{"id":544938,"date":"2022-03-29T04:00:13","date_gmt":"2022-03-29T04:00:13","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=544938"},"modified":"2025-12-15T20:52:24","modified_gmt":"2025-12-15T20:52:24","slug":"govt-downgrades-growth-forecast-for-fy2021-2022-plus-lots-and-lots-of-startup-news","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/govt-downgrades-growth-forecast-for-fy2021-2022-plus-lots-and-lots-of-startup-news\/","title":{"rendered":"Gov\u2019t downgrades growth forecast for FY2021-2022. \r\nPlus: Lots and lots of startup news"},"content":{"rendered":"<section id=\"544940\" 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=\"544940\">\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\/29\/this-morning-the-number-of-public-sector-workers-continued-to-fall-in-2021-oil-is-continuing-to-slide-this-morning\/\">\r\n                            THIS MORNING: The number of public sector workers continued to fall in 2021 + Oil is continuing to slide this morning                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+The+number+of+public+sector+workers+continued+to+fall+in+2021+%2B+Oil+is+continuing+to+slide+this+morning+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F29%2Fthis-morning-the-number-of-public-sector-workers-continued-to-fall-in-2021-oil-is-continuing-to-slide-this-morning%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/this-morning-the-number-of-public-sector-workers-continued-to-fall-in-2021-oil-is-continuing-to-slide-this-morning\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544940\" class=\"content-area-description single-story post-544940 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-banking tag-capmas tag-cyprus tag-diplomacy tag-employment tag-energy tag-enterpriseam tag-labor tag-oil-and-gas tag-politics tag-public-sector tag-ramadan tag-senegal tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and welcome to hump day<\/strong>, where the big stories of the morning include a flurry of fundraising announcements and a huge day of diplomacy, with the latter seeing France promise to stand by us on food security amid disruption in the global wheat market. We have coverage of all of that and more in this morning\u2019s news well, below.<\/p><p><strong>PSA #1-<\/strong> <strong>The CBE has announced Ramadan working hours for banks. <\/strong>Bank employees will work from 9am-2pm, while customers will have access to services from 9:30am-1:30pm throughout the holy month, the bank <a href=\"https:\/\/ent.news\/2022\/3\/CBE-Ramadan-Timings-.pdf\">announced (pdf)<\/a>.<\/p><p><strong>PSA #2- The mercury is still going to spike on the first day of Ramadan. <\/strong>Look for the weather to gradually get warmer over the coming days, with a high today of 28\u00b0C in the capital city, rising to 38\u00b0C or so on Saturday, the first day of Ramadan. The daytime high will hover in the mid-to-high 30s all next week.<\/p><p><strong>FROM THE DEPT. OF GOOD NEWS- The number of people employed in the public sector <\/strong><strong>continued to fall in 2021:<\/strong> Official data out yesterday showed that the number of public sector workers fell 9% to 695.3k last year. Workers in the sector have fallen consistently over the past five years, and are down more than 15% since 2017, according to a <a href=\"https:\/\/ent.news\/2022\/3\/%D8%A7%D9%84%D8%A8%D9%8A%D8%A7%D9%86-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D8%A7%D9%84%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%892021.pdf\">statement (pdf)<\/a> from state statistics agency Capmas.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>It\u2019s the big game tonight:<\/strong> Egypt face Senegal for the crunch second leg that will decide who will qualify for the 2022 World Cup in Qatar. The Pharaohs take a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5868273-6caf-4911-9515-c2f26cf51a1b\">slender 1-0 lead<\/a> to Dakar, and will be looking to bag a crucial away goal to put them in control of the fixture. <strong>Kick off is at 7pm.<\/strong><\/p><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 stays until 31 March.<\/p><p><strong>SIGNS OF THE TIMES-<\/strong><\/p><p><strong>The \u201cGreat Resignation\u201d? It\u2019s more like \u201cThe Great Search for My Better Job.\u201d<\/strong> It\u2019s a myth that today\u2019s <a href=\"https:\/\/www.youtube.com\/watch?v=K6qGwmXZtsE\">youts<\/a> are dropping out of the workforce in search of some pseudo-Marxist, universal-basic-income ideal. Instead, argues Atlantic columnist Derek Thompson, <a href=\"https:\/\/www.theatlantic.com\/newsletters\/archive\/2022\/03\/american-great-resignation-hate-work\/627761\/\">\u201cthe Great Resignation isn\u2019t so much about people hating work as it is about them switching to a job they want more<\/a>.\u201d The numbers he marshals are US-centric, but we think the theme holds here in Egypt among folks like us privileged to work in \u201cknowledge-based\u201d jobs. People who work in the service industry or manufacturing in Omm El Donia simply don\u2019t have the economic freedom to indulge in The Big Quit.<\/p><p><strong>Hey, Gen X, want to feel old? <\/strong>It\u2019s been 30 years since <a href=\"https:\/\/www.youtube.com\/watch?v=Jh6JwQ8XPK0\">Basic Instinct<\/a> was released, and the NYT thinks the Sharon Stone \/ Michael Douglas [redacted] thriller is \u201c<a href=\"https:\/\/www.nytimes.com\/2022\/03\/20\/movies\/basic-instinct-sharon-stone.html\">a time capsule that can still offend<\/a>.\u201d<\/p><p><strong>Also for Gen X: Useful thoughts from the New York Times on how to protect your knees <\/strong>so they don\u2019t hurt as much as those of your boomer parents. Millennials may also want to take note, \u2018cause y\u2019all are starting to get old (<a href=\"https:\/\/www.nytimes.com\/2017\/07\/03\/well\/live\/what-i-wish-id-known-about-my-knees.html\">here<\/a> and <a href=\"https:\/\/www.nytimes.com\/2021\/11\/19\/well\/workout-exercise-knee-health.html\">here<\/a>). The good news: Tennis, running and other \u201cimpact\u201d sports are actually good for your knees, provided you do it right. And meniscus \u201crepair\u201d? It\u2019s probably bunk for most people.<\/p><p><strong>Investment bankers on Spacs are trimming their fees as more and more investors pull <\/strong><strong>out of blank-check transactions<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/a1268b40-1a90-4c27-8a86-0c6ed756dd27\">Financial Times<\/a> suggests, saying that \u201caverage redemptions hit 90% in February\u201d as investors fled Spacs on the back of \u201cheightened regulatory scrutiny, a string of scandals and poorly performing Spac mergers.\u201d<\/p><p><strong>Oman is going to allow full foreign ownership of listed companies<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-28\/oman-to-allow-full-foreign-ownership-in-listed-companies\">Bloomberg<\/a> reports.<\/p><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><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><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><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>MARKET WATCH-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Oil prices fell back yesterday<\/strong> after China announced that Shanghai would be placed into full lockdown, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-28\/oil-drops-as-china-s-covid-resurgence-imperils-demand?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>. The price of Brent fell nearly 7% yesterday, closing the session at USD 112.50 a barrel, amid concerns that tightening covid restrictions in China would put a dampener on demand.<\/p><p><strong>Oil is continuing to slide this morning:<\/strong> Brent was down 1.1% when we hit \u2018send\u2019 this morning. Oil prices have climbed almost 40% this year, putting fiscal pressure on Egypt which is a net oil importer.<\/p><p><strong>Asian mar<\/strong><strong>kets are mainly in the green during early trading this morning.<\/strong> Shares in Europe and the US are on course to follow them later today, according to stock futures.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Companies have a little less than two weeks to file their first quarterly ESG compliance<\/strong> <strong>report: <\/strong>Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 10 April, the FRA <a href=\"https:\/\/ent.news\/2022\/3\/FRA-ESG-reporting-deadline-10-April-2022.pdf\">said (pdf)<\/a> on Sunday. 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><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>Red sea coral reefs are one of our most biologically diverse and stunning natural resources \u2014 not to mention one of the most lucrative for our tourism industry. But climate change, unregulated development, and recreational overuse means that our reefs could disappear entirely by the end of this century. In this week\u2019s Going Green, we take a look at the state of Egypt\u2019s coral, and what can be done to stop it going the way of the dinosaurs.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cyprus\/\">Cyprus<\/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\/employment\/\">employment<\/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\/labor\/\">labor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-sector\/\">public sector<\/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\/senegal\/\">Senegal<\/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=\"544941\" 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=\"544941\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/544941\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544941\" class=\"content-area-description single-story post-544941 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/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=\"544942\" 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=\"544942\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/govt-downgrades-fy-2021-2022-gdp-forecast\/\">\r\n                            Gov\u2019t downgrades FY 2021-2022 GDP forecast                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/govt-downgrades-fy-2021-2022-gdp-forecast\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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data-image-title=\"684.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/684.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/684.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544942\" class=\"content-area-description single-story post-544942 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economic-forecast tag-economy tag-enterpriseam tag-hala-el-said tag-russia-ukraine-conflict tag-state-privatization-program 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>Surprise: The economy won\u2019t grow as much as expected this year<\/strong> <strong>due to Russia\u2019s war in Ukraine:<\/strong> The government has lowered its growth outlook for FY 2021-2022 to 5.7% from 6.4% due to the economic impact of the war in Ukraine, Planning Minister Hala El Said told Bloomberg Asharq yesterday (<a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1508475566088937478?s=20&t=0j6gDnztHxBrYyEtexMcfg\">watch, runtime 1:15<\/a>).<\/p>\n<p><strong>The government had upped its GDP projection just days before the war broke out: <\/strong>The Planning Ministry hiked its full-year projection to 6.2-6.5% last month on the back of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d62e3f0-9d66-4bf5-8447-110e1540903c\">strong 2Q figures<\/a> that beat expectations.<\/p>\n<p><strong>The war changed everything<\/strong>: \u201cThe repercussions of the Russian-Ukrainian crisis and its effects on inflation and growth globally have reflected on us, so we now expect our growth rate to witness a bit of slowdown, to record 5.7%.by the end of the year,\u201d said El Said.<\/p>\n<p><strong>Next year\u2019s growth forecast has been downgraded, too: <\/strong>The government now sees the economy growing at a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69470760-13ca-4936-83f2-59c11fea41f7\">5.5% clip<\/a> in FY 2022-2023 in its newly-revised draft budget, down from the 5.7% figure that was forecast before the conflict. Prime Minister Moustafa Madbouly has directed the Finance Ministry to restructure the draft budget and cut back on spending as rising food and energy prices increase pressure on state finances.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The government\u2019s privatization plans have been scaled back:<\/strong> The government aims to offer shares in four or five companies this year, <a href=\"https:\/\/www.asharqbusiness.com\/article\/35513\">according to El Said<\/a>. The companies are in the energy, financial, and ins. sectors, she said. The government had originally aimed to sell shares in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">as many as 10 firms<\/a> in 2022, but the deteriorating global market conditions caused by the conflict have forced it to rethink its plans.<\/p>\n<p><strong>Continuing the 2021 revival?<\/strong> The government\u2019s privatization drive made a successful comeback late last year with the IPO of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d35303c7-9aac-4714-be4c-704b5e1319d9\">state fintech player e-Finance<\/a> and a secondary offering of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/352cb619-1060-47c5-8a48-c0f5d2e91ca3\">Abu Qir Fertilizers<\/a>. Until e-Finance went live on the EGX in October, the privatization program had only seen one secondary sale since launching at the beginning of 2018.<\/p>\n<p><strong>Who are the candidates?<\/strong> These are some of the state companies that we know have plans to sell shares on the EGX: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/641306a6-3955-4bf6-bf11-667c71dc756b\">Heliopolis Housing<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01c4eb21-6559-49bf-86ce-bb682d493449\">Misr Life<\/a> | <a href=\"https:\/\/alborsaanews.com\/2021\/11\/18\/1482781\">Banque du Caire<\/a> | <a href=\"https:\/\/alborsaanews.com\/2021\/11\/18\/1482781\">Mopco<\/a>. The state also plans to offer to strategic investors stakes in military-owned companies including bottled-water maker <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5d7a08f-8981-4c32-965f-7ae7fb4c4a23\">Safi<\/a> and filling station operator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cd40893-6a1e-4d00-975c-6fa551a0f8f3\">Wataniya<\/a>.<\/p>\n\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\/economic-forecast\/\">economic forecast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said\/\">Hala El Said<\/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\/state-privatization-program\/\">state privatization program<\/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=\"544944\" 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=\"544944\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/digital-healthcare-firm-altibbi-closes-usd-44-mn-series-b-round-proceeds-will-help-fuel-expansion-in-egypt-and-ksa\/\">\r\n                            Digital healthcare firm Altibbi closes USD 44 mn series B round, proceeds will help fuel expansion in Egypt and KSA                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n       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href=\"https:\/\/api.whatsapp.com\/send?text=Digital+healthcare+firm+Altibbi+closes+USD+44+mn+series+B+round%2C+proceeds+will+help+fuel+expansion+in+Egypt+and+KSA+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F29%2Fdigital-healthcare-firm-altibbi-closes-usd-44-mn-series-b-round-proceeds-will-help-fuel-expansion-in-egypt-and-ksa%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\/29\/digital-healthcare-firm-altibbi-closes-usd-44-mn-series-b-round-proceeds-will-help-fuel-expansion-in-egypt-and-ksa\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/685.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544945\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/digital-healthcare-firm-altibbi-closes-usd-44-mn-series-b-round-proceeds-will-help-fuel-expansion-in-egypt-and-ksa\/685-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/685.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"685.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/685.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/685.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544944\" class=\"content-area-description single-story post-544944 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-altibbi tag-enterpriseam tag-healthcare tag-healthtech tag-otida 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-02\"><\/a> <strong>Jordanian digital healthcare platform <\/strong><strong><a href=\"https:\/\/altibbi.com\/\">Altibbi<\/a><\/strong><strong> has raised USD 44 mn in a series B funding r<\/strong><strong>ound and will use the funding in part to expand in Egypt and Saudi Arabia. <\/strong>The round was led by India and GCC-focused investment firm <a href=\"http:\/\/www.foundationholdings.co\/\">Foundation Holdings<\/a>, <a href=\"https:\/\/www.hikmaventures.com\/home\/\">Hikma Ventures<\/a> and existing investors <a href=\"https:\/\/www.global.vc\/\">Global Ventures<\/a> and <a href=\"http:\/\/dashventures.com\/\">Dash Ventures<\/a>, according to a company<a href=\"https:\/\/ent.news\/2022\/3\/Altibbi-Series-B-fund-raise-English-28-March.pdf\"><\/a><a href=\"https:\/\/ent.news\/2022\/3\/Altibbi-Series-B-fund-raise-English-28-March.pdf\">press release (pdf)<\/a>. Altibbi said the transaction was \u201cthe largest single financing round for a regional digital health company,\u201d adding that the round was heavily oversubscribed.<\/p>\n<p><strong>About the company: <\/strong>Altibbi is a digital healthcare company that provides 24\/7 medical advice and telehealth consultations. Since launching in 2011, the Dubai-headquartered firm has expanded to seven countries in the region and has handled 4.5 mn remote medical consultations. It now has more than 1.5k doctors on its platform.<\/p>\n<p><strong>See this as part of the heating-up of competition in the regional healthcare industry: <\/strong>Altibbi will use the funding to expand its footprint in Egypt and Saudi Arabia. It plans to launch online pharmacy and diagnostics collection services, creating what it says would be the MENA region\u2019s first fully integrated primary care offering. The firm also wants to up its spend on machine learning to enhance its AI-based diagnostic, referral and prescription services.<\/p>\n<p><strong>The company got involved in Egypt\u2019s covid relief efforts: <\/strong>Altibbi ran covid hotlines through a PPP with the Supreme Council of Universities during the pandemic, and last year launched a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01f14239-0a93-41d6-95da-573771ceebc7\">dial-a-doc<\/a> service in Egypt aimed at users who do not have access to a smartphone or an internet connection. It\u2019s also providing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91e02246-6381-4035-b290-5bbdb10b3e25\">medical consultations<\/a> without charge to plasma donors in partnership with the Health Ministry\u2019s <a href=\"https:\/\/ent.news\/2022\/3\/Altibbi-Egypts-Ministry-of-Health-and-Population-partnership-23-March-2022.docx.pdf\">national blood plasma project<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>MEANWHILE- Egyptian healthtech startup Otida has raised USD 340k in a pre-seed round <\/strong>led by Texas-based VC Lofty, <a href=\"https:\/\/www.flat6labs.com\/\">Flat6Labs<\/a>, <a href=\"https:\/\/loftyinccapital.vc\/\">Afropreneurs<\/a>, <a href=\"https:\/\/www.jedarcapital.co\/\">Jedar Capital<\/a>, <a href=\"https:\/\/oqal.org\/en\/\">OQAL<\/a>, <a href=\"https:\/\/ui-investments.net\/\">UI Investments<\/a> and others, according to a company <a href=\"https:\/\/ent.news\/2022\/3\/Otida-Press-Release.pdf\">press release<\/a><a href=\"https:\/\/ent.news\/2022\/3\/Otida-Press-Release.pdf\">(pdf)<\/a>. The startup operates an app that provides medical, dietary and fitness advice to diabetics. The firm is set to use the funding to \u201cproductize Otida\u2019s operations and expand distribution to reach more patients,\u201d with the aim of expanding its user base to 5k this year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/altibbi\/\">Altibbi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/healthtech\/\">healthtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/otida\/\">Otida<\/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=\"544946\" 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=\"544946\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/sports-startup-eksab-closes-a-second-usd-3-mn-seed-round-rabbit-gets-license-in-ksa\/\">\r\n                            Sports startup Eksab closes a second USD 3 mn seed round + Rabbit gets license in KSA                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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-->\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\/29\/sports-startup-eksab-closes-a-second-usd-3-mn-seed-round-rabbit-gets-license-in-ksa\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/686.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544947\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/sports-startup-eksab-closes-a-second-usd-3-mn-seed-round-rabbit-gets-license-in-ksa\/686-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/686.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"686.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/686.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/686.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544946\" class=\"content-area-description single-story post-544946 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-saudi-arabia 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-03\"><\/a> <strong>Cairo-based fantasy football startup <\/strong><strong><a href=\"https:\/\/yallaeksab.com\/\">Eksab<\/a><\/strong><strong> has closed a USD 3 mn seed round led <\/strong><strong>by Africa-focused VC firm <\/strong><strong><a href=\"https:\/\/www.4dxventures.com\/\">4DX Ventures<\/a><\/strong>, with participation from Darwazah Capital, <a href=\"https:\/\/mailtrack.io\/trace\/link\/a295cd1b61fe4dbd81ea4fcacbc7893ee8f9744e?url=https%3A%2F%2Fwww.gpalminvestments.com%2F&userId=8324027&signature=52d85ec27ce8d1a8\">Golden Palm Investments<\/a>, <a href=\"https:\/\/mailtrack.io\/trace\/link\/980a4c1fd1d39ef4bd4c7ad37af31551e37b80f2?url=https%3A%2F%2Fwww.p1.ventures%2F&userId=8324027&signature=ffb9d1943b270398\">P1 Ventures<\/a>, and other angel investors, the company announced in a <a href=\"https:\/\/ent.news\/2022\/3\/Eksab-Seed-Round.pdf\">press release (pdf)<\/a>.<\/p>\n<p><strong>About the company: <\/strong>Eksab is Egypt\u2019s only licensed fantasy football platform. It allows users to build teams and compete by making predictions about real football games. Since launching in 2018, the company has acquired more than 700k registered users in Egypt and its paying user base has increased around 60% month-on-month.<\/p>\n<p><strong>Where\u2019s the money going?<\/strong> Eksab will use the funds to grow its user base across the Middle East and Africa, develop its product, and hire new engineers and designers.<\/p>\n<p><strong>Expansion plans:<\/strong> The startup is working to acquire licenses to operate in three additional countries by the middle of 2022, the statement, without providing further details. Eksab is also close to entering a partnership with one of the largest clubs in the Middle East and Africa, founder and CEO Aly Mahmoud told <a href=\"https:\/\/techcrunch.com\/2022\/03\/28\/eksab-gets-3m-to-scale-its-fantasy-football-platform-across-mena-and-africa\/\">Techcrunch<\/a>.<\/p>\n<p><strong>Eksab\u2019s biggest round so far:<\/strong> The company previously raised a <a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/17\/eksab-receives-six-figure-seed-investment-from-500-startups\/\">six-figure seed investment round<\/a> in 2019, followed by a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89ce967a-d921-4f26-bb7d-896cf2696458\">USD 500k round<\/a> in 2020.<\/p>\n<hr class=\"grey-line\">\n<p><strong>ALSO FROM PLANET STARTUP-<\/strong><\/p>\n<p><strong>Egypt\u2019s Rabbit hopping off to Saudi Arabia: <\/strong>Ultra-fast grocery delivery startup Rabbit has received a license to operate in Saudi Arabia, in the company\u2019s first expansion outside of Egypt, the company said in a <a href=\"https:\/\/ent.news\/2022\/3\/Rabbit-KSA-License-PRL-EN-29032022.pdf\">statement (pdf)<\/a> this morning. Rabbit plans to invest over USD 60 mn in the next two years to tap into Saudi, the largest e-commerce market in the region, the statement said. The license was awarded yesterday by Saudi Investment Minister Khalid Al Falih in a ceremony at the Global Entrepreneurship Congress 2022 in Riyadh.<\/p>\n<p><strong>Rabbit <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cbb47824-e06f-4681-b071-23b218f03bcb\">raised USD 11 mn<\/a><\/strong><strong> in a pre-seed VC funding round in November <\/strong>\u2014 reportedly the largest-ever pre-seed round in the Middle East and Africa. The company, which guarantees delivery in 20 minutes or less, is currently operating across Cairo, Sheikh Zayed and New Cairo, and is targeting six-figure order volumes each month.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/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=\"544948\" 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=\"544948\">\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\">Transport<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/were-getting-eur-777-mn-from-france-for-metro-line-1\/\">\r\n                            We\u2019re getting EUR 777 mn from France for Metro Line 1                        <\/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\/29\/were-getting-eur-777-mn-from-france-for-metro-line-1\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The state will pay nearly EGP 1.2 bn (EUR 58.8 mn) for the trains upfront.<\/p>\n<p><strong>The trains: <\/strong>Some 13% of the components used to build the trains will be sourced from Egypt via the Arab Organization for Industrialization\u2019s SEMAF railway factory, the statement read. Alstom will also carry out maintenance work and supply spare parts for eight years as part of the contract, which was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/543ee8f4-5ad8-4c99-8140-037bc7aceb79\">approved by ministers<\/a> late last year. The trains are part of a <a href=\"https:\/\/enterprise.press\/stories\/2018\/08\/02\/ebrd-provides-eur-205-mn-loan-for-cairo-metro-line-1-rehabilitation\/\">larger facelift<\/a> planned for Cairo\u2019s oldest underground line, which has been backed with hundreds of mns of EUR from the European Bank for Reconstruction and Development and other European lenders.<\/p>\n<p><strong>AND- We\u2019re doing more business with Alstom. <\/strong>The National Authority for Tunnels signed an MoU with an Alstom-led French consortium to work on systems, tracks, and the manufacture and supply of \u201cmobile units\u201d for the new Metro Line 6, according to a separate <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/368549745315452\">statement<\/a>. The master contract for the EGP 62.4 bn line, which will run from Al Khusus city to Tora El-Balad, was awarded to US infrastructure giant Bechtel <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c153c096-6916-43f7-b79d-f4ae3916372c\">in 2020<\/a>. Alstom is also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9da43aa1-fc76-4079-ab49-a490d2ee9c0e\">currently working on<\/a> the manufacture of monorail trains for Egypt\u2019s first monorail project.<\/p>\n<p><strong>REMINDER- France <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da434836-d753-4823-810c-605fb1278bfe\">is already giving Egypt EUR 2 bn<\/a><\/strong><strong> in credit facilities <\/strong>for the sixth metro line.<\/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\/alstom\/\">Alstom<\/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\/transport\/\">transport<\/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=\"544950\" 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=\"544950\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/544950\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544950\" class=\"content-area-description single-story post-544950 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544951\" 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=\"544951\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/a-huge-day-for-diplomacy-france-will-stand-by-egypt-on-wheat-needs-arab-israeli-summit-will-happen-again\/\">\r\n                            A huge day for diplomacy: France will \u201cstand by Egypt\u201d on wheat needs + Arab-Israeli summit will happen again                        <\/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\/29\/a-huge-day-for-diplomacy-france-will-stand-by-egypt-on-wheat-needs-arab-israeli-summit-will-happen-again\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The two countries will talk regarding price, with shipping costs an important factor, Le Maire said.<\/p>\n<p><strong>Prime Minister Moustafa Madbouly told Le Maire that Egypt is counting on France to supply it with wheat<\/strong>, according to a separate <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/368678251969268\">statement<\/a>. Egypt has been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47455fdd-e237-4cbb-ad9a-c402d82a437c\">searching for alternative suppliers<\/a> after the war prevented Russia and Ukraine from exporting grains. The two countries provided some 80% of Egypt\u2019s imported wheat prior to the crisis.<\/p>\n<p><strong>EV manufacturing, infrastructure, AI, communications, waste recycling and green hydrogen production <\/strong>are all sectors here of interest to French investors, Lemaire told President Abdel Fattah El Sisi, saying France is <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/533736651448401\">looking to increase<\/a> investments in Egyptian national projects.<\/p>\n<hr class=\"grey-line\">\n<p><strong>MEANWHILE- Shoukry joins Arab, Israeli and US diplomats at key<\/strong> <strong>summit + meets Qatari, Greek FMs in Cairo.<\/strong> Foreign Minister Sameh Shoukry joined his Emirati, Israeli, Moroccan, Bahraini and American counterparts at a major summit in Israel yesterday, which the diplomats used to discuss the implications of a nuclear agreement with Iran and a revival of peace negotiations between Israel and Palestine.<\/p>\n<p><strong>Regional leaders will meet again: <\/strong>On the second and final day of the gathering, Israeli Foreign Minister Yair Lapid <a href=\"https:\/\/www.state.gov\/secretary-antony-j-blinken-joint-press-statements-at-the-conclusion-of-the-negev-summit\/\">announced<\/a> that the summit would be held again and invited other states in the region to participate. \u201cThis new architecture, the shared capabilities we are building, intimidates and deters our common enemies \u2014 first and foremost Iran and its proxies \u2014 they certainly have something to fear,\u201d he said at a presser following the meetings.<\/p>\n<p><strong>Arab states pressed Israel on Palestine:<\/strong> The meeting highlighted the \u201cimportance of maintaining the credibility and viability of the two-state solution,\u201d Shoukry said at the presser, describing the situation in Palestine as \u201cimportant\u201d (<a href=\"https:\/\/www.youtube.com\/watch?v=i5PvuXHFujc\">watch, runtime: 5:07<\/a>). US Secretary of State Anthony Blinken said that normalization agreements between Israel and Arab states are \u201dnot a substitute for progress between Palestinians and Israelis.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><strong>AND- Shoukry held talks with Qatar + Greek FMs after returning from Israel yesterday:<\/strong><\/p>\n<ul>\n<li><strong>Ties between Cairo and Doha continue to warm:<\/strong> The relationship between Egypt and Qatar has returned to normal, Shoukry and Qatari Foreign Minister Mohammad bin Abdulrahman Al Thani said during talks in Cairo yesterday. Al Thani, who was visiting Cairo for the second time since the countries <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/036bdfbe-0680-448e-a011-b607497ac279\">normalized ties<\/a> in January last year, <a href=\"https:\/\/mofa.gov.qa\/en\/all-mofa-news\/details\/1443\/08\/25\/deputy-prime-minister-and-minister-of-foreign-affairs-relations-with-egypt-returned-to-normal-thanks-to-keenness-of-two-countries'-leadership\">said<\/a> that the relationship has \u201cpassed the difficult stage\u201d and that Doha is looking forward to \u201cconsolidating the bilateral cooperation.\u201d<\/li>\n<li><strong>Greece, Egypt talk energy + \u201cinternational issues\u201d:<\/strong> Greek Foreign Minister Nikos Dendias was also in Cairo yesterday, holding talks with Shoukry which focused on energy ties and \u201ca number of regional and international issues,\u201d the Foreign Ministry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/286512266991960\">said<\/a>. The meeting came as Cypriot Energy Minister Natasa Pilidou arrived in Egypt for a four-day visit. Cyprus is a key energy partner for Egypt and Greece, and is collaborating on a number of gas and electricity projects in the EastMed.<\/li>\n<\/ul>\n<p><strong>ALSO- President Abdel Fattah El Sisi <\/strong><strong><a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/533733028115430\">discussed<\/a><\/strong><strong> with British Prime Minister Boris <\/strong><strong>Johnson<\/strong> the Ukrainian crisis and Egypt\u2019s preparations to host COP27 in Sharm El-Sheikh in November.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/negev-summit\/\">Negev summit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/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\/qatar\/\">Qatar<\/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\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544953\" 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=\"544953\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/russia-ready-to-compromise-in-todays-peace-talks-with-ukraine-says-ft\/\">\r\n                            Russia ready to compromise in today\u2019s peace talks with Ukraine, says FT                        <\/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\/29\/russia-ready-to-compromise-in-todays-peace-talks-with-ukraine-says-ft\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> 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compromise in today\u2019s peace talks with Ukraine, says FT&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/russia-ready-to-compromise-in-todays-peace-talks-with-ukraine-says-ft\/\">\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\/29\/russia-ready-to-compromise-in-todays-peace-talks-with-ukraine-says-ft\/&title=Russia ready to compromise in today\u2019s peace talks with Ukraine, says FT\">\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 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size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"544954\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/russia-ready-to-compromise-in-todays-peace-talks-with-ukraine-says-ft\/689-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/689.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"689.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/689.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/689.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544953\" class=\"content-area-description single-story post-544953 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-diplomacy tag-energy tag-enterpriseam tag-europe tag-mubadala tag-oil-and-gas tag-politics tag-russia tag-russia-ukraine-conflict tag-uae tag-ukraine 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-06\"><\/a> <strong>Is Russia ready to make compromises ahead of today\u2019s peace talks?<\/strong> Moscow has relaxed some of its key demands ahead of a new round of peace talks that will begin today in Istanbul. Four people familiar with the plans tell the <a href=\"https:\/\/www.ft.com\/content\/7f14efe8-2f4c-47a2-aa6b-9a755a39b626\">Financial Times<\/a> that Russia will no longer insist on the denazification of the country and may even allow the country to join the European Union provided that it does not join Nato.<\/p>\n<p><strong>The two sides are discussing the possibility of a ceasefire<\/strong> as part of the agreement, according to the FT, a point that Ukrainian negotiators <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-sets-ceasefire-goal-new-russia-talks-breakthrough-looks-distant-2022-03-29\/\">said yesterday<\/a> would be their priority in the talks. The draft document doesn\u2019t make any mention of three of Russia\u2019s main demands: \u201cdenazification,\u201d \u201cdemilitarization\u201d and protection of the Russian language in Ukraine.<\/p>\n<p><strong>Ukraine willing to discuss neutrality, territory:<\/strong> Ukraine <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45c945ff-ee16-4346-a72f-bfbebf939b85\">reiterated on Sunday<\/a> that it was ready to discuss the country\u2019s neutrality and the status of the territories seized by Russia back in 2014. Crucially, any agreement would have to be put to the Ukrainian people via a referendum, President Volodymyr Zelensky said.<\/p>\n<p><strong>Turkey will mediate the talks<\/strong>, which will be the first face-to-face negotiations between the two sides in two weeks. Ankara initially suggested that the talks would start Monday but the <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/kremlin-says-russia-ukraine-talks-could-start-turkey-tuesday-2022-03-28\/\">Kremlin said yesterday<\/a> that they wouldn\u2019t begin until at least Tuesday.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Europe rejects Russia gas ultimatum:<\/strong> G7 countries have rejected Russian demands that \u201cunfriendly\u201d countries purchase its gas in RUB rather than EUR, <a href=\"https:\/\/www.reuters.com\/business\/energy\/g7-rejects-putins-demand-rouble-payment-russian-gas-germany-2022-03-28\/\">Reuters<\/a> reports. \u201cAll G7 ministers have agreed that this is a unilateral and clear breach of existing contracts,\" German Vice-Chancellor Robert Habeck said at a presser yesterday.<\/p>\n<p><strong>But after 31 March, no RUB may mean no gas:<\/strong> Putin has ordered the government and central bank to prepare to switch to RUB payments by 31 March.<\/p>\n<p><strong>It puts Europe in a difficult position:<\/strong> By purchasing Russian gas with RUB European countries would help to prop up a currency their sanctions are aimed at undermining. Transacting in RUB would also force buyers to go through Russian banks, protecting some of its financial institutions from sanctions. Europe imports 40% of its gas from Russia.<\/p>\n<hr class=\"grey-line\">\n<p><strong>EXODUS-<\/strong><\/p>\n<p><strong>UAE takes step away from neutrality:<\/strong> Abu Dhabi sovereign fund Mubadala has pressed pause on its investments in Russia, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-28\/abu-dhabi-wealth-fund-pauses-investments-in-russia-reuters-says?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> quotes co-CEO Khaldoon Al Mubarak as saying. \u201cObviously, in this environment, we have to pause investment in this market in Russia,\u201d he told an investment conference in Dubai. \u201cPause and wait to see how the situation settles.\u201d<\/p>\n<p><strong>The move makes Mubadala the first fund in the Middle East to take public action against Russia<\/strong> since the start of the war, and marks the first time the UAE has shed its neutrality since the conflict began. The <a href=\"https:\/\/www.mubadala.com\/ru-en\/home\">wealth fund<\/a> currently has 50 investments in Russia worth over USD 3.6 bn in infrastructure, real estate, commodities, banking and technology, as well as a partnership in place with the state-run Russian Direct Investment Fund. A fund spokesperson said its Russian assets account for less than 1% of its USD 243 bn portfolio.<\/p>\n<p><strong>It\u2019s dasvidaniya to Heineken and Carlsberg in Russia<\/strong> after the Dutch brewing giant yesterday <a href=\"https:\/\/www.theheinekencompany.com\/newsroom\/heineken-nv-announces-decision-to-leave-russia\/\">announced<\/a> its exit from the country, saying that the business \u201cis no longer sustainable nor viable in the current environment.\u201d<\/p>\n<p><strong>BUT- Russia\u2019s political entanglements aren\u2019t going to affect how OPEC+ does its <\/strong><strong>business.<\/strong> That\u2019s the key takeaway from oil cartel members Saudi Arabia and the UAE, which are resisting Western pressure to push Moscow out of the alliance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mubadala\/\">Mubadala<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/war\/\">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=\"544955\" 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=\"544955\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/waffarx-appoints-new-chairman\/\">\r\n                            WaffarX appoints new chairman                        <\/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\/29\/waffarx-appoints-new-chairman\/\" 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\/29\/waffarx-appoints-new-chairman\/')\">\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\/29\/waffarx-appoints-new-chairman\/\">\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=WaffarX appoints new chairman&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/waffarx-appoints-new-chairman\/\">\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\/29\/waffarx-appoints-new-chairman\/&title=WaffarX appoints new chairman\">\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=WaffarX+appoints+new+chairman+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F29%2Fwaffarx-appoints-new-chairman%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\/29\/waffarx-appoints-new-chairman\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544955\" class=\"content-area-description single-story post-544955 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Cashback services startup <strong>WaffarX<\/strong> has appointed <strong>Kevin Johnson<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/kevinhjohnson\">LinkedIn<\/a>) as its <strong>chairman<\/strong>, according to a company <a href=\"https:\/\/ent.news\/2022\/3\/WaffarX-Kevin-Johnson-appointment-28-March.pdf\">statement (pdf)<\/a>. Johnson spent nine years at the helm of e-commerce firm Ebates, which was sold to <a href=\"https:\/\/www.rakuten.com\/\">Rakuten<\/a> in 2014 for US 1 bn, and also served as CEO of online learning platform Udemy. Johnson has also made an undisclosed personal investment in WaffarX \u2014 his first in a startup outside the United States. The company says Johnson will \u201cplay a core role in accelerating WaffarX\u2019s expansion, developing its platform and reach.\u201d<\/p>\n<p><strong>Director Amr Ramses will helm next year\u2019s <\/strong><strong><a href=\"https:\/\/www.ciff.org.eg\/\">Cairo International Film Festival<\/a><\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/3\/Amir_Ramses_Cairo_Film_Festival.pdf\">statement (pdf)<\/a> out yesterday quoting festival president and star actor Hussein Fahmy. Ramses worked as an assistant director under renowned filmmaker Youssef Chahine and made the internationally noted documentary Jews of Egypt and the feature film Cairo Time. He was artistic director of the Gouna Film Festival for five years. His series \u201cColors of the Sea,\u201d starring Khaled El Nabawi and Aisha Ben Ahmed, is scheduled to air soon.<\/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\/moves\/\">moves<\/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=\"544956\" 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=\"544956\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/544956\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544956\" class=\"content-area-description single-story post-544956 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544957\" 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=\"544957\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/diplomacy-was-the-topic-du-jour-last-night\/\">\r\n                            Diplomacy was the topic du jour last night                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/diplomacy-was-the-topic-du-jour-last-night\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/diplomacy-was-the-topic-du-jour-last-night\/')\">\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\/29\/diplomacy-was-the-topic-du-jour-last-night\/\">\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=Diplomacy was the topic du jour last night&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/diplomacy-was-the-topic-du-jour-last-night\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/diplomacy-was-the-topic-du-jour-last-night\/&title=Diplomacy was the topic du jour last night\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Diplomacy+was+the+topic+du+jour+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F29%2Fdiplomacy-was-the-topic-du-jour-last-night%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/diplomacy-was-the-topic-du-jour-last-night\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544957\" class=\"content-area-description single-story post-544957 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-automotive tag-diplomacy tag-enterpriseam tag-france tag-green-economy tag-israel tag-last-nights-talk-shows tag-natgas-transition-scheme tag-negev-summit tag-politics tag-sameh-shoukry tag-transport tag-uk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Coverage of our major day of diplomacy led our airwaves last night: <\/strong>Former Deputy Foreign Minister Mohamed Hegazy joined Al Hayah Al Youm\u2019s Lobna El Assal last night to discuss the significance of yesterday\u2019s diplomatic events, which included the Negev summit in Israel, French Economy Minister Bruno Le Maire\u2019s visit to Egypt, and a phone call between President Abdel Fattah El Sisi and British Prime Minister Boris Johnson (we have more details in our Diplomacy section, above) (<a href=\"https:\/\/www.youtube.com\/watch?v=wxkNSHP2sqc\">watch, runtime: 8:55<\/a>).<\/p>\n<p><strong>Everything is getting pricier, but replacing outdated cars with natgas-powered vehicles <\/strong><strong>still costs the same:<\/strong> Car owners looking to replace their older cars with new ones running on natural gas under the government\u2019s <a href=\"https:\/\/enterprise.press\/hardhats\/feasible-plan-convert-vehicles-natgas-gasoline-national-scale\/\">natgas transition scheme<\/a> will not pay more than the amount already announced, the Finance Ministry\u2019s Automobile Financing Fund spokesperson Tarek Awad told Kelma Akhira\u2019s Lamees El Hadidi in a phone-in (<a href=\"https:\/\/www.youtube.com\/watch?v=8H4QeUV7cwQ\">watch, runtime: 9:06<\/a>). This comes as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/3ea79a6f-dc9d-495b-9e38-092fe90787b1\">car prices rise<\/a> on the back of the EGP devaluation.<\/p>\n<p><strong>Almost 18k dual-fuel cars have been sold under the scheme<\/strong>, Awad said (<a href=\"https:\/\/www.youtube.com\/watch?v=vaBWB_-rkWI\">watch,<\/a><a href=\"https:\/\/www.youtube.com\/watch?v=vaBWB_-rkWI\">runtime: 1:01<\/a>). The multi-year program, which launched <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5707a29-852e-45dd-9669-ca7ae07a58da\">last year<\/a>, provides <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c569a8ad-4826-4eb2-92a1-f2f4bf44ff52\">financial incentives<\/a> to car owners to either trade in their old vehicles or convert their engines to run on natgas. The initiative aims to take <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36da7b9d-7072-49b6-b723-f2c06effd23d\">1.8 mn<\/a> gas-fuelled cars off the road to be outfitted with dual-fuel engines over the course of a decade.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/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\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/natgas-transition-scheme\/\">natgas transition scheme<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> 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alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" 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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/arab-israel-us-summit-is-dominating-coverage-in-the-foreign-press\/\">\r\n                            Arab-Israel-US summit is dominating coverage in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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        <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544959\" class=\"content-area-description single-story post-544959 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-ancient-egypt tag-commodities tag-diplomacy tag-enterpriseam tag-history tag-israel tag-politics tag-russia-ukraine-conflict tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Arab-Israeli sit-down in the Negev is getting the headline treatment in the foreign press <\/strong><strong>this morning:<\/strong> The two-day gathering brought together the foreign ministers from Egypt, Israel, the UAE, Bahrain, Morocco and the US in what foreign journos are hyping as a major realignment of regional alliances. \u201cUnprecedented,\u201d \u201cgroundbreaking,\u201d and \u201chistoric\u201d are all words being used to describe the two-day meeting this morning, which apparently will now become an annual forum. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/blinken-joins-rare-israel-arab-summit-iran-deal-looms-2022-03-28\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/middle-east-israel-united-states-antony-blinken-85734085d54f4687ddade82ca4e21d27\">AP<\/a> | <a href=\"https:\/\/abcnews.go.com\/Politics\/blinken-attends-historic-israeli-arab-summit-amid-iran\/story?id=83701822\">ABC<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/03\/28\/world\/israel-arab-nations-meeting\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/national-security\/2022\/03\/28\/israel-arab-diplomats-blinken\/\">Washington Post<\/a> | <a href=\"http:\/\/t\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/9ab9e5be-95fa-407c-8571-3ead7dd93e19\">FT<\/a>)<\/p>\n<p><strong>The foreign press is still on the Russia-Ukraine war\u2019s impact on our economy: <\/strong>The <a href=\"https:\/\/www.ft.com\/content\/e033ceba-b1ed-4414-8865-d25254c640dd\">Financial Times<\/a> is the latest to examine the soaring cost of living ahead of Ramadan and the wider impact of the conflict in Ukraine. Hotel occupancy rates in Red Sea resorts have plunged to just 5% since the war began, a representative of one travel company tells the salmon-colored paper, an indication of how exposed Egyptian tourism is to Russia and Ukraine.<\/p>\n<p><strong>ALSO- Five recently-discovered ancient tombs are going on public display in <\/strong><strong>Saqqara<\/strong>, and the <a href=\"https:\/\/www.washingtonpost.com\/lifestyle\/kidspost\/egypt-displays-recently-discovered-ancient-tombs\/2022\/03\/28\/92aed6a2-ac5a-11ec-8410-2ffe55a5a745_gallery.html\">Washington Post<\/a> has some striking photos of the artifacts.<\/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\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/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\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"544960\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"544961\" 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=\"544961\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/cds-see-egp-260-bn-in-inflows-in-a-week\/\">\r\n                            CDs see EGP 260 bn in inflows in a week                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/cds-see-egp-260-bn-in-inflows-in-a-week\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/cds-see-egp-260-bn-in-inflows-in-a-week\/')\">\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\/29\/cds-see-egp-260-bn-in-inflows-in-a-week\/\">\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=CDs see EGP 260 bn in inflows in a week&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/cds-see-egp-260-bn-in-inflows-in-a-week\/\">\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\/29\/cds-see-egp-260-bn-in-inflows-in-a-week\/&title=CDs see EGP 260 bn in inflows in a week\">\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=CDs+see+EGP+260+bn+in+inflows+in+a+week+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F29%2Fcds-see-egp-260-bn-in-inflows-in-a-week%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\/29\/cds-see-egp-260-bn-in-inflows-in-a-week\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544961\" class=\"content-area-description single-story post-544961 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-banking tag-banque-misr tag-enterpriseam tag-marakez tag-retail wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>More than a quarter of a tn EGP now invested in CDs:<\/strong> More than EGP 260 bn has been poured into the 18% CDs launched by Banque Misr and the National Bank of Egypt (NBE) last Monday in the wake of the Central Bank of Egypt\u2019s 100-bps rate hike. Savers have put <a href=\"https:\/\/alborsaanews.com\/2022\/03\/28\/1524988\">EGP 180 bn<\/a>into the certificates with the NBE and <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=28032022&id=2f248991-a79a-42f7-85b2-ac63e896e8bc\">EGP 87 bn<\/a> with Banque Misr, according to senior officials from the two banks.<\/p>\n<p>Supermarket chain <strong>Seoudi<\/strong> will <strong>open <\/strong><strong>two new stores<\/strong> at Marakez\u2019s Mall of Arabia in Sixth of October and D5M in New Cairo in 2H2022. (<a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/marakez-partners-with-seoudi-supermarkets-to-open-two-new-stores-h1qcuw4f\">Statement<\/a>)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/marakez\/\">Marakez<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/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=\"544962\" 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=\"544962\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/\">\r\n                            EM bonds on course for their worst quarter in 24 years + UAE positioning itself as a global crypto hub                        <\/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\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/\" target=\"_blank\">\n       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positioning itself as a global crypto hub\">\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=EM+bonds+on+course+for+their+worst+quarter+in+24+years+%2B+UAE+positioning+itself+as+a+global+crypto+hub+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F29%2Fem-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub%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\/29\/em-bonds-on-course-for-their-worst-quarter-in-24-years-uae-positioning-itself-as-a-global-crypto-hub\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544962\" class=\"content-area-description single-story post-544962 post type-post status-publish format-standard hentry category-planet-finance tag-barclays tag-bonds tag-commodities tag-cryptocurrency tag-emerging-markets tag-enterpriseam tag-equities tag-financial-markets tag-investment-watch tag-oman tag-planet-finance tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>It hasn\u2019t been like this in 24 years:<\/strong> USD-denominated emerging bonds are on course to have their worst quarter since the Asian financial crisis shook emerging markets in 1998, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-27\/war-sparks-wall-street-s-rush-to-commodity-rich-emerging-markets?sref=mmeFTDW1\">Bloomberg<\/a>.<\/p><p><strong>What gives?<\/strong> Already under pressure from rising interest rates, the commodity price shock sparked by the conflict in Ukraine has had investors pulling money out of EM bonds as surging energy and food costs raises concerns over the fiscal stability of commodity importers.<\/p><p><strong>It\u2019s not just debt they\u2019re dumping:<\/strong> Three-quarters of emerging currencies followed by Bloomberg are down so far in 2022, while EM stocks are almost having their worst quarter since the pandemic caused investors to flee EM in 2020.<\/p><p><strong>The UAE\u2019s bid to turn itself into a global crypto hub continues:<\/strong> Fresh off of passing <a href=\"https:\/\/u.ae\/en\/about-the-uae\/digital-uae\/regulation-of-digital-properties\">crypto<\/a><a href=\"https:\/\/u.ae\/en\/about-the-uae\/digital-uae\/regulation-of-digital-properties\">legislation<\/a> and setting up a market regulator earlier this month, two other crypto trading players announced major expansions into Dubai yesterday. Crypto exchange Bybit <a href=\"https:\/\/blog.bybit.com\/post\/this-just-in-bybit-is-coming-to-dubai--blt566e59d84a932b51\/?medium=organic_social&amp;source=twitter&amp;channel=mkt_&amp;campaign=HQannouncement&amp;content=en_1&amp;dtpid=1648468436806&amp;%24web_only=true&amp;_branch_match_id=1037099217809679199&amp;_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT8\/XS6pMyizRS87P1U\/VL\/b09TGIci7yyU8CAOsW0csiAAAA\">will move its global headquarters<\/a> to Dubai, while Crypto.com said it would <a href=\"https:\/\/crypto.com\/company-news\/founding-partner-crypto-com-helps-kick-off-investopia-summit-crypto-com-announces-regional-hub-in-dubai\">set up a \u201cregional base\u201d<\/a> in the emirate, providing further momentum to policymakers\u2019 ambitions to turn it into a global crypto trading hub. Earlier this month, Dubai <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5aba476-1470-4f80-9be3-3d68ee010174\">handed a license to Binance<\/a>, the world\u2019s largest crypto exchange, and FTX Europe, an arm of FTX, the third-largest exchange.<\/p><p><strong>ALSO IN PLANET FINANCE- <\/strong>(xxDA) <strong>Oman will lift limits on foreign investment in listed companies<\/strong> in efforts to attract more inflows into the country\u2019s public markets. (<a href=\"https:\/\/twitter.com\/MSX_Oman\/status\/1508298342715039747?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1508298342715039747%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2022-03-28%2Foman-to-allow-full-foreign-ownership-in-listed-companies\">Statement<\/a>)<\/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>11,241<\/p>\n<\/td>\n<td>\n<p>-2.6% (YTD: -5.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.27<\/p>\n<\/td>\n<td>\n<p>Sell 18.37<\/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>13,064<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +15.8%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,829<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +15.8%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,484<\/p>\n<\/td>\n<td>\n<p>+2.1% (YTD: +9.0%)<\/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>4,576<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -4.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,473<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +1.2%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 112.48<\/p>\n<\/td>\n<td>\n<p>-6.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.49<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/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 1,928.00<\/p>\n<\/td>\n<td>\n<p>-0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 47,601<\/p>\n<\/td>\n<td>\n<p>+2.1% (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 2.6% at yesterday\u2019s close<\/strong> on turnover of EGP 1.1 bn (11.7% above the 90-day average). Local investors were net sellers. The index is down 5.9% YTD.<\/p><p><strong>In the green: <\/strong>Orascom Construction (+1.0%).<\/p><p><strong>In the red: <\/strong>Ezz Steel (-10.9%), MM Group (-7.4%) and Elsewedy Electric (-6.8%).<\/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\/barclays\/\">Barclays<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/the-state-of-egypts-coral-reefs\/\">\r\n                            The state of Egypt\u2019s coral reefs<\/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  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class=\"content-area-description post-544963 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-climate-change tag-enterprise-going-green tag-enterpriseam tag-environment tag-environment-ministry tag-scuba-diving tag-tourism 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>What does the future hold for one of our most prized natural resources? <\/strong>Covering some 400 sq km off Egypt\u2019s eastern coastline, our Red Sea coral reefs are home to more than 200 hard coral species. They\u2019re a natural wonder \u2014 and key to our biodiversity and our tourism industry. But in recent years, these delicate marine ecosystems have come under stress from climate change, exacerbated by unregulated coastal development, tourist activity, and overfishing. We take a look at the impact, and ask what can be done to avoid further damage.<\/p>\n<p><strong>Our reefs are shrinking: <\/strong>Hard coral reef cover declined by 13.6% on average between 2005 and 2019 at the ten most-affected sites, according to a report by the <a href=\"https:\/\/ent.news\/2022\/1\/Chapter-3.-Status-and-trends-of-coral-reefs-of-the-Red-Sea-and-Gulf-of-Aden.pdf\">Global Coral Reef Monitoring Network (GCRMN) (pdf)<\/a>. That said, it\u2019s difficult to accurately assess the health of coral reefs because of the absence of baseline data collected ahead of mass development, meaning researchers must rely on approximations, says Dr. Mahmoud Hanafy, Professor of Marine Biology at Suez Canal University and scientific advisor to the Hurghada Environmental Protection and Conservation Association (HEPCA).<\/p>\n<p><strong>Red sea corals have long been plagued by the same issues:<\/strong> \u201cMajor threats to marine ecosystems are unregulated tourism, exploitation of marine resources, overfishing and fishing in illegal areas (e.g. breeding grounds) and coastal pollution,\u201d says a landmark 2016 biodiversity strategy report from the <a href=\"https:\/\/ent.news\/2022\/1\/Environment-Ministry-Biodiversity-Report.pdf\">Environment Ministry report (pdf)<\/a>.<\/p>\n<p><strong>Our reef tourism industry is the biggest in the world: <\/strong>Egypt\u2019s reef tourism industry generated some USD 7 bn in revenues in 2019, before the pandemic hit, per a <a href=\"https:\/\/ent.news\/2022\/1\/Sustainable-Ocean-Economy-climate-change-on-the-ocean-economy-executive-summary.pdf\">High Level Panel for Sustainable Ocean Economy report (pdf)<\/a> \u2014 more than any other country in the world, and more than double the revenues gained by runner-up Indonesia. Reef visits directly contributed to around half of our coastal tourism in 2017 (with coastal visits making up some 44% of all tourism activity in Egypt), according to <a href=\"https:\/\/reader.elsevier.com\/reader\/sd\/pii\/S0308597X17300635?token=3D682C9618B5CF5AC48DB720F1F3C66A9FDE7001CEFBB15AA37CD20F0108B4ED53E33846F04739C1D53F71ECD54019C5&originRegion=eu-west-1&originCreation=20220119161412\">one study<\/a>.<\/p>\n<p><strong>But with tourist development has come damage: <\/strong>Developers along much of the Red Sea coast are responsible for irreparable losses to coral reef cover, says Hanafy. Some establishments have destroyed or built on top of reefs, replacing them with marinas and sandy coasts, he says. In rare cases, the Environment Ministry has taken action on this. El Gouna developer Orascom Development Egypt (ODE) was slapped with a USD 34 mn fine <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1cbb5314-e553-44f6-9b4e-e31cb0c71b54\">last year<\/a> for the alleged inappropriate and harmful disposal of building materials in the area, though the company has disputed the claim.<\/p>\n<p><strong>More hotels means more people \u2014 in itself a threat:<\/strong> The Red Sea coast has seen major hotel development in the <a href=\"https:\/\/ent.news\/2022\/2\/Government-2015-report-Hurghada.pdf\">last three decades or so (pdf)<\/a>, with some 88k hotel rooms now available in Hurghada alone, according to Colliers International\u2019s latest <a href=\"https:\/\/ent.news\/2022\/2\/Colliers-MENA-hotels-3Q2021.pdf\">MENA Hotels Review (pdf)<\/a>. But \u201cthere are limited capacities for the number of divers and snorkelers each of our dive sites can handle at a given time,\u201d says Hanafy \u2014 and we are far surpassing that limit. Dive sites in the Red Sea can sustainably host 5k - 20k visitors annually, but some of our most popular sites are receiving over 200k divers a year, according to Hanafy.<\/p>\n<p><strong>Inexperienced divers and snorkelers can inadvertently cause harm:<\/strong> \u201cCoral reefs are very fragile ecosystems. All it takes is a single point of contact [with a diver or snorkeller] to harm them,\u201d Lina Challita, environment coordinator at the Tourism Ministry\u2019s Chamber of Diving and Water Sports (CDWS), says.<\/p>\n<p><strong>Worse still than tourism is overfishing, <\/strong>which is the single largest local threat to reef ecosystems, according to Hanafy, who says we\u2019re fishing at 10x the rate that would allow fish stocks to recover and marine life to remain stable. \u201cWhat we\u2019re currently seeing is upwards of 20k tonnes extracted annually, 60% of which comes directly from coral reef ecosystems,\u201d he says.<\/p>\n<p><strong>Climate change threatens reefs the world over.<\/strong> <a href=\"https:\/\/www.un.org\/en\/chronicle\/article\/impacts-climate-change-coral-reefs-and-marine-environment\">Coral bleaching<\/a> can lead to reefs\u2019 permanent demise, while <a href=\"https:\/\/www.nationalgeographic.com\/environment\/article\/critical-issues-ocean-acidification\">ocean acidification<\/a> makes conditions <a href=\"https:\/\/www.pmel.noaa.gov\/co2\/story\/What+is+Ocean+Acidification%3F\">unfavorable<\/a> for growth. Under the Intergovernmental Panel on Climate Change\u2019s <a href=\"https:\/\/www.ipcc.ch\/srocc\/chapter\/chapter-5\/\">most upbeat scenario<\/a> \u2014 where global warming is contained to 1.5\u00b0C \u2014 coral reefs are still projected with \u201cvery high confidence\u201d to decline by a further 70\u201390% by the end of this century, with losses increasing to 99% at 2\u00b0C of warming.<\/p>\n<p><strong>Some good news:<\/strong> <strong>Coral samples taken from the Northern Red Sea have proven particularly resilient to sea temperature rises<\/strong>, according to <a href=\"https:\/\/www.frontiersin.org\/articles\/10.3389\/fmars.2020.00090\/full\">a 2020 study<\/a>. Samples were able to withstand temperatures up to 6\u00b0C higher than usual without bleaching \u2014 an \u201cexceptionally high bleaching threshold,\u201d according to the study\u2019s authors. The findings open the door for future study of these particular corals \u2014 which could <a href=\"https:\/\/www.bbc.com\/future\/article\/20200408-the-middle-eastern-corals-that-could-survive-climate-change\">possibly even be used to help rehabilitate<\/a> damaged reefs elsewhere.<\/p>\n<p><strong>The economic impact of reef loss could be massive:<\/strong> Egypt could stand to lose some USD 5.6 bn of the USD 7 bn it generates from coral reef tourism annually by the end of the century, the High Level Panel for A Sustainable Ocean Economy predicts. Losses of this scale would mark a significant blow to the country\u2019s GDP, 3.5% of which has been linked to reef-related tourism, according to the GCRMN report.<\/p>\n<p><strong>How did we get here?<\/strong> Insufficient economic incentives, poor marine regulation and weak data collection are partly to blame, the Environment Ministry report says\u2014reasons which remain much the same to this day, according to Hanafy. This is partially because some 40% of industrial activity in Egypt takes place in coastal zones, the report adds. Meanwhile, local fishermen who have long relied on the Red Sea for their livelihoods often face limited alternatives for income \u2014 muting the impact of commercial fishing regulation, Hanafy explains.<\/p>\n<p><strong>So what is being done about it? <\/strong>HEPCA installs buoys at key dive sites to help reduce damage from commercial boat anchoring. They\u2019re also trying to encourage growth by sinking dilapidated sea vessels nearby existing reefs for coral to latch onto, in a joint initiative with the Environment Ministry. The CDWS\u2019 Green Fins program trains, advises and certifies scuba diving and snorkeling centers who are running \u201cenvironmentally sound\u201d operations, Challita says.<\/p>\n<p><strong>Clamping down on Red Sea fishing needs to become our main priority<\/strong>, says Hanafy. This will likely require more than an outright ban: Fishing communities will need to have alternatives to turn to for their livelihoods, he explains.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top climate stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Green hydrogen cooperation with Maersk:<\/strong> The Suez Canal Economic Zone has signed an MoU with Maersk to cooperate on green hydrogen production that could pave the way for Egypt to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c48684a-e8ce-4c9b-9577-6c14c7455447\">supply<\/a> the shipping giant with fuel for its new generation of low-carbon vessels, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/368599251977168\">statement<\/a>.<\/li>\n<li><strong>Planned corporate green bond issuance delayed:<\/strong> Egypt\u2019s planned USD 400 mn corporate green bond issuance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01381180-31fc-440b-833e-b867c8374027\">could take place<\/a> before the end of the year, rather than in 1H2022.<\/li>\n<li><strong>More green national projects ahead:<\/strong> Green development projects will take up 50% of all national development projects in the budget by 2024, <a href=\"https:\/\/www.youm7.com\/story\/2022\/3\/26\/%D8%A7%D9%84%D8%AA%D8%AE%D8%B7%D9%8A%D8%B7-%D9%83%D9%8F%D9%84%D9%81%D8%A9-%D8%A5%D8%AC%D8%B1%D8%A7%D8%A1%D8%A7%D8%AA-%D8%A7%D9%84%D8%AA%D9%83%D9%8A%D9%8A%D9%81-%D9%81%D9%89-%D8%A7%D9%84%D8%A8%D9%84%D8%AF%D8%A7%D9%86-%D8%A7%D9%84%D9%86%D8%A7%D9%85%D9%8A%D8%A9-70-%D9%85%D9%84%D9%8A%D8%A7%D8%B1-%D8%AF%D9%88%D9%84%D8%A7%D8%B1\/5705664\">Youm7<\/a> reports Deputy Planning Minister Ahmed Kamaly as saying.<\/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\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/environment\/\">environment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/environment-ministry\/\">Environment Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/scuba-diving\/\">scuba diving<\/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\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=\"544965\" 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\/29\/544965\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-544965\" class=\"content-area-description single-story post-544965 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 \u2013 new administrative capital \u2013 10th of Ramadan Light Rail Train (LRT) line <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/327078179462609\">will start operating<\/a>.<\/p>\n<p>March: The new multi-purpose station at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b705927d-ff68-4720-8bae-3b3dfde3705d\">Dekheila Port and the revamped Ain Sokhna Port<\/a> will start operating.<\/p>\n<p>March: General Authority for Land and Dry Ports <a href=\"https:\/\/bit.ly\/3IbQQKI\">to issue the condition booklets<\/a> for the operations of the Tenth of Ramadan dry port.<\/p>\n<p>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' playoff (TBC).<\/p>\n<p>26 March (Saturday): Egypt-EU World Trade Organization dispute settlement consultations end.<\/p>\n<p>28-29 March (Monday-Tuesday): The Egypt International Mining Show (<a href=\"https:\/\/egypt-mining.com\/\">EIMS 2022<\/a>) will take place virtually.<\/p>\n<p>28 March (Monday): The second leg of the 2022 FIFA World Cup qualifiers' playoff between Egypt and Senegal (TBC).<\/p>\n<p>28 March (Monday): The court hearing for a case brought by Arabia Investments Holding (AIH) against Peugeot <a href=\"https:\/\/ent.news\/2022\/3\/AIH-lawsuit-Peugeot.pdf\">has been postponed<\/a> until 28 March.<\/p>\n<p>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>31 March (Thursday): OPEC+ meets to review a modest oil supply rise.<\/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":544939,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-544938","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"5cde3dc9-cd2a-4d70-8208-844e4d175041","teaser":"","photo_url":"https:\/\/ent.news\/2022\/3\/380.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gov\u2019t downgrades growth forecast for FY2021-2022.  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