{"id":545509,"date":"2022-04-03T04:03:10","date_gmt":"2022-04-03T04:03:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=545509"},"modified":"2025-12-15T21:06:00","modified_gmt":"2025-12-15T21:06:00","slug":"swvl-isnt-phased-by-spacapocalypse-as-shares-rise-on-nasdaq-debut","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/swvl-isnt-phased-by-spacapocalypse-as-shares-rise-on-nasdaq-debut\/","title":{"rendered":"Swvl isn\u2019t phased by SPACapocalypse as shares rise on Nasdaq debut"},"content":{"rendered":"<section id=\"545511\" 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=\"545511\">\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\/04\/03\/this-morning-ramadan-kareem-on-this-extremely-busy-news-day\/\">\r\n                            THIS MORNING: Ramadan Kareem on this extremely busy news day                        <\/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\/04\/03\/this-morning-ramadan-kareem-on-this-extremely-busy-news-day\/\" 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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We have an exceptionally heavy news day for you \u2014 but first, Ramadan:<\/p><p><strong>RAMADAN RECOMMENDATION #1- Choose your mosalsal now and stick to it. <\/strong>Need a starting point? Have a look at our Your Wealth <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9320deab-5509-44fb-9ab8-0f47cfe40236\">guide to the season\u2019s most-anticipated serials<\/a>. (And forgive us our sin in that roundup: Mike is the fake-lawyer character in Suits, not Harvey. We\u2019ve amended the writeup accordingly.)<\/p><p><strong>RAMADAN RECOMMENDATION #2- We\u2019re traditionalists. Dates and chocolate don\u2019t mix <\/strong><strong>in our corner of the universe. <\/strong>Until, that is, we tried the Ramadan line of stuffed dates from our friends at <a href=\"https:\/\/www.instagram.com\/mokochocolates\/?hl=en\">M\u014dko<\/a> (more on them <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/de3af8cf-a973-42a8-a043-03a0d8d18eb3\">here<\/a>). We\u2019re (only slightly) ashamed to admit we thought of how to box-out the resident 14-year-old as we hoovered the better part of two boxes. <strong>Peanut in dark chocolate <\/strong>was our favourite, followed closely by almond (in milk chocolate), snickers (also milk chocolate) and coffee (dark chocolate). And don\u2019t feel too bad for the resident 14-year-old \u2014 what she lost on dates, she made up for in chocolate: M\u014dko\u2019s halawa pistache and dark chocolate mint were her favourites.<\/p><p><strong>Ramadan reminders:<\/strong><\/p><ul>\n<li><strong>Shops are staying open for longer:<\/strong> Shops, malls, cafes and restaurants are now allowed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/babd3ccc-7785-4a5f-93ee-621bb84aebfe\">stay open until 2am<\/a>, rather than 10pm, until the end of Eid. The decision was confirmed in <a href=\"http:\/\/www.alamiria.com\/Sec\/TashTxt?id=2QMui0RByX0=\">the Official Gazette<\/a> on Thursday.<\/li>\n<li><strong>Banks are now running on reduced Ramadan hours:<\/strong> Banks across the country are now only open <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2db5fb3f-2eda-4873-8db1-4982366bd6d0\">between 9:30am and 1:30pm<\/a>.<\/li>\n<li><strong>Shortened EGX trading hours:<\/strong> The trading day now runs<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b2f0f5f-3ab7-42a0-b98a-14e6e36c80c4\">10am and 1:30pm<\/a>.<\/li>\n<\/ul><p><strong>SO, WHEN DO WE EAT?<\/strong> Maghrib prayers are at 6:16pm CLT this evening, and you have until 4:21am to eat \/ hydrate \/ caffeinate.<\/p><p><strong>PSA- Brace yourselves for an eight-day heat wave. <\/strong>Our favourite weather app sees the mercury in the capital city rising from 30\u00b0C today to 35\u00b0C tomorrow and then on to 43\u00b0C each of Wednesday and Thursday. Apple\u2019s weather app agrees, but the <a href=\"https:\/\/www.facebook.com\/ema.gov.eg\/posts\/339913138167260\">national weather service<\/a> is guiding for a high this week fo just 36\u00b0C. Expect more seasonally appropriate temps starting some time next week.<\/p><p><strong>NEWS TRIGGERS THIS WEEK-<\/strong><\/p><p><strong>We could get an announcement on the government\u2019s privatization plans:<\/strong> Ministers will meet this week to discuss which state-owned companies will be offered on the EGX this year, Planning Minister Hala El Said said last week. \u201cWe are reviewing the program in light of recent developments, and we have 10 companies that we are considering to offer with advisors, and we aim to offer four to five companies during 2022 in the energy, ins. and financial sectors,\u201d she told <a href=\"https:\/\/www.asharqbusiness.com\/article\/35704\">Bloomberg Asharq<\/a>. The government had originally aimed to sell shares in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">as many as 10 firms<\/a> in 2022, but the deteriorating global market conditions have forced it to rethink its plans.<\/p><p><strong>Suez Canal Authority<\/strong><strong> scales back IPO plans a bit? <\/strong>The agency is now planning to offer stakes of 10-15% in some of its subsidiaries via IPO on the EGX, chairman Osama Rabie told <a href=\"https:\/\/www.asharqbusiness.com\/article\/35678\">Bloomberg Asharq<\/a>, down from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7849637-9b84-4a89-97c8-555891db3e83\">20%<\/a> previously. Rabie said in February that the authority plans to list stakes in two or three of its companies, without disclosing an expected timeline.<\/p><p><strong>Remember, there are at least three flavours of privatization sales. <\/strong>Ministers can consider a new listing on the EGX (which we need to add both depth and breadth to the market), offer for sale more shares of an already-listed company; or sell some or all of a company to a strategic investor in a private transaction.<\/p><hr class=\"grey-line\"><p><strong>WILL FRESH INFLOWS CONTINUE? <\/strong>Egyptian bonds saw net inflows of EGP 611 mn over the last week, the first time the needle moved in that direction Russia invaded Ukraine five weeks ago, <a href=\"https:\/\/alborsaanews.com\/2022\/04\/02\/1526564\">Al Borsa<\/a> says. The cost of insuring against losses on Egyptian bonds fell to 531 bps after the central bank\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4ff1ee4-f177-44a9-84f0-c315fe2600aa\">surprise rate hike<\/a> and the refloating of the EGP.<\/p><p><strong>Fair value for the EGP? <\/strong>Renaissance Capital is the latest to say that the EGP is just about at its fair value against the greenback, with Yvonne Mhango writing in a note to clients that it is \u201cis \u201cjust shy of our fair value estimate\u201d of EGP 18.40 \/ USD 1. Mhango expects the CBE to maintain exchange rate flexibility, with FX rates ending the current fiscal year at EGP 18.50 \/ USD 1 and the next fiscal year at EGP 19.40 \/ USD 1.<\/p><p><strong>It\u2019s PMI week:<\/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. By that specific gauge, Egypt\u2019s private sector has been in contraction since November 2020. Headwinds intensifying last month due to the conflict in Ukraine are unlikely to have changed that.<\/p><p><strong>Foreign reserves:<\/strong> March\u2019s foreign reserves figures will be announced some time this week.<\/p><p><strong>ALSO- <\/strong>Inflation figures for March are expected on Sunday, 10 April, one week from today.<\/p><hr class=\"grey-line\"><p><strong>COVID WATCH-<\/strong><strong> Egypt saw an average of 559 new covid-19 infections per day last week, <\/strong><strong>down from <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5868273-6caf-4911-9515-c2f26cf51a1b\">625 per day<\/a><\/strong><strong> the week before. <\/strong>We also saw a daily average of eight deaths, according to <a href=\"https:\/\/web.facebook.com\/egypt.mohp\/posts\/302667902044431?_rdc=1&amp;_rdr\">Health Ministry figures<\/a> released yesterday. Around 32.5 mn people are now fully vaccinated, and more than 2 mn have had their boosters, the statement added. It appears that we are doing better than others, with the UK announcing record covid levels with <a href=\"https:\/\/www.ons.gov.uk\/peoplepopulationandcommunity\/healthandsocialcare\/conditionsanddiseases\/bulletins\/coronaviruscovid19infectionsurveypilot\/1april2022\">around 1 in 13 people<\/a> having tested positive for the virus over the past week.<\/p><p><strong>WHO accreditation to make it easier to export our vaccines:<\/strong> The Egyptian Medicines Authority has received accreditation from the World Health Organization for its locally-made vaccines, the authority <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/370946508409109\">said<\/a> Thursday. The move will make it easier for Egypt to export locally-made vaccines, such as the Chinese Sinovac shot, Heba Wali, head of the state-owned vaccine maker Vacera, told us. Egypt will also eventually <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa890612-4bd3-45c1-94a7-cd0823ab9625\">produce an mRNA derivative<\/a> under a WHO-backed initiative designed to equip developing countries with the necessary tech to speed up the vaccine rollout. Egypt has already shipped a batch of locally-made Sinovac to Palestine and is currently in talks with several other countries, she said, without disclosing further details.<\/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>WAR WATCH- Ukraine retakes Kyiv region + apparent progress in peace talks: <\/strong>The weekend witnessed major developments on the frontlines and at the negotiating table in Russia\u2019s war on Ukraine:<\/p><ul>\n<li><strong>Ukraine has regained control of the entirety of the Kyiv region<\/strong>, deputy defense minister Hanna Maliar said in a <a href=\"https:\/\/www.facebook.com\/ganna.maliar\/posts\/2124154511076913\">statement<\/a>. The Russian military has withdrawn from western Ukraine to refocus its military efforts in the east after suffering heavy losses around Kyiv. (<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-kyiv-business-ap-top-news-341f00b44549d1baa45486be43ac9368\">AP<\/a>)<\/li>\n<li><strong>Zelensky + Putin could launch direct talks soon: <\/strong>Moscow negotiators have informally agreed to most of a draft peace proposal, which is now developed enough for Ukrainian President Volodymyr Zelensky and his Russian counterpart Vladimir Putin to discuss directly, Ukraine\u2019s chief negotiator told local TV. (<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-kyiv-business-ap-top-news-341f00b44549d1baa45486be43ac9368\">Reuters<\/a>)<\/li>\n<li><strong>The UK thinks allies could concede too much for peace: <\/strong>A senior British government source has said the UK is worried the US, France and Germany will push Ukraine to \u201csettle\u201d in eagerness to secure an early peace. (<a href=\"https:\/\/www.thetimes.co.uk\/article\/dont-back-down-britain-urges-ukraine-wmtfkv3pn\">The Times<\/a>)<\/li>\n<\/ul><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Companies have exactly one week to file their first quarterly ESG compliance report: <\/strong>Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 10 April, the FRA <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><p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue:<\/strong> While the global semiconductor shortage is undoubtedly a bad thing for businesses working in electronics assembly and manufacturing, it\u2019s also presented us with a silver lining: The semiconductor chip design sector is booming, and Egyptian firms are riding the wave. In this week\u2019s What\u2019s Next, we talk to semiconductor companies to judge the appetite for the local sector and the challenges they face to reach their full potential.<\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/ramadan\/\">Ramadan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/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=\"545512\" 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=\"545512\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/545512\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545512\" class=\"content-area-description single-story post-545512 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=\"545513\" 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=\"545513\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/swvl-rises-on-nasdaq-debut-eyes-dual-listing-on-the-egx\/\">\r\n                            Swvl rises on Nasdaq debut, eyes dual listing on the EGX                        <\/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\/04\/03\/swvl-rises-on-nasdaq-debut-eyes-dual-listing-on-the-egx\/\" 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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Shares rose to an intraday high of USD 10.30 after opening at USD 9.60 before paring gains to close at USD 10.00. The company \u2014 now known as Swvl Holding following the merger \u2014 offered a 35% stake to investors in a sale that originally valued it at USD 1.5 bn.<\/p>\n<p><strong>New investors headed for the exit on Friday:<\/strong> Queen\u2019s Gambit saw a redemption rate of almost 85%, Swvl CFO Youssef Salem told Enterprise, signaling volatile trading against the backdrop of a difficult year so far for SPACs (and the Nasdaq more generally). The company received USD 164.8 mn in gross proceeds from the sale, including USD 111.5 mn in pre-funded <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8eef3c40-2b12-4e25-a16b-fb8ee9063438\">private investments in public equities (PIPE)<\/a> and USD 53.3 mn in cash, the company said in <a href=\"https:\/\/www.prnewswire.com\/news-releases\/swvl-completes-business-combination-with-queens-gambit-growth-capital-301515327.html\">a statement<\/a>.<\/p>\n<p><strong>An equity financing facility is plugging the gap:<\/strong> \u201cWe have a backstop facility agreement worth [just over] USD 471 mn, which is larger than the size of the redemptions,\u201d Salem told us. The money is being provided by US financial services firm <a href=\"https:\/\/brileyfin.com\/\">B Riley Financial<\/a>, he said, and is a committed equity facility against which the company will draw down over time. Swvl also expects to obtain an additional USD 10 mn PIPE commitment in 2Q 2022, which it said was subject to certain closing conditions.<\/p>\n<p><strong>There will be headwinds \u2014 but Swvl is not concerned:<\/strong> \u201cThere will definitely be some short-term volatility, because there are a lot of macro events factoring in like the Russia-Ukraine war,\u201d Salem said. \u201cBut we\u2019re not anchoring too much on day-to-day trading, because at the end of the day, the capital is raised and the investors are in,\u201d he added. \u201cObviously, it\u2019s important to maintain a high share price and raise more capital, but a fluctuation between USD 9.50 and USD 10.50 is not going to impact the company\u2019s activities on a day-to-day basis.\u201d<\/p>\n<p><strong>Backing the company:<\/strong> International backers participating in the company\u2019s PIPE include 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>SPACs have been under pressure in recent months<\/strong> as investor enthusiasm has waned amid market volatility and an extended sell-off in tech stocks. Average redemption rates <a href=\"https:\/\/capitalintelligence.acuris.com\/spac-mergers-are-falling-over-like-never-before#!\">soared to 90%<\/a> in February, up from just 14% a year before, while the number of SPAC mergers terminating pre-IPO is increasing. The De-SPAC Index, which tracks 25 US SPACs listings, is down more than 50% in the past 12 months, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-01\/swvl-advances-in-nasdaq-debut-after-queen-s-gambit-spac-tie-up?sref=mmeFTDW1\">Bloomberg<\/a> writes.<\/p>\n<p><strong>And they\u2019re facing more stringent regulation: <\/strong>Swvl\u2019s debut came just days after the US securities regulator voted in favor of major reforms designed to bring SPAC sponsors\u2019 disclosures under greater scrutiny, the <a href=\"https:\/\/www.ft.com\/content\/28d9d0c7-aab3-4d75-9aa2-22d8b9efdef8\">Financial Times<\/a> reports, in a move that some analysts have characterized as a crackdown on blank-check firms.<\/p>\n<p><strong>Swvl is the second MENA SPAC to hit the Nasdaq <\/strong>after 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>LOCAL 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<hr class=\"grey-line\">\n<p><strong>LOOKING AHEAD- A dual listing on the EGX on the cards?<\/strong> Both Swvl and the EGX have raised the possibility of a dual listing in Egypt. \u201cWe\u2019re currently in advanced talks with the EGX about a dual listing, but the exchange needs to first establish a link with the Nasdaq to allow for the trades to be fully fungible between the two, so we can convert the shares listed on the Nasdaq to trade them on the EGX,\u201d Salem told us. EGX boss Mohamed Farid <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/370999255070501\">said<\/a> on Thursday that the exchange is exploring the requirements for a dual listing.<\/p>\n<p><strong>Or we could be looking at a local IPO\u2026<\/strong> Another scenario should there be complications with the dual listing could be a local IPO on the EGX, but that would not be ideal as the company would have to list from scratch, Salem said.<\/p>\n<p><strong>\u2026or a dual listing with another Arab exchange: <\/strong>The company is not ruling out any possibilities and is looking at the most liquid and largest exchanges in the Middle East, but Salem said that the company is focusing on the EGX dual listing.<\/p>\n<p><strong>Big expansion plans are underway:<\/strong> Salem tell us that the company is looking to expand to the US, UK, Colombia, Peru, Mexico, and South Africa over the next six months, in addition to recent entries into new markets in Europe and South America:<\/p>\n<ul>\n<li><strong>Swvl <\/strong><strong><a href=\"https:\/\/www.prnewswire.com\/news-releases\/swvl-expands-into-central-europe-via-acquisition-of-mass-transit-saas-platform-door2door-301510231.html\">recently entered<\/a><\/strong><strong> Central Europe with its acquisition of German public transport company Door2Door<\/strong>, which it expects to finalize in 2Q2022. This marks Swvl\u2019s second acquisition of a European company, after it bought Barcelona-based mobility platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5d2162-bf47-45d2-b982-46314e364512\">Shotl<\/a> last summer.<\/li>\n<li><strong>The company is also investing <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98e71cd0-0888-4dfc-9e3e-226386a8d7d1\">USD 15 mn in Argentina<\/a><\/strong> over the next three years following its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ff7b137-c8e9-4f0f-b7d8-1eccf7e7cf63\">acquisition of Viapool<\/a>.<\/li>\n<\/ul>\n<p><strong>The company\u2019s revenues are expected to reach USD 141 mn this year<\/strong>, an almost 80% y-o-y increase from 2021, Swvl\u2019s Head of Public Policy and Government Relations Sherif Fouda told CNBC Arabia (<a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/95532\">watch, runtime: 1:32<\/a>). The company expects revenues to almost triple y-o-y in 2023, Fouda added.<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545515\" 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=\"545515\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/ebrd-trims-egypts-growth-outlook-for-2022-finmin-mulling-price-of-oil-in-2022-2023-budget\/\">\r\n                            EBRD trims Egypt\u2019s growth outlook for 2022 + FinMin mulling price of oil in 2022-2023 budget                        <\/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\/04\/03\/ebrd-trims-egypts-growth-outlook-for-2022-finmin-mulling-price-of-oil-in-2022-2023-budget\/\" 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 economy will then rebound in 2023, growing 6%, according to the bank\u2019s figures.<\/p>\n<p><strong>Imported inflation is to blame: <\/strong>The EBRD attributed the downgrade to Egypt\u2019s dependency on food and oil imports, which it says makes it more vulnerable to price hikes caused by the Russia-Ukraine war. \u201cIn Egypt and Tunisia especially, food and fuel subsidies (and\/or price caps) might limit inflation for households, but create a burden for public finances,\u201d the bank wrote. The government has already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14d38998-c17f-4e56-b6e5-ddb78d1e04f9\">capped prices<\/a> of unsubsidized bread and announced an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">EGP 130 bn economic support package<\/a> since the war began in a bid to mitigate the impact of inflation on consumers.<\/p>\n<p><strong>Things aren\u2019t looking good on the tourism and supply chain fronts either:<\/strong> \u201cA drop in tourism as well as general supply chain bottlenecks and volatility could also affect important growth drivers,\u201d the bank wrote , adding that Ukrainian and Russian tourists accounted for around 20% of arrivals in Egypt in recent years. Weaker tourism income could add further pressure on the exchange rate should the crisis become protracted, it warned. The Central Bank of Egypt has already allowed the EGP to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">depreciate<\/a> against the USD in order to absorb part of the impact, falling some 15% in recent weeks.<\/p>\n<p><strong>The silver lining: The turmoil in the global energy markets could help Egypt realize its gas export ambitions<\/strong> as Europe searches for alternative sources of energy, the EBRD wrote, adding that this would happen only if \u201cEurope engaged more actively to resolve current tensions and facilitate pipeline access.\u201d Egypt is one of the countries that Europe <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9116ce66-29a8-46af-a031-9619f15bfa0f\">is looking to<\/a> to help solve its gas shortfall as it decreases its reliance on Russian supplies, and Oil Minister Tarek El Molla <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/39efadfd-020a-4b18-85f7-826d4ec1fd28\">has pointed to<\/a> the possibility of us exporting more LNG given elevated energy prices across the board on the back of the war.<\/p>\n<p style='font-size: 18px;font-weight: bold' >Shoukry lines up French backing<\/p>\n<p><strong>Foriegn Minister Sameh Shoukry called on the EU for support<\/strong>, asking French counterpart Jean-Yves Le Drian on a call for economic and political support as Egypt grapples with fallout from the war in Ukraine. Shoukry is asking France, which holds the <a href=\"https:\/\/presidence-francaise.consilium.europa.eu\/en\/\">presidency of the EU council<\/a>, to back Egypt in talks with both EU and international financial institutions, according to a Foreign Ministry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/289579306685256\">statement<\/a>.<\/p>\n<p><strong>EU financial support could be the latest in a stream of international fiscal support. <\/strong>We are already in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">talks with the IMF<\/a> on a new program, under which the IMF will provide the Egyptian government with support. Saudi Arabia <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">deposited USD 5 bn<\/a> with the Central Bank of Egypt (CBE), as our Gulf neighbors move to help shore up our finances amid global fallout from Russia\u2019s war in Ukraine, prior to which we received support from both the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/173a4bd1-68e9-478a-8422-135f238e0210\">UAE<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">Qatar<\/a>.<\/p>\n<p style='font-size: 18px;font-weight: bold' >Foreign Ministry could budget for oil at up to USD 85<\/p>\n<p><strong>The Finance Ministry could set oil prices at USD 80-85 a barrel in the FY 2022-2023 <\/strong><strong>budget<\/strong>, Vice Minister of Finance Ahmed Kouchouk told CNBC Arabia (<a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/95514\">watch, runtime: 1:25<\/a>), suggesting the ministry closely monitoring market dynamics as it works on the new budget.<\/p>\n<p><strong>Analysts are expecting Brent to remain above USD 100 a barrel for the remainder of this calendar year<\/strong> as the spillover effects from the Ukraine conflict continue to weigh on an already tight market. In its <a href=\"https:\/\/www.fxstreet.com\/news\/goldman-sachs-slashes-its-brent-price-forecast-on-bidens-oil-reserve-release-202204010220\">latest forecast<\/a>, Goldman Sachs lowered its Brent projections by USD 15 to USD 120 per barrel through 2H 2022 and currently expects prices to average USD 110 in 2023.<\/p>\n<p><strong>BACKGROUND- <\/strong>The current FY2021-2022 budget had assumed an average Brent price of USD 60, well below the prices it has reached since the start of the Russia-Ukraine war. While we export natural gas and produce oil, we\u2019re a net oil importer. Each barrel we import now costs the state about double what it had forecast in the current fiscal year\u2019s budget.<\/p>\n<p><strong>Brent crude settled at USD 104.39 on Friday<\/strong>, posting its biggest weekly drop in over a decade after the US ordered an unprecedented release of its strategic reserves to temper prices, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-03-31\/oil-heads-for-big-weekly-drop-as-biden-seeks-to-cool-pump-prices?sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/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\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy-watch\/\">economy watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fy-2022-2023-budget\/\">FY 2022-2023 budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"545517\" 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=\"545517\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/russia-upped-wheat-imports-in-march-while-ukrainian-shipments-remain-blocked\/\">\r\n                            Russia upped wheat imports in March, while Ukrainian shipments remain blocked                        <\/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\/04\/03\/russia-upped-wheat-imports-in-march-while-ukrainian-shipments-remain-blocked\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The country exported some 1.7 mn tons of wheat in March, with shipments running at a \u201crapid\u201d rate in the second half of the month after an initial slowdown in February, as most challenges with payments and shipping vessels were resolved.<\/p>\n<p><strong>We\u2019re apparently still receiving shipments from Russia: <\/strong>Russia\u2019s agricultural exports \u2014 which also include corn, barley and sunflower oil \u2014 rose 15% y-o-y to hit 2.5 mn tons in March, with Egypt among the top buyers, according to figures from Swiss data firm Agflow cited by Bloomberg. The business news information service did not clarify the type or amount of commodities we\u2019ve been receiving from the country.<\/p>\n<p><strong>It\u2019s another story for Ukrainian exports, <\/strong>which remain \u201ctepid\u201d as Russia continues to block access to the country\u2019s ports. The loss of Ukrainian commodities including grain and sunflower oil means global food markets are continuing to feel the strain, Bloomberg reports, even as Russia ships supplies to some of the customers who usually buy from Ukraine..<\/p>\n<p><strong>Mideast at \u201cbreaking point\u201d over soaring prices -UN:<\/strong> Ramadan-observing Middle Eastern nations are \u201cstruggling to access enough food because of a toxic combination of conflict, climate change and the economic aftermath of Covid-19,\u201d the United Nations World Food Programme\u2019s MENA director Corinne Fleischer <a href=\"https:\/\/www.wfp.org\/news\/war-ukraine-pushes-middle-east-and-north-africa-deeper-hunger-food-prices-reach-alarming-highs\">said<\/a> on Thursday. \u201cPeople\u2019s resilience is at a breaking point. This crisis is creating shock waves in the food markets that touch every home in this region.\u201d<\/p>\n<p><strong>Some good news for our food security woes: Our domestic wheat harvest season began on Friday<\/strong>, the Supply Ministry confirmed in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/371521988351561\">a statement<\/a>. With global wheat markets in disarray, the Madbouly government has shifted its wheat procurement focus to local sources, and hopes receive <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47455fdd-e237-4cbb-ad9a-c402d82a437c\">between 5 mn and 6 mn tonnes<\/a> this season \u2014 markedly higher than the 3.5 mn tonnes procured from domestic farmers last year.<\/p>\n<p style='font-size: 18px;font-weight: bold' >Scrap metal export ban<\/p>\n<p><strong>The <\/strong><strong>Trade Ministry has <\/strong><strong>banned the export<\/strong><strong> of salvaged and scrap metals for six <\/strong><strong>months<\/strong> in a bid to help manufacturers struggling with price hikes and shortages of raw materials, it announced in <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/344853661019248\">a statement<\/a> yesterday. Scrap copper, lead, aluminum, and zinc are subject to the export ban, which came after the Federation of Egyptian Industries called on the government to protect factories from rising input costs and mitigate supply chain disruptions. The move comes a few weeks after the ministry slapped a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0de30ab-61c5-41f0-a91f-f7ffd44cecd4\">three-month export ban<\/a> on staple food commodities to shore up supplies amid turmoil in the global food market caused by the Ukraine conflict.<\/p>\n<p><strong>The inflationary wave set off by the war has heavily impacted steel and other building materials<\/strong>. Steel prices have jumped to around EGP 21k from EGP 15.5k over the course of two weeks due to a significant rise in imported scrap metal prices, which accounts for around 60% of the cost of steel, head of the FEI\u2019s metal industries division Mohamed Hanafy <a href=\"https:\/\/enterprise.press\/hardhats\/commodity-price-shock-pushing-price-building-materials-egypt\/\">told us<\/a> last month. In Europe, steel prices soared 51% in the first three weeks of Russia\u2019s invasion, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-01\/war-means-surging-steel-prices-and-unfinished-infrastructure?sref=mmeFTDW1\">Bloomberg<\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545519\" 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=\"545519\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-funding\/\">\r\n                            Fintech app Khazna raises USD 38 mn in series A 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\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-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\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-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\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-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=Fintech app Khazna raises USD 38 mn in series A funding&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-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\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-funding\/&title=Fintech app Khazna raises USD 38 mn in series A 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=Fintech+app+Khazna+raises+USD+38+mn+in+series+A+funding+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Ffintech-app-khazna-raises-usd-38-mn-in-series-a-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\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-funding\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/84.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545520\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/fintech-app-khazna-raises-usd-38-mn-in-series-a-funding\/84-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/84.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"84.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/84.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/84.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545519\" class=\"content-area-description single-story post-545519 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-fintech tag-khazna tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Local fintech startup Khazna has raised USD 38 mn in equity and debt in a <\/strong><strong>series A <\/strong><strong>fun<\/strong><strong>ding round<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/3\/EN-PRL-Khazna-raises-38Mn-Under-Embargo-FINAL-.docx.pdf\">a press release (pdf)<\/a>. The round was led by US-based <a href=\"https:\/\/quona.com\/\">Quona Capital<\/a> and includes previously announced funding from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51710abc-abe2-41fc-a5bf-465d12117001\">Nclude<\/a> \u2014 the new USD 85 mn fintech fund launched by state-owned banks Banque Misr, the National Bank of Egypt, and Banque du Caire and managed by the UAE\u2019s Global Ventures.<\/p>\n<p><strong>Early backers doubled down on the company<\/strong>, one of the hottest fintech players in the market, with our friends at Accion Venture Lab and Algebra Ventures both writing tickets.<\/p>\n<p><strong>Also participating in the round:<\/strong> Austria\u2019s Speedinvest, Saudi Arabia\u2019s Khawarizmi Ventures, and AB Accelerator by Arab Bank, as well as Egypt\u2019s, Disruptech and CVentures. The company\u2019s debt financing will be provided by Lendable, while Arab Bank Egypt is acting as the security agent facilitating the transaction.<\/p>\n<p><strong>What does Khazna do? <\/strong>Khazna\u2019s app caters to the 50% of Egyptians who use smartphones and lack access to formal financial services, offering them general purpose credit; buy now, pay later (BNPL); and bill payment services.<\/p>\n<p><strong>This comes as Khazna is eyeing expansions: <\/strong>Khazna could set up a SPAC in 2024, which could be listed either at home or abroad co-founder and CEO Omar Saleh <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91e16223-c13c-4319-8cd6-edd1942aed70\">said<\/a> last week. The fintech player is considering acquiring three technology companies operating in the local market, as well as expanding abroad in one or two regional markets in the first quarter of 2023.<\/p>\n<p><strong>BACKGROUND: Khazna has raised USD 47 mn <\/strong>since it started in 2020 and has a leadership team that includes former executives from the World Remit, Valeo, Uber, CIB, Jumia, Match Group, and Arqaam Capital.<\/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\/khazna\/\">Khazna<\/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=\"545521\" 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=\"545521\">\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\">Suez Canal<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/\">\r\n                            Suez Canal revenues up 20% y-o-y in 1Q 2022                        <\/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\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/\" 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\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/')\">\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\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/\">\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=Suez Canal revenues up 20% y-o-y in 1Q 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/\">\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\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/&title=Suez Canal revenues up 20% y-o-y in 1Q 2022\">\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=Suez+Canal+revenues+up+20%25+y-o-y+in+1Q+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Fsuez-canal-revenues-up-20-y-o-y-in-1q-2022%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\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/85.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545522\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/suez-canal-revenues-up-20-y-o-y-in-1q-2022\/85-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/85.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"85.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/85.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/85.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545521\" class=\"content-area-description single-story post-545521 post type-post status-publish format-standard has-post-thumbnail hentry category-suez-canal tag-enterpriseam tag-ipo-watch tag-suez-canal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Suez Canal revenues rose 20% y-o-y in 1Q 2022 to USD 1.69 bn<\/strong>, the Suez Canal Authority (SCA) said in a <a href=\"https:\/\/www.facebook.com\/SuezCanalAuthorityEG\/posts\/284328347208524\">statement<\/a>. The number of ships transiting the canal increased nearly 16% y-o-y to register 5.3k vessels, while net tonnage was up 7.4% y-o-y at 313.3 mn tons. The SCA <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ae94891-e027-4d1d-a265-2fc17b43d749\">raised fees by 6%<\/a> for most ships at the start of February, and is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4efd47f2-548c-4454-aaed-14c2016ce56e\">targeting revenues<\/a> of USD 7 bn from the canal in 2022, after hitting a record USD 6.3 bn in 2021.<\/p>\n<p><strong>Global shipping costs have increased sixfold since war broke out in Ukraine<\/strong>, SCA Chairman Osama Rabie told <a href=\"https:\/\/www.asharqbusiness.com\/article\/35678\">Bloomberg Asharq<\/a>, leading the authority to introduce another round of fee hikes for transiting vessels. Vessels carrying crude and petroleum products <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a162e4f8-4b94-4485-be75-e10e4ce2f07b\">will pay a 15% surcharge<\/a> as of 1 May, up from 5% currently, while charges are also being raised for other types of vessels. The number of transiting ships fell \u201cslightly\u201d short of expectations in 1Q on the back of Russia\u2019s war, Rabie added, though not enough to impact revenues.<\/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\/suez-canal\/\">Suez Canal<\/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=\"545523\" 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=\"545523\">\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\">GREEN ENERGY<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc\/\">\r\n                            Scatec inks Ain Sokhna green hydrogen pact with SFE and OC                        <\/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\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc\/\" 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\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc\/')\">\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\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc\/\">\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=Scatec inks Ain Sokhna green hydrogen pact with SFE and OC&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc\/\">\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\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc\/&title=Scatec inks Ain Sokhna green hydrogen pact with SFE and OC\">\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=Scatec+inks+Ain+Sokhna+green+hydrogen+pact+with+SFE+and+OC+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Fscatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc%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\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/86.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545524\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/scatec-inks-ain-sokhna-green-hydrogen-pact-with-sfe-and-oc\/86-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/86.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"86.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/86.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/86.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545523\" class=\"content-area-description single-story post-545523 post type-post status-publish format-standard has-post-thumbnail hentry category-green-energy tag-enterpriseam tag-fertiglobe tag-green-energy tag-green-hydrogen tag-orascom-construction tag-scatec tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Welcome to our much greener future<\/strong><strong>:<\/strong> The Sovereign Fund of Egypt (SFE), Norway\u2019s Scatec, Nassef Sawiris-backed ammonia producer Fertiglobe and Orascom Construction signed an agreement on Thursday to establish and operate their planned 100 MW green hydrogen plant in Ain Sokhna, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/370637671773326\">cabinet statement<\/a>.<\/p>\n<p><strong>Who\u2019s doing what:<\/strong> The facility will be built and operated by the consortium, with a long-term off-take agreement with EBIC, one of Fertiglobe\u2019s subsidiaries in Egypt. The project is set to come online by 2024, making it Egypt\u2019s first operational green hydrogen plant.<\/p>\n<p><strong>Also signed on Thursday: A second agreement on the purchase of hydrogen from the project<\/strong> with Fertiglobe subsidiary the Egyptian Fertilizer Company, according to the statement.<\/p>\n<p><strong>Background:<\/strong> The consortium had announced its plan to establish the plant back in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7f65631-b26f-45aa-a4de-a2daadb77981\">October<\/a>, saying it would be used as feedstock for green ammonia production. The announcement came as Egypt works on a strategy to channel bns of USD of investment to create a local industry amid a rising global interest in green hydrogen. Cairo\u2019s plans have attracted major<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aff3aab7-2de8-4461-ba56-0bcf3f15bf45\">global players<\/a> seeking investments in the sector in the country. Head to <a href=\"https:\/\/enterprise.press\/greeneconomys\/enterprise-explains-green-hydrogen\/\">our explainer here<\/a> for everything you need to know about green hydrogen and what Egypt plans to do with it.<\/p>\n<p><strong>Another company interested in Egypt\u2019s nascent hydrogen industry?<\/strong> Eni, whose CEO Claudio Descalzi was in Cairo last week for talks with President Abdel Fattah El Sisi. The two discussed cooperation on green hydrogen and Egypt\u2019s LNG exports, an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/535639314591468\">Ittihadiya statement<\/a> said Thursday. The Italian energy giant has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aff3aab7-2de8-4461-ba56-0bcf3f15bf45\">reportedly submitted a bid<\/a> to set up a hydrogen production facility in Egypt.<\/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\/fertiglobe\/\">Fertiglobe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-energy\/\">green energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/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\/scatec\/\">Scatec<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545525\" 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=\"545525\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/cold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2\/\">\r\n                            Cold water thrown on Turkey-Israel gas pipeline + Nord Stream 2                        <\/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\/04\/03\/cold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2\/\" 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\/04\/03\/cold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2\/')\">\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\/04\/03\/cold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2\/\">\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=Cold water thrown on Turkey-Israel gas pipeline + Nord Stream 2&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/cold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2\/\">\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\/04\/03\/cold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2\/&title=Cold water thrown on Turkey-Israel gas pipeline + Nord Stream 2\">\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=Cold+water+thrown+on+Turkey-Israel+gas+pipeline+%2B+Nord+Stream+2+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Fcold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2%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\/04\/03\/cold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/87.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545526\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/cold-water-thrown-on-turkey-israel-gas-pipeline-nord-stream-2\/87-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/87.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"87.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/87.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/87.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545525\" class=\"content-area-description single-story post-545525 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-israel tag-russia-ukraine-war tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Remember that potential <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f74868d-5813-436d-814b-ff72cfc781b1\">gas pipeline<\/a><\/strong><strong> between Turkey and Israel? It\u2019s not <\/strong><strong>happening anytime soon<\/strong>. That\u2019s according to Turkish Foreign Minister Mevlut Cavusoglu, who told reporters that a pipeline between the two countries will not be possible in the short term, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/turkey-says-gas-pipeline-with-israel-not-possible-short-term-2022-03-31\/\">Reuters<\/a> reports.<\/p>\n<p><strong>Refresher: <\/strong>The plan would see a subsea pipeline linking Israel\u2019s largest offshore gas field, Leviathan, to Turkey, allowing Israel to ship its gas directly to Southern Europe. Industry figures had already raised flags about the viability of the proposed pipeline, from complex regional geopolitics and competing territorial claims to questions about whether Israel can export enough gas to make it viable.<\/p>\n<p><strong>Israel is relying on Egypt and its LNG facilities for now:<\/strong> Israel has \u201cspoken to our Egyptian partners on the potential to increase the amount of gas through Egypt for LNG sale to Europe,\u201d Jonathan Miller, energy envoy at the Israeli foreign ministry, told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-01\/israel-envoy-says-country-seeks-to-add-capacity-for-eu-gas-sales?sref=mmeFTDW1\">Bloomberg<\/a>, adding that Israel is not able to expand LNG capacity of its own.<\/p>\n<p><strong>And is also downplaying the pipeline plan:<\/strong> The idea of an eastern Mediterranean pipeline should be thought of as a \u201cconcept\u201d rather than a concrete plan to ship Israeli gas to Europe, Miller said.<\/p>\n<p><strong>Nord Stream 2 (and the USD 11 bn spent on it) is also sleeping with the fishes:<\/strong> The war may have \u201ckilled off\u201d for good the gas pipeline from Russia to Germany after months of delays due to geopolitical tensions, analysts told <a href=\"https:\/\/www.cnbc.com\/2022\/03\/31\/the-nord-stream-2-pipeline-lies-abandoned-after-russia-invaded-ukraine.html\">CNBC<\/a>. \u201cIt would be unthinkable for Germany or any other European country to do a U-turn and authorize the pipeline after Russia\u2019s behavior,\u201d one said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/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\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545527\" 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=\"545527\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/ifc-acquires-5-stake-in-idh\/\">\r\n                            IFC acquires 5% stake in IDH                        <\/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\/04\/03\/ifc-acquires-5-stake-in-idh\/\" 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\/04\/03\/ifc-acquires-5-stake-in-idh\/')\">\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\/04\/03\/ifc-acquires-5-stake-in-idh\/\">\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=IFC acquires 5% stake in IDH&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/ifc-acquires-5-stake-in-idh\/\">\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\/04\/03\/ifc-acquires-5-stake-in-idh\/&title=IFC acquires 5% stake in IDH\">\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=IFC+acquires+5%25+stake+in+IDH+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Fifc-acquires-5-stake-in-idh%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\/04\/03\/ifc-acquires-5-stake-in-idh\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545527\" class=\"content-area-description single-story post-545527 post type-post status-publish format-standard hentry category-ma-watch tag-enterpriseam tag-healthcare tag-ifc-mena-fund tag-integrated-diagnostics-holding tag-international-finance-corporation tag-ma-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>The IFC now owns a 5% stake in consumer healthcare giant IDH: <\/strong>The International Finance Corporation (IFC) and its IFC MENA Fund have together raised their stake in Cairo-headquartered Integrated Diagnostics Holdings (IDH) to 5%, according to a <a href=\"https:\/\/ent.news\/2022\/3\/IFC-and-IFC-MENA-Fund-acquire-5-stake-in-IDH.pdf\">disclosure (pdf)<\/a> to the London Stock Exchange.<\/p>\n<p><strong>The stake purchase is part of \u201ca larger overall engagement\u201d between IDH and the IFC<\/strong>, which saw the international lender start buying stakes in the company back in May 2021 to back IDH\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48ddada3-0016-47a8-a9e6-201cb9d0cca7\">dual listing<\/a> on the EGX and LSE. The engagement includes a USD 60 mn debt financing package to help finance IDH\u2019s expansion into Pakistan, according to the disclosure. The company last year announced a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/003e6c20-e4cf-409e-87d1-ece077700544\">USD 45 mn<\/a> loan from the IFC to support its growth plans in emerging markets, in addition to its current presence in Egypt, Jordan, Nigeria and Sudan. IDH is in the final stages of an acquisition that will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cd562dbe-d647-49dc-95b7-9a5e94966c90\">see it expand to Pakistan<\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ifc-mena-fund\/\">IFC MENA Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/integrated-diagnostics-holding\/\">Integrated Diagnostics Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545528\" 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=\"545528\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/car-sales-up-more-than-20-in-february\/\">\r\n                            Car sales up more than 20% in February                        <\/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\/04\/03\/car-sales-up-more-than-20-in-february\/\" 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\/04\/03\/car-sales-up-more-than-20-in-february\/')\">\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\/04\/03\/car-sales-up-more-than-20-in-february\/\">\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=Car sales up more than 20% in February&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/car-sales-up-more-than-20-in-february\/\">\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\/04\/03\/car-sales-up-more-than-20-in-february\/&title=Car sales up more than 20% in February\">\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=Car+sales+up+more+than+20%25+in+February+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Fcar-sales-up-more-than-20-in-february%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\/04\/03\/car-sales-up-more-than-20-in-february\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/88.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545529\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/car-sales-up-more-than-20-in-february\/88-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/88.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"88.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/88.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/88.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545528\" class=\"content-area-description single-story post-545528 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-amic tag-automotive tag-enterpriseam tag-supply-chain wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Passenger car sales rose more than 20 % y-o-y in February<\/strong>, according to industry figures from the Automotive Information Council (AMIC), which showed that around 19.7k cars were sold during the month, up from 16.3k in February last year.<\/p>\n<p><strong>The breakdown:<\/strong><\/p>\n<ul>\n<li><strong>Total auto sales rose:<\/strong> Overall, the auto industry sold 25.6k vehicles during the month, up 15% from last year.<\/li>\n<li><strong>Truck sales were also up: <\/strong>Truck sales rose more than 11% y-o-y to nearly 4.3k.<\/li>\n<li><strong>Bus sales extended their drop: <\/strong>Some 1.6k buses were sold in February, down nearly 20% y-o-y.<\/li>\n<\/ul>\n<p><strong>February sales extended<\/strong><strong> a run of growth from last year<\/strong>, despite industry insiders telling us they expect a hit from shortages of components, rising inflation, and disruption to local production. Last year saw the sector shrug off the global chip shortage as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17eef167-4cf5-4a01-aa66-7141f2594ee1\">strong demand<\/a> pushed sales to their highest levels since the EGP float in 2016.<\/p>\n<p><strong>Give it a month, though:<\/strong> The impact of the war in Ukraine on the industry \u2014 including soaring commodity prices, further supply disruptions and the EGP devaluation \u2014 won\u2019t begin to be felt properly until March.<\/p>\n<p><strong>Car prices were rising \u2014 until the gov\u2019t imposed caps<\/strong><strong>: <\/strong>As of last week, car dealers are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe06a304-c8fb-4917-a0f3-7ee766d4a6ab\">not able to hike prices<\/a> above the price set by the official seller. Distributorships that sell at higher rates will face fines of up to EGP 2 mn. Many dealers have been hiking car prices, or refusing to sell at all, since the EGP devaluation. It\u2019s not clear how long the price freeze will last.<\/p>\n<p><strong>AMIC data is self-reported by member distributors<\/strong>, who include the majority of (but not all) industry participants.<\/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\/amic\/\">AMIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-chain\/\">supply chain<\/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=\"545530\" 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=\"545530\">\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\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/egypt-makes-it-easier-to-get-a-visa-on-arrival\/\">\r\n                            Egypt makes it easier to get a visa on arrival                        <\/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\/04\/03\/egypt-makes-it-easier-to-get-a-visa-on-arrival\/\" 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\/04\/03\/egypt-makes-it-easier-to-get-a-visa-on-arrival\/')\">\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\/04\/03\/egypt-makes-it-easier-to-get-a-visa-on-arrival\/\">\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=Egypt makes it easier to get a visa on arrival&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/egypt-makes-it-easier-to-get-a-visa-on-arrival\/\">\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\/04\/03\/egypt-makes-it-easier-to-get-a-visa-on-arrival\/&title=Egypt makes it easier to get a visa on arrival\">\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=Egypt+makes+it+easier+to+get+a+visa+on+arrival+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Fegypt-makes-it-easier-to-get-a-visa-on-arrival%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\/04\/03\/egypt-makes-it-easier-to-get-a-visa-on-arrival\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/89.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545531\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/egypt-makes-it-easier-to-get-a-visa-on-arrival\/89-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/89.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"89.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/89.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/89.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545530\" class=\"content-area-description single-story post-545530 post type-post status-publish format-standard has-post-thumbnail hentry category-tourism tag-egyptair tag-enterpriseam tag-house-of-representatives tag-legislation tag-russia tag-russia-ukraine-war tag-tourism tag-travel tag-ukraine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Egypt has widened the <\/strong><strong>number of people eligible to obtain a visa on arrival<\/strong> as it looks to support the tourism sector, which has been hit by the conflict in Ukraine. All visitors to Egypt are now able to receive a visa on arrival, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/370211748482585\">a ministry statement<\/a>, while those coming from South Africa, Kazakhstan, Armenia, Georgia and Azerbaijan are also newly eligible to apply for an electronic visa, in a move designed to make it easier for people to enter the country.<\/p>\n<p><strong>The catch:<\/strong> Visitors from countries that had previously needed to apply for a visa in advance must hold a valid visa from the US, the UK, the Schengen Area, Japan, or New Zealand in order to receive a visa on arrival.<\/p>\n<p><strong>This is only the latest measure announced by the government to support the tourism industry \u2014 and there could be more to come<\/strong>. President Abdel Fattah El Sisi yesterday directed officials to continue efforts to support the tourism sector and reach out to alternative markets to mitigate the war\u2019s impact, according to an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/536970981124968\">Ittahidya statement<\/a>. An existing program that provides cash subsidies to charter flights has been extended for another year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5450603-b95c-4cb3-88aa-667655d9ce03\">until April 2023<\/a>, while the government has also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4326ba97-66fb-46dd-ae77-fd44a77faff7\">launched a new global marketing campaign<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fa15bfda-d9c5-4b0a-b0ad-55d74def3af6\">extended pandemic-era support<\/a> to tourist vendors.<\/p>\n<p><strong>Russia\u2019s invasion of Ukraine has not been good for Egyptian tourism:<\/strong> Egypt\u2019s Red Sea resort towns are being hit by the loss of Ukrainian and Russian tourists, which made up around a third of inbound visitors prior to the conflict. There have been mixed reports on the war\u2019s effect on occupancy rates: Industry figures <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4326ba97-66fb-46dd-ae77-fd44a77faff7\">said earlier this month<\/a> that occupancy rates in Sharm El Sheikh had fallen below 35%, down from more than 60% in January, while another tour company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8e2b8d2-ea9c-40ff-bf75-77e728973ef8\">told the Financial Times<\/a> that rates in Red Sea resorts had fallen to just 5%.<\/p>\n<p><strong>Tourism is a key sector:<\/strong> Tourism revenues are a crucial source of hard currency for Egypt, and the sector accounted for almost 9% of GDP prior to the pandemic. After being hit hard by covid, the industry saw revenues return to pre-pandemic levels in 2021, surpassing USD 13 bn.<\/p>\n<p><strong>IN OTHER TRAVEL NEWS-<\/strong><strong> House approves bill guarding EgyptAir against Russia <\/strong><strong>risk:<\/strong> MPs have approved a draft law allowing the Finance Ministry to ins. EgyptAir against potential losses on flights to and from Russia, which were suspended last month due to the ongoing war in Ukraine, <a href=\"https:\/\/bit.ly\/3IV1jJU\">Youm7<\/a> reported last week.<\/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\/egyptair\/\">EgyptAir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/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=\"545532\" 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=\"545532\">\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\">Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/trade-ministry-streamlines-import-registration-procedures\/\">\r\n                            Trade Ministry streamlines import registration procedures                        <\/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\/04\/03\/trade-ministry-streamlines-import-registration-procedures\/\" 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\/04\/03\/trade-ministry-streamlines-import-registration-procedures\/')\">\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\/04\/03\/trade-ministry-streamlines-import-registration-procedures\/\">\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=Trade Ministry streamlines import registration procedures&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/trade-ministry-streamlines-import-registration-procedures\/\">\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\/04\/03\/trade-ministry-streamlines-import-registration-procedures\/&title=Trade Ministry streamlines import registration procedures\">\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=Trade+Ministry+streamlines+import+registration+procedures+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Ftrade-ministry-streamlines-import-registration-procedures%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\/04\/03\/trade-ministry-streamlines-import-registration-procedures\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/90.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545533\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/trade-ministry-streamlines-import-registration-procedures\/90-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/90.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"90.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/90.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/90.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545532\" class=\"content-area-description single-story post-545532 post type-post status-publish format-standard has-post-thumbnail hentry category-trade tag-enterpriseam tag-eu tag-goeic tag-import-registration tag-trade tag-world-trade-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Fast-tracked registration procedures for exporters to Egypt:<\/strong> The Trade Ministry has announced changes to streamline its import registration procedures in a bid to make it easier for overseas companies to export goods to Egypt, it said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/370766925093734\">a statement<\/a> Thursday. The amendments will see exporters added to the official trade registry within 15 days of submitting the required documents, which can now be done via embassies rather than only through the General Organization of Export and Import Control (GOEIC), the ministry said.<\/p>\n<p><strong>And better dispute resolution: <\/strong>Grievances submitted by exporters who were removed from or denied approval to the registry will be reviewed and settled within 15 days by a new dedicated committee, the statement reads. Only the president of the GOEIC has the authority to remove exporters from the registry, which will be updated on a monthly basis via the Official Gazette and the General Organization for Export and Import Control\u2019s <a href=\"https:\/\/www.goeic.gov.eg\/en\">website<\/a>.<\/p>\n<p><strong>A (partial) answer to the EU?<\/strong> The EU last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdfb224f-115a-483c-9785-06a8fac3026c\">filed a case<\/a> at the World Trade Organization (WTO) against Egypt\u2019s \u201carbitrary\u201d registration requirements, alleging that they violate trade rules and are responsible for a 40% fall in European exports to Egypt.<\/p>\n<p><strong>Background:<\/strong> The government in 2016 began requiring some foreign companies to register with GOEIC before exporting goods to Egypt. Registration is currently required for 29 categories of goods, including agricultural and food products, cosmetics, toys, textiles, garments, household appliances, furniture, and ceramic tiles.<\/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\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goeic\/\">GOEIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/import-registration\/\">Import registration<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-trade-organization\/\">World Trade Organization<\/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=\"545534\" 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=\"545534\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/tes-osman-gets-third-term-after-rule-change-efg-hermes-appoints-coo-at-vortex-energy\/\">\r\n                            TE\u2019s Osman gets third term after rule change, EFG Hermes appoints COO at Vortex Energy                        <\/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\/04\/03\/tes-osman-gets-third-term-after-rule-change-efg-hermes-appoints-coo-at-vortex-energy\/\" 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\/04\/03\/tes-osman-gets-third-term-after-rule-change-efg-hermes-appoints-coo-at-vortex-energy\/')\">\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\/04\/03\/tes-osman-gets-third-term-after-rule-change-efg-hermes-appoints-coo-at-vortex-energy\/\">\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=TE\u2019s Osman gets third term after rule change, EFG Hermes appoints COO at Vortex Energy&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/tes-osman-gets-third-term-after-rule-change-efg-hermes-appoints-coo-at-vortex-energy\/\">\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\/04\/03\/tes-osman-gets-third-term-after-rule-change-efg-hermes-appoints-coo-at-vortex-energy\/&title=TE\u2019s Osman gets third term after rule change, EFG Hermes appoints COO at Vortex Energy\">\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=TE%E2%80%99s+Osman+gets+third+term+after+rule+change%2C+EFG+Hermes+appoints+COO+at+Vortex+Energy+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Ftes-osman-gets-third-term-after-rule-change-efg-hermes-appoints-coo-at-vortex-energy%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\/04\/03\/tes-osman-gets-third-term-after-rule-change-efg-hermes-appoints-coo-at-vortex-energy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545534\" class=\"content-area-description single-story post-545534 post type-post status-publish format-standard hentry category-moves tag-adel-hamad tag-ana-peris-caminero tag-cit tag-efg-hermes tag-enterpriseam tag-magued-osman tag-moves tag-telecom-egypt tag-vortex-energy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Magued Osman<\/strong> has been reappointed as <strong>chairman of Telecom Egypt<\/strong> for a <strong>third <\/strong><strong>term<\/strong>, according to an <a href=\"https:\/\/ent.news\/2022\/4\/TE_31-March-22.pdf\">EGX disclosure (pdf)<\/a> filed Thursday following an extraordinary general meeting. Company rules had prevented people from serving more than two three-year terms, but shareholders agreed to amend the rules during the meeting, allowing chairpeople to serve more than two terms if approved by the communications minister. <strong>Adel Hamad<\/strong> will also serve a second term as the company\u2019s CEO and managing director after being reappointed during the meeting.<\/p>\n<p><strong>EFG Hermes-led <\/strong><strong><a href=\"https:\/\/www.vortexenergy.ae\/\">Vortex Energy<\/a><\/strong> has appointed <strong>Ana Peris Caminero<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/ana-peris-caminero-6382a7b1\/?originalSubdomain=es\">Linkedin<\/a>) as <strong>chief operating officer<\/strong> and a member of the investment committee, according to a <a href=\"https:\/\/ent.news\/2022\/3\/Vortex-Energy-New-Hire-Press-Release-English.pdf\">press release (pdf)<\/a>. Caminero was most recently director of renewable business development at Spain\u2019s Naturgy. Prior to that, Caminero worked with Uni\u00f3n Fenosa and Eurelectric in the power generation business and greenfield project development.<\/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\/adel-hamad\/\">Adel Hamad<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ana-peris-caminero\/\">Ana Peris Caminero<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/magued-osman\/\">Magued Osman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vortex-energy\/\">Vortex Energy<\/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=\"545535\" 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=\"545535\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/545535\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545535\" class=\"content-area-description single-story post-545535 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=\"545536\" 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=\"545536\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/last-nights-talk-shows-the-ramadan-slowdown-begins\/\">\r\n                            Last Night\u2019s Talk Shows: The Ramadan slowdown begins                        <\/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\/04\/03\/last-nights-talk-shows-the-ramadan-slowdown-begins\/\" 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\/04\/03\/last-nights-talk-shows-the-ramadan-slowdown-begins\/')\">\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\/04\/03\/last-nights-talk-shows-the-ramadan-slowdown-begins\/\">\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=Last Night\u2019s Talk Shows: The Ramadan slowdown begins&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/last-nights-talk-shows-the-ramadan-slowdown-begins\/\">\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\/04\/03\/last-nights-talk-shows-the-ramadan-slowdown-begins\/&title=Last Night\u2019s Talk Shows: The Ramadan slowdown begins\">\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=Last+Night%E2%80%99s+Talk+Shows%3A+The+Ramadan+slowdown+begins+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F03%2Flast-nights-talk-shows-the-ramadan-slowdown-begins%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\/04\/03\/last-nights-talk-shows-the-ramadan-slowdown-begins\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545536\" class=\"content-area-description single-story post-545536 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-ramadan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was an extremely slow night on the airwaves yesterday<\/strong> as the country\u2019s talking heads shifted their attention from the Egyptian economy to the first day of Ramadan and its many, many TV dramas (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9320deab-5509-44fb-9ab8-0f47cfe40236\">catch our roundup here<\/a>). Ala Mas\u2019ouleety\u2019s Ahmed Moussa had a lot to say about the first episode of military series Al Ekhtyar 3 (<a href=\"https:\/\/www.youtube.com\/watch?v=8QdCUPa6rYs\">watch, runtime: 9:18<\/a>), while Al Tasea took us through the Supreme Council for Media Regulation\u2019s decision to pull Donya Tanya starring Laila Elwi from the screens (<a href=\"https:\/\/www.youtube.com\/watch?v=YpH9rBkJwYI\">watch, runtime: 2:33<\/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\/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\/ramadan\/\">Ramadan<\/a>\n                <!-- <span 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decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button 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             <\/a>\r\n\r\n                \n<article id=\"post-545538\" class=\"content-area-description single-story post-545538 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-ma-watch tag-planet-finance tag-private-equity tag-saudi-arabia tag-sukuk tag-turkey 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-11\"><\/a> <strong>Global M&amp;A has fallen to its lowest level since 2020<\/strong> as soaring inflation, the conflict in Ukraine and tighter regulations put the brakes on a surge of dealmaking activity, the <a href=\"https:\/\/www.ft.com\/content\/47c9ec9f-e86e-427e-8a50-34e4a6757852\">Financial Times<\/a> reports. A little over USD 1 tn worth of transactions were agreed in 1Q 2022, down 23% from the same period in 2021, according to Refinitiv data, which shows that every region in the world saw a decline in activity. The biggest acquisition of the quarter was Microsoft\u2019s USD 75 bn takeover of games publisher Activision.<\/p><p><strong>Private equity is the outlier:<\/strong> Flushed with cash, private equity firms spent a record USD 288 bn during the quarter, up 17% from last year, the data shows.<\/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>11,238<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -6.0%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.22<\/p>\n<\/td>\n<td>\n<p>Sell 18.32<\/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 18.20<\/p>\n<\/td>\n<td>\n<p>Sell 18.30<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,090<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +16.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,929<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +17.0%)<\/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>3,537<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +10.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,546<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -4.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,538<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,919<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -8.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 104.39<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.72<\/p>\n<\/td>\n<td>\n<p>+1.4%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,923.70<\/p>\n<\/td>\n<td>\n<p>-1.6%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 46,252<\/p>\n<\/td>\n<td>\n<p>-0.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.01% at Thursday\u2019s close<\/strong> on turnover of EGP 1.22 bn (20.4% above the 90-day average). Local investors were net Sellers. The index is down 6% YTD.<\/p><p><strong>In the green: <\/strong>Orascom Construction (+5.0%), Qalaa Holding (+4.9%) and GB Auto (+3.6%).<\/p><p><strong>In the red: <\/strong>EKH (-4.4%), AMOC (-4.4%) and Medinet Nasr Housing (-2.7%).<\/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\/financial-markets\/\">Financial Markets<\/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\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/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\/sukuk\/\">sukuk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"545539\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\"\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">15<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/the-local-chip-design-sector-is-getting-a-boost-from-the-chip-shortage\/\">         \r\n                            The local chip design sector is getting a boost from the chip shortage<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/the-local-chip-design-sector-is-getting-a-boost-from-the-chip-shortage\/\" 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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Semiconductor chip design \u2014 a sector that has many players in the Egyptian market \u2014 has seen increased growth prospects as electronics companies abroad try to ensure that they have a viable semiconductor scene within the company or through outsourcing. Enterprise talked to a number of these semiconductor companies to judge the appetite for the local sector and the challenges they face to reach their full potential.<\/p>\n<p><strong>The local chip design industry is getting a boost from the increased demand: <\/strong><a href=\"http:\/\/www.vidatronic.com\/\">Vidatronic<\/a> \u2014 a US firm which has an office in Egypt specializing in creating semiconductor IPs for companies abroad \u2014 has seen demand for its services increase since the chip shortage started, Director of Design Engineering Sameh Ibrahim told Enterprise. \u201cThe added interest in semiconductor design globally has put more focus on Egypt due to the high quality of engineers we have,\u201d he said. Vidatronic has clients such as Samsung, and more recently Intel Foundry Services (IFS) as part of its <a href=\"https:\/\/www.newswire.com\/news\/vidatronic-partners-with-intel-foundry-services-as-an-ip-alliance-21624291\">IFS Accelerator - IP Alliance<\/a>.<\/p>\n<p><strong>So much so that new players are entering the semiconductor design market: <\/strong>At least three new chip design companies are launching in Egypt in the coming period, Ibrahim told us. One of these companies is <a href=\"https:\/\/www.linkedin.com\/company\/infinilink\">InfiniLink<\/a>, which came on the back of the chip shortage driven by the huge demand for engineering talent who can build those chips, Co-founder and CTO Botros George said. InfiniLink is an independent semiconductor design company that is being launched in partnership with MediaTek \u2014 one of the largest fabless semiconductor companies in the world, Co-founder and CEO Ahmed Aboul Ella explained. The company will begin working with its customers to build next-generation connectivity chips for hyper scale data centers and enterprise application-specific integrated circuits (ASICs). \u201cThere\u2019s a lot of room in the semiconductor space to create value at the moment, especially if you have the know-how,\u201d Aboul Ella said.<\/p>\n<p><strong>Will VCs jump on this new space? There\u2019s a big chance they will<\/strong>, <a href=\"https:\/\/pearlsemi.com\/\">Pearl Semiconductors<\/a> Vice President of Marketing & Business Development Mostafa El Khouly told Enterprise. Pearl \u2013 which is backed by Sawari Ventures and Si-Ware Systems \u2014 has seen interest in the field grow since the semiconductor shortage showed the importance of investing in hardware. \u201cFor a long time, the focus was on software, but this software is also running on necessary hardware,\u201d Botros said.<\/p>\n<p><strong>Globally, investors are funneling bns of USD into startups that design chips<\/strong>, especially for AI-powered applications. In 2021, these startups secured an estimated USD 9.9 bn in VC funding, more than triple the total funding for AI chip startups in 2020, according to research from PitchBook Data Inc. picked up by the <a href=\"https:\/\/www.wsj.com\/articles\/ai-chip-startups-pull-in-funding-as-they-navigate-supply-constraints-11647338402?mod=hp_minor_pos4\">WSJ<\/a>.<\/p>\n<p><strong>Brain drain is the biggest challenge facing the local industry<\/strong>, the industry figures we talked to agreed. The expansion of the chip sector is <a href=\"https:\/\/www.nbcnews.com\/business\/business-news\/biden-auto-executives-chip-makers-meet-bid-solve-crippling-shortages-n1263847\">a worldwide phenomenon<\/a> and the demand for Egyptian engineers has increased. The compensation packages offered to engineers by overseas companies are far larger and local firms often can\u2019t compete, they said. Egyptian chip design companies offer competitive salaries and other benefits such as stock options, but many engineers still opt to travel to countries such as Ireland and Germany, El Khouly and Ibrahim said. This increases the cost for local firms who need to restart the hiring process and train new employees due to high turnover.<\/p>\n<p><strong>Nonetheless, there\u2019s a lot of optimism for the field going forward<\/strong>, especially in light of the government\u2019s focus on digitizing parts of the economy. Egypt\u2019s digital transformation agenda in recent years has seen the government make <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/28\/egypt-could-slash-cabinet-posts-looks-to-cull-civil-service\/\">their services available online<\/a>, increase investments in <a href=\"https:\/\/enterprise.press\/hardhats\/whats-slowing-growth-egypts-data-center-industry\/\">data centers<\/a>, and upgrade the <a href=\"https:\/\/enterprise.press\/hardhats\/fiber-optic-cables-forming-bedrock-digital-infrastructure-overhaul\/\">digital infrastructure<\/a>, to name a few.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>USD 44 mn round for Altibbi + Otida raises pre-seed funding: <\/strong>Jordanian digital healthcare platform Altibbi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f831a7e5-3ec6-49ae-aa0c-71be6ec08815\">raised USD 44 mn<\/a> in a series B funding round + Egyptian healthtech startup Otida raised USD 340k in a pre-seed round.<\/li>\n<li><strong>Eksab closes USD 3 mn round + Rabbit hops to the KSA: <\/strong>Cairo-based fantasy football startup Eksab <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91dc8e76-9e9a-4615-b819-ebf36961fca6\">closed<\/a> a USD 3 mn seed round led by Africa-focused VC firm 4DX Ventures + ultra-fast grocery delivery startup Rabbit received a license to operate in Saudi Arabia.<\/li>\n<li><strong>USD 1 mn for Intella + USD 215k for ON Market: <\/strong>Cairo-based market research firm Intella <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58ee8161-0252-4e0b-bffd-3fda23a1148f\">secured USD 1 mn<\/a> in a seed funding round led by Hala Ventures + online grocery marketplace ON Market raised USD 215k in a pre-seed round from regional angel investors.<\/li>\n<li><strong>Xpovi is scaling: <\/strong>Robo-advisory startup Xpovi is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/212feb04-5fbf-4914-b4ca-ec7b343c36c1\">deploying proceeds<\/a> from its USD 300k pre-seed round led by angel investors to scale up its services.<\/li>\n<li><strong>Our founder of the week <\/strong>is SolarizEgypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5f9469f8-5981-486f-8a96-05e45bc95db5\">Yaseen Abdel-Ghaffar<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chip-shortage\/\">chip shortage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ic-design\/\">IC design<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n             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href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vidatronic\/\">Vidatronic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"545541\" 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\/04\/03\/545541\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545541\" class=\"content-area-description single-story post-545541 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>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>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>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>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>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":545510,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-545509","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"90da58f2-d655-4b8a-bb0b-6a41e29b624f","teaser":"","photo_url":"https:\/\/ent.news\/2022\/4\/1.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Swvl isn\u2019t phased by SPACapocalypse as shares rise on Nasdaq debut - 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\/swvl-isnt-phased-by-spacapocalypse-as-shares-rise-on-nasdaq-debut\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Swvl isn\u2019t phased by SPACapocalypse as shares rise on Nasdaq debut\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/swvl-isnt-phased-by-spacapocalypse-as-shares-rise-on-nasdaq-debut\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:06:00+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/1.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/swvl-isnt-phased-by-spacapocalypse-as-shares-rise-on-nasdaq-debut\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/swvl-isnt-phased-by-spacapocalypse-as-shares-rise-on-nasdaq-debut\/\",\"name\":\"Swvl isn\u2019t phased by SPACapocalypse as shares rise on Nasdaq debut - 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