{"id":544594,"date":"2022-03-13T03:49:27","date_gmt":"2022-03-13T03:49:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544594"},"modified":"2025-12-15T20:44:02","modified_gmt":"2025-12-15T20:44:02","slug":"robots-are-getting-green-incentives-and-weve-banned-some-food-exports-for-the-next-three-months","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/robots-are-getting-green-incentives-and-weve-banned-some-food-exports-for-the-next-three-months\/","title":{"rendered":"Robots are getting green incentives \u2014 and we\u2019ve banned some food exports for the next three months"},"content":{"rendered":"<section id=\"544596\" 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=\"544596\">\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\/13\/this-morning-the-imf-is-talking-with-the-madbouly-government-about-the-impact-of-war-in-ukraine-and-will-likely-downgrade-its-global-growth-forecast\/\">\r\n                            THIS MORNING: The IMF is talking with the Madbouly government about the impact of war in Ukraine \u2014 and will likely downgrade its global growth forecast                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n  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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/this-morning-the-imf-is-talking-with-the-madbouly-government-about-the-impact-of-war-in-ukraine-and-will-likely-downgrade-its-global-growth-forecast\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544596\" class=\"content-area-description single-story post-544596 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-assistance-package tag-climate-change tag-covid-19 tag-ebrd tag-enterpriseam tag-global-growth-forecast tag-imf tag-russia-ukraine-war tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and welcome to a new week. <\/strong>It\u2019s another one of those \u201cdrinking from a fire hose\u201d mornings here at Enterprise World Headquarters, so let\u2019s jump right in:<\/p><p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Is the IMF in talks with the Madbouly government on how to cushion us<\/strong> <strong>from fallout <\/strong>from Russia\u2019s invasion of Ukraine? \u201cI worry for Egypt. If we have sustained high food and energy prices, how this is going to impact people in Egypt,\u201d International Monetary Fund (IMF) boss Kristalina Georgieva <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/03\/10\/tr031022-transcript-of-imf-media-roundtable-on-ukraine\">said on Thursday<\/a> during a media roundtable on the war in Ukraine. \u201c<strong>We are already engaged in discussion with Egypt on how to target vulnerable populations and vulnerable businesses<\/strong>.\u201d<\/p><p><strong>What does that mean? <\/strong>Georgieva didn\u2019t unpack the remarks, but also noted in the discussion that our tourism industry will be sharply hit by the collapse of the Ukrainian and Russian markets. She did not make clear whether the IMF could offer further financial support to Egypt and didn\u2019t elaborate on the measures it is currently discussing with the government. Analysts at JPMorgan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab4df79a-d6f5-4aef-a1c0-488ab8136339\">last week wrote<\/a> that there is a \u201creasonable probability\u201d we could open official talks with the IMF for more support in the event that \u201cmarket conditions continue to deteriorate.\u201d<\/p><p><strong>We have worked with the lender twice in the past six years.<\/strong> Once in 2016 when we took out a <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2016\/11\/11\/PR16501-Egypt-Executive-Board-Approves-12-billion-Extended-Arrangement\">USD 12 bn facility<\/a> to back an ambitious program of economic reforms coinciding with the float of the EGP \u2014 and again after the onset of the covid-19 pandemic, when we borrowed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">USD 8 bn<\/a> to cushion the economic impact of the outbreak.<\/p><p><strong>MEANWHILE, AT THE EBRD- Maait calls on lenders for emergency support: <\/strong>International lenders should offer support to developing countries to help navigate the rise in food and energy prices, Finance Minister Mohamed Maait during talks with the European Bank for Reconstruction and Development (EBRD) on Friday, according <a href=\"https:\/\/bit.ly\/3MLrp5y\">a ministry statement<\/a>. Maait said that economic reforms have made Egypt more resilient to turmoil in the global markets, but called for further support to help it manage the associated risks.<\/p><hr class=\"grey-line\"><p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>IT\u2019S A BIT UGLY OUT THERE- The IMF will likely downgrade its growth <\/strong><strong>outlook for the global economy <\/strong>due to the conflict in Ukraine when it publishes its World Economic Outlook next month, Georgieva <a href=\"https:\/\/www.reuters.com\/markets\/europe\/imf-chief-georgieva-says-ukraine-war-lower-global-growth-forecast-2022-03-10\/\">also said on Thursday<\/a>. The shock in the commodities markets and the resulting inflation is causing global trade to contract and consumer and business confidence to dip, she said, warning that central banks may respond to accelerating inflation by raising interest rates more aggressively.<\/p><p><strong>The Fund has already revised downwards its 2022 growth projections once this year<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e675696-18e3-408c-91de-5e3665a8d6bf\">cutting its forecast by 0.5 percentage points<\/a> to 4.4% in January due to continued supply chain disruptions, rising inflation and tightening monetary conditions.<\/p><p><strong>Analysts are starting to price in a US recession: <\/strong>\u201cOver time, the three biggest factors that tend to drive the U.S. economy into a recession are an inverted yield curve, some kind of commodity price shock or Fed tightening,\u201d one strategist told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-12\/recession-risks-are-piling-up-and-investors-need-to-get-ready?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>. \u201cRight now, there appears to be potential for all three to happen at the same time.\u201d<\/p><p><strong>How will the Fed respond?<\/strong> The Federal Reserve will <a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\">meet to review interest rates on Tuesday<\/a><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/fomccalendars.htm\">and Wednesday<\/a> and is expected to still go ahead with its first rate hike in almost four years despite the ongoing market turmoil. Fed watchers aren\u2019t anticipating the central bank to go through with the half-point hike predicted prior to the conflict, suggesting instead it will raise rates by 25 bps as it tries to balance curbing inflation with tempering the increasing uncertainty in the markets.<\/p><p><strong>Pressure on the Fed to act intensified last week<\/strong> after <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">fresh data<\/a> showed that inflation hit a new 40-year high in February. Consumer price inflation reached 7.9% last month, up from 7.5% in January, the highest level since 1982.<\/p><hr class=\"grey-line\"><p><strong>PSA #1- Egypt will report covid numbers weekly, instead of daily:<\/strong> The Health Ministry will no longer release covid data every day and will instead publish weekly updates every Saturday, it announced in a <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/287896920188196\">statement<\/a> yesterday. The decision was made due to the declining infection and hospitalization rates, the ministry said.<\/p><p><strong>We made that very <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2e2cd42-a6e8-4fb9-9bee-f48abae3ffec\">same decision<\/a><\/strong><strong> last week here at Enterprise HQ:<\/strong> We discontinued our two-year-old daily Covid Watch section after coming to the conclusion that the peak of this omicron-led wave is now well behind us. With about 50% of those eligible now vaccinated, we\u2019re thrilled to see Egypt making progress on jabs that was unimaginable a year ago.<\/p><p><strong>PSA #2- Get your coat on: It\u2019s going to be a windy, cold week <\/strong>\u2014 especially early in the morning and late at night \u2014 according to the <a href=\"https:\/\/www.facebook.com\/ema.gov.eg\/posts\/327127659445808\">Egyptian Meteorological Authority\u2019s<\/a> latest forecast. Expect highs of 19\u00b0C and lows of 9\u00b0C over the next five days in the capital and Alexandria.<\/p><p><strong>PSA #3- We have 20 days left until the start of Ramadan<\/strong>, ladies and gentlemen.<\/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>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>The Customs Authority won\u2019t accept paper manifests from the middle of this <\/strong><strong>month:<\/strong> Shipping companies will no longer be able to submit paper manifests to the Customs Authority from mid-March, and will instead need to submit the documents digitally via the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6c476e4-b695-4719-b2c4-57a24eba139c\">Nafeza customs platform<\/a>, according to a circular picked up by <a href=\"https:\/\/bit.ly\/3i1TGqf\">Al Mal<\/a>.<\/p><p><strong>Isn\u2019t it mid-March now?<\/strong> Yup, though the Customs Authority doesn\u2019t appear to have provided a specific date on which the decision will take effect.<\/p><p><strong>The Senate is set to continue debating the Unified Ins. Act today and tomorrow <\/strong>after a two week recess, <a href=\"https:\/\/english.ahram.org.eg\/News\/462698.aspx\">Ahram Online<\/a> reports. The bill, which has been at least three years in the making, will make the Financial Regulatory Authority the primary regulator for the sector and make ins. compulsory for SMEs and freelancers, among other things.<\/p><p><strong>Aramco could soon be the world\u2019s most valuable company:<\/strong> Saudi Aramco is fast closing the gap with Apple to be crowned the world\u2019s most valuable company, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-09\/apple-may-be-challenged-by-aramco-as-world-s-most-valuable-firm\">Bloomberg<\/a> reports. Aramco\u2019s shares have risen 15% in less than three weeks as oil prices surge to their highest in more than a decade, while the iPhone maker\u2019s stock has sunk 9% this year on the back of a wider selloff in the tech market. Aramco \u2014 which last held the top market spot for a brief period in September 2020 \u2014 is now valued at some USD 2.2 tn, while Apple currently has a market cap of USD 2.5 tn.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>AUC will hold its annual <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/3\/AUC-Business-Forum-Media-Advisory-English.pdf\">Business Forum<\/a><\/strong> <strong>from tomorrow, 14 March<\/strong>, <strong>to Thursday, <\/strong><strong>17 March. <\/strong>The virtual forum will see founders, business players and policymakers from Egypt, Africa and other parts of the world discuss investing in tech startups, corporate learning and development, and the role of multi-stakeholder collaboration in fueling inclusive sustainable development, among other topics. Keynote speakers will include Planning Minister Hala El Said, and American economist and Nobel Prize Winner Abhijit Banerjee. You can <a href=\"https:\/\/business.aucegypt.edu\/news\/auc-business-virtual-forum-2022\">register here<\/a>.<\/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><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image-inner\"><img data-recalc-dims=\"1\" decoding=\"async\" style=\"display: block\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue: How could digital labor platforms impact Egypt\u2019s informal sector? <\/strong>A new report finds that digital labor platforms could offer Egypt\u2019s informal workers the chance to receive better working conditions \u2014 but there are also plenty of wrinkles still to be ironed out.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/assistance-package\/\">assistance package<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-growth-forecast\/\">global growth forecast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"544597\" 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=\"544597\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/544597\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544597\" class=\"content-area-description single-story post-544597 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/soma-hotels1600pxjpg.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Experience luxury in every thoughtful detail where prestige hospitality is rediscovered with genuine warmth and passion. Awaken forgotten desires and build unforgettable memories to fuel a lifetime of inspiration. Spend your winter break at Somabay with special rates and choose among five different hotels at one destination. Visit: www.Somabay.com\/hotels\/<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544598\" 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=\"544598\">\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\/13\/govt-imposes-ban-on-some-food-exports-to-conserve-local-supply\/\">\r\n                            Gov\u2019t imposes ban on some food exports to conserve local supply                        <\/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\/13\/govt-imposes-ban-on-some-food-exports-to-conserve-local-supply\/\" 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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Wheat, flour, oils and corn are all included in the export ban, along with lentils, pasta, and fava beans, the ministry announced in two separate decisions on <a href=\"https:\/\/gate.ahram.org.eg\/News\/3436685.aspx\">Thursday<\/a> and <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/332935522211062\">Saturday<\/a>.<\/p>\n<p><strong>The decision comes amid spiraling global food price inflation and a global wheat supply crunch: <\/strong>Russia\u2019s invasion of Ukraine is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19cdf00e-f36b-465c-8115-096d9196dcfc\">upending global food supplies<\/a> and sending commodity prices soaring. The two countries provide around a third of the world\u2019s wheat, and the conflict has sent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd6bb322-4455-45ba-a0a8-1cb3976dbdbc\">global wheat prices surging<\/a> by 48% over the past two week. In Egypt, the price of unsubsidized bread had already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd6bb322-4455-45ba-a0a8-1cb3976dbdbc\">increased by up to 50%<\/a> as of the start of last week. Egypt imports c. 80% of its wheat from Ukraine and Russia.<\/p>\n<p><strong>Securing our reserves is a gov\u2019t priority: <\/strong>The Madbouly government is ready 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 after promises that the government will try to absorb the costs \u201cas much as possible\u201d and relieve the inflationary impact on the public.<\/p>\n<p><strong>It\u2019s not just wheat that\u2019s a problem: <\/strong>The price of poultry feed \u2014 which is largely made of corn \u2014 has risen by more than 15% since the war began, head of the Poultry Division at the Federation of Egyptian Chambers of Commerce Abdel Aziz El Sayed told <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/50\/1201\/462516\/AlAhram-Weekly\/Egypt\/Ukraine-Corn-crisis-averted.aspx\">Ahram Online<\/a>. Sayed said that there is \u201cno reason why\u201d domestic corn prices should have risen, since Egypt has a seven-month reserve on hand and shipments yet to arrive were locked in at prior prices. Egypt imports around 75% of its corn, with 30% of imports coming from Ukraine. The government is working to secure at least 3-6 months of reserves in all basic commodities, Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19cdf00e-f36b-465c-8115-096d9196dcfc\">said<\/a> last week.<\/p>\n<p><strong>What would the long-term consequences for Africa be if Ukrainian wheat supp<\/strong><strong>ly dried up altogether?<\/strong> Researchers at Germany\u2019s Kiel Institute for the World Economy entertained that less-than-fun hypothetical in a <a href=\"https:\/\/www.ifw-kiel.de\/publications\/media-information\/2022\/cereal-exports-ukraine-default-hits-african-countries-hard\/\">recent report<\/a> that finds that Egypt\u2019s wheat imports would permanently decrease by over 17% and raise prices up by more than 3%.<\/p>\n<p><strong>That\u2019s effectively where we are now after Ukraine last week <\/strong><strong><a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-europe-global-trade-38159046f7744b8c660ee7582dd392bf\">banned the export of wheat<\/a><\/strong> <strong>and other food staples<\/strong> to try and prevent a humanitarian crisis in the country.<\/p>\n<p><strong>Some respite: Oil posted its first weekly loss since Russia launched its invasion of <\/strong><strong>Ukraine<\/strong>, with Brent crude falling 4.6% to settle above USD 112 a barrel, after briefly trading at almost USD 140 in a volatile rally earlier in the week, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-10\/oil-s-relentless-rally-takes-a-breather-after-tumultuous-week?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p>\n<p><strong>Is the wheat panic bubble bursting? <\/strong>Chicago wheat closed down 8.4% for the week on Friday after peaking at all time highs earlier in the week, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-11\/wheat-prices-heading-for-weekly-loss-as-buying-frenzy-cools?sref=mmeFTDW1\">Bloomberg<\/a> reports. The drop came as traders wait and see if fresh demand for US exports will materialize on the back of the loss of Russian and Ukrainian supply.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/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=\"544600\" 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=\"544600\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/rising-food-prices-push-egypt-inflation-rate-to-31-month-high-in-february\/\">\r\n                            Rising food prices push Egypt inflation rate to 31-month high in February                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/rising-food-prices-push-egypt-inflation-rate-to-31-month-high-in-february\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Figures released by statistics agency Capmas showed that annual urban inflation rose to 8.8% last month from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">7.3% in January<\/a> \u2014 its highest level since July 2019 \u2014 while monthly inflation hit a 16-month high of 1.6%.<\/p>\n<p><strong>Food price inflation hit its highest level<\/strong><strong> since November 2018<\/strong>, reaching 17.6% y-o-y from 12.4% in January, with vegetables, oil and meat seeing particularly large increases, according to the figures. Food and beverages constitute the biggest component of the basket of goods used to measure prices.<\/p>\n<p><strong>The drivers:<\/strong> \u201cAlmost all food items recorded an acceleration in their annual price increases compared to January, as an expected outcome of seasonal factors, and \u2014 more importantly \u2014 the surge in global inflation pushed even higher by the flare-up between Russia and Ukraine in late February,\u201d Al Ahly Pharos analyst Esraa Ahmed wrote in a note.<\/p>\n<p><strong>SOUND SMART-<\/strong> Back in 2018, inflation was supercharged by <a href=\"https:\/\/enterprise.press\/stories\/2018\/11\/11\/monthly-annual-headline-inflation-accelerate-again-in-october\/\">rising food prices<\/a> on the back of the government\u2019s <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/11\/monthly-annual-headline-inflation-accelerate-in-september\/\">rapid phase-out of energy subsidies<\/a>.<\/p>\n<p><strong>Annual core inflation also continued to rise<\/strong>, hitting 7.2% from 6.3% in January, according to <a href=\"https:\/\/ent.news\/2022\/3\/CPI_press-release_Feb-2022.pdf\">central bank data (pdf)<\/a>. Core inflation strips out volatile items such as food and fuel.<\/p>\n<p><strong>The commodity price shocks pushing February\u2019s inflation up came before Russia\u2019s war in Ukraine unfolded<\/strong>, pushing up the price of strategic goods at home and globally on the back of the conflict. Global wheat prices have surged 48% over the past two weeks, adding more than USD 100 to the price per ton, Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19cdf00e-f36b-465c-8115-096d9196dcfc\">said last week<\/a>. Sugar prices have risen 7%, frozen meat by 11% and poultry by 10% over the same period, he said. Energy prices have also skyrocketed globally.<\/p>\n<p><strong>Still within the target range (just):<\/strong> Despite the increase, the headline rate remains within the central bank\u2019s 7% (\u00b12%) target range.<\/p>\n<p><strong>But don\u2019t <\/strong><strong>expec<\/strong><strong>t it to stay there in the coming months:<\/strong> Ramadan imports always fuel inflation, and it\u2019s not like the global commodities roller-coaster will end anytime soon.<\/p>\n<p><strong>Heig<\/strong><strong>htened inflation is pushing down our real interest rate: <\/strong>Egypt\u2019s inflation-adjusted interest rate has for many months been one of the highest in the world, attracting bns of USD of foreign portfolio flows into the EGP carry trade. The rate has fallen to around 2% following February\u2019s inflation data, though remains higher than most emerging markets, which are deep in negative territory, Allen Sandeep, director of Naeem Brokerage, told Bloomberg on Thursday (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-03-11\/allen-sandeep-naeem-brokerage-director-of-research-video?sref=mmeFTDW1\">watch, runtime: 5:04<\/a>). Egypt\u2019s policy rate currently stands at 8.25%.<\/p>\n<p><strong>This could make <\/strong><strong>a rate hike this month more likely:<\/strong> After <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2842659-e6ac-47ab-ba44-3132fd174c2a\">last month forecasting<\/a> a rate hike later in 2022, Ahly Pharos now expects the central bank to act when it meets in a few weeks. \u201cWe acknowledge all the costs particularly on the fiscal side of a rate hike, but the CBE does not support maintaining a negative real interest rate. We believe the CBE might prefer to hike rates by 150bps during the coming period, likely in its upcoming meeting scheduled on 24 March, as a natural response to the adverse global events,\u201d Ahmed wrote.<\/p>\n<p><strong>A <\/strong><strong>2022 rate hike was in the cards even before the Ukraine conflict<\/strong>, with several analysts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2842659-e6ac-47ab-ba44-3132fd174c2a\">telling us last month<\/a> that the central bank might tighten policy as central banks around the world begin to raise rates to curb heightened inflation.<\/p>\n<p><strong>Nae<\/strong><strong>em is also predicting a hike this month:<\/strong> \u201cWe expect a hike of about 50bps. That\u2019s a base case until now but we don\u2019t rule out a higher hike on the 24 March,\u201d Sandeep told Bloomberg, adding that the central bank will likely factor in the impact of the surge in wheat prices in the coming months.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544602\" 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=\"544602\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/a-first-look-at-the-long-awaited-automotive-strategy-bidding-for-new-ev-charging-company-management-this-week\/\">\r\n                            A first look at the long-awaited automotive strategy + Bidding for new EV charging company management this week                        <\/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\/13\/a-first-look-at-the-long-awaited-automotive-strategy-bidding-for-new-ev-charging-company-management-this-week\/\" 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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No further information was given on when exactly to expect the strategy\u2019s launch \u2014 which were previously told <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4340294c-0578-4130-b593-f6b84cd34a4f\">would come<\/a> by the end of last year \u2014 but the statement did provide a few details about what it will include.<\/p>\n<p><strong>Meet the Egyptian Automotive Industry Development Program (AIDP): <\/strong>The strategy will include incentives to localize the electric vehicle and automotive feeder industries under the AIDP, with the aim of enhancing the country\u2019s existing assembly and manufacturing capabilities \u2014 and of encouraging new investment to the sector, the statement said.<\/p>\n<p><strong>The program will initially cover the assembly of passenger cars, SUVs, vans and microbuses<\/strong>, according to the statement, as well as R&D centers, testing labs, and automotive software development centers that feed local production and assembly. Participation is optional and comes with a number of incentives.<\/p>\n<p><strong>What kind of incentives will be up for grabs? <\/strong>AIDP will introduce a tariff system that should facilitate customs release procedures for participating firms, support new investment from original equipment manufacturers (OEMs) in Egypt, and encourage assemblers to switch to CKD assembly, according to the statement. CKD, or complete knocked-down assembly, is when a local assembler puts together a completely disassembled vehicle from imported parts (as opposed to CBU assembly, where completely built vehicles are imported, or SKD assembly, where partly-assembled vehicles are imported).<\/p>\n<p><strong>AIDP will also cover the EV industry: <\/strong>AIDP will provide cash incentives of up to EGP 50k for buyers of locally-assembled electric vehicles, the statement said. The government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2a9acf68-5e94-4b5e-9863-8b8591b32d22\">working to enlist<\/a> international partners to produce locally assembled electric cars in El Nasr Auto\u2019s factory. Real estate developers will also be obliged to build a certain number of charging points at their residential and commercial projects.<\/p>\n<p><strong>BACKGROUND:<\/strong> The legislation for the automotive strategy has been <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/13\/govt-to-have-automotive-directive-ready-by-the-fall\/\">in the works<\/a> since 2016, and has gone through years of <a href=\"https:\/\/enterprise.press\/stories\/2019\/12\/11\/is-egypts-auto-manufacturing-incentives-package-coming-out-of-hibernation-soon-8271\/\">delays<\/a>, <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/13\/govt-to-have-automotive-directive-ready-by-the-fall\/\">revisions<\/a> and <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/30\/govt-plans-to-scrap-automotive-directive-and-will-replace-it-with-special-zones\/\">overhauls<\/a>. The strategy aims to grow a car manufacturing industry that can compete with EU, Moroccan and Turkish imports.<\/p>\n<p><strong>ALSO IN AUTOMOTIVE-<\/strong><\/p>\n<p><strong>Want to manage the government\u2019s EV charging station company?<\/strong> Companies looking to manage and operate a soon-to-be-established state company for electric vehicle charging stations have until this Thursday, 17 March to submit their bids, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/355543386616088\">Public Enterprises Ministry statement<\/a>. The company will be set up under a public-private partnership, and will deploy around EGP 450 mn to set up 3k charging stations within 18 months in Cairo, Alexandria, Giza, Sharm El Sheikh and several highways, the statement says.<\/p>\n<p><strong>What they\u2019re signing up for:<\/strong> The private sector partner selected to manage and operate the company will be locked in with a medium-term contract for its services, in exchange for a portion of the company\u2019s net income. The company or consortium will also be required to put up 25% (c.EGP 37.5 mn) of the JV\u2019s capital.<\/p>\n<p><strong>What\u2019s next:<\/strong> The ministry will announce the qualified bids the following Thursday, 24 March.<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ev-charging\/\">EV charging<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-strategy-for-developing-the-automotive-industry\/\">National Strategy for developing the automotive industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-enterprises-ministry\/\">Public Enterprises Ministry<\/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=\"544604\" 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=\"544604\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/\">\r\n                            Gov\u2019t has incentives for green economy, AI and other priority sectors                        <\/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\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/\" 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\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/')\">\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\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Gov\u2019t has incentives for green economy, AI and other priority sectors&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/\">\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\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/&title=Gov\u2019t has incentives for green economy, AI and other priority sectors\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Gov%E2%80%99t+has+incentives+for+green+economy%2C+AI+and+other+priority+sectors+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F13%2Fgovt-has-incentives-for-green-economy-ai-and-other-priority-sectors%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\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/144.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544605\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/govt-has-incentives-for-green-economy-ai-and-other-priority-sectors\/144-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/144.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"144.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/144.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/144.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544604\" class=\"content-area-description single-story post-544604 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-ai tag-enterpriseam tag-green-energy tag-investment-watch tag-manufacturing tag-regulation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>A first look at new incentives to spur investment in emerging sectors: <\/strong>The Madbouly government is introducing incentives to spur investments in the green and AI sectors, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/355527563284337\">according to a statement<\/a>. Ministers approved the incentives last week, after they were put forward by General Authority of Investment and Freezones (GAFI) CEO Mohamed Abdel Wahab. While details are so far scant, the incentives include:<\/p>\n<p><strong>#1- Tax incentives: <\/strong>The government will grant tax breaks to projects for the production, storage and export of <strong>green hydrogen and green ammonia<\/strong>, as well as for projects to manufacture <strong>alternatives to single-use plastics<\/strong>.<\/p>\n<p><strong>#2- Non-tax incentives for AI, green, and manufacturing projects. <\/strong>GAFI will start implementing non-tax incentives laid out in the <a href=\"https:\/\/enterprise.press\/stories\/2017\/06\/04\/investment-act-signed-into-law\/\">Investment Act<\/a>, especially for projects in the AI, green, and manufacturing industries.<\/p>\n<p><strong>#3- Prioritizing strategic sectors: <\/strong>Projects in green hydrogen, green ammonia, EV manufacturing and charging, plastics alternatives, and waste management \u2014 all considered priorities for our development strategy \u2014 could be fast-tracked through the approvals process, after Cabinet approved a separate prime ministerial decision, the statement read.<\/p>\n<p><strong>#4- Faster approval process for investment proposals:<\/strong> Authorities must now make a decision on any approvals, licenses or permits necessary for investment projects and inform applicants of the outcome within 20 working days of receiving a request. GAFI will follow up on applications with any authorities who don\u2019t meet the new deadline.<\/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\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-energy\/\">green energy<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation 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=\"544606\" 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=\"544606\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/disruptechs-final-usd-25-mn-close-due-next-week-bosta-enters-ksa\/\">\r\n                            Disruptech\u2019s final USD 25 mn close due next week + Bosta enters KSA                        <\/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\/13\/disruptechs-final-usd-25-mn-close-due-next-week-bosta-enters-ksa\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The fund has already locked in substantial unrealized gains on initial investments it has already made, he said.<\/p>\n<p><strong>DisrupTech is looking to invest 30% of the fund in eight companies during 2022<\/strong>, Okasha tells us. Some 25% of the fund was already deployed previously in seven startups, namely <a href=\"https:\/\/brimore.com\/\">Brimore<\/a>, <a href=\"https:\/\/khazna.app\/\">Khazna<\/a>, <a href=\"https:\/\/faturab2b.com\/\">Fatura<\/a>, <a href=\"https:\/\/www.cassbana.com\/\">Cassbana<\/a>, <a href=\"https:\/\/halan.com\/\">MNT-Halan<\/a>, <a href=\"https:\/\/www.mozare3.net\/\">Mozare3<\/a>, and <a href=\"https:\/\/gahezmarket.com\/ar_EG\">Gahez<\/a>. Earlier this month, Disruptech led a pre-seed investment round in <a href=\"https:\/\/mumerz.com\/en\">Mumerz<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Fintech startup <\/strong><strong><a href=\"https:\/\/www.getnexta.com\/\">Nexta<\/a><\/strong><strong> is preparing to launch after raising USD 2.2 mn in pre-seed <\/strong><strong>investment<\/strong>, the company said in a <a href=\"https:\/\/magnitt.com\/news\/nexta-2-2m-pre-seed-53279?utm_source=insight&utm_medium=email&utm_campaign=Amp\">press release<\/a>. The funding round was led by DisrupTech and featured participation from undisclosed international investors The company said the funding will allow it to debut its payment services, having already met the Central Bank of Egypt\u2019s regulations. The funds will allow Nexta \u201cto launch its much anticipated digital banking solutions, as well as support its effort in expanding its market and continuing its strategic partnerships,\u201d Distruptech\u2019s Okasha said.<\/p>\n<p><strong>About Nexta:<\/strong> Founded by Ibrahim Farag and Ahmed Hisham in 2021, Nexta is a payments company whose Visa cards \u201cwill aggregate the users\u2019 existing payment cards, allow for easy and reliable money transfer, and a multitude of other features to come,\u201d the company said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Bosta has entered its first market outside Egypt:<\/strong> Logistics startup <a href=\"https:\/\/bosta.co\/\">Bosta<\/a> has opened an office in Riyadh, marking its official launch in Saudi Arabia and its first expansion outside of Egypt, the company announced in a <a href=\"https:\/\/ent.news\/2022\/3\/Bosta-for-logistic-services-raised-a-new-investment-to-expand-globally-starting-from-KSA.pdf\">statement (pdf)<\/a>.<\/p>\n<p><strong>The launch coincides with the closing of an undisclosed pre-Series B round<\/strong> led by <a href=\"https:\/\/www.khwarizmivc.com\/\">Khwarizmi Ventures<\/a> and Hassan Allam Holding, the company said.<\/p>\n<p><strong>More expansions to come? <\/strong>The Saudi office launch is part of Bosta\u2019s expansion plans across the Middle East and \u201cit will be followed by another launch in the region by the end of this year,\u201d said co-founder and CEO Mohamed Ezzat. Bosta has plans to expand into the UAE as well, Ezzat had said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3602100a-5c4b-4eda-9f35-baac3188813d\">last year<\/a>, adding that the company is looking to enter seven new markets in the next five years, including Kuwait and several African countries.<\/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\/bosta\/\">Bosta<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/disruptech\/\">Disruptech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech-startup\/\">fintech startup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics-startup\/\">logistics startup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nexta\/\">Nexta<\/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\/venture-capital\/\">venture capital<\/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=\"544608\" 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=\"544608\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/cabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland\/\">\r\n                            Cabinet okays harsher penalties under crackdown of building on farmland                        <\/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\/13\/cabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland\/\" 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\/13\/cabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland\/')\">\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\/13\/cabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland\/\">\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=Cabinet okays harsher penalties under crackdown of building on farmland&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/cabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland\/\">\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\/13\/cabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland\/&title=Cabinet okays harsher penalties under crackdown of building on farmland\">\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=Cabinet+okays+harsher+penalties+under+crackdown+of+building+on+farmland+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F13%2Fcabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland%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\/13\/cabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/147.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544609\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/cabinet-okays-harsher-penalties-under-crackdown-of-building-on-farmland\/147-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/147.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"147.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/147.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/147.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544608\" class=\"content-area-description single-story post-544608 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-agriculture-act tag-cabinet-watch tag-enterpriseam tag-legislation tag-madbouly-cabinet tag-smes-act wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Harsher penalties will be introduced for illegally building on <\/strong><strong>agricultural land <\/strong>under amendments to the <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/23\/govt-gets-sharper-teeth-against-unsustainable-agriculture-practices\/\">Agriculture Act<\/a> approved by the Cabinet during its weekly meeting on Thursday, it said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/355502533286840\">a statement<\/a>. Those convicted will be banned from receiving government food subsidies, and will face jail terms ranging from two to five years as well as fines between EGP 500k and EGP 10 mn. Contractors involved in illegal farmland building would also be subject to jail terms of two to five years and jail terms ranging from EGP 100k to EGP 3 mn. <a href=\"https:\/\/alborsaanews.com\/2022\/03\/06\/1516955\">Almost 500 people<\/a> have already had subsidies taken away from them for encroaching on agricultural land in recent weeks. The changes are part of the government\u2019s efforts to curb agricultural land encroachment, with other construction regulations designed to downsize illegal construction applied in recent years nationwide.<\/p>\n<p><strong>SMEs will also be getting an additional one-year grace period to join the formal economy<\/strong> after Cabinet extended the timeline set out in the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c0c21990-d892-4270-b707-bb130b558bf2\">SMEs Act<\/a>. The extension aims to \u201callow informal businesses to regulate their status to integrate in the formal economy.\u201d The recently-ratified law includes tax and non-tax incentives to support SMEs to join the formal economy, including tax markdowns at a rate of 1% of the total growth in sales a single SME manages to achieve in a given year.<\/p>\n<p><strong>Also approved during Thursday\u2019s meeting:<\/strong><\/p>\n<ul>\n<li><strong>The executive regulations of the Clinical Research Act<\/strong>, which the House of Representatives <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff816b7c-7eaf-4b1f-ac4c-be6ec4df8325\">approved in 2020<\/a>;<\/li>\n<li><strong>Proposals from unnamed private companies to set up 5 MW solar power plants<\/strong> in Sharm El-Sheikh under a buy-own-operate (BOO) framework;<\/li>\n<li><strong>A South Korean grant<\/strong> signed in January to help finance <strong>the government\u2019s electronic procurement system<\/strong>.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture-act\/\">Agriculture Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madbouly-cabinet\/\">Madbouly Cabinet<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes-act\/\">SMEs Act<\/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=\"544610\" 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=\"544610\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/russia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms\/\">\r\n                            Russia says western arms shipments to Ukraine are legit targets; US to send more arms                        <\/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\/13\/russia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms\/\" 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\/13\/russia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms\/')\">\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\/13\/russia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms\/\">\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 says western arms shipments to Ukraine are legit targets; US to send more arms&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/russia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms\/\">\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\/13\/russia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms\/&title=Russia says western arms shipments to Ukraine are legit targets; US to send more arms\">\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+says+western+arms+shipments+to+Ukraine+are+legit+targets%3B+US+to+send+more+arms+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F13%2Frussia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms%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\/13\/russia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/148.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544611\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/russia-says-western-arms-shipments-to-ukraine-are-legit-targets-us-to-send-more-arms\/148-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/148.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"148.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/148.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/148.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544610\" class=\"content-area-description single-story post-544610 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-enterpriseam tag-nato tag-russia tag-russia-ukraine-conflict tag-trade tag-ukraine tag-war-watch tag-world-trade-organization 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>Russia has warned that it could strike western arms shipments<\/strong>, potentially drawing Moscow and Nato closer to armed confrontation, the <a href=\"https:\/\/www.ft.com\/content\/b6bf5494-7381-4de9-9df7-0d4489ad5f5d\">Financial Times<\/a> reports, citing a report in Interfax. Deputy foreign minister Sergei Ryabkov described western governments\u2019 arming of Ukraine as a \u201cdangerous move\u201d and one that \u201cturns these convoys into legitimate military targets,\u201d the news agency reported him as saying.<\/p>\n<p><strong>More US arms are heading to Ukraine:<\/strong> This came on the same day that the Biden administration approved another USD 200 mn in arms for Ukraine. Another batch of anti-aircraft, anti-tank and small arms will be sent to the country immediately, taking Washington\u2019s total spend on Ukraine military aid in 2022 to USD 1.2 bn, according to <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-authorizes-200-mln-new-weapons-military-training-ukraine-2022-03-12\/\">Reuters<\/a>.<\/p>\n<p><strong>Biden rejects no-fly zone, warns of World War III:<\/strong> US president Joe Biden once again faced down calls for Nato to implement a no-fly zone over Ukraine, <a href=\"https:\/\/twitter.com\/POTUS\/status\/1502353759455821833?cxt=HHwWkoCy9Zmyt9kpAAAA\">writing on social media<\/a> that a confrontation between the military alliance and Russia will lead to World War III.<\/p>\n<p><strong>ON THE GROUND-<\/strong><\/p>\n<p><strong>Russian forces are reportedly closing in on key Ukrainian cities<\/strong>, including the capital Kyiv, the country\u2019s second-largest city Kharkiv and the southern port of Mariupol, Pentagon press secretary John Kirby told reporters on Friday, <a href=\"https:\/\/abcnews.go.com\/Politics\/ukraine-drones-great-effect-russian-forces-pentagon-updates\/story?id=83391603\">ABC News<\/a> reports. The Russians are accelerating their advance towards the capital from the east, and are \u201cclosing in\u201d on Kharkiv, the official said. Mariupol, which has been surrounded for almost a week, is continuing to suffer heavy shelling.<\/p>\n<p><strong>Russia plans to deploy thousands of volunteer fighters from the Middle East to join its<\/strong> <strong>forces in Ukraine<\/strong>, Russian President Vladimir Putin said in a meeting with Russia\u2019s security council (<a href=\"https:\/\/www.reuters.com\/world\/europe\/putin-says-volunteers-welcome-help-fight-against-ukrainian-forces-2022-03-11\/\">watch, runtime: 2:08<\/a>). Some 16k people from the region are ready to be deployed to the country, Russian Defense Minister Sergei Shoigu said.<\/p>\n<p><strong>EGYPT IN THE WAR-<\/strong><\/p>\n<p><strong>Some 2.6k Ukrainians stranded in Egypt have arrived in Budapest since 5 March<\/strong> on chartered flights organized by the Ukrainian and Egyptian embassies, a Budapest Airport spokesperson told <a href=\"https:\/\/www.reuters.com\/world\/ukrainians-stranded-by-war-while-holiday-egypt-head-home-2022-03-10\/\">Reuters<\/a>. Some 20k Ukrainians <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c6565e7-5e9c-48af-9ffa-d740e453ab07\">have been stranded<\/a> in Egypt since Russia launched its invasion of Ukraine, prompting the closure of both Ukraine and Russia\u2019s airspaces.<\/p>\n<p><strong>THE HUMAN TOLL-<\/strong><\/p>\n<p><strong>More than 2.5 mn people have fled Ukraine so far<\/strong>, with more than 1.5 mn of them crossing the border into Poland, according to the latest tally by <a href=\"https:\/\/data2.unhcr.org\/en\/situations\/ukraine\">UN agencies<\/a>. The UN estimates that as many as 4 mn refugees may end up leaving the country, as Russian forces continue to advance deeper into the country.<\/p>\n<p><strong>SANCTIONS-<\/strong><\/p>\n<p><strong>Moscow strikes back at western sanctions:<\/strong> Russia has retaliated against western sanctions by banning the export of more than 200 products until the end of the year, <a href=\"http:\/\/government.ru\/en\/docs\/44762\/\">it announced<\/a> Thursday. The export ban includes telecoms, medical, vehicle, agricultural, and electrical equipment as well as railway cars and locomotives, containers, and turbines.<\/p>\n<p><strong>Crucially, Russia is not (yet) restricting access to its most important exports<\/strong>, including energy, food commodities and other raw materials. It is also still allowing artificial sapphires \u2014 crucial components of microchips \u2014 to be exported. Russia produces 40% of the world\u2019s synthetic sapphires and the country\u2019s Industry and Trade Ministry <a href=\"https:\/\/interfax.com\/newsroom\/top-stories\/75795\/\">has said<\/a> they will only be restricted as a last resort.<\/p>\n<p><strong>Germany wants to all but end the import of oil and coal from Russia by the end of 2022<\/strong>, the country\u2019s economy minister said yesterday, according to the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-mevlut-cavusoglu-europe-nato-b33709c6f51d1b580f2c6874066eb819\">Associated Press<\/a>. This is no small feat: Germany currently gets around half of its coal and oil from Russia.<\/p>\n<p><strong>Russia will now face higher tariffs on many of its exports<\/strong> after G7 nations agreed to revoke its \u201cmost-favored nation\u201d (MFN) status at the World Trade Organization, the White House <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/03\/11\/joint-statement-by-the-g7-announcing-further-economic-costs-on-russia\/\">announced<\/a> Friday. If Russia loses this status, western governments will be able to slap whatever tariffs they choose on Russian goods without breaching WTO rules.<\/p>\n<p><strong>FINANCE IN A TIME OF WAR-<\/strong><\/p>\n<p><strong>Goldman Sachs, JPMorgan and Deutsche Bank<\/strong> have all said they\u2019re pulling back from operations in Russia, Reuters reports (<a href=\"https:\/\/www.reuters.com\/business\/finance\/goldman-sachs-exit-russia-bloomberg-news-2022-03-10\/\">here<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/deutsche-bank-ceo-gets-20-pay-rise-2021-2022-03-11\/\">here<\/a>).<\/p>\n<p><strong>Russia\u2019s stock market will remain closed for the next week, <\/strong>the central bank said. Trading on the Moscow Exchange has been closed since 25 February, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-12\/russia-central-bank-extends-stock-trading-halt-until-march-18?cmpid=socialflow-twitter-business&utm_medium=social&utm_campaign=socialflow-organic&utm_content=business&utm_source=twitter\">Bloomberg<\/a> said.<\/p>\n<p><strong>Credit rating agency Fitch has <\/strong><strong><a href=\"https:\/\/www.fitchratings.com\/research\/corporate-finance\/fitch-downgrades-russian-commodity-companies-reflecting-increased-financial-risks-04-03-2022\">downgraded<\/a><\/strong><strong> 26 Russian natural resources companies<\/strong>, including state gas giant Gazprom, oil producer Lukoil and miner Rusal. Fitch has warned these companies could be at risk of defaulting due to sanctions imposed on Moscow.<\/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\/nato\/\">NATO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-trade-organization\/\">World Trade Organization<\/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=\"544612\" 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=\"544612\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/544612\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544612\" class=\"content-area-description single-story post-544612 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544613\" 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=\"544613\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/on-the-fallout-from-war-in-ukraine-and-a-reminder-that-the-new-daily-covid-case-count-is-rapidly-declining\/\">\r\n                            On the fallout from war in Ukraine \u2014 and a reminder that the new daily covid case count is rapidly declining                        <\/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\/13\/on-the-fallout-from-war-in-ukraine-and-a-reminder-that-the-new-daily-covid-case-count-is-rapidly-declining\/\" 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\/13\/on-the-fallout-from-war-in-ukraine-and-a-reminder-that-the-new-daily-covid-case-count-is-rapidly-declining\/')\">\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\/13\/on-the-fallout-from-war-in-ukraine-and-a-reminder-that-the-new-daily-covid-case-count-is-rapidly-declining\/\">\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=On the fallout from war in Ukraine \u2014 and a reminder that the new daily covid case count is rapidly declining&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/on-the-fallout-from-war-in-ukraine-and-a-reminder-that-the-new-daily-covid-case-count-is-rapidly-declining\/\">\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\/13\/on-the-fallout-from-war-in-ukraine-and-a-reminder-that-the-new-daily-covid-case-count-is-rapidly-declining\/&title=On the fallout from war in Ukraine \u2014 and a reminder that the new daily covid case count is rapidly declining\">\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=On+the+fallout+from+war+in+Ukraine+%E2%80%94+and+a+reminder+that+the+new+daily+covid+case+count+is+rapidly+declining+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F13%2Fon-the-fallout-from-war-in-ukraine-and-a-reminder-that-the-new-daily-covid-case-count-is-rapidly-declining%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\/13\/on-the-fallout-from-war-in-ukraine-and-a-reminder-that-the-new-daily-covid-case-count-is-rapidly-declining\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544613\" class=\"content-area-description single-story post-544613 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-commodities tag-covid-19 tag-education tag-enterpriseam tag-inflation tag-last-nights-talk-shows tag-ukraine tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The fallout from the conflict in Ukraine was stil top of the agenda on the airwaves <\/strong><strong>last night<\/strong>, where the nation\u2019s talking heads discussed the impact of the commodities shock on the economy and the fate of the overseas students who have been forced to fly back to Egypt from Ukraine. Covid (remember that?) also got a look-in.<\/p>\n<p><strong>The economic impact:<\/strong> Kelma Akhira\u2019s Lamees Hadidi dedicated a chunk of her show to covering how the conflict is impacting the Egyptian economy. She recapped some of the measures the government is taking to insulate the economy from food and energy price inflation (<a href=\"https:\/\/youtu.be\/LEc4Y-VDvaU\">watch, runtime 3:17<\/a>), and in a another segment talked to Alaa Ezz, secretary-general of Federation of Egyptian Chambers of Commerce (Fedcoc), who told her with a surprising degree of confidence that commodity prices have already \u201creached their peak\u201d and have started to decline (<a href=\"https:\/\/youtu.be\/wQ-MApAbDcM\">watch, runtime 4:41<\/a>).<\/p>\n<p><strong>The students:<\/strong> Overseas students who have had to return home from Ukraine will be allowed to enroll in private universities \u2014 but will not be admitted to public universities, Higher Education Minister Khaled Abdel Ghaffar told Ala Mas\u2019ouleety\u2019s Ahmed Moussa in a phone-in (<a href=\"https:\/\/youtu.be\/IBEkPc5-FHM\">watch, runtime 5:04<\/a>). Admission into private universities will kick off tomorrow, in coordination with the Immigration Ministry, and regulations have been put in place to ensure students are placed in classes that correspond to their academic level, Higher Education Ministry spokesperson Adel Abdel Ghaffar told El Hadidi via a phone-in (<a href=\"https:\/\/youtu.be\/1VROUd6AkP8\">watch, runtime 3:11<\/a>). Abdel Ghaffar made the remarks after she pointed out to him that Egyptians studying in Ukraine typically do not get high-enough test scores to be admitted into top-ranking Egyptian universities. Al Hayah Al Youm also had coverage (<a href=\"https:\/\/youtu.be\/wUfcxs4aDXE\">watch, runtime 7:14<\/a>)<\/p>\n<p><strong>Some good news: Egypt is witnessing a sharp decline in covid case numbers<\/strong>, as well as hospitalization and death numbers, Hossam Hosny, head of the government\u2019s covid committee, told Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=mga43Br9F3Q\">watch, runtime 8:34<\/a>). To keep things moving in the right direction, only those who hold vaccination certificates will be allowed entry into mawa\u2019ed rahman during Ramadan, he said.<\/p>\n<p><strong>More than half of eligible people are now fully vaccinated<\/strong>, according to acting Health Minister Khaled Abdel Ghaffar, who told Ala Mas\u2019ouleety\u2019s Ahmed Moussa that the figure now stands at 51% (<a href=\"https:\/\/youtu.be\/sGmuY_6m1-E\">watch, runtime 3:17<\/a>). Al Hayah Al Youm also had coverage (<a href=\"https:\/\/www.youtube.com\/watch?v=CUnbGsk-X-A\">watch, runtime 8:09<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n            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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/the-impact-of-the-global-commodities-shock-on-egypt-is-getting-more-play-in-the-foreign-press\/\">\r\n                            The impact of the global commodities shock on Egypt is getting more play in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/the-impact-of-the-global-commodities-shock-on-egypt-is-getting-more-play-in-the-foreign-press\/\" 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    <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/the-impact-of-the-global-commodities-shock-on-egypt-is-getting-more-play-in-the-foreign-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544615\" class=\"content-area-description single-story post-544615 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-commodities tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The impact of rising prices of commodities on Egypt is getting more ink <\/strong>in the foreign press, with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-10\/biggest-wheat-buyer-blames-greedy-traders-for-spiraling-prices\">Bloomberg<\/a>reporting the government\u2019s efforts to soften the impact by boosting reserves and blaming \u201cgreedy traders\u201d and state-run media outlets urging consumers to rationalize consumption amid the rising prices.<\/p>\n<p><strong>\u201c<\/strong><strong><a href=\"https:\/\/apnews.com\/article\/science-business-africa-cairo-middle-east-8a6748cc1168074bb6aafaee9de99db8\">As Cairo transforms, Egyptians fight to save their trees<\/a><\/strong><strong>\u201d <\/strong>is the headline atop a story by the Associated Press\u2019 Amir-Hussein Rady that\u2019s getting wide pickup in US media.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544616\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544617\" 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=\"544617\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/another-week-of-losses-for-us-stocks-but-is-a-bit-of-good-news-on-the-horizon\/\">\r\n                            Another week of losses for US stocks, but is a bit of good news on the horizon?                    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class=\"content-area-description single-story post-544617 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-equities tag-financial-markets tag-goldman-sachs tag-planet-finance tag-russia-ukraine-conflict tag-russia-ukraine-war tag-sp-500 tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Stocks finished the week on a low <\/strong>after days of wild swings on the back of contradictory developments in Russia\u2019s war on Ukraine, the <a href=\"https:\/\/www.wsj.com\/articles\/global-stocks-markets-dow-update-03-11-2022-11646987861?mod=hp_lead_pos1\">Wall Street Journal writes<\/a>. The S&amp;P 500 closed down 2.9% for the week on Friday, while the tech-heavy Nasdaq dropped 3.5% \u2014 marking the fourth weekly loss in the past five weeks for the two major US indices. The Nasdaq has now lost 18% since the start of the year, as war in Europe and ongoing inflationary worries batter high-value stocks.<\/p><p><strong>Expect more volatility this week<\/strong>, as the Fed meets for its March policy meeting on Tuesday and Wednesday, the WSJ warns. Traders are overwhelmingly expecting the central bank to announce a quarter-point rate hike to kick off its tightening cycle in an attempt to curb decades-high inflation.<\/p><p><strong>A quick reminder on terminology: <\/strong>Stocks down 10% from a recent high is a \u201ccorrection.\u201d A sustained drop of 20% or more is the marker of a bear market.<\/p><p><strong>SOME RARE GOOD NEWS on the horizon for stocks?<\/strong> <strong>A quarter of a tn USD <\/strong><strong>could flow from debt to equities by the end of March<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/2a10855b-cb97-43bd-a553-275190dc9491\">Financial Times writes<\/a>, as big institutional investors rebalance their portfolios ahead of end-of-quarter reporting requirements. US pension funds and sovereign wealth funds are among those expected to rebuild their positions in stocks to meet long-term allocation targets, in a move that should support stock markets that have been whipsawed by the war in Ukraine.<\/p><p><strong>MEANWHILE- Goldman Sachs has revised downwards its year-end target for the S&amp;P 500 <\/strong><strong>for the second t<\/strong><strong>ime in less than a month<\/strong> in response to the commodities shock, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-12\/goldman-cuts-s-p-500-target-again-as-gloom-descends-upon-stocks?srnd=premium&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/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>10,454<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -12.5%)<\/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>12,684<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +12.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,636<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +13.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,402<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +6.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,204<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -11.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,116<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: -3.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 112.67<\/p>\n<\/td>\n<td>\n<p>+3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.72<\/p>\n<\/td>\n<td>\n<p>+2.0%<\/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 1,985<\/p>\n<\/td>\n<td>\n<p>-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 39,093<\/p>\n<\/td>\n<td>\n<p>+0.5% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.4% at Thursday\u2019s close<\/strong> on turnover of EGP 996 mn (6.3% above the 90-day average). Foreign investors were net sellers. The index is down 12.5% YTD.<\/p><p><strong>In the green: <\/strong>Heliopolis Housing (+4.2%), Fawry (+2.8%) and Ezz Steel (+2.6%).<\/p><p><strong>In the red: <\/strong>Cleopatra Hospital (-3.0%), CIRA (-2.9%) and Sidi Kerir Petrochem (-2.4%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span 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class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/could-digital-labor-platforms-provide-better-working-conditions-for-egypts-informal-workers\/\">         \r\n                            Could digital labor platforms provide better working conditions for Egypt\u2019s informal workers?<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/could-digital-labor-platforms-provide-better-working-conditions-for-egypts-informal-workers\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/could-digital-labor-platforms-provide-better-working-conditions-for-egypts-informal-workers\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/149.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"544619\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/could-digital-labor-platforms-provide-better-working-conditions-for-egypts-informal-workers\/149-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/149.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"149.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/149.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/149.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-544618\" class=\"content-area-description post-544618 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-a2k4d tag-auc tag-enterprise-whats-next tag-enterpriseam tag-fairwork tag-filkhedma tag-mongez tag-mrsool tag-orcas tag-swvl tag-talabat tag-uber wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Digital labor platforms offer chances for fair work in Egypt\u2019s informal sectors, a new <\/strong><strong>report concludes<\/strong><strong> \u2014 but there\u2019s still a long way to go.<\/strong> Digital labor platforms represent a \u201cunique and flexible\u201d way for Egypt\u2019s informal workers to earn a living \u2014 especially considering our highly informal economy \u2014 but they also have plenty of wrinkles still to be ironed out, concludes a <a href=\"https:\/\/ent.news\/2022\/3\/Fairwork-Report-Egypt-2021.pdf\">recently-published study (pdf)<\/a> conducted by Oxford University-based, GIZ-commissioned project <a href=\"https:\/\/fair.work\/en\/fw\/about\/faqs\/\">Fairwork<\/a> and AUC\u2019s <a href=\"https:\/\/business.aucegypt.edu\/research\/centers\/a2k4d\">Access to Knowledge for Development Center (A2K4D)<\/a>.<\/p>\n<p><strong>What exactly do we mean by digital labor platforms?<\/strong> <a href=\"https:\/\/www.ilo.org\/global\/topics\/non-standard-employment\/crowd-work\/lang--en\/index.htm#:~:text=An%20important%20component%20of%20the,in%20a%20specific%20geographical%20area%2C\">Digital labor platforms<\/a> include both web-based platforms and location-based apps that outsource and allocate work, usually in service industries like driving, cleaning or running errands, <a href=\"https:\/\/www.ilo.org\/global\/topics\/non-standard-employment\/crowd-work\/lang--en\/index.htm#:~:text=An%20important%20component%20of%20the,in%20a%20specific%20geographical%20area%2C\">the ILO notes<\/a>. Today, these platforms form a core part of the gig economy (<a href=\"https:\/\/www.investopedia.com\/terms\/g\/gig-economy.asp\">characterized by<\/a> short-term contract or freelance work). Altogether, Egypt\u2019s informal sector makes up an estimated 50% of GDP and 60% of the total employed population, with some 90% of SMEs belonging to the informal sector. And our digital transformation \u2014 with the internet penetration rate rising rapidly from an estimated 30% in 2010 to <a href=\"https:\/\/enterprise.press\/hardhats\/egypts-digital-infrastructure-2020-growth-key-trends\/\">57.3% as of January 2021<\/a> \u2014 has accelerated the growth of flexible, online \u2018gig\u2019 work, the report notes.<\/p>\n<p><strong>Fairwork aims to evaluate whether these platforms offer fair working conditions by examining them against its own five principles of fair work:<\/strong> Pay, conditions, contracts, management, and representation. Platforms are scored out of ten, with each of the five principles allocated two points.<\/p>\n<p><strong>The Fairwork-A2K4D report examines seven platforms operating in Egypt:<\/strong> These are home service provider <a href=\"https:\/\/www.facebook.com\/FilKhedma\/\">FilKhedma<\/a>, courier delivery companies <a href=\"https:\/\/mrsool.co\/\">Mrsool<\/a> and <a href=\"https:\/\/www.mongez.app\/\">Mongez<\/a>, tutoring provider <a href=\"https:\/\/www.orcas.io\/\">Orcas<\/a>, ride-hailing platforms <a href=\"https:\/\/www.uber.com\/eg\/en\/\">Uber<\/a> and <a href=\"https:\/\/www.swvl.com\/\">Swvl<\/a>, and food delivery platform <a href=\"https:\/\/www.talabat.com\/egypt\">Talabat<\/a>. The platforms were selected because they\u2019re large and influential within their respective sectors, offering a snapshot of working conditions within Egypt\u2019s digital labor environment, the report tells us.<\/p>\n<p><strong>Out of a possible ten points, FilKhedma scored the highest with five.<\/strong> Mrsool and Orcas followed with four, Swvl with three, and Mongez, Uber and Talabat with one.<\/p>\n<p><strong>Three platforms were awarded at least a point for fair pay: <\/strong>FilKhedma, Orcas and Swvl all pay their workers minimum wage or above \u2014 which for 2021 was EGP 2k per month, or EGP 333 per week, according to the report. The scores factored in work related costs \u2014 like vehicle maintenance, equipment, and waiting times. For the other platforms surveyed, these extra costs mean employees don\u2019t actually take home the minimum wage. Only Orcas and Swvl pay a fair living wage or above \u2014 assessed as EGP 3.5k per month or EGP 583 per week in 2021.<\/p>\n<p><strong>Five were given points for fair conditions, by clearly taking action to mitigate risks faced by their workers:<\/strong> Mongez, Mrsool, FilKhedma, Orcas, and Uber all exhibit awareness of the risks their workers face, and take some action to protect them, the report tells us. Mongez provides workers with PPE \u2014 though it\u2019s at a reduced cost, deducted from their salary every month. Mrsool offers an accident reimbursement system, so workers are compensated for any road accidents and recovery costs. FilKhedma provides a safety manual and offers safety training to workers. Orcas has a cancellation policy that safeguards worker incomes. And Uber has ins, and other policies in place to protect its drivers.<\/p>\n<p><strong>But none provide workers with a safety net:<\/strong> Not having a safety net is one of the biggest risks faced by gig workers, and none of the platforms examined by the study in Egypt fully addresses this, the report notes. Mrsool is the only one to address it even partially: it once reassigned a worker unable to perform his job due to workplace injury to another department while the injury lasted.<\/p>\n<p><strong>Three get a point for their contracts having clear terms and conditions: <\/strong>FilKhedma, Orcas, and Swvl have clear and accessible terms and conditions, as opposed to the other four platforms, which don\u2019t notify workers of proposed changes within a reasonable timeframe before they take effect.<\/p>\n<p><strong>But all impose at least some unfair contract terms: <\/strong>Each of these platforms stipulate that they don\u2019t bear any contractual liability, which the report considers an unfair contract term.<\/p>\n<p><strong>Three score management points, because they provide due process for decisions affecting workers: <\/strong>FilKhedma, Mrsool and Talabat can show they provide due process for decisions that impact workers, including an avenue for appeals over disciplinary action. The other platforms either have an inadequate appeals process or workers are in some way \u201cdisadvantaged for voicing concerns.\u201d<\/p>\n<p><strong>But only one offers anything close to equity in the management process, by taking meaningful steps to be inclusive of women:<\/strong> Though Egypt\u2019s maintenance work is usually undertaken by men, FilKhedma have taken some steps to address gender bias by offering cleaning services, which tend to attract women workers, the report notes.<\/p>\n<p><strong>Still, two now appear to be taking steps to be more generally inclusive:<\/strong> In an encouraging move, both FilKhedma and Orcas have recently implemented anti-discrimination policies, after collaboration with the Fairwork Egypt team, the report tells us. The aim of this is to work towards greater equality and inclusion and commit to non-discrimination on the basis of characteristics including race, religion, gender, marital status and disability.<\/p>\n<p><strong>Finally, only one platform scores points for fair representation: <\/strong>Mrsool was \u201cthe only platform that provided evidence of meaningful collective worker voice mechanisms,\u201d the report says. Workers can organize and show unity through regular forums and meetings, and the platform has publicly declared that it supports the establishment of a couriers trade union, with which it would willingly enter into negotiations.<\/p>\n<p><strong>In short: Digital labor platforms offer important avenues for Egyptian workers to pursue employment prospects. <\/strong>The platforms offer job prospects to cohorts of otherwise unemployed informal workers. And because many are early-stage, they could serve as blueprints for Egypt\u2019s wider business sector to engage in fairer work practices, notes the report, which suggests that making them fairer is eminently possible.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Meet our <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/95e9da20-deda-44c7-89ad-a4eefd198d93\">founder of the week<\/a><\/strong><strong>: <\/strong>Homzmart\u2019s Mahmoud Ibrahim.<\/li>\n<li><strong>Trucking startup Naqla <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/25ba6890-ed88-4dbe-a335-25d0db5bdd15\">raised USD 10.5 mn<\/a><\/strong><strong> in a pre-series A round<\/strong> led by El Sewedy Capital Holding, while <strong>Egypt-based pharma delivery platform Chefaa raised an undisclosed sum<\/strong> led by a group of international VC firms.<\/li>\n<li><strong>Read our <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/103e99de-431c-4d39-9322-9ccebc9a5341\">rundown<\/a><\/strong><strong> of everything you need to know about cryptocurrency slang<\/strong> to sound like a certified Crypto Bro.<\/li>\n<li><strong>Mass transit app Swvl is<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7088ee6b-7a13-41bf-a308-182b83509d7c\">partnering with<\/a><\/strong><strong> fintech startup Paynas <\/strong>to provide its drivers with financial services.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/a2k4d\/\">A2K4D<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/auc\/\">AUC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fairwork\/\">Fairwork<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/filkhedma\/\">FilKhedma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mongez\/\">Mongez<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mrsool\/\">Mrsool<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orcas\/\">Orcas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talabat\/\">Talabat<\/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>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"544620\" 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\/13\/544620\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544620\" class=\"content-area-description single-story post-544620 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 &ndash; new administrative capital &ndash; 10th of Ramadan Light Rail Train (LRT) line <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/327078179462609\">will start operating<\/a>.<\/p>\n<p>March: The new multi-purpose station at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b705927d-ff68-4720-8bae-3b3dfde3705d\">Dekheila Port and the revamped Ain Sokhna Port<\/a> will start operating.<\/p>\n<p>March: General Authority for Land and Dry Ports <a href=\"https:\/\/bit.ly\/3IbQQKI\">to issue the condition booklets<\/a> for the operations of the Tenth of Ramadan dry port.<\/p>\n<p>9-18 March (Wednesday-Friday): The 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>12 March: <a href=\"https:\/\/www.facebook.com\/watch\/?v=486670516484679&ref=sharing\">Egypt Desert Challenge<\/a> Rally kicks off in Fayoum.<\/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&#39; playoff (TBC).<\/p>\n<p>26 March (Saturday): Egypt-EU World Trade Organization dispute settlement consultations end.<\/p>\n<p>28-29 March (Monday-Tuesday): The Egypt International Mining Show (<a href=\"https:\/\/egypt-mining.com\/\">EIMS 2022<\/a>) will take place virtually.<\/p>\n<p>28 March (Monday): The second leg of the 2022 FIFA World Cup qualifiers&#39; playoff between Egypt and Senegal (TBC).<\/p>\n<p>28 March (Monday): The court hearing for a case brought by Arabia Investments Holding (AIH) against Peugeot <a href=\"https:\/\/ent.news\/2022\/3\/AIH-lawsuit-Peugeot.pdf\">has been postponed<\/a> until 28 March.<\/p>\n<p>31 March (Thursday): Deadline for submitting tax returns for individual taxpayers.<\/p>\n<p>31 March (Thursday): Vodacom purchase of Vodafone Group\u2019s stake in Vodafone Egypt expected to be completed by this date.<\/p>\n<p>31 March (Thursday): Supply Ministry expected to take final decision on bread subsidies by this date.<\/p>\n<p>April: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>April: Ghazl El Mahalla shares will begin trading on the EGX.<\/p>\n<p>2 April (Saturday): First day of Ramadan (TBC).<\/p>\n<p>3 April (Sunday): Bidding begins on the Industrial Development Authority\u2019s license to manufacture tobacco products.<\/p>\n<p>4 April (Monday): CDC Group will formally change its name to British International Investment.<\/p>\n<p>14 April (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Mid-April: Trading on the <a href=\"https:\/\/alborsaanews.com\/2022\/02\/13\/1508190\">Egyptian Commodity Exchange to start<\/a>.<\/p>\n<p>22-24 April (Friday-Sunday): <a href=\"http:\/\/sdg.iisd.org\/events\/2022-spring-meetings-of-the-world-bank-group-and-the-international-monetary-fund\/\">World Bank-IMF spring meeting<\/a>, Washington D.C.<\/p>\n<p>24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April (Monday): Sham El Nessim.<\/p>\n<p>25 April (Monday): Sinai Liberation Day.<\/p>\n<p>28 April (Thursday): National Holiday in observance of Sham El Nessim.<\/p>\n<p>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>Late April - 15 May: 1Q2022 earnings season<\/p>\n<p>May: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>1 May (Sunday): Labor Day.<\/p>\n<p>3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">US Embassy in Cairo<\/a>.<\/p>\n<p>5 May (Thursday): National Holiday in observance of Labor Day.<\/p>\n<p>2 May (Monday): Eid El Fitr (TBC).<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>5-7 June (Sunday-Tuesday): <a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a>, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.<\/p>\n<p>9 June (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15-18 June (Wednesday-Saturday): <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release first financing product.<\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>21 July (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August: 2Q2022 earnings season.<\/p>\n<p>August: Work to extend the capacity of the <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. 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