{"id":544801,"date":"2022-03-22T03:45:29","date_gmt":"2022-03-22T03:45:29","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544801"},"modified":"2025-12-15T20:48:51","modified_gmt":"2025-12-15T20:48:51","slug":"policy-blitz-sees-tax-cuts-social-spending-asset-sales-to-shore-up-the-economy-following-egp-deval-rate-hike","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/policy-blitz-sees-tax-cuts-social-spending-asset-sales-to-shore-up-the-economy-following-egp-deval-rate-hike\/","title":{"rendered":"Policy blitz sees tax cuts, social spending + asset sales to shore up the economy following EGP deval, rate hike"},"content":{"rendered":"<section id=\"544803\" 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=\"544803\">\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\/22\/this-morning-more-measures-to-support-the-egx-coming-today-ukraine-war-is-putting-pressure-on-emerging-debt\/\">\r\n                            THIS MORNING: More measures to support the EGX coming today + Ukraine war is putting pressure on emerging debt                        <\/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\/22\/this-morning-more-measures-to-support-the-egx-coming-today-ukraine-war-is-putting-pressure-on-emerging-debt\/\" 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\/22\/this-morning-more-measures-to-support-the-egx-coming-today-ukraine-war-is-putting-pressure-on-emerging-debt\/')\">\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\/22\/this-morning-more-measures-to-support-the-egx-coming-today-ukraine-war-is-putting-pressure-on-emerging-debt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: More measures to support the EGX coming today + Ukraine war is putting pressure on emerging debt&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/this-morning-more-measures-to-support-the-egx-coming-today-ukraine-war-is-putting-pressure-on-emerging-debt\/\">\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\/22\/this-morning-more-measures-to-support-the-egx-coming-today-ukraine-war-is-putting-pressure-on-emerging-debt\/&title=THIS MORNING: More measures to support the EGX coming today + Ukraine war is putting pressure on emerging debt\">\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+More+measures+to+support+the+EGX+coming+today+%2B+Ukraine+war+is+putting+pressure+on+emerging+debt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F22%2Fthis-morning-more-measures-to-support-the-egx-coming-today-ukraine-war-is-putting-pressure-on-emerging-debt%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\/22\/this-morning-more-measures-to-support-the-egx-coming-today-ukraine-war-is-putting-pressure-on-emerging-debt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544803\" class=\"content-area-description single-story post-544803 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-bonds tag-climate tag-egx tag-emerging-markets tag-enterpriseam tag-esg tag-regulation tag-russia-ukraine-conflict tag-us tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, wonderful people, and welcome to a new reality. <\/strong>We\u2019ve been saying for some weeks now that the Madbouly government has been deft in its management of the fallout from Russia\u2019s war in Ukraine, but <strong>policymakers took it to 11 yesterday<\/strong>: The Central Bank of Egypt announced a surprise interest rate hike, let the EGP slip against the greenback, and canceled Thursday\u2019s interest rate meeting. Cabinet then came in with the announcement of an EGP 130 bn stimulus plan and news that the Sovereign Fund of Egypt has lined up some USD 2 bn in fresh investment.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Oh, and m<\/strong><strong>ore EGX incentives are expected to be announced today<\/strong>, cabinet spokesperson Nader Saad told Kelma Akhira\u2019s Lamees El Hadidi last night (<a href=\"https:\/\/youtu.be\/bMZuYfVIxw4\">watch, runtime 3:04<\/a>).<\/p>\n<p><strong>We went deep on the interest rate and FX decisions <\/strong><strong><a href=\"https:\/\/enterprise.press\/afternoons\/pm-cbe-goes-surprise-100-bps-rate-increaseand-allows-egp-slip-usd\/\">in yesterday\u2019s EnterprisePM<\/a><\/strong><strong>.<\/strong> We have a recap on that \u2014 and then chapter and verse on fresh investments and price caps on unsubsidized bread \u2014 in this morning\u2019s news well, below.<\/p>\n<p><strong>Have fun re-working your business (and personal) 2022 budgets today<\/strong>, ladies and gentlemen.<\/p>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a><strong> The war in Ukraine is taking its toll on EM bonds: <\/strong>As worries mount over Russia and Belarus\u2019 ability to make interest payments on their bonds, outflows from emerging markets have been increasing, reaching USD 14.3 bn since the beginning of the year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/russia-s-war-lifts-default-risk-for-world-s-distressed-economies?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports citing Bank of America and EPFR Global data. USD-denominated EM debt was not safe, with the amount of distressed bonds being traded reaching USD 500 bn \u2014 and that\u2019s with yields being up 1000 bps over US treasury bonds. This comes as the cost of insuring against default in emerging markets has hit the highest level since May 2020.<\/p>\n<p><strong>Who\u2019s on the chopping block?<\/strong> Some 14 emerging markets were identified as being most at risk of outflows and have seen yields on their bonds skyrocket. These included Belarus \u2014 whose bonds overtook those of Lebanon as the most distressed \u2014 along with Ukraine and ex-Soviet bloc member Tajikistan. Notable distressed EMs who are not directly connected to the conflict include Pakistan, Ethiopia and Tunisia.<\/p>\n<p><strong>Egypt is not on the bad list.<\/strong> We have for some time now boasted one of the highest inflation-adjusted interest rates in the world and have bucked the general trends that other EMs have seen over the years. Yesterday\u2019s move by the Central Bank of Egypt will substantially shore up Egypt\u2019s attractiveness.<\/p>\n<p><strong>Some investors are getting edgy about the long-term attractiveness of EM<\/strong>, with the <a href=\"https:\/\/www.wsj.com\/articles\/war-in-ukraine-tests-faith-in-emerging-markets-11647784807?mod=hp_lead_pos2\">Wall Street Journal<\/a> running stats on how EM debt and equities have underperformed their developed markets counterparts over the past 10 years (including this horrible one obviously). \u201cThe call on emerging markets outperforming has been disappointing,\u201d said Hayley Tran, co-head of equity research at Meketa Investment Group told the newspaper.<\/p>\n<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<\/p><\/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    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>SMART POLICY- The SEC wants companies to disclose emissions:<\/strong> Proposals <a href=\"https:\/\/www.sec.gov\/news\/press-release\/2022-46\">put forward by the US securities regulator<\/a> yesterday would force hundreds of companies to disclose their greenhouse gas emissions and climate-related risks. The long-awaited rules would require companies to detail both direct and indirect emissions, as well as emissions generated by partners and suppliers. Investors have increasingly been requesting information on how climate change risks will likely affect businesses, prompting the regulator to take action, said SEC chair Gary Gensler.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>There\u2019s no MPC meeting this Thursday:<\/strong> The Central Bank of Egypt <a href=\"https:\/\/ent.news\/2022\/3\/CBE-statement-cancelling-Thursday-24-March-22-meeting.pdf\">has canceled (pdf)<\/a> Thursday\u2019s regularly scheduled Monetary Policy Committee meeting after enacting a surprise 100 bps rate hike at a special meeting early yesterday morning.<\/p>\n<p><strong>Do you need to dive deeper into e-invoicing?<\/strong> Lynx Strategy Business Advisors are hosting a webinar on Wednesday, 23 March to discuss the system. The Arabic-language gathering will take place 12:00-1:30pm with speakers from the Finance Ministry and the Tax Authority and a panel discussion including the CFOs of PepsiCo, Talabat and Unilever. You can register for the event <a href=\"https:\/\/us06web.zoom.us\/webinar\/register\/WN_eQPt66N_SVGYSxQVY_kkkg\">here<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>Coastal erosion is a major issue for Egypt, one that could cost us USD bns and wipe out half our beaches this century. A recently-published World Bank report looks at just how acute the problem is, how it\u2019s been put on fast-forward by climate change and heavy development, and how we need to put stronger mitigation measures in place to reduce damage from it.<\/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\/bonds\/\">Bonds<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/esg\/\">ESG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544804\" 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=\"544804\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/544804\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544804\" class=\"content-area-description single-story post-544804 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=\"544805\" 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=\"544805\">\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\/22\/more-than-a-spoonful-sugar-to-help-the-medicine-go-down\/\">\r\n                            More than a spoonful sugar to help the medicine go down                        <\/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\/22\/more-than-a-spoonful-sugar-to-help-the-medicine-go-down\/\" 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 rate will then rise to 7.5% once the two-year period ends. There are also measures in place to exempt capital increases from the capital gains tax, while share-swaps between listed and unlisted companies will not be taxed.<\/p>\n<p><strong>Also exempt from the CGT:<\/strong> Investments in local debt and equity by institutional investors.<\/p>\n<p><strong>The government will also introduce amendments to the Income Tax Act designed to spur<\/strong> <strong>activity on the EGX<\/strong>, including setting an as-yet not revealed formula that would reduce the withholding tax on dividends.<\/p>\n<p><strong>Real estate tax relief:<\/strong> Manufacturers will receive a three-year real estate tax holiday, which is expected to cost the government some EGP 3.75 bn, according to the statement.<\/p>\n<p><strong>The fixed customs exchange rate is back:<\/strong> The government is re-introducing the monthly customs exchange rate, setting it at EGP 16 for imports of basic commodities and materials used for manufacturing. The rate will be fixed until the end of April. Egypt had scrapped the monthly system <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/02\/egypt-scraps-monthly-customs-rate-bringing-back-daily-system\/\">back in 2019<\/a>, after initially introducing it in 2017 following the November 2016 EGP float, as an \u201cexceptional measure\u201d to stabilize the customs rate.<\/p>\n<p><strong>A tried and true formula:<\/strong> This package is similar in many respects to the stimulus and bailout measures <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fec63e66-71d2-4779-91fb-5dd6ba414562\">introduced in March 2020<\/a> to manage the fallout from the covid-19 pandemic, but eclipses it in size: The 2020 package was worth a total of EGP 100 bn. These included similar real estate tax holidays to the industrial and tourism sectors. Cabinet had also announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec6afc7f-e068-4bb3-86c2-bf392f54ae26\">last year<\/a> a basket of measures designed to make trading on the EGX more attractive, including tweaking how the CGT is calculated.<\/p>\n<p><strong>The government is also looking to spend EGP 190.5 bn on expediting annual salary <\/strong><strong>increases...<\/strong> Government employees covered by the Civil Service Act will get their regularly-scheduled 8% annual raise on their monthly gross salaries, at a minimum of EGP 100 per month and without a maximum, as of the beginning of April (instead of July). Civil servants not covered by the legislation will also be given a special 15% raise on their monthly gross salaries, equivalent to at least EGP 100 per month.<\/p>\n<p><strong>\u2026and bonus and pension hikes:<\/strong> Meanwhile, monthly bonuses for state employees (both those covered by the Civil Service Act and those who are not) will increase by a minimum of EGP 175 and a maximum of EGP 400, depending on their rank. This bonus increase will only apply to employees hired after the package was announced. All of these salary and bonus raises will cost the government EGP 36 bn, the statement says. Pensions, meanwhile, will increase at least EGP 120. Both of these measures were already planned for July, at the start of the new fiscal year.<\/p>\n<p><strong>And the wage tax burden is getting lighter:<\/strong> The ceiling for exemption from income tax is being raised by 25% to EGP 30k, from EGP 24k previously. Those earning EGP 30k or less per year are now exempt from the wage tax, according to the statement.<\/p>\n<p><strong>Separately, the government is also spending EGP 2.7 bn to bring 450k new families under <\/strong><strong>the umbrella of the Takaful and Karama <\/strong>social security program in April, as well as bringing the 13% annual raise to pension payments into effect as of the beginning of next month. This was also supposed to come into effect in July but was moved up.<\/p>\n<hr class=\"grey-line\">\n<p><strong>NEED A RECAP ON WHAT HAPPENED YESTERDAY MORNING?<\/strong><\/p>\n<p><strong>Hit yesterday\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.press\/afternoons\/pm-cbe-goes-surprise-100-bps-rate-increaseand-allows-egp-slip-usd\/\">EnterprisePM for the full rundown<\/a><\/strong> \u2014 or just read on for a summary below on the Central Bank of Egypt\u2019s snap decision to raise rates and allow the EGP to slip against the greenback:<\/p>\n<p><strong>The first rate hike in five years:<\/strong> The central bank raised interest rates by 100 bps at a special monetary policy meeting in a bid to combat the spillover effects of rising international commodity prices on domestic inflation, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a850c3cb-222e-48ae-bd69-d1a536330c25\">rose to a 31-month high<\/a> last month. This is the first time the central bank has raised rates since the end of its post-EGP float tightening cycle in mid-2017.<\/p>\n<p><strong>Where rates stand now: <\/strong>The overnight deposit rate now stands at 9.25%, and the lending rate is 10.25%, while the main operation and disc. rates are at 9.75%.<\/p>\n<p><strong>Egypt\u2019s real interest rate is now positive:<\/strong> Until recently, Egypt boasted one of the highest inflation-adjusted interest rates in the world, which helped it attract bns of USD in portfolio flows into the local bond market. That advantage has been eroded in recent weeks as rising inflation pushed the real rate into negative territory. Following yesterday\u2019s hike, the real rate is now 0.45%.<\/p>\n<p><strong>EGP devalued:<\/strong> The CBE also allowed the EGP to fall 16% against the USD yesterday as it looked to maintain foreign-currency liquidity. The FX rate settled at EGP 18.27 to the greenback by the end of the trading day yesterday, having fallen from around EGP 15.70 where it had traded since the beginning of 2021.<\/p>\n<p><strong>Amer holds rare presser:<\/strong> At a press conference yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=PjgXjiiDHn0&t=408s\">watch, runtime 29:29)<\/a>, CBE Governor Tarek Amer described change in FX rate as a \u201ccorrection\u201d and said that the \u201cbold decisions\u201d taken by policymakers would help maintain liquidity in the foreign exchange market, build confidence among foreign investors, and make the country\u2019s exports more attractive.<\/p>\n<p><strong>Importantly: There are no signs of capital controls in place<\/strong>, according to three bankers with whom we spoke yesterday.<\/p>\n<p><strong>Producers began hiking prices yesterday in response to the devaluation:<\/strong> Cement companies raised prices by <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2555326\">as much as 25%<\/a> while feed prices jumped <a href=\"https:\/\/alborsaanews.com\/2022\/03\/21\/1522547\">by up to EGP 1k<\/a>a ton.<\/p>\n<p><strong>Banque Misr + NBE offer one-year, high-yield CDs: <\/strong>State-owned <a href=\"https:\/\/www.facebook.com\/BanqueMisr.1920\/photos\/a.191738414197680\/5194840113887460\/\">Banque Misr<\/a> and the <a href=\"https:\/\/www.nbe.com.eg\/NBE\/E\/?fbclid=IwAR2ZuhKLUvymLDIuP3HPWzVlMDbSW00P9_7Bq3BTr0X-1wSHbiO47VY3WNA#\/AR\/ProductCategory?inParams=%7B%22CategoryID%22%3A%22LocalCertificatesID%22%7D\">National Bank of Egypt<\/a> brought to market one-year 18% certificates of deposit yesterday after the CBE\u2019s decision to raise interest rates. Banque du Caire has yet to follow suit. Other banks are also reportedly repricing loans after the CBE interest rate hike, according to <a href=\"https:\/\/bit.ly\/3Ir1TPl\">Masrawy<\/a>. As we noted yesterday, we don\u2019t expect most private banks to offer high-interest instruments.<\/p>\n<p><strong>The fact that NBE and Banque Misr are offering 12-month certificates <\/strong>and no longer-term instruments suggests that they believe the rate hike could be transient.<\/p>\n<p><strong>Yesterday\u2019s moves will help boost inflows:<\/strong> \u201cIt will help catalyze fresh inflows into the market as investors perceive a reduced risk of further devaluations, and even the possibility of some appreciation in the coming months,\u201d Goldman Sachs MENA economist Farouk Soussa wrote in a note picked up by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/goldman-sees-egypt-inflows-smoother-imf-path-after-pound-plunge?sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>A precursor to our signing up for an IMF package?<\/strong> Murmurs of fresh IMF financing to ease the pressure on state finances have been ongoing for several weeks as the ramifications of the Ukraine conflict became clearer. Though Egyptian officials and the Fund have both denied ongoing talks, sources <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4957effa-d036-4cf8-b3d8-95fda889662c\">told Bloomberg<\/a> last week that there are discussions over a precautionary and liquidity line or and other forms of financial aid.<\/p>\n<p><strong>Analysts<\/strong><strong> including at Goldman and Capital Economics say that yesterday\u2019s moves by the CBE will make it easier for Egypt to agree a new program with the IMF<\/strong>, which in the past has demanded greater exchange rate flexibility before signing off on new financing. \u201cA new program would not only offer important monetary support in the near term but also provide an important policy anchor for ongoing reforms, and help encourage inflows of both portfolio and fixed investment,\u201d Daniel Richards, an economist at Emirates NBD wrote. \u201cSome of the likely prerequisites of renewed financial support from the Fund \u2014 a meaningful rate hike and a cheaper currency \u2014 have now been met.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n         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type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-adq tag-cib tag-diplomacy tag-enterpriseam tag-fawry tag-investment-watch tag-ma-watch tag-politics tag-russia-ukraine-conflict tag-sovereign-wealth-funds tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Accelerated sale of assets to Gulf investors will bring in fresh capital: <\/strong>We said yesterday that the Madbouly government would not be looking for handouts from the Gulf Cooperation Council countries, but rather would accelerate the process of offering attractive assets to Gulf buyers, including sovereign wealth funds.<\/p>\n<p><strong>Bloomberg is now reporting that the state has agreed to <\/strong>sell some of its holdings in five EGX-listed companies as it looks to bolster its finances strained by the fallout from the war in Ukraine. Abu Dhabi wealth fund ADQ will purchase the stakes from the government for around USD 2 bn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/abu-dhabi-said-to-deepen-egypt-ties-with-deals-worth-2-billion?sref=mmeFTDW1\">Mirette Magdy reported yesterday evening<\/a>, citing people familiar with the matter.<\/p>\n<p><strong>What\u2019s ADQ acquiring? <\/strong>Up to 18% of <strong>CIB<\/strong>, the nation\u2019s largest private-sector bank, and an unspecified stake in fintech darling <strong>Fawry<\/strong>, alongside three other companies, Bloomberg reports. We expect one of those three will be significant stake in a brand-name <strong>infrastructure provider<\/strong>.<\/p>\n<p><strong>The ADQ news came as cabinet <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/363650935805333\">said yesterday<\/a><\/strong><strong> the Sovereign Fund of Egypt has lined up<\/strong> <strong>investments for Egypt worth more than USD 2 bn<\/strong>, led by foreign and strategic private-sector investors. Some of the USD 2 bn would be deployed through the EGX while a portion would be invested directly, the statement added, saying only that further details would be made available \u201cin the next few weeks.\u201d<\/p>\n<p>\u201cThese investments will contribute to enhancing the country's economic development and <strong>consolidating Egypt\u2019s position as one of the world\u2019s leading investment destinations<\/strong>,\u201d Planning Minister Hala El Said said, according to the statement.<\/p>\n<p><strong>Don\u2019t expect any of these companies to offer fresh capital<\/strong>, a source with direct knowledge of the government\u2019s plans tells us \u2014 state institutions will sell existing stakes to ADQ. <strong>State institutions own at least 8.3% of CIB and 12.6% of Fawry<\/strong>, according to the most recent available filings for each institution (<a href=\"https:\/\/ent.news\/2022\/3\/CIB_4Q_shareholder_structure.pdf\">here<\/a> and <a href=\"https:\/\/ent.news\/2022\/3\/fawry-form-30-Q2-2021.pdf\">here<\/a>, each in PDF). EGX-listed companies are required to disclose the names of shareholders they know own more 5% or more of their shares.<\/p>\n<p><strong>State institutions likely own far more shares in CIB. <\/strong>The Central Bank of Egypt said in March 2020 that it would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7b4ddba3-8def-4cd8-bf0c-92394f17dd73\">buy up to EGP 20 bn worth of shares in EGX-listed companies<\/a> to shore up the bourse as the pandemic drove a massive global risk-off from emerging markets. With CIB accounting for about 35% of the EGX 30 and assuming the funds were deployed to track the index, that implies a heck of a lot of that capital \u2014 invested through state-owned asset managers and other institutions \u2014 found its way into CIB.<\/p>\n<p><strong>The stake sales will happen through pre-agreed block trades on the EGX and do not need<\/strong> <strong>involvement from management <\/strong>or special regulatory approvals, we\u2019re told, although anyone looking to take a stake of more than 10% in any Egyptian bank requires Central Bank of Egypt approval under the Central Bank and Banking Act. They would also need to have the CBE sign-off before taking a board seat and appointing someone to sit in that seat.<\/p>\n<p><strong>CIB and Fawry are very known quantities<\/strong>, and ADQ is no stranger to Egypt (as we note below). CIB\u2019s management team has met a number of times with ADQ staff as part of its global-scale, award-winning investor relations program.<\/p>\n<p><strong>Expect Gulf investors to have appetite for IPOs \u2014 if market conditions this year allow<\/strong> <strong>them. <\/strong>Finance Minister Mohamed Maait\u2019s EGP 130 bn stimulus package (above) smartly includes incentives that could make IPOs more attractive to global and local investors alike if international market conditions allow sales to go ahead. In early February, Prime Minister Moustafa Madbouly announced that his government planned to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ae94891-e027-4d1d-a265-2fc17b43d749\">list \u201cas many state companies as possible\u201d<\/a> before the end of this year. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e78c6824-9654-434c-a4d2-fe8887e1ced4\">Misr Life<\/a> and an additional stake in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/641306a6-3955-4bf6-bf11-667c71dc756b\">Heliopolis Housing<\/a> are both up for sale this year.<\/p>\n<p><strong>And remember that Gulf investors have already expressed interest in sales of stakes<\/strong> in military-affiliated bottled-water maker <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5d7a08f-8981-4c32-965f-7ae7fb4c4a23\">Safi<\/a> and filling station operator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cd40893-6a1e-4d00-975c-6fa551a0f8f3\">Wataniya<\/a>.<\/p>\n<p><strong>Egypt needs to build up FX reserves<\/strong> as rising commodity prices caused by the Russia-Ukraine conflict put pressure on state finances. The Finance Ministry has estimated that soaring wheat prices will cost it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">an additional EGP 15 bn<\/a> this fiscal year, while oil prices are now in three-figures \u2014 far above the USD 65 price assumed in the state budget.<\/p>\n<p><strong>Abu Dhabi has been a source of financial support in the past<\/strong>, including prior to the EGP float in 2016 when it <a href=\"https:\/\/www.thenationalnews.com\/business\/uae-to-provide-egypt-central-bank-with-six-year-1-billion-deposit-1.160058\">provided USD 1 bn<\/a> to the Central Bank of Egypt. In 2019, ADQ <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/17\/egypts-tharaa-establishes-a-usd-20-bn-investment-platform-with-abu-dhabi-holding-company-6357\/\">established a USD 20 bn joint investment fund<\/a> with the Sovereign Fund of Egypt to channel funds into a variety of industries and assets.<\/p>\n<p><strong>MBZ was in Egypt yesterday:<\/strong> The news came on the same day that President Abdel Fattah El Sisi held talks with UAE Crown Prince Mohamed bin Zayed in Sharm El Sheikh. An <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/529143345241065\">Ittihadiya statement<\/a> provided few details on the discussions but said that they placed particular emphasis on the countries\u2019 economic and investment ties.<\/p>\n<p><strong>ADQ is becoming an increasingly important player in the Egyptian economy<\/strong>, last year acquiring leading real estate developer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b73926df-08a8-4acd-8f9a-cb4c466c694f\">SODIC<\/a> alongside Aldar Properties, Bausch Health\u2019s local pharma outfit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/963f2cc8-97fe-4ad7-a4ca-650c06117651\">Amoun Pharma<\/a>, and Atyab brand owner <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248e5d41-7c58-42ed-abe9-f67d9ac74995\">Ismailia Agricultural and Industrial Investments<\/a>. <a href=\"https:\/\/www.agthia.com\/ar\/\">Agthia<\/a>, the fund\u2019s food subsidiary that acquired Ismailia, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4521ef8b-30e6-4cc8-a35c-62d6cc5efc6f\">reiterated<\/a> yesterday that it is pursuing further acquisitions in Egypt\u2019s frozen meat and fast food industries, in an interview with <a href=\"https:\/\/bit.ly\/37zVMLV\">Mubasher<\/a>.<\/p>\n<p><strong>And other Emirati investors also have significant appetite for Egypt:<\/strong> Beyond Aldar \/ ADQ\u2019s acquisition of SODIC, look no further than <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fcd056b-8514-4d60-856e-2592364c879c\">FAB<\/a>\u2019s bid this year for a majority stake in global financial services powerhouse EFG Hermes, UAE-based <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3cb9dcd5-4441-41d6-a4ba-61b91d8c7d5d\">Gulf Capital<\/a> saying it will invest some USD 250 mn here, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fcd056b-8514-4d60-856e-2592364c879c\">Alpha Dhabi Holding<\/a> saying it was looking to make Egypt a priority market.<\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/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\/fawry\/\">Fawry<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-wealth-funds\/\">Sovereign wealth funds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544809\" 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=\"544809\">\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\/22\/govt-announces-price-caps-on-unsubsidized-bread\/\">\r\n                            Gov\u2019t announces price caps on unsubsidized bread                        <\/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\/22\/govt-announces-price-caps-on-unsubsidized-bread\/\" 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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data-image-title=\"295.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/295.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/295.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544809\" class=\"content-area-description single-story post-544809 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-moustafa-madbouly tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Price controls on unsubsidized bread are here:<\/strong> The Madbouly cabinet announced yesterday it is imposing price caps on unsubsidized baladi and fino bread for three months, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/363447002492393\">statement<\/a>.<\/p>\n<p><strong>The breakdown:<\/strong> The decision imposed new price brackets for bread loaves based on their weight, setting the price of baladi bread at EGP 0.50 for 45-gram loaves, EGP 0.70 for 65-gram loaves, and EGP 1.00 for 90-gram loaves, according to a cabinet statement. A 1 kg package of bread is now priced at EGP 11.50. Prices for fino bread are now set between EGP 0.50 and EGP 1.00 for loaves weighing 40 to 80 grams.<\/p>\n<p><strong>Violators will face fines between EGP 100k and EGP 5 mn<\/strong>, according to the decree. Bakeries are also required to clearly mark their product prices.<\/p>\n<p><strong>The decision came as the rise in global wheat prices threatens to raise Egypt\u2019s wheat spending by <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">EGP 15 bn this fiscal year<\/a><\/strong>, after the government assumed an average price of USD 255 per ton in this year\u2019s budget. A ton of wheat is currently trading at USD 368.75 per ton, according to <a href=\"https:\/\/markets.businessinsider.com\/commodities\/wheat-price\">market data<\/a>. President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f8c48a0-63d6-4190-b16a-665a3a589b4e\">ordered his government<\/a> to introduce the fixed pricing structure last week in a bid to hold down local prices amid surging global inflation, which led to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9382282-35a8-4bc8-8610-77361fd68e71\">local bread prices rising<\/a>.<\/p>\n<p><strong>Meanwhile: Are we looking to India to fill the Ukraine- and Russia-shaped holes in our wheat import market mix? <\/strong>India, the world\u2019s second-largest producer of wheat, is reportedly in \u201cfinal\u201d talks to begin exporting wheat to Egypt, among other countries, India\u2019s Commerce Ministry said over the weekend, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/india-in-talks-with-top-wheat-buyer-egypt-to-start-shipments\">Bloomberg<\/a>. India is also in talks to begin exporting its wheat to China, Turkey, Bosnia-Hercegovina, Sudan, Nigeria, and Iran.<\/p>\n<p><strong>Is India going to be able to plug the gap?<\/strong> India\u2019s wheat exports rose fourfold to around 6 mn tons from April 2021-January 2022, the business information service says. And the country\u2019s wheat production is expected to rise to a record 111.3 mn tons in the 2021-2022 agricultural season, from 109.6 mn tonnes during the previous season.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544811\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"544811\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/544811\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544811\" class=\"content-area-description single-story post-544811 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544812\" 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=\"544812\">\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\">DISPUTE WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/\">\r\n                            Gov\u2019t settles cement dispute with Vicat                        <\/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\/22\/govt-settles-cement-dispute-with-vicat\/\" 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\/22\/govt-settles-cement-dispute-with-vicat\/')\">\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\/22\/govt-settles-cement-dispute-with-vicat\/\">\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 settles cement dispute with Vicat&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/\">\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\/22\/govt-settles-cement-dispute-with-vicat\/&title=Gov\u2019t settles cement dispute with Vicat\">\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+settles+cement+dispute+with+Vicat+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F22%2Fgovt-settles-cement-dispute-with-vicat%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\/22\/govt-settles-cement-dispute-with-vicat\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/296.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544813\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/govt-settles-cement-dispute-with-vicat\/296-jpg-41\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/296.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"296.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/296.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/296.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544812\" class=\"content-area-description single-story post-544812 post type-post status-publish format-standard has-post-thumbnail hentry category-dispute-watch tag-dispute-watch tag-enterpriseam tag-sinai-cement tag-vicat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>French cement producer Vicat Group and the Egyptian government have reached<\/strong> <strong>a final settlement in a dispute over ownership of its Sinai-based subsidiary.<\/strong> An agreement was signed yesterday by Vicat CEO Guy Sidos and International Cooperation Minister Rania Al Mashat, the cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/363740839129676\">a statement<\/a>. No details on the settlement were disclosed.<\/p>\n<p><strong>Background: <\/strong>Vicat filed an arbitration case against the government last year at the International Center for Settlement of Investment Disputes, alleging that it was <a href=\"https:\/\/globalarbitrationreview.com\/egyptian-cement-dispute-heads-icsid\">trying to force it to sell its majority stake<\/a> in Sinai Cement. The company said that there was a \u201ca difference in interpretation of the legislation on foreign interests in the Sinai region\u201d in its <a href=\"https:\/\/www.vicat.com\/sites\/www.vicat.fr\/files\/2022-03\/20220215_Financial%20statements%20%28consolidated%20sales%202021%29_Vicat2.pdf\">2021 financial report (pdf)<\/a>. Ownership rules in Sinai are more restrictive than in other areas of the country, and prevent foreigners from owning land.<\/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\/dispute-watch\/\">dispute watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sinai-cement\/\">Sinai Cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vicat\/\">Vicat<\/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=\"544814\" 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=\"544814\">\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\/22\/kremlin-dismisses-talk-of-progress-in-peace-talks\/\">\r\n                            Kremlin dismisses talk of progress in 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\/22\/kremlin-dismisses-talk-of-progress-in-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(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/kremlin-dismisses-talk-of-progress-in-peace-talks\/')\">\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\/22\/kremlin-dismisses-talk-of-progress-in-peace-talks\/\">\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=Kremlin dismisses talk of progress in peace talks&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/kremlin-dismisses-talk-of-progress-in-peace-talks\/\">\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\/22\/kremlin-dismisses-talk-of-progress-in-peace-talks\/&title=Kremlin dismisses talk of progress in peace 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=Kremlin+dismisses+talk+of+progress+in+peace+talks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F22%2Fkremlin-dismisses-talk-of-progress-in-peace-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\/22\/kremlin-dismisses-talk-of-progress-in-peace-talks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/297.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544815\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/kremlin-dismisses-talk-of-progress-in-peace-talks\/297-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/297.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"297.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/297.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/297.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544814\" class=\"content-area-description single-story post-544814 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-diplomacy tag-enterpriseam tag-joe-biden tag-russia tag-russia-ukraine-war tag-ukraine tag-us tag-vladimir-putin tag-war-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>No progress in peace talks -Kremlin:<\/strong> Russia has thrown into doubt recent optimism surrounding the ongoing peace talks to end the war in Ukraine, with the Kremlin yesterday saying that negotiations have not made significant progress, according to <a href=\"https:\/\/www.reuters.com\/world\/europe\/kremlin-says-no-significant-progress-peace-talks-with-ukraine-2022-03-21\/\">Reuters<\/a>. Several senior Turkish figures <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29022fb4-1a16-4c93-9644-ddddc40e6472\">said at the weekend<\/a> that the two sides are close to agreeing on most of the major issues. But Kremlin spokesperson Dmity Peskov has played down the chances of agreement, telling reporters yesterday that \u201cthere has been no significant progress so far.\u201d<\/p>\n<p><strong>Another potential obstacle to an agreement:<\/strong> Ukrainian President Volodymyr Zelenskiy said yesterday that any peace agreement will need to be voted on by the Ukrainian people in a referendum, according to <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-president-says-any-compromises-with-russia-will-require-referendum-2022-03-21\/?taid=6238f56214841f00014e8cd4&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter\">Reuters<\/a>. Should the vote go ahead, people could be asked to vote on the key areas of dispute between the two nations, including Ukraine\u2019s aspirations to join Nato and the future status of Crimea and the Donbas.<\/p>\n<p><strong>Russia tells US relations \u201con the verge of rupture\u201d over Biden war criminal comment:<\/strong> Russia summoned the US ambassador in Moscow yesterday to tell him that President Joe Biden\u2019s description of Russian President Vladimir Putin as a \u201cwar criminal\u201d last week had pushed the bilateral relationship to breaking point, the Russian Foreign Ministry <a href=\"https:\/\/mid.ru\/ru\/foreign_policy\/news\/1805480\/\">said<\/a> yesterday.<\/p>\n<p><strong>ON THE GROUND-<\/strong><\/p>\n<p><strong>Conditions are worsening in Mariupol \u2014 but surrender is still a no-go:<\/strong> Mariupol rejected yesterday Russia\u2019s demands that its forces lay down their arms, in exchange for allowing food, medicine, and other humanitarian aid to enter the city, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/ukraine-update-mariupol-rejects-surrender-demand-kyiv-mall-hit\">Bloomberg<\/a> reported. The Russian ultimatum had also promised a humanitarian corridor to evacuate civilians, but these were shut down after Moscow\u2019s demands were rejected. Conditions in the city are now \u201cvery difficult,\u201d with food and medicine in short supply and frequent power outages, Ukrainian Deputy Prime Minister Iryna Vereshchuk said, according to <a href=\"https:\/\/www.reuters.com\/world\/ukraine-says-situation-mariupol-very-difficult-rejects-surrender-ultimatum-2022-03-21\/\">Reuters<\/a>.<\/p>\n<p><strong>Ukraine could lose USD 6 bn in grain revenues<\/strong> as Russia continues to blockade its Black Sea ports, a senior industry figure told <a href=\"https:\/\/www.reuters.com\/business\/ukraine-could-lose-6-bln-grain-exports-with-ports-blocked-2022-03-21\/\">Reuters<\/a>. Around 100 vessels carrying tonnes of wheat and corn are currently stranded in the country's ports, according to maritime officials.<\/p>\n<p><strong>SPLINTERNET-<\/strong><\/p>\n<p><strong>Russia has banned Facebook and Instagram for encouraging \u201cextremist\u201d activities<\/strong>, in the first use of the country\u2019s draconian law targeting \u201cextremism\u201d against a foreign tech company,<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/russia-bans-facebook-and-instagram-under-extremism-law?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reported. Regulators had already blocked access to the two Meta-owned social media platforms earlier this month.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/joe-biden\/\">Joe Biden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vladimir-putin\/\">Vladimir Putin<\/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=\"544816\" 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=\"544816\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/544816\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544816\" class=\"content-area-description single-story post-544816 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=\"544817\" 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=\"544817\">\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\/22\/the-float-of-the-egp-interest-rate-hike-and-expansion-of-the-social-safety-net-dominated-the-airwaves-last-night\/\">\r\n                            The float of the EGP, interest rate hike and expansion of the social safety net dominated the airwaves last night                        <\/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\/22\/the-float-of-the-egp-interest-rate-hike-and-expansion-of-the-social-safety-net-dominated-the-airwaves-last-night\/\" 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 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expansion of the social safety net dominated the airwaves last night&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/the-float-of-the-egp-interest-rate-hike-and-expansion-of-the-social-safety-net-dominated-the-airwaves-last-night\/\">\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\/22\/the-float-of-the-egp-interest-rate-hike-and-expansion-of-the-social-safety-net-dominated-the-airwaves-last-night\/&title=The float of the EGP, interest rate hike and expansion of the social safety net dominated the airwaves last night\">\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+float+of+the+EGP%2C+interest+rate+hike+and+expansion+of+the+social+safety+net+dominated+the+airwaves+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F22%2Fthe-float-of-the-egp-interest-rate-hike-and-expansion-of-the-social-safety-net-dominated-the-airwaves-last-night%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\/22\/the-float-of-the-egp-interest-rate-hike-and-expansion-of-the-social-safety-net-dominated-the-airwaves-last-night\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544817\" class=\"content-area-description single-story post-544817 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-banque-misr tag-consumer-protection-agency tag-egx tag-enterpriseam tag-last-nights-talk-shows tag-social-welfare wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt\u2019s airwaves were dominated by yesterday\u2019s policy blitz<\/strong> (if you don\u2019t know what we\u2019re talking about here get out from underneath your rock \u2014 or just scroll to the top of the issue). Let\u2019s jump right in.<\/p>\n<p><strong>New price caps on unsubsidized baladi bread and fino loaves<\/strong> have been introduced with immediate effect, head of the bakeries division at the Cairo Chamber of Commerce Attia Hamad told El Hekaya\u2019s Amr Adib in a phone-in (<a href=\"https:\/\/www.youtube.com\/watch?v=FTk8-o2Pzbo\">watch, runtime 4:52<\/a>). Awareness campaigns are currently underway to notify all bakery owners of the caps, which they have to abide by within the next three days or face criminal proceedings, he said. We have all the details on the price controls in this morning\u2019s Commodities section, above.<\/p>\n<p><strong>Some 10.8 mn people stand to benefit from the hikes in pension payouts<\/strong> announced by the government yesterday, said Social Solidarity Minister Nevine El Kabbaj in a phone-in with Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=SoBWr0ePnpw\">watch, runtime 11:06<\/a>). The raises will take effect starting 1 April \u2014 three months earlier than initially planned, she said, which will cost the state around EGP 8 bn. Pensioners will see a 13% price hike, with a minimum of EGP 120, and no maximum amount, said National Council for Wages member Magdy El Badawy in a phone-in with Sada El Balad\u2019s Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=Kyd_EXiW7Dg\">watch, runtime 5:05<\/a>).<\/p>\n<p><strong>And around 28.5 mn workers will be made newly exempt from income tax<\/strong> after the government yesterday raised the threshold to EGP 30k, from EGP 24k previously, said Tax Authority advisor Ragab Mahrous, in a phone-in with Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/youtu.be\/SAm6W5pQeG0\">watch, runtime 6:58<\/a>) You can read more about the newly announced packages and incentives in our Economy section above.<\/p>\n<p><strong>Banque Misr\u2019s CDs are proving popular:<\/strong> Savers put EGP 4 bn into the state-owned bank\u2019s<\/p>\n<p>new 18% certificates of deposit, which were announced yesterday following the rate hike and EGP devaluation, Treasury and Financial Institutions Head Moustafa Gamal said in a phone-in with Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=GXgbmqrvYn8\">watch, runtime<\/a><a href=\"https:\/\/www.youtube.com\/watch?v=GXgbmqrvYn8\">19:06<\/a>).<\/p>\n<p><strong>And the winner of the EGP devaluation is\u2026 the EGX<\/strong>, which recorded the largest ever daily increase in market cap yesterday \u2014 around EGP 31 bn \u2014 following the central bank\u2019s announcement, EGX boss Mohamed Farid told Taht El Shams\u2019 Moataz Abdelfattah (<a href=\"https:\/\/www.youtube.com\/watch?v=sHZDpDU-qXQ\">watch, runtime 3:25<\/a>).<\/p>\n<p><strong>In other news:<\/strong> More people are complaining about the Consumer Protection Agency\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f59fbbaf-16c3-463e-8e10-a1010337507f\">recent<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f59fbbaf-16c3-463e-8e10-a1010337507f\">decision<\/a> to require companies to include expiration dates on product labels. On Sunday it was manufacturers, and last night it was the head of the electrical and home appliances division at the Cairo Chamber of Commerce, who called one companies in the sector to be exempt from the rule (<a href=\"https:\/\/www.youtube.com\/watch?v=6a5yFFEueqA\">watch, runtime 7:31<\/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\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/consumer-protection-agency\/\">Consumer Protection Agency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/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\/social-welfare\/\">social welfare<\/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=\"544818\" 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 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/central-banks-rate-hike-devaluation-and-the-impact-of-war-on-our-wheat-supply-are-all-preoccupying-the-international-press-this-morning\/\">\r\n                            Central bank\u2019s rate hike, devaluation and the impact of war on our wheat supply are all preoccupying the international press this morning                        <\/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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href=\"https:\/\/api.whatsapp.com\/send?text=Central+bank%E2%80%99s+rate+hike%2C+devaluation+and+the+impact+of+war+on+our+wheat+supply+are+all+preoccupying+the+international+press+this+morning+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F22%2Fcentral-banks-rate-hike-devaluation-and-the-impact-of-war-on-our-wheat-supply-are-all-preoccupying-the-international-press-this-morning%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\/22\/central-banks-rate-hike-devaluation-and-the-impact-of-war-on-our-wheat-supply-are-all-preoccupying-the-international-press-this-morning\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544819\" class=\"content-area-description single-story post-544819 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-russia-ukraine-war tag-subsidies tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the conversation on Egypt in the foreign press:<\/strong> The Central Bank of Egypt\u2019s decision to raise interest rates by 100 bps. The bold move is broadly being welcomed by investors and is seen by analysts as part of the fiscal and monetary response required to address the repercussions of the Russia-Ukraine war. <a href=\"https:\/\/www.reuters.com\/world\/africa\/egyptian-pound-drops-10-after-ukraine-war-prompts-dollar-flight-2022-03-21\/\">Reuters<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/egypt-central-bank-raises-benchmark-rate-in-surprise-meeting?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>, and the <a href=\"https:\/\/www.ft.com\/content\/4fe601c9-25e2-48e5-a668-d4fcb34d3afc#post-8a8e986a-942d-4e9f-aa24-e8c0977046a3\">Financial Times<\/a> all had coverage.<\/p>\n<p><strong>The foreign press is also fixated on the war\u2019s impact on our wheat supply: <\/strong><a href=\"https:\/\/www.ft.com\/content\/b76d3414-4f11-4e46-9271-9309c06237df\">The<\/a><a href=\"https:\/\/www.ft.com\/content\/b76d3414-4f11-4e46-9271-9309c06237df\">Financial Times<\/a> is out with a piece on Egypt\u2019s moves to secure wheat supplies amid shortages caused by the Russia-Ukraine war, and the still-uncertain fate of the bread subsidies program, on which the government is still weighing a decision.<\/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\/russia-ukraine-war\/\">Russia-Ukraine war<\/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=\"544820\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544821\" 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=\"544821\">\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\/22\/mandarin-oriental-is-coming-to-egypt-amazon-is-doubling-delivery-capacity-and-elevate-healthcare-is-linking-up-wtih-dar-al-handasah\/\">\r\n                            Mandarin Oriental is coming to Egypt, Amazon is doubling delivery capacity, and Elevate Healthcare is linking up wtih Dar Al Handasah                        <\/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\/22\/mandarin-oriental-is-coming-to-egypt-amazon-is-doubling-delivery-capacity-and-elevate-healthcare-is-linking-up-wtih-dar-al-handasah\/\" 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\/22\/mandarin-oriental-is-coming-to-egypt-amazon-is-doubling-delivery-capacity-and-elevate-healthcare-is-linking-up-wtih-dar-al-handasah\/')\">\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\/22\/mandarin-oriental-is-coming-to-egypt-amazon-is-doubling-delivery-capacity-and-elevate-healthcare-is-linking-up-wtih-dar-al-handasah\/\">\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=Mandarin Oriental is coming to Egypt, Amazon is doubling delivery capacity, and Elevate Healthcare is linking up wtih Dar Al Handasah&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/22\/mandarin-oriental-is-coming-to-egypt-amazon-is-doubling-delivery-capacity-and-elevate-healthcare-is-linking-up-wtih-dar-al-handasah\/\">\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\/22\/mandarin-oriental-is-coming-to-egypt-amazon-is-doubling-delivery-capacity-and-elevate-healthcare-is-linking-up-wtih-dar-al-handasah\/&title=Mandarin Oriental is coming to Egypt, Amazon is doubling delivery capacity, and Elevate Healthcare is linking up wtih Dar Al Handasah\">\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=Mandarin+Oriental+is+coming+to+Egypt%2C+Amazon+is+doubling+delivery+capacity%2C+and+Elevate+Healthcare+is+linking+up+wtih+Dar+Al+Handasah+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F22%2Fmandarin-oriental-is-coming-to-egypt-amazon-is-doubling-delivery-capacity-and-elevate-healthcare-is-linking-up-wtih-dar-al-handasah%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\/22\/mandarin-oriental-is-coming-to-egypt-amazon-is-doubling-delivery-capacity-and-elevate-healthcare-is-linking-up-wtih-dar-al-handasah\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544821\" class=\"content-area-description single-story post-544821 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-amazon tag-dar-al-handasah tag-elevate tag-enterpriseam tag-hospitality tag-investment-watch tag-mandarin-oriental tag-manufacturing tag-misr-italia-properties tag-securitization tag-suez-canal-economic-zone tag-tourism tag-travel 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-11\"><\/a> <strong>Mandarin Oriental to manage Shepheard Hotel:<\/strong> Hong Kong-based luxury hotelier Mandarin Oriental Hotel Group signed an agreement to manage Downtown Cairo\u2019s historic Shepheard Hotel yesterday, the Public Enterprises Ministry said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/363852402451853\">a statement<\/a>. This is the company\u2019s first venture in Egypt, and comes more than a year after it was reported in the local press that it had agreed to manage the property. Saudi Arabia\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a76800f-80d2-4a49-95ac-90691b95234b\">Al Sharif Group is refurbishing<\/a> the hotel, which is slated to open in 2024.<\/p>\n<p><strong>Amazon is looking to double its delivery capacity in Egypt <\/strong>by scaling up its workforce (creating some 2k new jobs) and tech infrastructure in the country, the company said in <a href=\"https:\/\/ent.news\/2022\/3\/2022-03-20-Egypt-Expansion-Roadmap-Press-Release_Final_ENG.pdf\">a statement<\/a> yesterday.<\/p>\n<p><strong>Elevate Healthcare and Dar Al Handasah Consultants could work together on healthcare<\/strong>, with <a href=\"https:\/\/ent.news\/2022\/3\/Elevate-Dar-healthcare.pdf\">a recent MoU (pdf)<\/a> paving the way for Elevate to do business with Dar \u2014 and for Dar to potentially become a limited partner in Elevate\u2019s new USD 380 mn healthcare fund.<\/p>\n<p><strong>Other thin<\/strong><strong>gs we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Misr Italia Properties is looking to <\/strong><strong><a href=\"https:\/\/almalnews.com\/%D9%85%D8%B5%D8%B1-%D8%A5%D9%8A%D8%B7%D8%A7%D9%84%D9%8A%D8%A7-%D8%AA%D8%AE%D8%B7%D8%B7-%D9%84%D8%A5%D8%B5%D8%AF%D8%A7%D8%B1-%D8%B3%D9%86%D8%AF%D8%A7%D8%AA-%D8%AA%D9%88%D8%B1%D9%8A%D9%82\/\">issue<\/a><\/strong><strong> securitized bonds <\/strong>worth EGP 800 mn during 4Q2022, up from a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9907d376-61e8-4f64-a0e0-ebd2f032057d\">previously<\/a> planned EGP 700 mn issuance.<\/li>\n<li><strong>The China Construction Science and Industry Corporation<\/strong> <a href=\"https:\/\/alborsaanews.com\/2022\/03\/20\/1522025\">will establish<\/a> an <strong>iron foundry <\/strong>at China\u2019s <strong>TEDA trade zone<\/strong>.<\/li>\n<li><strong>Sharm El Sheikh-Baku flights resume:<\/strong> Weekly direct flights between the Azerbaijani capital Baku and Sharm El Sheikh <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/281275554182298\">resumed<\/a> on Friday 18 March.<\/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\/amazon\/\">Amazon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dar-al-handasah\/\">Dar Al Handasah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elevate\/\">Elevate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/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\/mandarin-oriental\/\">Mandarin Oriental<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/misr-italia-properties\/\">Misr Italia Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/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=\"544822\" 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=\"544822\">\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\/22\/a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation\/\">\r\n                            A terrible day in the US bond market as Powell ups the ante on inflation                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img 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<\/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\/22\/a-terrible-day-in-the-us-bond-market-as-powell-ups-the-ante-on-inflation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544822\" class=\"content-area-description single-story post-544822 post type-post status-publish format-standard hentry category-planet-finance tag-bonds tag-enterpriseam tag-financial-markets tag-inflation tag-interest-rates tag-jerome-powell 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-10\"><\/a><strong> US treasuries experienced one of their biggest daily sell-offs in the past <\/strong><strong>decade <\/strong>yesterday after Federal Reserve Chairman Jay Powell indicated that the central bank could hike interest rates more aggressively than expected, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/bonds-suffer-one-of-worst-days-in-a-decade-as-fed-spurs-rethink?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>. Following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dff62b40-9b9e-4848-a8ab-0031c7c19441\">last week\u2019s policy meeting<\/a>, the market had already priced in a further six 25-bps rate hikes this year. But in comments at a conference yesterday, Powell suggested that the central bank could resort to larger rate hikes to tame soaring inflation, which is expected to accelerate further in the coming months due to surging commodity prices caused by the war in Ukraine.<\/p><p><strong>This drove yields across much of the curve to their highest levels in three years<\/strong>, and narrowed the spread between 5- and 30-year bonds to its slightest since 2007, a sign that the market is beginning to price in a recession.<\/p><p><strong>Stocks weren\u2019t as hard hit<\/strong>, with the S&amp;P 500 closing marginally in the red, the Nasdaq falling 0.4% and the Dow down 0.6%.<\/p><p><strong>And oil continued to climb:<\/strong> Brent crude is once again nearing the USD 120 a barrel handle after climbing almost 8% yesterday as peace talks between Russia and Ukraine showed no signs of progressing.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,511<\/p>\n<\/td>\n<td>\n<p>+4.9% (YTD: -3.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.17<\/p>\n<\/td>\n<td>\n<p>Sell 18.27<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.17<\/p>\n<\/td>\n<td>\n<p>Sell 18.27<\/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>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% 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>12,832<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +13.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,563<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +12.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,360<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +5.1%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,461<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -6.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,442<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 116.40<\/p>\n<\/td>\n<td>\n<p>+7.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.90<\/p>\n<\/td>\n<td>\n<p>+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,934.80<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 41,357<\/p>\n<\/td>\n<td>\n<p>+0.3% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 4.9% yesterday<\/strong> on turnover of EGP 2.2 bn (57.6% above the 90-day average). Local investors were net buyers. The index is down 3.7% YTD.<\/p><p><strong>In the green: <\/strong>Alexandria Mineral Oils (+13.8%), TMG Holding (+11.8%) and Madinet Nasr Housing and Development (+10.1%).<\/p><p><strong>In the red: <\/strong>Egyptian Kuwaiti Holding (-3.9%), and Fawry (-2.5%).<\/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\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jerome-powell\/\">Jerome Powell<\/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=\"544823\" 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=\"544823\">\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\/22\/israeli-pm-mbz-in-sharm-for-diplomatic-talks\/\">\r\n                            Israeli PM, MBZ in Sharm for diplomatic 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\/22\/israeli-pm-mbz-in-sharm-for-diplomatic-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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No official statements were issued following the talks, though diplomatic sources said discussions were had about <a href=\"https:\/\/www.jpost.com\/breaking-news\/article-701922\">\u201cshared security interests\u201d<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/israeli-pm-bennett-egypt-talks-with-its-president-israeli-media-2022-03-21\/\">the war in Ukraine<\/a>, and <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-united-nations-general-assembly-africa-israel-egypt-d0150d434543ddb793784bde945cbf93\">the Iran nuclear talks<\/a>. <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/529143345241065\">Ittihadiya<\/a> said that El Sisi and MBZ discussed a number of issues in separate talks, including economic and investment ties.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/naftali-bennett\/\">Naftali Bennett<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544824\" 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=\"544824\">\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\/22\/tunisia-likely-to-default-next-year-unless-action-is-taken-says-morgan-stanley\/\">\r\n                            Tunisia likely to default next year unless action is taken, says Morgan Stanley                        <\/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\/22\/tunisia-likely-to-default-next-year-unless-action-is-taken-says-morgan-stanley\/\" 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 country is currently in talks with the IMF over financial assistance and a package of economic reforms, but unless this bears fruit the government will likely go into default next year, they said. Ratings agency Fitch <a href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/fitch-downgrades-tunisia-to-b-outlook-negative-08-07-2021\">downgraded the country\u2019s sovereign debt<\/a> deeper into junk territory last week, assigning it a B- rating.<\/p>\n<p><strong>Salameh charged:<\/strong> Lebanon has charged central bank governor Riad Salameh and his brother with money laundering and embezzling public funds, a judicial official told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-21\/lebanon-judge-charges-central-bank-chief-with-money-laundering?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> yesterday.<\/p>\n<p><strong>US anti missile batteries heading to Saudi Arabia amid Houthi attacks:<\/strong> The US has shipped a \u201csignificant\u201d number of Patriot anti missile batteries to Saudi Arabia over the past month as the country tries to fend off drone and rocket attacks from Houthi rebels in Yemen, according to the <a href=\"https:\/\/www.wsj.com\/articles\/u-s-sends-patriot-missiles-to-saudi-arabia-filling-an-urgent-request-11647822871?mod=hp_lead_pos3\">Wall Street Journal<\/a>.<\/p>\n<p><strong>Plane crash in China:<\/strong> A China East Airlines Boeing 737 jet carrying 132 people crashed in southern China yesterday, <a href=\"https:\/\/www.reuters.com\/world\/china\/china-eastern-airlines-passenger-jet-has-accident-guangxi-state-media-says-2022-03-21\/\">Reuters<\/a> reported. There were no immediate signs of survivors.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/corruption\/\">Corruption<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morgan-stanley\/\">Morgan Stanley<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/security\/\">security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tunisia\/\">Tunisia<\/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\/yemen\/\">Yemen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"544825\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/coastal-erosion-could-cost-egypt-usd-bns-and-wipe-out-half-our-beaches-this-century-are-we-doing-enough-to-mitigate-it\/\">\r\n                            Coastal erosion could cost Egypt USD bns and wipe out half our beaches this century. Are we doing enough to mitigate it?<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/coastal-erosion-could-cost-egypt-usd-bns-and-wipe-out-half-our-beaches-this-century-are-we-doing-enough-to-mitigate-it\/\" 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\/goinggreens\/coastal-erosion-could-cost-egypt-usd-bns-and-wipe-out-half-our-beaches-this-century-are-we-doing-enough-to-mitigate-it\/')\">\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\/goinggreens\/coastal-erosion-could-cost-egypt-usd-bns-and-wipe-out-half-our-beaches-this-century-are-we-doing-enough-to-mitigate-it\/\">\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=Coastal erosion could cost Egypt USD bns and wipe out half our beaches this century. 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Are we doing enough to mitigate it?<\/strong> Coastal erosion is a major issue for Egypt, particularly in Alexandria and the Delta, heightening our vulnerability to rising sea levels and potentially inflicting severe economic losses in the years ahead. The issue was recently highlighted in <a href=\"https:\/\/ent.news\/2022\/2\/Blue-Skies-Blue-Seas-Air-Pollution-Marine-Plastics-and-Coastal-Erosion-in-the-Middle-East-and-North-Africa.pdf\">a report (pdf)<\/a> by the World Bank, which examines the potential implications of erosion on tourism, industrial infrastructure, and residential communities along Egypt\u2019s coasts if it continues unchecked.<\/p>\n<p><strong>How bad is the problem?<\/strong> Data cited in the report suggest that between 1984 and 2016, Egypt\u2019s coastlines have eroded by an average 0.1 meters every year. Compare that to Tunisia, which lost 0.6-0.7 meters each year over the same period, and it appears that the problem isn\u2019t as acute as other areas of North Africa.<\/p>\n<p><strong>But one dataset tells only one part of the story:<\/strong> Some stretches of Egypt\u2019s coastline are more vulnerable to erosion than others. The geological make-up of the sandy beaches and deltaic coasts that line the Mediterranean renders them particularly exposed to rising sea levels, with <a href=\"https:\/\/www.nature.com\/articles\/s41598-020-77926-x#Sec2\">one study<\/a> categorizing 72% of Egypt\u2019s northern coastline as being highly or very highly vulnerable. <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S1687428516000108\">Another study<\/a> looking at shoreline changes along the Nile Delta found that between 1990 and 2014, some parts of the coastline eroded by an average 10-21 meters per year. The problem was particularly pronounced where the Nile meets the sea at Rosetta and Damietta, which lost 25-36 meters on average each year.<\/p>\n<p><strong>The erosion rate has increased rapidly since the turn of the millenium:<\/strong> The number of hectares lost to the sea every year almost doubled from 1984-2001 and 2001-2018, according to <a href=\"https:\/\/asejaiqjsae.journals.ekb.eg\/article_188083_4d24289fe7279878ccc000c71c736f73.pdf\">findings (pdf)<\/a> based on satellite data published in the Alexandria Science Exchange Journal last year. The delta coastline lost an average 78 hectares of land each year between 2001 and 2018, up from the 41.7 average over the previous 17 years, with Dakahlia and Kafr El Sheikh governorates seeing particularly large jumps in the rate of erosion.<\/p>\n<p><strong>Coastal erosion is a natural process \u2014 but heavy development + climate change have put it on fast-forward. <\/strong>Storms, sea level rises, and sea currents slowly erode all coastlines over time. But heavy industrial, residential, and tourism-related development \u2014 which often involve damaging processes like dredging \u2014 has disrupted the sediment transport process that helps shape our coastlines, leaving them more vulnerable to erosion. Meanwhile, extreme weather events and global sea level rises caused by human-induced climate change are turbo-charging natural erosion.<\/p>\n<p><strong>Aswan\u2019s High Dam is also one of the biggest culprits:<\/strong> The dam traps an estimated 90% of sediment, leaving downstream coasts and beaches \u201cstarved of replenishment by upstream construction,\u201d the World Bank says.<\/p>\n<p><strong>Coastal cities are now at risk:<\/strong> Around 30% of Alexandria would flood should sea levels rise by just 0.3 meters (that\u2019s marginally less than the current most optimistic scenario), according to the report. This would displace some 545k people and lead to 70.5k job losses. Port Said and other cities on the Delta coast are similarly at risk.<\/p>\n<p><strong>As are our beaches: <\/strong>One alarming 2020 study by the European Commission Research Center found that half of the world's beaches could disappear by 2100. When it comes to Egypt, that represents a best case scenario, according to the study\u2019s lead author <a href=\"https:\/\/dailynewsegypt.com\/2020\/03\/10\/egypt-to-lose-1000-km-of-sandy-coasts-due-to-erosion-study\/\">Michalis Vousdoukas<\/a>.<\/p>\n<p><strong>All of this packs a substantial economic punch: <\/strong>Unchecked coastal erosion will likely bring significant costs in property damage, job losses, and lower tourism and tax revenues. The projected economic impact is difficult to measure on a nationwide scale, the World Bank notes. But it does say that coastal flooding in Alexandria alone \u2014 which hosts some 40% of Egypt\u2019s industrial capacity, as well as being a tourism hub \u2014 could lead to annual losses of USD 504-581 mn by 2050. Meanwhile, sea level rises could hit beach tourism on the Red Sea\u2019s Sahl Hasheesh and Makadi Bay with daily losses of USD 350k by mid-century, according to a study cited in the report.<\/p>\n<p><strong>Some concrete action has been taken: <\/strong>To defend against coastal erosion, Egypt has made use of both \u201chard\u201d solutions, like widely-erected barriers or seawalls, and \u201csoft\u201d solutions like beach nourishment. In one example, five beaches near Alexandria were successfully \u201cre-nourished\u201d using desert sand, for instance.<\/p>\n<p><strong>Though not all of it has worked as intended: <\/strong><a href=\"https:\/\/www.nps.gov\/articles\/groins-and-jetties.htm#:~:text=Groins%20are%20shore%20perpendicular%20structures,down%2Ddrift%20of%20the%20structure.\">15 groins<\/a> <a href=\"https:\/\/agris.fao.org\/agris-search\/search.do?recordID=US201800359035\">were set up<\/a> at the Rosetta promontory in the early 2000s, to mitigate erosion that had been accelerated by the Aswan Dam. But the groins inadvertently ended up accelerating sediment loss, with some segments of the area subsequently seeing erosion rates as high as 30.8 meters per year.<\/p>\n<p><strong>We need to make the jump from monitoring to mitigation: <\/strong>Egypt has been engaging stakeholders on integrated coastal zone management (ICZM) \u2014 which aims to collect data, conduct risk analyses, and plan comprehensive interventions to mitigate erosion \u2014 for decades. But while we have a strong record on data collection, we could be doing far more to take meaningful action, the report says. We need to scale up and enforce broad-based ICZM efforts \u2014 particularly when it comes to risk assessment and mitigation of erosion from development and infrastructure projects. We\u2019re also one of 10 countries that isn\u2019t yet enforcing a <a href=\"https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/PDF\/?uri=CELEX:22009A0204(01)&from=EN\">2008 protocol (pdf)<\/a>, developed under the United Nations Environment Programme (UNEP) Regional Seas Programme, that calls on Mediterranean nations to enforce a regional ICZM plan.<\/p>\n<p><strong>There\u2019s a big erosion defense project in the works for the Nile Delta: <\/strong>The <a href=\"https:\/\/www.adaptation-undp.org\/projects\/enhancing-climate-change-adaptation-north-coast-egypt#:~:text=Green%20fund%20approves%20%2431.4%20mln,Egypt's%2520Delta%2520from%2520climate%2520change%26text%3DThe%2520Green%2520Climate%2520Fund%2520(GCF)%2520approved%2520on%2520Sunday%2520a%2520%252431.4,said%2520in%2520a%2520press%2520statement.\">Enhancing Climate Change Adaptation in the North Coast of Egypt<\/a> project aims to develop 69 km of sand-dune dikes along the Nile Delta to protect from rising sea levels, as well as to establish a new, more comprehensive ICZM plan. Launched in 2017, some 70% of the project\u2019s USD 105 mn cost will be shouldered by the Irrigation and Water Resources Ministry, with the rest to come from the <a href=\"https:\/\/www.greenclimate.fund\/about\">Green Climate Fund<\/a>. The United Nations Development Program is also a key partner. The seven-year project approved in 2017 is expected to directly benefit some 800k Nile Delta residents, and is an important pilot for ICZM schemes across the region, the report says.<\/p>\n<p><strong>And we\u2019re exploring one interesting natural mitigation technique:<\/strong> Egypt launched a project in 2020 to plant mangrove nurseries over 200 hectares along the Red Sea coasts. The trees act as a <a href=\"https:\/\/ent.news\/2022\/3\/mangroves-for-coastal-defence.pdf\">natural coastal defense (pdf)<\/a>by reducing storm damaging and trapping undersea sediment.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top climate stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>New g<\/strong><strong>reen ammonia plant? <\/strong>France\u2019s EDF Renewables and Egypt\u2019s ZeroWaste are among six international consortiums <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a9b452cf-ef0b-4007-9496-4035a23bf814\">in talks to establish<\/a> a USD 1 bn green ammonia plant in the SCZone that would produce green fuel for ships.<\/li>\n<li><strong>Waste recycling: <\/strong>Intro Group subsidiary Intro Sustainable Resources is looking <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b42ef5d-5b7d-4a1e-9a26-493a6db6a25a\">to invest<\/a> some EGP 1 bn in waste recycling this year.<\/li>\n<li><strong>Tax breaks to boost green economy: <\/strong>Companies working on a wider range of renewable energy and manufacturing projects <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35c214ad-e38d-410d-ba79-5d20949e274b\">will now be able to deduct 30-50%<\/a> of their investment costs from their tax bills under a new decision to expand the Investment Act.<\/li>\n<li><strong>Green diplomacy:<\/strong> Foreign Minister Sameh Shoukry and Malaysian environment minister Tuan Ibrahim Tuan Man <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c93b79c-6f83-477f-923f-c72952f8c936\">held talks<\/a> last week to discuss climate change adaptation and climate finance for developing countries.<\/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\/alexandria-science-exchange-journal\/\">Alexandria Science Exchange Journal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/integrated-coastal-zone-management\/\">integrated coastal zone management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/michalis-vousdoukas\/\">Michalis Vousdoukas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rosetta\/\">Rosetta<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tunisia\/\">Tunisia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"544827\" 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\/22\/544827\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544827\" class=\"content-area-description single-story post-544827 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: 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>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>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): 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>Early July: <a href=\"https:\/\/dailynewsegypt.com\/2022\/03\/21\/polands-president-will-visit-egypt-soon-to-consolidate-relations-between-two-countries-polish-ambassador\/\">Polish President to visit Egypt<\/a>.<\/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>4-6 November: The <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition kicks off at the Cairo International Exhibition and Convention Center.<\/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":544802,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-544801","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"916bf77e-8245-48db-a896-6a3b5226bdb4","teaser":"","photo_url":"https:\/\/ent.news\/2022\/3\/290.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>Policy blitz sees tax cuts, social spending + asset sales to shore up the economy following EGP deval, rate hike - 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\/policy-blitz-sees-tax-cuts-social-spending-asset-sales-to-shore-up-the-economy-following-egp-deval-rate-hike\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Policy blitz sees tax cuts, social spending + asset sales to shore up the economy following EGP deval, rate hike\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/policy-blitz-sees-tax-cuts-social-spending-asset-sales-to-shore-up-the-economy-following-egp-deval-rate-hike\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:48:51+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\/290.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\/policy-blitz-sees-tax-cuts-social-spending-asset-sales-to-shore-up-the-economy-following-egp-deval-rate-hike\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/policy-blitz-sees-tax-cuts-social-spending-asset-sales-to-shore-up-the-economy-following-egp-deval-rate-hike\/\",\"name\":\"Policy blitz sees tax cuts, social spending + asset sales to shore up the economy following EGP deval, rate hike - 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