{"id":544680,"date":"2022-03-16T04:00:15","date_gmt":"2022-03-16T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544680"},"modified":"2025-12-15T20:46:03","modified_gmt":"2025-12-15T20:46:03","slug":"cabinet-sees-budget-deficit-widening-and-announces-smart-investment-incentives-for-green-and-emerging-industries","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cabinet-sees-budget-deficit-widening-and-announces-smart-investment-incentives-for-green-and-emerging-industries\/","title":{"rendered":"Cabinet sees budget deficit widening \u2014 and announces smart investment incentives for green and emerging industries"},"content":{"rendered":"<section id=\"544682\" 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=\"544682\">\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\/16\/this-morning-its-fed-decision-day-swvl-on-course-to-hit-the-nasdaq-on-31-march-afdb-in-town-for-cop-27-talks\/\">\r\n                            THIS MORNING: It\u2019s Fed decision day; Swvl on course to hit the Nasdaq on 31 March; AfDB in town for COP 27 talks                        <\/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\/16\/this-morning-its-fed-decision-day-swvl-on-course-to-hit-the-nasdaq-on-31-march-afdb-in-town-for-cop-27-talks\/\" 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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Swvl on course to hit the Nasdaq on 31 March; AfDB in town for COP 27 talks\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+It%E2%80%99s+Fed+decision+day%3B+Swvl+on+course+to+hit+the+Nasdaq+on+31+March%3B+AfDB+in+town+for+COP+27+talks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F16%2Fthis-morning-its-fed-decision-day-swvl-on-course-to-hit-the-nasdaq-on-31-march-afdb-in-town-for-cop-27-talks%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\/16\/this-morning-its-fed-decision-day-swvl-on-course-to-hit-the-nasdaq-on-31-march-afdb-in-town-for-cop-27-talks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544682\" class=\"content-area-description single-story post-544682 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-african-development-bank tag-climate tag-commodities tag-cop27 tag-enterpriseam tag-food tag-inflation tag-interest-rates tag-russia-ukraine-conflict tag-spacs tag-swvl tag-technology tag-transport tag-what-were-tracking-today tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and welcome to almost-THURSDAY<\/strong>, which longtime readers know is how we prefer to think of the day normals call \u201cWednesday.\u201d<\/p><p><strong>THE BIG NEWS TODAY has to be the ongoing policy maturity the Madbouly government <\/strong><strong>is showing <\/strong>in what are indeed \u201cvery challenging times\u201d (to recycle a crazily overused corporate euphemism that makes us miserable every time we read it). Vice Minister of Finance Ahmed Kouchouk was out yesterday noting that the ministry is <strong>revising the budget deficit target in light of a hit to the commodities line item<\/strong> and ministers have given the green light to <strong>price caps on unsubsidized baladi bread<\/strong>. We hate price controls almost as much as we do subsidies, but this is common sense in light of what\u2019s happening now. Ministers should go a step further and make clear that there\u2019s a sunset clause for the price caps.<\/p><p><strong>Ministers are also showing more willingness to deploy smart incentives. <\/strong>Measures expected \u201cwithin hours\u201d (we\u2019re as tired of that phrase as we are of \u201cvery challenging times\u201d) will give farmers incentives to plant more wheat \u2014 with a corresponding requirement they sell more of their harvest to the state.<\/p><p><strong>And looking beyond the current crisis, Cabinet announced a series of on-point incentives to drive investment in the green economy <\/strong>as well as other priority sectors including artificial intelligence, education, and localizing industry. More of this, please.<\/p><p>^^ We have chapter and verse on all of this and more in this morning\u2019s news well, below.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>An African Development Bank (AfDB) delegation <\/strong><strong><a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-delegation-egypt-ensure-success-cop27-50000\">is in town<\/a><\/strong><strong> to talk COP 27.<\/strong> Led by VP Kevin Kariuki, the team is holding talks with several ministers to discuss our preparations for the climate summit, which will take place in Sharm El Sheikh in November. Foreign Minister Sameh Shoukry (who is double-hatted as president of COP 27), International Cooperation Minister Rania Al Mashat, Environment Minister Yasmine Fouad, and Electricity Minister Mohamed Shaker are all meeting with the delegation to discuss how the bank can assist the government with its preparations. The visit wraps up tomorrow.<\/p><p><strong>Also from the AfDB: <\/strong>The development bank plans to invest USD 1 bn to boost wheat production in African countries, noting that much of the continent is heavily reliant on imports from Russia and Ukraine, <a href=\"https:\/\/www.bloombergquint.com\/onweb\/africa-can-wean-off-russia-wheat-with-1-billion-plan-afdb-says\">Bloomberg<\/a> reports. AfDB will channel the money into \u201cclimate-resilient technologies\u201d that will help 40 mn farmers on the continent raise their output of wheat and other crops, the bank\u2019s president, Akinwumi Adesina, told the business news information service.<\/p><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>It\u2019s Fed decision day: <\/strong>The Federal Reserve will end its two-day meeting to review interest rates today and is expected to kick off its long-signposted tightening cycle with a 25-bps hike. The market previously anticipated the central bank to go bigger and raise interest rates by 50 bps, but now expects the uncertainties triggered by the conflict in Ukraine to have changed its calculations. Look for an announcement this evening, Cairo time.<\/p><p><strong>The Central Bank of Egypt will hold its policy meeting next week<\/strong> on Thursday, 24 March, and analysts are increasingly expecting policymakers to raise rates in response to surging global inflation.<\/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>Are the Saudis really serious about ditching the petrodollar in favor of the yuan?<\/strong> Analysts tell <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-15\/saudi-switch-to-yuan-seen-as-symbolic-not-true-threat-to-dollar?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> that <a href=\"https:\/\/www.wsj.com\/articles\/saudi-arabia-considers-accepting-yuan-instead-of-dollars-for-chinese-oil-sales-11647351541\">talks<\/a> between Riyadh and Beijing to sell some of its oil in yuan is more about geopolitical posturing than a serious reconfiguration of how global oil is traded. \u201cI don\u2019t know if it is really real,\u201d said one strategist. \u201cIt happens at a moment when the geopolitical order is moving. The Saudis are trying to play with what they can. It is just a signal sent to the US they want more consideration.\u201d US-Saudi relations deteriorated with the election of Joe Biden as president, who described it as a \u201cpariah state\u201d during his election campaign. Riyadh reportedly <a href=\"https:\/\/www.wsj.com\/articles\/saudi-emirati-leaders-decline-calls-with-biden-during-ukraine-crisis-11646779430\">refused to take Biden\u2019s phone call<\/a> last week as his administration accelerates its pursuit of a nuclear agreement with Iran.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>Swvl<\/strong><strong> is on course to hit the Nasdaq on 31 March:<\/strong> Egyptian mass transportation firm Swvl will go public on the Nasdaq \u201con or around the 31 March\u201d should the shareholders of its SPAC, Queen\u2019s Gambit Growth Capital, approve the listing in a meeting on 30 March, the company said in <a href=\"https:\/\/ent.news\/2022\/3\/Swvl_PRL_15-03-22.pdf\">a statement (pdf)<\/a> confirming that the merger <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/504be7cf-b9c5-4cc7-8dc3-c1b39caa3e3e\">has received the greenlight<\/a> from US regulators. The company will list <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfbf590f-581d-4b49-96b3-3ac733bb7fe3\">35% of its shares<\/a> on the tech-heavy exchange following a merger with Queen\u2019s Gambit, and will trade under the tickers \u201cSWVL.\u201d<\/p><p><strong>Backing the listing:<\/strong> The SPAC has raised USD 300 mn from investors and has secured USD 121.5 mn in PIPE investments from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7fed1190-1b84-448b-af10-5879267c0b75\">EBRD<\/a> and several US-based investors, Abu Dhabi-based Chimera Capital and Kuwaiti VC Zain Group.<\/p><p><strong>A busy year for Swvl:<\/strong> The company has entered two new continents via its acquisition of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5d2162-bf47-45d2-b982-46314e364512\">Barcelona-based Shotl<\/a> and the South American firm <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ff7b137-c8e9-4f0f-b7d8-1eccf7e7cf63\">Viapool<\/a>, which operates transit services in Chile and Argentina.<\/p><p><strong>A call for agribusiness SMEs: <\/strong><a href=\"https:\/\/care.org.eg\/\">CARE Egypt<\/a> is calling on SME owners to apply for a training program aiming to equip agripreneurs to raise funds. You can apply for the program <a href=\"https:\/\/forms.office.com\/pages\/responsepage.aspx?id=tzMy6BNI9U-JP_YPQAv8uiX19gSDALdKqw5ryNep32VUMTc0STdJOFVWQ080UTc2QjlROUNEMlpGTi4u\">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 next Tuesday, 22 March. The event runs 5:30-9pm CLT at the InterContinental Cairo Semiramis.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>The commodity price shock is pushing up prices of building materials in Egypt, with local steel and cement prices soaring since the start of the Ukraine conflict. Local manufacturers say that these price increases are necessary as they face soaring input costs, including the prices of key energy sources such as coal and pet coke. Contractors, on the other hand, are feeling the pinch, and are lobbying for government support to help them absorb the shock.<\/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\/african-development-bank\/\">African Development Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/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\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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                            <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=\"544683\" 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=\"544683\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/544683\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544683\" class=\"content-area-description single-story post-544683 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/soma-hotels1600pxjpg.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Experience luxury in every thoughtful detail where prestige hospitality is rediscovered with genuine warmth and passion. Awaken forgotten desires and build unforgettable memories to fuel a lifetime of inspiration. Spend your winter break at Somabay with special rates and choose among five different hotels at one destination. Visit: www.Somabay.com\/hotels\/<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544684\" 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=\"544684\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/finmin-sees-budget-deficit-widening-amid-commodities-price-shock\/\">\r\n                            FinMin sees budget deficit widening amid commodities price shock                        <\/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\/16\/finmin-sees-budget-deficit-widening-amid-commodities-price-shock\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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This comes as war-related global price surges putting a strain on the state budget. The ministry expects to have to find <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">an extra EGP 15 bn<\/a> to cover the higher costs of importing wheat.<\/p>\n<p><strong>Softer targets <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/731d170e-0d1f-4b23-bc64-336247c74924\">were flagged<\/a><\/strong><strong> by Finance Minister Mohamed Maait last week<\/strong>, casting doubt on the government\u2019s ability to keep to the 6.7% target in light of higher commodity prices and the loss of Russian and Ukrainian tourists. The ministry is also revisiting its spending and fiscal targets for FY 2022-2023, he said. The updated draft budget is due to be presented to the House of Representatives on 31 March.<\/p>\n<p><strong>It\u2019s looking more and more as if the Central Bank of Egypt may be prompted to raise interest rates:<\/strong> EFG Hermes\u2019s Mohamed Abu Basha has become the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a850c3cb-222e-48ae-bd69-d1a536330c25\">latest analyst<\/a> to forecast a rate hike when the central bank meets later this month, telling Al Arabiya that policymakers could raise rates by 100 bps to help tamp down rising inflation. A rate hike would also support portfolio flows as inflation eats into the country\u2019s real rate, which is among the highest in the world.<\/p>\n<p><strong>Higher interest rates = higher debt burden: <\/strong>The government is considering offering more short-term treasury bills to reduce the cost of a rate hike, Kouchouk told the broadcaster. Treasuries are typically perceived by investors as being lower risk than long-term bonds and carry lower interest rates as a result.<\/p>\n<p><strong>What does that mean for the debt diversification strategy?<\/strong> The ministry has been working to lengthen the average maturity of its debts by issuing fewer treasury bills and more long-term bonds. It\u2019s aiming to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79d7e611-1ab6-488a-a236-2fc863fa1576\">extend the average tenor of its debt<\/a> to five years, up from 3.4 years currently.<\/p>\n<p><strong>Our samurai bonds are on the chopping block (for now): <\/strong>Egypt\u2019s first samurai bond issuance will likely be delayed due to the deterioration of market conditions, Kouchouk said. The Finance Ministry had aimed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51628974-be35-4f80-bb1a-b37a346a766d\">sell around USD 500 mn of JPY-denominated bonds<\/a> in Japan by the end of June as part of its debt diversification strategy.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-kouchouk\/\">Ahmed Kouchouk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-deficit\/\">budget deficit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/judiciary\/\">judiciary<\/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=\"544686\" 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=\"544686\">\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\/16\/the-russia-ukraine-war-will-curb-our-economic-growth-and-hit-the-budget-imf\/\">\r\n                            The Russia-Ukraine war will curb our economic growth and hit the budget \u2013IMF                        <\/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\/16\/the-russia-ukraine-war-will-curb-our-economic-growth-and-hit-the-budget-imf\/\" 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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Egypt\u2019s budget will likely face pressure on the back of surging commodity prices, while the decline in tourists from Ukraine and Russia \u2014 two of our most important tourism markets in volume terms \u2014 will affect economic growth, he said.<\/p>\n<p><strong>What does the IMF recommend? <\/strong>We need to focus on food security issues resulting from our reliance on Russia and Ukraine for wheat imports, according to Azour, and protect the most vulnerable in society by widening the social safety net. This needs to come hand in hand with measures to both curb inflation and reach our targeted <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6b6f594-177a-428b-861a-f13060029d6e\">1.5% primary surplus<\/a> for the current fiscal year.<\/p>\n<p><strong>What food security issue?<\/strong> Russia and Ukraine together account for 80% of our wheat import. The spillover effect of grain price hikes is already apparent here at home, with global price hikes threatening to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">cost the government<\/a> up to EGP 15 bn this fiscal year in additional wheat import costs. The price of unsubsidized bread has doubled since the war broke out, and the government is soon to impose price controls on unsubsidized bread (see story below) and raised the price it will pay farmers for what it buys during this year\u2019s domestic harvest.<\/p>\n<p><strong>The war is also threatening about a third of <\/strong><strong>our inbound tourism market <\/strong>by volume. IMF boss Kristalina Georgieva <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60369999-0536-445f-86c7-6ca68e624aed\">also pointed to<\/a> the threat the war poses to our tourism industry last week, noting that it \u201cwill be sharply hit by the collapse of the Ukrainian and Russian markets.\u201d<\/p>\n<p><strong>On the bright-ish side:<\/strong> \u201cThe development of Egypt\u2019s oil and gas industry will help it weather the volatile price hikes of oil due to the war,\u201d Azour said. Oil Minister Tarek El Molla made a similar suggestion recently, saying that gas exports could compensate for part of the cost of importing oil and petroleum products. Oil has soared to 14-year highs over the past few weeks due to the war, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc8818a3-bbd5-491f-bcc3-2504b5aea296\">hitting USD 130<\/a> last week before <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9382282-35a8-4bc8-8610-77361fd68e71\">sliding more than 20%<\/a> on hopes that Russia and Ukraine were moving towards a peace agreement.<\/p>\n<p><strong>Egypt has not yet approached the IMF with requests for a support package<\/strong>, Azour said, confirming <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/8c32f1f4-8a38-4b21-8270-4090fb47818e\">comments<\/a> by Planning Minister Hala El Said earlier in the week. We last secured from the lender a USD <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2016\/11\/11\/PR16501-Egypt-Executive-Board-Approves-12-billion-Extended-Arrangement\">12 bn facility<\/a> tied to much-needed economic reforms amid the EGP flotation, followed by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">another<\/a> USD 8 bn to support the economy through the pandemic.<\/p>\n<p><strong>Expect the IMF to cut our growth forecast next month:<\/strong> The IMF will likely be revising downwards its forecasts for MENA countries\u2019 economic growth, Azour said, echoing comments made by Georgieva last week, who said it will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60369999-0536-445f-86c7-6ca68e624aed\">downgrade its global growth outlook<\/a> in response to the conflict. The Fund currently expects the Egyptian economy to grow at a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e675696-18e3-408c-91de-5e3665a8d6bf\">5.6% clip this fiscal year<\/a>. It will publish its latest World Economic Outlook ahead of its Spring Meetings in April.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544688\" 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=\"544688\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/price-controls-for-unsubsidized-bread-are-happening\/\">\r\n                            Price controls for unsubsidized bread are happening                        <\/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\/16\/price-controls-for-unsubsidized-bread-are-happening\/\" 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 decision sees the government providing flour to private bakeries at set prices for the next four months to ensure they sell them to consumers at the fixed price, Hamad said.<\/p>\n<p><strong>El Sisi has also told the government to offer incentives to farmers to ramp up wheat production <\/strong>to ensure sufficient supplies amid the global supply crunch. Incentives will be announced \u201cwithin hours,\u201d Deputy Agriculture Minister Mohamed El Kersh said last night in a phone-in with Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=yLvLwHc3nK4\">watch, runtime 4:42<\/a>).<\/p>\n<p><strong>Farmers will be nudged to sell more of their wheat harvest to the government<\/strong>, according to a document seen by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-15\/egypt-moves-to-lock-in-local-wheat-buys-as-global-prices-surge\">Bloomberg<\/a>. The business information service appears to suggest that farmers taking incentives to plant more wheat will need to sell a minimum quota to the state. Farmers could also be prevented from selling the rest of their crop to other buyers without first getting a license, the document reportedly said.<\/p>\n<p><strong>More wheat, less expensive fertilizer:<\/strong> Farmers who provide at least 90% of their yield to the government this season will receive subsidized fertilizers for the summer, according to the document. Officials from the supply and trade ministries declined to give comment to Bloomberg.<\/p>\n<p><strong>The new measures come as the government tries to bump up local wheat cultivation (and to buy more of it to put in reserves)<\/strong> to make up for the shortage of Russian and Ukrainian wheat, whose exports have been heavily curtailed due to the conflict. The two countries provide around 80% of Egypt\u2019s wheat and account for more than a quarter of global supply. The government is now aiming to buy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9382282-35a8-4bc8-8610-77361fd68e71\">more than 6 mn tonnes<\/a> of domestic wheat this harvest season, up from its previous 5.5 mn-tonne target.<\/p>\n<p><strong>The government is upping its storage capacity to make space for additional supplies:<\/strong> The Supply Ministry now has space for 5.4 mn tons of wheat, up from around 3.4 mn tons previously, the cabinet said in a<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/359203486250078\">statement<\/a>.<\/p>\n<p><strong>A wheat shipment is currently on its way from France<\/strong>, <a href=\"https:\/\/www.nasdaq.com\/articles\/french-wheat-cargo-loads-for-egypt-as-war-curbs-black-sea-supplies\">Reuters<\/a> reports. A vessel with about 30,000 tonnes of French wheat is incoming, in what appears to be a sale to a private importer, not state-buyer GASC, the news agency said.<\/p>\n<p><strong>Food protectionism is growing: <\/strong>Morocco became the latest country to introduce export curbs yesterday, announcing limits on tomato exports to hold down prices ahead of the Ramadan season, according to <a href=\"https:\/\/www.bloombergquint.com\/onweb\/morocco-squeezes-tomato-exports-as-inflation-fans-local-anger\">Bloomberg<\/a>. Argentina and Indonesia have taken similar measures to cut back specific exports, while Russia and Ukraine have in recent days announced export bans of food staples.<\/p>\n<p><strong>Egypt has put in place bans of its own<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0de30ab-61c5-41f0-a91f-f7ffd44cecd4\">last week announcing<\/a> that exports of food staples such as wheat, flour, corn and oils will be prohibited for the next three months.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/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\/subsidies\/\">subsidies<\/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=\"544690\" 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=\"544690\">\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\/16\/tax-incentives-announced-for-green-emerging-investments\/\">\r\n                            Tax incentives announced for green + emerging investments                        <\/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\/16\/tax-incentives-announced-for-green-emerging-investments\/\" 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\/16\/tax-incentives-announced-for-green-emerging-investments\/')\">\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\/16\/tax-incentives-announced-for-green-emerging-investments\/\">\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=Tax incentives announced for green + emerging investments&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/tax-incentives-announced-for-green-emerging-investments\/\">\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\/16\/tax-incentives-announced-for-green-emerging-investments\/&title=Tax incentives announced for green + emerging investments\">\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=Tax+incentives+announced+for+green+%2B+emerging+investments+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F16%2Ftax-incentives-announced-for-green-emerging-investments%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\/16\/tax-incentives-announced-for-green-emerging-investments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/204.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544691\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/tax-incentives-announced-for-green-emerging-investments\/204-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/204.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"204.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/204.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/204.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544690\" class=\"content-area-description single-story post-544690 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-enterpriseam tag-green-energy tag-investment-act tag-investment-watch tag-lamar tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Gov\u2019t announces tax breaks to boost green economy + other emerging sectors: <\/strong>The government has widened the number of companies eligible for tax incentives under the <a href=\"https:\/\/bit.ly\/3tdaGAc\">Investment Act<\/a> as it looks to stimulate investment into strategic areas of the economy. Companies working on a wider range of renewable energy and manufacturing projects will now be able to <strong>deduct 30-50% of their investment costs from their tax bills<\/strong> under a decision announced yesterday by Prime Minister Moustafa Madbouly, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/359176672919426\">a statement<\/a>. Certain activities in the education and sports sectors have also been added to the legislation.<\/p>\n<p><strong>Who\u2019s eligible? <\/strong>Companies working on the following projects will now benefit from the tax incentives in the 2017 legislation:<\/p>\n<ul>\n<li>green hydrogen and green ammonia production, storage and export;<\/li>\n<li>the manufacture of plastics-alternatives;<\/li>\n<li>establishing schools, technical education colleges, and universities;<\/li>\n<li>setting up sports facilities.<\/li>\n<\/ul>\n<p><strong>What incentives will they get?<\/strong> Companies who invest in specific sectors and areas of the country see tax breaks calculated on the amount invested in the project. The legislation also hands companies a flat 2% customs rate on machinery imported for the project, and a five-year exemption from stamp duty and notary fees on certain expenses.<\/p>\n<p><strong>You also need to be in specific areas of the country to get the most benefit: <\/strong>Projects in priority development areas such as the Suez Canal Economic Zone, the new capital and Upper Egypt receive 50% of their investment dedicated from their tax bills, while investment into \u201csector B\u201d areas receive the 30% deduction. Sector B projects must be either labor-intensive, SMEs, powered by renewables, or export-oriented, according to the law.<\/p>\n<p><strong>Further incentives will be on offer for companies working in other sectors:<\/strong> Companies investing in the green economy, AI, research and innovation, workforce upskilling, and localizing industry will be granted other incentives, the statement said, without providing further details.<\/p>\n<p><strong>Cabinet ministers approved the tax breaks <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae23b8fb-b6ae-4d6c-846a-880e5605e5e2\">last week<\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae23b8fb-b6ae-4d6c-846a-880e5605e5e2\">,<\/a> as part of a wider package of incentives put forward by the General Authority of Investment and Freezones.<\/p>\n<p><strong>OTHER INVESTMENT NEWS-<\/strong><\/p>\n<p><strong>Lamar is looking to invest EGP 500 mn over the next three years: <\/strong><a href=\"https:\/\/www.lamaregypt.com\/en\">Alexandria<\/a><a href=\"https:\/\/www.lamaregypt.com\/en\"><\/a><a href=\"https:\/\/www.lamaregypt.com\/en\">Agricultural Company (Lamar)<\/a> is looking to invest at least EGP 500 mn over the coming three years to expand production and strengthen its transport fleet, CFO Youssef Talaat told <a href=\"https:\/\/www.asharqbusiness.com\/article\/34971\">Bloomberg Asharq<\/a>. The firm also plans to build new factories within three to five years, he added. The dairy and juice maker invested EGP 250 mn last year, Talaat said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-energy\/\">green energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-act\/\">Investment Act<\/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\/lamar\/\">Lamar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/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=\"544692\" 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=\"544692\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/544692\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544692\" class=\"content-area-description single-story post-544692 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544693\" 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=\"544693\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/optimism-fades-in-ukraine-peace-talks\/\">\r\n                            Optimism fades in Ukraine peace talks                        <\/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\/16\/optimism-fades-in-ukraine-peace-talks\/\" 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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Writing on <a href=\"https:\/\/twitter.com\/Podolyak_M\/status\/1503817372205043724?cxt=HHwWmMC-1db70N4pAAAA\">Twitter<\/a>, presidential adviser Mykhailo Podolyak said that the ongoing talks are \u201cvery difficult,\u201d while adding that there is \u201ccertainly room for compromise.\u201d<\/p>\n<p><strong>The sentiment was echoed by Putin: <\/strong>Ukraine is \u201cnot showing a serious attitude toward finding mutually acceptable solutions,\u201d Russian President Vladimir Putin <a href=\"https:\/\/tass.com\/politics\/1422589\">told<\/a> European Council President Charles Michel yesterday. <strong>Talks are nevertheless scheduled to continue today.<\/strong><\/p>\n<p><strong>In what can only be called a baller move, European leaders traveled to Kyiv in show of support for Ukraine: <\/strong>The Prime Ministers of Poland, Slovenia and the Czech Republic arrived in the capital yesterday and met with Ukrainian President Volodymyr Zelensky to confirm the EU's unequivocal support for Ukraine, the <a href=\"https:\/\/www.wsj.com\/articles\/russian-missiles-strike-kyiv-as-fighting-rages-on-edge-of-ukraines-capital-11647340678\">Wall Street Journal<\/a> reported.<\/p>\n<p><strong>Biden heading to Europe to meet with Nato allies:<\/strong> US President Joe Biden will travel to Brussels next week for an extraordinary Nato meeting, in his first trip to Europe since the war broke out. \u201cWe will address Russia's invasion of Ukraine, our strong support for Ukraine, and further strengthening NATO's deterrence & defense,\u201d Nato Secretary-General Jens Stoltenberg wrote on <a href=\"https:\/\/twitter.com\/jensstoltenberg\/status\/1503776807467851781\">Twitter<\/a>.<\/p>\n<p><strong>China seeks to distance itself from Russia\u2019s war after US warnings: <\/strong>\u201cChina is not a party to the crisis, nor does it want the sanctions to affect China,\u201d Foreign Minister Wang Yi said in a phone call with his Spanish counterpart Jos\u00e9 Manuel Albares, according to a <a href=\"https:\/\/www.fmprc.gov.cn\/web\/wjbzhd\/202203\/t20220315_10651724.shtml\">statement<\/a>. His statement came a day after US officials <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a5a746a-0cf6-407c-ace9-c33f724c8992\">voiced worries<\/a> about Beijing\u2019s close ties with Moscow, and warned China not to assist Russia\u2019s military campaign. Hong-Kong listed Chinese stocks have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5aba476-1470-4f80-9be3-3d68ee010174\">plummeted in recent days<\/a> on fears that Chinese companies will face western sanctions.<\/p>\n<p><strong>PLANET WAR FINANCE-<\/strong><\/p>\n<p><strong>Russia could take years to recover from a default<\/strong>, with its current debt valuation near the levels of severely indebted countries like Venezuela and Argentina, the <a href=\"https:\/\/www.wsj.com\/articles\/bond-markets-forecast-long-financial-freeze-for-russia-11647344890\">Wall Street Journal<\/a> reports. The country\u2019s government bonds have fallen below 10 cents on the USD since the US and EU battered its financial markets with sanctions, with uncertainty clouding a key interest payment on a USD-denominated bond expected today.<\/p>\n<p><strong>Today is key:<\/strong> Russia is due to make a USD 117 mn payment on two USD-denominated bonds today but has so far given mixed signals about whether it will pay in RUB. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-15\/russia-to-default-if-dollar-coupons-paid-in-rubles-fitch-says\">Ratings agencies say<\/a> that the government will officially be in default if it opts to pay in RUB or fails to pay in USD during the 30-day grace period, though with most of its reserves frozen under the US\u2019 sanctions regime, it remains unclear whether it is able to pay bondholders in USD.<\/p>\n<p><strong>The war won\u2019t see European banks banned from dishing out to shareholders<\/strong>, as was the case during the pandemic, European regulators told the <a href=\"https:\/\/www.ft.com\/content\/63b96976-233a-47ec-919a-c1192eb4071e\">Financial Times<\/a>. Dividend payouts and share buybacks were banned for almost a year as the pandemic plunged the global economy into recession, but regulators don\u2019t appear as worried about the health of banks\u2019 balance sheets during this latest crisis. European banks are expected to pay out EUR tens of bns in dividends and share buybacks this year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-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\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544695\" 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=\"544695\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/544695\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544695\" class=\"content-area-description single-story post-544695 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544696\" 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=\"544696\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/bread-prices-still-top-of-the-agenda-on-the-airwaves\/\">\r\n                            Bread prices still top of the agenda on the airwaves                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/bread-prices-still-top-of-the-agenda-on-the-airwaves\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Head to our commodities section (above) for all the details.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"544697\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px 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   <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/egypt-likely-to-buy-f-15-fighter-jets-from-the-us-says-centcom-head\/\">\r\n                            Egypt likely to buy F-15 fighter jets from the US, says Centcom head                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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              LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+likely+to+buy+F-15+fighter+jets+from+the+US%2C+says+Centcom+head+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F16%2Fegypt-likely-to-buy-f-15-fighter-jets-from-the-us-says-centcom-head%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\/16\/egypt-likely-to-buy-f-15-fighter-jets-from-the-us-says-centcom-head\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544698\" class=\"content-area-description single-story post-544698 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-defense tag-energy tag-enterpriseam tag-military-affairs tag-oil-and-gas tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Topping coverage on Egypt in the foreign press this morning:<\/strong> The US will likely provide Egypt with F-15 fighter jets, head of US Centcom Gen. Frank McKenzie has said. \u201cI think we have good news in that we're going to provide them with F-15s, which was a long, hard slog,\u201d he told a congressional hearing yesterday. McKenzie didn\u2019t disclose how many of the Boeing aircraft would be sold or when the sale would take place. <a href=\"https:\/\/www.reuters.com\/world\/washington-provide-egypt-with-f-15-jets-us-general-says-2022-03-15\/\">Reuters<\/a> and <a href=\"https:\/\/www.politico.com\/news\/2022\/03\/15\/f-15-fighter-jets-sale-egypt-00017339\">Politico<\/a> have write-ups of the general\u2019s comments.<\/p>\n<p><strong>Meanwhile: The US should help east Mediterranean countries export gas to Europe<\/strong> to decrease the continent\u2019s reliance on Russian hydrocarbons, an opinion piece in <a href=\"https:\/\/thehill.com\/opinion\/energy-environment\/598111-the-us-should-link-eastern-mediterranean-gas-to-europe-to-subvert\">the Hill<\/a> argues. To do this, Washington needs to support Egypt and Israel to increase their LNG capacity and encourage the UAE and Qatar to invest more in LNG.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/defense\/\">Defense<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/military-affairs\/\">military affairs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544699\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544700\" 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=\"544700\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/govt-releases-planned-ownership-structure-of-new-private-public-ev-charging-stations-company\/\">\r\n                            Gov\u2019t releases planned ownership structure of new private-public EV charging stations company                        <\/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\/16\/govt-releases-planned-ownership-structure-of-new-private-public-ev-charging-stations-company\/\" 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\/16\/govt-releases-planned-ownership-structure-of-new-private-public-ev-charging-stations-company\/')\">\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\/16\/govt-releases-planned-ownership-structure-of-new-private-public-ev-charging-stations-company\/\">\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 releases planned ownership structure of new private-public EV charging stations company&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/govt-releases-planned-ownership-structure-of-new-private-public-ev-charging-stations-company\/\">\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\/16\/govt-releases-planned-ownership-structure-of-new-private-public-ev-charging-stations-company\/&title=Gov\u2019t releases planned ownership structure of new private-public EV charging stations company\">\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+releases+planned+ownership+structure+of+new+private-public+EV+charging+stations+company+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F16%2Fgovt-releases-planned-ownership-structure-of-new-private-public-ev-charging-stations-company%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\/16\/govt-releases-planned-ownership-structure-of-new-private-public-ev-charging-stations-company\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544700\" class=\"content-area-description single-story post-544700 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-green-ammonia tag-green-hydrogen tag-mediterranean-energy-partners tag-petrofac wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>More details on the EV charging station company PPP:<\/strong> The private sector partners in the soon-to-be-established company for EV charging stations will hold a 55% stake (including a 25% stake for the operating and managing firm), <a href=\"https:\/\/bit.ly\/3KO4qEO\">Masrawy<\/a> quoted Public Enterprises Minister Hisham Tawfik as saying. The remaining 45% will be owned by the ministry. Each stakeholder will put up a corresponding portion of the venture\u2019s initial EGP 150 mn capital, with another EGP 300 mn to be raised from local banks. The company will set up 3k charging stations within 18 months in Cairo, Alexandria, Giza, Sharm El Sheikh and several highways.<\/p>\n<p><strong>Reminder:<\/strong> Companies looking to operate and manage the company have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a06d4ec-4025-490e-8842-45c8a9fe0d8a\">until this Thursday<\/a>, 17 March to submit their bids, with the ministry set to announce the qualified bids the following Thursday, 24 March. 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.<\/p>\n<p><strong>ALSO- <\/strong><strong>Shatablee<\/strong> is partnering with EGX-listed <strong>Contact Financial Holding<\/strong> to provide financing options for its <a href=\"https:\/\/ent.news\/2022\/3\/Shatablee-signs-partnership-agreement-with-Contact-Financial.pdf\">customers (pdf)<\/a>. The interior design startup <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3567f26-4b30-4be2-9055-0626f7c3aed4\">recently received USD 1.2 mn<\/a> in investment.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>British <\/strong><strong>energy services <\/strong><strong>company <\/strong><strong><a href=\"https:\/\/www.petrofac.com\/\">Petrofac<\/a><\/strong><strong> will conduct an early-stage feasibility study on a new green hydrogen \/ ammonia facility<\/strong> for a subsidiary of low-carbon energy firm <a href=\"https:\/\/medenergypartners.com\/\">Mediterranean Energy Partners<\/a>, which is chaired by Alaa Arafa, industry magnate and founder of Dolphinus Holdings.<\/li>\n<li><strong>Pepsico<\/strong> <a href=\"https:\/\/bit.ly\/3Jhx010\">spent<\/a><strong><a href=\"https:\/\/bit.ly\/3Jhx010\">USD 100 mn<\/a><\/strong> on <strong>expanding production and upgrading the tech<\/strong> <strong>infrastructure <\/strong>of its Egyptian business lines in 2021.<\/li>\n<li><strong>Hitachi Rail<\/strong> <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/277420454555018\">will<\/a><strong><a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/277420454555018\">prepare a feasibility study<\/a><\/strong> for the <strong>operation and maintenance<\/strong> of the <strong>fourth metro line<\/strong>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-ammonia\/\">green ammonia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mediterranean-energy-partners\/\">Mediterranean Energy Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/petrofac\/\">Petrofac<\/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=\"544701\" 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=\"544701\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/us-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge\/\">\r\n                            US stocks rally ahead of Fed decision; oil continues to plunge                        <\/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\/16\/us-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge\/\" 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\/16\/us-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge\/')\">\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\/16\/us-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge\/\">\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=US stocks rally ahead of Fed decision; oil continues to plunge&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/us-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge\/\">\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\/16\/us-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge\/&title=US stocks rally ahead of Fed decision; oil continues to plunge\">\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=US+stocks+rally+ahead+of+Fed+decision%3B+oil+continues+to+plunge+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F16%2Fus-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge%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\/16\/us-stocks-rally-ahead-of-fed-decision-oil-continues-to-plunge\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544701\" class=\"content-area-description single-story post-544701 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-equities tag-financial-markets tag-oil-and-gas tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Stocks rally ahead of Fed meeting:<\/strong> US stocks staged a comeback in yesterday\u2019s session as oil prices continued to fall and weak data from a key manufacturing survey calmed concerns that the Federal Reserve will hike interest rates aggressively, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-14\/stocks-bonds-pressured-by-concerns-over-inflation-markets-wrap\">Bloomberg<\/a>. The tech-heavy Nasdaq ended three straight days of losses to climb 3.2% while the S&amp;P 500 rose 2.1%.<\/p><p><strong>Oil continued to plunge<\/strong> on signs that a nuclear agreement with Iran might still be in the cards and uncertainty over how a new wave of covid lockdowns in China might affect demand. Brent crude ended the day below USD 100 for the first time since 25 February, falling almost 8% to USD 98.60 a barrel. The benchmark has now plunged 24% since spiking to USD 130 last week.<\/p><p><strong>Also worth noting: <\/strong><\/p><ul>\n<li><strong>Dubai will kick off its <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-15\/dubai-electricity-water-authority-to-sell-6-5-stake-in-ipo-l0rj6dug\">plan<\/a><\/strong><strong> to list up to 10 state firms <\/strong>by selling a 6.5% stake in the Dubai Electricity &amp; Water Authority (DEWA), according to a <a href=\"https:\/\/ent.news\/2022\/3\/DEWA-Press-Release-Intention-to-Float-En-15.03.22.pdf\">press release (pdf)<\/a>, which didn\u2019t disclose the sum the listing aims to raise. Both the retail and institutional offerings are set to open on 24 March. EFG Hermes, Credit Suisse, First Abu Dhabi Bank, and Goldman Sachs are acting as joint bookrunners.<\/li>\n<li><strong>Qatar has begun operations at the <\/strong><strong>USD 10 bn<\/strong><strong> Barzan natgas plant. <\/strong>The plant is set to process nearly 1.4 bn cubic feet of gas daily, to help meet growing energy demand ahead of this year\u2019s FIFA World Cup in Doha. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-15\/qatar-starts-long-delayed-natural-gas-plant-ahead-of-world-cup#:~:text=Qatar%20began%20operations%20at%20a,said%20QatarEnergy%20in%20a%20statement.\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/94940\">CNBC Arabia<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,423<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.66<\/p>\n<\/td>\n<td>\n<p>Sell 15.76<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,408<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +10.0%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>12,407<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +11.69%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,305<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: +3.42%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,262<\/p>\n<\/td>\n<td>\n<p>+2.1% (YTD: -10.57%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,176<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -2.83%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 98.53<\/p>\n<\/td>\n<td>\n<p>-7.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.57<\/p>\n<\/td>\n<td>\n<p>-1.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,929.70<\/p>\n<\/td>\n<td>\n<p>-1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 39,588<\/p>\n<\/td>\n<td>\n<p>+2.2% (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 less than 0.1% at today\u2019s close<\/strong> on turnover of EGP 991 mn (7.4% above the 90-day average). Foreign investors were net sellers. The index is down 12.8% YTD.<\/p><p><strong>In the green: <\/strong>Mopco (+8.5%), Abu Qir Fertilizers (+6.1%) and Fawry (+3.3%).<\/p><p><strong>In the red: <\/strong>CIRA (-4.2%), Rameda (-4.2%) and Ibnsina Pharma (-3.9%).<\/p><p><strong>This morning in Asia:<\/strong> Chinese shares are in the green this morning after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5aba476-1470-4f80-9be3-3d68ee010174\">suffering their worst sell-off since 2008<\/a> this week, while the Nikkei and the Kospi are also seeing gains. Stock futures indicate that shares in the US will open in the red. European indexes are on course to rise when the markets open.<\/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\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544702\" 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=\"544702\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/shoukry-holds-climate-talks-with-malaysian-environment-minister\/\">\r\n                            Shoukry holds climate talks with Malaysian environment minister                        <\/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\/16\/shoukry-holds-climate-talks-with-malaysian-environment-minister\/\" 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\/16\/shoukry-holds-climate-talks-with-malaysian-environment-minister\/')\">\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\/16\/shoukry-holds-climate-talks-with-malaysian-environment-minister\/\">\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=Shoukry holds climate talks with Malaysian environment minister&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/shoukry-holds-climate-talks-with-malaysian-environment-minister\/\">\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\/16\/shoukry-holds-climate-talks-with-malaysian-environment-minister\/&title=Shoukry holds climate talks with Malaysian environment minister\">\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=Shoukry+holds+climate+talks+with+Malaysian+environment+minister+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F16%2Fshoukry-holds-climate-talks-with-malaysian-environment-minister%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\/16\/shoukry-holds-climate-talks-with-malaysian-environment-minister\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544702\" class=\"content-area-description single-story post-544702 post type-post status-publish format-standard hentry category-diplomacy tag-climate-change tag-cop27 tag-diplomacy tag-enterpriseam tag-malaysia tag-sameh-shoukry tag-tuan-ibrahim-tuan-man wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Climate change adaptation and climate finance for developing countries<\/strong> were at the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/359090762928017\">top of the agenda<\/a> in a COP27-focused meeting between Foreign Minister Sameh Shoukry and Malaysian environment minister Tuan Ibrahim Tuan Man, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/359090762928017\">cabinet statement<\/a>. Shoukry was in Kuala Lumpur as part of an Asian tour that will also see him visit Singapore, Indonesia and Pakistan.<\/p>\n<p><strong>Binding emissions targets on the table? <\/strong>The pair also discussed \u201cstrengthening countries for their nationally determined contributions [NDCs] under the Paris Agreement.\u201d Egypt has signed onto the original Paris Agreement and the updated COP26 pledge, but (<a href=\"https:\/\/themalaysianreserve.com\/2021\/08\/04\/govt-expands-unconditional-national-determined-contributions-to-45\/\">unlike Malaysia<\/a>) we haven\u2019t submitted any NDCs \u2014 binding targets for specific emissions reductions. Egyptian authorities may announce a net-zero carbon emissions target at November\u2019s COP27 climate summit in Sharm El Sheikh, Oil Minister Tarek El Molla has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d3cc7bc-193b-48e8-bf28-24ddad87e90c\">said previously<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/malaysia\/\">Malaysia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tuan-ibrahim-tuan-man\/\">Tuan Ibrahim Tuan Man<\/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=\"544703\" 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=\"544703\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/is-the-iran-nuclear-deal-back-on\/\">\r\n                            Is the Iran nuclear deal back on?                        <\/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\/16\/is-the-iran-nuclear-deal-back-on\/\" 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\/16\/is-the-iran-nuclear-deal-back-on\/')\">\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\/16\/is-the-iran-nuclear-deal-back-on\/\">\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=Is the Iran nuclear deal back on?&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/16\/is-the-iran-nuclear-deal-back-on\/\">\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\/16\/is-the-iran-nuclear-deal-back-on\/&title=Is the Iran nuclear deal back on?\">\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=Is+the+Iran+nuclear+deal+back+on%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F16%2Fis-the-iran-nuclear-deal-back-on%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\/16\/is-the-iran-nuclear-deal-back-on\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544703\" class=\"content-area-description single-story post-544703 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-energy tag-enterpriseam tag-iran-nuclear-pact tag-oil-and-gas tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Russia says it got its guarantees, paving the way for an Iran nuclear agreement: <\/strong>Russia\u2019s Foreign Minister Sergei Lavrov said he has received written guarantees that his country\u2019s cooperation with Iran will not be impacted by ongoing Western negotiations to restore the 2015 Iran nuclear pact, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/russia-says-it-has-written-guarantees-iran-nuclear-deal-2022-03-15\/\">Reuters<\/a> reports. It is unclear if Russia has dropped its demand to protect trade with Tehran, but Lavrov\u2019s comments signal that Moscow won't block the finalization of the long-awaited agreement \u2014 which could remove sanctions on the Islamic Republic and restore Iranian oil to the market.<\/p>\n<p><strong>With sanctions relief in sight, Iran is reviving efforts to export LNG:<\/strong> Iran\u2019s National Oil Company has invited investors to submit proposals for the construction of mini liquefied natural gas units, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-15\/iran-revives-lng-export-plan-as-world-scrambles-for-natural-gas?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. The announcement comes just as European buyers look to replace Russian gas flows in retaliation for its invasion of Ukraine. Russia provided about 40% of the EU\u2019s gas last year.<\/p>\n<p><strong>There\u2019s pressure on GCC producers to step up oil production:<\/strong><\/p>\n<ul>\n<li><strong>The UK wants the Gulf to pump more oil:<\/strong> UK PM Boris Johnson will travel to the UAE and Saudi Arabia this week to lobby them to step up oil production in light of the Ukraine conflict, which has triggered serious volatility in the oil markets, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-15\/u-k-s-johnson-to-meet-uae-saudi-leaders-in-push-for-more-oil?srnd=premium-middle-east\">Bloomberg<\/a> says.<\/li>\n<li><strong>Burn:<\/strong> Joe Biden has also tried to get the ears of the Gulf states, only for Riyadh and Abu Dhabi to <a href=\"https:\/\/www.theguardian.com\/us-news\/2022\/mar\/09\/saudi-arabia-and-uae-leaders-decline-calls-with-biden-amid-fears-of-oil-price-spike\">refuse to take his calls<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran-nuclear-pact\/\">Iran nuclear pact<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"544704\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/the-impact-of-war-how-building-material-prices-in-egypt-are-being-affected-by-the-commodity-price-shock\/\"> \r\n                            The impact of war: How building material prices in Egypt are being affected by the commodity price shock<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/the-impact-of-war-how-building-material-prices-in-egypt-are-being-affected-by-the-commodity-price-shock\/\" target=\"_blank\">\n                    Open in new tab  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shock\">\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=The+impact+of+war%3A+How+building+material+prices+in+Egypt+are+being+affected+by+the+commodity+price+shock+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fhardhats%2Fthe-impact-of-war-how-building-material-prices-in-egypt-are-being-affected-by-the-commodity-price-shock%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>                    <\/div>\r\n    \r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/the-impact-of-war-how-building-material-prices-in-egypt-are-being-affected-by-the-commodity-price-shock\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/208.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=\"544705\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/the-impact-of-war-how-building-material-prices-in-egypt-are-being-affected-by-the-commodity-price-shock\/208-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/208.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"208.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/208.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/208.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-544704\" class=\"content-area-description post-544704 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-cement tag-commodities tag-construction tag-construction-industry tag-enterprise-hardhat tag-enterpriseam tag-inflation tag-russia-ukraine-conflict wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>The commodity price shock is pushing up prices of building materials in Egypt<\/strong>, with local steel and cement prices soaring since the start of the Ukraine conflict. Local manufacturers say that these price increases are necessary as they face soaring input costs, including the prices of key energy sources such as coal and pet coke. Contractors, on the other hand, are feeling the pinch, and are lobbying for government support to help them absorb the shock.<\/p>\n<p><strong>The jump in global energy costs is pushing up cement prices, accounting for some 50% of the increase in cement prices<\/strong>, Beni Suef Cement CEO Farouk Moustafa tells Enterprise. Coal \u2014 the primary source of fuel used for cement production \u2014 has been rising since the beginning of the year, but began to really soar at the end of February, when the war broke out. One ton of coal was trading at around USD 240 on 25 February, jumping to USD 400 per ton on 2 March and peaking at USD 423 per ton on 9 March, according to <a href=\"https:\/\/tradingeconomics.com\/commodity\/coal\">market data<\/a>. Prices have since cooled, with a ton of coal currently priced at USD 361.<\/p>\n<p><strong>Faced with these soaring energy costs, some local manufacturers decided to temporarily suspend production and rely on selling stockpiles<\/strong> in hopes of waiting out the price volatility, Arabian Cement CEO Sergio Alcantarilla tells Enterprise. But some producers who opted for this route depleted their cement stocks and are now faced with even higher input costs than when they had decided to suspend production, he says. \u201cSo it\u2019s only natural that they will transfer this higher cost to the end product.\u201d And even manufacturers who still have stocks to sell are likely going to be selling their cement at current market prices, to be able to ensure enough of a margin to cover the costs of their next coal purchase and manufacture more cement, Alcantarilla explains.<\/p>\n<p><strong>How much is cement selling for now?<\/strong> Prices vary between producers, depending on when they sourced their energy, Alcantarilla said. Producers are currently selling one ton of cement at anywhere between EGP 1k and EGP 1.k, he said. Head of the Cairo Chamber of Commerce\u2019s building materials division Ahmed El Zeiny puts the price higher, telling Enterprise that cement is now selling at EGP 1.6k per ton.<\/p>\n<p><strong>What\u2019s the solution?<\/strong> Local cement manufacturers want to increase their reliance on natural gas, and are looking to set their natural gas consumption at 10% of their fuel mix, Mostafa says, but the Trade and Industry Ministry has yet to make a decision on this. While relying on natural gas as a local energy source would be beneficial for manufacturers, particularly if the government supplies it at lower costs, this scenario seems far-fetched, since the energy shortage in Europe is the perfect window for Egypt to export more natural gas and increase its revenues, Alcantarilla says.<\/p>\n<p><strong>Even with these higher input costs, producers aren\u2019t the sole source of the higher retail prices. <\/strong>Cement retailers have \u201csignificantly\u201d increased their margins in the past several weeks, pushing up the final cost that customers are faced with even further, according to Alcantarilla. However, he suggests that these retailers could be justified in raising retail prices if they are facing increased transport and other logistics costs.<\/p>\n<p><strong>It\u2019s not just the impact of the war: The cement industry was already seeing higher end-product prices<\/strong> after production cuts were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d280cef-6284-40c5-853b-a30bfae11f73\">introduced in July<\/a> to ease the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66ab8fe3-9738-431a-82d6-dea8f9ecac6a\">years-long supply glut<\/a>. In place for a year, the quotas compel market players to cut production by at least 10.7%, while additional cuts of 2.81% per production line can also be made. The decision was a lifeline for the local cement manufacturing industry, Moustafa says, and the supply\/demand balance is now looking healthier.<\/p>\n<p><strong>Although that decision was critical to keep several producers from shutting down, some want to see it reversed<\/strong> in light of spiraling commodity prices. El Zeiny has submitted a request to the Consumer Protection Agency (CPA) to scrap the quotas and is taking a similar request to the Trade and Industry Ministry next week, which he says is necessary to protect the building materials sector from \u201cunwarranted\u201d price increases.<\/p>\n<p><strong>Steel prices are also running red-hot:<\/strong> The war\u2019s inflationary wave is also touching steel, the price of which jumped to EGP 21k from EGP 15.5k over the course of two weeks. This rapid jump is primarily caused by a significant rise in imported scrap metal prices (to USD 650 per ton, from EGP 514 per ton), which accounts for around 60% of the cost of steel, head of the FEI\u2019s metal industries division Mohamed Hanafy tells us. Steel prices are also affected by higher shipping and freight costs, particularly in light of ongoing supply chain disruptions, Hanafy says. This issue is compounded by the shortage of raw materials, which is pushing manufacturers to import their goods from China and India (as opposed to Europe), resulting in even higher shipping and freight expenses, he explains. Pellet prices have climbed by 30% in past weeks, and are now selling at USD 910 per ton, from USD 700 per ton from 25 February.<\/p>\n<p><strong>Although there are clear market dynamics to explain the price increases, El Zeiny says that there is some manipulation at play<\/strong>, telling us that there are some manufacturers who are \u201ctaking advantage\u201d of the situation and hoarding supplies. These extortionary moves are exacerbating the issue, El Zeiny said, calling for the CPA to investigate.<\/p>\n<p><strong>Faced with these higher costs, contractors are trying to mitigate the impact of these higher input costs on current projects. <\/strong>Contractors are calling on the government to delay the delivery of some projects, head of the Egyptian Federation of Construction and Building Contractors Mohamed Sami Saad tells us. This will help ease the pressure off the market, allow the industry to adequately assess the situation, and give prices a chance to stabilize, he said. After meeting yesterday, the federation is calling on the government to grant lower-priority projects a three-month extension so contractors can hold off on buying materials at current prices.<\/p>\n<p><strong>Contractors also want assurances that the government will pay arrears immediately<\/strong> to give them enough liquidity to cope with the rising prices, Saad said. They are also asking the government to postpone certain obligations and expenses, such as the 0.25% tithe on corporate revenues that helps fund the universal health ins. program. The union will send their recommendations to Prime Minister Madbouly, who has formed a crisis committee to combat the impact of the Russia-Ukraine war on prices.<\/p>\n<p><strong>Challenges are mounting for the government: <\/strong>\u201cPut yourself in the government\u2019s position, would you buy wheat and food staples to ensure food security, or buy steel and cement?\u201d Saad says. \u201cThey are in a tough position.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>East Delta Electricity Company <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/658b9aec-5840-40ac-b93c-3d1fee5b6f02\">plans to build<\/a><\/strong><strong> a 125 MW power unit at the El <\/strong><strong>Arish plant.<\/strong> The EGP 2 bn unit is expected to be completed during FY 2022-2023.<\/li>\n<li><strong>LNG carriers have started <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c69655a0-5ba7-43da-826c-58b7b80d1d86\">paying the full rate<\/a><\/strong><strong> to transit the Suez Canal,<\/strong> after toll discounts were rolled back amid rising demand for natural gas.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cement\/\">cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction-industry\/\">construction industry<\/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-ukraine-conflict\/\">Russia-Ukraine conflict<\/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=\"544706\" 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\/16\/544706\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544706\" class=\"content-area-description single-story post-544706 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>15 February-15 June (Tuesday-Wednesday): ITIDA\u2019s Technology Innovation and Entrepreneurship Center is organizing the first <a href=\"https:\/\/ent.news\/2022\/3\/ITIDA-Launches-the-First-Metaverse-Hackathon-in-Creativa-Innovation-Hubs-and-Electronics-Labs-across-Egypt.pdf\">Metaverse Hackathon<\/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>14 March-30 June: The \u201cEscape to Egypt\u201d exhibition at the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02TyfzyKQdaqZmXvT1e3FuyPe3vSpn55zshBzfPbVExM3BR7KTZ3Geb6QVSsHa2S5Nl\">Coptic Museum<\/a>, in celebration of its 112th anniversary.<\/p>\n<p>15 March: <a href=\"https:\/\/www.exportsmart.net\/\">Export Smart<\/a> conference, Royal Maxim Palace Kempinski, Cairo.<\/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>20-22 March: International Maritime and Logistics conference <a href=\"https:\/\/marlog.aast.edu\/en\/home\">Marlog<\/a> kicks off.<\/p>\n<p>22 March (Tuesday): Egyptian German Green Energy Forum, 5:30-9:30pm CLT, 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 Meetings<\/a>, Washington D.C.<\/p>\n<p>24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April (Monday): Sham El Nessim.<\/p>\n<p>25 April (Monday): Sinai Liberation Day.<\/p>\n<p>28 April (Thursday): National Holiday in observance of Sham El Nessim.<\/p>\n<p>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>Late April - 15 May: 1Q2022 earnings season<\/p>\n<p>May: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>1 May (Sunday): Labor Day.<\/p>\n<p>3-4 May (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>4 May (Wednesday): 3 February (Thursday): Deadline to send in applications for Cultural Property Agreement Implementation projects to the <a href=\"https:\/\/eg.usembassy.gov\/wp-content\/uploads\/sites\/156\/CPAIG-2022-Announcment-RDL-edits.pdf\">US Embassy in Cairo<\/a>.<\/p>\n<p>5 May (Thursday): National Holiday in observance of Labor Day.<\/p>\n<p>2 May (Monday): Eid El Fitr (TBC).<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>5-7 June (Sunday-Tuesday): <a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a>, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.<\/p>\n<p>9 June (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15-18 June (Wednesday-Saturday): <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release first financing product.<\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>21 July (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August: 2Q2022 earnings season.<\/p>\n<p>August: Work to extend the capacity of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a> to 300 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve Finterest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>October: World Bank and IMF annual meetings in Washington, DC<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP27<\/a> in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>January 2023: EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":544681,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-544680","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"e3824b7f-9dc1-4f0b-a647-f97ca8382c6a","teaser":"","photo_url":"https:\/\/ent.news\/2022\/3\/199.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cabinet sees budget deficit widening \u2014 and announces smart investment incentives for green and emerging industries - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/cabinet-sees-budget-deficit-widening-and-announces-smart-investment-incentives-for-green-and-emerging-industries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet sees budget deficit widening \u2014 and announces smart investment incentives for green and emerging industries\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/cabinet-sees-budget-deficit-widening-and-announces-smart-investment-incentives-for-green-and-emerging-industries\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:46:03+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/199.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cabinet-sees-budget-deficit-widening-and-announces-smart-investment-incentives-for-green-and-emerging-industries\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cabinet-sees-budget-deficit-widening-and-announces-smart-investment-incentives-for-green-and-emerging-industries\/\",\"name\":\"Cabinet sees budget deficit widening \u2014 and announces smart investment incentives for green and emerging industries - 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