Abu Qir Fertilizers<\/strong> will <a href=\"https:\/\/ent.news\/2022\/3\/Abu-Qir-9-3-22.pdf\">study (pdf)<\/a> the establishment of a <strong>green hydrogen and <\/strong><strong>green ammonia project<\/strong> in cooperation with Total.<\/li>\n<li>The <strong>Arab Organization for Industrialization, <\/strong><strong><a href=\"https:\/\/www.si-vision.com\/\">Si-Vision<\/a><\/strong><strong> and<\/strong><strong> British firm <\/strong><strong><a href=\"https:\/\/www.prometheanworld.com\/\">Promethean<\/a><\/strong> have <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/354754836694943\">signed a contract<\/a> to manufacture <strong>interactive screens<\/strong> for the Education Ministry.<\/li>\n<li><strong>The Electricity Ministry and Citigroup are looking <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/354829116687515\">into cooperation on<\/a><\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/354829116687515\">energy investments<\/a><\/strong> with a focus on renewables and green hydrogen.<\/li>\n<li><strong>Egyptian digital financial services platform <\/strong><strong><a href=\"https:\/\/www.paynas.com\/\">Paynas<\/a><\/strong><strong> has <\/strong><strong><a href=\"https:\/\/www.zawya.com\/en\/smes\/finance\/egypts-paynas-to-provide-financial-services-to-swvls-captains-loc1q0st\">partnered with<\/a><\/strong><strong> Swvl <\/strong>to provide financial services to Swvl captains.<\/li>\n<li><strong>Nafeza and CargoX sign for another five years:<\/strong> Egyptian Company for E-commerce Technology (MTS), which set up the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34333583-f129-4e6d-ab99-763f535eccc2\">Nafeza<\/a> digital customs system, has renewed its agreement with blockchain provider CargoX for another five years, <a href=\"https:\/\/cryptonewsbtc.org\/2022\/03\/09\/egypt-expands-customs-handling-via-blockchain-and-goes-multimodal\/#google_vignette\">Crypto News<\/a> reports.<\/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\/abu-qir-fertilizers\/\">Abu Qir Fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-company-for-industrialization\/\">Arab Company for Industrialization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/promethean\/\">Promethean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/si-vision\/\">Si Vision<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax-automation\/\">Tax automation<\/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=\"544587\" 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=\"544587\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/btc-surges-after-biden-signs-crypto-executive-order\/\">\r\n                            BTC surges after Biden signs crypto executive order                        <\/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\/10\/btc-surges-after-biden-signs-crypto-executive-order\/\" 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:\/\/api.whatsapp.com\/send?text=BTC+surges+after+Biden+signs+crypto+executive+order+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fbtc-surges-after-biden-signs-crypto-executive-order%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\/10\/btc-surges-after-biden-signs-crypto-executive-order\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544587\" class=\"content-area-description single-story post-544587 post type-post status-publish format-standard hentry category-planet-finance tag-careem tag-cryptocurrency tag-enterpriseam tag-financial-markets tag-planet-finance tag-ride-hailing tag-uber wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>BTC jumps after Biden takes first step to regulation: <\/strong>BTC surged as much as 9% to almost USD 42k last night, after US President Joe Biden signed an <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/09\/fact-sheet-president-biden-to-sign-executive-order-on-ensuring-responsible-innovation-in-digital-assets\/\">executive order<\/a> outlining a \u201cnational policy for digital assets.\u201d The order requires the government to look into the potential benefits and risks of bringing crypto assets into the fold of the traditional economy \u2014 including by creating a central bank digital currency. \u201cThe market has clearly been heartened by talk of supporting responsible innovation and a constructive approach to regulating the evolving digital token economy,\u201d crypto exchange Bitfinex told <a href=\"https:\/\/www.reuters.com\/business\/finance\/bitcoin-jumps-after-apparent-yellen-statement-quells-us-clampdown-fears-2022-03-09\/\">Reuters<\/a>.<\/p><p><strong>Uber\u2019s Middle East ride-hailing subsidiary Careem is looking to raise USD 500 mn<\/strong> <strong>from investors to fund expansion plans<\/strong>, <a href=\"https:\/\/bit.ly\/3i0c0Ql\">Al Mal<\/a> reports, citing people familiar with the matter. The firm will approach sovereign wealth funds in the Gulf, including the Saudi Public Investment Fund and Abu Dhabi-based ADQ, to invest in the firm, the people said. Bank of America is reportedly advising on the transaction.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,416<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,739<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +12.9%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,523<\/p>\n<\/td>\n<td>\n<p>-2.2% (YTD: +12.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,385<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +5.9%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,278<\/p>\n<\/td>\n<td>\n<p>+2.6% (YTD: -10.3%)<\/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>7,191<\/p>\n<\/td>\n<td>\n<p>+3.3% (YTD: -2.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 112.66<\/p>\n<\/td>\n<td>\n<p>-12.0%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.53<\/p>\n<\/td>\n<td>\n<p>0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,996.90<\/p>\n<\/td>\n<td>\n<p>-2.3%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 41,974<\/p>\n<\/td>\n<td>\n<p>+8.9% (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 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 864 mn (7.8% below the 90-day average). Foreign investors were net sellers. The index is down 12.8% YTD.<\/p><p><strong>In the green: <\/strong>Rameda (+4.2%), Cleopatra Hospital (+3.6%) and AMOC (+3.5%).<\/p><p><strong>In the red: <\/strong>e-Finance (-2.9%), Orascom Construction (-2.5%) and Telecom Egypt (-2.3%).<\/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\/careem\/\">Careem<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/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\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ride-hailing\/\">ride-hailing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uber\/\">Uber<\/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=\"544588\" 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=\"544588\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/el-molla-discusses-gas-exports-with-us-officials\/\">\r\n                            El Molla discusses gas exports with US officials                        <\/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\/10\/el-molla-discusses-gas-exports-with-us-officials\/\" 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\/10\/el-molla-discusses-gas-exports-with-us-officials\/')\">\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\/10\/el-molla-discusses-gas-exports-with-us-officials\/\">\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=El Molla discusses gas exports with US officials&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/el-molla-discusses-gas-exports-with-us-officials\/\">\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\/10\/el-molla-discusses-gas-exports-with-us-officials\/&title=El Molla discusses gas exports with US officials\">\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=El+Molla+discusses+gas+exports+with+US+officials+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fel-molla-discusses-gas-exports-with-us-officials%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\/10\/el-molla-discusses-gas-exports-with-us-officials\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544588\" class=\"content-area-description single-story post-544588 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-energy tag-enterpriseam tag-lebanon tag-oil-and-gas tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>El Molla discusses gas exports with US officials:<\/strong> Oil Minister Tarek El Molla discussed Egypt\u2019s gas exports with US Secretary of Energy Jennifer Granholm and State Department energy advisor Amos Hochstein during the CERAWeek International Energy Conference yesterday, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/354837700019990\">statement<\/a>.<\/p>\n<p><strong>Egyptian gas exports have taken on a new level of importance in recent months<\/strong>, amid an energy crisis in Europe and Lebanon. Egypt is one of the countries that Europe is looking to to help decrease its reliance on Russian gas, while a plan to ship Egyptian gas to Lebanon is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94c7efac-788d-44ca-a9f2-270664fd2acd\">still to be green-lit<\/a> by the US, which hasn\u2019t confirmed whether it will apply sanctions for transporting the supplies via Syrian territory.<\/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\/diplomacy\/\">DIPLOMACY<\/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\/lebanon\/\">Lebanon<\/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\/us\/\">US<\/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=\"544589\" 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=\"544589\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/russia-sanctions-spell-trouble-for-iran-nuclear-deal\/\">\r\n                            Russia sanctions spell trouble for Iran nuclear deal                        <\/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\/10\/russia-sanctions-spell-trouble-for-iran-nuclear-deal\/\" 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\/10\/russia-sanctions-spell-trouble-for-iran-nuclear-deal\/')\">\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\/10\/russia-sanctions-spell-trouble-for-iran-nuclear-deal\/\">\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=Russia sanctions spell trouble for Iran nuclear deal&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/russia-sanctions-spell-trouble-for-iran-nuclear-deal\/\">\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\/10\/russia-sanctions-spell-trouble-for-iran-nuclear-deal\/&title=Russia sanctions spell trouble for Iran nuclear deal\">\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=Russia+sanctions+spell+trouble+for+Iran+nuclear+deal+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Frussia-sanctions-spell-trouble-for-iran-nuclear-deal%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\/10\/russia-sanctions-spell-trouble-for-iran-nuclear-deal\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544589\" class=\"content-area-description single-story post-544589 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-europe tag-iran tag-nuclear-energy tag-russia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Last ditch Russian demands threaten Iran nuclear agreement:<\/strong> Negotiators trying to restore the 2015 Iran nuclear pact are trying to resolve last-minute Russian demands that are threatening to upend talks, <a href=\"https:\/\/www.reuters.com\/world\/irans-chief-negotiator-bagheri-kani-returned-vienna-isna-2022-03-09\/\">Reuters<\/a> reports. Negotiations are close to being finalized with several participants saying there is a broad agreement in place. But following the introduction of widespread US sanctions on the Russian economy, Moscow is now asking the US for written guarantees that its trade with Iran will not be impacted.<\/p>\n<p><strong>South Korea has a new president:<\/strong> Conservative opposition candidate Yoon Suk-yeol will become South Korea\u2019s next president after beating left-leaning rival Lee Jae-myung in a closely-fought election yesterday. (<a href=\"https:\/\/www.ft.com\/content\/f9056776-454c-4c58-bff2-b0ca0d98e9b2\">FT<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nuclear-energy\/\">nuclear energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/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=\"544590\" 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=\"544590\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">16<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/my-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser\/\">\r\n                            My Morning Routine: Mahmoud El Said, co-founder and CEO, Wasla Browser                        <\/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\/10\/my-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser\/\" 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\/10\/my-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser\/')\">\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\/10\/my-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser\/\">\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=My Morning Routine: Mahmoud El Said, co-founder and CEO, Wasla Browser&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/my-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser\/\">\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\/10\/my-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser\/&title=My Morning Routine: Mahmoud El Said, co-founder and CEO, Wasla Browser\">\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=My+Morning+Routine%3A+Mahmoud+El+Said%2C+co-founder+and+CEO%2C+Wasla+Browser+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F10%2Fmy-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser%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\/10\/my-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/131.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544591\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/my-morning-routine-mahmoud-el-said-co-founder-and-ceo-wasla-browser\/131-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/131.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"131.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/131.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/131.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544590\" class=\"content-area-description single-story post-544590 post type-post status-publish format-standard has-post-thumbnail hentry category-my-morning-routine tag-enterpriseam tag-mahmoud-el-said tag-my-morning-routine 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> Mahmoud El Said, co-founder and CEO, Wasla: <\/strong>Each week, My Morning Routine looks at how a successful member of the community starts their day \u2014 and then throws in a couple of random business questions just for fun. Speaking to us this week is Mahmoud El Said (<a href=\"https:\/\/eg.linkedin.com\/in\/mahmoud-el-said\">LinkedIn<\/a>), co-founder and CEO of Wasla. In February, internet browser turned e-commerce superapp Wasla <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a9139b5-3ae1-4517-9274-94a5bc86d19b\">bagged<\/a> a USD 9 mn investment from Contact Financial Holding, which it will use to introduce secure checkout and expand into Nigeria. Edited excerpts from our conversation follow:<\/p>\n<p><strong>My name is Mahmoud El Said, and I\u2019m cofounder & CEO at Wasla browser. <\/strong>I\u2019m an investment banker and I\u2019m married to a lawyer.<\/p>\n<p><strong>I always wanted to go into banking as an extended education. <\/strong>It\u2019s quite demanding and you deal with a lot of seasoned and experienced people. I recommend it to anyone at the start of their career. I always had my eyes on moving away from that and starting my own thing, so when the idea of Wasla came up, me and my co-founders decided to jump ship and pursue it full-time.<\/p>\n<p><strong>As CEO, I\u2019m responsible for the overall success of the business.<\/strong> On a day-to-day basis, I would say that my main responsibility is developing the strategy and making sure the team is aligned on it. I tend to think that I don\u2019t manage people, I manage the process, which shows how I expect things to be completed. I tend to assess a lot of the risks facing the business, manage the board and shareholders, and develop strategic partnerships.<\/p>\n<p><strong>I actually like to think that my morning routine starts the day before. <\/strong>I check stuff at night to have a clear picture of my goals for the next day. I wake up at 6:30-7am, make coffee, and do the same thing that I did the night before with a higher level of engagement. After that, I spend some time on social media. I tend to read up on messages or emails from the day before, and typically scan Enterprise headlines. I spend some time on <a href=\"https:\/\/www.nytimes.com\/games\/wordle\/index.html\">Wordle<\/a>, which is quite fun. Then I wake up my wife, shower, and we both head to work at 7:30-8am.<\/p>\n<p><strong>I like to be the first one to the office, even though I would like to allocate some time to health in the morning.<\/strong> There is a whole other morning routine at the office \u2014 including a deeper dive in Enterprise. I believe that mornings set the tone for the day. I usually leave the office at 6:30-7pm.<\/p>\n<p><strong>My routine is extremely important for me. <\/strong>I really appreciate simplifying my life to make sure I\u2019m not occupying my brain with small tasks, so I do things in the exact same sequence every single morning.<\/p>\n<p><strong>I stay focused through a lot of thinking and a lot of brain-dumping.<\/strong> If you open my notepad, you\u2019ll get a glimpse of what I think about. I\u2019m very organized with my time, calendars, and what I think about. I make a lot of to-do lists and schedule a lot of stuff on my calendar. I try to put a process in place for anything that is routine for me so I can handle the ad hoc. I\u2019m the person who is always two minutes early.<\/p>\n<p><strong>We always had our eyes on fintech and an e-wallet, but we wanted a unique way to go to market that would resonate with emerging markets. <\/strong>When we first started Wasla in 2018, we wore hoodies that said \u201cDo you want [no-charge] Internet\u201d on them and stood in front of Cairo University until we got kicked out. From there, we built out the browser and created an app-sponsored model, and using that revenue, we subsidized the user\u2019s internet cost. Fast forward to 2020, we were getting ready to go to market, when covid hit. That\u2019s when we saw e-commerce traffic grow. Since there are two main use cases \u2014 content and e-commerce \u2014 we decided to shift the model from helping people save data to optimizing online shopping in general. Today, our mission is to enable e-payments for online shopping audiences in emerging markets, integrating price breaks, and buy-now-pay-later models.<\/p>\n<p><strong>We were lucky to be pushed toward this new direction because of covid. <\/strong>During covid, the number of e-commerce visits rose from two to 16 per month. We always wanted to pivot to a more transactional business and fintech, so we\u2019re happy that this happened.<\/p>\n<p><strong>In the evenings, I like to sit with my wife.<\/strong> We tend to cook together every day when we get back home, watch TV, sit in a comforting environment \u2014 basically anything to decompress.<\/p>\n<p><strong>I recently read an interesting book called <\/strong><strong><a href=\"https:\/\/www.amazon.com\/Six-Billion-Shoppers-Companies-Commerce\/dp\/1250088674\">6 Bn Shoppers<\/a><\/strong><strong>: The Companies Winning the Global E-Commerce Boom that one of my co-founders bought for me. <\/strong>It\u2019s very interesting and shows how ecommerce is adapted in different parts of the world and how each model was built and what allows each model to survive. I generally like nonfiction and shy away from fiction.<\/p>\n<p><strong>I\u2019m the type of person that has Friends, Brooklyn 99 and Two and a Half Men on repeat<\/strong>, but I recently watched <a href=\"https:\/\/www.netflix.com\/title\/81254340\">The Tinder Swindler<\/a>.<\/p>\n<p><strong>The best piece of advice I\u2019ve heard is: \u201cYou can\u2019t rely on motivation because it won\u2019t always be there. You need to rely on discipline because you can always control that.\u201d <\/strong>It was an inspirational quote on Instagram but it really resonated with me.<\/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\/mahmoud-el-said\/\">Mahmoud El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544592\" 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\/10\/544592\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544592\" class=\"content-area-description single-story post-544592 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 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>Mid-March: Bidding for the construction of Anchorage Investments\u2019 petrochemical complex in the Suez Canal Economic Zone starts.<\/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 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a> to 300 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve Finterest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>October: World Bank and IMF annual meetings in Washington, DC<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>January 2023: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":544565,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-544564","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ee7c7ff4-b6c1-4b0c-8af5-cf677561ec9d","teaser":"","photo_url":"https:\/\/ent.news\/2022\/3\/120.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:43:24+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/120.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/\",\"name\":\"Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly - 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