{"id":545015,"date":"2022-03-31T04:00:49","date_gmt":"2022-03-31T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=545015"},"modified":"2025-12-15T20:54:16","modified_gmt":"2025-12-15T20:54:16","slug":"lots-of-love-for-egypt-usd-15-bn-pledge-from-ksa-a-shout-out-from-georgieva-as-imf-talks-continue","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/lots-of-love-for-egypt-usd-15-bn-pledge-from-ksa-a-shout-out-from-georgieva-as-imf-talks-continue\/","title":{"rendered":"Lots of love for Egypt: USD 15 bn pledge from KSA + a shout-out from Georgieva as IMF talks continue"},"content":{"rendered":"<section id=\"545017\" 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=\"545017\">\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\/31\/this-morning-maait-meets-with-imf-head-european-countries-are-preparing-to-ration-gas-as-russia-standoff-continues\/\">\r\n                            THIS MORNING: Maait meets with IMF head + European countries are preparing to ration gas as Russia standoff continues                        <\/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            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      <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545017\" class=\"content-area-description single-story post-545017 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-egx tag-energy tag-enterpriseam tag-europe tag-imf tag-income-tax tag-kristalina-georgieva tag-mohamed-maait tag-oil-and-gas tag-ramadan tag-russia tag-russia-ukraine-conflict tag-tax 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>Well, friends, we\u2019ve made it through another workweek together<\/strong> \u2014 and we now have just two more days left until the start of Ramadan.<\/p><p><strong>We continue to publish at 6am CLT Sunday-Thursday <\/strong>during the holy month. You can also look forward to our popular Your Wealth edition tomorrow morning. The theme (predictably enough) is Ramadan.<\/p><p><strong>PSA #1- A weeklong heat wave hits us on Saturday<\/strong>, which we expect is the first day of Ramadan. The mercury will start its rise today (look for a high of 30\u00b0C in the capital city), hit 36\u00b0C on Saturday and peak at 44\u00b0C a week from today, according to our favourite weather app\u2019s long-range forecast.<\/p><p><strong>PSA #2- The EGX <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/3\/EGX-Ramadan-hours.jpg\">announced (pdf)<\/a><\/strong><strong> yesterday shortened hours<\/strong> that will be in place for the holy month. The opening bell will be at <strong>10am<\/strong> and last trades will take place at <strong>1:30pm<\/strong>.<\/p><p><strong>Banks are also keeping shorter hours for the month<\/strong>, with employees due in from 9am-2pm, while customers will have access to services from 9:30am-1:30pm, <a href=\"https:\/\/ent.news\/2022\/3\/CBE-Ramadan-Timings-.pdf\">the central bank has said (pdf)<\/a>.<\/p><p><strong>SO, WHEN DO WE EAT? <\/strong>You have until 4:16am CLT on Saturday to have sohour, while maghreb prayers will signal the breaking of the fast on the first day at 6:15pm.<\/p><hr class=\"grey-line\"><p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>WATCH THIS SPACE- The IMF is sending more kind words our way as negotiations continue on an assistance<\/strong><strong> package:<\/strong> IMF head Kristalina Georgieva <a href=\"https:\/\/twitter.com\/KGeorgieva\/status\/1509263404573233155\">has welcomed<\/a> Egypt\u2019s swift response to \u201chead off the balance of payment shock and impact of rising food prices\u201d caused by Russia\u2019s war in Ukraine. Speaking with Finance Minister Mohamed Maait yesterday on the sidelines of the World Government Summit in Dubai, Georgieva said the Fund will \u201csupport a program that helps to buttress reserves, protect the vulnerable, and strengthen private sector-led growth.\u201d<\/p><p><strong>The IMF is talking with Egyptian officials about a new program that would \u201csupport the structural reforms of the Egyptian economy,\u201d<\/strong> a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/370156251821468\">cabinet statement<\/a> said, without providing further details. Last week, the Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">confirmed<\/a> it had requested support from the IMF to cushion the impact of the war in Ukraine on our economy.<\/p><p><strong>Egypt\u2019s investment in education, healthcare and irrigation also got shoutouts from the IMF chief:<\/strong> In her <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/03\/28\/sp033022-MD-remarks-MCD-adaptation-WGS\">opening remarks<\/a> at the summit, Georgieva commended Egypt for investing in modern irrigation techniques, education, and health care, citing these efforts as \u201cpositive examples of prioritizing high-value, \u2018no-regrets\u2019 risk management measures justified under all plausible future climate scenarios.\u201d<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>It\u2019s Swvl\u2019s big day in NY:<\/strong> Homegrown mass transit app Swvl will debut on the Nasdaq today, merging with its SPAC, Queen\u2019s Gambit Growth Capital. We have all the details in this morning\u2019s Speed Round, below.<\/p><p><strong>PSA #3- Today is the deadline for all individual taxpayers to submit their 2021 tax returns<\/strong> to the Tax Authority. The deadline for companies with January-December fiscal years is 30 April.<\/p><p><strong>Cyprus Energy Minister Natasa Pilidou is wrapping up her <\/strong><strong><a href=\"https:\/\/meci.gov.cy\/en\/useful-information\/announcements\/business-delegation-forum-to-egypt-28-%E2%80%93-31-march-2022\">four-day visit<\/a><\/strong><strong> to Egypt today.<\/strong> The minister is heading a delegation of Cypriot companies to discuss business ties with ministers and Egyptian firms.<\/p><p><strong>OPEC+ will likely <\/strong><strong>boost production during its meeting today<\/strong> but the expected increase will likely fail to bridge the supply gap from Russia, according to analysts surveyed by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/opec-expected-to-rebuff-calls-to-replace-lost-russian-oil?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>. Earlier this week the Saudi and UAE energy ministers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe06a304-c8fb-4917-a0f3-7ee766d4a6ab\">have made clear<\/a> they won\u2019t be heeding US-led calls to kick Russia out of the oil cartel over its war in Ukraine. \u201cWe won\u2019t add resources if the market is balanced, and the resources are in the market,\u201d the Emirati minister said.<\/p><hr class=\"grey-line\"><p><strong>DATA POINT- Investors have poured some EGP 300 bn into 18% CDs <\/strong>launched by Banque Misr and the National Bank of Egypt (NBE) following last week\u2019s 100-bps interest rate hike, according to <a href=\"https:\/\/bit.ly\/3wUn1eO\">Hapi Journal<\/a>.<\/p><p><strong>MARKET WATCH- <\/strong><\/p><p><strong>Gas rationing coming to Europe?<\/strong> Germany and Austria have activated an \u201cemergency plan\u201d to manage gas supplies yesterday that falls just short of full on rationing as they prepare for possible disruptions to Russian fuel supplies. Russia is demanding that all \u201cunfriendly\u201d countries purchase its gas using RUB rather than EUR, and is threatening to suspend shipments to countries that don\u2019t comply. European buyers have so far rejected the demands, raising the stakes ahead of today when Russia is expected to announce the RUB payment mechanism.<\/p><p><strong>The German economy faces a serious hit should the government have to ration fuel:<\/strong> according to regulations, industry will be first made to cut usage, protecting households and critical infrastructure. German economic experts are forecasting the economy to enter recession should supplies see disruption. The story has received coverage from <a href=\"https:\/\/www.reuters.com\/business\/energy\/germany-declares-early-warning-potential-gas-supply-disruptions-2022-03-30\/\">Reuters<\/a>, <a href=\"https:\/\/www.cnbc.com\/2022\/03\/30\/russia-invasion-of-ukraine-is-increasing-risk-of-a-recession-in-germany-think-tank-says.html#\">CNBC<\/a>, the <a href=\"https:\/\/www.theguardian.com\/business\/2022\/mar\/30\/germany-close-to-gas-rationing-as-it-activates-emergency-fuel-plan\">Guardian<\/a>, and the <a href=\"https:\/\/www.ft.com\/content\/0706d6f4-6668-4f67-ab1c-d535d847caf7\">Financial Times.<\/a><\/p><p><strong>This may just be the beginning<\/strong>: Russia has indicated that it could soon price all of its exports in RUB, potentially cutting off not just hydrocarbons, but metals, grains and rare earth minerals to everyone who refuses to transact in its own currency. The proposal was put forward yesterday by the speaker of the parliament, and was quickly hit upon by Kremlin spokesperson Dmity Peskov, who said that \"this is an idea that should definitely be worked on,\" <a href=\"https:\/\/www.reuters.com\/business\/find-roubles-if-you-want-russian-oil-grain-or-metals-top-lawmaker-says-2022-03-30\/\">Reuters<\/a> reports<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>It\u2019s a new month tomorrow. The key news triggers to keep your eye on:<\/strong><\/p><ul>\n<li><strong>PMI:<\/strong> Purchasing managers\u2019 index figures for March for Egypt, Saudi Arabia, the UAE, and Qatar <a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/ReleaseDates?language=en\">will be released<\/a> on Tuesday, 5 April.<\/li>\n<li><strong>Foreign reserves:<\/strong> March\u2019s foreign reserves figures will be announced during the first week of the month.<\/li>\n<li><strong>Inflation:<\/strong> Inflation figures for February are expected on Sunday, 10 April.<\/li>\n<\/ul><p><strong>Companies have a little less than two weeks to file their first quarterly ESG compliance rep<\/strong><strong>ort: <\/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. <strong><a href=\"mailto:mtaalab@inktankir.com\">Reach out to Moustafa Taalab at InkankIR, our parent company, if you need some help.<\/a><\/strong><\/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>\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\/egx\/\">EGX<\/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\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/income-tax\/\">income tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kristalina-georgieva\/\">Kristalina Georgieva<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/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\/ramadan\/\">Ramadan<\/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\/tax\/\">tax<\/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=\"545018\" 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=\"545018\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/545018\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545018\" class=\"content-area-description single-story post-545018 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=\"545019\" 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=\"545019\">\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\/31\/saudi-arabia-pledges-usd-15-bn-to-support-egypt-through-ukraine-crisis\/\">\r\n                            Saudi Arabia pledges USD 15 bn to support Egypt through Ukraine crisis                        <\/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\/31\/saudi-arabia-pledges-usd-15-bn-to-support-egypt-through-ukraine-crisis\/\" 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 deposit has a one-year maturity and could be rolled over, <a href=\"https:\/\/www.asharqbusiness.com\/article\/35628\">Bloomberg Asharq<\/a> reports, citing a source with knowledge of the transaction.<\/p>\n<p><strong>In parallel, the Saudi sovereign wealth fund is looking to invest USD 10 bn in Egypt<\/strong>\u2019s healthcare, education, agriculture and financial services sectors, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/370099515160475\">cabinet statement<\/a>. The readout gave no details about when the Public Investment Fund would deploy the capital and the agreement is pending \u201cconstitutional procedures,\u201d Prime Minister Moustafa Madbouly said.<\/p>\n<p><strong>Riyadh joins the UAE and Qatar providing us with support:<\/strong> Doha has committed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">investing USD 5 bn<\/a> in Egyptian companies and projects, while Abu Dhabi wealth fund ADQ has earmarked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/173a4bd1-68e9-478a-8422-135f238e0210\">USD 2 bn<\/a> to buy state-owned stakes in public companies. ADQ is reportedly eyeing state-owned stakes held in EGX-listed CIB and Fawry \u2014 high-profile, private-sector financial services companies \u2014 as well as a number of state-owned, semi-privatized fertilizer companies.<\/p>\n<p><strong>This means our Gulf allies have lined up USD 22 bn in investment and funding for Egypt<\/strong>, most of it having been announced this week after ADQ led the way earlier in the month.<\/p>\n<p><strong>Is Kuwait next in line? <\/strong>BNP Paribas thinks so. In a research note published earlier this week, the bank predicted Saudi would make a deposit and said it thinks there is a \u201creasonable chance\u201d that we\u2019ll be getting USD 2 bn from Kuwait in the coming weeks. President Abdel Fattah El Sisi has made visits to both the KSA and Kuwait for high-level talks in recent weeks.<\/p>\n<p><strong>Does all of this pave the way for a fresh round of IMF funding?<\/strong> \u201cThe transfer helps alleviate short-term funding pressures and should help seal the IMF program as it covers part of the expected funding gap,\u201d EFG Hermes\u2019 head of macro research, Mohamed Abu Basha, told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/saudi-arabia-makes-5-billion-deposit-in-egypt-central-bank\">Bloomberg<\/a>. In a note this week, BNP Paribas estimated Egypt\u2019s total funding gap in FY 2021-2022 is around <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">USD 17.6 bn<\/a>.<\/p>\n<p><strong>Talks with the Fund are ongoing:<\/strong> We\u2019re <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">in talks with the IMF<\/a> over another rescue package, though the jury remains out on how much the Fund will lend us and what conditions will be attached to the loan.<\/p>\n<p><strong>BACKGROUND- By our math, the new deposit roughly doubles Saudi funds at the CBE to more than USD 10 bn<\/strong>, after Riyadh in October <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b532cba-3a87-42b6-8d2e-68f349483747\">provided Egypt<\/a> with USD 3 bn to help us overcome the effects of the pandemic and shore up its foreign reserves and extended the maturity of another USD 2.3 bn of existing deposits.<\/p>\n<p><strong>The move comes as the state grapples with rising food and energy prices<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4326ba97-66fb-46dd-ae77-fd44a77faff7\">lower tourism revenues<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">portfolio outflows<\/a> that continue to pressure our balance of payments on the back of Russia\u2019s war in Ukraine.<\/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\/crown-prince-mohammed-bin-salman\/\">Crown Prince Mohammed bin Salman<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545021\" 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=\"545021\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/\">\r\n                            National Bank of Egypt ups stake in Fawry \u2014 is a stake sale to ADQ next?                        <\/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\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/\" 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\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/')\">\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\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/\">\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=National Bank of Egypt ups stake in Fawry \u2014 is a stake sale to ADQ next?&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/\">\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\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/&title=National Bank of Egypt ups stake in Fawry \u2014 is a stake sale to ADQ next?\">\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=National+Bank+of+Egypt+ups+stake+in+Fawry+%E2%80%94+is+a+stake+sale+to+ADQ+next%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2Fnational-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next%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\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/711.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545022\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/national-bank-of-egypt-ups-stake-in-fawry-is-a-stake-sale-to-adq-next\/711-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/711.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"711.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/711.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/711.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545021\" class=\"content-area-description single-story post-545021 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-adq tag-banque-misr tag-egx tag-enterpriseam tag-fawry tag-fintech tag-ma-watch tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Another state-owned bank appears to have just bought a chunk of Fawry, <\/strong><strong>likely setting up the sale of the government-controlled stake to Abu Dhabi\u2019s ADQ<\/strong><strong>.<\/strong> The National Bank of Egypt (NBE) has upped its stake in Fawry, less than a week after Banque Misr more than doubled its holdings in the fintech firm. The EGX-listed company <a href=\"https:\/\/ent.news\/2022\/3\/Screen-Shot-2022-03-30-at-1.13.20-PM.png\">announced<\/a> yesterday that stakes totalling 6% of the company\u2019s shares had changed hands and been acquired by an unnamed investor. Consensus in the press is that the buyer was the National Bank of Egypt (see: <a href=\"https:\/\/www.asharqbusiness.com\/article\/35610\">Bloomberg Asharq<\/a>, <a href=\"https:\/\/bit.ly\/3qORcAa\">Hapi Journal<\/a>, <a href=\"https:\/\/bit.ly\/3IR40fQ\">Al Mal<\/a>, and <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=30032022&id=548ed404-efbb-4820-9f26-03b73cfec601\">Al Shorouk<\/a>). A top NBE official declined to confirm or deny the news when we asked yesterday.<\/p>\n<p><strong>Running the numbers:<\/strong> The state-owned bank paid more than EGP 1 bn in a block transaction, handing it some 102.5 mn shares at EGP 10.25 apiece. This raised its total stake in the company to 12.25%, making it the second-biggest shareholder after Banque Misr.<\/p>\n<p><strong>Who\u2019s selling?<\/strong> The sellers were international investors, including Link Holdco and Black Sparrow Long Term Investments (which Fawry has previously said was controlled by FIM Partners), Asharq reported, citing sources with knowledge of the matter.<\/p>\n<p><strong>This would be the second state-owned bank to purchase shares in the fintech darling in the past week: <\/strong>Banque Misr last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/173a4bd1-68e9-478a-8422-135f238e0210\">purchased an 8.85%<\/a> stake in a EGP 1.47 bn transaction, upping its ownership to 15.8%. Between them, the banks now own more than 28% of the company, up from around 13.2%.<\/p>\n<p><strong>All the more to sell to ADQ<\/strong>, which will reportedly purchase an undisclosed stake in the company as part of a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b620f717-d83d-4c48-906c-a85dca2eff2a\">USD 2 bn investment<\/a> agreed earlier this month to shore up Egypt\u2019s finances as its balance of payments comes under pressure from rising commodity prices. The Abu Dhabi wealth fund will acquire government-owned stakes in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/173a4bd1-68e9-478a-8422-135f238e0210\">five EGX-listed firms<\/a> including leading private sector bank CIB, Abu Qir Fertilizers, Mopco, and Alexandria Container & Cargo Handling.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545023\" 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=\"545023\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/\">\r\n                            Swvl to debut on the Nasdaq today after SPAC merger approved                        <\/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\/31\/swvl-to-debut-on-the-nasdaq-today-after-spac-merger-approved\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Swvl is the second Middle Eastern tech company to list on the Nasdaq via a SPAC merger, after Abu Dhabi-based music streaming platform Anghami made its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7fed1190-1b84-448b-af10-5879267c0b75\">debut<\/a> earlier this year.<\/p>\n<p><strong>Swvl is listing 35% of its shares under the ticker SWVL.<\/strong> Nasdaq trading opens at 9:30am EST \u2014 or 3:30pm CLT, with the shares set to open at USD 10 per share<strong>,<\/strong> Salem told us. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/491a4363-fd78-435b-abee-d85c2c9cb5a1\">plans to invest<\/a> USD 250-300 mn over the next three years to expand its global footprint after it goes public.<\/p>\n<p><strong>All eyes will be on Swvl\u2019s performance today \u2014 and there may be some trepidation given the headwinds SPACs (and the Nasdaq) have recently faced<\/strong>. Redemption rates for US SPACs are <a href=\"https:\/\/capitalintelligence.acuris.com\/spac-mergers-are-falling-over-like-never-before#!\">soaring<\/a>, more blank-check mergers are being <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-02-14\/spac-mergers-are-falling-apart-at-rapid-pace-in-sign-of-fatigue?sref=mmeFTDW1\">canceled<\/a>, and the Nasdaq has been battered by an extended sell-off in tech stocks amid global volatility. Anghami saw mass redemptions on its debut, as shareholders traded in 9.8 mn of the SPAC\u2019s 10 mn shares for cash.<\/p>\n<p><strong>But Swvl is feeling confident: <\/strong>\u201cWe are not concerned because we have a pipeline of fully committed capital, between the PIPE investments we\u2019ve received and non-redemption agreements that we\u2019ve signed with Queen\u2019s Gambit\u2019s investors,\u201d Salem <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/504be7cf-b9c5-4cc7-8dc3-c1b39caa3e3e\">told us<\/a> previously.<\/p>\n<p><strong>Backing the listing:<\/strong> The SPAC has raised USD 121.5 mn in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eef3c40-2b12-4e25-a16b-fb8ee9063438\">private investment in public equities<\/a> (PIPE). Among those committing capital were the European Bank for Reconstruction and Development (EBRD), auto parts maker Teklas\u2019 VC arm Teklas Ventures, our friends at <a href=\"https:\/\/www.chimerainvestment.com\/Website\/en\/vcdetails.aspx?fundid=1\">Chimera<\/a>, as well as <a href=\"https:\/\/www.agility.com\/en\/agility-ventures\/\">Agility<\/a>, Luxor Capital Group, and <a href=\"https:\/\/zain-ventures.com\/\">Zain Ventures<\/a><\/p>\n<p><strong>LOCAL<\/strong><strong> ADVISORS:<\/strong> Law firm Ibrachy & Dermarkar is Swvl\u2019s legal advisor on the merger, while Vinson & Elkins and Shahid Law Firm are acting as advisors for Queen\u2019s Gambit.<\/p>\n<p><strong>Swvl is also investing USD 15 mn in Argentina over the next three years to scale operations<\/strong>, Salem <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98e71cd0-0888-4dfc-9e3e-226386a8d7d1\">told us<\/a> earlier this month. Swvl entered Latin America for the first time late last year with its acquisition of a controlling stake in South American firm Viapool, following a soft entry a few months earlier with its acquisition of Spanish firm Shotl, which operates its on-demand SaaS platform in Brazil.<\/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\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nasdaq\/\">Nasdaq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"545025\" 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=\"545025\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/cabinet-is-working-on-a-roadmap-for-reducing-the-states-involvement-in-the-economy\/\">\r\n                            Cabinet is working on a roadmap for reducing the state\u2019s involvement in the economy                        <\/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\/31\/cabinet-is-working-on-a-roadmap-for-reducing-the-states-involvement-in-the-economy\/\" 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 framework will provide a roadmap for reducing the state\u2019s economic activities, charting which industries it will withdraw from and when, as well as ring fencing strategic sectors where it wants to retain a presence.<\/p>\n<p><strong>There aren\u2019t many details as yet, but here\u2019s what we know so far: <\/strong>The government is working on putting together a \u201ccomprehensive view\u201d of which sectors the state will be involved in for the next three years, the statement says, without providing further details. It will outline a \u201cgradual exit\u201d plan for the state from certain activities, which would be implemented in phases. Once the strategy is announced, the government will run an assessment of all state-held assets in the sectors it plans to exit and put in place a mechanism for these exits. The statement did not provide a timeline for when the strategy would be finalized.<\/p>\n<p><strong>Planning Minister Hala El Said had earlier likened the system to a traffic light: <\/strong>Green means \u201cGo\u201d for private investors, red would mean \u201chands off,\u201d while amber would be \u201cwe can work together on this.\u201d<\/p>\n<p><strong>Background:<\/strong> The Madbouly cabinet first announced the strategy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/64b9e6d1-bc05-4043-be42-1ff957f42c98\">late last year<\/a>. The announcement came as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5834140b-d304-4c1c-9483-4b92c5ad8478\">PPP Act cleared the House<\/a>, with the act having been designed to make it easier for private companies to bid for public infrastructure projects in a range of industries. The law is expected to both help Egypt close its <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/12\/egypt-faces-usd-230-bn-investment-gap-in-infrastructure-and-most-of-it-is-in-transportation\/\">infrastructure funding gap<\/a> while also helping to address concerns that the state\u2019s growing involvement in the economy, especially through mega-projects, is crowding out parts of the private sector.<\/p>\n<p><strong>Also approved during <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/369987511838342\">yesterday\u2019s meeting<\/a><\/strong><strong>: <\/strong><\/p>\n<ul>\n<li><strong>Extending the charter flight incentives program <\/strong>until 30 April, 2023. The cabinet last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b72aaca2-4297-4a97-b310-d48a89e9de79\">extended<\/a> it until 31 October, 2022. The program pays out between USD 1.5k and USD 3.5k per flight to charter airlines.<\/li>\n<li>A draft presidential decree on <strong>the EUR 221 mn financing agreement <\/strong>signed with the <strong>European Investment Bank<\/strong> (EIB) to partially finance the modernization of the Tanta-Mansoura-Damietta railway.<\/li>\n<li>A <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1865756e-516f-42e8-bd32-3634e28274cf\">EUR 78 mn loan<\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1865756e-516f-42e8-bd32-3634e28274cf\">from the<\/a><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1865756e-516f-42e8-bd32-3634e28274cf\">EIB<\/a><\/strong> to contribute to financing the Helwan Wastewater Treatment Plant.<\/li>\n<li><strong>The<\/strong><strong> draft <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">Senior Care Act<\/a><\/strong>, which would outlaw age discrimination against people aged 65 and above and legislate rights for senior citizens.<\/li>\n<li>The Prime Minister\u2019s draft decision to issue the <strong>executive regulations for the law establishing technological universities<\/strong> that was passed in 2019. The statement didn\u2019t disclose when the exec regs would be out.<\/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\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/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=\"545027\" 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=\"545027\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/offers-roll-in-for-the-management-of-ev-charging-station-company\/\">\r\n                            Offers roll in for the management of EV charging station company                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/offers-roll-in-for-the-management-of-ev-charging-station-company\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Bidding for the project closed at the end of last week.<\/p>\n<p><strong>Who\u2019s bidding? <\/strong>Our friends at renewable energy giant Infinity have submitted an offer, a company representative confirmed to Enterprise. A consortium of MB Engineering EV charging subsidiary <a href=\"https:\/\/www.sha7en.co\/\">Sha7en<\/a> (which recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6be62c2b-008b-402f-a1bc-fdb143bac8e9\">signed an agreement<\/a> to manage and operate 30 EV charging stations owned by defunct Revolta Egypt) and an unnamed French company is also in the running, Al Mal claims, citing unnamed sources. Saudi\u2019s AlSharif Group and an unnamed Emirati firm have also submitted bids, the local outlet reports.<\/p>\n<p><strong>What they\u2019re signing up for:<\/strong> The private sector partner selected to manage and operate the company will be locked in with a medium-term contract for its services, in exchange for a portion of the company\u2019s net income. The operator will also be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0a06d4ec-4025-490e-8842-45c8a9fe0d8a\">required<\/a> to put up 25% of the JV\u2019s capital. The company will set up 3k charging stations within 18 months around the country including in Greater Cairo, Alexandria and Sharm El Sheikh.<\/p>\n<p><strong>The company will be majority-owned by the private sector:<\/strong> Another 30% of the company will be offered to private sector firms, in addition to the 25% stake owned by the operator.<\/p>\n<p><strong>SFE, El Nasr + other state entities to split the remainder:<\/strong> The Sovereign Fund of Egypt, the Public Enterprises Ministry (via El Nasr Auto) and two other state entities will share the remaining 45% of the company, according to Al Mal. Each stakeholder will put up a corresponding portion of the venture\u2019s initial EGP 150 mn capital, with another EGP 300 mn to be raised from local banks.<\/p>\n<p><strong>What\u2019s next? <\/strong>The Public Enterprises Ministry is examining the offers. It will give priority to firms that have experience managing similar projects.<\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-tawfik\/\">Hisham Tawfik<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-enterprises-ministry\/\">Public Enterprises Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545029\" 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=\"545029\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/\">\r\n                            Intella closes USD 1 mn seed round + online grocer ON Market raises USD 215k                        <\/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\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/\" 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\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/')\">\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\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/\">\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=Intella closes USD 1 mn seed round + online grocer ON Market raises USD 215k&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/\">\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\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/&title=Intella closes USD 1 mn seed round + online grocer ON Market raises USD 215k\">\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=Intella+closes+USD+1+mn+seed+round+%2B+online+grocer+ON+Market+raises+USD+215k+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2Fintella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k%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\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/715.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545030\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/intella-closes-usd-1-mn-seed-round-online-grocer-on-market-raises-usd-215k\/715-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/715.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"715.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/715.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/715.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545029\" class=\"content-area-description single-story post-545029 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-fintech tag-grocery tag-grubtech tag-intella tag-on-market tag-paymob 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 id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>Cairo-based market research firm <\/strong><strong><a href=\"https:\/\/www.intellaworld.com\/\">Intella<\/a><\/strong><strong> has secured USD 1 mn in a seed funding<\/strong><strong> round<\/strong> led by <a href=\"https:\/\/www.halavc.com\/\">Hala Ventures<\/a>, with participation from <a href=\"https:\/\/falakstartups.com\/\">Falak Startups<\/a>, the International Cooperation Ministry\u2019s venture capital arm, <a href=\"https:\/\/egyptventures.com\/\">Egypt Ventures<\/a>, and a number of angel investors, according to a <a href=\"https:\/\/ent.news\/2022\/3\/Intella-Seed-Fund-Press-Release.pdf\">statement<\/a><a href=\"https:\/\/ent.news\/2022\/3\/Intella-Seed-Fund-Press-Release.pdf\">(pdf)<\/a>. The startup bills itself as the region\u2019s first real-time intelligence provider, and aims to make data and market research more accessible and reliable by enabling customers to conduct \u201cdirect to consumer\u201d market research.<\/p>\n<p><strong>The funding will help the company expand the platform\u2019s tech offerings<\/strong>, including launching a platform-as-a-service (PaaS) and developing new AI-based predictive analytic tools. These tools \u201cwill ultimately help Intella ramp up its capacity to capture 1.2 mn + data points per day, while growing its panelist engagement platform to reach 500K verified users,\u201d CEO Nour Altaher said.<\/p>\n<p><strong>ALSO FROM PLANET STARTUP-<\/strong><\/p>\n<p><strong>Online grocery marketplace ON Market has raised USD 215k<\/strong> <strong>in a pre-seed round<\/strong> from regional angel investors led by Saudi Arabia\u2019s Yasser AlGhamdi (<a href=\"https:\/\/sa.linkedin.com\/in\/yaser-saeed-alghamdi-b7578756\">LinkedIn<\/a>), the company said in a <a href=\"https:\/\/ent.news\/2022\/3\/ON-Market-Pre-Seed-Investment-Press-Release-Final.pdf\">statement (pdf)<\/a>. The startup will use the funds to expand in its existing Tanta and Cairo markets, launch in Mansoura and Alexandria, and scale its tech solutions.<\/p>\n<p><strong>About ON Market: <\/strong>The startup is the first in the market to allow shoppers to combine purchases from multiple retailers in a single order basket, according to the release. Customers can purchase up to EGP 1.5k of goods per order for delivery within an hour through the app, which launched in Tanta in 2020 before expanding to Greater Cairo\u2019s Nasr City and Heliopolis in February. ON Market graduated last year from AUC Venture Lab\u2019s <a href=\"https:\/\/business.aucegypt.edu\/centers\/vlab\/programs\">accelerator program<\/a>.<\/p>\n<p><strong>We like the fact that ON Market started in a governorate <\/strong>before moving into Cairo. More of this, please.<\/p>\n<p><strong>Future plans: <\/strong>The company aims to launch operations in Mansoura in the third quarter of this year, and in Alexandria in 2Q2023.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>SME-focused fintech startup <\/strong><strong><a href=\"https:\/\/www.paymint-eg.com\/\">PayMint<\/a><\/strong><strong> has closed a seven-figure seed round<\/strong> from Aur Capital subsidiary <a href=\"https:\/\/aurcapital.com\/portfolio\/aur-fintech\/\">Aur Fintech<\/a>, according to a <a href=\"https:\/\/www.wamda.com\/2022\/03\/paymint-raises-seven-figure-seed-funding-arabic-english\">press release<\/a> picked up by Wamda. The release does not specify the currency of the seed round.<\/p>\n<p><strong>About PayMint: <\/strong>Founded in 2019, the company provides fintech services to SMEs, including salary payments, working capital financing, and supplier payments.<\/p>\n<p><strong>Where is the money going?<\/strong> The funding will support the company\u2019s expansion plans in Egypt, which include launching new payment services and microfinance products for small firms.<\/p>\n<p><strong>ADVISORS:\u00a0<\/strong>Our friends at <a href=\"http:\/\/www.alc.law\/\">ALC Alieldean Weshahi & Partners<\/a> were legal advisors to Aur Fintech on the transaction.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>Paymob + GrubTech partnership to streamline payments for Egypt\u2019s F&B industry:<\/strong> GrubTech, a restaurant platform, and payment gateway Paymob have signed a partnership agreement to incorporate digital payments for local restaurants, cafes, and cloud kitchens using GrubTech, according to a <a href=\"https:\/\/ent.news\/2022\/3\/GrubTech-and-Paymob-partner-to-disrupt-Egypts-FB-payment-ecosystem.pdf\">press release (pdf)<\/a>. Industry players that use GrubTech\u2019s PoS and restaurant management system will automatically be included in Paymob\u2019s network, which will see Paymob process consumer card payments through GrubTech\u2019s PoS.<\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grocery\/\">Grocery<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grubtech\/\">GrubTech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/intella\/\">Intella<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/on-market\/\">ON Market<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paymob\/\">Paymob<\/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=\"545031\" 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=\"545031\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/24-hours-is-a-long-time-in-politics\/\">\r\n                            24 hours is a long time in politics                        <\/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\/31\/24-hours-is-a-long-time-in-politics\/\" 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\/31\/24-hours-is-a-long-time-in-politics\/')\">\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\/31\/24-hours-is-a-long-time-in-politics\/\">\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=24 hours is a long time in politics&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/24-hours-is-a-long-time-in-politics\/\">\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\/31\/24-hours-is-a-long-time-in-politics\/&title=24 hours is a long time in politics\">\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=24+hours+is+a+long+time+in+politics+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2F24-hours-is-a-long-time-in-politics%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\/31\/24-hours-is-a-long-time-in-politics\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545031\" class=\"content-area-description single-story post-545031 post type-post status-publish format-standard hentry category-war-watch tag-diplomacy tag-enterpriseam tag-politics tag-russia tag-russia-ukraine-conflict 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-07\"><\/a> <strong>Competing narratives have emerged from the ongoing<\/strong> <strong>Russia-Ukraine peace talks: <\/strong>Russian and Ukrainian negotiators made \u201csubstantial progress\u201d in peace talks in Istanbul, Russian Foreign Minister Sergei Lavrov told state media, the <a href=\"https:\/\/www.ft.com\/content\/6afc2715-3f4e-48fc-bbb6-5a50b54f7e4b\">Financial Times<\/a> reported yesterday. Ukraine\u2019s non-nuclear, neutral status was confirmed during the talks, and that the issues of Crimea and the Donbas \u2014 two Ukrainian regions where Russia has annexed territory \u2014 have been \u201csettled for good,\u201d he said.<\/p>\n<p><strong>Ukrainian officials had a different interpretation of the talks:<\/strong> Kyiv officials denied that any progress had been made in the issue of territory, with a foreign ministry spokesperson saying that Kyiv is only willing to discuss the future of Crimea and the Donbas once Russia has handed the territories back to them.<\/p>\n<p><strong>Russia continued to bomb Ukrainian cities, despite a pledge to de-escalate: <\/strong>Ukrainian officials <a href=\"https:\/\/www.theguardian.com\/world\/2022\/mar\/30\/ukraine-russia-bombards-chernihiv-hours-after-pledging-to-halt-shelling\">accused Moscow<\/a> of lying during Tuesday\u2019s peace talks and said that shelling continued all through the night. The Kremlin had said it would withdraw troops and scale back attacks on the Ukrainian capital and the northern city of Chernihiv to \u201cincrease mutual trust\u201d during the negotiations, but reports yesterday suggested that shelling continued in the region.<\/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\/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\/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=\"545032\" 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=\"545032\">\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\">Coffee With<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/coffee-with-contact-financial-holding-cfo-ayman-elsawy\/\">\r\n                            Coffee With: Contact Financial Holding CFO Ayman Elsawy                        <\/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\/31\/coffee-with-contact-financial-holding-cfo-ayman-elsawy\/\" 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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Newer types of debt are also gaining traction in the local market: CIB <a href=\"https:\/\/pressroom.ifc.org\/all\/pages\/PressDetail.aspx?ID=26548\">brought<\/a> us our first corporate green bond issuance last year, while this March saw Palm Hills Developments (PHD) sell the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\">first corporate sukuk<\/a> of 2022 after a quiet few years.<\/p>\n<p><strong>Looking ahead, there\u2019s plenty to be excited about \u2014 not least the chance that we could see our first future flow securitization<\/strong>, after President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e55edf1-ff7f-4e05-b6d8-a95effd46c60\">last week<\/a> ratified amendments to the Capital Markets Act that will allow the new product to come to market.<\/p>\n<p><strong>Leading some of the most significant debt issuances of late is <\/strong><strong><a href=\"https:\/\/investorrelations.contact.eg\/\">Contact Financial Holding<\/a><\/strong> (formerly Sarwa Capital). Contact subsidiary Sarwa Capital managed and promoted PHD\u2019s EGP 3.25 bn sukuk issuance, and is also hoping to become the first to bring a future flow securitization to market at some point in the second half of this year. We sat down for coffee with Contact CFO Ayman Elsawy (<a href=\"https:\/\/eg.linkedin.com\/in\/ayman-elsawy-0ba35623\">LinkedIn<\/a>) to discuss what made the PHD issuance different, how future flow securitization could shake up the debt market, and what the financial services firm has planned for the rest of this year.<\/p>\n<p><strong>E<\/strong><strong>dited excerpts from our conversation:<\/strong><\/p>\n<p><strong>This week\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\">EGP 3.25 bn sukuk issuance<\/a><\/strong><strong> for Palm Hills was a very unique transaction<\/strong>. It\u2019s the first time an Egyptian developer has tapped the sukuk market for a project that has yet to be built. Most developers sell units in advance, and rely on the proceeds to fund project construction. This is not ideal, because it can cause issues related to the developer\u2019s cashflow and ability to complete the construction process. But with these sukuk, we can raise money in advance of construction, accelerating the building process and mitigating risks.<\/p>\n<p><strong>After last week\u2019s devaluation, most developers are facing cost overruns in their projects due to increases in the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f3d9c78-7c67-482e-b195-79491112c51c\">prices of raw materials<\/a><\/strong><strong>. <\/strong>They\u2019ve sold the units at a specific price, but on the construction side, prices increased. This will lower bottom lines or even lead to losses for some projects. But for sukuk-funded projects, the rate of return will be enhanced significantly, because the developer can offer built units, giving them flexibility on pricing. It also gives developers the flexibility to rent rather than sell units, which could help solve the problem of unsold units in our housing market.<\/p>\n<p><strong>We\u2019re hoping to issue another EGP 5-6 bn in sukuk this year. <\/strong>Our next issuance will likely be for <a href=\"https:\/\/wadidegladevelopments.com\/\">Wadi Degla Developments<\/a>, hopefully in the second or third quarter of this year. We\u2019re targeting an issuance size of around EGP 1.2-1.5 bn, to finance the developer\u2019s <a href=\"https:\/\/wadidegladevelopments.com\/portfolio\/murano\/\">Murano<\/a> project in Ain Sokhna. ALC Alielden Weshahi & Partners are acting as legal advisors, and our strategic partner Misr Capital is working with us on the issuance.<\/p>\n<p><strong>We\u2019re in talks with the Financial Regulatory Authority to launch a future flow securitization <\/strong>now that the legal framework is in place. We hope to make an issuance for one of the largest corporate firms in Egypt in the second half of 2022. We\u2019re lucky to have the support of the FRA to introduce this product. There needs to be a market first, and then we can further regulate it.<\/p>\n<p><strong>There\u2019s a huge potential market for future flow securitization, <\/strong>with opportunities in both the corporate and government sector. It\u2019s simply discounting cashflow on expected revenues, and using the discounted cashflow to expand. It\u2019s a very useful way for anyone who has a solid cashflow stream to raise capex funding. Future revenues from flight tickets, school and university fees, hospital fees, club memberships, renewable energy, utility bills, and more could all be securitized. Say a school provider wants to expand and build a new premises, they can use the discounted cashflow to do so. The Finance Ministry could even consider securitizing tax revenues. It\u2019s a new idea, so we need to educate businesses about the potential benefits.<\/p>\n<p><strong>I believe this year is still the right time to introduce future flow securitization to the local market despite current global challenges. <\/strong>I can see the demand, and I don\u2019t see any reason to wait. The macroeconomics is going well, and the problems we\u2019re facing are a one-off issue. There\u2019s demand from the corporate side and investors have a lot of liquidity. We can also structure future flow issuances in flexible ways to mitigate risk and cashflow volatility.<\/p>\n<p><strong>Recent crises like the pandemic actually help us make better predictions when it comes to structuring future flow issuances. <\/strong>We have a lot of experience now about what can happen in a crisis, allowing us to forecast cashflow volatility across sectors and companies.<\/p>\n<p><strong>For now, we\u2019re targeting products like sukuk and securitizations at sophisticated local investors, but we\u2019re looking to expand. <\/strong>Given the current circumstances, there\u2019s been a bit of a delay, but once we have a stable market I think the GCC in particular will be interested in investing in Egyptian sukuk.<\/p>\n<p><strong>Our longer-term target is to offer these kinds of debt instruments to retail investors.<\/strong> We need to activate the secondary market as soon as possible, because I can see the demand. Sukuk and some kinds of funds are especially attractive because they\u2019re sharia-compliant. Our challenge now is to create a market mechanism and demand to offer products like sukuk to retail investors, and I believe we\u2019ll see this soon. Once there\u2019s a secondary market for these instruments, I think it will encourage a lot of issuances. Accessing the retail market could be a game changer.<\/p>\n<p><strong>In terms of future trends in debt, we\u2019re excited about moveable assets, money market and other types of funds. <\/strong>We\u2019re hoping to soon launch a movable assets fund after clearing some final points with the FRA. [Editor\u2019s note: Movable assets funds provide liquidity to businesses by using assets such as accounts receivables, inventories, and machinery as collateral. Unlike securitization, this doesn\u2019t require issuing bonds or the setup of a special purpose vehicle.] It\u2019s a very interesting tool for non-bank financial institutions, and a very lucrative product for the retail market. We\u2019re also focusing on money market funds \u2014 Contact\u2019s ins. arm, Sarwa Life Ins., successfully launched one in February <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5aae13a-dcca-4201-b3c3-0f924b42b208\">last year<\/a>. I believe such funds will solve the challenge of accessing retail investors directly.<\/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\/ayman-elsawy\/\">Ayman Elsawy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/contact-financial\/\">Contact Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/movable-asset-funds\/\">movable asset funds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sukuk\/\">sukuk<\/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=\"545034\" 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=\"545034\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/oc-named-most-valuable-egyptian-brand\/\">\r\n                            OC named most valuable Egyptian brand                        <\/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\/31\/oc-named-most-valuable-egyptian-brand\/\" 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\/31\/oc-named-most-valuable-egyptian-brand\/')\">\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\/31\/oc-named-most-valuable-egyptian-brand\/\">\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=OC named most valuable Egyptian brand&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/oc-named-most-valuable-egyptian-brand\/\">\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\/31\/oc-named-most-valuable-egyptian-brand\/&title=OC named most valuable Egyptian brand\">\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=OC+named+most+valuable+Egyptian+brand+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2Foc-named-most-valuable-egyptian-brand%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\/31\/oc-named-most-valuable-egyptian-brand\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545034\" class=\"content-area-description single-story post-545034 post type-post status-publish format-standard hentry category-kudos tag-banque-misr tag-bekia tag-bonellierede tag-cement tag-cib tag-eastern-company tag-enterpriseam tag-green-economy tag-kudos tag-law tag-lubya tag-orascom-construction tag-recycling tag-talabat tag-waste-management tag-zahaf-partners wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong><a href=\"https:\/\/bit.ly\/3tHA4hA\">Brand Finance has named<\/a><\/strong><strong> Orascom Construction as Egypt\u2019s most valuable brand<\/strong>, valuing it at USD 558 mn. Rounding out the top five of the country\u2019s most valuable brands: <strong>National Bank of Egypt, Eastern Company, Banque Misr, and CIB<\/strong>. The leading private-sector bank was also named the strongest brand in the country.<\/p>\n<p><strong>Egypt joins the first wave of the GCCA\u2019s Net Zero Accelerators Initiatives: <\/strong>Egypt was among emerging markets selected to be part of the first wave of the Global Cement and Concrete Association\u2019s Net Zero Accelerator program, the association said in a <a href=\"https:\/\/gccassociation.org\/news\/cement-and-concrete-industry-launches-net-zero-accelerators-across-the-world-including-focus-on-the-global-south\/\">statement<\/a>. The initiative will help cement and concrete producers \u201cdecarbonize\u201d their infrastructure and switch up their practices to line with the GCCA\u2019s <a href=\"https:\/\/gccassociation.org\/concretefuture\/\">2050 Net Zero Roadmap<\/a>. Egypt joins India, Thailand and Colombia, which collectively make up 10% of global cement and concrete production, the statement said.<\/p>\n<p><strong>CIB is partnering with waste management startup <\/strong><strong><a href=\"https:\/\/www.bekia-egypt.com\/ar\/\">Bekia<\/a><\/strong><strong> to collect and recycle <\/strong><strong>damaged bank cards<\/strong>, as part of the bank\u2019s efforts to reduce its carbon footprint, said in <a href=\"https:\/\/ent.news\/2022\/3\/CIB-Bekia-Partnership-recycling-cards.pdf\">a statement (pdf)<\/a>.<\/p>\n<p><strong>Food ordering app Talabat Egypt has partnered with <\/strong><strong><a href=\"https:\/\/badranfoundation.com\/\">Ibrahim Badran Foundation<\/a><\/strong>, which provides charitable medical services to remote communities, it said in a <a href=\"https:\/\/ent.news\/2022\/3\/Talabat-Egypt-Partners-with-Ibrahim-Badran-Foundation-to-Facilitate-Donations-to-Healthcare-in-Remote-Villages.pdf\">statement (pdf)<\/a>. Talabat users can use the app to donate to the foundation.<\/p>\n<p><strong>BonelliErede is moving into Libya in partnership with Zahaf & Partners<\/strong>, the law firm <a href=\"https:\/\/ent.news\/2022\/3\/BonelliErede-and-Zahaf-Partners-launch-an-exclusive-cooperation-in-Lib....docx.pdf\">said (pdf)<\/a>, noting that it has also recently opened offices in Cairo, Addis Ababa and Dubai.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bekia\/\">Bekia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonellierede\/\">BonelliErede<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cement\/\">cement<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/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\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/law\/\">law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lubya\/\">Lubya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recycling\/\">recycling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talabat\/\">Talabat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waste-management\/\">waste management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zahaf-partners\/\">Zahaf &amp; Partners<\/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=\"545035\" 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=\"545035\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/545035\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545035\" class=\"content-area-description single-story post-545035 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\/3\/the-estate-sodic-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=\"545036\" 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=\"545036\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/saudi-arabias-economic-support-was-the-topic-du-jour\/\">\r\n                            Saudi Arabia\u2019s economic support was the topic du jour                        <\/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\/31\/saudi-arabias-economic-support-was-the-topic-du-jour\/\" 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\/31\/saudi-arabias-economic-support-was-the-topic-du-jour\/')\">\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\/31\/saudi-arabias-economic-support-was-the-topic-du-jour\/\">\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=Saudi Arabia\u2019s economic support was the topic du jour&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/saudi-arabias-economic-support-was-the-topic-du-jour\/\">\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\/31\/saudi-arabias-economic-support-was-the-topic-du-jour\/&title=Saudi Arabia\u2019s economic support was the topic du jour\">\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=Saudi+Arabia%E2%80%99s+economic+support+was+the+topic+du+jour+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2Fsaudi-arabias-economic-support-was-the-topic-du-jour%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\/31\/saudi-arabias-economic-support-was-the-topic-du-jour\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545036\" class=\"content-area-description single-story post-545036 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-imf tag-last-nights-talk-shows tag-mohamed-maait tag-russia-ukraine-conflict tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Last night\u2019s talk shows were all about Saudi Arabia\u2019s generous backing of our <\/strong><strong>economy. <\/strong>ICYMI: Saudi has joined Qatar and the UAE and pledged around USD 15 bn to shore up our finances which have taken a hit due to the Ukraine war. Yahduth Fi Masr (<a href=\"https:\/\/youtu.be\/O_CqTfaLmYc\">watch, runtime: 1:00)<\/a>, Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=sbEs9CQ3AtQ\">watch, runtime: 1:18<\/a>), and Al-Tasi\u2019a (<a href=\"https:\/\/www.youtube.com\/watch?v=rD5GAm1DGqA\">watch, runtime: 4:50<\/a>) all had coverage, while Saudi Ambassador to Egypt Osama Naqli phoned in to Ala Mas\u2019ouleety to discuss the news (<a href=\"https:\/\/www.youtube.com\/watch?v=ybnbxG7TgMs\">watch, runtime: 4:52<\/a>). You can read all the details in this morning\u2019s Economy section, above.<\/p>\n<p><strong>Zelensky calls Sisi for the second time in a week:<\/strong> Ala Mas\u2019ouleety covered the latest phone conversation between President Abdel Fattah El Sisi and Ukrainian President Volodymyr Zelensky, who called for the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b35a2d06-1ebf-41a5-ad7d-e54f80612ce5\">second time<\/a> in less than a week yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=uN-AbO0uh0A\">watch, runtime 2:19<\/a>). El Sisi emphasized the need to reach a peaceful solution to the ongoing conflict with Russia, according to an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/535195664635833\">Ittihadiya statement<\/a>.<\/p>\n<p><strong>Finance Minister Mohamed Maait\u2019s chat with IMF chief Kristalina Georgieva in Dubai <\/strong><strong>yesterday also caught the talking heads\u2019 attention<\/strong>, including Al Hayah Al Youm\u2019s Mostafa Sherdy (<a href=\"https:\/\/www.youtube.com\/watch?v=dR_enH4tfxw\">watch, runtime 3:50<\/a>). We have more in this morning\u2019s What We\u2019re Tracking Today section, above.<\/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\/imf\/\">IMF<\/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\/mohamed-maait\/\">Mohamed Maait<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545037\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                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33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545038\" 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=\"545038\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/the-world-cup-post-mortem-continues-in-the-foreign-press\/\">\r\n                            The World Cup post-mortem continues in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/the-world-cup-post-mortem-continues-in-the-foreign-press\/\" 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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<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\/31\/the-world-cup-post-mortem-continues-in-the-foreign-press\/&title=The World Cup post-mortem continues in the foreign press\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+World+Cup+post-mortem+continues+in+the+foreign+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2Fthe-world-cup-post-mortem-continues-in-the-foreign-press%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\/31\/the-world-cup-post-mortem-continues-in-the-foreign-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545038\" class=\"content-area-description single-story post-545038 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-senegal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>This morning in the foreign press:<\/strong> With foreign journalists having run out of things to say about Egypt + food prices, attention is still trained on the aftermath of our dismal showing in Tuesday\u2019s World Cup qualifier against Senegal. The Pharaohs are blaming racism for their defeat and are lodging a formal complaint with the Confederation of African Football. (<a href=\"https:\/\/edition.cnn.com\/2022\/03\/30\/football\/egypt-senegal-racism-world-cup-playoff-spt-intl\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.espn.co.uk\/football\/egypt\/story\/4628626\/egypt-accuse-senegal-fans-of-racism-toward-mohamed-salahteam\">ESPN<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/sport\/football\/60925012\">BBC<\/a> | <a href=\"https:\/\/www.skysports.com\/football\/news\/11095\/12577888\/egyptian-fa-accuses-senegal-fans-of-racism-and-attacking-team-bus-did-lasers-put-off-mohamed-salah\">Sky Sports<\/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\/senegal\/\">Senegal<\/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=\"545039\" 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=\"545039\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/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\/31\/us-share-rally-ends-after-hopes-for-ukraine-peace-talks-fade\/\">\r\n                            US share rally ends after hopes for Ukraine peace talks fade                        <\/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\/31\/us-share-rally-ends-after-hopes-for-ukraine-peace-talks-fade\/\" 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\/31\/us-share-rally-ends-after-hopes-for-ukraine-peace-talks-fade\/')\">\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\/31\/us-share-rally-ends-after-hopes-for-ukraine-peace-talks-fade\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=US share rally ends after hopes for Ukraine peace talks fade&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/us-share-rally-ends-after-hopes-for-ukraine-peace-talks-fade\/\">\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\/31\/us-share-rally-ends-after-hopes-for-ukraine-peace-talks-fade\/&title=US share rally ends after hopes for Ukraine peace talks fade\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=US+share+rally+ends+after+hopes+for+Ukraine+peace+talks+fade+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2Fus-share-rally-ends-after-hopes-for-ukraine-peace-talks-fade%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\/31\/us-share-rally-ends-after-hopes-for-ukraine-peace-talks-fade\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545039\" class=\"content-area-description single-story post-545039 post type-post status-publish format-standard hentry category-planet-finance tag-bp tag-cryptocurrency tag-dubai tag-energy tag-enterpriseam tag-equities tag-financial-markets tag-planet-finance tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Has the bear-market rally run out of steam?<\/strong> US shares ended a five-day run of gains yesterday as hopes for an imminent peace agreement between Russia and Ukraine faded, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-29\/asia-stocks-to-rise-on-russia-talks-as-bonds-rally-markets-wrap?srnd=premium&amp;sref=mmeFTDW1\">Bloomberg<\/a> says. After paring much of their YTD losses over the past week, the Nasdaq 100 and the S&amp;P 500 both slid as analysts warned of continued market risk. \u201cWhile we respect that the amount of liquidity that\u2019s out there and the desire to \u2018buy the dip\u2019 after we saw a correction in the S&amp;P 500 and a bear market in the Nasdaq, the reality is that risk has really fundamentally gone up, whether you\u2019re talking about geopolitical risk,\u201d or fundamentals, \u201c Lisa Shalett, CIO of Morgan Stanley Wealth Management, told Bloomberg TV. \u201cWe continue to caution folks about the vulnerability of earnings here.\u201d<\/p><p><strong>ALSO FROM PLANET FINANCE-<\/strong><\/p><ul>\n<li><strong>Dubai\u2019s main utilities firm DEWA has nearly <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/dubai-utility-dewa-more-than-doubles-ipo-size-to-5-7-billion?srnd=premium-middle-east&amp;sref=mmeFTDW1\">tripled the size of its IPO<\/a><\/strong> to as much as USD 5.7 bn, setting it up for the biggest listing in the Middle East and Europe in over two years. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/dubai-utility-dewa-more-than-doubles-ipo-size-to-5-7-billion?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>BP looks to Asia to help its Russian exit: <\/strong>The UK energy giant has reached out to state-backed energy firms in China, the Middle East, and India in efforts to offload its Russian assets. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/bp-said-to-approach-state-owned-energy-majors-on-russia-assets?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>) <\/li>\n<li><strong>Hackers made off with some USD 600 mn of cryptocurrency <\/strong>from a blockchain network connected to a popular crypto gaming platform, in what could be one of the biggest crypto heists ever. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-29\/hackers-steal-590-million-from-ronin-in-latest-bridge-attack\">Bloomberg<\/a> )<\/li>\n<\/ul><hr class=\"grey-line\"><p><strong>H\/t to reader M. Moftah<\/strong>, who wrote to us yesterday to suggest that we start including European shares in our daily market table. Thank you for the suggestion, and you can consider it done \u2014 see below.<\/p><p><strong>** WE LOVE HEARING FROM READERS:<\/strong> Got feedback for us? Want to send us some fan \/ hate mail? Get in touch at <a href=\"mailto:editorial@enterprisemea.com\">editorial@enterprisemea.com<\/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>11,239<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -5.9%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.23<\/p>\n<\/td>\n<td>\n<p>Sell 18.33<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.23<\/p>\n<\/td>\n<td>\n<p>Sell 18.33<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,038<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +15.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,846<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +16.0%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,527<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +10.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,602<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: -3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,579<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +2.6%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,959<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -7.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 113.45<\/p>\n<\/td>\n<td>\n<p>+2.9%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.60<\/p>\n<\/td>\n<td>\n<p>-0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,937.90<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 46,990<\/p>\n<\/td>\n<td>\n<p>-0.6% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.4% at yesterday\u2019s close<\/strong> on turnover of EGP 751 mn (22.7% below the 90-day average). Foreign investors were net sellers. The index is down 5.9% YTD.<\/p><p><strong>In the green: <\/strong>Qalaa Holdings (+1.4%), Orascom Construction (+1.3%) and Oriental Weavers (+1.3%).<\/p><p><strong>In the red: <\/strong>GB Auto (-3.8%), Rameda (-3.1%) and MM Group (-2.6%).<\/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\/bp\/\">BP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545040\" 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=\"545040\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/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\/31\/sisi-to-meet-with-sudans-al-burhan\/\">\r\n                            Sisi to meet with Sudan\u2019s Al Burhan                        <\/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\/31\/sisi-to-meet-with-sudans-al-burhan\/\" 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\/31\/sisi-to-meet-with-sudans-al-burhan\/')\">\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\/31\/sisi-to-meet-with-sudans-al-burhan\/\">\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=Sisi to meet with Sudan\u2019s Al Burhan&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/sisi-to-meet-with-sudans-al-burhan\/\">\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\/31\/sisi-to-meet-with-sudans-al-burhan\/&title=Sisi to meet with Sudan\u2019s Al Burhan\">\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=Sisi+to+meet+with+Sudan%E2%80%99s+Al+Burhan+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2Fsisi-to-meet-with-sudans-al-burhan%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\/31\/sisi-to-meet-with-sudans-al-burhan\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545040\" class=\"content-area-description single-story post-545040 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-al-burhan tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-israel tag-politics tag-sudan tag-uk tag-un wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>President Abdel Fattah El Sisi held talks with Sudan\u2019s military leader, <\/strong><strong>Abdel Fattah Al Burhan, in Cairo yesterday<\/strong>, according to an <a href=\"http:\/\/facebook.com\/Egy.Pres.Spokesman\/posts\/535040997984633\">Ittihadiya<\/a> statement. The two leaders agreed to deepen military and security ties, as well as coordinate their responses to the Grand Ethiopian Renaissance Dam. Al Burhan has been the de facto leader of Sudan since October.<\/p>\n<p><strong>UN Sudan envoy in town:<\/strong> Al Burhan\u2019s appearance in Cairo coincided with the visit of the UN\u2019s Sudan envoy, Volker Perthes, who met with Foreign Minister Sameh Shoukry yesterday, according to <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/287806193529234\">a ministry statement<\/a>. Perthes is spearheading efforts to end the political deadlock in the country, which he <a href=\"https:\/\/news.un.org\/en\/story\/2022\/03\/1114922\">warned earlier this week<\/a> is heading towards \u201ceconomic and security collapse\u201d unless a political settlement is found.<\/p>\n<p><strong>UK wraps up trade mission to Egypt:<\/strong> A delegation of UK businesses has wrapped up a three-day visit to Egypt, during which they discussed collaboration and investment with members of the Egyptian business community and several cabinet ministers. The visit was organized by the Egyptian-British Chamber of Commerce and took place 27-30 March.<\/p>\n<p><strong>Egypt\u2019s Foreign Ministry has denounced a shooting in the Israeli capital Tel Aviv<\/strong> that killed five people, stressing in <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/287506323559221\">a statement<\/a> its \u201ccomplete rejection of all forms of violence and terrorism.\u201d The ministry warned that \u201cmutual escalation will only lead to tensions and frustration.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-al-burhan\/\">Abdel Fattah Al Burhan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/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\/un\/\">UN<\/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=\"545041\" 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=\"545041\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/lebanon-could-soon-land-imf-funding\/\">\r\n                            Lebanon could soon land IMF funding                        <\/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\/31\/lebanon-could-soon-land-imf-funding\/\" 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\/31\/lebanon-could-soon-land-imf-funding\/')\">\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\/31\/lebanon-could-soon-land-imf-funding\/\">\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=Lebanon could soon land IMF funding&url=https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/lebanon-could-soon-land-imf-funding\/\">\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\/31\/lebanon-could-soon-land-imf-funding\/&title=Lebanon could soon land IMF funding\">\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=Lebanon+could+soon+land+IMF+funding+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F03%2F31%2Flebanon-could-soon-land-imf-funding%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\/31\/lebanon-could-soon-land-imf-funding\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545041\" class=\"content-area-description single-story post-545041 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-imf tag-lebanon tag-national-security tag-politics tag-saudi-arabia tag-uae tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Lebanon is inching closer to an agreement with the IMF<\/strong> as it tries to claw its way out of a devastating financial and economic crisis, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/imf-deal-breakthrough-is-within-reach-for-crisis-ravaged-lebanon?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports, citing a senior official. The Lebanese government is hoping a visit from an IMF delegation to Beirut this week will end in inking an economic memorandum on measures the country needs to implement for the international lender to disburse up to USD 5 bn in aid. The country is facing runaway inflation and a currency crisis after defaulting on over USD 30 bn worth of debt last year, but authorities are crossing their fingers for a liferaft from the international lender ahead of May elections.<\/p>\n<p><strong>Riyadh + Abu Dhabi want a formal security pact with the US:<\/strong> Saudi Arabia and the UAE are lobbying Washington to sign a formal security treaty that would provide them with military aid, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-30\/gulf-oil-powers-seek-u-s-security-treaty-after-yemen-strikes?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. This comes following several fresh attacks on Saudi oil facilities by the Iran-backed Houthi rebel group in Yemen.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/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\/saudi-arabia\/\">Saudi Arabia<\/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\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545042\" 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=\"545042\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">16<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/my-morning-routine-marwa-abbas-general-manager-and-technology-leader-ibm-egypt\/\">\r\n                            My Morning Routine: Marwa Abbas, general manager and technology leader, IBM Egypt                        <\/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\/31\/my-morning-routine-marwa-abbas-general-manager-and-technology-leader-ibm-egypt\/\" 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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Speaking to us this week is Marwa Abbas (<a href=\"https:\/\/www.linkedin.com\/in\/marwa-abbas\/\">LinkedIn<\/a>), the general manager of IBM.<\/p>\n<p><strong>My name is Marwa Abbas, and I\u2019m the new general manager of IBM Egypt.<\/strong> I usually introduce myself very differently depending on whether I\u2019m talking to colleagues or peers or to someone random outside of the realm of work. If it\u2019s a professional context, I would always just give a simple \u201cI\u2019m Marwa Abbas from IBM.\u201d I wouldn\u2019t really go beyond that, and I find that many women provide simpler answers to that question, as opposed to men. Generally, in a professional context, it\u2019s not even Marwa speaking \u2014 it\u2019s the company; I become the voice of the company.<\/p>\n<p><strong>I wake up around 6am, and I pray.<\/strong> I sit with myself for a good hour, just to meditate and pray. This was always the case, whether it was when my kids went to school or now that they\u2019re all grown up. My grandfather always used to say that God gives out blessings early in the day \u2014 I always remember that, so wake up early and work early.<\/p>\n<p><strong>Over the past two years, I began to do some stretching in the morning.<\/strong> I don\u2019t do much sports so I try to incorporate this kind of movement into my day. I do this no matter what. Even if I have to leave my house at 7am, then I wake up at 5am, and devote at least two to three hours to my morning routine. Oh, and I never forget to call my mom [laughs]. That\u2019s essential.<\/p>\n<p><strong>Then I get my coffee and plan my day<\/strong> \u2014 both on the personal side and on the professional side. Sometimes, I get requests early in the morning and people tell me to take a look at things but before I do any of that, I always have to plan my day first, then I kick off to work.<\/p>\n<p><strong>The calls start coming in right away.<\/strong> The moment I get into my car, that\u2019s when the workday begins and I start getting back-to-back calls. Then from calls, I go to meetings, then back to calls, and so on and so forth. On a day-to-day basis, I get sucked into a lot of different logistical things.<\/p>\n<p><strong>The only way I can focus is by writing.<\/strong> I use a pen and paper, write down a to-do list, and that alone gives me a lot of satisfaction and a push to get things done.<\/p>\n<p><strong>Every week or weekend, I have to pause and look back on my week and ask, \u201cDid I miss out on anything?\u201d <\/strong>Usually, you won\u2019t be able to see the strategic big picture in the day-to-day. Time flies by and you get sucked into different things, which is why you need to always stop and reassess.<\/p>\n<p><strong>During the week, I rarely have time to do any activities like connect with friends<\/strong>, although I do prioritize this type of connection both with friends and family. But every month or two, my husband and I always try to vacation together for a weekend, whether in Alexandria or Gouna, with friends or family. This really makes a difference for me, and helps me step out of my routine.<\/p>\n<p><strong>But I think there\u2019s room for improvement for me when it comes to work-life balance. <\/strong>I think it\u2019s mainly because I\u2019m starting a new position, but normally, I have always been able to maintain a work-life balance to a great extent. I would attend my kids\u2019 school activities, show up to parent meetings, go to sports days \u2014 and work while I\u2019m doing all of it.<\/p>\n<p><strong>At the end of the day, I turn on the TV, and watch a super random old film. <\/strong>I even go for movies I\u2019ve seen a mn times, but I focus and watch as though it\u2019s the first. I\u2019m never in the mood to watch something new, because I don\u2019t want to concentrate. I just want to watch without really thinking about what I\u2019m watching.<\/p>\n<p><strong>My go-to series for those days is <\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt7302168\/\">Raafat El Haggan<\/a><\/strong><strong> [laughs]. <\/strong>I\u2019m really into shows and movies that are historical and about Egypt. <a href=\"https:\/\/www.imdb.com\/title\/tt0289080\/\">Ayam El Sadat<\/a> is another favorite of mine, and movies like <a href=\"https:\/\/www.imdb.com\/title\/tt2210441\/\">Asal Eswid<\/a>. You\u2019ll notice that the common factor between all of those is a focus on Egypt.<\/p>\n<p><strong>On the personal side, I want to take care of my and my family\u2019s health and well-being. <\/strong>On the professional side, I would hope to succeed to have an impact for Egypt with IBM and to continue building on its successes and accelerate this progress towards digital transformation. That\u2019s the aspiration that I have for my team, and I think we have the assets, capabilities and skills to do this.<\/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\/ibm\/\">IBM<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/marwa-abbas\/\">Marwa Abbas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/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=\"545044\" 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\/31\/545044\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545044\" class=\"content-area-description single-story post-545044 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: 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: 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: 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-1 April: Ahlan Ramadan Supermarket Expo, Cairo International Convention Center.<\/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>30 April (Saturday): Deadline to apply to the <a href=\"https:\/\/tatweermisr.com\/innovation-competition\">Tatweer Misr Innovation Competition<\/a>.<\/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":545016,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-545015","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a907e43b-ea89-4bed-b842-df50a5cc6f78","teaser":"","photo_url":"https:\/\/ent.news\/2022\/3\/400.jpeg"},"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>Lots of love for Egypt: USD 15 bn pledge from KSA + a shout-out from Georgieva as IMF talks continue - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/lots-of-love-for-egypt-usd-15-bn-pledge-from-ksa-a-shout-out-from-georgieva-as-imf-talks-continue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lots of love for Egypt: USD 15 bn pledge from KSA + a shout-out from Georgieva as IMF talks continue\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/lots-of-love-for-egypt-usd-15-bn-pledge-from-ksa-a-shout-out-from-georgieva-as-imf-talks-continue\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T20:54:16+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/400.jpeg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/lots-of-love-for-egypt-usd-15-bn-pledge-from-ksa-a-shout-out-from-georgieva-as-imf-talks-continue\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/lots-of-love-for-egypt-usd-15-bn-pledge-from-ksa-a-shout-out-from-georgieva-as-imf-talks-continue\/\",\"name\":\"Lots of love for Egypt: USD 15 bn pledge from KSA + a shout-out from Georgieva as IMF talks continue - 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