{"id":546178,"date":"2022-05-08T04:00:09","date_gmt":"2022-05-08T04:00:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546178"},"modified":"2025-12-15T21:21:29","modified_gmt":"2025-12-15T21:21:29","slug":"privatization-the-green-economy-and-interest-rates-set-the-tone-for-this-first-post-eid-workday","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/privatization-the-green-economy-and-interest-rates-set-the-tone-for-this-first-post-eid-workday\/","title":{"rendered":"Privatization, the green economy and interest rates set the tone for this first post-Eid workday"},"content":{"rendered":"<section id=\"546180\" 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=\"546180\">\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\/05\/08\/this-morning-its-pmi-day-corporate-tax-deadline-today-fertilizer-diplomacy\/\">\r\n                            THIS MORNING: It\u2019s PMI day; Corporate tax deadline today; Fertilizer diplomacy.                        <\/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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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/this-morning-its-pmi-day-corporate-tax-deadline-today-fertilizer-diplomacy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546180\" class=\"content-area-description single-story post-546180 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-brazil tag-covid-19 tag-energy tag-enterpriseam tag-fertilizers tag-gold tag-india tag-oil-and-gas tag-opec tag-poland tag-tax tag-ukraine tag-what-were-tracking-today tag-wheat 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 back to what\u2019s shaping up to be a very <\/strong><strong>busy workweek<\/strong> as we digest the Fed\u2019s rate hike, look to hear what\u2019s next with the state privatization program, and continue to grapple with the many-faceted fallout from the war in Ukraine.<\/p><p><strong>Need a refresher on what the big issues of the day were before we all went on break? <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">We\u2019ve got you covered here.<\/a><\/p><p><strong>THE BIG STORIES HERE AT HOME all center on containing fallout from the war in <\/strong><strong>Ukraine<\/strong>, including expectations that the privatization program could restart in September (market conditions permitting), new measures to boost foreign investment and domestic industry, and speculation in the domestic press and on the airwaves about whether the Central Bank of Egypt could raise interest rates earlier than planned after the Fed\u2019s 50 bps move last week.<\/p><p><strong>^^ We have more on all of this below<\/strong> in this morning\u2019s news well and in Last Night\u2019s Talk Shows.<\/p><p><strong>T<\/strong><strong>HE BIG STORIES ABROAD-<\/strong><strong> There\u2019s no single story dominating the global front pages <\/strong><strong>this morning:<\/strong><\/p><ul>\n<li><strong>Putin reportedly plans to send a <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/europe\/putin-send-doomsday-warning-west-russias-ww2-victory-parade-2022-05-06\/\">\u201cdoomsday\u201d warning<\/a><\/strong><strong> to the West<\/strong> at tomorrow\u2019s World War II victory parade in Moscow.<\/li>\n<li><strong>Soaring oil and gas profits \u2260 soaring investment:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-07\/big-oil-spends-on-investors-not-output-prolonging-crude-crunch?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> leads with a story reporting that oil majors are deploying their \u201chistoric\u201d profits on share buybacks, rather than making productive investments.<\/li>\n<li><strong>The Kushner connection:<\/strong> Mns of USD of Saudi money is finding its way to Israel via Jared Kushner\u2019s new private equity firm, according to the <a href=\"https:\/\/www.wsj.com\/articles\/jared-kushners-new-fund-plans-to-invest-saudi-money-in-israel-11651927236?mod=hp_lead_pos1\">Wall Street Journal<\/a>.<\/li>\n<\/ul><p><strong>WATCH THIS SPACE- Folks on Planet Startup in the United States are getting really edgy <\/strong><strong>about a <\/strong><strong><a href=\"https:\/\/twitter.com\/justindross\/status\/1522266783536893952\">\u201cbloodbath\u201d of layoffs<\/a><\/strong><strong>, spending cutbacks, down rounds (and <\/strong><strong><a href=\"https:\/\/techcrunch.com\/2022\/04\/18\/cram-downs-are-a-character-test-for-vcs-and-founders\/\">cram-downs<\/a><\/strong><strong>)<\/strong> and a slowdown in fundraising by VCs \u2014 a trend that has gathered steam since we flagged it for you last Thursday:<\/p><ul>\n<li>Facebook parent company <strong><a href=\"https:\/\/www.businessinsider.com\/facebook-is-freezing-hiring-heres-why-and-who-it-impacts-2022-5\">Meta has imposed a hiring freeze<\/a><\/strong> (which means head count will shrink as people leave), blaming in part Apple\u2019s privacy rules, which it says are eating into revenues.<\/li>\n<li><strong><a href=\"https:\/\/www.protocol.com\/bulletins\/cameo-layoffs-cto-cpo?utm_source=pocket_mylist\">Once-hot celebrity video app Cameo has dumped 90 people<\/a><\/strong>, including its CTO and heads of people, product and marketing.<\/li>\n<li><strong><a href=\"https:\/\/techcrunch.com\/2022\/05\/05\/on-deck-lay-off-accelerator\/\">On Deck has cut 25% of its headcount.<\/a><\/strong><\/li>\n<li><strong><a href=\"https:\/\/pitchbook.com\/news\/articles\/vc-fundraising-venture-capital-asset-allocations-LP-GP-diligence\">Some LPs are slowing down (or pulling back) on commitments to new venture capital funds<\/a><\/strong>, suggesting the spigot may be tightening, meaning <a href=\"https:\/\/news.crunchbase.com\/news\/startups-cash-burn-vc-fundraising-runway-layoffs-2022\/\">cash will once again be king<\/a><\/li>\n<li>More than 20% of the companies in Nasdaq\u2019s biotech index are <strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-04\/cancer-drug-developers-trade-below-cash-with-no-respite-in-sight?sref=mmeFTDW1\">trading a valuations less than the cash they hold<\/a><\/strong><\/li>\n<\/ul><p><strong>Oh, and the NFT market? It has cratered. <\/strong>Sales of NFTs are down about 92% since their peak last September, the <a href=\"https:\/\/www.wsj.com\/articles\/nft-sales-are-flatlining-11651552616\">Wall Street Journal<\/a> writes, and active wallets are down 88%. It\u2019s not just the dude who bought Jack\u2019s first tweet who\u2019s underwater right now\u2026<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>IT\u2019S PMI DAY: We\u2019ll find out how Egypt\u2019s private sector performed in April today<\/strong> after the latest purchasing managers\u2019 index lands just after we hit \u201csend\u201d on this morning\u2019s issue (<a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/PressReleases?language=en\">you should find it here by 6:15am CLT<\/a>). Non-oil private sector activity has been in contraction for 16 consecutive months, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601312ea-2a96-485a-83db-cae4a0955962\">suffered its steepest decline since June 2020<\/a> in March as Russia\u2019s war in Ukraine and rising inflation hit business.<\/p><p><strong>Elsewhere in the region:<\/strong> PMI figures for Saudi Arabia and the UAE will be out tomorrow, while data from Qatar will land Tuesday.<\/p><p><strong>PSA #1- We love you, Mom.<\/strong> Happy Mothers\u2019 Day to all those celebrating the date in the United States and Canada today.<\/p><p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>PSA #2- Today is the last chance to file corporate taxes.<\/strong> The <a href=\"https:\/\/www.facebook.com\/tax.egypt\/posts\/pfbid02fqwmrzXNwQieJBtYYiMjnDo6Hbm92bqgx4sB8ex82GsawSsKoyH1nKS3wovWf4qYl\">Tax<\/a><a href=\"https:\/\/www.facebook.com\/tax.egypt\/posts\/pfbid02fqwmrzXNwQieJBtYYiMjnDo6Hbm92bqgx4sB8ex82GsawSsKoyH1nKS3wovWf4qYl\">Authority<\/a><a href=\"https:\/\/www.facebook.com\/tax.egypt\/posts\/pfbid02fqwmrzXNwQieJBtYYiMjnDo6Hbm92bqgx4sB8ex82GsawSsKoyH1nKS3wovWf4qYl\">pushed the original 30 April<\/a><a href=\"https:\/\/www.facebook.com\/tax.egypt\/posts\/pfbid02fqwmrzXNwQieJBtYYiMjnDo6Hbm92bqgx4sB8ex82GsawSsKoyH1nKS3wovWf4qYl\">deadline<\/a> to account for the weeklong Eid break.<\/p><p><strong>PSA #3- Mosques are officially post-covid as of today: <\/strong>All mosques and shrines will fully reopen from today after more than two years of disruptions caused by covid-related restrictions on public gatherings, the Awqaf Ministry announced in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/396720475831712\">statement<\/a>.<\/p><p><strong>Speaking of covid- Egypt saw an average of eight new covid-19 cases per day last week<\/strong>, down from 46 <a href=\"https:\/\/www.facebook.com\/photo.php?fbid=321803890130832&amp;set=pb.100069036705848.-2207520000..&amp;type=3\">the week before<\/a>, according to <a href=\"https:\/\/www.facebook.com\/photo?fbid=327046169606604&amp;set=a.113299807647909\">Health Ministry figures<\/a> released yesterday. We also saw a daily average of four deaths, down from five a week earlier. Around 34.5 mn people are now fully vaccinated and almost 2.7 mn have had their boosters, the statement added.<\/p><p><strong>HAPPENING TOMORROW-<\/strong><\/p><p><strong>One step closer to our 2022-2023 budget: <\/strong>Finance Minister Mohamed Maait will present the draft FY 2022-2023 budget to the House of Representatives\u2019 general assembly tomorrow. Last month the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c49f1cd0-4568-491c-a6cd-87d5e920b80c\">House voted<\/a> to send the draft FY 2022-2023 budget to the budget and planning committee. Planning Minister Hala El Said will present the draft economic and social development plan to the House during the same session.<\/p><p><strong>Brazil wants to buy <\/strong><strong>more<\/strong><strong> Egyptian fertilizer: <\/strong>Officials from Brazil\u2019s agriculture ministry will arrive in Cairo tomorrow to discuss upping nitrogen fertilizer imports from Egypt, the <a href=\"https:\/\/anba.com.br\/en\/brazilian-ministry-mission-to-visit-jordan-egypt-morocco\/\">Arab Brazilian Chamber of Commerce<\/a> said Thursday. The delegation will meet with Supply Minister Ali El Moselhy, Deputy Agriculture Minister Moustafa El Sayed, and private sector fertilizer and animal protein suppliers.<\/p><p><strong>Why the \u201cfertilizer diplomacy\u201d?<\/strong> The South American country imports around 85% of its fertilizers and is in search of new suppliers as sanctions on Russia \u2014 the <a href=\"https:\/\/www.fao.org\/3\/cb9013en\/cb9013en.pdf\">largest producer of nitrogen fertilizers last year (pdf)<\/a> \u2014 raise concerns of a supply shortage.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>LATER THIS WEEK- <\/strong><\/p><p><strong>We\u2019re back from holiday with a ton of data points and news triggers in the pipeline<\/strong>. Here are the key events you\u2019ll want to keep an eye on:<\/p><ul>\n<li><strong>Privatization strategy announcement: <\/strong>We\u2019re expecting the Madbouly government to announce the details of its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">strategy to privatize state-owned firms<\/a> and boost private-sector participation in the economy. Cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0r2Z7YF2izc1pcKNMDo2kd5wVbbB4qUFSeyWHC67QpMwF214HouaRqHsHdEHCS6cnl\">said yesterday<\/a> that the PM will hold a presser this week to announce new measures to improve private investment and FDI;<\/li>\n<li><strong>Foreign reserves:<\/strong> Figures for April should be announced sometime this week;<\/li>\n<li>State statistics agency Capmas\u2019 monthly bulletin covering<strong> the price of key building materials<\/strong> is due out tomorrow, 9 May;<\/li>\n<li><strong>Inflation figures<\/strong> for April are due out on Tuesday, 10 May. Between the global environment, knock-on effects from the devaluation of the EGP, and the traditional inflationary hit thanks to Ramadan, you can expect the number to be a bit on the ugly side.<\/li>\n<\/ul><p><strong>PLUS- The PSA world squash championships get underway in Cairo this Friday, <\/strong>13 May. The men\u2019s and women\u2019s finals will be played on 22 May. There is USD 550k at stake for each of the men\u2019s and women\u2019s championships, making this <a href=\"https:\/\/psaworldtour.com\/news\/view\/9891\/record-prize-money-on-offer-at-2021-22-psa-world-championships\">the biggest purse on record<\/a> for a squash tourney.<\/p><p><strong>FURTHER AFIELD- <\/strong><\/p><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>A huge US <\/strong><strong><a href=\"https:\/\/www.amcham.org.eg\/events-activities\/missions\/us-business-missions-to-egypt\/36\/May-2022\/222\/about-the-mission\">\u201cGreenTech business mission<\/a><\/strong><strong>\u201d is inbound next week. <\/strong>More than 40 US companies are heading to Egypt to kick the tires on green investment and potential business partnerships in sectors ranging from energy to healthcare, agriculture, aviation, construction and water resource management. The high-level delegation will meet with members of the business community and senior government officials. It\u2019s being led by David Thorne (a top official in the office of the US special presidential envoy for climate) and Jake Levine (chief climate officer at the US International Development Finance Corporation).<\/p><p><strong>ALSO-<\/strong><\/p><ul>\n<li><strong>The Central Bank of Egypt will meet to review interest rates <\/strong>on Thursday, 19 May.<\/li>\n<li><strong>T<\/strong><strong>he last of this season\u2019s earnings releases will drop by 31 May<\/strong> after the Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">granted listed companies<\/a> a two-week deadline extension.<\/li>\n<\/ul><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><hr class=\"grey-line\"><p><strong>FACT CHECK- The local gold market is operating as usual: <\/strong>Reports circulating on social media of a pause in gold trading are untrue, the Federation of Egyptian Industries\u2019 precious metals division and the gold jewelry division of the Cairo Chambers of Commerce said in a <a href=\"https:\/\/ent.news\/2022\/5\/Gold-market.pdf\">joint<\/a><a href=\"https:\/\/ent.news\/2022\/5\/Gold-market.pdf\">statement<\/a>. Egyptian gold prices are set transparently and fluctuate according to global prices and local supply and demand, the statement said.<\/p><p><strong>MARKET WATCH- OPEC+ has agreed to another modest production increase of <\/strong><strong>432k barrels per day in June, <\/strong>as expected, despite continued pressure to raise production levels amid a planned EU embargo on Russian oil and weaker demand from China due to ongoing lockdowns, the group announced in a <a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/6858.htm\">statement<\/a> Thursday. The European Union <a href=\"https:\/\/www.cnbc.com\/2022\/05\/04\/eu-proposes-gradual-ban-on-russian-oil-in-sanctions-against-moscow.html\">proposed<\/a> a six-month phase out of Russian crude imports last week. OPEC+ will hold its next meeting on June 2.<\/p><p class=\"web-image-inner\"><img data-recalc-dims=\"1\" decoding=\"async\" style=\"display: block;\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue:<\/strong> We ask leading startup founders what they think of in-the-works <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99c5139f-eaad-4941-b2ca-265c6dd8fc2c\">regulatory<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99c5139f-eaad-4941-b2ca-265c6dd8fc2c\">changes<\/a> designed to attract VC firms to invest directly in Egypt. They all share positivity over the move, which will see the General Authority for Investment and Freezones (GAFI), the Financial Regulatory Authority (FRA) and the Information Technology Industry Development Agency (ITIDA) work together to outline easier operation and access for both local and international VCs in invest in local startups. The protocol not only shows that policymakers are aware of obstacles in the country\u2019s entrepreneurial scene, but also helps in increasing FDI and turbocharge entrepreneurism into the country, they tell us.<\/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\/brazil\/\">Brazil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poland\/\">Poland<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/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\/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=\"546181\" 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=\"546181\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/546181\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546181\" class=\"content-area-description single-story post-546181 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 26th - 28th, featuring a host of different races suitable for all ages and abilities. Join this family-friendly sports event by signing up at www.thetrifactory.com and get ready to #ExperienceEndurance. Book now: www.thetrifactory.com\/somabay<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546182\" 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=\"546182\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/privatization-program-back-in-action-this-september-says-tawfik\/\">\r\n                            Privatization program back in action this September, says Tawfik                        <\/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\/05\/08\/privatization-program-back-in-action-this-september-says-tawfik\/\" 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\/05\/08\/privatization-program-back-in-action-this-september-says-tawfik\/')\">\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\/05\/08\/privatization-program-back-in-action-this-september-says-tawfik\/\">\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=Privatization program back in action this September, says Tawfik&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/privatization-program-back-in-action-this-september-says-tawfik\/\">\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\/05\/08\/privatization-program-back-in-action-this-september-says-tawfik\/&title=Privatization program back in action this September, says Tawfik\">\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=Privatization+program+back+in+action+this+September%2C+says+Tawfik+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Fprivatization-program-back-in-action-this-september-says-tawfik%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\/05\/08\/privatization-program-back-in-action-this-september-says-tawfik\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546182\" class=\"content-area-description single-story post-546182 post type-post status-publish format-standard hentry category-privatization-watch tag-egx tag-enterpriseam tag-hisham-tawfik tag-ipo-watch tag-privatization-watch tag-state-privatization-program 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 plans to offer shares in state<\/strong> <strong>companies on the EGX starting in September<\/strong>, Public Enterprise Minister Hisham Tawfik told <a href=\"https:\/\/www.reuters.com\/article\/idUSC6N2VU00C\">Reuters<\/a> yesterday. The minister said the move had been delayed until after the summer, without providing further details on the companies to be listed.<\/p>\n<p><strong>Egypt had hoped to sell shares in as many <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">as 10 state-owned companies<\/a><\/strong><strong>on the EGX in 2022<\/strong>, before Russia\u2019s invasion of Ukraine upended the global economy. Officials were previously set to resume the revived privatization program in March as part of plans to list \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ae94891-e027-4d1d-a265-2fc17b43d749\">as many state companies as possible<\/a>\u201d this year. The plans would have seen the government selling stakes in state-owned companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53d12a2a-49ef-49e0-ae71-3db7b494282d\">every month or two<\/a>, according to statements by Planning Minister Hala El Said earlier this year.<\/p>\n<p><strong>Could this also include military-owned firms?<\/strong> The minister\u2019s statements come days after President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5391cdf0-e2f5-4354-9608-53fd3237a288\">directed the government<\/a> to list military-owned firms on the EGX by the end of this year. Bets are on bottled-water maker Safi and filling station operator Wataniya, which are currently being prepared for public or private offerings before the summer, Sovereign Fund of Egypt chief Ayman Soliman <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">said<\/a> last month.<\/p>\n<p><strong>Also slated for IPOs \/ secondary offerings:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/641306a6-3955-4bf6-bf11-667c71dc756b\">Heliopolis Housing and Development<\/a> | <a href=\"https:\/\/alborsaanews.com\/2021\/11\/18\/1482781\">Mopco<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a415199c-879d-44cc-9c9d-2db535e12dac\">Banque du Caire<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01c4eb21-6559-49bf-86ce-bb682d493449\">Misr Life<\/a>.<\/p>\n<p><strong>BACKGROUND:<\/strong> The Madbouly government has been looking for years now to sell state assets under its privatization program, but has run into obstacles including the global emerging-market selloff in 2018, and then covid over the past two years. Since its launch in 2018, the state has successfully taken fintech company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eaed208b-a58f-4060-9f0f-3cb326eb4a65\">e-Finance to market<\/a>, and has sold secondary stakes in state tobacco monopoly <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/\">Eastern Company<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/352cb619-1060-47c5-8a48-c0f5d2e91ca3\">Abu Qir Fertilizers<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-tawfik\/\">Hisham Tawfik<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546183\" 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=\"546183\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/\">\r\n                            More from El Sisi\u2019s economy speech: Growing the EGX, support for local industry + cutting public debt                        <\/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\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/\" 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\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/')\">\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\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/\">\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=More from El Sisi\u2019s economy speech: Growing the EGX, support for local industry + cutting public debt&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/\">\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\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/&title=More from El Sisi\u2019s economy speech: Growing the EGX, support for local industry + cutting public debt\">\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=More+from+El+Sisi%E2%80%99s+economy+speech%3A+Growing+the+EGX%2C+support+for+local+industry+%2B+cutting+public+debt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Fmore-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt%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\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/84.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546184\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/more-from-el-sisis-economy-speech-growing-the-egx-support-for-local-industry-cutting-public-debt\/84-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/84.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"84.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/84.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/84.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546183\" class=\"content-area-description single-story post-546183 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-budget-deficit tag-debt tag-debt-watch tag-economy tag-egx tag-enterpriseam tag-investment-watch tag-manufacturing tag-policy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>More on the Sisi administration\u2019s plans to <\/strong><strong>boost the economy: <\/strong>The state\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5391cdf0-e2f5-4354-9608-53fd3237a288\">plan to attract<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5391cdf0-e2f5-4354-9608-53fd3237a288\">USD 40 bn in fresh investment<\/a> by opening the door to \u201cprivate sector participation in state-owned assets\u201d led coverage of President Abdel Fattah El Sisi\u2019s televised speech at the \u201cEgyptian family iftar\u201d event (<a href=\"https:\/\/www.youtube.com\/watch?v=4HFxWIHffuU\">watch, runtime: 1:03:23<\/a>) before the Eid break. El Sisi used the speech to announce several initiatives to help strengthen Egypt\u2019s economy and industry, increase private sector investment, and reduce public debt.<\/p>\n<p><strong>Beyond plans to attract about USD 10 bn a year in fresh investment <\/strong>over the next four years, here\u2019s what the administration is thinking:<\/p>\n<p><strong>#1- The state will provide fresh incentives to local manufacturers \u2014 including SMEs \u2014 to develop local industries and reduce imports<\/strong>, El Sisi said in his speech. The incentives include five-year tax breaks, usufruct contracts for land, and providing technical and material support for defaulters. El Sisi also said the state plans to \u201cstrengthen the role of the private sector\u201d within local industries.<\/p>\n<p><strong>#2- The government will present a framework that will attempt to double the size of the EGX<\/strong>, the number of companies listed on it, and the number of local and foreign investors in the bourse, El Sisi said. The Madbouly 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, with the president using the speech to direct the Madbouly government to list military-owned firms on the EGX by the end of this year. (Smart money is on bottled-water maker <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5d7a08f-8981-4c32-965f-7ae7fb4c4a23\">Safi<\/a> and filling station operator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cd40893-6a1e-4d00-975c-6fa551a0f8f3\">Wataniya<\/a>, which are currently being prepared for public or private offerings before summer, according to Sovereign Fund of Egypt chief <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">Ayman Soliman<\/a>.)<\/p>\n<p><strong>#3- The government will announce a plan to reduce public debt and the state\u2019s budget deficit over the next four years<\/strong>, the president said, without specifying when to expect the announcement. Egypt\u2019s debt-to-GDP ratio is expected to come in at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd5bd303-07b1-4581-93a6-ca7b21649143\">around 85%<\/a> this year, and 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. The government is also forecasting the deficit to narrow to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf5f170a-c3e0-42d1-8129-7a001cbcfd69\">6.2% of GDP<\/a> by the end of the current fiscal year from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9b256c9-96d6-4a37-8097-31671ba3016b\">7.4% last year<\/a>, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69470760-13ca-4936-83f2-59c11fea41f7\">6.1%<\/a> by the end of 2022-2023.<\/p>\n<p><strong>LOOK FOR MORE INFORMATION THIS WEEK:<\/strong> The Madbouly government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">set to announce<\/a> its strategy to privatize state-owned firms and boost private-sector participation in the economy when Prime Minister Moustafa Madbouly <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0r2Z7YF2izc1pcKNMDo2kd5wVbbB4qUFSeyWHC67QpMwF214HouaRqHsHdEHCS6cnl\">holds a presser<\/a>. The measures to boost private investment are a key part of the government\u2019s response to the global economic fallout from by Vladimir Putin\u2019s war in Ukraine.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-deficit\/\">budget deficit<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546185\" 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=\"546185\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/some-good-news-on-the-wheat-front\/\">\r\n                            Some good news on the wheat front                        <\/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\/05\/08\/some-good-news-on-the-wheat-front\/\" 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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Both Poland and Lithuania are reportedly in talks with Ukraine about exporting its summer grain harvest through their ports in a bid to circumvent Russia\u2019s blockade of the country\u2019s Black Sea ports, which has resulted in <a href=\"https:\/\/www.reuters.com\/world\/europe\/nearly-25-mln-tonnes-grain-stuck-ukraine-un-food-agency-2022-05-06\/\">some 25 mn tons<\/a> being currently stuck in the country. The same offer could also be made for exports of sunflower oil, Duda said. Egypt imports around 80% of its wheat from Russia and Ukraine, and <a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/02\/iran-iraq-egypt-rely-ukraine-sunflower-oil\">more than half<\/a> of its sunflower oil from Ukraine in 2020, according to the most recent data.<\/p>\n<p><strong>MEANWHILE- India moves to calm fears of a coming grain export ban: <\/strong>India \u201cdoesn\u2019t see a clear case\u201d for restricting exports of wheat, despite severe heat waves hitting the country\u2019s harvest and threatening further inflation, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-05\/india-says-it-doesn-t-see-case-for-controls-on-wheat-exports\">Bloomberg<\/a> reports, citing a statement from the country\u2019s food and public distribution ministry. India, the world\u2019s second-largest wheat producer, is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9170b6fd-ef19-467c-9118-375093fcd876\">sell wheat to Egypt for the first time<\/a>, but there are fears that crop yields were hit by a sudden spike in temperatures in mid-March.<\/p>\n<p><strong>AN UPDATE ON THE LOCAL HARVEST<\/strong><strong>-<\/strong> Over 700k feddans of local wheat have been harvested since the start of the harvest season on April 1, agriculture ministry official Abbas Al-Shennawi told <a href=\"https:\/\/www.marketscreener.com\/news\/latest\/Egypt-has-harvested-more-than-700-000-feddans-of-wheat-this-season-official--40302946\/\">Reuters<\/a> yesterday. Egypt is looking into <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4959ef4-a9f1-4ae3-8354-83e891ebea97\">increasing its wheat procurement target<\/a> for local wheat to 6 mn tonnes\u2014 nearly double the 3.5 mn tonnes purchased from farmers last harvest season.<\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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-security\/\">food security<\/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\/lithuania\/\">Lithuania<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poland\/\">Poland<\/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\/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=\"546187\" 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=\"546187\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/abu-dhabi-ports-to-build-and-run-safaga-terminal-cruise-ship-infrastructure\/\">\r\n                            Abu Dhabi Ports to build and run Safaga terminal, cruise ship infrastructure                        <\/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\/05\/08\/abu-dhabi-ports-to-build-and-run-safaga-terminal-cruise-ship-infrastructure\/\" 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 parties did not disclose the share each will hold in the JV, which is set to be decided in the final contracts, Enterprise has learned.<\/p>\n<p><strong>About the Safaga terminal:<\/strong> The ministry in November <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a59711e-961d-4304-9ac3-b76ecef25fbc\">signed an initial MoU with ADP<\/a> to manage the terminal, which is expected to be completed in 2024. Construction of the terminal\u2019s infrastructure \u2014 which is set to be financed by the government and cost up to EGP 3 bn \u2014 will conclude by the end of next year, the source we spoke to told us. It will include berths of up to 1km and handle all types of cargo, according to the statement. The terminal was one of nine proposed PPP infrastructure projects given <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65e8b72c-aa5c-4929-89aa-baa9e4a8319f\">preliminary approval<\/a> by the cabinet in June, though we still haven\u2019t heard of a final go-ahead from the ministers.<\/p>\n<p><strong>ADP previously said it would invest USD 500 mn into Egypt<\/strong> if it won the Safaga Port contract and another contract to construct the Tenth of Ramadan dry port. As of mid-October, the government had received technical bids <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4b7dda6-68ea-494b-9b5c-c5c6523967d5\">from six consortia<\/a> competing for the PPP contract to construct the 250-feddan dry port. The conditions booklet for the tender should be released <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6df96d11-2109-4e73-b26b-9f0cefeeca87\">sometime this month<\/a>.<\/p>\n<p><strong>ADP is also entering our cruise industry: <\/strong>ADP also signed a second agreement with the Red Sea Ports Authority to develop, operate and manage cruise ship berths and terminals in the Sharm El Sheikh, Hurghada and Safaga ports. The Emirati firm will also develop plans for cruise ship lines linking Abu Dhabi, Hurghada, Sharm El Sheikh and the Jordanian port of Aqaba.<\/p>\n<p><strong>What they said:<\/strong> The latest agreements are part of plans to make Egypt a \u201cglobal trade and logistics hub\u201d by developing its Red Sea and Mediterranean ports, Transport Minister Kamel El Wazir was quoted as saying by ADP.<\/p>\n<p><strong>This isn\u2019t ADP\u2019s first venture in Egypt: <\/strong>The company recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e296366-a7ef-480b-9002-958773f10d74\">signed agreements<\/a> with the Transport Ministry to manage and operate a multi-purpose terminal in Ain Sokhna port and a river port in Minya Governorate.<\/p>\n<p><strong>This is another ADQ tie-in:<\/strong> ADP is majority owned by Abu Dhabi sovereign wealth fund ADQ, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">bought 32%<\/a> of Alexandria Container & Cargo Handling as part of its blockbuster USD 1.8 bn investment in five local state-owned and private firms last month.<\/p>\n<p><strong>This comes a few months after ADP completed <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14cbdcbd-bf08-40f0-bd11-2a81f2b704b4\">its IPO<\/a><\/strong> in Abu Dhabi, where it raised some USD 1.1 bn. Shares in the ports operator closed at AED 5.56 on Friday, up 74% from the offer price of AED 3.20 on its debut in February.<\/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-dhabi-ports\/\">Abu Dhabi Ports<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hurghada-port\/\">Hurghada Port<\/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\/privatization-strategy\/\">privatization strategy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh-port\/\">Sharm El Sheikh Port<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"546189\" 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=\"546189\">\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\">Green economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/oil-ministry-announces-launch-of-egypts-first-pilot-carbon-capture-project-with-eni-raft-of-other-green-energy-initiatives\/\">\r\n                            Oil Ministry announces launch of Egypt\u2019s first pilot carbon capture project with Eni + raft of other green energy initiatives                        <\/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\/05\/08\/oil-ministry-announces-launch-of-egypts-first-pilot-carbon-capture-project-with-eni-raft-of-other-green-energy-initiatives\/\" 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 pilot project \u2014 which marks Egypt\u2019s first carbon capture initiative \u2014 is being implemented at a cost of USD 25 mn and aims to store some 25-30k tons of carbon dioxide each year. If successful, similar schemes will be rolled out in other locations, the statement read.<\/p>\n<p><strong>Stay tuned at COP:<\/strong> The Italian firm is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ed7b3c1-2514-4f68-9b61-11486f0e348a\">set to announce more details<\/a> on the initiative at the COP 27 climate summit in Sharm El Sheikh in November, where carbon capture and storage (CCUS) is set to be a major theme.<\/p>\n<p><strong>Eni is increasing its carbon capture footprint<\/strong> and is <a href=\"https:\/\/www.eni.com\/en-IT\/operations\/storage-reuse-co2.html\">developing projects in a number of<\/a><a href=\"https:\/\/www.eni.com\/en-IT\/operations\/storage-reuse-co2.html\">countries<\/a>. Its <a href=\"https:\/\/hynet.co.uk\/\">HyNet North West project<\/a> in the UK has ambitions to capture and store 10 mn tons of industrial CO2 every year by 2030, while an initiative off the Italian coast aims to use a depleted natural gas field to store CO2. Outside of Europe, the company is working on CCUS projects at gas fields in the UAE and Libya.<\/p>\n<p><strong>It <\/strong><strong>isn\u2019t the only international firm eyeing CCUS projects in Egypt: <\/strong>The Oil Ministry signed 11 MoUs with international firms on CCUS projects at the Egypt Petroleum Show in February, according to the statement, and is now working to prepare studies on the potential projects. US conglomerate <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/17ab764a-2d1f-42df-91c4-eb29616b5662\">Honeywell is among the international firms looking<\/a> to provide CCUS technology and contribute to climate-friendly initiatives ahead of COP27. EGAS, the Egyptian Petrochemicals Holding Company, and Japan\u2019s Toyota Tshusho <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/92641dcf-7c8f-406b-9a5d-4fc106f53986\">in September signed an MoU<\/a> on joint blue hydrogen projects using Japanese carbon capture technology. Mitsubishi has also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0393bae3-63d8-4053-935f-39e95f3e8377\">expressed interest<\/a> in working with the Oil Ministry on carbon capture.<\/p>\n<p><strong>ALSO FROM THE MINISTRY - <\/strong><\/p>\n<p><strong>The Oil Ministry is planning some USD 1.25 bn worth of green petrochemical projects<\/strong>. They include:<\/p>\n<ul>\n<li><strong>A USD 600 mn biofuel production plant<\/strong>, which is expected to produce 350k tons of biofuels from algae oil per year and cut CO2 emissions by up to 1.2 mn tons annually;<\/li>\n<li><strong>A USD 600 mn biodegradable plastics factory<\/strong>, which will produce 75k tons of plastics annually and reduce emissions by around 45k tons per year;<\/li>\n<li><strong>A USD 50 mn plastic waste recycling project<\/strong>, which would see old plastics converted to 30k tons of oil annually to make new plastics, reducing CO2 emissions by some 63k tons per year.<\/li>\n<\/ul>\n<p><strong>ALSO IN THE PIPELINE- Another green MDF factory:<\/strong> A USD 300 mn factory will produce wood panels from rice straw, reducing air pollution caused by the burning of the straw at the end of the harvest season. The ministry says this will prevent the release of around 360k tons of CO2 emissions each year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/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\/eni\/\">Eni<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546191\" 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=\"546191\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/cib-could-get-usd-20-mn-from-ebrd-for-sme-lending\/\">\r\n                            CIB could get USD 20 mn from EBRD for SME lending                        <\/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\/05\/08\/cib-could-get-usd-20-mn-from-ebrd-for-sme-lending\/\" 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\/05\/08\/cib-could-get-usd-20-mn-from-ebrd-for-sme-lending\/')\">\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\/05\/08\/cib-could-get-usd-20-mn-from-ebrd-for-sme-lending\/\">\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=CIB could get USD 20 mn from EBRD for SME lending&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/cib-could-get-usd-20-mn-from-ebrd-for-sme-lending\/\">\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\/05\/08\/cib-could-get-usd-20-mn-from-ebrd-for-sme-lending\/&title=CIB could get USD 20 mn from EBRD for SME lending\">\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=CIB+could+get+USD+20+mn+from+EBRD+for+SME+lending+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Fcib-could-get-usd-20-mn-from-ebrd-for-sme-lending%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\/05\/08\/cib-could-get-usd-20-mn-from-ebrd-for-sme-lending\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/88.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546192\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/cib-could-get-usd-20-mn-from-ebrd-for-sme-lending\/88-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/88.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"88.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/88.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/88.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546191\" class=\"content-area-description single-story post-546191 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-cib tag-debt-watch tag-development-finance tag-ebrd tag-enterpriseam tag-smes wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>CIB could soon receive a USD 20 mn loan from the European Bank for <\/strong><strong>Reconstruction and Development (EBRD) for on-lending to local women-led SMEs<\/strong>, according to the EBRD\u2019s <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/51148.html\">website<\/a>. The loan has passed a final review and is now pending approval from the European lender, which is expected to make a decision by 9 June.<\/p>\n<p><strong>This is not the first loan of its kind CIB has received from the EBRD:<\/strong> The lender responded to the covid-19 pandemic by providing the bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3ce8b015-043d-498c-afcb-0ded43f1d936\">a USD 100 mn loan for emergency on-lending<\/a> to SMEs. It <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e19d5f8-5bc2-42c5-99a7-4cf8439b28a0\">issued similar loans<\/a> to the National Bank of Egypt and the National Bank of Kuwait Egypt.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546193\" 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=\"546193\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/ci-capital-dethrones-efg-hermes-to-top-the-egx-brokerage-league-table\/\">\r\n                            CI Capital dethrones EFG Hermes to top the EGX brokerage league table                        <\/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\/05\/08\/ci-capital-dethrones-efg-hermes-to-top-the-egx-brokerage-league-table\/\" 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\/05\/08\/ci-capital-dethrones-efg-hermes-to-top-the-egx-brokerage-league-table\/')\">\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\/05\/08\/ci-capital-dethrones-efg-hermes-to-top-the-egx-brokerage-league-table\/\">\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=CI Capital dethrones EFG Hermes to top the EGX brokerage league table&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/ci-capital-dethrones-efg-hermes-to-top-the-egx-brokerage-league-table\/\">\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\/05\/08\/ci-capital-dethrones-efg-hermes-to-top-the-egx-brokerage-league-table\/&title=CI Capital dethrones EFG Hermes to top the EGX brokerage league table\">\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=CI+Capital+dethrones+EFG+Hermes+to+top+the+EGX+brokerage+league+table+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Fci-capital-dethrones-efg-hermes-to-top-the-egx-brokerage-league-table%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\/05\/08\/ci-capital-dethrones-efg-hermes-to-top-the-egx-brokerage-league-table\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546193\" class=\"content-area-description single-story post-546193 post type-post status-publish format-standard hentry category-capital-markets tag-al-ahly-pharos tag-arqaam-capital tag-capital-markets tag-ci-capital tag-efg-hermes tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>CI Capital topped the EGX\u2019s brokerage league table in April<\/strong>, with a market share of 43.9%, according to <a href=\"https:\/\/ent.news\/2022\/5\/Periodicals-Monthly-Ranking-of-Brokerage-Firms-Ar-1.pdf\">figures from the EGX (pdf)<\/a>, marking the first time in months that EFG Hermes has been pipped to the top spot. Rounding out the top five were Al Ahly Pharos (29.4%), EFG Hermes (7.1%), Arqaam (2.3%) and Beltone (1.2%).<\/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\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arqaam-capital\/\">Arqaam Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546194\" 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=\"546194\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/qalaa-losses-narrow-in-2021\/\">\r\n                            Qalaa losses narrow in 2021                        <\/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\/05\/08\/qalaa-losses-narrow-in-2021\/\" 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\/05\/08\/qalaa-losses-narrow-in-2021\/')\">\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\/05\/08\/qalaa-losses-narrow-in-2021\/\">\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=Qalaa losses narrow in 2021&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/qalaa-losses-narrow-in-2021\/\">\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\/05\/08\/qalaa-losses-narrow-in-2021\/&title=Qalaa losses narrow in 2021\">\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=Qalaa+losses+narrow+in+2021+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Fqalaa-losses-narrow-in-2021%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\/05\/08\/qalaa-losses-narrow-in-2021\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546194\" class=\"content-area-description single-story post-546194 post type-post status-publish format-standard hentry category-earnings-watch tag-ahmed-heikal tag-dina-farms tag-earnings tag-earnings-watch tag-enterpriseam tag-qalaa-holdings tag-taqa-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Rising revenues helped Qalaa Holdings to narrow its losses to EGP 2.3 bn in 2021<\/strong> from EGP 2.6 bn the year before, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/5\/QH-FY21-Earnings-Press-Release-EA-FINAL.pdf\">full year earnings release (pdf)<\/a>. Revenues rose 27% y-o-y to EGP 45.8 bn during the 12-month period on higher commodity prices and improved refining margins at its flagship greenfield project, the Egyptian Refining Company (ERC). Taqa Arabia, the company\u2019s energy platform, booked y-o-y revenue growth of 15% to EGP 9.1 bn, reflecting improved market conditions, according to the release. Taqa Gas expanded its network of gas stations, Taqa Power saw higher power distribution volumes, and Taqa Marketing recorded higher revenues from fuel and lubes.<\/p>\n<p><strong>The figures demonstrate Qalaa\u2019s \u201cresilience and agility\u201d in adapting to changing business conditions<\/strong>, said founder and chairman Ahmed Heikal, who attributed the results to the company\u2019s \u201crobust investment and growth strategies.\u201d<\/p>\n<p><strong>Looking ahead:<\/strong> In 2022, Qalaa will look to make steady investments in its existing operations while being on the lookout for potential acquisitions, Heikal said. Renewable energy is an area of \u201cparticular interest\u201d to the company, he said, adding that Taqa is \u201cideally positioned\u201d to capitalize on the transition towards natural gas and solar and wind energy.<\/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\/ahmed-heikal\/\">Ahmed Heikal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dina-farms\/\">Dina Farms<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546195\" 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=\"546195\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/546195\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546195\" class=\"content-area-description single-story post-546195 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=\"546196\" 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=\"546196\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/last-nights-talk-shows-deadly-sinai-attack-prospect-of-another-snap-rate-hike\/\">\r\n                            Last Night\u2019s Talk Shows: Deadly Sinai attack + prospect of another snap rate hike                        <\/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\/05\/08\/last-nights-talk-shows-deadly-sinai-attack-prospect-of-another-snap-rate-hike\/\" 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\/05\/08\/last-nights-talk-shows-deadly-sinai-attack-prospect-of-another-snap-rate-hike\/')\">\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\/05\/08\/last-nights-talk-shows-deadly-sinai-attack-prospect-of-another-snap-rate-hike\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: Deadly Sinai attack + prospect of another snap rate hike&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/last-nights-talk-shows-deadly-sinai-attack-prospect-of-another-snap-rate-hike\/\">\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\/05\/08\/last-nights-talk-shows-deadly-sinai-attack-prospect-of-another-snap-rate-hike\/&title=Last Night\u2019s Talk Shows: Deadly Sinai attack + prospect of another snap rate hike\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Deadly+Sinai+attack+%2B+prospect+of+another+snap+rate+hike+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Flast-nights-talk-shows-deadly-sinai-attack-prospect-of-another-snap-rate-hike%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\/05\/08\/last-nights-talk-shows-deadly-sinai-attack-prospect-of-another-snap-rate-hike\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546196\" class=\"content-area-description single-story post-546196 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-interest-rates tag-last-nights-talk-shows tag-nabil-zaki tag-real-estate tag-real-estate-registry-act 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>Are we going to get another <\/strong><strong>snap<\/strong><strong> CBE meeting \u00e0 la <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">21 March<\/a><\/strong><strong>?<\/strong> That was the question posed by Lamees El Hadidi last night (<a href=\"https:\/\/www.youtube.com\/watch?v=ryWUStiX5yU\">watch, runtime: 9:31<\/a>), who noted reports in the domestic press that the central bank could bring forward its 19 May policy meeting in light of the Federal Reserve\u2019s <a href=\"https:\/\/www.cnbc.com\/2022\/05\/04\/fed-raises-rates-by-half-a-percentage-point-the-biggest-hike-in-two-decades-to-fight-inflation.html\">decision to hike rates<\/a> last week.<\/p>\n<p><strong>State-owned <\/strong><strong><a href=\"https:\/\/bit.ly\/37p5wZJ\">Akhbar Elyom<\/a><\/strong><strong> reported yesterday that the Monetary Policy Committee could hold an exceptional meeting as soon as today,<\/strong> citing an anonymous central bank source. But last night, the Kelma Akhira host cited a CBE source of her own who told her that there aren\u2019t currently plans to hold an early meeting this month.<\/p>\n<p><strong>That doesn\u2019t mean that we\u2019re not going to feel the pinch from rising US interest rates here in Egypt.<\/strong> As El Hadidi and Nabil Zaki, professor of international economics and finance at New York University, noted last night, the Fed\u2019s decision is going to raise the USD, push up the cost of borrowing, increase our import bill, and cause further portfolio outflows. Speaking to Salet Al Tahrir\u2019s Azza Mostafa (<a href=\"https:\/\/www.youtube.com\/watch?v=nv9BTpdaO28\">watch, runtime: 5:34<\/a>), Zaki said that the move will mean that Egypt, a major importer of wheat and commodities, will see its balance of payments and trade deficits widen and face higher inflation. El Hekaya\u2019s Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=cD6nCZz2N5c\">watch, runtime: 4:46<\/a>) also covered the topic.<\/p>\n<p><strong>Another rate rise here at home when the CBE meets later this month?<\/strong> Some analysts and economists are expecting the CBE to hike interest rates by another 100-200 bps this month, El Hadidi noted. The central bank increased rates by 100 bps when it last met in March \u2014 the first time rates have risen in five years.<\/p>\n<p><strong>Egypt\u2019s airwaves were dominated by yesterday\u2019s attack in Sinai <\/strong>which killed 11 troops and injured five others in what is seen as the deadliest attack on the armed forces in recent years. Condemnations by the presidency and state institutions led the airwaves, with the news picked up by Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=rXF95FYFZ08\">watch, runtime: 18:00<\/a>), El Hekaya\u2019s Amr Adib <a href=\"https:\/\/www.youtube.com\/watch?v=0bGKGr3FAXs\">(watch, runtime: 1:39<\/a>) , and Kelma Akhira\u2019s Lamis El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=jjAJAuAQVmU\">watch, runtime: 9:41<\/a>), among others.<\/p>\n<p><strong>El Hekaya also shed light on the implementation of the amended Real Estate Registry Act<\/strong> which came into effect yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=6nWOq5Ojj10\">watch, runtime: 3:21<\/a>). The amendments, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b56c376f-07af-4c83-ad67-0cabdab0f8b7\">received the greenlight<\/a>from the House of Representatives in February, simplify the property registration process by reducing the volume of documentation needed, digitizing parts of the procedures, and putting a time limit on the process. Justice Minister Omar Marawan said registering property would provide guarantees against encroachment. The law would also allow the registration of any property, including vacant land, according to real estate registry official Ayman Awad (<a href=\"https:\/\/www.youtube.com\/watch?v=Jf-6ADNge4M\">watch, runtime: 2:31<\/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\/interest-rates\/\">interest rates<\/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\/nabil-zaki\/\">Nabil Zaki<\/a>\n                <!-- <span 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                        Sinai attack dominates the conversation in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/sinai-attack-dominates-the-conversation-in-the-foreign-press\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" 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href=\"https:\/\/api.whatsapp.com\/send?text=Sinai+attack+dominates+the+conversation+in+the+foreign+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Fsinai-attack-dominates-the-conversation-in-the-foreign-press%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/sinai-attack-dominates-the-conversation-in-the-foreign-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546198\" class=\"content-area-description single-story post-546198 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-abdel-fattah-el-sisi tag-enterpriseam tag-human-rights tag-mersal-foundation tag-terrorism 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>Leading the conversation on Egypt in the international press this morning:<\/strong> Eleven troops were killed \u201cfoiling a terror attack\u201d on a water-lifting station east of the Suez Canal, a <a href=\"https:\/\/www.facebook.com\/EgyArmySpox\/posts\/2633564260107873\">statement<\/a>by the Egyptian armed forces read. Five others were injured in the attack, it said, in what was one of the deadliest against the armed forces in recent years. The militants were currently being \u201cpursued and besieged\u201d in Sinai, according to the statement. <a href=\"https:\/\/www.presidency.eg\/ar\/%D9%82%D8%B3%D9%85-%D8%A7%D9%84%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1\/%D8%A3%D8%AE%D8%A8%D8%A7%D8%B1-%D8%B1%D8%A6%D8%A7%D8%B3%D9%8A%D8%A9\/%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%B9%D8%A8%D8%AF-%D8%A7%D9%84%D9%81%D8%AA%D8%A7%D8%AD-%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A-%D9%8A%D9%86%D8%B9%D9%8A-%D8%B4%D9%87%D8%AF%D8%A7%D8%A1-%D8%A7%D9%84%D9%88%D8%B7%D9%86-752022\/\">President Abdel Fattah El Sisi<\/a>, the <a href=\"https:\/\/www.facebook.com\/photo.php?fbid=397757575728002&set=a.144073987763030&type=3\">Cabinet<\/a>, <a href=\"https:\/\/www.facebook.com\/OfficialAzharEg\/posts\/553936566090862\">Al Azhar<\/a>, and the <a href=\"https:\/\/www.facebook.com\/photo?fbid=368281178677210&set=a.140627091442621\">Copitc Orthodox Church<\/a> have all condemned the attack. The story made headlines in the <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-suez-canal-68d47914ae01afa9624da6edf181f56f\">Associated Press<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/eleven-egyptian-security-personnel-killed-after-foiling-terrorist-attack-army-2022-05-07\/\">Reuters<\/a>, and <a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/05\/07\/egypts-military-says-officer-10-soldiers-killed-in-militant-attack-in-east-canal-area\/\">The National<\/a>.<\/p>\n<p><strong>Human rights is also topping headlines:<\/strong> The government\u2019s recent decision to release prisoners to mark Sinai Liberation Day inspires different takes from Mirette Mabrouk, founding director of the Egypt program at the Middle East Institute, who speaks to <a href=\"https:\/\/www.npr.org\/2022\/05\/06\/1097261235\/middle-east-expert-weighs-in-on-string-of-prison-releases-in-egypt\">NPR<\/a> about the possibility of more political openness in Egypt, and <a href=\"https:\/\/www.hrw.org\/news\/2022\/05\/04\/concerns-remain-egypt-frees-activists-and-critics\">Human Rights Watch<\/a>, which warns that the move likely does not mark a \u201cfundamental policy shift.\u201d Meanwhile, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/us-state-dept-says-death-egyptian-research-requires-investigation-2022-05-02\/\">Reuters<\/a> covers the US State Department\u2019s call for a \u201cthorough, transparent and credible\u201d investigation into the death of Egyptian economic researcher Ayman Hadhoud.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>When the Ramadan spirit turns EGP 10 into USD 1 mn in donations: <\/strong>Healthcare charity the <a href=\"https:\/\/mersal-ngo.org\/\">Mersal Foundation<\/a> raised around USD 1 mn in one day, after Vodafone Egypt promised to match donations when the charity\u2019s auction of an EGP 10 unused top-up card went viral on social media. (<a href=\"https:\/\/www.bbc.com\/news\/world-middle-east-61306866\">BBC<\/a>)<\/li>\n<li><strong>President Abdel Fattah El Sisi\u2019s recent speech on the state\u2019s response to the <\/strong><strong>economic repercussions of war in Ukraine<\/strong> is still getting international attention. (<a href=\"https:\/\/www.theafricareport.com\/201395\/egypts-president-sissi-sells-assets-to-try-to-boost-the-countrys-economy\/\">The Africa Report<\/a>)<\/li>\n<li><strong>El Ikhtiyar <\/strong>gets ink in <a href=\"https:\/\/www.economist.com\/middle-east-and-africa\/2022\/05\/07\/a-lavish-drama-tries-to-rally-egyptians-with-dark-memories\">the Economist<\/a>, having earlier gotten a longer take in the <a href=\"https:\/\/www.nytimes.com\/2022\/05\/01\/world\/middleeast\/egypt-ramadan-tv-el-sisi.html\">New York Times<\/a>.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mersal-foundation\/\">Mersal Foundation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/terrorism\/\">terrorism<\/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=\"546199\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546200\" 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=\"546200\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/worlds-largest-spinning-mill-to-begin-operations-next-year-tawfik\/\">\r\n                            World\u2019s largest spinning mill to begin operations next year -Tawfik                        <\/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\/05\/08\/worlds-largest-spinning-mill-to-begin-operations-next-year-tawfik\/\" 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\/05\/08\/worlds-largest-spinning-mill-to-begin-operations-next-year-tawfik\/')\">\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\/05\/08\/worlds-largest-spinning-mill-to-begin-operations-next-year-tawfik\/\">\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=World\u2019s largest spinning mill to begin operations next year -Tawfik&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/worlds-largest-spinning-mill-to-begin-operations-next-year-tawfik\/\">\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\/05\/08\/worlds-largest-spinning-mill-to-begin-operations-next-year-tawfik\/&title=World\u2019s largest spinning mill to begin operations next year -Tawfik\">\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=World%E2%80%99s+largest+spinning+mill+to+begin+operations+next+year+-Tawfik+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Fworlds-largest-spinning-mill-to-begin-operations-next-year-tawfik%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\/05\/08\/worlds-largest-spinning-mill-to-begin-operations-next-year-tawfik\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546200\" class=\"content-area-description single-story post-546200 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-empower-new-energy tag-enterpriseam tag-manufacturing tag-spinning-mill tag-wartsila wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>A new spinning mill in El Mahalla that is set to be the largest in the world will <\/strong><strong>begin operations next year<\/strong>, Public Enterprises Minister Hisham Tawfik told <a href=\"https:\/\/bit.ly\/3vTQi8o\">Dostor<\/a>. The state has already launched the distributing company that will sell its products, NIT, which is currently in talks with retailers and shopping malls on opening branches to sell its wares. The spinning mill, which comes as part of the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f42cd0c-bac4-4b81-b379-d3327c964f36\">EGP 21 bn plan to overhaul the spinning and weaving industry<\/a>, was originally slated to begin trial operations in April of this year.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Egypt Kuwait Holding subsidiary <strong>Kahraba<\/strong> has awarded Finnish company <strong>Wartsila <\/strong>a contract to <strong>deliver equipment that will add 20 MW <\/strong>of capacity to the 40 MW<strong> Borg El Arab power plant<\/strong> and upgrade its control system. (<a href=\"https:\/\/www.wartsila.com\/png\/news\/25-04-2022-wartsila-to-supply-added-generating-capacity-and-existing-plant-upgrade-for-repeated-egyptian-customer-3090111\">Statement<\/a>)<\/li>\n<\/ul>\n<ul>\n<li><strong>An Egyptian archaeological mission has <\/strong><strong>unearthed 85 tombs<\/strong> <strong>in southern <\/strong><strong>Sohag<\/strong> dating from the Old Kingdom of Egypt to the Ptolemaic dynasty. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02mbFiBXyYKoorucSPowwkAGJmJAANycjA46dF6cP2Jgf7j6UMeB9vS9uBBdg2TNA6l\">Statement<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/empower-new-energy\/\">Empower New Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spinning-mill\/\">spinning mill<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wartsila\/\">Wartsila<\/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=\"546201\" 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=\"546201\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/emerging-market-investors-expect-imf-to-back-risky-debt-global-food-prices-eased-slightly-in-april\/\">\r\n                            Emerging-market investors expect IMF to back risky debt + global food prices eased (slightly) in April                        <\/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\/05\/08\/emerging-market-investors-expect-imf-to-back-risky-debt-global-food-prices-eased-slightly-in-april\/\" 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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But investors are flocking to buy high-risk bonds in the belief that the IMF will step in with financial support, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-06\/distressed-emerging-market-bonds-defy-rout-on-hopes-of-imf-aid\">Bloomberg<\/a> writes. Debt from nations including Pakistan, Zambia and Tunisia offered returns as high as 6.6% in April, as investors predict the IMF will offer more lenient terms than usual on assistance packages amid high global inflation.<\/p><p><strong>Global food prices fell slightly in April after hitting another record high in March<\/strong>, despite difficult market conditions and continued global food security concerns, according to <a href=\"https:\/\/www.fao.org\/worldfoodsituation\/foodpricesindex\/en\">UN data<\/a> released Friday. The FAO Food Price Index fell 0.8% m-o-m in April \u2014 its second-highest level on record and up nearly 30% on April 2021.<\/p><p><strong>Cereal and vegetable prices dropped from their record highs last month<\/strong>, while international wheat prices (key for Egypt) rose marginally again last month even as big shipments from India and Russia helped to ease pressure on supply caused by the war in Ukraine. But the FAO\u2019s Meat Price Index (which includes poultry) hit its own all-time record in April as disruptions to Ukrainian exports and <a href=\"https:\/\/www.washingtonpost.com\/dc-md-va\/2022\/05\/06\/bird-flu-maryland-chickens-vultures-deadly\/\">a bird flu outbreak<\/a>in the Northern Hemisphere squeezed supply.<\/p><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>11,048<\/p>\n<\/td>\n<td>\n<p>+3.1% (YTD: -7.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.44<\/p>\n<\/td>\n<td>\n<p>Sell 18.53<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.43<\/p>\n<\/td>\n<td>\n<p>Sell 18.53<\/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>13,734<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +21.7%)<\/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>10,073<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +18.7%)<\/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>3,695<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: +15.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,123<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: -13.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,388<\/p>\n<\/td>\n<td>\n<p>-1.5% (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>3,629<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: -15.6%)<\/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 112.39<\/p>\n<\/td>\n<td>\n<p>+1.3%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.04<\/p>\n<\/td>\n<td>\n<p>-8.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,882.80<\/p>\n<\/td>\n<td>\n<p>+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 35,198<\/p>\n<\/td>\n<td>\n<p>-2.1% (YTD-25.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 3.1% at last Thursday\u2019s close<\/strong> on turnover of EGP 1.21 bn (27.4% above the 90-day average). Foreign investors were net sellers. The index is down 7.5% YTD.<\/p><p><strong>In the green: <\/strong>GB Auto (+10.1%), Heliopolis Housing (+9.3%) and Madinet Nasr Housing (+9.1%).<\/p><p><strong>In the red: <\/strong>Eastern Company (-3.6%), Rameda (-2.2%) and Housing and Development Bank (-0.1%).<\/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\/emerging-markets\/\">emerging markets<\/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\/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\/planet-finance\/\">Planet Finance<\/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=\"546202\" 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=\"546202\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/el-sisi-talks-food-security-with-macron-following-french-presidents-election-victory\/\">\r\n                            El Sisi talks food security with Macron following French president\u2019s election victory                        <\/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\/05\/08\/el-sisi-talks-food-security-with-macron-following-french-presidents-election-victory\/\" 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 pair also discussed the latest developments in the war in Ukraine and its effect on global food security, with the French side <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33de403e-1213-452c-bfab-92f96928d8ec\">again pledging<\/a> to \u201cwork in solidarity with Egypt\u201d on tight food markets, an <a href=\"https:\/\/www.elysee.fr\/emmanuel-macron\/2022\/05\/05\/turquie-afrique-du-sud-comores-senegal-mauritanie-egypte-algerie-echanges-telephoniques\">\u00c9lys\u00e9e statement<\/a> read. The two also discussed the COP27 climate summit scheduled to take place in Sharm El Sheikh this November.<\/p>\n<p><strong>The Foreign Ministry has expressed \u201cdeep concern\u201d over Israel\u2019s intention to <\/strong><strong>demolish a number of Palestinian villages in the Masafer Yatta region <\/strong>in the occupied West Bank, according to an <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/312213434421843\">official statement<\/a>. Some <a href=\"https:\/\/www.haaretz.com\/israel-news\/.premium-after-two-decades-israeli-court-approves-eviction-of-eight-palestinian-villages-1.10781557\">1k Palestinians are facing eviction<\/a> from their homes after an Israeli court last week gave the military permission to raze villages in the area and forcibly relocate the population, bringing to an end a two-decade legal battle over the land.<\/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\/cop27\/\">COP27<\/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\/emmanuel-macron\/\">Emmanuel Macron<\/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=\"546203\" 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=\"546203\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/eu-pushes-for-end-to-iran-nuclear-deadlock\/\">\r\n                            EU pushes for end to Iran nuclear deadlock                        <\/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\/05\/08\/eu-pushes-for-end-to-iran-nuclear-deadlock\/\" 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\/05\/08\/eu-pushes-for-end-to-iran-nuclear-deadlock\/')\">\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\/05\/08\/eu-pushes-for-end-to-iran-nuclear-deadlock\/\">\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=EU pushes for end to Iran nuclear deadlock&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/08\/eu-pushes-for-end-to-iran-nuclear-deadlock\/\">\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\/05\/08\/eu-pushes-for-end-to-iran-nuclear-deadlock\/&title=EU pushes for end to Iran nuclear deadlock\">\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=EU+pushes+for+end+to+Iran+nuclear+deadlock+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F08%2Feu-pushes-for-end-to-iran-nuclear-deadlock%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\/05\/08\/eu-pushes-for-end-to-iran-nuclear-deadlock\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546203\" class=\"content-area-description single-story post-546203 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-diplomacy tag-enterpriseam tag-eu tag-iran tag-north-korea tag-politics tag-security tag-south-korea wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Some good news for stalled Iran nuclear talks? <\/strong>The EU\u2019s Iran nuclear talks coordinator is set to visit Tehran on Tuesday in a bid to break the impasse in negotiations to restore the 2015 nuclear pact, Iranian <a href=\"https:\/\/nournews.ir\/En\/News\/95469\/Enrique-Mora's-visit-to-Tehran\">state-run Nour News<\/a> reported. Talks have been stalled since March after Iran added a last-minute demand that the US remove the Revolutionary Guards from its terror list. The EU is now seeking a \u201cmiddle way\u201d to end the deadlock, EU foreign policy chief Josep Borrell told <a href=\"https:\/\/www.ft.com\/content\/8d0a6389-0692-4fa6-8296-9fc745e410ca\">the Financial Times<\/a>.<\/p>\n<p><strong>More missile tests from North Korea:<\/strong> Pyongyang fired a short-range ballistic missile from a submarine into the sea off North Korea\u2019s east coast yesterday morning, South Korea said. The test comes days before Seoul is set to inaugurate its new president \u2014 who is expected to take a tough stance against any North Korean provocation. (<a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/nkorea-fires-unidentified-projectile-off-its-east-coast-skorea-military-2022-05-07\/\">Reuters<\/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\/around-the-world\/\">Around the World<\/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\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/north-korea\/\">North Korea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/security\/\">security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-korea\/\">South Korea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"546204\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\"\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">15<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/what-planet-startup-thinks-of-upcoming-regulations-that-could-make-it-easier-to-raise-capital-as-a-startup-and-deploy-funds-here-as-a-vc\/\">         \r\n                            What Planet Startup thinks of upcoming regulations that could make it easier to raise capital as a startup and deploy funds here as a VC<\/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 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                         <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/91.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=\"546205\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/what-planet-startup-thinks-of-upcoming-regulations-that-could-make-it-easier-to-raise-capital-as-a-startup-and-deploy-funds-here-as-a-vc\/91-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/91.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"91.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/91.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/91.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546204\" class=\"content-area-description post-546204 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-enterprise-whats-next tag-enterpriseam tag-mozare3 tag-nowpay tag-policy tag-regulation tag-solarizegypt tag-startups tag-yalla-fel-sekka 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-10\"><\/a> <strong>Never underestimate how important \u201cboring-but-important stuff\u201d can be if you\u2019re trying <\/strong><strong>to raise money to get a new business off the ground. <\/strong>You can have the best pitch deck. The coolest business idea. The most committed founders. An MVP that checks all the right boxes. Every sign you might \u2014 just might \u2014 have \u201cproduct-market fit\u201d in sight. You may even \u2026 like your co-founder.<\/p>\n<p><strong>None of it means anything when it comes to fundraising if an arcane legal requirement means that VC itching to write a check simply \u2026 can\u2019t. <\/strong>If you\u2019ve contemplated raising funds for a business in Egypt for more than five minutes, you\u2019ve noticed that startups and venture capital firms alike almost invariably transact through offshore structures \u2014 even though they\u2019re headquartered in Egypt. Serving Egyptian clients. Employing Egyptian staff. Banking with Egyptian banks.<\/p>\n<p><strong>They\u2019re not dodging Mohamed Maait\u2019s push to end tax evasion. <\/strong>They\u2019re transacting offshore \u2014 for the most part \u2014 because Egyptian regulations (and common practice) do not permit contract structures that are entirely normal in markets from the US to France, the UAE to South Africa. (Tax <em>efficiency<\/em> is part of it, sure. Properly structured, investing via a third country lets each party pay taxes in their own jurisdictions.)<\/p>\n<p><strong>ENTER STAGE RIGHT: Three Egyptian regulators. <\/strong>Just about a month ago, the General Authority for Investment and Freezones (GAFI), the Financial Regulatory Authority (FRA), and the Information Technology Industry Development Agency (ITIDA) inked a pact that outlines how they\u2019ll work together to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/67575b95-087c-4fdf-846b-045f524042bd\">make it easier for venture capital firms to invest directly in Egypt<\/a>.<\/p>\n<p><strong>What problem are they solving? <\/strong>GAFI has been tapped to prepare a \u201c<strong>standard shareholder agreement<\/strong>\u201d for startups, with minority rights being at the center of that contract.<\/p>\n<p><strong>What are these minority rights of which you speak?<\/strong> They\u2019re provisions demanded by VC and PE investors alike that enshrine things like their rights to invest in future rounds, the right to ride along on any future transaction (a \u201ctag along\u201d option), guaranteed board seats, etc. And company founders will often want rights including, for example, the ability to control a company long after they stop owning 50% plus one share. All of this sets the stage for the potential rollout in Egypt of founder claw-back clauses, preferred shares, reserved matters, and employee stock options, as well as looking at valuation methods (and funding instruments) that are common globally, but not yet covered in Egyptian law.<\/p>\n<p><strong>In parallel, the FRA is working on <\/strong><strong>regulations that would allow the use of convertible notes <\/strong>to invest in startups.<\/p>\n<p><strong>WE ASKED FOUR HIGH-PROFILE STARTUP FOUNDERS WHAT THEY THINK<\/strong>, including co-founder and CEO of <strong>Mozare3<\/strong> Hussein Abo Bakr (<a href=\"https:\/\/www.linkedin.com\/in\/hussein-abou-bakr-134697ab\/?originalSubdomain=eg\">LinkedIn<\/a>), co-founder and CEO of <strong>NowPay<\/strong> Mostafa Ashour (<a href=\"https:\/\/www.linkedin.com\/in\/mostafaashour\">LinkedIn<\/a>), founder and managing director of <strong>SolarizEgypt<\/strong> Yaseen Abdel Ghaffar (<a href=\"https:\/\/www.linkedin.com\/in\/yaseen-abdel-ghaffar-54b42326\/?originalSubdomain=eg\">LinkedIn<\/a>), co-founder and CEO of <strong>Yalla Fel Sekka<\/strong> Yasmine Abdel Karim (<a href=\"https:\/\/eg.linkedin.com\/in\/yabdelkarim\">LinkedIn<\/a>).<\/p>\n<p><strong>The short answer? They\u2019re brimming with positivity. <\/strong>The protocol is structured in a way that illustrates the regulators\u2019 awareness of the problems in Egypt\u2019s entrepreneurial scene, the founders suggest. It also underscores the Madbouly government\u2019s growing interest in helping entrepreneurs become engines of economic growth on a national scale, our sources agree.<\/p>\n<p><strong>The general consensus is that the protocol will do the spadework to increase foreign direct investment (FDI) and turbocharge entrepreneurism,<\/strong> they say. The major bottlenecks for Egypt startups are access to capital \u2014 and barriers that make it hard for FDI to enter the country, according to SolarizEgypt\u2019s Abdel-Ghaffar and NowPay\u2019s Ashour. The regulators, by signing this protocol, are recognizing the tremendous contribution of startups with regard to the inflow of FDIs into the country, Yalla Fel Sekka\u2019s Abdel Karim explains. \u201cInternational VCs need laws and regulations to spur their interest to invest in foreign jurisdictions. The protocol, and the laws and mechanisms that will follow, will increase confidence and will ultimately encourage foreign investors to enter the Egyptian market.\u201d <a href=\"https:\/\/www.ycombinator.com\/\">YCombinator<\/a>, the highly visible American startup accelerator, for instance, exclusively invests in just four jurisdictions: The US, Canada, Caymans and Singapore. The task now is to convince other VCs that Egypt\u2019s legal and investment mechanics are solid, Ashour says.<\/p>\n<p><strong>If the regulators are successful, they\u2019ll help attract a different caliber of investors<\/strong> \u2014 and prompt local VCs to step it up a notch. \u201cWhen foreign investors start to readily enter the market, we will be noticing a change in the investment style of local angel investors and local VCs,\u201d Abdel Ghaffar tells us. \u201cI\u2019m excited to see how they will adapt to that. Beyond capital, they\u2019ll have to step up their game in terms of their value-added services and their overall relationship with the startups they invest in, he adds.<\/p>\n<p><strong>Success would see Egyptian founders incorporate here Egypt instead of going abroad,<\/strong> according to Abdel Ghaffar and Abdel Karim. Usually, most Egyptian startup founders incorporate their businesses abroad because of the simplicity of establishing their companies in places like Dubai and Delaware. The government is currently trying to simplify and standardize the process of establishing startups in Egypt, Abdel Karim explains.<\/p>\n<p><strong>The aim is clear: Homegrown companies should have an easier time setting up shop in Egypt. <\/strong>If the protocol ultimately delivers minority rights protection, employee stock options, preferred shares and more, the Egyptian market will become much more scalable and mature, Abo Bakr explains. These foundations will ultimately help simplify the process of establishing startups in the country and entice Egyptian companies not to incorporate their startups abroad, according to Abdel Ghaffar. \u201cSwvl is a huge success story, but it\u2019s unfortunate that they had to incorporate their business in Dubai,\u201d he says. \u201cI think the protocol, the instruments the regulators aim to utilize, and the steps that will come next, will shape the future in a way that ensures the next Swvl won\u2019t leave the country.\u201d<\/p>\n<p><strong>NEXT WEEK- We\u2019ll hear from leading venture capital firms <\/strong>on what they hope to see happen and how they expect the reforms \u2014 if we get them right \u2014 could change how they do business here.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Khazna Card gets final approval from the Central Bank of Egypt: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3d67b6a4-6a2f-4645-b7a5-3f553e013b15\">Meeza prepaid card<\/a> launched in partnership with the Abu Dhabi Islamic Bank (ADIB) will provide unbanked users access to the fintech startup\u2019s financial services.<\/li>\n<li><strong>Saudi food startup closes blockbuster series C round:<\/strong> Saudi restaurant management platform Foodics has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/12981969-74a4-4a85-92c5-f60dadf43c8e\">raised USD 170 mn<\/a> in the biggest software-as-a-service (SaaS) series C funding round in the MENA region.<\/li>\n<li><strong>UAE-based fintech platform FlexxPay to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b20df1a5-4a84-467c-8285-802238db1e36\">make Egypt its third market<\/a><\/strong><strong>: <\/strong>The company, which provides flexible salary payment services, is already active in the UAE and Saudi Arabia.<\/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\/mozare3\/\">Mozare3<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nowpay\/\">NowPay<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/solarizegypt\/\">SolarizEgypt<\/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\/yalla-fel-sekka\/\">Yalla Fel Sekka<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546206\" 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\/05\/08\/546206\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546206\" class=\"content-area-description single-story post-546206 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>MAY<\/strong><\/p>\n<p>8 May (Sunday): Deadline for submitting corporate tax returns for companies whose financial year ends 31 December.<\/p>\n<p>10-12 May (Tuesday-Thursday): <a href=\"https:\/\/globalevents.ebrd.com\/event\/abbff80b-9203-4a59-b458-a0b0a3cc6977\/summary?RefId=Press%20Open%20Registration&rp=bb613e72-8b0f-4ba6-b6cc-787264ded1db\">EBRD Annual Meeting and Business Forum<\/a>, Marrakesh, Morocco.<\/p>\n<p>12 May (Thursday): <a href=\"https:\/\/www.omfif.org\/events\/financing-sustainable-development-in-egypt\/\">Financing sustainable development in Egypt virtual roundtable<\/a>, Official Monetary and Financial Institutions Forum.<\/p>\n<p>13-22 May (Friday-Sunday): <a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11748\">PSA World Championships<\/a>, Cairo.<\/p>\n<p>15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings<\/p>\n<p>Mid-May: The <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ECwZ4gxDh1BtFhSLpuSQNm8u9sYEbLw5o2eDJ4Y4L7AfCuAe2nMM7VfrR8qBiqnul\">trial period to extend<\/a> the Advance Cargo Information (ACI) system to air freight.<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>19 May (Thursday): EFG Hermes\u2019 general shareholders\u2019 meeting to discuss, among several things, a capital increase of EGP 973 mn to finance the distribution of bonus shares to the company\u2019s minority shareholders.<\/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>30-31 May (Monday-Tuesday): <a href=\"https:\/\/www.facebook.com\/Moemigegy\/posts\/pfbid024Z27xPXYWTVC1sjCzbUQ4qKX7bWwAg6oyZmpTEuGod2WG9DP5UVXa3gtfqmaAtZAl\">Egypt Can with Industry<\/a>, Cairo, Egypt.<\/p>\n<p>31 May (Tuesday): The <a href=\"https:\/\/itida.gov.eg\/English\/Programs\/Export-IT%20Rebate%20Program%202017\/Pages\/default.aspx\">application deadline<\/a> for ITIDA\u2019s annual Export IT program.<\/p>\n<p>31 May (Tuesday): Extended deadline for EGX-listed companies to disclose 1Q 2021 earnings.<\/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><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>June: Egypt will <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/390172846486475\">launch a unified ticketing system<\/a> for all means of transport at the Adly Mansour Interchange Station.<\/p>\n<p>June: Polish President Andrzej Duda will visit Egypt to coordinate ways to ship Ukrainian wheat to Egypt amid the war in Ukraine.<\/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>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":546179,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546178","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ad411fb5-45a1-4478-8ac1-e38f81a74ac1","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/2.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>Privatization, the green economy and interest rates set the tone for this first post-Eid workday - 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\/privatization-the-green-economy-and-interest-rates-set-the-tone-for-this-first-post-eid-workday\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Privatization, the green economy and interest rates set the tone for this first post-Eid workday\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/privatization-the-green-economy-and-interest-rates-set-the-tone-for-this-first-post-eid-workday\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:21:29+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/2.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\/privatization-the-green-economy-and-interest-rates-set-the-tone-for-this-first-post-eid-workday\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/privatization-the-green-economy-and-interest-rates-set-the-tone-for-this-first-post-eid-workday\/\",\"name\":\"Privatization, the green economy and interest rates set the tone for this first post-Eid workday - 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