{"id":546039,"date":"2022-04-26T04:06:17","date_gmt":"2022-04-26T04:06:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546039"},"modified":"2025-12-15T21:18:08","modified_gmt":"2025-12-15T21:18:08","slug":"companies-are-lining-up-to-invest-bns-building-green-fuel-plants-in-the-sczone","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/companies-are-lining-up-to-invest-bns-building-green-fuel-plants-in-the-sczone\/","title":{"rendered":"Companies are lining up to invest bns building green fuel plants in the SCZone"},"content":{"rendered":"<section id=\"546041\" 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=\"546041\">\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\/26\/this-morning-a-brief-workweek-before-another-long-holiday-big-pressures-on-the-worlds-palm-oil\/\">\r\n                            THIS MORNING: A brief workweek before another long holiday + Big pressures on the world\u2019s palm oil                        <\/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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tag-what-were-tracking-today tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and welcome to a very short workweek. <\/strong>We hope your Easter \/ Sham El Nessim \/ Sinai Liberation long weekend was fantastic \u2014 and that you, like us, are looking forward to Eid.<\/p><p><strong>Where did we leave things off last week? <\/strong>We took a publication holiday last Thursday to sleep in after celebrating our company iftar (as is our tradition each year). When we last had the privilege of writing you, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/773b32f1-c37f-45ca-8845-65d05411a210\">the IMF had downgraded its global growth expectations<\/a> (but thought Egypt would be okay-ish), <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f928f7f-150a-4675-9da3-6361f066e934\">CIB\u2019s new Emirati shareholder<\/a> had given management the thumbs-up, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c26d2dd5-96fc-4c10-8661-8b0eb6c81a21\">Vodafone Egypt had bought 10%<\/a> of e-payments platforms Bee and Masary.<\/p><p><strong>Where are we now in time and space? <\/strong>Let\u2019s start with some things you need to keep your eye on this week:<\/p><p><strong>WATCH THIS SPACE #1- The IMF \/ World Bank Spring Meetings came to an end on <\/strong><strong>Sunday \u2060\u2014 and there has been no <\/strong><strong>word on how Egypt\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">talks with the Fund<\/a><\/strong><strong> for a new programme are progressing.<\/strong> The Finance Ministry issued a boilerplate <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/388093030027790\">statement<\/a> following talks between Mohamed Maait and IMF head Kristalina Georgieva last week that gave little away. Georgieva <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4980ee3f-4107-407a-9da3-eab66ecd9dec\">said ahead of the meetings<\/a> that the Fund would discuss the problem of Egypt\u2019s rising debt levels.<\/p><p><strong>WATCH THIS SPACE #2- Details on the state privatization program to be announced <\/strong><strong>after Eid: <\/strong>The government is set to announce its strategy to privatize state-owned firms and boost private-sector participation in the economy at a press conference after the Eid Al Fitr holiday, Prime Minister Moustafa Madbouly said at last week\u2019s cabinet meeting, according to <a href=\"https:\/\/www.facebook.com\/100064812882317\/posts\/385100213660405\/\">a statement<\/a>. The \u201c<strong>state ownership policy document<\/strong>\u201d \u2014 which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5450603-b95c-4cb3-88aa-667655d9ce03\">will act as a roadmap<\/a> to reduce the state\u2019s involvement in the economy \u2014 will \u201cempower the private sector and regulate the state's presence in economic activity to complement the governmental reforms adopted by the Egyptian state,\u201d Madbouly said. The government has previously signaled it will bring new assets to market, including fresh IPOs; sales of additional stakes in already-listed, state-controlled companies; and shares in military-owned companies.<\/p><p><strong>Military firms up first?<\/strong> It should come as no surprise that two of these companies could be bottled-water maker <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5d7a08f-8981-4c32-965f-7ae7fb4c4a23\">Safi<\/a><\/strong> and filling station operator <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cd40893-6a1e-4d00-975c-6fa551a0f8f3\">Wataniya<\/a><\/strong>, Sovereign Fund of Egypt chief Ayman Soliman told <a href=\"https:\/\/www.asharqbusiness.com\/article\/36513\">Bloomberg Asharq<\/a>. Steps have been taken to prepare the two military-owned companies for public or private offerings before summer, he said.<\/p><p><strong>WATCH THIS SPACE #3- It\u2019s bad news if you like fried foods \u2014 and for mns around the <\/strong><strong>world who rely on seed oils for a big portion of their daily calories. <\/strong>Indonesia shocked markets on Friday when it <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/indonesia-ban-palm-oil-exports-shore-up-supply-soyoil-futures-surge-2022-04-22\/\">announced a ban on palm oil exports<\/a>. The country accounts for more than half of the world\u2019s palm oil, which is used in everything from chocolate to cosmetics.<\/p><p><strong>Egypt is among the world\u2019s top buyers of palm oil:<\/strong> Indonesia supplied almost 90% of Egypt\u2019s palm oil in 2020, according to UN figures. Egypt had been <a href=\"https:\/\/ent.news\/2022\/4\/Oilseeds-and-Products-Annual_Cairo_Egypt_EG2022-0010.pdf\">forecast (pdf)<\/a> to import nearly 1.3 mn metric tons of the stuff from October 2022 through September 2023.<\/p><p><strong>The timing couldn\u2019t be worse: <\/strong>The edible oils market is already reeling from the war in Ukraine, which prior to Russia\u2019s invasion was the world\u2019s top exporter of seed oils and the global number one producer of sunflower oil. Expect Indonesia\u2019s ban to further fuel food price inflation globally, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-23\/cooking-oil-chaos-exacerbates-a-looming-world-hunger-crisis\">Bloomberg<\/a> writes.<\/p><p><strong>WATCH THIS SPACE #4- We could soon get news on which companies have been <\/strong><strong>exempted from <\/strong><strong>the new private-sector minimum wage. <\/strong>The National Wage Council has agreed on a mechanism to notify companies of the result of their exemption requests and will next week make one form available online to streamline the application process, according to a <a href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/529074805249027\">statement<\/a>. Some 3k companies have so far submitted requests to be exempted from the EGP 2.4k minimum wage requirement that came into effect at the start of the year, the statement read. Nearly 40% of those applications have been reviewed. Firms requesting exemptions are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd80de1c-fb00-4530-b103-85fb8d021870\">required to present proof<\/a> that they will incur losses or other evidence that their industry has faced disruptions.<\/p><p><strong>We think any exemptions given should be time-limited <\/strong>and ideally non-renewable. If you can\u2019t pay your people a living wage (and EGP 2.4k falls short of that mark), does your business really deserve to exist?<\/p><p><strong>WATCH THIS SPACE #5-7: <\/strong><\/p><ul>\n<li><strong>Private management of state hospitals? <\/strong>The Health Ministry is considering allowing private sector companies to manage and operate some public hospitals. (<a href=\"https:\/\/alborsaanews.com\/2022\/04\/20\/1532104\">Al Borsa<\/a>)<\/li>\n<li><strong>Saudi cabinet greenlights PIF investment in Egypt: <\/strong>The Saudi government has approved <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">an agreement<\/a> inked last month that would see the Public Investment Fund (PIF) invest up to USD 10 bn in Egypt\u2019s healthcare, education, agriculture and financial services sectors. The agreement had already passed the Shura Council. (<a href=\"https:\/\/www.spa.gov.sa\/viewstory.php?lang=ar&amp;newsid=2347478\">SPA<\/a>)<\/li>\n<li><strong>Microsoft\u2019s Brad Smith was in Cairo<\/strong> in early April and is now linking his visit to preparations for COP27 (<a href=\"https:\/\/twitter.com\/bradsmi\/status\/1517484051589853191\">watch, runtime: 1:41<\/a>). Expect to hear lots more about COP in the days ahead, including news from cabinet after Eid El Fitr on what\u2019s next.<\/li>\n<\/ul><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>PSA #1- It looks like we\u2019ll be celebrating Eid Al Fitr starting Monday, 2 May<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/NRIAG2\/posts\/1661290627570693\">statement<\/a> from the National Research Institute of Astronomy and Geophysics. There should be an official announcement from Dar Al Iftaa on 29 Ramadan.<\/p><p><strong>Reminder: <\/strong>Cabinet has declared all of next week off for the public sector, while the private sector is on holiday just Sunday-Tuesday. <strong>Friends outside of Egypt: <\/strong>Expect plenty of folks here in Omm El Donia to bridge the week.<\/p><p><strong>PSA #2- All-night Tahajjud prayers are back<\/strong> from 27 Ramadan until 30 Ramadan (that\u2019s this coming Thursday-Sunday), the Awqaf Ministry announced in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/388995959937497\">statement<\/a>. Tahajjud prayers were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8980ecbc-a193-449c-a2a0-eaefe5c43983\">banned<\/a> last year.<\/p><p><strong>PSA #3- Businesses have less than a week to submit their corporate tax returns.<\/strong> Companies with financial years ending 31 December have to file their returns by Saturday, 30 April.<\/p><p><strong>PSA #4- Thanaweya Amma final exams have been pushed two weeks<\/strong>, and will now start on 26 June instead of 11 June, Education Minister Tarek Shawki said in a presser (<a href=\"https:\/\/www.facebook.com\/egypt.moe\/videos\/261242542808825\/\">watch, runtime: 12:01<\/a>). The minister didn\u2019t disclose any reason for the postponement. Students will be tested on pass \/ fail subjects \u2014 including religious education, civics, and economics and statistics \u2014 on 20 and 21 June.<\/p><p><strong>SO, WHEN DO WE EAT?<\/strong> You\u2019ll be breaking your fast at 6:29pm CLT this evening in the capital city, and fajr prayers are at 3:43am.<\/p><hr class=\"grey-line\"><p><strong>THE BIG STORY ABROAD- Russia ups the nuclear ante after US moves the goalposts:<\/strong> The US hopes not only to reverse Russia\u2019s invasion of Ukraine, but also \u201cto see Russia weakened to the degree that it can\u2019t do the kinds of things that it has done in invading Ukraine,\u201d US Defense Secretary Lloyd Austin said after an official visit to Kyiv. Russian Foreign Minister Sergei Lavrov hit back, telling state television that the risk of the Ukraine conflict sparking a nuclear WW III is \u201cserious, real\u201d and should not be underestimated. The <a href=\"https:\/\/www.nytimes.com\/2022\/04\/25\/world\/europe\/ukraine-russia-war-us.html\">New York Times<\/a>, <a href=\"https:\/\/www.wsj.com\/articles\/u-s-to-return-embassy-to-ukraine-boost-military-aid-blinken-and-austin-tell-zelensky-in-visit-to-kyiv-11650859391\">Wall Street Journal<\/a>, and <a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/russia-warns-serious-nuclear-war-risks-should-not-be-underestimated-2022-04-25\/\">Reuters<\/a> have more.<\/p><p><strong>MEANWHILE IN FRANCE- More Macron: <\/strong>Emmanuel Macron will serve another five-year term as French president after he defeated far-right National Rally opponent Marine Le Pen in Sunday\u2019s runoff vote, becoming the country\u2019s first president to gain re-election in 20 years. <a href=\"https:\/\/www.france24.com\/en\/france\/20220424-macron-beats-le-pen-again-as-france-rallies-once-more-against-the-far-right\">France24<\/a> has all the details.<\/p><p><strong>MACRON\u2019S EGYPT TIE-IN: Alexandrian mezzo-soprano Farrah El Dibany sang La <\/strong><strong>Marseillaise<\/strong>, France\u2019s national anthem, on stage immediately after Macron\u2019s victory speech (<a href=\"https:\/\/www.youtube.com\/watch?v=2wDAXCjVMIA\">watch, runtime: 2:18<\/a>) with the the Eiffel Tower in the background. El Dibany is with l\u2019Opera National de Paris.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: The second part of our look at the final IPCC reports<\/strong>, the last studies to be released before COP27 in Sharm El Sheikh and the end products of a years-long assessment cycle. We take a look at what the scientists say about how the environment is set to change in the coming years and decades, and how to mitigate the worst impacts of climate change in Egypt and beyond.<\/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\/commodities\/\">commodities<\/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\/eid-al-fitr\/\">Eid Al Fitr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microsoft\/\">microsoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/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=\"546042\" 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=\"546042\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/546042\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546042\" class=\"content-area-description single-story post-546042 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/Somabay-endurancefestival1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>The Spring Edition of Somabay Endurance Festival takes place from May 26-28, 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=\"546043\" 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=\"546043\">\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\">Green economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/egypt-signs-green-energy-agreements\/\">\r\n                            Egypt signs green energy agreements                        <\/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\/26\/egypt-signs-green-energy-agreements\/\" 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\/26\/egypt-signs-green-energy-agreements\/')\">\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\/26\/egypt-signs-green-energy-agreements\/\">\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 signs green energy agreements&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/egypt-signs-green-energy-agreements\/\">\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\/26\/egypt-signs-green-energy-agreements\/&title=Egypt signs green energy agreements\">\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+signs+green+energy+agreements+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Fegypt-signs-green-energy-agreements%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\/26\/egypt-signs-green-energy-agreements\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/350.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546044\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/egypt-signs-green-energy-agreements\/350-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/350.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"350.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/350.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/350.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546043\" class=\"content-area-description single-story post-546043 post type-post status-publish format-standard has-post-thumbnail hentry category-green-economy tag-edf-renewables tag-enterpriseam tag-green-economy tag-sovereign-fund-of-egypt tag-suez-canal-economic-zone tag-zero-waste 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>Egypt has signed major agreements with international companies to produce <\/strong><strong>green energy in the Suez Canal Economic Zone (SCZone)<\/strong> in a step that could help turn the zone into a green energy hub. French energy giant EDF Renewables and Emirati energy firms AMEA Power and Masdar have agreed to establish facilities producing green forms of energy including hydrogen and ammonia, the cabinet said in separate statements last week (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/385020533668373\">here<\/a>, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/385025540334539\">here<\/a> and <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/388203046683455\">here<\/a>).<\/p>\n<p><strong>#1- EDF Renewables will build a USD 3 bn facility to produce green fuel for ships<\/strong> alongside local firm ZeroWaste and the Sovereign Fund of Egypt (SFE). The Ain Sokhna-based plant will eventually produce 350k tons of fuel each year but will have a 140k-ton production capacity in the initial phase. Construction of the plant will begin in 2024, with operations slated to begin in 2026.<\/p>\n<p><strong>#2- AlNowais\u2019 <\/strong><strong><a href=\"https:\/\/www.ameapower.com\/\">AMEA Power<\/a><\/strong><strong> will partner with the SFE and other government agencies to establish a facility to produce green ammonia.<\/strong> The plant make 235k tons of ammonia a year during the initial phase, with production set to increase to 390k tons at a later date. Construction will begin by the end of this year, with the project set to come online by the end of 2025.<\/p>\n<p><strong>#3- A consortium of Emirati renewable energy company Masdar and Hassan Allam <\/strong><strong>Utilities will establish green hydrogen plants <\/strong>that can produce up to 480k tons of green hydrogen a year. The first facility will produce 100k tons of e-methanol annually to use as green fuel for ships, the cabinet quoted Hassan Allam Holding CEO Amr Allam as saying. The plant is set to become operational by 2026. The consortium also plans to expand electrolyser facilities to up to 4 GW by 2030 to produce 2.3 mn tonnes of green ammonia to export as well as supply green hydrogen to domestic industries, he added.<\/p>\n<p><strong>Who owns what:<\/strong> The cabinet didn\u2019t provide a breakdown on the ownership of the plants but SFE head Ayman Soliman <a href=\"https:\/\/www.asharqbusiness.com\/article\/36513\">told Bloomberg Asharq<\/a> last week that the fund will own 15-20% of each.<\/p>\n<p><strong>Green energy projects in the SCZone have been all the rage lately:<\/strong> Earlier this month, the SFE, Norway\u2019s Scatec, Nassef Sawiris-backed ammonia producer Fertiglobe and Orascom Construction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">signed an agreement<\/a> to build and operate a planned 100 MW green hydrogen plant in Ain Sokhna. The project is set to come online by 2024, making it Egypt\u2019s first operational green hydrogen plant. This came only a few weeks after Scatec <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/385ee449-1e59-4897-88ea-75f283938d30\">announced plans<\/a> to build a 1 mn ton-per-year green ammonia plant in the zone.<\/p>\n<p><strong>BACKGROUND: <\/strong>Egypt is pushing a strategy to channel bns of USD of investment to create a local green energy industry amid a rising international interest in energy sources such as green hydrogen. Cairo\u2019s plans have attracted major <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aff3aab7-2de8-4461-ba56-0bcf3f15bf45\">global players<\/a> seeking investments in the sector in the country.<\/p>\n<p><strong>Head to our <\/strong><strong><a href=\"https:\/\/enterprise.press\/greeneconomys\/enterprise-explains-green-hydrogen\/\">explainer here<\/a><\/strong><strong>for everything you need to know about green hydrogen<\/strong> and what Egypt plans to do with it.<\/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\/edf-renewables\/\">EDF Renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zero-waste\/\">Zero Waste<\/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=\"546045\" 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=\"546045\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/honeywell-eyes-usd-200-mn-worth-of-investments-in-egypt\/\">\r\n                            Honeywell eyes USD 200 mn worth of investments in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/honeywell-eyes-usd-200-mn-worth-of-investments-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Honeywell is looking to provide technology including carbon capture and storage and contribute to climate-friendly initiatives ahead of COP27, which is taking place in Sharm El Sheikh this November.<\/p>\n<p><strong>Honeywell has been working on several high-profile projects in Egypt over the past few years<\/strong>, including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9fb917f4-3617-4634-baac-b54ccf2a9003\">implementing the new capital\u2019s smart city management system<\/a> alongside Etisalat.<\/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\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/honeywell\/\">Honeywell<\/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\/new-administrative-capital\/\">new administrative capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/petrochemicals\/\">petrochemicals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546046\" 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=\"546046\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/\">\r\n                            S&#038;P, Fitch ratings affirm credit rating at BB, B+, say outlook stable despite Russia-Ukraine war                        <\/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\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/\" 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\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/')\">\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\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/\">\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=S&#038;P, Fitch ratings affirm credit rating at BB, B+, say outlook stable despite Russia-Ukraine war&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/\">\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\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/&title=S&#038;P, Fitch ratings affirm credit rating at BB, B+, say outlook stable despite Russia-Ukraine war\">\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=S%26%23038%3BP%2C+Fitch+ratings+affirm+credit+rating+at+BB%2C+B%2B%2C+say+outlook+stable+despite+Russia-Ukraine+war+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Fsp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war%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\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/351.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546047\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/sp-fitch-ratings-affirm-credit-rating-at-bb-b-say-outlook-stable-despite-russia-ukraine-war\/351-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/351.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"351.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/351.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/351.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546046\" class=\"content-area-description single-story post-546046 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-credit-rating tag-economy tag-enterpriseam tag-fitch-ratings tag-imf tag-inflation tag-russia-ukraine-war tag-sp 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>S&P and Fitch Ratings have both affirmed Egypt\u2019s BB and B+ credit ratings with a <\/strong><strong>stable outlook<\/strong>, despite surging food and energy prices caused by the war in Ukraine putting pressure on the country\u2019s finances, the two ratings agencies said last week (<a href=\"https:\/\/disclosure.spglobal.com\/ratings\/en\/regulatory\/article\/-\/view\/type\/HTML\/id\/2828345\">here<\/a> and <a href=\"https:\/\/www.fitchratings.com\/research\/sovereigns\/fitch-affirms-egypt-at-b-outlook-stable-21-04-2022\">here<\/a>). The agencies attributed their affirmed outlook and rating to the government\u2019s policy response and the likely influx of external support.<\/p>\n<p><strong>What they said:<\/strong> \u201cThe stable outlook reflects our expectation that the Egyptian authorities\u2019 policy response, alongside significant external support, should prevent a material deterioration in external and fiscal positions due to rising commodity prices,\u201d S&P Global wrote in its note on Friday. Fitch added in its report that the rating was supported by Egypt\u2019s \u201clarge economy with robust growth and strong support from bilateral and multilateral partners.\u201d<\/p>\n<p><strong>A helping hand from the Gulf:<\/strong> \u201cGCC support and a new IMF programme will support investor confidence, in our view,\u201d Fitch wrote, adding that it expects <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">talks with the IMF<\/a> to result in a new financing package from the lender. Saudi Arabia has already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">deposited USD 5 bn<\/a> with the Central Bank of Egypt (CBE) and the Saudi sovereign wealth fund is looking to invest USD 10 bn in Egypt\u2019s healthcare, education, agriculture and financial services sectors. Meanwhile, the government has received USD 1.8 bn from Abu Dhabi after ADQ <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79939fba-71a7-4429-bbfc-eb8dd4d6a2b1\">purchased state-held stakes<\/a> in several listed companies, and Qatar has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">pledged to invest USD 5 bn<\/a> in Egypt.<\/p>\n<p><strong>The rate hike + EGP devaluation helped preserve our FX reserves:<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">devaluation of the EGP in March<\/a>, along with the CBE\u2019s 100-bps interest rate hike, helped preserve reserves, S&P wrote, while our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b27d495-abb6-48a9-8592-71684cf88cf7\">inclusion in the JPMorgan GBI-EM bond index<\/a> should help \u201creduce volatility in portfolio flows by shifting some investment to passive management, generating lower yields and increasing demand for longer-dated debt.\u201d<\/p>\n<p><strong>The government is likely to cover higher wheat prices <\/strong>by \u201cusing exchange rate and interest rate policy to manage economic adjustments alongside external funding support from bilateral and multilateral parties,\u201d S&P wrote. The government said in early March that rising wheat prices would cost it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">an additional EGP 15 bn<\/a> this fiscal year, penciling the cost in at USD 350 per ton. Wheat prices soared almost 20% in March alone, as the war disrupted exports from major exporters Russia and Ukraine.<\/p>\n<p><strong>Outlook good for debt-to-GDP ratio:<\/strong> \u201cWe expect government debt\/GDP to fall to about 91% in FY 2021-2022, from 92% the year before and to remain on a slight downward trend, despite the impact of currency devaluation,\u201d Fitch wrote, noting that dampened growth amid higher interest rates could present a risk to debt dynamics. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79d7e611-1ab6-488a-a236-2fc863fa1576\">had been planning<\/a> to bring down the debt-to-GDP ratio to below 90% in FY2022-2023 and 82.5% by June 2025 \u2014 but that was before the Russia-Ukraine war started to hit government finances.<\/p>\n<p><strong>Inflation will continue to rise, and further interest rate hikes are likely: <\/strong>Both Fitch and S&P expect inflation to continue to rise throughout the year, as the EGP devaluation adds to inflationary pressures. Fitch forecasts inflation hitting 10% in FY 2021-2022, and 12% in the next fiscal year. \u201cIn our view, the CBE is likely to raise interest rates further to maintain positive real policy rates, tame inflation, and support the EGP and attractiveness of local-currency assets,\u201d the agency wrote. \u201cWe assume a further 300 bps in rate rises by FY 2023-2024.\u201d<\/p>\n<p><strong>The two agencies predict slower economic growth:<\/strong> Fitch forecasts 6% economic growth in FY 2021-22 and 4.5% growth in FY 2022-2023, while S&P pegged growth at a slightly lower 5.7% for the current fiscal year. S&P\u2019s forecast tallies with the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7206091d-85f9-42f4-9092-59a11e3ea203\">government\u2019s recent revision<\/a>, which was attributed to the impact of the war in Ukraine.<\/p>\n<p><strong>Current account deficit to narrow to 4% of GDP in FY 2021-2022:<\/strong> Both Fitch and S&P expect the current account deficit to narrow to USD 18 bn during the current fiscal year, down from USD 18.4 bn in FY 2020-2021. Tourism receipts will continue to rise despite the loss of two of our biggest tourist destinations. S&P also expects further mitigation due to higher remittances from Egyptians in the GCC benefiting from the spike in oil prices. Fitch expects the deficit to narrow further to 3.5% of the GDP in FY 2022-2023, while S&P expects it to reach 3% by 2025.<\/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\/credit-rating\/\">credit rating<\/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\/fitch-ratings\/\">Fitch Ratings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/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=\"546048\" 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=\"546048\">\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\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/\">\r\n                            IMF expects slimmer narrowing of Egypt\u2019s budget deficit this fiscal year                        <\/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\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/\" 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\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/')\">\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\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/\">\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=IMF expects slimmer narrowing of Egypt\u2019s budget deficit this fiscal year&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/\">\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\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/&title=IMF expects slimmer narrowing of Egypt\u2019s budget deficit this fiscal year\">\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=IMF+expects+slimmer+narrowing+of+Egypt%E2%80%99s+budget+deficit+this+fiscal+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Fimf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year%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\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/353.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546049\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/imf-expects-slimmer-narrowing-of-egypts-budget-deficit-this-fiscal-year\/353-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/353.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"353.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/353.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/353.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546048\" class=\"content-area-description single-story post-546048 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-imf tag-state-budget 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>Egypt\u2019s budget deficit is expected to narrow to 6.8% by the end of the current <\/strong><strong>fiscal year<\/strong>, the IMF said in its latest <a href=\"https:\/\/ent.news\/2022\/4\/Fiscal-Monitor-April-2022.pdf\">Fiscal Monitor Report (pdf)<\/a>. This is 0.5 percentage points higher than the IMF\u2019s previous forecast for FY 2021-2022, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d3111e0-dff7-43d3-abb3-fd6acee36cdc\">penciled in a 6.3% deficit<\/a>. The deficit stood at 7.3% last fiscal year.<\/p>\n<p><strong>Looking ahead:<\/strong> The Fund\u2019s latest report also sees a wider deficit than was previously anticipated in the coming years. Next fiscal year\u2019s deficit is now expected to narrow to 6.1% (up 0.6 percentage points from the previously-forecast 5.5%), before widening to 7.1% in FY2023-2024. The IMF then expects the deficit to narrow gradually over the following three fiscal years to hit 5.6% in FY2026-2027.<\/p>\n<p><strong>Our primary surplus is now expected to be slightly thinner<\/strong>, coming in at 1.3% of GDP in FY2021-2022, down from a previously forecast 1.7%. The IMF sees our primary surplus picking up in the next fiscal year to record 1.9% of GDP.<\/p>\n<p><strong>On the upside, the IMF sees government revenues coming in higher than previously expected:<\/strong> Revenues are now forecasted to rise to 21.4% of GDP by the end of the current fiscal year in June, marking an upwards revision of 0.4 percentage points. Revenues are expected to more or less hold steady through FY 2026-2027, according to the report.<\/p>\n<p><strong>State spending is also expected to be higher than earlier projections<\/strong>, with the Fund anticipating spending rising to 28.2% of GDP in FY 2021-2022. The IMF had previously expected spending to come in at 27.4% this fiscal year. The report has also revised upwards its projections for state spending for the next four fiscal years.<\/p>\n<p><strong>The country\u2019s debt is going to be a bit higher than expected:<\/strong> Gross debt for FY 2021-2022 is now penciled in at 94.0%, up 4.5 percentage points from the IMF\u2019s October figures. This is slightly higher than last fiscal year\u2019s debt figure, which recorded 93.5% of GDP. However, debt is expected to fall at a faster pace each subsequent year until FY 2026-2027, when it is set to reach 80.7%.<\/p>\n<p><strong>These projections come on the heels of <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/773b32f1-c37f-45ca-8845-65d05411a210\">the IMF expecting Egypt to buck the global trend<\/a><\/strong><strong> of slowing economic growth<\/strong>, revising upward Egypt\u2019s GDP growth for the current fiscal year by 0.3 percentage points to 5.9% in its April World Economic Outlook report. The economy grew at a 3.3% clip in 2019-2020. A poll of economists by <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egyptian-economy-seen-growing-53-year-june-52-202223-2022-04-21\/\">Reuters<\/a> last week has 2021-2022 growth rising to 5.3% this year, before tempering slightly to 5.2% in 2022-2023 and 5.0% in 2023-2024.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/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=\"546050\" 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=\"546050\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/\">\r\n                            Abu Auf pushes IPO plans to 2H 2022 on war worries                        <\/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\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/\" 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\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/')\">\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\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/\">\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=Abu Auf pushes IPO plans to 2H 2022 on war worries&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/\">\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\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/&title=Abu Auf pushes IPO plans to 2H 2022 on war worries\">\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=Abu+Auf+pushes+IPO+plans+to+2H+2022+on+war+worries+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Fabu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries%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\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/354.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546051\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/abu-auf-pushes-ipo-plans-to-2h-2022-on-war-worries\/354-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/354.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"354.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/354.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/354.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546050\" class=\"content-area-description single-story post-546050 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-abu-auf tag-egx tag-enterpriseam tag-ipo-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-05\"><\/a> <strong>Healthy food brand Abu Auf\u2019s parent company AUF is pushing its planned EGX <\/strong><strong>debut to the second half of 2022<\/strong>, CEO Ahmed Auf told Enterprise. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98bcedd8-3687-4806-9a48-9efe1527cb04\">had initially planned<\/a> to IPO on the exchange during the second quarter, but fallout in emerging markets from the war in Ukraine has caused the company to delay the sale, he said. \u201cChoosing the right time is extremely important,\u201d Auf told us, adding that the company will wait until conditions improve before pulling the trigger on the listing.<\/p>\n<p><strong>Background:<\/strong> The company announced last year its plans to offer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98bcedd8-3687-4806-9a48-9efe1527cb04\">up to 49% of its shares<\/a> on the EGX. It expects the sale to raise some EGP 2.5 bn, <a href=\"https:\/\/www.asharqbusiness.com\/article\/36509\">Bloomberg Asharq<\/a> reported last week. EFG Hermes is quarterbacking the transaction.<\/p>\n<p><strong>AUF has been getting investor attention as of late:<\/strong> Abu Dhabi wealth fund ADQ subsidiary Agthia, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248e5d41-7c58-42ed-abe9-f67d9ac74995\">last year acquired<\/a> Ismailia Agricultural and Industrial Investments, is said to be <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79939fba-71a7-4429-bbfc-eb8dd4d6a2b1\">in talks<\/a> with Abu Auf\u2019s parent company AUF on a potential stake sale, according to local media reports on which Abu Auf has declined to comment. The reports say the potential transaction is connected with AUF\u2019s EGX listing plans.<\/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\/abu-auf\/\">Abu Auf<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO 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=\"546052\" 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=\"546052\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/uae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market\/\">\r\n                            UAE-based fintech platform FlexxPay to make Egypt its third market                        <\/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\/26\/uae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market\/\" 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\/26\/uae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market\/')\">\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\/26\/uae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market\/\">\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=UAE-based fintech platform FlexxPay to make Egypt its third market&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/uae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market\/\">\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\/26\/uae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market\/&title=UAE-based fintech platform FlexxPay to make Egypt its third market\">\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=UAE-based+fintech+platform+FlexxPay+to+make+Egypt+its+third+market+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Fuae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market%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\/26\/uae-based-fintech-platform-flexxpay-to-make-egypt-its-third-market\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546052\" class=\"content-area-description single-story post-546052 post type-post status-publish format-standard hentry category-startup-watch tag-enterpriseam tag-fintech tag-flexxpay tag-food-and-beverage tag-kash-now tag-noqood-holding tag-saudi-arabia tag-startup-watch tag-startups tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>FlexxPay lands in Egypt:<\/strong> UAE-based fintech platform <a href=\"https:\/\/www.flexxpay.com\/en\">FlexxPay<\/a> is expanding to Egypt, it announced in a <a href=\"https:\/\/ent.news\/2022\/4\/FlexxPay_PRL-Egypt-Launch-FINAL-ENGLISH-1.pdf\">press statement (pdf)<\/a> last week. The company, which provides flexible salary payment services, is already active in the UAE and Saudi Arabia, and is now making Egypt its third market with the opening of an office at the Greek Campus in Downtown Cairo. FlexxPay did not respond to Enterprise\u2019s questions about the specifics of its launch or its targets.<\/p>\n<p><strong>About FlexxPay:<\/strong> Founded in 2020, the platform provides businesses and employees with an instant pay platform, instead of the traditional pay cycle. The app allows employees to manage their salaries with budgeting and savings tools.<\/p>\n<p><strong>The more, the merrier: <\/strong>FlexxPay\u2019s entry to Egypt comes as more fintech players widen their presence in the country. Last week, China-backed fintech player OPay <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b88328c9-7e95-4a80-b4fa-dffd7360c4ac\">received preliminary approval<\/a> from the Central Bank of Egypt (CBE) to issue pre-paid cards in partnership with Masria Digital Payments (MDP). Other Africa-focused fintechs such as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/212feb04-5fbf-4914-b4ca-ec7b343c36c1\">Churpy<\/a> and <a href=\"https:\/\/techcrunch.com\/2022\/04\/07\/imalipay-gets-3m-to-offer-financial-services-to-underserved-gig-workers-across-africa\/\">ImaliPay<\/a> have said recently they are preparing to set up shop in Egypt.<\/p>\n<p><strong>IN OTHER STARTUP NEWS\u2013<\/strong><\/p>\n<p><strong>Local fintech and NBFS player <\/strong><strong><a href=\"https:\/\/www.linkedin.com\/company\/noqood-holding\/\">Noqood Holding<\/a><\/strong><strong> and subsidiary <\/strong><strong><a href=\"https:\/\/kashnw.com\/\">Kash Now<\/a><\/strong> <strong>have <\/strong><strong>launched their services<\/strong>, the company said in <a href=\"https:\/\/ent.news\/2022\/4\/Noqood-Holding-launch-PRL-EN.pdf\">a press release (pdf)<\/a> last week. Noqood founding partner and MD Abdelrahman Ali said the launch aims to create \u201can active entity in non-banking services and investing in financial technology aimed at startups and [SMEs].\u201d The group\u2019s other subsidiaries include: Noqood Fintech, Noqood Technology Solutions and Noqood for Electronic Payments Solutions. Kash Now offers financing services for businesses including advance salary payments and corporate cards.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/flexxpay\/\">FlexxPay<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-and-beverage\/\">food and beverage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kash-now\/\">Kash Now<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/noqood-holding\/\">Noqood Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546053\" 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=\"546053\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/\">\r\n                            Our first shipment of Indian wheat sets sail soon                        <\/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\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/\" 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\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/')\">\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\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/\">\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=Our first shipment of Indian wheat sets sail soon&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/\">\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\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/&title=Our first shipment of Indian wheat sets sail soon\">\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=Our+first+shipment+of+Indian+wheat+sets+sail+soon+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Four-first-shipment-of-indian-wheat-sets-sail-soon%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\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/357.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546054\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/our-first-shipment-of-indian-wheat-sets-sail-soon\/357-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/357.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"357.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/357.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/357.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546053\" class=\"content-area-description single-story post-546053 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-food tag-india tag-russia tag-wheat 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> We\u2019re getting our first shipment of Indian wheat soon: <\/strong>Around 55k tonnes of Indian wheat will be loaded from India\u2019s Kandla Port for shipment to Egypt on Friday, <a href=\"https:\/\/www.argusmedia.com\/en\/news\/2325114-india-to-send-first-wheat-cargo-to-egypt\">Argus Media<\/a> reports, citing line-up data. No details were given on the price paid in the private-sector purchase, which comes less than two weeks after Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1614a7cb-444d-4140-bf18-f42c1d684158\">added India<\/a> to its list of wheat suppliers.<\/p>\n<p><strong>Indian wheat costs less than European grain \u2014 but it\u2019s more expensive to ship: <\/strong>While Indian wheat currently trades at around two-thirds the price of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13de9150-4357-4b83-bb04-bb10a00ebd79\">latest shipments<\/a> Egypt\u2019s state grains buyer secured from France, Russia and Bulgaria, freight costs stand at around double those for Black Sea supplies, one trader told <a href=\"https:\/\/www.reuters.com\/world\/india\/cheap-indian-wheat-faces-quality-checks-high-freight-cost-egypt-export-2022-04-20\/\">Reuters<\/a>. The General Authority for Supply Commodities (GASC) purchased Russian wheat at USD 460 per ton including freight, USD 20 lower than Bulgaria\u2019s offer and USD 34.25 down from the price of French wheat, according to <a href=\"https:\/\/www.argusmedia.com\/en\/news\/2323443-russian-wheat-exports-in-april-triple-on-the-year\">Argus Media<\/a>.<\/p>\n<p><strong>BACKGROUND- The Madbouly government has been working on diversifying wheat imports<\/strong> amid a squeeze on prices in recent months and has stepped up its efforts since Russia\u2019s war in Ukraine sent prices soaring yet higher and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7805315f-5bf8-4c9f-8f4f-0e18cb894c8a\">cut off Ukrainian shipments<\/a>. We usually source north of 80% of our imported grain from the two Black Sea countries. India is making moves to fill the gap in global wheat supply, with its grain exports estimated to have hit a record 8.5 mn tonnes in the marketing year that ended in March, according to the <a href=\"https:\/\/www.fas.usda.gov\/data\/india-grain-and-feed-annual-6\">USDA Foreign Agricultural Service<\/a>.<\/p>\n<p><strong>RUSSIAN WHEAT BUCKS THE WAR-<\/strong><\/p>\n<p><strong>Ru<\/strong><strong>ssian wheat exports are set to almost quadruple in April despite disruption caused by <\/strong><strong>its war in Ukraine<\/strong>, according to <a href=\"https:\/\/www.argusmedia.com\/en\/news\/2323443-russian-wheat-exports-in-april-triple-on-the-year\">Argus Media<\/a>, citing line-up and global trade data. The country is on track to export nearly 3.2 mn tonnes of wheat, nearly four times last April\u2019s exports of 801k tonnes.<\/p>\n<p><strong>This is the second consecutive month during which Russia saw year-on-year rises in exports: <\/strong>Russia boosted wheat <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88f99c3e-0a2f-4d36-aee5-8a9641e100b9\">exports by 60% in March<\/a>, exporting some 1.7 mn tonnes with shipments running at a \u201crapid\u201d rate in the second half of the month after an initial slowdown in February, as most challenges with payments and shipping vessels were resolved.<\/p>\n\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\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/india\/\">India<\/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\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546055\" 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=\"546055\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/electricity-subsidies-live-on\/\">\r\n                            Electricity subsidies live on                        <\/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\/26\/electricity-subsidies-live-on\/\" 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\/26\/electricity-subsidies-live-on\/')\">\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\/26\/electricity-subsidies-live-on\/\">\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=Electricity subsidies live on&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/electricity-subsidies-live-on\/\">\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\/26\/electricity-subsidies-live-on\/&title=Electricity subsidies live on\">\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=Electricity+subsidies+live+on+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Felectricity-subsidies-live-on%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\/26\/electricity-subsidies-live-on\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/358.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546056\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/electricity-subsidies-live-on\/358-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/358.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"358.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/358.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/358.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546055\" class=\"content-area-description single-story post-546055 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-budget-watch tag-electricity tag-energy tag-enterpriseam tag-subsidies wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>SETTING THE RECORD STRAIGHT - Electricity subsidies haven\u2019t been phased out<\/strong><strong>.<\/strong> Electricity is and will continue to be subsidized by the state until the planned phase-out in 2025, Electricity Minister Mohamed Shaker was quoted as saying by <a href=\"https:\/\/alborsaanews.com\/2022\/04\/25\/1533302\">Al Borsa<\/a> yesterday. His comments came after <a href=\"https:\/\/www.asharqbusiness.com\/article\/36410\">Bloomberg Asharq<\/a> reported that the government had spent nothing on electricity subsidies over the past two fiscal years, citing a government document.<\/p>\n<p><strong>Subsidies are paid to electricity plants<\/strong> and will cost the state treasury some EGP 76 bn over the next five years, Shaker reportedly said, adding that the state will continue to support low-income citizens to pay their power bills even after prices are fully liberalized.<\/p>\n<p><strong>Phasing out power subsidies has been on the agenda for years:<\/strong> The government first raised electricity prices back in 2014, and two years later committed to implementing further cuts to power subsidies under the three-year, USD 12 bn IMF programme in 2016. It originally planned to fully eliminate subsidies by July 2022, but decided in 2020 to push the date to the same month in <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">2025 (pdf)<\/a> to give state-owned companies more time to adjust as part of planned split of the Egyptian Electricity Transmission Company from the Egyptian Electricity Holding Company (EEHC). Prices rose by up to 26% <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8524ce4-c8d0-4b1d-b450-a125c9879398\">last July<\/a>, 16-30% in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78b3ac0c-8571-47a4-802c-abf1b65a5044\">2020<\/a> and by an average of 15% in <a href=\"https:\/\/enterprise.press\/2019\/05\/22\/electricity-prices-rise-15-average-fy2019-2020\/\">2019<\/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\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/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=\"546057\" 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=\"546057\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/earnings-watch-sodic-idh-fawry-obour-land\/\">\r\n                            Earnings Watch: SODIC, IDH, Fawry, Obour Land                        <\/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\/26\/earnings-watch-sodic-idh-fawry-obour-land\/\" 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\/26\/earnings-watch-sodic-idh-fawry-obour-land\/')\">\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\/26\/earnings-watch-sodic-idh-fawry-obour-land\/\">\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=Earnings Watch: SODIC, IDH, Fawry, Obour Land&url=https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/earnings-watch-sodic-idh-fawry-obour-land\/\">\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\/26\/earnings-watch-sodic-idh-fawry-obour-land\/&title=Earnings Watch: SODIC, IDH, Fawry, Obour Land\">\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=Earnings+Watch%3A+SODIC%2C+IDH%2C+Fawry%2C+Obour+Land+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Fearnings-watch-sodic-idh-fawry-obour-land%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\/26\/earnings-watch-sodic-idh-fawry-obour-land\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546057\" class=\"content-area-description single-story post-546057 post type-post status-publish format-standard hentry category-earnings-watch tag-earnings tag-earnings-watch tag-enterpriseam tag-fawry tag-fintech tag-food-and-beverage tag-healthcare tag-integrated-diagnostics-holding tag-obour-land tag-real-estate tag-sodic 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>Real estate giant SODIC\u2019s bottom line more than doubled y-o-y in 1Q 2022 to reach <\/strong><strong>EGP 226 mn<\/strong>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/4\/Sodic-1Q2022-earnings.pdf\">earnings release (pdf)<\/a>. Revenues for the quarter came in at EGP 1.19 bn, rising 40% y-o-y.<\/p>\n<p><strong>Meanwhile, our friends at the upmarket real estate developer delivered record first-quarter gross contracted sales <\/strong>in terms of both number and value of units sold. The company sold 573 units during the January-March period, doubling its gross contracted sales to EGP 3.74 bn from the same period last year. SODIC delivered 165 units during the quarter (42 in its West Cairo projects, 116 in its East Cairo projects, and seven in its North Coast projects).<\/p>\n<p><strong>The positive results point to a good year ahead: <\/strong>\u201cWe believe these results, in addition to our leading brand equity, diversified product offerings, and disciplined approach to management, put us on track to deliver another record year of growth for SODIC despite the economic headwinds and inflationary backdrop,\u201d said Managing Director Magued Sherif.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Integrated Diagnostics Holdings\u2019 (IDH) 4Q 2021 net income rose 47% y-o-y to EGP <\/strong><strong>345 mn<\/strong>, according to its <a href=\"https:\/\/ent.news\/2022\/4\/IDH-FY2021-ER-E-Final.pdf\">earnings release (pdf)<\/a>. Revenues rose 48% during the quarter to EGP 1.46 bn. The company\u2019s bottom line jumped 145% in 2021, hitting an all-time high of EGP 1.49 bn. Full-year revenues nearly doubled y-o-y to EGP 5.23 bn.<\/p>\n<p><strong>Revenues in Egypt \u2014 IDH\u2019s home market \u2014 rose 89% y-o-y in 2021 to EGP 4.11 bn<\/strong> \u201con the back of solid growth in both patient and test volumes,\u201d the release says. This growth was underpinned by covid-19 tests as well as conventional testing, alongside IDH\u2019s house call service, which saw its revenues nearly double last year to contribute almost 23% of the company\u2019s revenues in Egypt.<\/p>\n<p><strong>Heading into 2022, IDH is looking to capitalize on its leading market position in Egypt and Jordan<\/strong>, with an eye on rebounding appetite for conventional testing \u201cas patients\u2019 focus shifts back to conventional healthcare as the threat of covid-19 subsides,\u201d CEO Hend El Sherbini said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>E-payments giant Fawry\u2019s <\/strong><strong>net income<\/strong><strong> fell 59% y-o-y in 4Q 2021 t<\/strong><strong>o EGP 27.8 <\/strong><strong>mn<\/strong>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/4\/Fawry_ER_FY21_E_Final.pdf\">earnings release (pdf)<\/a>. This came despite revenues rising 37% y-o-y to register EGP 467.3 mn. Fawry\u2019s full-year bottom line dipped 5% y-o-y to EGP 177.2 mn, with revenues rising 34% y-o-y to EGP 1.66 bn.<\/p>\n<p><strong>The revenue growth came on the back of expanding microfinance and banking services<\/strong>, in what the fintech darling\u2019s CEO Ashraf Sabry described as \u201cFawry\u2019s strongest year yet\u201d as performance kept up momentum seen in 2020.<\/p>\n<p><strong>Net income was hit by unspecified non-recurring items as well as the impact of the company\u2019s \u201cnon-cash ESOP program.\u201d <\/strong>Setting aside those charges, net income would have risen 13.2% year-on-year to EGP 186 mn, with a net margin of 11.2% (against 13.3% in 2020).<\/p>\n<p><strong>Fawry is eyeing a 2H2022 launch for its buy-now, pay-later service<\/strong>, with Sabry quoted as saying \u201cWe hope to replicate our success in microfinance with a full-fledged BNPL offering.\u201d The company is also planning to expand its nationwide POS network, its FawryPlus branches and users of its MyFawry app, which saw total downloads reach 5 mn in 2021 from 1.7 mn at the end of the previous year. The company also expects to release its MyFawry pre-paid cards soon, he said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Obour Land For Food Industries\u2019 bottom line rose 30% y-o-y in 1Q 20<\/strong><strong>22<\/strong><strong> to EGP <\/strong><strong>90.6 <\/strong><strong>mn<\/strong>, the cheesemaker said in an <a href=\"https:\/\/ent.news\/2022\/4\/OLFI-Earnings-Release-1Q2022-English.pdf\">earnings release (pdf)<\/a>. Revenues rose 39% y-o-y to EGP 923.8 mn during the quarter.<\/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\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-and-beverage\/\">food and beverage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/integrated-diagnostics-holding\/\">Integrated Diagnostics Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/obour-land\/\">Obour Land<\/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\/sodic\/\">SODIC<\/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=\"546058\" 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=\"546058\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/546058\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546058\" class=\"content-area-description single-story post-546058 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546059\" 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=\"546059\">\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\/26\/last-nights-talk-shows-on-the-return-of-tahajjud-prayers\/\">\r\n                            Last Night\u2019s Talk Shows on the return of Tahajjud prayers                        <\/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\/26\/last-nights-talk-shows-on-the-return-of-tahajjud-prayers\/\" target=\"_blank\">\n                    Open in new tab                   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    <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows+on+the+return+of+Tahajjud+prayers+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F04%2F26%2Flast-nights-talk-shows-on-the-return-of-tahajjud-prayers%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\/26\/last-nights-talk-shows-on-the-return-of-tahajjud-prayers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546059\" class=\"content-area-description single-story post-546059 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-covid-19 tag-endowments-ministry tag-enterpriseam tag-last-nights-talk-shows tag-ramadan tag-religion wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The talk shows were all about the return of all-night Tahajjud prayers<\/strong>, which will be <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/388995959937497\">back for the final nights<\/a> of Ramadan. Meanwhile, Awqaf Ministry officials <a href=\"https:\/\/www.facebook.com\/AwkafOnline\/posts\/334018342155018\">did not interrupt prayers<\/a> \u2014 contrary to rumors circulating on social media \u2014 at Al Maraghi Mosque in Helwan, the ministry\u2019s Hisham Adel Aziz said in a phone call with Al Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=Kn0xpEnyOQk\">watch, runtime: 9:45<\/a>). Ala Mas\u2019ouleety\u2019s Ahmed Moussa also had the story (<a href=\"https:\/\/www.youtube.com\/watch?v=xUppazHKP1k\">watch, runtime: 7:22<\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/endowments-ministry\/\">endowments ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ramadan\/\">Ramadan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/religion\/\">Religion<\/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=\"546060\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                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alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-jo14s2n\" data-v=\"4\" data-block-id=\"jo14s2n\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-jo14s2n-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-jo14s2n-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img 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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/twitters-board-greenlights-musks-takeover-bid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546061\" class=\"content-area-description single-story post-546061 post type-post status-publish format-standard hentry category-planet-finance tag-bonds tag-cryptocurrency tag-elon-musk tag-energy tag-enterpriseam tag-eu tag-financial-markets tag-kraken tag-oil-and-gas tag-planet-finance tag-russia tag-turkey tag-twitter tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a><strong> Looks like Elon Musk is buying Twitter after all: <\/strong>The Twitter board has okayed the Tesla boss\u2019 offer to fully acquire the social media platform in an all-cash, USD 44 bn transaction, according to a statement picked up by <a href=\"https:\/\/www.prnewswire.com\/news-releases\/elon-musk-to-acquire-twitter-301532245.html\">PR Newswire<\/a>. Musk will buy the shares at USD 54.20 each \u2014 a 38% premium to Twitter\u2019s closing price on April 1 \u2014 having secured around USD 25.5 bn in loan financing, with the rest to be paid in equity. The transaction is set to close this year and will turn the social media giant into a privately held company. This comes after the richest man in the world <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2abbf6a4-d7cd-414c-86d0-bfc65ec80c7c\">announced his play<\/a> for Twitter after buying 9% of the firm at the start of April. Musk appears to have won over the Twitter board, which initially said it would adopt a \u201cpoison pill\u201d strategy to avert the hostile takeover.<\/p><p><strong>Wall Street bounced back from earlier losses on the news: <\/strong>The tech-heavy Nasdaq closed up 1.3% following the announcement and the S&amp;P 500 rebounded to end up over 1%, while Twitter shares <a href=\"https:\/\/www.reuters.com\/business\/futures-extend-selloff-after-rough-week-2022-04-25\/\">rose 5.6%<\/a><\/p><p><strong>Chinese stocks suffer after covid wave reaches Beijing: <\/strong>The benchmark CSI 300 Index closed almost 5% down yesterday, its biggest drop since February 2020, <a href=\"https:\/\/twitter.com\/jeancharlesgand\/status\/1518488538307829765\">according to one analyst<\/a>. Chinese currency and commodities markets followed suit, as traders fretted over new lockdown measures introduced in parts of Beijing following a fresh surge in covid cases in the capital. Citywide lockdowns in manufacturing center Shanghai have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ea6c7f1-8042-4dc7-a53b-60a1da2fc27d\">shuttered factories<\/a> and dented the Chinese economy in recent weeks.<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li><strong>UAE looks to build local bond market:<\/strong> The UAE will begin selling AED-denominated T-bonds for the first time in May, with a sale worth AED 1.5 bn, as the country looks to build a local-currency bond market and diversify its sources of funding. (<a href=\"https:\/\/twitter.com\/MOFUAE\/status\/1516693982771920896\">Statement<\/a>)<\/li>\n<li><strong>Crypto exchange Kraken is the latest industry player to announce it will set<\/strong> <strong>up regional <\/strong><strong>headquarters in the UAE<\/strong> and has received a license to operate the first trading platform that allows BTC trading in AED. (<a href=\"https:\/\/www.cnbc.com\/2022\/04\/25\/crypto-exchange-kraken-to-launch-in-uae-after-full-regulatory-approval.html\">CNBC<\/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-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,548<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: -11.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.51<\/p>\n<\/td>\n<td>\n<p>Sell 18.60<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.53<\/p>\n<\/td>\n<td>\n<p>Sell 18.60<\/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>13,543<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +20.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,043<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +18.3%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,654<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: +14.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,296<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -9.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,381<\/p>\n<\/td>\n<td>\n<p>-1.9% (YTD: -0.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,758<\/p>\n<\/td>\n<td>\n<p>-2.2% (YTD: -12.6%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 102.67<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.88<\/p>\n<\/td>\n<td>\n<p>+3.2%<\/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 1,901.10<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 40,209.64<\/p>\n<\/td>\n<td>\n<p>+1.5% (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 rose 1.0% during Thursday\u2019s session<\/strong> on turnover of EGP 968 mn (6.3% above the 90-day average). Foreign investors were net sellers. The index is down 11.7% YTD.<\/p><p><strong>In the green: <\/strong>Madinet Nasr (+6.6%), Ezz Steel (+5.3%) and EFG Hermes (+4.8%).<\/p><p><strong>In the red: <\/strong>CIRA (-2.7%), Eastern Company (-1.8%) and Misr Fertilizers (-0.8%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/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\/kraken\/\">Kraken<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/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\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/twitter\/\">Twitter<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546062\" 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=\"546062\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/26\/jerusalem-and-ukraine-on-the-agenda-at-tripartite-arab-summit-in-cairo\/\">\r\n                            Jerusalem and Ukraine on the agenda at tripartite Arab summit in Cairo                        <\/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\/26\/jerusalem-and-ukraine-on-the-agenda-at-tripartite-arab-summit-in-cairo\/\" 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 three leaders discussed their ongoing cooperation, regional developments \u2014 including the importance of restoring calm in Jerusalem following recent Israeli-Palestinian violence \u2014 and international events, in particular the need to make sure the Russia-Ukraine conflict does not eacalate further, Ittihadiya said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"546063\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">13<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/its-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii\/\">\r\n                            \u201cIt\u2019s now or never\u201d: Scientists call for action on \u201cirreversible\u201d climate change (Part II)<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/its-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii\/\" 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\/goinggreens\/its-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii\/')\">\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\/goinggreens\/its-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii\/\">\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=\u201cIt\u2019s now or never\u201d: Scientists call for action on \u201cirreversible\u201d climate change (Part II)&url=https:\/\/enterpriseam.com\/egypt\/goinggreens\/its-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii\/\">\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\/goinggreens\/its-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii\/&title=\u201cIt\u2019s now or never\u201d: Scientists call for action on \u201cirreversible\u201d climate change (Part II)\">\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=%E2%80%9CIt%E2%80%99s+now+or+never%E2%80%9D%3A+Scientists+call+for+action+on+%E2%80%9Cirreversible%E2%80%9D+climate+change+%28Part+II%29+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fgoinggreens%2Fits-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii%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>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/its-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/363.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"546064\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/its-now-or-never-scientists-call-for-action-on-irreversible-climate-change-part-ii\/363-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/363.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"363.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/363.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/363.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546063\" class=\"content-area-description post-546063 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-climate-change tag-enterprise-going-green tag-enterpriseam tag-green-economy tag-ipcc tag-renewables tag-un wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a><strong> It\u2019s crunch time if we want to avoid climate catastrophe:<\/strong> The latest trilogy of reports by UN climate scientists have handed the world the starkest message yet about what we\u2019re going to have to do to avoid climate breakdown. In the final installment released earlier this month, the Intergovernmental Panel on Climate Change (IPCC) said that global emissions would have to fall by 43% by the end of the decade if we are to keep global temperatures from rising beyond 1.5\u00b0C.<\/p>\n<p><strong>And it\u2019s actually worse than the report lets on:<\/strong> In order to achieve that 2030 target, the report says that emissions would need to peak \u201cbefore 2025 at the latest.\u201d But in the weeks since its release, scientists have gone on record saying that language used in the report has been misinterpreted by global media and that emissions need to be reduced immediately.<\/p>\n<p><strong>Why didn\u2019t the report say this?<\/strong> Scientists tell the <a href=\"https:\/\/www.bbc.co.uk\/news\/science-environment-61110406\">BBC<\/a> that it was a mixture of rigid climate models and the influence of politics. \"The headline statement couldn't say emissions should have peaked already, as governments and scientists need to agree on messaging that is scientifically accurate without being policy prescriptive,\" one scientist told the broadcaster.<\/p>\n<p><strong>This week:<\/strong> In the final installment of a two-part series on the latest IPCC reports, we cover the <a href=\"https:\/\/www.ipcc.ch\/report\/sixth-assessment-report-working-group-3\/\">third and final report<\/a>, which looks at what we\u2019re going to need to do to mitigate climate change. Read our coverage of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98742498-4ee6-4a2e-9073-9eb9245b1204\">second report here<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Emissions are still rising:<\/strong> Greenhouse gas emissions rose about 12% during the previous decade, reaching their highest level on record. Data estimates that the world produced some 59 gigatonnes of carbon dioxide in 2019, up from 52.5 gigatonnes in 2010. The annual average through the decade was around 56 gigatonnes, up almost 20% from the average between 2000 and 2009. Emissions rose across key areas of the global economy including industry, transport, agriculture, and energy, which accounted for more than a third of total emissions.<\/p>\n<p><strong>The good (ish) news: Global emissions growth has slowed.<\/strong> The annual growth rate of emissions fell to 1.3% in 2010-2019, down from 2.1% in the previous decade, including in energy and industry which both saw marked slowdowns.<\/p>\n<p><strong>Only a few countries have shown sustained emission reductions:<\/strong> At least 18 countries have been reducing emissions for at least 10 years, with some seeing production-based emissions fall by a third or more since peaking.<\/p>\n<p><strong>Our energy sources will have to dramatically change to address that: <\/strong>Limiting our warming to that 1.5\u00b0C threshold will require the global use of coal, oil and gas in 2050 by some 95%, 60% and 45%, respectively, compared to 2019 levels\u2014and that\u2019s assuming we have some carbon capture and storage capabilities. Without carbon capture technologies \u2014 <a href=\"https:\/\/www.eco-business.com\/news\/carbon-capture-and-storage-wont-work-critics-say\/\">over which remain serious question marks<\/a> \u2014 the cuts will need to be even deeper, requiring coal use to be completely abandoned by the middle of the century along with a 70% reduction in gas consumption, and a 60% cut to oil use.<\/p>\n<p><strong>The thing is, the current agreements don\u2019t go far enough:<\/strong> The <a href=\"https:\/\/ukcop26.org\/global-coal-to-clean-power-transition-statement\/\">coal agreement<\/a> signed last year at COP26 that was hailed as a \u201chistoric step\u201d is unlikely to be enough to limit temperatures to 1.5\u00b0C according to the report\u2019s findings. Just 65 countries have agreed to phase out coal usage under the agreement, which sees advanced economies fully transition away from the fuel during the 2030s and other countries by the following decade.<\/p>\n<p><strong>And the oil and gas industry is showing no signs of slowdown<\/strong>, especially as western governments look to transition away from Russian hydrocarbons. Since the final IPCC report came out this month, three major new oil and gas projects <a href=\"https:\/\/www.euronews.com\/green\/2022\/04\/10\/seven-new-oil-and-gas-projects-approved-since-ipcc-report-called-for-an-end-to-fossil-fuel\">have been approved<\/a>, including by the UK and Canadian governments.<\/p>\n<p><strong>This is going to mean stranded assets and oil being left in the ground: <\/strong>To limit warming to 2\u00b0C, we would need to turn our backs on some USD 1-4 tn in unburned fossil fuels and stranded assets. Keeping to the 1.5\u00b0C target will mean higher costs. In this scenario, coal assets could be stranded before the end of the currency decade and oil and gas assets by 2050.<\/p>\n<p><strong>And it\u2019s going to cost a lot:<\/strong> Reducing emissions to at least half of 2019 levels by the end of the current decade will cost some USD 100 tn, according to the report.<\/p>\n<p><strong>Luckily, renewable energy has become a much cheaper alternative in recent years: <\/strong>The cost of solar energy has gone down some 85% between 2010-2019, while wind energy and lithium ion batteries have seen cost reductions of some 55% and 75% over the same period. Despite varying widely across regions, solar deployment has on average grown over 10x during this period and electric vehicle adoption over 100x. Improved battery technology could assist in bringing heavy duty trucks and electric rail systems more widely into the mix.<\/p>\n<p><strong>Tech advancement could also help: <\/strong>The report listed sensors, the Internet of Things, robotics, and AI as potential means by which energy management and efficiency could be improved in the coming years. It is also possible that these advancements might have the opposite effect and instead spur demand for more harmful goods and services, create more electronic waste and widen <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/56c44b33-a9ca-4f77-87e4-bac134bac6aa\">the digital divide<\/a>, the report admits. \u201cDigital technology supports decarbonisation only if appropriately governed,\u201d the report says.<\/p>\n<p><strong>The transition\u2019s impact on global growth will be relatively small:<\/strong> Global GDP is expected to double between 2020 and 2050 and capping warming at 2\u00b0C would only cut back on 1.3-2.7% of GDP of that figure. This will be more than made up for by the economic benefits of preventing further global warming, the IPCC believes.<\/p>\n<p><strong>There is enough money to finance the shift \u2014 accessing it is the issue:<\/strong> \u201cThere is sufficient global capital and liquidity to close global investment gaps \u2026 but there are barriers to redirect capital to climate action,\u201d the report says. A lack of investment incentives, a misunderstanding of climate risk and limitations on institutional capacities are all holding back more capital from funding climate mitigation, as are high sovereign debt levels, the lack of financial resources in developing countries and weak regulatory environments.<\/p>\n<p><strong>But we still need a lot more of it flowing into this transformation: <\/strong>Limiting warming to 1.5 - 2\u00b0C will require investments three to six times the current <a href=\"https:\/\/www.climatepolicyinitiative.org\/publication\/global-landscape-of-climate-finance-2021\/\">USD 600 bn<\/a> spent annually by governments around the world, the report says. And while total financial flows for climate mitigation and adaptation increased by some 60% between 2013\/14 and 2019\/20, growth has slowed since 2018 and public and private financing of fossil fuels remain greater than those for climate adaptation and mitigation.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top climate stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Global EV sales <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7697a5b-e6bb-48e9-8e0b-5a521ebe6e6f\">rose 120% y-o-y<\/a><\/strong><strong> in 1Q 2021<\/strong>, even as rising battery costs put double digit markups on price tags.<\/li>\n<li><strong>Natgas vehicles could get more expensive: <\/strong>\u201cMost\u201d of the companies participating in the state\u2019s natgas vehicle swap scheme <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e9b8b03-231a-4cb2-bdcd-956d9f46ed65\">have submitted requests<\/a> to raise their prices by up to 10%.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipcc\/\">IPCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546065\" 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\/26\/546065\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546065\" class=\"content-area-description single-story post-546065 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 in 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: 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>30 April (Saturday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>30 April (Saturday): <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">Fixed customs exchange rate<\/a> lifted.<\/p>\n<p>30 April - 5 May (Saturday-Thursday): <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/383615447142215\">National holiday<\/a> in observance of Labor Day and Eid Al Fitr.<\/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>May: General Authority for Land and Dry Ports to issue the conditions booklet for the tender to establish and operate the Tenth of Ramadan dry port.<\/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>2 May (Monday): <a href=\"https:\/\/www.facebook.com\/NRIAG2\/posts\/1661290627570693\">Eid Al Fitr<\/a>.<\/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>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>25 May (Wednesday): The <a href=\"https:\/\/bit.ly\/36oOWst\">deadline for<\/a> private companies to pre-register ahead of bidding for the second phase of the PPP national project to establish and operate 1k language schools.<\/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>21-22 June (Tuesday-Wednesday): <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">Aswan Forum for Sustainable Peace and Development<\/a>, Cairo.<\/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>30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.<\/p>\n<p><strong>JULY<\/strong><\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>Early July: Polish President to visit Egypt.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>1 July (Friday): Official rollout of e-receipt system 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>1 October (Saturday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/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\/\">COP 27<\/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>2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.<\/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 its 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>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/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":546040,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546039","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"882a8627-ce2e-407e-8553-20a8e8294f48","teaser":"","photo_url":"https:\/\/ent.news\/2022\/4\/31.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>Companies are lining up to invest bns building green fuel plants in the SCZone - 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\/companies-are-lining-up-to-invest-bns-building-green-fuel-plants-in-the-sczone\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Companies are lining up to invest bns building green fuel plants in the SCZone\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/companies-are-lining-up-to-invest-bns-building-green-fuel-plants-in-the-sczone\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:18:08+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\/31.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\/companies-are-lining-up-to-invest-bns-building-green-fuel-plants-in-the-sczone\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/companies-are-lining-up-to-invest-bns-building-green-fuel-plants-in-the-sczone\/\",\"name\":\"Companies are lining up to invest bns building green fuel plants in the SCZone - 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