{"id":545625,"date":"2022-04-06T04:04:56","date_gmt":"2022-04-06T04:04:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=545625"},"modified":"2025-12-15T21:08:33","modified_gmt":"2025-12-15T21:08:33","slug":"pmi-slides-again-in-sharpest-decline-since-mid-2020-washington-sounding-warning-on-global-economy-food-shortage","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/pmi-slides-again-in-sharpest-decline-since-mid-2020-washington-sounding-warning-on-global-economy-food-shortage\/","title":{"rendered":"PMI slides again in sharpest decline since mid-2020 + Washington sounding warning on global economy, food shortage"},"content":{"rendered":"<section id=\"545627\" 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=\"545627\">\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\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/\">\r\n                            THIS MORNING: Washington ringing alarm bells on global economy, food crisis ahead of IMF \/ World Bank spring meetings                        <\/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\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/\" 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\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/')\">\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\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Washington ringing alarm bells on global economy, food crisis ahead of IMF \/ World Bank spring meetings&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/\">\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\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/&title=THIS MORNING: Washington ringing alarm bells on global economy, food crisis ahead of IMF \/ World Bank spring meetings\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Washington+ringing+alarm+bells+on+global+economy%2C+food+crisis+ahead+of+IMF+%2F+World+Bank+spring+meetings+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fthis-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings%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\/06\/this-morning-washington-ringing-alarm-bells-on-global-economy-food-crisis-ahead-of-imf-world-bank-spring-meetings\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545627\" class=\"content-area-description single-story post-545627 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-aramco tag-china tag-covid-19 tag-energy tag-enterpriseam tag-oil-and-gas tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, wonderful people, and happy almost-THURSDAY. <\/strong>It\u2019s a brisk-but-not-busy news day here at home \u2014 by far the most interesting news today is happening abroad, where policymakers are taking stock of how bad they think the global economy could get this year.<\/p>\n<p><strong>THE BIG STORY AT HOME- Private sector growth was weighed down by war last month.<\/strong> Egypt\u2019s non-oil private sector activity saw in March its sharpest decline in 21 months, according to S&P Global\u2019s purchasing managers\u2019 index survey. We have the rundown in our Economy section, below.<\/p>\n<p><strong>SMART POLICY- We could be getting a new authority to manage policy on population <\/strong><strong>growth<\/strong> if a Senate proposal moves forward and eventually passes the House of Representatives. We already have a council that looks after the issue, but the new body would apparently report in to Ittihadiya and (presumably) have more teeth (and a fresh mandate) to push policy measures as a result. <a href=\"https:\/\/bit.ly\/3ubv458\">Youm7<\/a> has details.<\/p>\n<p><strong>PSA- The heatwave continues<\/strong>, with our favourite weather app suggesting the mercury will hit 38\u00b0C this afternoon and 40\u00b0C tomorrow.<\/p>\n<p><strong>SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:17pm CLT this evening in the capital city, and fajr prayers are at 4:08am.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD- With 12 days to go before the <\/strong><strong><a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/spring\">IMF \/ World Bank spring<\/a><\/strong><strong><a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/spring\">meetings<\/a><\/strong><strong>, Washington is sounding the alarm <\/strong>\u2014 and, separately, setting off alarm bells in some corners:<\/p>\n<ul>\n<li><strong>Treasury Secretary Janet Yellen will warn today \u201cof major consequences for the global economy<\/strong> as a result of Russia\u2019s invasion of Ukraine,\u201d the <a href=\"https:\/\/www.nytimes.com\/2022\/04\/05\/business\/yellen-russia-ukraine-sanctions.html?smid=url-share\">New York Times<\/a> reports. You can check out her prepared remarks for a congressional committee <a href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/hhrg-117-ba00-wstate-yellenj-20220406.pdf\">here (pdf)<\/a>.<\/li>\n<li><strong>Washington officials are \u201cscrambling\u201d to \u201climit damage from fast-spreading food shortages\u201d that threaten a global food crisis <\/strong>\u2014 and their work is being complicated by both climate change and covid-19, <a href=\"https:\/\/www.politico.com\/news\/2022\/04\/05\/deepening-global-food-crisis-ukraine-russia-00023124\">Politico<\/a> writes.<\/li>\n<\/ul>\n<p><strong>This comes as the Fed <\/strong><strong><a href=\"https:\/\/www.cnbc.com\/2022\/04\/05\/-key-people-from-the-fed-just-spooked-the-markets-heres-what-they-said.html\">\u201cspooked markets\u201d<\/a><\/strong> after top officials confirmed they are committed to high interest rates and a <a href=\"https:\/\/www.ft.com\/content\/848a70fe-557b-40a0-949b-70acc6ac6905\">\u201crapid\u201d reduction of the Fed\u2019s balance sheet<\/a> starting next month <strong>and as Washington and its allies ready <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/europe\/us-allies-ready-new-russia-sanctions-after-bucha-killings-2022-04-06\/\">more aggressive sanctions on Russia<\/a><\/strong> in the wake of the <a href=\"https:\/\/www.wsj.com\/articles\/execution-of-village-mayor-becomes-symbol-of-russian-brutality-in-ukraine-11649176611\">atrocity in Bucha and other villages<\/a> in Ukraine.<\/p>\n<p><strong>MEANWHILE- \u201cLadies and gentlemen, are you ready to close at the UN? Do <\/strong><strong>you think the time of international law has gone?\u201d <\/strong>Those were the questions posed by Ukrainian President Volodymyr Zelensky in an impassioned speech to UN Security Council members yesterday. Zelensky called on the council to kick Russia out \u2014 or else dissolve itself \u2014 over alleged war crimes by the Russian military in western Ukraine. We have more on that and other developments in the war in today\u2019s War Watch section, below.<\/p>\n<p><strong>SIGN OF THE TIMES- Deserted streets and robot dogs: The streets of the world\u2019s <\/strong><strong>third-largest city are <\/strong><strong>looking pretty dystopian right now.<\/strong> Check out this <a href=\"https:\/\/twitter.com\/DrEricDing\/status\/1509927975524913155\">drone footage<\/a> showing the deserted streets of Shanghai after authorities plunged the city into lockdown to curb an outbreak of covid-19. Shanghai is home to some 26 mn people and is the largest city to be subject to the full zero-covid lockdown treatment. It\u2019s also <a href=\"https:\/\/www.latimes.com\/world-nation\/story\/2020-05-13\/coronavirus-singapores-robot-dog-enforces-social-distancing\">one of the first<\/a> cities in the pandemic era to have <strong>deployed Boston Dynamics\u2019 robot dog, apparently <\/strong><strong><a href=\"https:\/\/twitter.com\/JayinShanghai\/status\/1508859419358019587\">letting them loose on the streets<\/a><\/strong> to broadcast public announcements about the lockdown. Not creepy in the slightest.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>***<br \/> HAVE YOU RECENTLY BEEN PROMOTED? Landed a new hire for your team whom <\/strong><strong>you\u2019re super proud? <\/strong>Send us your people news on editorial@enterprise.press so we take note of it in our MOVES column. If you\u2019re dropping us a line, please make sure to include:<\/p>\n<ul>\n<li>Your new and previous titles (and employer, if you\u2019re switching companies \/ institutions);<\/li>\n<li>Your LinkedIn profile (if you have one);<\/li>\n<li>A sentence or two about what you\u2019ll be doing in the new gig.<\/li>\n<\/ul>\n<p><strong>Please include your WhatsApp number<\/strong>, name as you would like to see it in print, and best email address so we can reach out if we have questions.<br \/> <strong>***<\/strong><\/p>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>Saudi Aramco has raised crude prices to an all-time high for Asia<\/strong> as part of a global price hike, according to a document obtained by <a href=\"https:\/\/www.reuters.com\/business\/energy\/saudi-arabia-raises-may-arab-light-crude-prices-asia-record-levels-2022-04-04\/\">Reuters<\/a>. The Saudi oil giant will sell a barrel of its Arab Light crude to Asia in May at USD 9.35 a barrel above Oman \/ Dubai crude, the grade\u2019s highest premium ever.<\/p>\n<p><strong>Asian oil buyers will likely seek alternatives on the spot market<\/strong> or reduce purchases of Saudi contracts in response to the hike, traders tell <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-05\/saudi-oil-buyers-in-asia-may-seek-alternatives-after-price-hike?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. Additional flows from the US\u2019 strategic reserves have pushed down the spot price in recent days, while premiums in other parts of the Middle East have fallen due to demand concerns following China\u2019s covid-19 outbreak.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Expect movement on fuel prices this week or the next:<\/strong> The government\u2019s fuel pricing committee is due to have its quarterly meeting at the beginning of this month, when it will likely opt to hike prices in 2Q. If it does so, it would be the fifth time in less than a year. The committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fee97989-84a3-4a9c-9ceb-ed67e0f1d174\">increased prices<\/a> of 80, 92 and 95-octane by EGP 0.25 when it last met in February in response to rising international prices, and since then, the war in Ukraine has sent Brent up another 15% past USD 107 a barrel. Prices at the pump have risen by up to 16% since April last year.<\/p>\n<p><strong>ALSO THIS WEEK AND NEXT-<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves: <\/strong>March\u2019s foreign reserves figures will be announced some time this week;<\/li>\n<li><strong>Inflation figures<\/strong> for March are expected on Sunday, 10 April.<\/li>\n<\/ul>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue: <\/strong>We take a deep dive into how the International Energy Association (IEA) expects western sanctions on the Russian economy to impact oil markets in the coming months. The energy body warns that we could soon be entering the \u201cbiggest supply crisis in decades\u201d as punitive measures on one of the world\u2019s biggest oil producers limits global oil supply by a projected 3 mn barrels per day.<\/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\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"545628\" 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=\"545628\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/545628\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545628\" class=\"content-area-description single-story post-545628 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/Somabay-endurancefestival1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>The Spring Edition of Somabay Endurance Festival takes place from May 26th - 28th, featuring a host of different races suitable for all ages and abilities. Join this family-friendly sports event by signing up at www.thetrifactory.com and get ready to #ExperienceEndurance. Book now: www.thetrifactory.com\/somabay<\/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=\"545629\" 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=\"545629\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/inflation-hits-private-sector-activity-in-march\/\">\r\n                            Inflation hits private sector activity in March                        <\/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\/06\/inflation-hits-private-sector-activity-in-march\/\" 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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Rising inflation and slowing demand caused activity to decline at a faster pace last month, pushing the gauge down to 46.5 from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/124abd35-26de-4a5e-a7bc-32ac6905fc1f\">48.1 in February<\/a>, deeper below the 50.0 mark that separates expansion from con}traction.<\/p>\n<p><strong>This is the<\/strong><strong> sixteenth <\/strong><strong>consecutive month<\/strong><strong> Egypt\u2019s non-oil private sector has been in contraction<\/strong> since mounting a brief recovery from the covid shock in 2020.<\/p>\n<p><strong>Wait, isn\u2019t the PMI done by IHS Markit? <\/strong>The monthly PMI releases are now being published under the S&P brand after it completed its <a href=\"https:\/\/press.spglobal.com\/2020-11-30-S-P-Global-and-IHS-Markit-to-Merge-in-All-Stock-Transaction-Valuing-IHS-Markit-at-44-Billion-Powering-the-Markets-of-the-Future\">USD 44 bn<\/a> merger with IHS Markit <a href=\"https:\/\/press.spglobal.com\/2022-02-28-S-P-Global-and-IHS-Markit-Complete-Merger\">at the end of February<\/a>. There\u2019s plenty more <a href=\"https:\/\/www.spglobal.com\/en\/merger\/\">here<\/a> if you\u2019re curious.<\/p>\n<p><strong>What they said:<\/strong> \u201cThe non-oil economy was clearly hit by the effects of the Russia-Ukraine war during March, with firms often seeing clients pull new orders back amid increased prices and economic uncertainty,\u201d said S&P Global economist David Owen.<\/p>\n<p><strong>Output, new orders and inventory purchases saw their steepest declines since the first wave of the pandemic<\/strong>, driven by a fall in demand as prices rose in key areas like energy, food, fuel and raw materials. \u201cEgyptian firms reacted to higher prices and lower demand by severely reducing their purchasing activity at the end of the first quarter,\u201d S&P wrote.<\/p>\n<p><strong>Manufacturers + retailers were the most affected:<\/strong> \"The downturn was clearest to see in industrial sectors such as manufacturing and construction, where businesses and clients were more greatly exposed to energy and material price rises due to the war.\u201d Also impacted by the war: wholesale and retail firms hit by rising food prices amid disruptions to imports of basic commodities like wheat.<\/p>\n<p><strong>The 16% <\/strong><strong><a href=\"https:\/\/enterprise.press\/afternoons\/pm-cbe-goes-surprise-100-bps-rate-increaseand-allows-egp-slip-usd\/\">fall in the<\/a><\/strong><strong><a href=\"https:\/\/enterprise.press\/afternoons\/pm-cbe-goes-surprise-100-bps-rate-increaseand-allows-egp-slip-usd\/\">EGP<\/a><\/strong><strong> will provide \u201csome short-term support\u201d but will also \u201clikely accelerate cost pressures,\u201d<\/strong> said Owen.<\/p>\n<p><strong>Businesses cut back on jobs for the fifth month running<\/strong> in response to falling output, according to the survey. Employment fell at the fastest rate since November but remained \u201cmodest,\u201d S&P said.<\/p>\n<p><strong>Confidence fell to another all-time low:<\/strong> Outlook for business activity in the year ahead fell to the lowest level in the survey\u2019s history for a second consecutive month. \u201cWorries over inflation and the Russia-Ukraine war meant that hopes of future output growth were greatly depressed in March,\u201d Owen said<\/p>\n<p><strong>The foreign press is taking note of the survey:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-05\/snapshot-of-egypt-economy-shows-damage-wrought-by-war-in-ukraine\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-private-sector-activity-shrinks-ukraine-war-takes-toll-pmi-2022-04-05\/\">Reuters<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>ELSEWHERE IN THE REGION-<\/strong> Strong output and new business continued to propel non-oil private sector growth in Saudi Arabia and the UAE last month:<\/p>\n<ul>\n<li><strong>Saudi Arabia saw its fastest growth in activity since December 2017. <\/strong>The KSA PMI registered 56.8 in March, up from 56.2 in February, on surging output, rising client demand and recovering supply chains. (<a href=\"https:\/\/ent.news\/2022\/4\/KSA-PMI-March-2022.pdf\">PMI, pdf<\/a>)<\/li>\n<li><strong>Output and new orders in the UAE continued to rise<\/strong> despite inflationary pressures tempering purchasing activity, holding the country\u2019s PMI at 54.8 for the second month in a row. (<a href=\"https:\/\/ent.news\/2022\/4\/UAE-PMI-March-2022.pdf\">PMI, pdf<\/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\/economy\/\">economy<\/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\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545631\" 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=\"545631\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/war-hasnt-dented-growth-in-our-russian-wheat-imports\/\">\r\n                            War hasn\u2019t dented growth in our Russian wheat imports                        <\/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\/06\/war-hasnt-dented-growth-in-our-russian-wheat-imports\/\" 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 \u2014 up <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88f99c3e-0a2f-4d36-aee5-8a9641e100b9\">60% y-o-y<\/a> despite disruption caused by its war. Shipments were 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, Bloomberg previously reported.<\/p>\n<p><strong>Russian wheat has kept on coming \u2014 but it hasn\u2019t necessarily been paid for yet. <\/strong>Payments have been settled on some cargoes bought before the war broke out at the end of February, but sanctions have complicated fresh transactions. Buyers are still \u201ctrying to figure out a secured channel\u201d to pay for March purchases and are negotiating with banks to resolve issues on a case-by-case basis, traders told Reuters.<\/p>\n<p><strong>Ukrainian wheat is another story:<\/strong> Our imports of Ukrainian wheat plunged 42% y-o-y last month, to record 124.5k tonnes.<\/p>\n<p><strong>Ukrainian grain exports could go back to pre-war levels as soon as the country\u2019s <\/strong><strong>ports re-open<\/strong>, Deputy Economy Minister Taras Kachka told Bloomberg Asharq (<a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1511262440914313223\">watch, runtime 1:24<\/a>). The global grain shortage and price jumps are \u201call because of Russia\u2019s closure of Ukrainian ports,\u201d he said, adding that Ukraine is sitting on 6 mn tonnes of wheat. Blockaded ports mean there\u2019s little to no grain coming out of Ukraine. Russia and Ukraine combined usually account for more than 80% of our wheat imports.<\/p>\n<p><strong>SOUND SMART- The private sector is driving wheat imports right now. <\/strong>The data doesn\u2019t break down the split between public and private wheat purchases. That said, state grain-buyer GASC hasn\u2019t made a successful tender since the war began \u2014 and doesn\u2019t plan to try again <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47455fdd-e237-4cbb-ad9a-c402d82a437c\">until mid-May<\/a>, after having received all its backlogged orders of Russian wheat. This marks an acceleration of a trend that last year saw the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/00c7971f-5639-4f29-a2a8-3953167f20be\">private sector eclipse the state<\/a> as Egypt\u2019s leading wheat importer. The government is instead focusing on the local harvest, and will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4959ef4-a9f1-4ae3-8354-83e891ebea97\">spend around EGP 36 bn<\/a> to purchase 6 mn tons of wheat from local farmers to replenish strategic reserves.<\/p>\n<p><strong>And private wheat players are diversifying away from Black Sea wheat: <\/strong>Higher prices amid the supply squeeze haven\u2019t deterred the private sector from tapping suppliers beyond Russia and Ukraine, according to Reuters data. Traders have secured shipments from \u201cunusual\u201d suppliers including France, Brazil, Lithuania, Bulgaria, and even Germany \u2014 which hasn\u2019t sent us wheat in years, the newswire notes.<\/p>\n<p style='font-size: 18px;font-weight: bold' >SCZone to ink agreement on grain packaging facility<\/p>\n<p><strong>SCZone signs agreement with Emirati-Egyptian consortium to build grain <\/strong><strong>packaging factories in East Port Said: <\/strong>The Suez Canal Economic Zone (SCZone) will within days sign an agreement with Emirati firm <a href=\"https:\/\/www.rosagrains.com\/\">Rosa Grains<\/a> and local player <a href=\"https:\/\/bit.ly\/3lP086Z\">Roots Commodities<\/a> to build eight grain packaging factories worth EGP 100 mn each in East Port Said, SCZone head Yehia Zaki told Enterprise, confirming a report from <a href=\"https:\/\/bit.ly\/3u7t8L5\">Al Mal<\/a>.<\/p>\n<p><strong>Background:<\/strong> The factories form part of the EGP 2.2 bn bulk grain terminal the two companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e2d1eb1-ce53-4d33-b092-bd96bd0dc484\">will<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e2d1eb1-ce53-4d33-b092-bd96bd0dc484\">build<\/a> for the SCZone\u2019s planned East Port Said logistics hub. The agreement for the terminal \u2014 through which 7.2 mn tons of grain are expected to be traded each year \u2014 is separate to the factories and is still pending House approval.<\/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\/russia-ukraine-war\/\">Russia-Ukraine war<\/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=\"545633\" 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=\"545633\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/expedition-gets-green-light-to-do-dd-on-domty-as-part-of-acquisition-bid-nagatys-pie-acquires-business-sale-website-exits\/\">\r\n                            Expedition gets green light to do DD on Domty as part of acquisition bid + Nagaty\u2019s Pie acquires business-sale website Exits                        <\/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\/06\/expedition-gets-green-light-to-do-dd-on-domty-as-part-of-acquisition-bid-nagatys-pie-acquires-business-sale-website-exits\/\" 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\" 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acquisition bid + Nagaty\u2019s Pie acquires business-sale website Exits&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/expedition-gets-green-light-to-do-dd-on-domty-as-part-of-acquisition-bid-nagatys-pie-acquires-business-sale-website-exits\/\">\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\/06\/expedition-gets-green-light-to-do-dd-on-domty-as-part-of-acquisition-bid-nagatys-pie-acquires-business-sale-website-exits\/&title=Expedition gets green light to do DD on Domty as part of acquisition bid + Nagaty\u2019s Pie acquires business-sale website Exits\">\n                    LinkedIn                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/expedition-gets-green-light-to-do-dd-on-domty-as-part-of-acquisition-bid-nagatys-pie-acquires-business-sale-website-exits\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/139.png?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545634\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/expedition-gets-green-light-to-do-dd-on-domty-as-part-of-acquisition-bid-nagatys-pie-acquires-business-sale-website-exits\/139-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/139.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"139.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/139.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/139.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545633\" class=\"content-area-description single-story post-545633 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-domty tag-enterpriseam tag-expedition-investments tag-ma-watch tag-pie wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Expedition cleared for DD on Domty:<\/strong> Domty\u2019s board of directors has given Expedition Investments the all-clear to start due diligence in connection with Expedition\u2019s bid for control of the company, the EGX-listed cheese maker said in <a href=\"https:\/\/ent.news\/2022\/4\/Domty-approves-Expedition-Investments-due-diligence.pdf\">a regulatory filing (pdf)<\/a> yesterday.<\/p>\n<p><strong>The bid:<\/strong> Expedition is looking to acquire up to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc74a7bd-ece1-4bee-92bd-90e386c331eb\">90% of the company<\/a> at EGP 5.00 per share in a transaction that values the food producer at more than EGP 1.4 bn, based on our math. This is a 27% premium to its EGP 3.94 closing share price last Thursday, before Expedition\u2019s play was announced. Domty shares are up nearly 15% so far this week and rose 2.7% during yesterday\u2019s trading to close at EGP 4.52.<\/p>\n<p><strong>The bidder:<\/strong> Expedition Investments is an offshore SPV controlled by unknown investors in Egypt and the Gulf. Domty Chairman and MD Omar El Damaty and Vice Chairman Mohamed El Damaty hold stakes in Expedition and did not take part in this week\u2019s board vote. The company is domiciled in Mauritius and counts veteran investment banker Mohamed El Akhdar as a board member.<\/p>\n<p style='font-size: 18px;font-weight: bold' >New M&A advisory shop Pie acquires business marketplace Exits<\/p>\n<p><strong>Newly-launched Cairo-based M&A advisory outfit <\/strong><strong><a href=\"https:\/\/pie.consulting\/#exits-mena\">Pie Consulting<\/a><\/strong><strong> has acquired <\/strong><strong><a href=\"https:\/\/exits.me\/\">Exits<\/a><\/strong>, a regional online marketplace for buying and selling apps, websites and other firms, it said in <a href=\"https:\/\/magnitt.com\/news\/pie-acquires-exits-53342?utm_source=daily&utm_medium=email&utm_campaign=Amp\">a press release<\/a> Monday, without disclosing the value of the transaction.<\/p>\n<p><strong>This is the first we\u2019ve heard of Pie<\/strong>, which aims to address what it says is a gap in the M&A advisory market for startups and SMEs looking to bring in investors. The firm was set up six weeks ago by <strong>Mohamed Aboulnaga<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/nagaty\/?originalSubdomain=eg\">LinkedIn<\/a>), co-founder and CEO of Egypt-based fintech Klivvr and co-founder of Halan (now MNT\u2013Halan), he told Enterprise. Aboulnaga aims with PIE to \u201cbuild a MicroAcquire in the Middle East,\u201d he said. <a href=\"https:\/\/microacquire.com\/\">MicroAcquire<\/a> is a Silicon Valley startup acquisition marketplace that connects investors with potential targets.<\/p>\n<p><strong>Pie has already been busy:<\/strong> The firm has advised on a merger in the tech sector and an acquisition in e-commerce, he told us, adding that an announcement on the transactions will be made soon. Their pipeline of mandates include acting as sell-side advisor for three firms operating in mobility, on-demand service and e-commerce, and working on the buy-side for a Gulf company on the lookout for an acquisition in Egypt, he 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\/domty\/\">Domty<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/expedition-investments\/\">Expedition Investments<\/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\/pie\/\">PIE<\/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=\"545635\" 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=\"545635\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/545635\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545635\" class=\"content-area-description single-story post-545635 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545636\" 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=\"545636\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/egyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp\/\">\r\n                            Egyptian banks aren\u2019t likely to be hit by fallout from Russia\u2019s war in Ukraine \u2013S&#038;P                        <\/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\/06\/egyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp\/\" 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\/06\/egyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp\/')\">\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\/06\/egyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp\/\">\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=Egyptian banks aren\u2019t likely to be hit by fallout from Russia\u2019s war in Ukraine \u2013S&#038;P&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/egyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp\/\">\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\/06\/egyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp\/&title=Egyptian banks aren\u2019t likely to be hit by fallout from Russia\u2019s war in Ukraine \u2013S&#038;P\">\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=Egyptian+banks+aren%E2%80%99t+likely+to+be+hit+by+fallout+from+Russia%E2%80%99s+war+in+Ukraine+%E2%80%93S%26%23038%3BP+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fegyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp%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\/06\/egyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/140.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545637\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/egyptian-banks-arent-likely-to-be-hit-by-fallout-from-russias-war-in-ukraine-sp\/140-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/140.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"140.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/140.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/140.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545636\" class=\"content-area-description single-story post-545636 post type-post status-publish format-standard has-post-thumbnail hentry category-banking tag-banking tag-enterpriseam tag-russia-ukraine-war 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>Rated Egyptian banks have little direct exposure to Russian and Ukrainian assets<\/strong>, according to an S&P Global Ratings report looking at the impact of the war on the banking sector in eight Middle East and African markets. \u201cWe do not expect the conflict will have significant direct effects on bank asset quality indicators,\u201d the report read.<\/p>\n<p><strong>The impact on banks of the EGP\u2019s depreciation is also set to be limited <\/strong>given that foreign-currency lending accounts for only 20% of the loan books of the banks S&P concerns.<\/p>\n<p><strong>And from the Dept. of the Obvious: <\/strong>Credit losses in the sector could tick up on the back of turbulence in the wider economy given all that\u2019s going on right now, the rating agency suggests.<\/p>\n<p><strong>Local banks face no funding or liquidity challenges<\/strong>, according to the report. Our banking sector has an \u201cample\u201d local customer deposit base, \u201cwhere growth has proven resilient even at times of weakened stability,\u201d S&P said, adding that it expects leverage to remain low at a loan-to-debt ratio of around 50% throughout 2022.<\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">18% CDs<\/a><\/strong><strong> offered by state-owned banks <\/strong><strong>Banque Misr and National Bank of Egypt after the central bank upped interest rates put pressure on banks\u2019 net interest margins<\/strong>, depending on uptake and whether private banks follow suit. Investors had poured some EGP 423 bn into the CDs as of Monday, <a href=\"https:\/\/bit.ly\/3jrfrk9\">Al Arabiya<\/a> reports.<\/p>\n<p><strong>IMF support could help mitigate overall economic risks<\/strong> in Egypt in general and to the banking sector in particular, the report suggests. The government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">in talks<\/a> with the international lender over a fresh round of assistance, following two rounds of funding in 2016 (<a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2016\/11\/11\/PR16501-Egypt-Executive-Board-Approves-12-billion-Extended-Arrangement\">coinciding with the float of the EGP<\/a>) and in 2020 (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">amid the pandemic<\/a>) totaling USD 20 bn.<\/p>\n<p><strong>ELSEWHERE IN THE REGION- <\/strong>The main risks across the region remain high food and oil prices and a decreased risk appetite in emerging markets among investors, the report notes. Banks in Turkey and Tunisia are most exposed to the impact of Russia\u2019s war, the report read, while Saudi, Emirati and South African banks show little to no vulnerability.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/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=\"545638\" 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=\"545638\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/hassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development\/\">\r\n                            Hassan Allam Properties takes out EGP 1.8 bn loan for West Cairo development                        <\/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\/06\/hassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development\/\" 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\/06\/hassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development\/')\">\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\/06\/hassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development\/\">\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=Hassan Allam Properties takes out EGP 1.8 bn loan for West Cairo development&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/hassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development\/\">\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\/06\/hassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development\/&title=Hassan Allam Properties takes out EGP 1.8 bn loan for West Cairo development\">\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=Hassan+Allam+Properties+takes+out+EGP+1.8+bn+loan+for+West+Cairo+development+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fhassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development%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\/06\/hassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/142.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545639\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/hassan-allam-properties-takes-out-egp-1-8-bn-loan-for-west-cairo-development\/142-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/142.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"142.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/142.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/142.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545638\" class=\"content-area-description single-story post-545638 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-arab-african-international-bank tag-banking tag-debt tag-debt-watch tag-enterpriseam tag-hassan-allam-holding tag-matouk-bassiouny-hennawy tag-real-estate 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> A Hassan Allam Properties<\/strong><strong> subsidiary<\/strong><strong> has secured EGP 1.8 bn in financing from the <\/strong><strong>National <\/strong><strong>Bank o<\/strong><strong>f Egypt (NBE) and AAIB <\/strong>to finance its residential project Swan Lake West in Sixth of October, according to a <a href=\"https:\/\/ent.news\/2022\/4\/NBE-Arab-African-International-bank-Hassam-Allam-1.8-bn-loan.docx.pdf\">statement (pdf)<\/a>.<\/p>\n<p><strong>The project:<\/strong> The financing is set to accelerate construction at Swan Lake West, which will house around 550 units over 173 feddans, the statement says.<\/p>\n<p><strong>Advisors:<\/strong> Adsero-Ragy Soliman & Partners acted as legal advisor for the two banks, and Matouk Bassiouny & Hennawy acted as legal advisor for Hassan Allam Properties. Misr Company for Management and Engineering Development acted as the independent engineering advisor.<\/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\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/matouk-bassiouny-hennawy\/\">Matouk Bassiouny &amp; Hennawy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"545640\" 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=\"545640\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/zelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes\/\">\r\n                            Zelensky calls on UN Security Council to show Russia the exit over war crimes                        <\/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\/06\/zelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes\/\" 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\/06\/zelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes\/')\">\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\/06\/zelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes\/\">\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=Zelensky calls on UN Security Council to show Russia the exit over war crimes&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/zelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes\/\">\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\/06\/zelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes\/&title=Zelensky calls on UN Security Council to show Russia the exit over war crimes\">\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=Zelensky+calls+on+UN+Security+Council+to+show+Russia+the+exit+over+war+crimes+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fzelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes%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\/06\/zelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/143.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545641\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/zelensky-calls-on-un-security-council-to-show-russia-the-exit-over-war-crimes\/143-jpg-15\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/143.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"143.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/143.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/143.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545640\" class=\"content-area-description single-story post-545640 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-airbnb tag-arab-league tag-coal tag-dark-web tag-enterpriseam tag-foreign-reserves tag-russia-ukraine-conflict tag-sameh-shoukry tag-war-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a><strong> Zelensky tells UN Security Council to kick Russia out \u2014 or dissolve itself: <\/strong>Ukrainian President Volodymyr Zelensky told the UN Security Council that it should remove Russia from the council so it can no longer exercise its veto power on votes about the war in Ukraine. \u201cIf there is no alternative and no option, then the next option would be dissolve yourself altogether,\u201d Zelensky said during a speech to the council yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=3UqMwgq36LA\">watch, runtime: 20:00<\/a>). Zelensky made the speech following a visit to the Ukrainian city of Bucha, where civilian bodies were found in the streets following Russian forces\u2019 withdrawal, many of them having apparently been executed a point-blank range or indiscriminately killed. The Ukrainian president warned the council of similar scenes in other cities currently under the Russian occupation.<\/p>\n<p><strong>Foreign Minister Sameh Shoukry <\/strong><strong>landed in Warsaw for the second leg <\/strong><strong>of an Arab League peacemaking mission<\/strong>, according to a <a href=\"https:\/\/twitter.com\/mfaegypt\/status\/1511294681971310598?s=21&t=A79CR-4B62b1YAuTGlAH8Q&fbclid=IwAR0YjYE-IkUtVxgOHZHGQTXGVyOXyjUkkcCDrWn3XqMFkfQi20nUpqsHpNs\">tweet<\/a>by Foreign Ministry Spokesman Ahmed Hafez. The Arab League delegation met with Polish Foreign Minister Zbigniew Rau, Hafez said in a separate <a href=\"https:\/\/twitter.com\/mfaegypt\/status\/1511310354042732553?s=21&t=A79CR-4B62b1YAuTGlAH8Q&fbclid=IwAR191JPJYomkI0fkkbIAY-gDwhtDKFaWIvEJwAtPxwfCIv1d7iNjtetICxE\">tweet<\/a>, but there\u2019s been no official word yet on the outcome of subsequent talks with Ukrainian Foreign Minister Dmytro Kuleba. The Arab League delegation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15aa12b7-e166-43be-af4d-0b5d674bdd98\">made a brief visit to Moscow<\/a> yesterday for talks with Russian Foreign Minister Sergey Lavrov, where it offered to mediate ceasefire talks between Russia and Ukraine.<\/p>\n<hr class=\"grey-line\">\n<p><strong>IN ECONOMY-<\/strong> <strong>US tries to drain Russian USD reserves \u2014 or tip it into default: <\/strong>The US government blocked the Russian government on Monday from using reserves held at US banks to make a USD 600 mn bond payment, <a href=\"https:\/\/www.reuters.com\/business\/us-cracks-down-russian-debt-payments-latest-sovereign-payments-halted-2022-04-05\/\">Reuters<\/a> reports. Russian authorities will now have to choose whether to drain the country\u2019s remaining USD reserves for payments on its debt, or face a historic default. The country 30 days before the grace period on the payment runs out.<\/p>\n<p><strong>A fresh round of sanctions against Russia will likely include coal export and investment bans: <\/strong>The US, European Union and the G7 are working to hit Russia with more sanctions, a US official told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-05\/u-s-eu-to-announce-new-sanctions-on-russia-hitting-investments?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. The new round of sanctions could include a US ban on investing in Russia and an EU ban on coal imports, as well as tougher penalties on Russian financial entities, and officials and their families.<\/p>\n<p><strong>Sanctions extend to the dark web:<\/strong> The <a href=\"https:\/\/home.treasury.gov\/news\/press-releases\/jy0701\">US Treasury announced<\/a> sanctions targeting prominent Russian darknet market Hydra to \u201cdisrupt proliferation of malicious cybercrime services, dangerous drugs, and other illegal offerings.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/airbnb\/\">Airbnb<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-league\/\">Arab League<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coal\/\">coal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dark-web\/\">dark web<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"545642\" 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=\"545642\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/mahmoud-momtaz-reappointed-head-of-egyptian-competition-authority\/\">\r\n                            Mahmoud Momtaz reappointed head of Egyptian Competition Authority                        <\/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\/06\/mahmoud-momtaz-reappointed-head-of-egyptian-competition-authority\/\" 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\/06\/mahmoud-momtaz-reappointed-head-of-egyptian-competition-authority\/')\">\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\/06\/mahmoud-momtaz-reappointed-head-of-egyptian-competition-authority\/\">\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=Mahmoud Momtaz reappointed head of Egyptian Competition Authority&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/mahmoud-momtaz-reappointed-head-of-egyptian-competition-authority\/\">\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\/06\/mahmoud-momtaz-reappointed-head-of-egyptian-competition-authority\/&title=Mahmoud Momtaz reappointed head of Egyptian Competition Authority\">\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=Mahmoud+Momtaz+reappointed+head+of+Egyptian+Competition+Authority+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fmahmoud-momtaz-reappointed-head-of-egyptian-competition-authority%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\/06\/mahmoud-momtaz-reappointed-head-of-egyptian-competition-authority\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545642\" class=\"content-area-description single-story post-545642 post type-post status-publish format-standard hentry category-moves tag-egyptian-competition-authority tag-enterpriseam tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Mahmoud Momtaz <\/strong>(<a href=\"https:\/\/www.linkedin.com\/in\/mahmoud-momtaz-phd-48a14326\/\">LinkedIn<\/a>) has been appointed to serve a full four-year term as <strong>chairman<\/strong> of the <strong>Egyptian <\/strong><strong>Competition Authority<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/374123144758112\">Trade Ministry statement<\/a>. Momtaz has headed the authority since January 2021 in an interim capacity. He holds a PhD in competition law and economics from the University of Hamburg and previously worked for the World Bank.<\/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\/egyptian-competition-authority\/\">Egyptian Competition Authority<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545643\" 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=\"545643\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/545643\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545643\" class=\"content-area-description single-story post-545643 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/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=\"545644\" 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=\"545644\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/last-nights-talk-shows-ramadan-dramasagain\/\">\r\n                            Last Night\u2019s Talk Shows: Ramadan dramas\u2026again                        <\/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\/06\/last-nights-talk-shows-ramadan-dramasagain\/\" 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\/06\/last-nights-talk-shows-ramadan-dramasagain\/')\">\n                    Copy Link                <\/a>\n\n            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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/last-nights-talk-shows-ramadan-dramasagain\/&title=Last Night\u2019s Talk Shows: Ramadan dramas\u2026again\">\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+Ramadan+dramas%E2%80%A6again+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Flast-nights-talk-shows-ramadan-dramasagain%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\/06\/last-nights-talk-shows-ramadan-dramasagain\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545644\" class=\"content-area-description single-story post-545644 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>The talk shows can\u2019t get enough of this year\u2019s Ramadan dramas. <\/strong>The holy-month news void continues: Ala Mas\u2019ouleety\u2019s Ahmed Moussa praised Yasser Galal\u2019s performance as President Abdel Fattah El Sisi in Al Ekhtyar 3 (<a href=\"https:\/\/www.youtube.com\/watch?v=OPnHxJkSPbc\">watch, runtime: 3:11<\/a>), while Al Tasea was joined by film critic Tarek El Shenawy, who had only good things to say about Galal\u2019s show and Mohamed Ramadan\u2019s El Meshwar (<a href=\"https:\/\/www.youtube.com\/watch?v=O3U0XsSd-3o\">watch, runtime: 2:47<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=JLT65iQMvOc\">1:43<\/a>).<\/p>\n<p><strong>If you still haven\u2019t settled on what to watch this month<\/strong>, head to our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9320deab-5509-44fb-9ab8-0f47cfe40236\">Ramadan TV guide<\/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 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=\"545645\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-20oz6xv\" data-v=\"4\" data-block-id=\"20oz6xv\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-20oz6xv-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-20oz6xv-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-3x8ikhl\" data-v=\"4\" data-block-id=\"3x8ikhl\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-3x8ikhl-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-3x8ikhl-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img 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 stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545646\" 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=\"545646\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/egypt-in-the-news-sports-minister-sobhi-weighs-in-on-salahs-future-at-anfield\/\">\r\n                            Egypt in the News: Sports Minister Sobhi weighs in on Salah\u2019s future at Anfield                        <\/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\" 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class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/egypt-in-the-news-sports-minister-sobhi-weighs-in-on-salahs-future-at-anfield\/&title=Egypt in the News: Sports Minister Sobhi weighs in on Salah\u2019s future at Anfield\">\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+in+the+News%3A+Sports+Minister+Sobhi+weighs+in+on+Salah%E2%80%99s+future+at+Anfield+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fegypt-in-the-news-sports-minister-sobhi-weighs-in-on-salahs-future-at-anfield%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\/06\/egypt-in-the-news-sports-minister-sobhi-weighs-in-on-salahs-future-at-anfield\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545646\" class=\"content-area-description single-story post-545646 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-enterpriseam tag-ethiopia tag-gerd tag-human-rights tag-mohamed-salah tag-rwanda tag-spacs tag-swvl 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>Mohamed Salah is all over the UK press<\/strong>, after Sports Minister Ashraf Sobhi claimed the Egyptian King told him he intends to extend his stay at Liverpool, against Sobhi\u2019s advice. (<a href=\"https:\/\/www.bbc.com\/sport\/football\/60997940\">BBC<\/a> | <a href=\"https:\/\/www.dailymail.co.uk\/sport\/football\/article-10687041\/Liverpool-Mohamed-Salah-told-Egypts-sport-minister-going-STAY-Liverpool.html\">Daily Mail<\/a> | <a href=\"https:\/\/www.mirror.co.uk\/sport\/football\/news\/mohamed-salah-liverpool-contract-news-26637267\">Mirror<\/a>)<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>How Swvl SPACed:<\/strong> Swvl CEO Mostafa Kandil gave an interview on the mass transit app\u2019s Nasdaq debut <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">via a merger<\/a> with SPAC Queen\u2019s Gambit Growth Capital. (<a href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2022-04-05\/how-the-queen-s-gambit-spac-deal-with-swvl-got-to-the-finish-line?sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<\/ul>\n<ul>\n<li><strong>Egypt cozies up with Rwanda <\/strong>as it tries to push Nile Basin countries to pressure Ethiopia over the Grand Ethiopian Renaissance Dam. (<a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/04\/egypt-strengthens-ties-rwanda-amid-nile-dam-crisis\">Al Monitor<\/a>)<\/li>\n<li><strong>Human rights:<\/strong> Prominent activist Alaa Abdel Fattah has begun a hunger strike in prison to protest jail conditions. (<a href=\"https:\/\/www.france24.com\/en\/africa\/20220405-prominent-egyptian-dissident-abdel-fattah-launches-hunger-strike-in-prison\">AFP<\/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\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-salah\/\">Mohamed Salah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rwanda\/\">Rwanda<\/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=\"545647\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545648\" 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=\"545648\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/yazaki-signs-with-gafi-on-export-oriented-eur-20-mn-auto-parts-factory\/\">\r\n                            Yazaki signs with GAFI on export-oriented EUR 20 mn auto parts factory                        <\/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\/06\/yazaki-signs-with-gafi-on-export-oriented-eur-20-mn-auto-parts-factory\/\" 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\/06\/yazaki-signs-with-gafi-on-export-oriented-eur-20-mn-auto-parts-factory\/')\">\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\/06\/yazaki-signs-with-gafi-on-export-oriented-eur-20-mn-auto-parts-factory\/\">\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=Yazaki signs with GAFI on export-oriented EUR 20 mn auto parts factory&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/yazaki-signs-with-gafi-on-export-oriented-eur-20-mn-auto-parts-factory\/\">\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\/06\/yazaki-signs-with-gafi-on-export-oriented-eur-20-mn-auto-parts-factory\/&title=Yazaki signs with GAFI on export-oriented EUR 20 mn auto parts factory\">\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=Yazaki+signs+with+GAFI+on+export-oriented+EUR+20+mn+auto+parts+factory+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fyazaki-signs-with-gafi-on-export-oriented-eur-20-mn-auto-parts-factory%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\/06\/yazaki-signs-with-gafi-on-export-oriented-eur-20-mn-auto-parts-factory\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545648\" class=\"content-area-description single-story post-545648 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-automotive tag-enterpriseam tag-japan tag-yazaki wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Japan\u2019s Yazaki to build Fayoum auto parts factory for export:<\/strong> The General Authority for Investment and Freezones has signed an MoU with Japanese auto parts maker <a href=\"https:\/\/www.yazaki-group.com\/global\/\">Yazaki<\/a> to establish a EUR 20 mn factory in Fayoum that will export auto parts under <a href=\"https:\/\/www.gafi.gov.eg\/English\/eServices\/Pages\/free-zones.aspx\">freezone<\/a> rules, a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/374204128083347\">statement<\/a> read. The factory is set to create 3k jobs and export EUR 100 mn worth of auto parts annually when production begins in July next year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/japan\/\">Japan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yazaki\/\">Yazaki<\/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=\"545649\" 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=\"545649\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/sovereign-bond-sales-are-on-the-up-and-egypt-could-be-the-biggest-issuer-in-the-region-in-2022\/\">\r\n                            Sovereign bond sales are on the up \u2014 and Egypt could be the biggest issuer in the region in 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\/06\/sovereign-bond-sales-are-on-the-up-and-egypt-could-be-the-biggest-issuer-in-the-region-in-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(); 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The crisis in Ukraine combined with lots of refinancing will push up the amount of borrowing despite economies around the world recovering from the shock of the pandemic, the ratings agency said.<\/p><p><strong>Egypt will become the biggest issuer of sovereign debt in EMEA this year<\/strong>, according to S&amp;P, which forecasts the country to sell USD 73 bn in bonds, overtaking Turkey. Regionally, sovereign borrowing in EMEA will grow by USD 253 bn to reach USD 3.4 tn by the end of 2022.<\/p><p><strong>Egypt, Kenya and Japan have the largest debt piles in need of refinancing this year<\/strong>, according to the report. Approximately 26% of the North African country\u2019s debt will need to be rolled over this year, it said. (Editor\u2019s note: We could not track down the report to independently verify the figures.)<\/p><p><strong>Debt and equity markets took a tumble yesterday\u2026 <\/strong>Yields on US treasuries hit their highest level in three years amid a wider sovereign bond sell-off, the <a href=\"https:\/\/www.ft.com\/content\/751b216f-542d-4068-a946-9e44eb96598f\">Financial Times<\/a> reports. Meanwhile, stocks dropped, with the S&amp;P 500 dipping 1.3% and the tech-heavy Nasdaq falling more than 2% \u2014 its biggest daily percentage drop in almost a month, <a href=\"https:\/\/www.cnbc.com\/2022\/04\/04\/stock-market-futures-open-to-close-news.html\">CNBC<\/a> notes.<\/p><p><strong>\u2026thanks in part to harsh words from the Fed: <\/strong>The selloff came following hawkish comments earlier in the day from senior Fed official Lael Brainard. The US central bank will start to reduce its USD 9 tn balance sheet \u201cat a rapid pace\u201d as early as its next meeting in May, and is prepared to take \u201cstronger action\u201d to rein in inflation, Brainard <a href=\"https:\/\/www.ft.com\/content\/848a70fe-557b-40a0-949b-70acc6ac6905\">said<\/a>. The Fed has already said it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16f68b1b-62fc-4d71-a4bd-a75a9f1648fb\">will consider larger, half-point rate hikes<\/a> going forward. The market is now expecting rates to be increased at each of the central bank\u2019s six meetings this year, with hikes potentially totaling 2.5 percentage points, according to <a href=\"https:\/\/www.cnbc.com\/2022\/04\/05\/-key-people-from-the-fed-just-spooked-the-markets-heres-what-they-said.html\">CNBC<\/a>.<\/p><p><strong>In other financial news:<\/strong><\/p><ul>\n<li><strong>Elon Musk joins Twitter\u2019s board after becoming its biggest shareholder: <\/strong>Twitter has <a href=\"https:\/\/twitter.com\/paraga\/status\/1511320953598357505\">announced<\/a> it is appointing Elon Musk to its board, a day after the world\u2019s richest person bought a 9.2% stake in the platform, valued at around USD 2.9 bn. Musk\u2019s term is set to expire in 2024, according to a <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001418091\/000119312522095651\/d342257d8k.htm\">regulatory filing.<\/a> <\/li>\n<li><strong>Ahli United Bank will acquire Citigroup\u2019s consumer banking arm in Bahrain<\/strong> for an undisclosed sum, as the lender moves to exit retail operations in 13 markets. (<a href=\"https:\/\/www.citigroup.com\/citi\/news\/2022\/220404a.htm\">Statement<\/a>)<\/li>\n<\/ul><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>11,381<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -4.8%)<\/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>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-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.19<\/p>\n<\/td>\n<td>\n<p>Sell 18.29<\/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>13,207<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +17.1%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,090<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +18.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,502<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +9.6%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,525<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -5.1%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,614<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +3.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,918<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -8.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 106.64<\/p>\n<\/td>\n<td>\n<p>-0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.07<\/p>\n<\/td>\n<td>\n<p>+0.6%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,924<\/p>\n<\/td>\n<td>\n<p>-0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 45,890<\/p>\n<\/td>\n<td>\n<p>-1.2% (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 1.3% at yesterday\u2019s close<\/strong> on turnover of EGP 781.35 mn (20.1% below the 90-day average). Foreign investors were net sellers. The index is down 4.8% YTD.<\/p><p><strong>In the green: <\/strong>Fawry (+4.4%), EFG Hermes (+4.3%) and Ezz Steel (+1.4%).<\/p><p><strong>In the red: <\/strong>EKH (-4.3%), Palm Hills (-3.7%) and Elsewedy Electric (-3.5%).<\/p><p><strong>IT\u2019S LOOKING UGLY OUT THERE this morning. <\/strong>Asian markets are solidly in the red at dispatch time and futures suggest all the major benchmarks across Western Europe, the US and Canada will follow suit as the trading day grinds on.<\/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\/ahli-united-bank\/\">Ahli United Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/citigroup\/\">Citigroup<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-bond-sales\/\">Global bond sales<\/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\/sp-global-ratings\/\">S&amp;P Global Ratings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-borrowing\/\">Sovereign borrowing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/twitter\/\">Twitter<\/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=\"545650\" 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=\"545650\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/el-sisi-congratulates-hungarian-pm-on-re-election\/\">\r\n                            El Sisi congratulates Hungarian PM on re-election                        <\/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\/06\/el-sisi-congratulates-hungarian-pm-on-re-election\/\" 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\/06\/el-sisi-congratulates-hungarian-pm-on-re-election\/')\">\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\/06\/el-sisi-congratulates-hungarian-pm-on-re-election\/\">\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=El Sisi congratulates Hungarian PM on re-election&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/el-sisi-congratulates-hungarian-pm-on-re-election\/\">\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\/06\/el-sisi-congratulates-hungarian-pm-on-re-election\/&title=El Sisi congratulates Hungarian PM on re-election\">\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=El+Sisi+congratulates+Hungarian+PM+on+re-election+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fel-sisi-congratulates-hungarian-pm-on-re-election%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\/06\/el-sisi-congratulates-hungarian-pm-on-re-election\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545650\" class=\"content-area-description single-story post-545650 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>El Sisi calls Orban following landslide election victory: <\/strong>President Abdel Fattah El Sisi yesterday called Hungarian Prime Minister Viktor Orban to say well done on securing<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-viktor-orban-europe-nato-budapest-e29b5d42a86086bb65b413e2b6d1c2bc\">a fourth consecutive term<\/a> in office, the Egyptian presidency <a href=\"https:\/\/bit.ly\/3ubYT5B\">said yesterday<\/a>. Ties between Hungary and Egypt have strengthened in recent years, amid work to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d565e123-00fe-41cc-bd58-b25176acc596\">boost trade cooperation<\/a> and vocal praise from the Hungarian side for our efforts to slow illegal immigration to Europe.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545651\" 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=\"545651\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/kuwaiti-pm-steps-down-ahead-of-non-cooperation-vote\/\">\r\n                            Kuwaiti PM steps down ahead of non-cooperation vote                        <\/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\/06\/kuwaiti-pm-steps-down-ahead-of-non-cooperation-vote\/\" 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\/06\/kuwaiti-pm-steps-down-ahead-of-non-cooperation-vote\/')\">\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\/06\/kuwaiti-pm-steps-down-ahead-of-non-cooperation-vote\/\">\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=Kuwaiti PM steps down ahead of non-cooperation vote&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/06\/kuwaiti-pm-steps-down-ahead-of-non-cooperation-vote\/\">\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\/06\/kuwaiti-pm-steps-down-ahead-of-non-cooperation-vote\/&title=Kuwaiti PM steps down ahead of non-cooperation vote\">\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=Kuwaiti+PM+steps+down+ahead+of+non-cooperation+vote+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F06%2Fkuwaiti-pm-steps-down-ahead-of-non-cooperation-vote%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\/06\/kuwaiti-pm-steps-down-ahead-of-non-cooperation-vote\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545651\" class=\"content-area-description single-story post-545651 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-kuwait tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Kuwaiti PM + government resign: <\/strong>Kuwaiti Prime Minister Sheikh Sabah Al Khaled Al Sabah and his government have resigned after 10 parliament members filed a motion to no longer cooperate with the country\u2019s leadership, according to state-run news agency <a href=\"https:\/\/www.kuna.net.kw\/ArticleDetails.aspx?id=3033389&Language=en\">KUNA<\/a>. The PM\u2019s resignation comes a day before he would have faced the equivalent of a no-confidence vote in parliament triggered by the MPs\u2019 request, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/kuwaits-government-resigns-latest-standoff-with-parliament-2022-04-05\/\">Reuters<\/a> reports. A new prime minister will likely now be appointed, a Kuwaiti political analyst told the newswire.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kuwait\/\">Kuwait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"545652\">\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\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/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\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday 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\/hardhat\/\">\r\n                            Read Hardhat                        <\/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\">14<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/biggest-supply-crisis-in-decades-fast-approaching-as-russian-sanctions-threaten-oil-output-says-iea\/\"> \r\n                            \u201cBiggest supply crisis in decades\u201d fast approaching as Russian sanctions threaten oil output, says IEA<\/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\/hardhats\/biggest-supply-crisis-in-decades-fast-approaching-as-russian-sanctions-threaten-oil-output-says-iea\/\" 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 raft of sanctions Western countries have imposed on Moscow has included a ban on energy trade with Russia, with the UK and US announcing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc8818a3-bbd5-491f-bcc3-2504b5aea296\">early last month<\/a> that they would ban the import of Russian fossil fuels. Along with these restrictions, \u201cmajor oil companies, trading houses, shipping firms and banks have backed away from doing business with the country,\u201d the IEA notes. Oil majors such as Shell and BP are among those severing or suspending business ties with Moscow.<\/p>\n<p><strong>In case you needed reminding, Russia is a major anchor of oil markets.<\/strong> The country accounts for the lion\u2019s share of global oil exports, \u201cshipping 8 [mn barrels per day] of crude and refined oil products to customers across the globe.\u201d Sanctions are expected to push down Russia\u2019s oil output by some 3 mn barrels per day (bpd) this month as buyers shy away from the oil Moscow produces, the IEA said.<\/p>\n<p><strong>Global inventories are already at record lows: <\/strong>Compounding the problem of Russian oil falling out of the market is the fact that OECD oil inventories in January were already 335 mn barrels below their five-year average and at their lowest point since 2014, the report said. Oil producers will likely have to dig deeper into thinning reserves over the coming year to cover the supply crunch.<\/p>\n<p><strong>This downturn in supply means prices are going up \u2014 and forcing a depression in demand:<\/strong> The IEA has revised downwards its projections for growth in oil demand to 2.1 mn bpd during 2022, marking a 1 mn bpd reduction from its previous estimates, which puts consumption levels at 99.7 mn bpd over the course of this year.<\/p>\n<p><strong>And tight supply + soaring prices = downward pressure on global GDP growth: <\/strong>High oil prices, which are up <a href=\"https:\/\/www.cnbc.com\/2022\/03\/16\/oil-market-heads-for-biggest-supply-crisis-in-decades-with-russias-exports-set-to-fall-iea-says.html\">around 30% year-to-date<\/a>, will continue to \u201cincrease inflation, reduce household purchasing power and are likely to trigger policy reactions from central banks worldwide \u2014 with a strong negative impact on growth,\u201d the report said. \u201cSurging energy and other commodity prices, along with financial and oil sanctions against Russia, are expected to to appreciably depress global economic growth,\u201d the IEA said.<\/p>\n<p><strong>So far, there are no indications that consumer demand in Egypt has shifted<\/strong> \u2014 likely at least in part because oil prices, which are set on a quarterly basis, have remained fixed throughout the crisis so far, with the government\u2019s fuel pricing committee set to meet any day now to determine the new prices at which it will peg different types of fuel for the next three months. Prime Minister Moustafa Madbouly has, however, called on members of the public to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5818dafa-b691-4e31-bdd4-2c25a84a9c4b\">limit their fuel consumption<\/a> as the government has grappled with soaring oil prices.<\/p>\n<p><strong>Are there alternatives to plug the shortfall? Yes and no.<\/strong> Saudi Arabia and the UAE, OPEC\u2019s second- and third-largest energy producers, could potentially cover the gap left in oil output, the report says. The most recent meeting of the oil cartel saw <a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/6845.htm\">member countries agreeing<\/a> to ramp up production by a modest 430k bpd as the organization gradually winds back covid-era production cuts. The group said that oil markets remain \u201cwell-balanced,\u201d with current volatility \u201cnot caused by fundamentals, but by ongoing geopolitical developments.\u201d<\/p>\n<p><strong>There\u2019s also the technical problem of smoothly replacing a production shortfall of this scale: <\/strong>OPEC has long been unable \u201cto meet its agreed quotas, mostly due to technical issues and other capacity constraints, which has already led to sharp draws in global inventories,\u201d the IEA said in its report. This is a concern which was echoed by OPEC\u2019s secretary general, who <a href=\"https:\/\/www.ft.com\/content\/cd26f107-6217-4c8d-befe-11772b40ca66\">earlier this month said<\/a> that there was \u201cno capacity in the world at the moment that can replace 7mn barrels [a day] of exports\u201d from Russia.<\/p>\n<p><strong>That leaves the option of tapping into reserves:<\/strong> Saudi Arabia is <a href=\"https:\/\/www.theguardian.com\/business\/2022\/mar\/19\/after-ukraine-how-will-world-replace-russia-oil-products\">estimated<\/a> to have some 2 mn bpd of oil in its reserves, while the UAE possesses some 1.1 mn bpd, but are unlikely to tap into their reserves, the IEA suggests. The US had separately moved to unlock 30 mn barrels of crude from its reserves \u2014 as part of a coordinated effort with other countries to shore up global supply that will see the release of 60 mn barrels \u2014 after Washington moved to impose energy sanctions on Moscow.<\/p>\n<p><strong>What about Iran?<\/strong> Tehran\u2019s <a href=\"https:\/\/www.theguardian.com\/business\/2022\/mar\/19\/after-ukraine-how-will-world-replace-russia-oil-products\">1.2 mn bpd<\/a> of reserves could become a useful patch for the global supply disruption but that would first require sanctions relief and an agreement over a nuclear agreement. \u201cShould an agreement be reached, exports could ramp up by around 1 mb\/d over a six-month period,\u201d the report said. Production growth for now will most likely come from the US, Canada, Brazil and Guyana, but \u201cany near-term upside potential is limited,\u201d it cautioned.<\/p>\n<p><strong>Could this all bode well for the global shift away from fossil fuels?<\/strong> The supply crunch could have \u201clasting results\u201d on the global energy market, including forcing a rethink of fossil fuel reliance and speeding up the green shift, the report suggests. \u201cIndeed, today\u2019s alignment of energy security and economic factors could well accelerate the transition away from oil,\u201d the IEA said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Afreximbank <\/strong>will work with<strong> Elsewedy Electric and three other Egyptian companies<\/strong> to channel <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1ef12a5-a15a-4485-b9fb-d911968971b0\">USD 1.5 bn<\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1ef12a5-a15a-4485-b9fb-d911968971b0\">of investment<\/a> into infrastructure projects in <strong>Angola<\/strong>.<\/li>\n<li><strong>Egypt\u2019s first open-access internet exchange point went live on Friday.<\/strong> The EG-IX is an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c2217e6-64f5-41b1-b7a8-3cb301be4199\">open-access platform<\/a> that allows large network, cloud and telecom providers to directly exchange data.<\/li>\n<li><strong>Electricity Minister Mohamed Shaker <\/strong>met with <strong>Siemens CEO of Smart <\/strong><strong>Infrastructure Matthias Rebellius<\/strong> to discuss boosting cooperation on <strong>renewable energy<\/strong>, <strong>digital transformation<\/strong>, and <strong>smart networks<\/strong>, and to follow up on the progress of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc0efa42-837c-4ae4-8486-026af0bb2714\">new capital control center<\/a>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/374128598090900\">Statement<\/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\/energy\/\">energy<\/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\/international-energy-agency\/\">International Energy Agency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/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\/saudi-arabia\/\">Saudi Arabia<\/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=\"545654\" 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\/06\/545654\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545654\" class=\"content-area-description single-story post-545654 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><strong>OUR CALENDAR NOW APPEARS into two sections: <\/strong><\/p>\n<ul>\n<li><strong>Events with specific dates or months <\/strong>are right here up top<\/li>\n<li><strong>Events happening in a quarter or other range of time <\/strong>with no specific date \/ month appear at the bottom of the calendar.<\/li>\n<\/ul>\n<p><strong>APRIL<\/strong><\/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>April: A delegation from a major Belgian shipping company will arrive for talks on building an international shipping supply center in Egypt.<\/p>\n<p>14 April (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18-24 April (Monday-Sunday): <a href=\"https:\/\/www.worldbank.org\/en\/meetings\/splash\/spring\">World Bank-IMF Spring Meetings<\/a>, Washington D.C.<\/p>\n<p>20 April (Wednesday): Deadline for listed companies and NBFIs to <a href=\"https:\/\/fra.gov.eg\/custompdfs\/2481616-2\/\">submit quarterly ESG reports<\/a>.<\/p>\n<p>Mid-April: Trading on the Egyptian Commodity Exchange to start.<\/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>24 April (Sunday): Coptic Easter Sunday (holiday for Coptic Christians).<\/p>\n<p>25 April (Monday): Sham El Nessim.<\/p>\n<p>25 April (Monday): Sinai Liberation Day.<\/p>\n<p>28 April (Thursday): National Holiday in observance of Sham El Nessim.<\/p>\n<p>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>Late April through 15 May: 1Q2022 earnings season<\/p>\n<p><strong>MAY<\/strong><\/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>15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JUNE<\/strong><\/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>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><strong>JULY<\/strong><\/p>\n<p>Early July: Polish President to visit Egypt.<\/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><strong>AUGUST<\/strong><\/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 600 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER<\/strong><\/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 interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>OCTOBER<\/strong><\/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><strong>NOVEMBER<\/strong><\/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><strong>DECEMBER<\/strong><\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January 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>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1H2022: The government will respond to private companies\u2019 bids to build desalination plants.<\/p>\n<p>1H2022: Egypt\u2019s second corporate green bond issuance expected to be announced.<\/p>\n<p>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>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>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><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":545626,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-545625","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4d6f30fb-ce3a-4407-bab8-76f7824bfe63","teaser":"","photo_url":"https:\/\/ent.news\/2022\/4\/7.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>PMI slides again in sharpest decline since mid-2020 + Washington sounding warning on global economy, food shortage - 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\/pmi-slides-again-in-sharpest-decline-since-mid-2020-washington-sounding-warning-on-global-economy-food-shortage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PMI slides again in sharpest decline since mid-2020 + Washington sounding warning on global economy, food shortage\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/pmi-slides-again-in-sharpest-decline-since-mid-2020-washington-sounding-warning-on-global-economy-food-shortage\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:08:33+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\/7.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\/pmi-slides-again-in-sharpest-decline-since-mid-2020-washington-sounding-warning-on-global-economy-food-shortage\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/pmi-slides-again-in-sharpest-decline-since-mid-2020-washington-sounding-warning-on-global-economy-food-shortage\/\",\"name\":\"PMI slides again in sharpest decline since mid-2020 + Washington sounding warning on global economy, food shortage - 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