{"id":545665,"date":"2022-04-07T04:00:32","date_gmt":"2022-04-07T04:00:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=545665"},"modified":"2025-12-15T21:09:30","modified_gmt":"2025-12-15T21:09:30","slug":"can-regulatory-changes-make-it-attractive-for-vcs-to-invest-directly-in-egypt","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/can-regulatory-changes-make-it-attractive-for-vcs-to-invest-directly-in-egypt\/","title":{"rendered":"Can regulatory changes make it attractive for VCs to invest directly in Egypt?"},"content":{"rendered":"<section id=\"545667\" 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=\"545667\">\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\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/\">\r\n                            THIS MORNING: All about startups + Look out for our podcast on Sunday                        <\/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\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/\" 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\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/')\">\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\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/\">\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: All about startups + Look out for our podcast on Sunday&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/\">\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\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/&title=THIS MORNING: All about startups + Look out for our podcast on Sunday\">\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+All+about+startups+%2B+Look+out+for+our+podcast+on+Sunday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F07%2Fthis-morning-all-about-startups-look-out-for-our-podcast-on-sunday%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\/07\/this-morning-all-about-startups-look-out-for-our-podcast-on-sunday\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545667\" class=\"content-area-description single-story post-545667 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-abu-dhabi tag-capital-markets tag-egyptian-securities-federation tag-enterpriseam tag-shift-ev tag-single-use-plastics tag-startups tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and HAPPY THURSDAY. <\/strong>We have plenty of news with which to send you off into the first full weekend of Ramadan.<\/p><p><strong>THE BIG STORY THIS MORNING- It\u2019s all about Planet Startup today<\/strong>, starting with news that key regulators have agreed to work together on regulatory changes that could make it much more attractive for venture capital (and private equity) to invest directly here. The regulations could formally allow for things like founder-control clauses, drag- and tag-along rights and the like. We have an initial rundown on what\u2019s happening (below, in the news well) and will bring you more next week.<\/p><p><strong>Also this morning, we\u2019re happy to have exclusive news about Shift EV<\/strong> closing a landmark funding round. Shift is a startup that aims to change the physical world around us \u2014 and it is exiting \u201cstealth mode\u201d this morning. The company retrofits delivery fleets, converting them into electric vehicles here in Cairo using proprietary, home-grown battery tech. Shift has global ambitions, as you\u2019ll find when you read this morning\u2019s Coffee With\u2026 column.<\/p><p><strong>Last, but not least, all of you fintech folks out there will want to check out our weekly <\/strong><strong>What\u2019s Next vertical on Sunday. <\/strong>That\u2019s when you\u2019ll be able to read or listen to our podcast interview with the founders of hot startups <strong>Khazna<\/strong> and <strong>Kashat<\/strong>, two of the VCs that have backed them (our friends at <strong>Cairo Angels<\/strong> and <strong>Accion<\/strong>), along with special guest Dr. Rasha Negm, who leads on fintech and innovation at the <strong>Central Bank of Egypt<\/strong>.<\/p><p><strong>OH, AND SPEAKING OF RAMADAN<\/strong>, consider this a gentle reminder that you have 24 days left until Sunday, 1 May, when it will (a) still be Ramadan but also (b) be a national holiday in observance of Labour Day. 2 May looks set to be a workday, while 3-5 May is likely to be Eid Al Fitr.<\/p><p><strong>SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:17pm CLT this evening in the capital city. Fajr prayers are at 4:08am tomorrow morning.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD- The business press is indulging in more Fed talk this <\/strong><strong>morning. <\/strong><a href=\"https:\/\/ent.news\/2022\/4\/fomcminutes20220316.pdf\">Minutes (pdf)<\/a> from the US Fed\u2019s last get-together in March, released yesterday, confirmed that the US central bank plans to take drastic measures to curb inflation at its upcoming May meeting. The bank\u2019s plan is to slash its USD 9 tn balance sheet by about USD 95 bn\/month starting in May, while \u201cmany\u201d officials back one or several steeper-than-usual 0.5-point rate hikes in tandem. The markets weren\u2019t especially rattled by the news, given that they\u2019ve already priced in up to 2.5 points worth of hikes this year. The <a href=\"https:\/\/www.ft.com\/content\/1daa9396-8103-4d6d-bf58-cff32edd9622\">Financial Times<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/fed-generally-agreed-phased-in-95-bln-monthly-balance-sheet-runoff-minutes-show-2022-04-06\/\">Reuters<\/a> have more.<\/p><p><strong>SMART POLICY-<\/strong> <strong>Abu Dhabi will ban single-use plastic bags starting June<\/strong>, the Emirate <a href=\"https:\/\/www.mediaoffice.abudhabi\/en\/environment\/the-environment-agency-abu-dhabi-announces-ban-on-single-use-plastic-bags-from-june-2022\/\">announced<\/a> yesterday. The Abu Dhabi Environment Agency plans to implement measures to slash demand for about 16 single-use plastic products that include cups, stirrers, lids and cutlery. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0eee1b47-9be3-49f3-aa9e-0ec85b8dfe7c\">Dubai<\/a> had said in February that it would outlaw their use within two years; it also plans to phase out single-use styrofoam cups, plates and food containers by 2024.<\/p><p><strong>We did something similar a few years back:<\/strong> The Red Sea governorate <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/14\/egypt-in-the-news-on-14-july-2019-lucette-lagnado-plastic-ban-egypts-heritage\/\">banned single-use plastic products<\/a> back in 2019 in a step designed to protect marine life and the coastal environment.<\/p><p><strong>Now, the attention turns to the rest of the country:<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18c41c23-9aca-4aed-9c24-ed1f3a58e575\">new Waste Management Act<\/a> contains provisions to restrict the distribution of single-use plastics nationwide but stops short of laying out a roadmap to ban their use entirely.<\/p><hr class=\"grey-line\"><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Last chance for brokerages to join the new securities federation: <\/strong>The Financial Regulatory Authority is again extending the deadline for brokerage firms, asset managers and financial advisors to sign up to the <strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/egypt-gets-its-first-federation-for-securities\/\">Egyptian Securities Federation<\/a><\/strong> to <strong>18 September<\/strong>, ahead of the convening of its first general assembly, according to <a href=\"https:\/\/bit.ly\/3NQxFt6\">Al Borsa<\/a>. The regulator said this would be the last time the deadline is extended. The federation has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44edb945-4040-4d7f-83e7-7dd1972a7eac\">struggled to attract members<\/a> since it was launched in 2019. Membership is mandatory only for new firms.<\/p><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 yet again, with a barrel of the stuff going for almost USD 103 at dispatch time this morning. Prices at the pump have risen by up to 16% since April last year.<\/p><p><strong>ALSO THIS WEEK AND NEXT-<\/strong><\/p><ul>\n<li><strong>Foreign reserves: <\/strong>March\u2019s foreign reserves figures will be announced in the next few days;<\/li>\n<li><strong>Inflation figures<\/strong> for March are expected on Sunday, 10 April.<\/li>\n<\/ul><p><strong>Companies have just under two weeks to file their first quarterly ESG compliance report: <\/strong>Listed firms and non-bank financial services companies need to submit their first quarterly ESG report by 20 April, the Financial Regulatory Authority (FRA)<a href=\"https:\/\/fra.gov.eg\/custompdfs\/2481616-2\/\"><\/a><a href=\"https:\/\/fra.gov.eg\/custompdfs\/2481616-2\/\">announced<\/a> last week. The regulator is making it mandatory for corporates to publicly disclose their performance on key environmental, social and governance metrics each year when they submit their annual financial statements, starting 2023. <strong>Reach out to <\/strong><strong><a href=\"mailto:mtaalab@inktankir.com\">Moustafa Taalab at InkankIR<\/a><\/strong><strong>, our parent company, if you need some help.<\/strong><\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi\/\">Abu Dhabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-securities-federation\/\">Egyptian Securities Federation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shift-ev\/\">Shift EV<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/single-use-plastics\/\">single-use plastics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"545668\" 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=\"545668\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/545668\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545668\" class=\"content-area-description single-story post-545668 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=\"545669\" 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=\"545669\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/egypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible\/\">\r\n                            Egypt wants VCs to invest here directly \u2014 and is looking at regulatory changes to make it possible                        <\/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\/07\/egypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible\/\" 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\/07\/egypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible\/')\">\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\/07\/egypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt wants VCs to invest here directly \u2014 and is looking at regulatory changes to make it possible&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/egypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible\/\">\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\/07\/egypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible\/&title=Egypt wants VCs to invest here directly \u2014 and is looking at regulatory changes to make it possible\">\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+wants+VCs+to+invest+here+directly+%E2%80%94+and+is+looking+at+regulatory+changes+to+make+it+possible+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F07%2Fegypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible%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\/07\/egypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/155.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545670\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/egypt-wants-vcs-to-invest-here-directly-and-is-looking-at-regulatory-changes-to-make-it-possible\/155-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/155.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"155.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/155.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/155.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545669\" class=\"content-area-description single-story post-545669 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-financial-regulatory-authority tag-gafi tag-investment-watch tag-itida tag-regulation-watch tag-startup-watch tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>A cooperation protocol signed yesterday could be a first step toward <\/strong><strong>making it more attractive for VC firms to directly invest in Egypt<\/strong>, if our read on a cabinet statement is right.<\/p>\n<p><strong>What\u2019s the news?<\/strong> Three key regulators have agreed to work together to make it easier for both local and international VCs to invest in Egyptian startups. On board are the General Authority for Investment and Freezones (GAFI), the Financial Regulatory Authority (FRA), and the Information Technology Industry Development Agency (ITIDA), according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/374810634689363\">statement<\/a>.<\/p>\n<p><strong>Why does it matter? <\/strong>VCs and private equity investors \u2014 local and international alike \u2014 have long invested in Egyptian companies via offshore structures that see them structuring funds as special purpose vehicles (SPVs) domiciled in other countries. They do this for tax efficiency (allowing each party to pay taxes in its own jurisdiction), but they are also very much driven by the unique terms in shareholder agreements they\u2019ve negotiated with the company in which they\u2019re investing.<\/p>\n<p><strong>Uh, Enterprise \u2014 what do you mean, shareholder agreements? <\/strong>VC and PE investors alike demand minority rights protections, whether those are rights to invest in future rounds, the right to ride along on any future transaction (a \u201ctag along\u201d option), guaranteed board seats, etc. And company founders will often want rights including, for example, the ability to control a company long after they stop owning 50% plus one share.<\/p>\n<p><strong>The problem is that those types of arrangements are either (a) untested in Egyptian law <\/strong><strong>or (b) flat-out impossible. <\/strong><a href=\"https:\/\/ent.news\/2022\/4\/egypt_pevc.pdf\">A study (pdf)<\/a> a few years back by the EBRD, PwC and the Egyptian Private Equity association noted that as matters stand today, the enforceability of \u201ctag-along rights, drag-along rights, call options and put options is untested \u2026 In Egypt, minority shareholders generally lack rights and cannot affect the day-to-day activities of a company. They are often unable to influence the strategic direction of a firm, unless they act as a voting bloc.\u201d All of this is anathema to venture investors, PE types and company founders alike.<\/p>\n<p><strong>What\u2019s next? <\/strong>Lots of consultations with VCs (and PE firms), we hope. GAFI has been tapped to prepare a \u201c<strong>standard shareholder agreement<\/strong>\u201d for startups (we hope this is a model agreement and not a one-size-fits-all prescription). Minority rights will be at the center of that contract. Meanwhile, the FRA is working on regulations that <strong>will allow the use of convertible notes <\/strong>to invest in startups. (A convertible is a debt instrument that converts into equity at some point in the future based on pre-agreed triggers.)<\/p>\n<p><strong>Wait, wait \u2014 there\u2019s more.<\/strong> The memorandum also sets the stage for the regulators to explore ideas including:<\/p>\n<ul>\n<li>Founder claw-back clauses<\/li>\n<li>Preferred shares<\/li>\n<li>Reserved matters<\/li>\n<li>Employee stock options<\/li>\n<li>And looking at valuation methods (and funding instruments) that are common globally, but not yet provided for in Egyptian law.<\/li>\n<\/ul>\n<p><strong>Smart lawyering and good policymaking are responsible for this: <\/strong>Our friends at Shahid Law Firm\u2019s Venture by Shahid worked with a team at ITIDA headed by Amr Mahfouz that helped lead a process that brought things to this point, the firm <a href=\"https:\/\/ent.news\/2022\/4\/Shahid_venture_law.pdf\">said in a statement (pdf)<\/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\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/itida\/\">ITIDA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation 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<div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Coffee with\u2026<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/meet-aly-eltayeb-ceo-of-the-startup-that-wants-to-transform-our-streets-and-help-save-the-environment-in-the-process\/\">\r\n                            Meet Aly Eltayeb, CEO of the startup that wants to transform our streets \u2014 and help save the environment in the process                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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<img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/156.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545672\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/meet-aly-eltayeb-ceo-of-the-startup-that-wants-to-transform-our-streets-and-help-save-the-environment-in-the-process\/156-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/156.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"156.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/156.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/156.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545671\" class=\"content-area-description single-story post-545671 post type-post status-publish format-standard has-post-thumbnail hentry category-coffee-with tag-algebra-ventures tag-aly-eltayeb tag-automotive tag-coffee-with tag-enterpriseam tag-oman-technology-fund tag-shift-ev tag-union-sx-quare-ventures tag-wamda wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Electric mobility startup <\/strong><strong><a href=\"https:\/\/www.shift-ev.com\/\">Shift EV<\/a><\/strong><strong> has closed a total of USD 9 mn in funding, <\/strong><strong>putting it on the road to transform the EV landscape not just in Egypt, but across emerging markets with home-grown battery technology. <\/strong>Cairo-based Shift\u2019s Series A round was joined by existing investors <a href=\"https:\/\/www.usv.com\/\">Union Square Ventures<\/a>, <a href=\"https:\/\/www.algebraventures.com\/\">Algebra Ventures<\/a>, and <a href=\"https:\/\/www.wamda.com\/\">Wamda<\/a> as well as first-time investor <a href=\"https:\/\/www.otf.om\/\">Oman Technology Fund<\/a>, bringing the company\u2019s total cash raised to date to USD 9 mn, according to CEO and co-founder Aly Eltayeb (<a href=\"https:\/\/www.linkedin.com\/in\/alyeltayeb\">LinkedIn<\/a>).<\/p>\n<p><strong>The investment is the first in the Middle East and North Africa <\/strong>for Union Square, a tier-one US venture capital investor.<\/p>\n<p><strong>What does Shift EV do? Imagine being able to convert your full delivery fleet into EVs in a matter of days \u2014 at no up-front cost, all here in Cairo. <\/strong>The company, founded by young PhDs with global industry experience, has developed a retrofitting process based on <strong>proprietary Lego-like, locally manufactured batteries<\/strong> that can turn any conventional vehicle into an EV. Shift isn\u2019t interested in converting any old car, though. <strong>Its October plant takes an assembly-line approach to convert fleets of minivans and tricycles and will soon do pickup trucks and microbuses<\/strong>\u2014 the backbone of Egypt\u2019s last-mile delivery and passenger fleets \u2014 into EVs. It takes less than a few hours per vehicle to do the conversion, a figure Eltayeb says is \u201cfalling rapidly.\u201d<\/p>\n<p><strong>How does it generate income? <\/strong>\u201cWe have a simple value proposition for logistics fleets: save 30% of your operating costs with no upfront charge,\u201d says Eltayeb. \u201cWe have a subscription business model, a batteries-as-a-service approach.\u201d They have a team of more than 50 people on the ground today.<\/p>\n<p><strong>We love Planet Startup, but it\u2019s a rare Egyptian company that sets out to build something out of atoms, not bits. <\/strong>For all of his public pushing of the envelope, Elon Musk is alone among the so-called <a href=\"https:\/\/www.businessinsider.com\/meet-the-paypal-mafia-the-richest-group-of-men-in-silicon-valley-2014-9\">Paypal Mafia<\/a> to have set out to transform the physical world in which we live.<\/p>\n<p><strong>Think of Shift EV in a similar way: It\u2019s deep tech with massive real-world implications. <\/strong>It\u2019s not localizing an idea (say, a marketplace \/ payments outfit \/ delivery service) that\u2019s been proven to work abroad \u2014 it\u2019s setting out to do something that\u2019s never been done before. Ever. Anywhere.<\/p>\n<p><strong>We sat down for a pre-Ramadan chat with Eltayeb to discuss the company\u2019s plan to dominate emerging markets<\/strong>, its origin story, and the future of climate \u2014 which we expect will turn out to be the biggest market in the world over the next 30 years. Edited excerpts from our conversation follow.<\/p>\n<p><strong>KEY TAKEAWAYS:<\/strong><\/p>\n<ul>\n<li><strong>Shift EV is looking to do 1 mn kilometers on the road this year<\/strong> with last-mile delivery fleets converted using proprietary battery tech at the company\u2019s October factory;<\/li>\n<li><strong>The company delivered its first batch of vehicles in December 2021<\/strong>, but declined to name client names right now;<\/li>\n<li><strong>They make money on a subscription model<\/strong> \u2014 and are helping creating a new climate-finance product that\u2019s getting traction with DFIs, commercial banks and equity investors alike;<\/li>\n<li><strong>Its next fundraising round<\/strong> will be to take its proven battery tech and manufacturing process outside of Egypt;<\/li>\n<li><strong>The ministries of finance and industry are playing a constructive role<\/strong> driving the buildout of a domestic EV industry<\/li>\n<\/ul>\n<p><strong>ENTERPRISE: Why did you set out to convert fossil-fuel-fired vehicles instead of building your own EVs?<\/strong><\/p>\n<p>The cost of a new electric passenger car is just stunning in emerging-markets terms. I mean, some are just beautiful pieces of angled, carbon-fiber art \u2014 but on a cost basis, they don\u2019t yet make sense. Big global startups such as Tesla and Rivian will spend a decade making money selling high-priced passenger cars in the United States, Europe and China. They\u2019re markets where both personal incomes and government subsidy budgets exist on a scale that can make EVs attractive.<\/p>\n<p>Think about it. At the price of a <a href=\"https:\/\/rivian.com\/r1t\">Rivian<\/a> [starting prices in the US are the equivalent of EGP 1.3 mn apiece), they\u2019re luxury items for consumers \u2014 and they\u2019re certainly not going to be moving packages or groceries around Giza anytime soon.<\/p>\n<p>Big global players will spend the next decade eating up market share outside EM before they\u2019ll start to wonder whether costs have come down enough to build affordably for emerging markets consumers.<\/p>\n<p>But the cost of retrofitting? It turns out that it\u2019s a fraction of the cost of a new EV \u2014 and it\u2019s a cost that can be financed. Our customers own fleets of vehicles. They pay nothing to convert them \u2014 and they get 30% savings immediately. They love that.<\/p>\n<p><strong>Why did you guys start with commercial vehicles when there are significantly more passenger cars on the market?<\/strong><\/p>\n<p>If you\u2019re a car owner, you know where you\u2019re going to go most days and where you\u2019ll charge \u2014 but 10% of the time you need the flexibility to go anywhere and charge anywhere. There\u2019s very little of what when it comes to commercial vehicles: You know exactly where you\u2019ll start, where you\u2019ll end, and what your daily range is \u2014 meaning there\u2019s no need to rely on public charging infrastructure.<\/p>\n<p>Last-mile delivery is a killer application for electric mobility.<\/p>\n<p><strong>E: And the market is big enough?<\/strong><\/p>\n<p><strong>ELTAYEB: There are at least 25 mn commercial vehicles on the roads in emerging markets and 1.5 mn in Egypt alone.<\/strong> The implication is that we have two options: Wait a decade or two during which we emit CO2 like crazy, over-spend on operational costs, and continue to destroy the air quality of our cities. Or find a different option.<\/p>\n<p><strong>E: What was the signal that the time was right for you guys? <\/strong><\/p>\n<p>When we started looking into this in 2019, batteries were down an order of magnitude in cost. It\u2019s the same thing that happened in semiconductors and then in solar panels. And we knew that both global capital and governments are keenly looking at the transition from conventional vehicles to EVs.<\/p>\n<p>We went around the world looking for lessons learned from people who had tried to build businesses around conversion and found they failed for two reasons: The batteries were too expensive in the absence of subsidies \u2014 and they took existing tech and tried to ram it into vehicles just to make it fit, making terrible design tradeoffs in the process.<\/p>\n<p>So we knew we had to do something different. We had to make batteries that are designed from scratch to fit existing chassis. That\u2019s what lets us move at industrial scale and automotive speed.<\/p>\n<p><strong>E: Tarek Assaad at Algebra likened your tech to Lego: You pull the engine and drive train, then snap together a battery package out of Lego-like blocks that make optimum use of the engine compartment. <\/strong><\/p>\n<p><strong>ELTAYEB: <\/strong>That\u2019s a beautiful way of putting it. Our process starts with a specific chassis platform. We don\u2019t want to do bespoke work \u2014 you need to work at an industrial automotive rate when you convert a fleet. It\u2019s not one big battery, but rather smaller modules like Lego packs that we combine in different sizes, form factors and voltages \u2014 all of it unique to each chassis platform.<\/p>\n<p><strong>E: How do you make money? <\/strong><\/p>\n<p><strong>ELTAYEB: <\/strong>The short answer is that it\u2019s a subscription model: We convert your vehicles. You save money. We take a piece of the savings.<\/p>\n<p><strong>And what\u2019s really exciting is that in the process, we\u2019re creating a new asset class. <\/strong>Going from gasoline to EVs at the fleet level needs a new type of renewable energy finance that\u2019s distinctly different from the facilities that financed the switch from coal to renewables. We\u2019re lining up transactions now with big development finance institutions, climate funds, commercial banks and leasing companies. We\u2019re also getting traction with equity investors who can deploy debt.<\/p>\n<p><strong>E: What\u2019s the biggest challenge you guys have faced building a manufacturing business in Egypt? <\/strong><\/p>\n<p><strong>ELTAYEB: <\/strong>It\u2019s certainly not government policy. We\u2019re in line with government goals on FDI, mobility and electrification, and that\u2019s helped a lot. We\u2019ve gotten a lot of support from government institutions. We\u2019re certified as safe and road-ready by the main regulatory bodies and there\u2019s a lot of credit due to the ministers of industry and finance. They\u2019re being really forward-thinking and progressive in how they\u2019re helping build a local EV industry.<\/p>\n<p><strong>One of our biggest challenges was dealing with the China container crunch. <\/strong>We had huge issues getting our stuff to Egypt. It was like something from a comedy: Ex-Intel, GM, and MIT people trying to move stuff from port to port around the world, trying desperately to find a way to get it to Egypt.<\/p>\n<p><strong>Another interesting challenge is that there\u2019s not a lot of capital out there in the world looking to invest in technology in Egypt.<\/strong> New tech investors go to Munich and Boston and San Francisco.<\/p>\n<p><strong>Luckily for us, we met Albert Wenger from Union Square <\/strong>and the teams at Algebra and Wamda and the Oman Technology Fund. What we\u2019re doing is really different, but they understood what we were doing and put their money where their mouths were despite it being so unusual to fund deep tech in Egypt. Other investors were super-excited, but kept coming back to \u201cWhy Egypt?\u201d We wanted to show that you can do this in Egypt.<\/p>\n<p><strong>E: What\u2019s next for you on the fundraising front?<\/strong><\/p>\n<p>We\u2019re far beyond the \u201cWhy Egypt\u2019 questions, I think. For our next round we\u2019ll be raising capital to go regional and we\u2019ve had a great set of larger scale investors that are lining up to write much bigger cheques.<\/p>\n<p><strong>E: Okay, let\u2019s backtrack a bit. What\u2019s your origin story?<\/strong><\/p>\n<p><strong>ELTAYEB: My co-founder and CTO, Amr Helmy (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/amr-helmy-8a69a571\/\">LinkedIn<\/a><\/strong><strong>) have known each other for about 20 years. <\/strong>We share a best friend, which is a great way to get to know someone well enough to start a company with them. And we both went to Cairo U before getting PhDs abroad, so we have a lot of shared experience.<\/p>\n<p><strong>In 2019, we started asking a question the sent us down the rabbit hole: Why aren\u2019t there EVs everywhere in Egypt? Across emerging markets? <\/strong>I was coming from <a href=\"https:\/\/formenergy.com\/\">Form Energy<\/a>, a US battery startup founded by the former vice-president of Tesla \u2014 Form raised USD 350 mn in capital \u2014 and Amr had a really promising career on the faculty at Zuweil University. He\u2019s a PhD in semiconductor design from Grenoble University and an alumnus of Intel. Our vice-president of engineering, Sherif Nassef (<a href=\"https:\/\/www.linkedin.com\/in\/sherif-ismail-m-nassef-61a16abb\/\">LinkedIn<\/a>) was VP of manufacturing at GM and then worked with Schneider Electric.<\/p>\n<p>To this day, one of our biggest successes as a business was convincing Sherif to join us last year after a decade at GM, where he led engineering and manufacturing on so many vehicles dominating Egypt before he managed the expansion of Schneider\u2019s manufacturing facilities in Badr City.<\/p>\n<p>Shift has one of those Silicon Valley-style garage origin stories: We literally started in the corner of a friend\u2019s warehouse.<\/p>\n<p><strong>E: And you? Where were you before Shift?<\/strong><\/p>\n<p><strong>ELTAYEB: <\/strong>I have a PhD in chemical engineering from MIT and led business development as employee number eight at Form.<\/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\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aly-eltayeb\/\">Aly Eltayeb<\/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\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oman-technology-fund\/\">Oman Technology Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shift-ev\/\">Shift EV<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/union-sx-quare-ventures\/\">Union Sx quare Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wamda\/\">Wamda<\/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=\"545673\" 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=\"545673\">\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\/07\/saudi-last-mile-delivery-firm-acquires-local-startup-gallop-express\/\">\r\n                            Saudi last-mile delivery firm acquires local startup Gallop Express                        <\/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\/07\/saudi-last-mile-delivery-firm-acquires-local-startup-gallop-express\/\" 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\/07\/saudi-last-mile-delivery-firm-acquires-local-startup-gallop-express\/')\">\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\/07\/saudi-last-mile-delivery-firm-acquires-local-startup-gallop-express\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Saudi last-mile delivery firm acquires local startup Gallop Express&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/saudi-last-mile-delivery-firm-acquires-local-startup-gallop-express\/\">\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\/07\/saudi-last-mile-delivery-firm-acquires-local-startup-gallop-express\/&title=Saudi last-mile delivery firm acquires local startup Gallop Express\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Saudi+last-mile+delivery+firm+acquires+local+startup+Gallop+Express+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F07%2Fsaudi-last-mile-delivery-firm-acquires-local-startup-gallop-express%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\/07\/saudi-last-mile-delivery-firm-acquires-local-startup-gallop-express\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/158.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545674\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/saudi-last-mile-delivery-firm-acquires-local-startup-gallop-express\/158-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/158.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"158.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/158.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/158.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545673\" class=\"content-area-description single-story post-545673 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-gallop-express tag-glt-express tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>GLT Express steps into Egypt with local acquisition: <\/strong>Saudi logistics company <a href=\"https:\/\/gltmena.com\/\">GLT<\/a><a href=\"https:\/\/gltmena.com\/\">Express<\/a> has made Egypt its first expansion destination outside the Kingdom, acquiring <a href=\"https:\/\/www.facebook.com\/Gallopxpress\/\">Gallop Express<\/a> for an undisclosed sum, according to a <a href=\"https:\/\/ent.news\/2022\/4\/GLT-Express-expands-into-Egypt-by-acquiring-Gallop-Express-English-PRL.pdf\">statement (pdf)<\/a>.<\/p>\n<p><strong>What\u2019s GLT Express: <\/strong>It\u2019s the logistics delivery arm of <a href=\"https:\/\/glt.co\/#\/home\">Global Logistics and Technology (GLT) Holdings<\/a>, which also offers scaling solutions, fintech and payment services, and digital support to e-commerce and F&B businesses, among others. Founded in 2016, the holding company operates in Saudi Arabia, the UAE, Uzbekistan, and Sudan. Subsidiary GLT Express provides B2B fulfillment, last mile delivery, customs clearance and freight services in KSA.<\/p>\n<p><strong>Gallop Express is an Egyptian startup courier service<\/strong> for individuals and companies, founded in 2020.<\/p>\n<p><strong>\u201cThe acquisition of Gallop Express in Egypt was a no-brainer,\u201d <\/strong>GLT Express CEO Mark Humphries said, given the potential in the Egyptian market.<\/p>\n<p><strong>This is the second Saudi mid-market acquisition in the local market this week:<\/strong> GLT\u2019s takeover comes hot on the heels of Saudi Telecom\u2019s bid for an 89.5% stake in local systems integrator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47c3ee87-0c02-4dfb-ba4c-1d3c529a1de9\">Giza Systems<\/a>. Our GCC neighbors have been stepping up activity in the local market of late, including M&A, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7db46eae-b7d1-4b4b-8b2f-83a473b0aed7\">investment<\/a> and (in the case of KSA) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">deposits<\/a> at the central 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\/gallop-express\/\">Gallop Express<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/glt-express\/\">GLT Express<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545675\" 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=\"545675\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/\">\r\n                            We\u2019re getting EUR 100 mn from the EU to tackle food insecurity                        <\/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\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/\" 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\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/')\">\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\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/\">\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=We\u2019re getting EUR 100 mn from the EU to tackle food insecurity&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/\">\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\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/&title=We\u2019re getting EUR 100 mn from the EU to tackle food insecurity\">\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=We%E2%80%99re+getting+EUR+100+mn+from+the+EU+to+tackle+food+insecurity+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F07%2Fwere-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity%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\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/159.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545676\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/were-getting-eur-100-mn-from-the-eu-to-tackle-food-insecurity\/159-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/159.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"159.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/159.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/159.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545675\" class=\"content-area-description single-story post-545675 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-eu tag-smes 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>The EU is providing Egypt with EUR 100 mn in support to help us tackle rising <\/strong><strong>food prices<\/strong> amid the ongoing war in Ukraine, according to an <a href=\"https:\/\/ec.europa.eu\/commission\/commissioners\/2019-2024\/varhelyi\/announcements\/commission-acts-support-food-security-and-resilience-southern-neighbourhood_en\">EU statement<\/a>. The funding is part of a freshly announced EUR 225 mn Food and Resilience Facility for MENA countries.<\/p>\n<p><strong>What will the money go toward? <\/strong>The aid aims to address commodity shortage emergencies and sustain social safety nets in the short term, and support sustainable agriculture going forward. The funds will focus on \u201cthe most vulnerable people and \/ or the partners most severely affected by the crisis,\u201d the statement read.<\/p>\n<p><strong>We\u2019re not the only ones in the region getting a helping hand: <\/strong>The EU will hand out by far the biggest chunk of the funding to Egypt, with additional packages worth EUR 5 - 25 mn each allocated to Algeria, Jordan, Lebanon, Morocco, Palestine, Syria and Tunisia. Countries were chosen for funding due to their heavy reliance on Ukraine and \/ or Russian food imports or nitrogen fertilizers, the bloc said.<\/p>\n<p><strong>\u201cThe EU stands by its partners in these difficult times<\/strong> of economic ordeal caused by the Russian aggression,\u201d said EU ambassador to Egypt Christian Berger in a <a href=\"https:\/\/twitter.com\/EUinEgypt\/status\/1511709912350478340?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\">Tweet<\/a>.<\/p>\n<p><strong>Russia\u2019s invasion of Ukraine is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19cdf00e-f36b-465c-8115-096d9196dcfc\">upending global food supplies<\/a><\/strong><strong> and sending commodity prices soaring<\/strong><strong>. <\/strong>Headline inflation here at home reached a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a850c3cb-222e-48ae-bd69-d1a536330c25\">31-month high<\/a> in February, as rising global prices caused the cost of local food items to accelerate at a rate not seen since 2018.<\/p>\n<p><strong>The EU funding will help \u2014 but the IMF is likely to provide us with heftier assistance. <\/strong>The government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">currently in talks<\/a> with the international lender on a fresh round of assistance, having tapped it for a total USD 20 bn since 2016.<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/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=\"545677\" 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=\"545677\">\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\">Real estate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/govt-eyes-more-support-for-contractors\/\">\r\n                            Gov\u2019t eyes more support for contractors                        <\/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\/07\/govt-eyes-more-support-for-contractors\/\" 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 price of local building materials including steel and cement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc70339c-e46a-41d1-8d32-4dbfe09a6050\">has soared<\/a> since the start of the Russia-Ukraine conflict, eating into contractors\u2019 margins and leading them to lobby for government support to help absorb the shock.<\/p>\n<p><strong>Developers used the meeting to call for higher dumping fees<\/strong> on some building materials to bring market prices back into balance, saying that the negative impact of the devaluation, interest rate hike, and rising costs amid the war in Ukraine meant the sector needed \u201crapid intervention.\u201d They also called for the government to provide financing for private players and to allow for delays on the completion of all projects. Cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b72aaca2-4297-4a97-b310-d48a89e9de79\">recently announced<\/a> that developers who fail to meet deadlines on state infrastructure projects will be exempt from fines for two months.<\/p>\n<p><strong>A CPA crackdown on cement and steel price hikes in the works?<\/strong> Major cement and steel companies are being called in for an \u201curgent\u201d meeting with the Consumer Protection Authority to discuss the recent price jumps, Madbouly said. Steel prices have jumped to around <a href=\"https:\/\/gate.ahram.org.eg\/News\/3476205.aspx\">EGP 19.9k\/tonne<\/a> from EGP 15.5k in recent weeks due to a significant rise in imported scrap metal prices, while cement went up <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1f3d9c78-7c67-482e-b195-79491112c51c\">by at least 10%<\/a>, currently sitting at <a href=\"https:\/\/gate.ahram.org.eg\/News\/3476198.aspx\">EGP 1.4k\/tonne<\/a> following the war.<\/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\/metal\/\">metal<\/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=\"545679\" 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=\"545679\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/cabinet-gives-final-approval-on-income-tax-act-amendments\/\">\r\n                            Cabinet gives final approval on Income Tax Act amendments                        <\/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\/07\/cabinet-gives-final-approval-on-income-tax-act-amendments\/\" 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\/07\/cabinet-gives-final-approval-on-income-tax-act-amendments\/')\">\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\/07\/cabinet-gives-final-approval-on-income-tax-act-amendments\/\">\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=Cabinet gives final approval on Income Tax Act amendments&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/cabinet-gives-final-approval-on-income-tax-act-amendments\/\">\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\/07\/cabinet-gives-final-approval-on-income-tax-act-amendments\/&title=Cabinet gives final approval on Income Tax Act amendments\">\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=Cabinet+gives+final+approval+on+Income+Tax+Act+amendments+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F07%2Fcabinet-gives-final-approval-on-income-tax-act-amendments%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\/07\/cabinet-gives-final-approval-on-income-tax-act-amendments\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/161.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545680\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/cabinet-gives-final-approval-on-income-tax-act-amendments\/161-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/161.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"161.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/161.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/161.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545679\" class=\"content-area-description single-story post-545679 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-cabinet-watch tag-enterpriseam tag-food tag-hospitality tag-income-tax tag-moustafa-madbouly tag-tax tag-usaid 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>M<\/strong><strong>inisters <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/374869068016853\">green-lit a number of decisions<\/a><\/strong><strong> at yesterday\u2019s cabinet meeting<\/strong>, including amendments to the Income Tax Act and the date at which the new hotel price floor will be applied across the country.<\/p>\n<p><strong>The mystery income tax changes were approved:<\/strong> Cabinet green-lit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">amendments to the Income Tax Act<\/a> announced last month as part of a wide-ranging stimulus program to support the economy and the financial markets amid the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">interest rate hike and EGP devaluation<\/a>.<\/p>\n<p><strong>The trouble is: We still don\u2019t know what they are<\/strong><strong>.<\/strong> The cabinet statement didn\u2019t shed any new light on how the government plans to tweak the tax, saying only that the amendments are designed to attract investors into the stock market. The government previously said it would include a yet-to-be-revealed formula that would reduce the withholding tax on dividends.<\/p>\n<p><strong>The minimum hotel charge will be rolled out nationwide starting November 2022<\/strong>, according to the statement. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40c1f28e-7588-4f32-9e00-4c054f19315a\">minimum charge<\/a> is set at USD 40 per night for five-star hotels and USD 28 per night for four-star establishments.<\/p>\n<p><strong>We also got some details on the body that will regulate billboards: <\/strong>Ministers yesterday approved a draft bill on the National Authority for Regulating Advertisements on Public Roads, which is set to regulate the issuance of licenses for new roadside billboards (good) as well as ad content (meh). The bill tasks the authority with ensuring ads \u201cpreserve the urban landscape\u201d and observe \u201cpublic order, morals and respect for religions.\u201d It gives the regulator responsibility for determining fees for billboard licenses, which will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13a3ac44-f9e5-4eb8-aa93-d7b55d45df03\">last for only three years<\/a> and can be revoked. Its board will be headed by the prime minister and include other cabinet members. The law setting up the authority was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ac71923-d25f-4737-b794-a57cb8c44f9a\">passed by the House<\/a> back in 2020.<\/p>\n<p><strong>ALSO GETTING THE NOD-<\/strong><\/p>\n<ul>\n<li><strong>The Cabinet has exempted imports of 20k tons of frozen poultry from custom <\/strong><strong>duties<\/strong> as part of efforts to increase supply and lower prices, which have spiked in recent weeks.<\/li>\n<li><strong>Additional USAID grant funding was approved:<\/strong> The money has been allocated to education, health, and agriculture, among other fields.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hospitality\/\">hospitality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/income-tax\/\">income tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/usaid\/\">USAID<\/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=\"545681\" 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=\"545681\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/govt-grants-freezone-status-to-alexandria-port-cargo-terminal\/\">\r\n                            Gov\u2019t grants freezone status to Alexandria port cargo terminal                        <\/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\/07\/govt-grants-freezone-status-to-alexandria-port-cargo-terminal\/\" 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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wp-post-image\" alt=\"\" data-attachment-id=\"545682\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/govt-grants-freezone-status-to-alexandria-port-cargo-terminal\/162-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/162.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"162.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/162.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/162.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545681\" class=\"content-area-description single-story post-545681 post type-post status-publish format-standard has-post-thumbnail hentry category-infrastructure tag-alex-cargo tag-apa tag-enterpriseam tag-holding-company-for-maritime-and-land-transport tag-infrastructure tag-suez-canal-authority 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>New freezone at Alex port for state-owned terminal:<\/strong> Cabinet approved yesterday the establishment of a freezone for the state-owned Egyptian Group for Multi-Purpose Terminals (EGMPT) at Alexandria port, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/374866384683788\">statement.<\/a> The USD 500 mn project will establish a new 540k sqm multi-purpose terminal for handling containers and general cargo.<\/p>\n<p><strong>EGPMT shareholders are fully funding the project:<\/strong> The Alexandria Port Authority (a 34% shareholder in the company), the Suez Canal Authority (33%), the Holding Company for Maritime and Land Transport (20%), and the EGX-listed Alexandria Container and Cargo Handling Company (13%) will put up all the money, according to the statement.<\/p>\n<p><strong>About the company:<\/strong> The holding company was <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/09\/transport-ministry-sets-up-holding-company-for-multipurpose-platforms\/\">established<\/a> by the Transport Ministry in 2018 to design, construct, operate, and maintain multipurpose platforms.<\/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\/alex-cargo\/\">Alex Cargo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/apa\/\">APA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/holding-company-for-maritime-and-land-transport\/\">Holding Company for Maritime and Land Transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-authority\/\">Suez Canal Authority<\/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=\"545683\" 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=\"545683\">\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\">WAR WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/ban-russian-energy-to-make-sanctions-count-zelensky\/\">\r\n                            Ban Russian energy to make sanctions count -Zelensky                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n              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src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/163.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"545684\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/ban-russian-energy-to-make-sanctions-count-zelensky\/163-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/163.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"163.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/163.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/163.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545683\" class=\"content-area-description single-story post-545683 post type-post status-publish format-standard has-post-thumbnail hentry category-war-watch tag-china tag-enterpriseam tag-jpmorgan tag-russia tag-russian-oil tag-war-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Ukraine wants its allies to hit Russia where it really hurts \u2014 in the energy sector. <\/strong>Ukrainian President Vlodomyr Zelensky <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-seeks-ruinous-sanctions-russia-amid-european-hesitancy-2022-04-06\/\">called on<\/a> Western nations to stop dragging their feet and quickly agree on a complete ban on Russian oil, as well as cut off Russian banks from the international system entirely. \u201cSome politicians are still unable to decide how to limit the flow of petrodollars and oileuros to Russia so as not to put their own economies at risk,\u201d he said. The EU has signaled it will look to ban Russian coal and oil, though members are divided on all-important gas.<\/p>\n<p><strong>Chinese state refiners tread carefully with Russian oil: <\/strong>Chinese state-owned firms \u2014 including Sinopec, CNOOC and PetroChina \u2014 aren\u2019t making new purchases of Russian oil despite cheap prices, sources told <a href=\"https:\/\/www.reuters.com\/business\/energy\/exclusive-china-state-refiners-shun-new-russian-oil-trades-teapots-fly-under-2022-04-06\/\">Reuters<\/a>. China has so far refrained from condemning Russia\u2019s invasion of Ukraine and has made a diplomatic show of its friendship with Russia, but is nevertheless wary of being caught in the sanctions crossfire.<\/p>\n<p><strong>Russia inched closer to a default on its international debt<\/strong> as Moscow said it would be forced by US sanctions to pay holders of USD-denominated bonds in RUB, the <a href=\"https:\/\/www.ft.com\/content\/f10f7c1d-b7d2-44fd-b236-f58793637cb6\">Financial Times<\/a>reports. The move would amount to a default or \u201cdefault-like\u201d situation, analysts say. \u201cI think it\u2019s a default if the bondholders are not paid in USD,\u201d one EM debt expert told the salmon-coloured paper.<\/p>\n<p><strong>But the RUB has staged a comeback, defying sanctions: <\/strong>Russia\u2019s currency has staged a surprising recovery to pre-war levels, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-06\/mocked-as-rubble-by-biden-russia-s-ruble-comes-roaring-back\">Bloomberg<\/a> reports. The RUB closed at 79.7 to the USD on Wednesday \u2014 signaling that waves of measures against Russian banks, businesses and individuals are \u201clargely toothless\u201d as long as Europe and others continue to spend massive sums on Russian energy imports, the business information service says.<\/p>\n<p><strong>Sanctions get personal: <\/strong>The latest package of US sanctions, triggered by the Bucha atrocities, target President Vladimir Putin\u2019s two daughters as well as Foreign Minister Sergey Lavrov\u2019s wife and daughter, according to a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/04\/06\/fact-sheet-united-states-g7-and-eu-impose-severe-and-immediate-costs-on-russia\/\">statement<\/a>. Major Russian banks Sberbank and Alfa Bank will also be completely blocked.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Surprisingly, it doesn\u2019t look like the AL will be brokering peace in Ukraine:<\/strong> An Arab League delegation reiterated its call for a ceasefire and <a href=\"http:\/\/www.leagueofarabstates.net\/ar\/news\/Pages\/NewsDetails.aspx?RID=3392&fbclid=IwAR3HH7aW4oOoUru_mmdArqFfF2olYrvNytMPshzVSLOKdkM3KZgPw9l9rrA\">said<\/a> it stands ready to support direct negotiations between Russia and Ukraine, after meeting with Ukrainian Foreign Minister Dmytro Kuleba in Warsaw on Tuesday, according to a <a href=\"https:\/\/www.facebook.com\/arab.league\/posts\/4846962525353337\">statement<\/a>. The delegation, which includes Foreign Minister Sameh Shoukry, had offered to mediate ceasefire negotiations earlier in the week in Moscow, following a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15aa12b7-e166-43be-af4d-0b5d674bdd98\">meeting with<\/a> Russian Foreign Minister Sergey Lavrov.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jpmorgan\/\">JPMorgan<\/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\/russian-oil\/\">Russian oil<\/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=\"545685\" 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=\"545685\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/fra-adopts-un-principles-for-gender-equality-mastercard-recognizes-successful-women\/\">\r\n                            FRA adopts UN principles for gender equality + Mastercard recognizes successful women                        <\/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\/07\/fra-adopts-un-principles-for-gender-equality-mastercard-recognizes-successful-women\/\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/fra-adopts-un-principles-for-gender-equality-mastercard-recognizes-successful-women\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545685\" class=\"content-area-description single-story post-545685 post type-post status-publish format-standard hentry category-kudos tag-enterpriseam tag-financial-regulatory-authority tag-gender tag-kudos tag-mastercard tag-un tag-womens-leadership-awards wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>KUDOS-<\/strong> <strong>The Financial Regulatory Authority (FRA) has adopted the UN\u2019s wome<\/strong><strong>n\u2019s <\/strong><strong>e<\/strong><strong>mpowerment principles (WEPs)<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/4\/FRA-adopts-WEPs.pdf\">press release (pdf)<\/a>.<\/p>\n<p><strong>Mastercard recognized two Egyptian women at a recent awards initiative:<\/strong> <strong>Gehad Hamdy <\/strong>(<a href=\"https:\/\/www.linkedin.com\/in\/gehad-hamdy\/?trk=public_profile_browsemap&originalSubdomain=eg\">LinkedIn<\/a>), founder and managing director of feminist initiative Speak Up, snagged the change maker and humanitarian awards, while <a href=\"https:\/\/www.artdegypte.org\/\">Art D\u2019Egypte<\/a> founder <strong>Nadine Abdel Ghaffar<\/strong> was also recognized, according to a <a href=\"https:\/\/newsroom.mastercard.com\/mea\/press-releases\/winners-of-inaugural-mastercard-women-sme-leaders-awards-2022-announced\/\">press release<\/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\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mastercard\/\">Mastercard<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/womens-leadership-awards\/\">Women\u2019s Leadership Awards<\/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=\"545686\" 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=\"545686\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/545686\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545686\" class=\"content-area-description single-story post-545686 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=\"545687\" 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=\"545687\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/last-nights-talk-shows-it-could-get-harder-to-get-a-second-wife\/\">\r\n                            Last Night\u2019s Talk Shows: It could get harder to get a second wife                        <\/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\/07\/last-nights-talk-shows-it-could-get-harder-to-get-a-second-wife\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+It+could+get+harder+to+get+a+second+wife+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F07%2Flast-nights-talk-shows-it-could-get-harder-to-get-a-second-wife%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\/07\/last-nights-talk-shows-it-could-get-harder-to-get-a-second-wife\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545687\" class=\"content-area-description single-story post-545687 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-marriage-laws tag-ramadan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>SMART POLICY- Marrying a second (third, fourth or fifth) wife could get significantly <\/strong><strong>more <\/strong><strong>complicated <\/strong>after the House of Representatives proposed a draft law which would require any man who wishes to marry again to inform a judge, who would in turn inform his spouse(s) and request her approval before the marriage could proceed, MP Nashwa El Deeb told Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=J00HgtL8qdc\">watch, runtime: 5:40<\/a>).<\/p>\n<p><strong>Yet more Ramadan drama chat:<\/strong> Tasea held phone-ins with Rageen Ya Hawa\u2019s Anoushka and Jazirat Ghamam\u2019s Tarek Lotfi (<a href=\"https:\/\/www.youtube.com\/watch?v=xY9dWIq2NCc\">watch, runtime: 6:02<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=f22HM8yQChI\">5:17<\/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\/marriage-laws\/\">marriage laws<\/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            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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/egypt-in-the-news-swimmer-omar-hegazy-breaks-guinness-world-records\/\">\r\n                            Egypt in the News: Swimmer Omar Hegazy breaks Guinness world records                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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              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+Swimmer+Omar+Hegazy+breaks+Guinness+world+records+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F07%2Fegypt-in-the-news-swimmer-omar-hegazy-breaks-guinness-world-records%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\/07\/egypt-in-the-news-swimmer-omar-hegazy-breaks-guinness-world-records\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545689\" class=\"content-area-description single-story post-545689 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-omar-hegazy tag-sports wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>On a very quiet day for mentions of Egypt in the international press, the only news was good <\/strong><strong>news: <\/strong>Swimmer Omar Hegazy just broke two Guinness world records for the longest distance swam underwater with one breath. Hegazy, who lost his left leg in a motorcycle accident in 2015, was also the first amputee to <a href=\"https:\/\/www.reuters.com\/article\/us-egypt-amputee-swimmer-idUSKBN18J1XA\">swim across the Gulf of Aqaba<\/a> from Egypt to Jordan a few years back. (<a href=\"https:\/\/saudigazette.com.sa\/article\/619067\/World\/Africa\/Egyptian-amputee-defies-odds-swimming-longest-distance-with-one-breath\">Saudi Gazette<\/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\/omar-hegazy\/\">Omar Hegazy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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=\"545690\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"545691\" 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=\"545691\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/gafi-could-ban-forex-payments-between-shipping-cargo-handling-firms\/\">\r\n                            GAFI could ban forex payments between shipping + cargo handling firms                        <\/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\/07\/gafi-could-ban-forex-payments-between-shipping-cargo-handling-firms\/\" 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 central bank wants to help doctors set up their own clinics and equip them in cooperation with the Authority for Unified Procurement, the statement read. The financing class was <a href=\"https:\/\/enterprise.press\/stories\/2016\/02\/17\/prime-minister-warns-tough-economic-measures-cbe-says-wont-devalue\/\">introduced in 2016<\/a>, with the aim of helping young people establish SMEs.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Tripadvisor has ranked <strong>Cairo<\/strong> <strong>#2 in its list of most trending destinations<\/strong> globally and the Red Sea resort of <strong>Hurghada<\/strong> the 10th most popular destination (<a href=\"https:\/\/www.tripadvisor.com\/TravelersChoice-Destinations-cTrending-g1\">Tripadvisor<\/a>).<\/li>\n<li><strong>Heliopolis Housing and Development (HHD)<\/strong> will sell a 243-feddan land plot in New Heliopolis for EGP 1.7 bn (<a href=\"https:\/\/ent.news\/2022\/4\/Heliopolis-Housing-to-sell-243-land-plot.pdf\">disclosure, pdf<\/a>).<\/li>\n<li>The <strong>World Ban<\/strong><strong>k <\/strong>is keen to provide Egypt with support to host <strong>COP27<\/strong> (<a href=\"https:\/\/moic.gov.eg\/news\/414\">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\/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\/consumer-finance\/\">consumer finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/heliopolis-housing-and-development\/\">Heliopolis Housing and Development<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"545692\" 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=\"545692\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/dubai-utilities-firm-makes-usd-6-bn-debut-surprise-war-in-europe-is-bad-for-global-trade\/\">\r\n                            Dubai utilities firm makes USD 6 bn debut + Surprise: War in Europe is bad for global trade                        <\/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\/07\/dubai-utilities-firm-makes-usd-6-bn-debut-surprise-war-in-europe-is-bad-for-global-trade\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/dubai-utilities-firm-makes-usd-6-bn-debut-surprise-war-in-europe-is-bad-for-global-trade\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545692\" class=\"content-area-description single-story post-545692 post type-post status-publish format-standard hentry category-planet-finance tag-dewa tag-dubai tag-enterpriseam tag-financial-markets tag-intel tag-ipo-watch tag-planet-finance tag-russia-ukraine-conflict tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>DEWA pulls off one of the biggest IPOs since Aramco:<\/strong> Dubai\u2019s main utilities firm DEWA has raised USD 6.1 bn in its stock market debut, making it the biggest IPO in Europe, the Middle East and Africa since Saudi Aramco in 2019, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-06\/dubai-raises-6-1-billion-in-emea-s-biggest-ipo-since-2019?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> reported. The state-owned company sold 9 bn shares at the top of its price range of AED 2.48 apiece, valuing it at around USD 33.8 bn, DEWA\u2019s stock will begin trading in Dubai on 12 April.<\/p><p><strong>Russia-Ukraine war knocks global trade:<\/strong> Global trade fell an estimated 2.8% between February and March due to the conflict in Ukraine, according to a <a href=\"https:\/\/www.ifw-kiel.de\/publications\/media-information\/2022\/kiel-trade-indicator-0322-world-trade-in-downturn\/\">report<\/a> by the Kiel Institute for the World Economy. Sanctions imposed on Russia, the world\u2019s second-largest commodities exporter and 11th-largest economy, are isolating it from global trade and have led to an \u201cabrupt decline\u201d in the number of container ships moving through its ports.<\/p><p><strong>FROM THE DEPT. OF THE OBVIOUS- European trade was hit hardest. <\/strong>EU imports fell 3.4% and exports declined 5.6% last month. US exports fell 3.4% and imports slipped 0.6%. China\u2019s exports, unsurprisingly, were down only 0.9%, while its imports rose 0.9%.<\/p><p><strong>In other financial news:<\/strong><\/p><ul>\n<li><strong>The Chinese economy is being battered by covid:<\/strong> Activity in China\u2019s services sector saw its sharpest decline since 2020 in March as outbreaks of covid-19 hit demand, according to a <a href=\"https:\/\/www.caixinglobal.com\/2022-04-06\/caixin-china-general-services-pmi-march-2022-101866170.html\">purchasing managers\u2019 survey<\/a>. The Caixin PMI dropped to 42.0 in March, down from 50.2 a month earlier, well below the 50.0 mark that separates expansion from contraction. The composite PMI, which measures both services and manufacturing, also fell to two-year lows.<\/li>\n<li><strong>Another American tech firm flees Russia:<\/strong> Intel has suspended its operations in Russia, becoming the latest tech firm to join the exodus out of the country following its invasion of Ukraine. (<a href=\"https:\/\/www.intel.com\/content\/www\/us\/en\/newsroom\/news\/russia-business-statement.html?cid=iosm&amp;source=twitter&amp;campid=newsroom_posts&amp;content=100003020150327&amp;icid=always-on&amp;linkId=100000118897423\">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>11,348<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -5.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.26<\/p>\n<\/td>\n<td>\n<p>Sell 18.36<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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 at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.26<\/p>\n<\/td>\n<td>\n<p>Sell 18.36<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>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>13,256<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +17.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,068<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +18.6%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,500<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +9.5%)<\/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>4,481<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,588<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +2.8%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,825<\/p>\n<\/td>\n<td>\n<p>-2.4% (YTD: -11%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 102.18<\/p>\n<\/td>\n<td>\n<p>+1.1%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.13<\/p>\n<\/td>\n<td>\n<p>+1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,930<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 43,851<\/p>\n<\/td>\n<td>\n<p>-4.6% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 232.55 mn (76.2% below the 90-day average). Foreign investors were net sellers. The index is down 5.0% YTD.<\/p><p><strong>In the green: <\/strong>Qalaa Holdings (+6.7%), Rameda (+3.5%) and Eastern Company (+1.4%).<\/p><p><strong>In the red: <\/strong>EKH (-3.9%), MM Group (-3.4%) and ADIB (-1.4%).<\/p><p><strong>It\u2019s red all across Asia this morning <\/strong>and futures suggest shares in Western Europe and North America will also face selling pressure at the opening bell later today.<\/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\/dewa\/\">DEWA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/intel\/\">Intel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/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\/trade\/\">trade<\/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=\"545693\" 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=\"545693\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/my-morning-routine-sherif-hashem-ceo-basharsoft\/\">\r\n                            My Morning Routine: Sherif Hashem, CEO, BasharSoft                        <\/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\/07\/my-morning-routine-sherif-hashem-ceo-basharsoft\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking to us this week is Sherif Hashem (<a href=\"https:\/\/eg.linkedin.com\/in\/sherif-hashem-82336512a\">LinkedIn<\/a>), CEO of <a href=\"https:\/\/basharsoft.com\/\">BasharSoft<\/a>.<\/p>\n<p><strong>My name is Sherif Hashem, and I\u2019m the CEO of BasharSoft. <\/strong>I started my professional career as an M&A lawyer. I transitioned into the business side because my experience working on mergers and acquisitions, and joint ventures, always piqued my interest. The business angle of the work was always the most exciting part of the job for me. Two of my former bosses encouraged me to jump to the business side of the fence, so I followed in one of their footsteps: He stopped practicing law twice \u2014 once to get into investment banking and the other time to get into the private equity field.<\/p>\n<p><strong>I started off in BasharSoft\u2019s investor relations and corporate development department<\/strong> in 2020, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e047625a-3bf7-42bc-b341-a9811176575a\">became CEO in September 2021<\/a>.<\/p>\n<p><strong>BasharSoft is a tech firm specialized in developing web-based online employment marketplaces and platforms. <\/strong>Our aim is to help solve the persistent problem of talent acquisition. As the multiplication and diversification of fields and specialities continues to grow, so do the challenges businesses face with finding the right talent. There is always a growing demand that outstrips the supply of talent. Our aim is to enable organizations to fulfill their growth goals by matching job seekers with the entity that best fits their potential.<\/p>\n<p><strong>BasharSoft owns <\/strong><strong><a href=\"https:\/\/wuzzuf.net\/jobs\/egypt\">Wuzzuf<\/a><\/strong><strong> and <\/strong><strong><a href=\"https:\/\/forasna.com\/\">Forasna<\/a><\/strong><strong>:<\/strong> Wuzzuf, which has become a household name with regard to talent recruitment, helps white collar job seekers and university graduates to find knowledge economy jobs, whereas Forasna focuses on helping blue collar job seekers find jobs.<\/p>\n<p><strong>My daily routine is extremely important to me. I wake up between 5:30 and 6:30am, even though I\u2019m not a morning person. <\/strong>I need that precious \u201cme time\u201d early on in the day before I kick off and engage with the rest of the world. I use that time to hit the gym everyday. I also read Enterprise, Reuters, BBC, and Bloomberg to catch up on the news in the morning.<\/p>\n<p><strong>One thing that I have to do everyday is listen to articles and audiobooks.<\/strong> Traffic no longer bothers me because I always use that time to enjoy an audiobook.<\/p>\n<p><strong>I divide my workweek into three equal parts. <\/strong>As a numbers person, thinking in terms of weeks, instead of days, is ideal for me \u2014 it enables me to see patterns and trends as they arise. A day is too short and a month is too long. One third of my typical workweek is focused on strategy, which involves looking at quantitative and qualitative data. Another third entails day-to-day management activities, including enhancing internal processes and a focus on building the company\u2019s culture. I use the third part of the week to engage and interact with external stakeholders, whether they be customers, partners, or other players in the market.<\/p>\n<p><strong>I care about maintaining a healthy work-life balance, both for the team and myself. <\/strong>Personally, I can\u2019t say that I was able to have that balance last year. I was a workaholic who used to burn the midnight oil to get work done. Over the past couple of months, however, I have managed to restore a routine that allows me to have healthy energy levels. Now, I go to bed early and wake up early. I sleep better and don\u2019t need extra time to decompress from stressful work days like I used to before.<\/p>\n<p><strong>We\u2019ve adopted a hybrid work environment at BasharSoft to make our team\u2019s lives easier. <\/strong>We usually work from home and have meetings either at business-friendly coffee shops or at the office. We have bi-weekly or monthly management meetings at the office, but otherwise we handle a significant portion of our workload remotely and in a very flexible way. This is one of the reasons I love the company.<\/p>\n<p><strong>To relax and switch off from work, I go out with my friends or call them over the phone to catch up.<\/strong> Good company and a change of scenery always takes my mind off of work. I often use a guided meditation app called <a href=\"https:\/\/www.headspace.com\/\">headspace<\/a> to unwind and reduce stress as well. Traveling is also very therapeutic for me. If I have some time off of work, I like to travel and get away from the hustle and bustle of Cairo.<\/p>\n<p><strong>To stay focused and organized, I take good care of myself, both mentally and physically. <\/strong>If you don\u2019t focus on your wellbeing, you can\u2019t expect yourself to take complex challenges without compromising your productivity and empathy levels. Another factor that helps me stay focused and on top of things is having an executive coach, who I can turn to for business advice. His name is <a href=\"https:\/\/www.linkedin.com\/in\/amr-yehia-ismail-24ba1023\/\">Amr Yehia<\/a>, and he helps me set my priorities and navigate the many challenges I face as a CEO. The job of a CEO is a lonely one and it comes with a price. No one prepares you for this position \u2014 it can be an emotional rollercoaster and I believe that getting help from a professional mentor can help you become more resilient.<\/p>\n<p><strong>The last great thing I watched was <\/strong><strong><a href=\"https:\/\/www.netflix.com\/eg-en\/title\/80117552\">Ozark<\/a><\/strong><strong> on Netflix. <\/strong>I\u2019m eagerly waiting for the upcoming season. It\u2019s one of those mesmerizing TV shows that has a great mix of crime drama and very interesting, complex characters. I love the character portrayals and how the series delves into the psyche of the characters. On occasion, I also like to kick back and watch mountaineering documentaries. My favorites include: <a href=\"https:\/\/www.netflix.com\/eg-en\/title\/81464765\">14 peaks<\/a>, <a href=\"https:\/\/films.nationalgeographic.com\/free-solo\">FreeSolo<\/a>, and <a href=\"https:\/\/www.google.com\/search?q=North+Face+netflix&ei=wqZBYoHLLdjhgAaw7InQBw&ved=0ahUKEwiBtMSW5Oj2AhXYMMAKHTB2AnoQ4dUDCA4&uact=5&oq=North+Face+netflix&gs_lcp=Cgdnd3Mtd2l6EAMyBQgAEIAEMgYIABAWEB46BAgAEEc6BQgAEJECOgsILhCABBDHARCvAToICAAQFhAKEB5KBAhBGABKBAhGGABQ1gFY_A5gwhBoAHACeACAAZ0GiAGmF5IBBTUtMS4zmAEAoAEByAEIwAEB&sclient=gws-wiz\">North Face<\/a>. I find them fascinating: You get to watch brave, resilient individuals battle the elements and embark on exhilarating and incredibly dangerous adventures.<\/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\/basharsoft\/\">BasharSoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sherif-hashem\/\">Sherif Hashem<\/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=\"545695\" 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\/07\/545695\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-545695\" class=\"content-area-description single-story post-545695 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>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/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":545666,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-545665","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"67575b95-087c-4fdf-846b-045f524042bd","teaser":"","photo_url":"https:\/\/ent.news\/2022\/4\/10.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>Can regulatory changes make it attractive for VCs to invest directly in Egypt? - 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\/can-regulatory-changes-make-it-attractive-for-vcs-to-invest-directly-in-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can regulatory changes make it attractive for VCs to invest directly in Egypt?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/can-regulatory-changes-make-it-attractive-for-vcs-to-invest-directly-in-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:09:30+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\/10.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\/can-regulatory-changes-make-it-attractive-for-vcs-to-invest-directly-in-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/can-regulatory-changes-make-it-attractive-for-vcs-to-invest-directly-in-egypt\/\",\"name\":\"Can regulatory changes make it attractive for VCs to invest directly in Egypt? 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