{"id":544917,"date":"2022-03-28T03:45:46","date_gmt":"2022-03-28T03:45:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544917"},"modified":"2025-12-15T20:51:31","modified_gmt":"2025-12-15T20:51:31","slug":"is-khazna-going-to-spac-in-24-plus-keep-an-eye-out-for-new-fintech-regulations-coming-later-this-week","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/is-khazna-going-to-spac-in-24-plus-keep-an-eye-out-for-new-fintech-regulations-coming-later-this-week\/","title":{"rendered":"Is Khazna going to SPAC in \u201824? \r\nPlus: Keep an eye out for new fintech regulations coming later this week"},"content":{"rendered":"<section id=\"544919\" 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=\"544919\">\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\/28\/this-morning-covid-restrictions-eased-ahead-of-ramadan-shoukry-at-landmark-mideast-summit-in-israel\/\">\r\n                            THIS MORNING: Covid restrictions eased ahead of Ramadan + Shoukry at landmark MidEast summit in Israel                        <\/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\/28\/this-morning-covid-restrictions-eased-ahead-of-ramadan-shoukry-at-landmark-mideast-summit-in-israel\/\" 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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That said, something tells us that Ramadan 2022 won\u2019t be keeping to that trend\u2026<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Ramadan starts this Saturday \u2014 and covid restrictions are being eased: <\/strong>Shops, restaurants and cafes will be allowed to stay open until 2 am, mawa\u2019id rahman (charity table) gatherings are back, and event halls at major mosques\u2019 will reopen, the government\u2019s covid-19 crisis management committee <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/368052868698473\">announced<\/a> yesterday.<\/p>\n<p><strong>Good news for our friends in the hotel industry:<\/strong> Weddings and celebrations will be allowed in hotel ballrooms starting April, provided everybody follows the precautionary measures, the statement said.<\/p>\n<p><strong>But make no mistake:<\/strong> <strong>Wearing masks is still mandatory in <\/strong><strong>closed public spaces<\/strong><strong> and public transport<\/strong>, and shishas are still banned, Cabinet spokesperson Nader Saad said in a phone-in last night (<a href=\"https:\/\/www.youtube.com\/watch?v=Ek02Xm8ts3o\">watch, runtime 3:37<\/a>). Closed spaces include shops, banks and government offices.<\/p>\n<p><strong>Good news for fellow Gourmet Egypt fans: The high-end food retailer is la<\/strong><strong>unching a <\/strong><strong><a href=\"https:\/\/www.instagram.com\/p\/CbgDLSlNuMj\/\">24-hour home delivery<\/a><\/strong><strong> service<\/strong> just in time for Ramadan. The service may just become indispensable to help us through our inevitable late night sohour cravings.<\/p>\n<p><strong>REMINDER- Looking to take the family abroad for Eid, but your kids haven\u2019t registered <\/strong><strong>yet <\/strong><strong>for a vaccine? <\/strong>You can show up at any of the Health Ministry\u2019s designated vaccination centers, youth centers and kiosks at Cairo metro stations to both register and get jabbed on the spot. Kids must be at least 12 years old, according to the Health Ministry\u2019s <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/238159291828626\">last update<\/a> back in December.<\/p>\n<p><strong>The 2022 Oscars were in full swing when we hit \u2018Send\u2019 this morning:<\/strong> We\u2019ll have the full rundown on who won what \u2014 and the <a href=\"https:\/\/www.theguardian.com\/film\/2022\/mar\/27\/sean-penn-oscars-zelenskiy-ukraine\">Sean Penn smeltdown<\/a> \u2014 in this afternoon\u2019s EnterprisePM.<\/p>\n<hr class=\"grey-line\">\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Foreign Minister Sameh Shoukry is in Israel for a landmark Middle East <\/strong><strong>summit: <\/strong>Shoukry <a href=\"https:\/\/twitter.com\/yairlapid\/status\/1508107435084595207\">landed yesterday<\/a> to attend a major two-day summit that will also bring together the foreign ministers of Israel, the UAE, Morocco, Bahrain and the United States.<\/p>\n<p><strong>At the top of the agenda: The Iran nuclear agreement.<\/strong> Sources told <a href=\"https:\/\/www.haaretz.com\/israel-news\/LIVE-lapid-and-blinken-meet-ahead-of-israel-s-mideast-summit-1.10700744\">Israeli media<\/a> that ministers discussed regional responses to the possible revival of the Iran nuclear agreement, a topic that is expected to dominate the conversation during the two-day gathering. US Secretary of State Antony Blinken <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/blinken-attend-israeli-arab-summit-eyes-iran-ukraine-mideast-tour-2022-03-27\/\">offered reassurances<\/a> to Israel over a potential accord on the same day that Washington\u2019\u2019s top negotiator downplayed <a href=\"https:\/\/www.haaretz.com\/middle-east-news\/iran\/iran-says-nuclear-deal-imminent-but-u-s-remains-coy-1.10700782\">recent optimism from Tehran<\/a> that an agreement could be imminent.<\/p>\n<p><strong>And the Ukraine conflict:<\/strong> The US is also expected to push the Arab world to provide more support to Ukraine. Israel and the Arab world have so far remained neutral, with Tel Aviv positioning itself as <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-putin-jerusalem-israel-europe-80971697a5bf5f09ec17aea4e6a9a69b\">a mediator<\/a> to end the conflict.<\/p>\n<p><strong>The global press is positioning the \u201cNegev summit\u201d as part of a \u201cgeopolitical realignment,\u201d <\/strong>as this <a href=\"https:\/\/www.wsj.com\/articles\/a-middle-east-geopolitical-realignment-accelerates-to-confront-and-contain-iran-11648397242\">Wall Street Journal<\/a> story makes clear: \u201cNew diplomatic and security ties are reshaping the Middle East as former enemies seek unity in containing Iran, the US rethinks its security role in the region, and Russia and China seek to exploit openings left by Washington.\u201d<\/p>\n<p><strong>Cyprus Energy Minister Natasa Pilidou <\/strong><strong><a href=\"https:\/\/meci.gov.cy\/en\/useful-information\/announcements\/business-delegation-forum-to-egypt-28-%E2%80%93-31-march-2022\">is in town<\/a><\/strong><strong> this week<\/strong> heading a delegation of Cypriot companies to discuss business ties with ministers and Egyptian firms. The delegation lands today and stays until 31 March.<\/p>\n<p><strong>The gov\u2019t will sign a loan agreement worth around EUR 75 mn today to finance the <\/strong><strong>acquisition of <\/strong><strong>55 <\/strong><strong>rail cars <\/strong><strong>for Metro Line 1<\/strong>, Transport Ministry Kamel El Wazir <a href=\"https:\/\/alborsaanews.com\/2022\/03\/27\/1524524\">said<\/a> yesterday.<\/p>\n<p><strong>THIS WEEK-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>More fintech regs are due this week:<\/strong> The Financial Regulatory Authority (FRA) will announce regulations governing the establishment of fintech firms this week, Assistant Chairman Hesham Ramadan told <a href=\"https:\/\/alborsaanews.com\/2022\/03\/27\/1524449\">Al Borsa<\/a>. The rules are drawn from the long-awaited legislation recently passed by the House of Representatives that hands the regulator broad oversight powers over licensing and corporate governance in the sector. We have a run-down on everything we know about the fintech regs <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f049004-ee6e-4195-97fa-1f5e92cad0c3\">here<\/a>.<\/p>\n<p><strong>PLUS- Credit for the unbanked?<\/strong> The FRA is developing a credit rating system that will allow the unbanked to access credit, Ramadan told the newspaper. Ratings will be assessed based on consumer behavior and non-financial data, he said, without providing further details.<\/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>Everyone with a bank account in Egypt will be able to access the Central Bank of Egypt\u2019s <\/strong><strong>new digital payments app by the end of April: <\/strong>All banks operating in Egypt will be integrated into the CBE\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16f68b1b-62fc-4d71-a4bd-a75a9f1648fb\">newly-launched<\/a> InstaPay app by the end of April, <a href=\"https:\/\/bit.ly\/3JMWfZp\">Al Mal<\/a> quoted CBE Assistant Sub-Governor Ehab Nasr as saying. The app provides instant secure payments between Egyptian banks, Meeza cards, and mobile wallets via the central bank\u2019s nationwide <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca22340a-9129-4a74-9eb8-0be6ae5bab3a\">instant payment network<\/a>.<\/p>\n<p><strong>Already included in the network:<\/strong> CIB, the National Bank of Egypt, Banque Misr, Alexbank, QNB Al Ahli, Arab Bank, AAIB, Banque du Caire, Egyptian Gulf Bank, and SAIB. <strong>You can download the app on <\/strong><strong><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.egyptianbanks.instapay&hl=en&gl=eg\">Google Play<\/a><\/strong><strong> and the <\/strong><strong><a href=\"https:\/\/apps.apple.com\/ca\/app\/instapay-egypt\/id1592108795\">App Store<\/a><\/strong><strong>. <\/strong><\/p>\n<p><strong>MARKET WATCH- <\/strong><\/p>\n<p><strong>US oil won\u2019t be a silver bullet for spiraling crude prices: <\/strong>\u201cA chronic shortage of essential labor and equipment\u201d at Texan oil fields could scupper US President Joe Biden\u2019s plans to halt the runaway rise of crude oil prices, the <a href=\"https:\/\/www.ft.com\/content\/1f8a2511-d6ab-4183-b5c6-da6a69b3c815\">Financial Times<\/a> suggests. US production has not yet recovered to pre-pandemic levels amid lingering bottlenecks, meaning it could take up to a year to significantly increase output, analysts told the FT. That will deal a blow to White House plans to up domestic supply to mitigate rising prices, which have hit USD 120 per barrel since Russia launched its war in Ukraine. And with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5868273-6caf-4911-9515-c2f26cf51a1b\">OPEC+ members<\/a> facing a similarly slow ramp-up in production, it begs the question as to what \u2014 short of complete <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc8818a3-bbd5-491f-bcc3-2504b5aea296\">demand destruction<\/a> \u2014 can realistically be done to stop crude breaching the USD 200 per barrel mark this year as some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5868273-6caf-4911-9515-c2f26cf51a1b\">traders now predict<\/a>.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>PSA #1: Companies have a little less than two weeks to file their first quarterly <\/strong><strong>ESG compliance report:<\/strong> Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 10 April, the FRA has <a href=\"https:\/\/ent.news\/2022\/3\/FRA-ESG-reporting-deadline-10-April-2022.pdf\">said (pdf)<\/a>. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance (ESG) metrics each year when they submit their annual financial statements, starting 2023.<\/p>\n<p><strong>Then why does the FRA need ESG reports this April? <\/strong>Companies are required to make quarterly updates throughout 2022 to get feedback from the FRA on the steps they\u2019re taking, before making the official submission at the end of the current financial year.<\/p>\n<p><strong>Check out our Going Green series<\/strong>, where we outlined the new rules around ESG reporting: <a href=\"https:\/\/enterprise.press\/greeneconomys\/esg-reporting-is-coming-to-egypt-in-2022\/\">Part I<\/a> | <a href=\"https:\/\/enterprise.press\/greeneconomys\/esg-reporting-is-coming-to-egypt-in-2022-part-ii\/\">Part II<\/a>.<\/p>\n<p>(<strong>** NEED HELP GETTING READY? ** Our parent company can help.<\/strong> <a href=\"https:\/\/inktankir.com\/\">Inktank<\/a> is Egypt\u2019s leading investor relations, ESG and corporate reporting firm. Reach out to Moustafa Taalab on <a href=\"mailto:fsherif@inktankir.com\">mtaalab@inktankir.com<\/a> if you\u2019d like to get the conversation started.)<\/p>\n<p><strong>PSA <\/strong><strong>#2<\/strong><strong>- All individual taxpayers have until this Thursday, 31 March, to submit their 2021 tax <\/strong><strong>returns<\/strong> to the Tax Authority. The deadline for companies with January-December fiscal years is 30 April.<\/p>\n<p><strong>Afreximbank and the Angolan Embassy in Egypt are <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/3\/AFX_-ANGOLA-EGYPT-Invite.pdf\">hosting (pdf)<\/a><\/strong><strong> an Angola-Egypt <\/strong><strong>investment roundtable<\/strong> on Wednesday at the Hilton Cairo Heliopolis Hotel. Click <a href=\"https:\/\/forms.office.com\/pages\/responsepage.aspx?id=jP2RvIp_-UK9rx1vSY7WPYCr5M5MlyxAtgw3oLu0nZpUNFhWUFFNWERURlZTUDIyOVVHT0JPNThGWS4u\">here<\/a> to RSVP and join the discussion.<\/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\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> Nurses represent the biggest occupation in healthcare provision, but qualified nursing staff continues to be in short supply in Egypt. As formalized nursing education programs generally do not institutionalize training in patient management and soft skills, private sector healthcare providers are increasingly relying on constant training for nurses on the job to ensure they deliver on quality requirements.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/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\/esg\/\">ESG<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/instapay\/\">InstaPay<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramadan\/\">Ramadan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/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=\"544920\" 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=\"544920\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/544920\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544920\" class=\"content-area-description single-story post-544920 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\/3\/SOMA-ENTERPRISEFOOTGOLFFINAL-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Let\u2019s Footgolf and go on an adventure. Explore a Floodlit 9 Hole Footgolf Course at Somabay Golf, the first of its kind in Egypt. From Friday to Monday, 6pm-10pm. For more information, kindly visit: https:\/\/somabay.com\/golf\/<\/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=\"544921\" 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=\"544921\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/khazna-wants-a-spac-to-call-its-own\/\">\r\n                            Khazna wants a SPAC to call its own                        <\/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\/28\/khazna-wants-a-spac-to-call-its-own\/\" 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\/28\/khazna-wants-a-spac-to-call-its-own\/')\">\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\/28\/khazna-wants-a-spac-to-call-its-own\/\">\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=Khazna wants a SPAC to call its own&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/khazna-wants-a-spac-to-call-its-own\/\">\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\/28\/khazna-wants-a-spac-to-call-its-own\/&title=Khazna wants a SPAC to call its own\">\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=Khazna+wants+a+SPAC+to+call+its+own+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F28%2Fkhazna-wants-a-spac-to-call-its-own%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\/28\/khazna-wants-a-spac-to-call-its-own\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/371.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544922\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/khazna-wants-a-spac-to-call-its-own\/371-jpg-49\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/371.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"371.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/371.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/371.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544921\" class=\"content-area-description single-story post-544921 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-capital-markets tag-egx tag-enterpriseam tag-fintech tag-khazna tag-spacs tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Fintech startup <\/strong><strong><a href=\"https:\/\/khazna.app\/\">Khazna<\/a><\/strong><strong> could set up a SPAC in 2024<\/strong>, a company spokesperson told Enterprise, confirming a report from <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=26032022&id=3ca0fbe0-9afd-4433-8be8-277d8476a6e5\">Al Shorouk<\/a> that quoted Khazna co-founder and CEO Omar Saleh. Khazna is looking into setting up a blank check company with international investors, which could be listed either at home or abroad, Saleh is quoted as having said, without disclosing further details.<\/p>\n<p><strong>All part of wider expansion plans? <\/strong>The fintech player is considering acquiring three technology companies operating in the local market, Saleh said, without explicitly linking the SPAC plans to any potential acquisitions. The company is also considering expanding abroad in one or two regional markets in the first quarter of 2023, he added.<\/p>\n<p><strong>SPEAKING OF SPACs- Whatever happened to our first homegrown blank check firm? <\/strong>The paperwork for Egypt\u2019s first SPAC has been filed and is still waiting on approvals from the Financial Regulatory Authority, an FRA spokesperson told Enterprise. FRA head Mohamed Omran caused a bit of a stir yesterday when he appeared to suggest that Egypt\u2019s first SPAC had already been established in a televised interview with Bloomberg Asharq (<a href=\"https:\/\/www.asharqbusiness.com\/article\/35486\">watch, runtime: 1:45<\/a>), without providing further details. The firm had been set to list on the EGX by the end of January or early February, Omran <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a15c05fc-a3a2-41f6-90c8-e99e58fafca5\">said previously<\/a> \u2014 but that was before the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dce19337-3cbf-4e29-9c79-b5d5a36261e2\">global tide turned<\/a> against SPACs, which were struggling even before the major blow dealt to equities markets amid the Russia-Ukraine war.<\/p>\n<p><strong>Background:<\/strong> The FRA late last year issued the rules and regulations for establishing local blank-check firms, after the regulator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a464bafe-21f2-4b7e-a02e-63708d29114c\">greenlit<\/a> EGX boss Mohamed Farid\u2019s proposal to allow SPACs in Egypt. The proposal was partly driven by an increased interest in SPACs in the MENA region, following Swvl\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bfbf590f-581d-4b49-96b3-3ac733bb7fe3\">move<\/a> to merge with blank-check firm US Queen\u2019s Gambit Growth Capital and list on the Nasdaq (which should complete <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98e71cd0-0888-4dfc-9e3e-226386a8d7d1\">within days<\/a>), as well as Anghami\u2019s SPAC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7fed1190-1b84-448b-af10-5879267c0b75\">debut<\/a> earlier this year.<\/p>\n<p><strong>Lost?<\/strong> Check out our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6ab3251-641a-4e2c-aa00-6b8486d10c68\">neat explainer<\/a> for more on how SPACs work.<\/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\/capital-markets\/\">capital markets<\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khazna\/\">Khazna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544923\" 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=\"544923\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/eib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades\/\">\r\n                            EIB lends EUR 150 mn to Telecom Egypt for 4G upgrades                        <\/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\/28\/eib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades\/\" 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\/28\/eib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades\/')\">\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\/28\/eib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades\/\">\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=EIB lends EUR 150 mn to Telecom Egypt for 4G upgrades&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/eib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades\/\">\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\/28\/eib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades\/&title=EIB lends EUR 150 mn to Telecom Egypt for 4G upgrades\">\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=EIB+lends+EUR+150+mn+to+Telecom+Egypt+for+4G+upgrades+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F28%2Feib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades%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\/28\/eib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/372.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544924\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/eib-lends-eur-150-mn-to-telecom-egypt-for-4g-upgrades\/372-jpg-19\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/372.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"372.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/372.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/372.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544923\" class=\"content-area-description single-story post-544923 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-4g tag-cit tag-debt-watch tag-enterpriseam tag-eu tag-european-investment-bank tag-telecom-egypt 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>EIB supports 4G expansion with EUR 150 mn loan to TE:<\/strong> Telecom Egypt (TE) has secured a EUR 150 mn medium-term loan from the European Investment Bank (EIB) to expand its 4G broadband network, the state-owned firm announced in a <a href=\"https:\/\/ir.te.eg\/en\/CorporateNews\/PressRelease\/159\/Telecom-Egypt-cooperates-with-EIB-to-secure-a-150-million-investment-to-expand-mobile-broadband-network\">statement<\/a> yesterday. The facility will help TE deploy around 2k new mobile sites and up the capacity of its existing cellular towers. This will help improve the mobile network\u2019s coverage and strengthen the network across Egypt, including in less densely populated areas, TE said.<\/p>\n<p><strong>The loan is part of the EU\u2019s efforts to help Egypt\u2019s digital transformation, <\/strong>said Tobias Krause, deputy head of the EU\u2019s delegation to Egypt. \u201cThe EU aims to support Egyptian government efforts to secure resilient and affordable access to universal connectivity to the benefits of Egyptian citizens,\u201d he said, adding that this project \u201cshows the commitment of our partners in the EIB, the EU\u2019s lending hand, to support crucial inclusive digital infrastructure planning in Egypt.\u201d<\/p>\n<p><strong>A milestone for the EIB:<\/strong> This is currently the lender\u2019s largest loan to a mobile network in Africa, according to the statement.<\/p>\n<p><strong>The state company now has more bandwidth:<\/strong> TE <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/60c7d655-d5e0-4f32-953a-d5b1b103499e\">acquired<\/a> another two 10-MHz bands in a government tender in 2020.<\/p>\n<p><strong>The agreement comes on the back of a strong year for TE: <\/strong>The company saw its net income <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e51e24ec-6956-4949-95ba-8147122ef8c6\">increase 75% y-o-y<\/a> to EGP 8.4 bn in 2021.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/4g\/\">4G<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/european-investment-bank\/\">European Investment Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/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=\"544925\" 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=\"544925\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/ukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky\/\">\r\n                            Ukraine ready to discuss neutrality, territory ahead of Russia peace talks -Zelensky                        <\/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\/28\/ukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky\/\" 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\/28\/ukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky\/')\">\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\/28\/ukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky\/\">\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=Ukraine ready to discuss neutrality, territory ahead of Russia peace talks -Zelensky&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/ukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky\/\">\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\/28\/ukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky\/&title=Ukraine ready to discuss neutrality, territory ahead of Russia peace talks -Zelensky\">\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=Ukraine+ready+to+discuss+neutrality%2C+territory+ahead+of+Russia+peace+talks+-Zelensky+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F28%2Fukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky%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\/28\/ukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/373.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544926\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/ukraine-ready-to-discuss-neutrality-territory-ahead-of-russia-peace-talks-zelensky\/373-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/373.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"373.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/373.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/373.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544925\" class=\"content-area-description single-story post-544925 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-diplomacy tag-emmanuel-macron tag-enterpriseam tag-france tag-joe-biden tag-politics tag-russia tag-russia-ukraine-conflict tag-turkey tag-uk tag-ukraine tag-vladimir-putin tag-war 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>Zelensky signals compromise ahead of new round of peace talks:<\/strong> Ukrainian President Volodymyr Zelensky has reiterated willingness to declare neutrality and potentially give up sovereignty over some parts of the country ahead of three days of peace talks, which start today in Turkey, <a href=\"https:\/\/www.france24.com\/en\/europe\/20220327-live-kyiv-accuses-russia-of-destroying-fuel-and-food-storage-depots-in-ukraine\">France24<\/a> reports. \u201cSecurity guarantees and neutrality, non-nuclear status of our state. We are ready to go for it. This is the most important point,\u201d Zelensky said during a video call with Russian journalists yesterday.<\/p>\n<p><strong>And the status of territory seized by Russia may now be up for negotiation<\/strong>, Zelensky suggested, in an admission that the Ukrainian military will not be able to kick Russian forces out of the country. \u201cI understand it\u2019s not possible to make Russia completely leave the territory \u2014 that\u2019ll lead to World War Three,\u201d the <a href=\"https:\/\/www.ft.com\/content\/c5aa8066-715d-43dd-8a3c-b6907d839a36\">Financial Times<\/a> reports him saying. \u201cThat\u2019s why I\u2019m saying this is a compromise. Go back to where this all started and then we\u2019ll try to solve the difficult Donbas issue.\u201d Russia annexed Crimea and sponsored separatist uprisings in the country\u2019s east following a pro-western revolution in 2014.<\/p>\n<p><strong>This is a marked change in tone from the Ukrainian leader<\/strong>, who until now has consistently called for Nato to implement a no-fly zone over the country, despite the risks of the military alliance into direct confrontation with Russia.<\/p>\n<p><strong>The situation on the ground is unlikely to turn in his favor:<\/strong> It now appears to be a matter of time before Russian forces capture the strategic port city of Mariupol on the south coast, opening a land bridge connecting Crimea and Russian-held territory in the east. And the situation for Ukrainian troops in the east looks increasingly like a cauldron as the Russians slowly encircle from behind. Check out maps and intel at the <a href=\"https:\/\/www.understandingwar.org\/backgrounder\/russian-offensive-campaign-assessment-march-27\">Institute for the Study of War<\/a>.<\/p>\n<p><strong>Erdogan presses for ceasefire ahead of talks:<\/strong> Turkish President Recep Tayyip Erdogan called on Russia and Ukraine to implement an immediate ceasefire during a phone call with Russian President Vladimir Putin yesterday, according to <a href=\"https:\/\/www.facebook.com\/trpresidency\/posts\/339292628244370\">a statement<\/a> from the Turkish presidency.<\/p>\n<p><strong>MEANWHILE- Two key US allies have distanced themselves from President Joe Biden\u2019s <\/strong><strong>off-script remarks on Saturday<\/strong>, referring to Putin as a \u201cbutcher\u201d who \u201ccannot remain in power.\u201d Both <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-27\/ukraine-update-blinken-to-meet-with-top-israeli-officials\">France<\/a> and <a href=\"https:\/\/www.theguardian.com\/politics\/2022\/mar\/27\/nadhim-zahawi-biden-russia-putin\">the UK<\/a> both rejected the apparent suggestion of regime change in Moscow, with French President Emmanuel Macron suggesting that Biden needs to tone down the rhetoric if a diplomatic solution to the crisis is going to be found.<\/p>\n<p><strong>Biden may no longer have an off-ramp, but the UK is offering Putin an exit<\/strong><strong>: <\/strong>The UK could lift sanctions it has placed on Russia and some of its most powerful individuals if the country withdraws from Ukraine, Foreign Secretary Liz Truss told <a href=\"https:\/\/www.telegraph.co.uk\/politics\/2022\/03\/26\/crippling-sanctions-could-lifted-russia-withdraws-ukraine-says\/\">the Telegraph<\/a>. Sanctions could \u201ccome off with a full ceasefire and withdrawal, but also commitments that there will be no further aggression,\u201d she told the British newspaper. The country just <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be894bfb-9568-4c4d-bc03-36b51b42f1c6\">last week<\/a> came out with a new laundry list of sanctions against Russia targeting \u201cstrategic\u201d industries and individuals.<\/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\/emmanuel-macron\/\">Emmanuel Macron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/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\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vladimir-putin\/\">Vladimir Putin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war\/\">war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war-watch\/\">war watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544927\" 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=\"544927\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/544927\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544927\" class=\"content-area-description single-story post-544927 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=\"544928\" 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=\"544928\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/a-mixed-bag-on-the-airwaves-imf-assistance-high-speed-rail-and-more-complaints-about-l-cs\/\">\r\n                            A mixed bag on the airwaves: IMF assistance, high speed rail, and more complaints about L\/Cs                        <\/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\/28\/a-mixed-bag-on-the-airwaves-imf-assistance-high-speed-rail-and-more-complaints-about-l-cs\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/a-mixed-bag-on-the-airwaves-imf-assistance-high-speed-rail-and-more-complaints-about-l-cs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544928\" class=\"content-area-description single-story post-544928 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-imf tag-infrastructure tag-l-cs tag-last-nights-talk-shows tag-trade tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong> There was more speculation over what an IMF program might look like on the <\/strong><strong>airwaves last night<\/strong>: MP Fakhri El Feki, head of the House Planning and Budget Committee, offered a few of his own guesses in a phone-in with Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=BWXUZOP2UxA\">watch, runtime: 6:09<\/a>). The MP floated the possibility of obtaining a USD 3 bn precautionary and liquidity line or a new extended fund facility under which the IMF lent Egypt USD 12 bn back in 2016. Deputy Planning Minister Ahmed Kamaly also chatted via phone with El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=_QN6snzkFco\">watch, runtime: 14:41<\/a>), reiterating that the government is preparing to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5818dafa-b691-4e31-bdd4-2c25a84a9c4b\">make spending cuts<\/a> in the coming fiscal year.<\/p>\n<p><strong>Background: <\/strong>The government has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">requested support<\/a> from the IMF to mitigate the impact of the war in Ukraine on its economy, though it remains unclear what kind of assistance the Fund is willing to offer.<\/p>\n<p><strong>High-speed rail: Coming June <\/strong><strong>2024<\/strong><strong>.<\/strong> The first phase of the high-speed electric railway \u2014 connecting Ain Sokhna to Matrouh \u2014 will start operating in June 2024, Transport Ministry Kamel El Wazir told Ala Mas\u2019ouleety\u2019s Ahmed Moussa in a phone-in (<a href=\"https:\/\/www.youtube.com\/watch?v=x0kHk_LLH4Q\">watch, runtime: 6:02<\/a>). German rail operator <strong>Deutsche Bahn has applied to operate the first line of the high-speed service<\/strong>, and the ticket price will be decided in coordination with the Egyptian government, the minister said (<a href=\"https:\/\/www.youtube.com\/watch?v=5hGqvHny62E\">watch, runtime: 4:16<\/a>).<\/p>\n<p><strong>Background:<\/strong> In September, the government signed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c77944-a194-421e-b52d-c3ab09523df6\">USD 4.5 bn contract<\/a> with Siemens Mobility, Orascom Construction and Arab Contractors to build the first 660-km phase of the line. The entire <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a852c99-ab78-4c24-8597-145fae51ea0b\">USD 23 bn project<\/a> will see the line eventually expanded 1.8k km across the country, linking Cairo, Aswan, the North Coast and the Red Sea.<\/p>\n<p><strong>Clothing manufacturers are the latest to warn of the negative impact of mandatory L\/Cs<\/strong><strong>:<\/strong> Some apparel factories will have to temporarily halt operations due to the repercussions of the Central Bank of Egypt\u2019s decision to require letters of credit for purchases, said Marie Louis, head of the Apparel Export Council, in a phone-in with El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=2a7xQRlEtJ0\">watch, runtime 3:46<\/a>). As of this month, banks have required most importers to use letters of credit to import goods after the CBE banned the use of documentary collection. Tobacco manufacturers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a740123-7756-4617-bfa7-e6d170fdde67\">warned<\/a> last week that the rules were forcing companies to hike prices.<\/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\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/l-cs\/\">L\/Cs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/vendors-at-tourist-sites-will-continue-to-pay-50-rent-until-july\/\">\r\n                            Vendors at tourist sites will continue to pay 50% rent until July                        <\/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\/28\/vendors-at-tourist-sites-will-continue-to-pay-50-rent-until-july\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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post-544931 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-hospitality tag-legislation tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Rent reductions for vendors at tourist sites until June:<\/strong> The Supreme Council of Antiquities\u2019 will extend the 50% reduction on rents given to bazaars at museums and archaeological sites until the end of June. The discount was originally introduced to support businesses through the covid-19 pandemic. Local and international tourists will also continue to get a 50% on entry fees to archaeological areas and museums in Upper Egypt. (<a href=\"https:\/\/bit.ly\/3tJ6xEt\">Hapi Journal<\/a>)<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>A net-zero city doesn\u2019t mean sacrificing luxury: <\/strong>A five-star eco-resort is set to open at the world\u2019s first net-zero city by URB, dubbed <a href=\"https:\/\/urb.ae\/projects\/nexgensustainablecity\/\">Nexgen<\/a>, in the works in the eastern district of Cairo. The city will also include glamping lodges, ecotourism visitor center and a nature reserve conservation hub. (<a href=\"https:\/\/www.hoteliermiddleeast.com\/news\/nexgen-egypt\">Hotelier Middle East<\/a>)<\/li>\n<li>The <strong>Senate <\/strong><strong>approved<\/strong><strong> yesterday the draft law amending provisions of the NGO Law<\/strong> which gives civil society organizations another year to comply with the legislation\u2019s requirements. (<a href=\"https:\/\/bit.ly\/3JKx2z1\">Masrawy<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"544932\" 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=\"544932\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/us-companies-are-buying-back-stock-in-record-volumes\/\">\r\n                            US companies are buying back stock in record volumes                        <\/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\/28\/us-companies-are-buying-back-stock-in-record-volumes\/\" 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 from Goldman Sachs picked up by the <a href=\"https:\/\/www.ft.com\/content\/e27975fc-a4f6-4e71-9ac8-af8a2418caca\">Financial Times<\/a> shows that firms have spent USD 319 bn buying back shares in 2022, compared to USD 267 bn over the same period last year.<\/p><p><strong>US stocks were enduring one of their worst opening quarters in years<\/strong> before a recent rally, as rising interest rates, soaring commodity prices and the war in the Ukraine sparked a sell-off in shares. Over the past two weeks, the tech-heavy Nasdaq has pulled itself out of a bear market and is now down less than 10% year-to-date, while the S&amp;P 500 has pared YTD losses to 4.7%.<\/p><p><strong>SOUND SMART-<\/strong> Buybacks are often used to support companies\u2019 shares prices and stimulate investor demand, especially following a sell-off when shares can be bought more cheaply and are viewed as undervalued. By reducing the number of shares in the market, companies can increase their value on an earnings-per-share basis (assuming earnings don\u2019t fall, of course), and propping up the share price.<\/p><p><strong>Energy bonds are clawing their way out of the junk pile<\/strong>, as the rise in crude prices and a more cautious approach toward new drilling attracts investors back to high-yield debt, the <a href=\"https:\/\/www.ft.com\/content\/ea6dcb73-2046-43c6-b081-b73c7f2f65b8\">Financial Times<\/a> reports. The gap in borrowing costs between low-rated corporate energy debt and US government bonds is narrowing, according to one junk-bond benchmark index, as companies switch from pouring funds into new exploration to paying down their existing debt, reducing the perceived risk to investors.<\/p><p><strong>Not since before the 2014 energy crisis in the US have junk-rated energy bonds performed so well<\/strong> \u2014 with JPMorgan now expecting some USD 68 bn worth of North American debt to be reclassified as investment grade by the end of 2023.<\/p><p><strong>ALSO FROM PLANET FINANCE- <\/strong><strong>KSA supermarket chain BinDawood Holding <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-27\/saudi-grocer-bindawood-buys-majority-stake-in-online-developer\">bought<\/a><\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-27\/saudi-grocer-bindawood-buys-majority-stake-in-online-developer\">a majority<\/a><\/strong><strong> stake<\/strong> in e-commerce app developer International Applications Trading Co. for around USD 28.7 mn, subject to increase based on future probability.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,546<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.26<\/p>\n<\/td>\n<td>\n<p>Sell 18.36<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.25<\/p>\n<\/td>\n<td>\n<p>Sell 18.35<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,000<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +15.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,769<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +15.1%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,412<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +6.8%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,543<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: -4.7%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,483<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 120.65<\/p>\n<\/td>\n<td>\n<p>+1.4%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.57<\/p>\n<\/td>\n<td>\n<p>+3.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,959.80<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 46,767<\/p>\n<\/td>\n<td>\n<p>+4.9% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.4% at yesterday\u2019s close<\/strong> on turnover of EGP 1.0 bn (3% above the 90-day average). Foreign investors were net sellers. The index is down 3.4% YTD.<\/p><p><strong>In the green: <\/strong>Sidi Kerir Petrochem (+4.5%), Heliopolis Housing (+1.9%) and AMOC (+1.4%).<\/p><p><strong>In the red: <\/strong>GB Auto (-17.0%), MM Group (-16.0%) and Ezz Steel (-3.9%).<\/p><p><strong>Asian markets are mixed this morning<\/strong>, with the leading Nikkei, Kospi and Shanghai benchmarks all in the red. The Hang Seng and Australia\u2019s ASX 200 were clinging to the green. Futures suggest a mixed open in Europe later today: Paris\u2019 CAC 40 looks set to open in the red, while Frankfurt\u2019s DAX and the London Stock Exchange should both open (barely) in the green. Expect red at the opening bell on Wall Street.<\/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\/e-commerce\/\">e-commerce<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/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\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544933\" 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=\"544933\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/zero-covid-over-shanghai-is-in-lockdown-and-joe-biden-is-pushing-a-new-minimum-tax-on-centi-millionaires\/\">\r\n                            Zero covid over? Shanghai is in lockdown and Joe Biden is pushing a new minimum tax on centi-millionaires                        <\/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\/28\/zero-covid-over-shanghai-is-in-lockdown-and-joe-biden-is-pushing-a-new-minimum-tax-on-centi-millionaires\/\" 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\/28\/zero-covid-over-shanghai-is-in-lockdown-and-joe-biden-is-pushing-a-new-minimum-tax-on-centi-millionaires\/')\">\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\/28\/zero-covid-over-shanghai-is-in-lockdown-and-joe-biden-is-pushing-a-new-minimum-tax-on-centi-millionaires\/\">\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=Zero covid over? Shanghai is in lockdown and Joe Biden is pushing a new minimum tax on centi-millionaires&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/28\/zero-covid-over-shanghai-is-in-lockdown-and-joe-biden-is-pushing-a-new-minimum-tax-on-centi-millionaires\/\">\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\/28\/zero-covid-over-shanghai-is-in-lockdown-and-joe-biden-is-pushing-a-new-minimum-tax-on-centi-millionaires\/&title=Zero covid over? Shanghai is in lockdown and Joe Biden is pushing a new minimum tax on centi-millionaires\">\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=Zero+covid+over%3F+Shanghai+is+in+lockdown+and+Joe+Biden+is+pushing+a+new+minimum+tax+on+centi-millionaires+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F28%2Fzero-covid-over-shanghai-is-in-lockdown-and-joe-biden-is-pushing-a-new-minimum-tax-on-centi-millionaires%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\/28\/zero-covid-over-shanghai-is-in-lockdown-and-joe-biden-is-pushing-a-new-minimum-tax-on-centi-millionaires\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544933\" class=\"content-area-description single-story post-544933 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-biden-administration tag-china tag-covid-19 tag-enterpriseam tag-supply-chain tag-tax tag-trade tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Zero-covid over as China forced into another mega-lockdown: <\/strong>Shanghai has gone into a city-wide lockdown as China\u2019s financial hub struggles to contain an uptick in covid cases. The city of 25 mn will enter lockdown in two stages to carry out covid testing over nine days, after recording on Saturday its highest number of cases since the pandemic\u2019s early days, according to the <a href=\"https:\/\/www.bbc.com\/news\/world-asia-china-60893070\">BBC<\/a>. All public transit will stop, all factories will close, and all companies will work remotely.<\/p>\n<p><strong>This comes a week after Shenzhen exited lockdown:<\/strong> One of China\u2019s most important commercial hubs and the country\u2019s second-largest port, the shuttering of factories and cargo terminals has put further pressure on global supply chains and trade, and with a strict testing regime still in force, shipping firms say <a href=\"https:\/\/theloadstar.com\/as-shenzhen-lockdown-ends-other-regions-are-hit-by-new-covid-restrictions\/\">it could be weeks<\/a> for trade to normalize.<\/p>\n<p><strong>Biden vs. b\u2019naires: <\/strong>US President Joe Biden plans to propose a new minimum tax on the 700 US households worth more than USD 100 mn, in the White House\u2019s first attempt to target b\u2019naires on tax, the <a href=\"https:\/\/www.washingtonpost.com\/us-policy\/2022\/03\/26\/billionaire-tax-budget-biden\/\">Washington Post<\/a> reports, citing sources and an official document. The move, which comes as part of a 2023 budget set to be unveiled in full today, would see b\u2019naires pay at least 20% in taxes on their full annual income \u2014 including capital gains like stock appreciation (an idea that readers may remember sent Elon Musk into a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2651d74f-0e6f-46d4-a1d9-671c292d44e7\">Twitter tizzy<\/a> when it was floated last year.) The tax would raise an estimated USD 360 bn in revenue over a decade if enacted, but expect opposition from across the aisle \u2014 as well as from members of the rich list itself, many of whom are used to paying lower rates than the average American.<\/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\/biden-administration\/\">Biden administration<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span 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\/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"544934\">\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\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday 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\/blackboard\/\">\r\n                            Read Blackboard                        <\/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\">8<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/nursing-in-egypt-where-does-it-fall-short-and-how-can-it-be-improved\/\">\r\n                            Nursing in Egypt: Where does it fall short and how can it be improved?<\/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\/blackboards\/nursing-in-egypt-where-does-it-fall-short-and-how-can-it-be-improved\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n   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href=\"https:\/\/api.whatsapp.com\/send?text=Nursing+in+Egypt%3A+Where+does+it+fall+short+and+how+can+it+be+improved%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fblackboards%2Fnursing-in-egypt-where-does-it-fall-short-and-how-can-it-be-improved%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/nursing-in-egypt-where-does-it-fall-short-and-how-can-it-be-improved\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/374.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"544935\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/nursing-in-egypt-where-does-it-fall-short-and-how-can-it-be-improved\/374-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/374.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"374.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/374.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/374.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-544934\" class=\"content-area-description post-544934 blackboard type-blackboard status-publish has-post-thumbnail hentry tag-enterprise-blackboard tag-enterpriseam tag-healthcare tag-home-nursing tag-nursing tag-telehealth wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>With both quality and quantity shortfalls, how are Egypt\u2019s private sector <\/strong><strong>healthcare providers addressing their nursing staff woes?<\/strong> A lack of adequate formalized training in patient management and soft skills combined with a shortfall in the number of graduates force healthcare providers to provide constant, on-the-job training to nurses to deliver on healthcare requirements. With <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eaabda4-724d-4d2e-8838-437b451c7d58\">telehealth<\/a>, <a href=\"https:\/\/www.ifc.org\/wps\/wcm\/connect\/news_ext_content\/ifc_external_corporate_site\/news+and+events\/news\/insights\/health-tech-startups-egypt\">healthtech<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4da5959-0225-4cd5-9482-012290baf365\">healthcare management education<\/a> receiving increased private <a href=\"https:\/\/enterprise.press\/hardhats\/private-sector-pouring-money-healthcare-egypt\/\">investments<\/a> and as the government rolls out the EGP 600 bn <a href=\"https:\/\/enterprise.press\/stories\/2017\/12\/19\/universal-healthcare-act-passes-the-house\/\">universal healthcare program<\/a> to serve a population that is expected to <a href=\"https:\/\/oxfordbusinessgroup.com\/overview\/new-era-universal-health-insurance-scheme-work-alongside-existing-programmes-improve-overall\">balloon<\/a> to 160 mn by 2030, the sector is increasingly feeling the shortage of qualified nurses, who represent the biggest occupation in healthcare provision.<\/p>\n<p><strong>Nurses make up a large proportion of healthcare staff and are responsible for delivering a major part of healthcare at hospitals<\/strong>, accounting for 23-25% of total hospital staff, Cleopatra Hospitals Group (CHG) Chief Human Resources Officer Marwa El Abassiry tells Enterprise. Douaa Moussa, Alameda\u2019s chief HR officer, puts the percentage of nurses closer to 40-60%. \u201cNurses are the backbone of any healthcare organization. We can run a hospital without any other function, but nurses alone can run a hospital,\u201d she tells us. By way of comparison, in the US, nurses make up an estimated <a href=\"https:\/\/www.bls.gov\/opub\/ted\/2020\/registered-nurses-made-up-30-percent-of-hospital-employment-in-may-2019.htm\">30%<\/a> of hospital staff, representing the largest occupation in any hospital.<\/p>\n<p><strong>In fact, nurses are so important that the notion of robots replacing human nurses is seen as simply impossible.<\/strong> \u201cAutomation can make the administrative job of nurses easier, but it will never replace the nurse. The psychological, mental and physical side of nursing cannot be automated,\u201d says <a href=\"https:\/\/tabibi247.com\/en\/services\/home-care\">Tabibi 24\/7<\/a> CEO Dr. Ehab Attia. Similarly, Amany Nazif, head nurse at Alameda Group, tells us that \u201cnursing is a science and an art,\u201d and that a robot may be able to administer medicine but it cannot give a patient the care that a human nurse can give.<\/p>\n<p><strong>And yet, despite the critical role they play, qualified nursing staff in Egypt is lacking \u2014 a problem that begins with the state of nursing education.<\/strong> There are two ways to become a licensed nurse in Egypt: The first route is completing a five-year technical post-secondary school nursing diploma from an Education Ministry Institute, which combines classroom instruction with hands-on practice at hospitals. The second is a four-year bachelor of science nursing program. All nurses must apply for a license to practice and join the National Professional Nurses Association.<\/p>\n<p><strong>Most local universities offering nursing education <\/strong><strong><a href=\"https:\/\/www.topuniversities.com\/universities\/egypt\/nursing?country=[EG]&subjects=[498]&sorting=[rankings_htol]\">rank<\/a><\/strong><strong> between 1,001-1201 globally, with only Cairo University ranking 571-580. <\/strong>The next five Egyptian universities in the rankings \u2014 Al Azhar University, Alexandria University, Assiut University, the British University in Egypt, and Suez Canal University \u2014 ranked 1,001-1,200, with the remainder ranking 1,200+ or not receiving a ranking at all. QS World University rankings rely on six main criteria: Academic reputation, employer reputation, faculty-student ratio, citations per faculty, international faculty ratio, and international students ratio. As <a href=\"https:\/\/enterprise.press\/blackboards\/egypts-international-private-universities-lag-global-rankings-even-matter\/\">we noted previously<\/a>, QS\u2019 rankings are weighted more towards the reputation criteria than citations or research output, which suggests that the quality of alumni on the job heavily influences a university\u2019s ranking.<\/p>\n<p><strong>Within these programs, there are gaps, the most significant of which are patient management and interpersonal skills<\/strong>, our sources tell us. Nazif tells us that one of the main areas that needs development among nurses is adopting a service attitude, with many nurses lacking interpersonal skills like how to greet patients and how to present themselves. Top nursing programs internationally, like the top-ranked globally University of Pennsylvania\u2019s <a href=\"https:\/\/www.nursing.upenn.edu\/academics\/bachelor-of-science-in-nursing-bsn\/\">nursing program<\/a> for example, stress community involvement and cultural awareness of nurses.<\/p>\n<p><strong>Put all these factors together, and the result is often seeking talent from abroad.<\/strong> Some major healthcare providers, including Alameda Group \u2014 which owns Dar El Fouad and As-Salam Hospitals \u2014 have increasingly begun targeting foreign nurses from the Far East.<\/p>\n<p><strong>In a bid to plug the talent gap, private hospitals and home care facilities rely on in-house training.<\/strong> Healthcare providers we spoke with told us that they often onboard nurses during the final training year at nursing school, taking them on as interns to complete their training on-the-job. In order to deliver on the quality of service, CHG, Alameda and Tabibi run internal training programs that focus primarily on communication, leadership, tech, and reporting. Alameda Academy is getting ready to launch specialized certificates in ICU nursing, dialysis and management and leadership, our sources told us.<\/p>\n<p><strong>The focus is primarily on soft skills:<\/strong> While technical know-how is strong in Egyptian nursing education, soft skills training, especially in the areas of patient management and stress management, are regularly given through on-the-job training programs, with most nurses receiving two classroom courses monthly in addition to their on-going on-the-job training, El Abassiry tells us. One source who asked to remain anonymous suggested that BSc holders typically have better theoretical knowledge, but sometimes lack sufficient practical experience. However, the employers we spoke with did not show a preference for either, relying heavily on on-the-job training and internships. Our sources declined to disclose the general costs of continuous training for nursing staff.<\/p>\n<p><strong>But there are external markets that continue to be a drain on Egypt\u2019s qualified nursing staff:<\/strong> A global shortage of nurses means that many Egyptian nurses opt to travel to the GCC, Europe, Canada and the US in pursuit of better salaries and working conditions, with the GCC representing the biggest market for them. Our sources tell us that nurses at private hospitals especially are targeted for recruitment. And even here at home, private hospitals are also in constant competition with home nursing, which is becoming increasingly popular, especially as companies like <a href=\"https:\/\/www.ifc.org\/wps\/wcm\/connect\/news_ext_content\/ifc_external_corporate_site\/news+and+events\/news\/insights\/health-tech-startups-egypt\">7keema<\/a> and <a href=\"https:\/\/tabibi247.com\/en\/services\/home-care\">Tabibi 24\/7<\/a> have institutionalized home nursing. Home care makes up 70% of Tabibi\u2019s services, with 30-40% of their revenues coming from home nursing alone, Attia says. This demand is only expected to grow, he tells us, as the percentage of the population over 60 increases to reach an estimated 14% of the population by 2050.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Four Egyptian research institutes made the top 10 of Scimago\u2019s <\/strong><strong><a href=\"https:\/\/www.scimagorc.com\/mena\/\">inaugural MENA<\/a><\/strong><strong><a href=\"https:\/\/www.scimagorc.com\/mena\/\">research centers ranking<\/a><\/strong>: The National Research Center (#1), the Agricultural Research Center (#4), the Egyptian Atomic Energy Authority (#5) and the Egyptian Petroleum Research Institute (#7).<\/li>\n<li><strong>Encouraging technical grads to become entrepreneurs:<\/strong> The Education Ministry and the Micro, Small and Medium Enterprise Development Agency (MSMEDA) have <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/366002755570151\">signed an agreement<\/a> to provide training and guidance for graduates of technical schools to launch their own projects.<\/li>\n<li><strong>SODIC x Educate Me:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e3399938-e6ed-4bf1-b44c-1502b9b1209c\">SODIC is backing access<\/a> to quality education through Educate Me, which operates a community school in Talbeya, Giza, and runs training and development programs for both public school teachers and students across a number of governorates.<\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/home-nursing\/\">home nursing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nursing\/\">Nursing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telehealth\/\">telehealth<\/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=\"544936\" 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\/28\/544936\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544936\" class=\"content-area-description single-story post-544936 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>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>30 March (Wednesday): The Angola-Egypt Investment Roundtable <a href=\"https:\/\/ent.news\/2022\/3\/AFX_-ANGOLA-EGYPT-Invite.pdf\">discussion (pdf)<\/a>, the Hilton Cairo Heliopolis Hotel.<\/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>10 April (Sunday): Deadline for listed companies and NBFIs to submit quarterly ESG report.<\/p>\n<p>11 April (Monday): The <a href=\"https:\/\/news.sky.com\/story\/chelsea-fc-sale-bidders-given-april-11-deadline-for-final-shootout-12576109\">deadline<\/a> to submit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b12849b8-87fa-4c28-b047-5da12dbda770\">bids<\/a> for Chelsea FC.<\/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>21 April (Thursday): EGX-listed Taaleem <a href=\"https:\/\/ent.news\/2022\/3\/Taaleem-general-meeting-April.pdf\">will hold<\/a> an extraordinary general assembly to discuss the mechanism to build and own nonprofit and private universities.<\/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>1 May (Sunday): Suez Canal Authority raises tolls for different vessels.<\/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":544918,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-544917","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"0b1b67af-1ce9-4209-87f3-4cb762094bcb","teaser":"","photo_url":"https:\/\/ent.news\/2022\/3\/369.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>Is Khazna going to SPAC in \u201824?  Plus: Keep an eye out for new fintech regulations coming later this week - 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\/is-khazna-going-to-spac-in-24-plus-keep-an-eye-out-for-new-fintech-regulations-coming-later-this-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Khazna going to SPAC in \u201824?  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