{"id":546220,"date":"2022-05-09T04:00:21","date_gmt":"2022-05-09T04:00:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546220"},"modified":"2025-12-15T21:22:19","modified_gmt":"2025-12-15T21:22:19","slug":"madbouly-to-make-major-economy-announcement-as-early-as-today","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-to-make-major-economy-announcement-as-early-as-today\/","title":{"rendered":"Madbouly to make major economy announcement as early as today"},"content":{"rendered":"<section id=\"546222\" 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=\"546222\">\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\/09\/this-morning-a-big-economic-announcement-from-madbouly-today-also-foreign-reserves-were-largely-stable-month-on-month-in-march\/\">\r\n                            THIS MORNING: A big economic announcement from Madbouly today? Also: Foreign reserves were largely stable month-on-month in March                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/this-morning-a-big-economic-announcement-from-madbouly-today-also-foreign-reserves-were-largely-stable-month-on-month-in-march\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/this-morning-a-big-economic-announcement-from-madbouly-today-also-foreign-reserves-were-largely-stable-month-on-month-in-march\/')\">\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\/09\/this-morning-a-big-economic-announcement-from-madbouly-today-also-foreign-reserves-were-largely-stable-month-on-month-in-march\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: A big economic announcement from Madbouly today? 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This comes as inflation continued to damen business activity in April and as the government works overtime to source key commodities including wheat.<\/p><p><strong>We have coverage of all of this and more <\/strong>in this morning\u2019s news well and our roundup of Last Night\u2019s Talkshows, below.<\/p><p><strong>PSA- It\u2019s going to be hot today. <\/strong>Look for the mercury to hit about 35\u00b0C today in the capital city and 28\u00b0C in Alexandria.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>Can we expect a major policy announcement from the PM today?<\/strong> Cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0r2Z7YF2izc1pcKNMDo2kd5wVbbB4qUFSeyWHC67QpMwF214HouaRqHsHdEHCS6cnl\">told us yesterday<\/a> to expect a press conference from Prime Minister Moustafa Madbouly at the beginning of this week to announce new details of the state\u2019s response to the economic turmoil caused by Russia\u2019s war in Ukraine.<\/p><p><strong>Infrastructure, energy, health, education and the digital transformation <\/strong>top the list of sectors to which cabinet wants to attract fresh foreign and domestic investment through what it called \u201curgent measures.\u201d The PM <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">signaled last month<\/a> that the government would announce a strategy to privatize state-owned firms and boost private-sector participation in the economy after Eid.<\/p><p><strong>The Sisi administration has put privatization front and center of its policy agenda in recent days.<\/strong> In a pre-Eid address, President Abdel Fattah El Sisi said his administration will use privatization to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5391cdf0-e2f5-4354-9608-53fd3237a288\">unlock USD 40 bn in fresh investment<\/a> from the private sector over the next four years, and urged the government to IPO several military-owned firms on the EGX before the end of the year. On Saturday, Public Enterprises Minister Hisham Tawfik said that the government will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b2c33be-7c85-4d39-ac7e-87db30be13b4\">resume its privatization program in September<\/a>. The government originally aimed to sell shares in up to 10 companies this year before the war in Ukraine upended global markets.<\/p><p><strong>All of this comes as we remain in talks with the IMF for a new assistance package.<\/strong> Removing barriers to private-sector involvement in the economy has been one of the IMF\u2019s key concerns during previous loan talks. Further reforms designed to make life easier for the private sector are key as the government pushes for a third program in six years.<\/p><p><strong>ALSO-<\/strong> We have more PMIs landing this morning, with figures for Saudi Arabia and the UAE out by 6:15am CLT (<a href=\"https:\/\/www.markiteconomics.com\/Public\/Release\/PressReleases?language=en\">you can find the reports here<\/a>). Data from Qatar will be published tomorrow.<\/p><p><strong>SMART POLICY- The FRA is going to be working an extra hour each day. <\/strong> The Financial Regulatory Authority (FRA) is officially operating <a href=\"https:\/\/bit.ly\/3wc8Wrg\">nine hours a day as of yesterday<\/a> in what it says is a bid to life easier for non-banking financial services companies. The FRA\u2019s workday will now end at 5pm CLT. (<a href=\"https:\/\/bit.ly\/3wc8Wrg\">Statement<\/a>)<\/p><p><strong>FOR TOMORROW-<\/strong><\/p><p><strong>Inflation figures for April are due out tomorrow:<\/strong> Consumer prices accelerated at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ed1c340-3127-46cd-ad85-578f9a72874f\">their fastest<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ed1c340-3127-46cd-ad85-578f9a72874f\">rate in almost three years in March<\/a> as the spillover effects from the war in Ukraine fed through to the Egyptian economy. With commodity prices still feeling the effects of the conflict, the devaluation of the EGP, and the traditional Ramadan inflationary hit, we\u2019re not expecting the figures to have been any better in April.<\/p><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>MORNING MACRO- <\/strong><\/p><p><strong>Egypt\u2019s foreign reserves inched up to USD 37.12 bn at the end of April<\/strong>, from USD 37.08 a month earlier, according to <a href=\"https:\/\/www.cbe.org.eg\/en\/Pages\/HighlightsPages\/NIR-April-2022.aspx\">central bank figures<\/a> out yesterday. FX reserves <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1081735e-da66-4ffd-a584-d44e361d6b8c\">declined in March for the first time since the early days of the pandemic<\/a> as the central bank deployed funds to cover portfolio outflows and imports in response to what it said were \u201cmassive sell-offs\u201d in emerging markets triggered by the conflict in Ukraine.<\/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>FOR OUR FELLOW WORD NERDS- If you think English was quirky, you\u2019ve never tried to <\/strong><strong>decipher Old English<\/strong>, the branch of the language brought to Britain by settlers from northern Germany and Scandinavia in the fifth century. Hana Videen is one of the few people who understand Old English outside of college settings \u2014 she\u2019s been <a href=\"https:\/\/twitter.com\/OEWordhord\">posting a word a day on her Twitter<\/a> for years and has now published <a href=\"https:\/\/www.amazon.com\/Wordhord-Daily-Life-Old-English-ebook\/\">The Word Hord<\/a>, billed as \u201can entertaining and illuminating collection of weird, wonderful, and downright baffling words from the origins of English.\u201d Videen\u2019s book gets a nice notice this morning in the <a href=\"https:\/\/www.wsj.com\/articles\/the-wordhord-review-here-be-dragons-11652044255\">Wall Street Journal<\/a>.<\/p><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>A school bombing and an oil ban will mark Russia\u2019s WW2 Victory Day:<\/strong> Today\u2019s celebrations in Russia of victory against Nazi Germany is being juxtaposed by its ongoing war in Ukraine, which as the foreign press notes will be held one day after Russian forces were accused of bombing a school and G7 countries reiterated their resolve to ban imports of Russian oil. Everyone from <a href=\"https:\/\/www.reuters.com\/world\/europe\/putin-mark-soviet-ww2-victory-ukraine-decries-school-bombing-2022-05-09\/\">Reuters<\/a> and <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-putin-germany-europe-holidays-845bf637b126a61508be2164dec9e28c\">the AP<\/a> to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-08\/ukraine-latest-many-feared-dead-in-luhansk-school-bombing?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> and the <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/05\/08\/russia-ukraine-war-news-putin-live-updates\/\">Washington Post<\/a> has coverage.<\/p><p><strong>Spooks, politicians and business leaders alike will be paying attention to Moscow\u2019s Red Square <\/strong>later today as Vladimir Putin presides over the traditional military parade marking the occasion. Pundits believe Putin will use the occasion to rattle his saber at the west \u2014 and hint at what could be next in the war in Ukraine. The story is getting plenty of attention in the global business press, from the <a href=\"https:\/\/www.wsj.com\/articles\/russia-rehearses-annual-wwii-victory-parade-as-fighting-continues-in-ukraine-11651937007\">Wall Street Journal<\/a> to <a href=\"https:\/\/www.reuters.com\/world\/europe\/putin-mark-soviet-ww2-victory-ukraine-decries-school-bombing-2022-05-09\/\">Reuters<\/a>.<\/p><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>You can practically hear the bears salivating at the prospect that the techapocalypse <\/strong><strong>could gain steam and further savage listed equities. <\/strong>More and more US startups are trimming staff, scaling back spending, and looking up the word \u201cprofit\u201d on Investopedia, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d073e951-015b-4fd5-87ed-38c414334e9a\">as we\u2019ve noted in recent days<\/a>. Public market investors are now wondering \u201cwhether technology companies are set for a deep retrenchment or if growth is simply slowing from pandemic highs,\u201d the Wall Street Journal writes in <strong><a href=\"https:\/\/www.wsj.com\/articles\/the-tech-industrys-epic-two-year-run-sputters-11652002382\">The tech industry\u2019s epic two-year run sputters<\/a><\/strong>.<\/p><p><strong>Saudi Aramco is cutting prices for the first time in four months:<\/strong> Saudi Arabia has lowered oil prices for June shipments to Asia as covid lockdowns in China hit demand, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-08\/saudis-cut-oil-prices-from-record-levels-amid-china-lockdowns?srnd=premium-middle-east\">Bloomberg<\/a>. The state-owned company will sell its Arab Light crude grade at USD 4.40, down from USD 9.35 in May. Aramco also lowered the price of almost all grades for buyers in the Mediterranean and north-west Europe, though prices for US buyers remained unchanged. Saudi oil prices reached record levels in the past two months after prices surged on the back of the Russia-Ukraine war.<\/p><p><strong>LIVE FROM PLANET STARTUP- <\/strong><\/p><p><strong>Eight Egyptian startups are among top 45 African firms long-listed for the first <\/strong><strong>edition of the AfricaTech awards<\/strong>, launched by VivaTech in partnership with the International Finance Corporation (IFC), according to a <a href=\"https:\/\/vivatechnology.com\/media\/press-releases\/viva-techology-ifc-announce-45-emerging-start-ups\">press release<\/a> from VivaTech. The program showcases startups in fintech, health tech, and climate tech, with 15 businesses chosen from each sector from over 300 applications.<\/p><p><strong>Who\u2019s in the running?<\/strong> <a href=\"https:\/\/www.bekia-egypt.com\/ar\/\">Bekia<\/a> | <a href=\"https:\/\/www.bokdoc.com\/en\/\">BokDoc<\/a> | <a href=\"https:\/\/chefaa.com\/ar\">Chefaa<\/a> | <a href=\"https:\/\/farmtopia.farm\/\">Farmtopia<\/a> | <a href=\"https:\/\/www.neqabty.com\/\">Neqabty<\/a> | <a href=\"https:\/\/seavo-9c3d.mailchimpsites.com\/\">Seavo<\/a> | <a href=\"https:\/\/sun-pave.com\/\">SUNPave<\/a> | <a href=\"http:\/\/welnes.app\/\">Welnes<\/a>.<\/p><p><strong>Egypt was among African countries showing the highest participation rates<\/strong>, the statement added. The final winners \u2014 one in each category \u2014 will be announced between 15-18 June in Paris.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><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\u201d<\/a><\/strong><strong> is inbound next week.<\/strong> More than 40 US companies will be in Egypt during 15-17 May 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.<\/p><p><strong>The Central Bank of Egypt will meet to review interest rates<\/strong> on Thursday, 19 May.<\/p><p><strong>The 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.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><div class=\"stand-out\">\n<p><strong>***<\/strong><\/p>\n<p><strong>WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things<\/strong>. Today, we run two daily publications, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications<\/strong>. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of 200k readers by telling stories that matter.<\/p>\n<p>We\u2019re looking for <strong>editors<\/strong> who want to run publications and teams, editors to help reporters craft stories and talented <strong>reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to jobs@enterprisemea.com and mention Patrick in your subject line.<\/strong><\/p>\n<p><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a> It\u2019s worth it \u2014 trust us.<\/p>\n<p><strong>***<\/strong><\/p>\n<\/div><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> <strong>As inflation rears its head, what\u2019s the future of the tuition fee cap for <\/strong><strong>private schools?<\/strong> Since 2019, private schools have faced a more stringent cap on tuition fee hikes after parents lobbied the Education Ministry to <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/17\/education-ministry-to-announce-caps-on-international-schools-tuition-fees\/\">put a stop to<\/a> what they said were unfair increases. Private providers are now only allowed to raise prices by <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/23\/education-minister-caps-private-school-tuition-increases-at-14-next-year-7-every-year-after-that\/\">7% each year<\/a>, down from 14% previously. Fast forward three years and the cap is still in place, but private schools are facing greater cost pressures as inflation rises and the EGP falls. Today, we look at how schools are responding to the costs without raising tuition beyond 7% \u2014 and whether a policy change could be on the table.<\/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\/aramco\/\">Aramco<\/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\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/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\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546223\" 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=\"546223\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/546223\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546223\" class=\"content-area-description single-story post-546223 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/Somabay-endurancefestival1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>The Spring Edition of Somabay Endurance Festival takes place from May 26-28, featuring a host of 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=\"546224\" 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=\"546224\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/inflation-continues-to-dampen-business-activity-in-april\/\">\r\n                            Inflation continues to dampen business activity 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\/09\/inflation-continues-to-dampen-business-activity-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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Business activity contracted at a slightly slower pace during the month, with the index inching up to 46.9 from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601312ea-2a96-485a-83db-cae4a0955962\">46.5 in March<\/a> \u2014 but remaining below the 50.0 mark that separates expansion from contraction. The index reflected \u201ca solid deterioration in business conditions\u201d that was the second-fastest in almost two years.<\/p>\n<p><strong>November 2020 seems a long time ago:<\/strong> This is the 17th consecutive month Egypt\u2019s non-oil private sector has been in contraction since mounting a brief recovery from the shock of covid in 2020.<\/p>\n<p><strong>What they said: <\/strong>\u201cNon-oil business activity in Egypt continued to fall sharply in April as businesses faced a further increase in material and energy costs due to the war in Ukraine and a devaluation of the EGP in late-March,\u201d said S&P Global economist David Owen.<\/p>\n<p><strong>Inflation remains key:<\/strong> \u201cDespite softening marginally, the rate of overall input price inflation was strong and remained above the average seen in 2021,\u201d S&P Global said. Inflation almost doubled during 1Q 2022, reaching a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ed1c340-3127-46cd-ad85-578f9a72874f\">near three-year high of 10.5%<\/a> in March.<\/p>\n<p><strong>Employment saw its sharpest drop in a year, <\/strong>with firms holding back from making new hires as rising prices dented client demand.<\/p>\n<p><strong>Manufacturers continue to bear the brunt of adverse conditions: <\/strong>\u201cManufacturers remained the most exposed to these setbacks, with increased raw material prices and supply shortfalls leading to a solid cut in goods production.\u201d Wholesalers and retailers also continued to feel the strain.<\/p>\n<p><strong>On the bright side: <\/strong>Construction activity and new work increased for the first time this year.<\/p>\n<p><strong>The outlook: more of the same. <\/strong>While confidence picked up from an all-time low in March, businesses expect price and supply issues to persist as the war continues, \u201cresulting in another relatively downbeat outlook for business activity,\" Owen said.<\/p>\n<p><strong>The foreign press is taking note:<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-private-sector-activity-continues-contraction-ukraine-war-pmi-2022-05-08\/\">Reuters<\/a> covered the latest PMI release.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/employment\/\">employment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546226\" 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=\"546226\">\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\">BUDGET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/oil-wheat-spend-to-rise-fy-2022-2023\/\">\r\n                            Oil + wheat spend to rise FY 2022-2023                        <\/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\/09\/oil-wheat-spend-to-rise-fy-2022-2023\/\" 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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Brent is now trading at more than USD 112, up 45% from the start of the year, and some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bb6d97b-7276-45d0-9229-3cd9c8496e22\">analysts are expecting<\/a> it to remain above USD 100 a barrel for the remainder of this calendar year as the spillover effects from the Ukraine conflict continue to weigh on an already tight market.<\/p>\n<p><strong>We\u2019ll also be spending a lot more on fuel subsidies:<\/strong> The government is also upping its petroleum product subsidy spend by more than 50% to EGP 28 bn, up from this year\u2019s EGP 18.4 bn.<\/p>\n<p><strong>The gov\u2019t is expecting the int\u2019l wheat markets to calm slightly: <\/strong>Next year\u2019s budget assumes an average price of USD 330 per ton of wheat \u2014 substantially higher than the USD 255 per ton in this year\u2019s budget, but lower than current prices after Russia\u2019s war blocked Ukrainian exports. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">in early March said<\/a> rising wheat prices would cost it an additional EGP 15 bn this fiscal year, penciling in the cost at around USD 350 per ton. US wheat futures rose back above USD 11 per bushel last week, and are up 45% since the start of the year.<\/p>\n<p><strong>No plans to significantly adjust food subsidy spending:<\/strong> The government is expecting to spend some EGP 90 bn on food subsidies next fiscal year, compared with EGP 87.2 bn this fiscal year. Plans to overhaul Egypt\u2019s costly bread subsidy system have been put on hold after the price of the food staple rose sharply in March, forcing the government to step in with price caps on unsubsidized bread.<\/p>\n<p style='font-size: 18px;font-weight: bold' >Rising wheat prices are forcing Egyptian companies to get inventive<\/p>\n<p><strong>Wheat alternatives gain traction among local food producers looking to cut costs: <\/strong>Egyptian pasta-maker <a href=\"http:\/\/www.egyptianswiss.com\/\">Egyptian Swiss Group<\/a> \u2014 the maker of pasta brands Zeina and Rawaa \u2014 is \u201cexperimenting\u201d with rice, corn, and lentil flours as a substitute for wheat, as the war in Ukraine continues to drive price inflation for the grain, Bloomberg reports.<\/p>\n<p><strong>\u201cThe price is the name of the game,\u201d<\/strong> Egyptian Swiss Group General Manager Ahmed El Sebaie was quoted as saying. The food manufacturer joins firms across Africa exploring local alternatives to imported wheat, which has become around 40% more expensive so far this year.<\/p>\n<p><strong>State grain buyer GASC has purchased around 13% less wheat so far this year<\/strong> compared with the same point in 2021, according to Bloomberg. Egypt usually sources some 80% of its wheat imports from Russia and Ukraine, but the government has pivoted to focus on the local harvest amid the price spike.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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=\"546228\" 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=\"546228\">\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\">BUDGET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/govt-eyes-84-debt-to-gdp-ratio-in-fy-2022-23\/\">\r\n                            Gov\u2019t eyes 84% debt-to-GDP ratio in FY 2022-23                        <\/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\/09\/govt-eyes-84-debt-to-gdp-ratio-in-fy-2022-23\/\" 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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This is the first time the debt target for next fiscal year has been revised since the Finance Ministry in January said it hoped to bring the public debt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79d7e611-1ab6-488a-a236-2fc863fa1576\">down to below 90% of GDP<\/a>. 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.<\/p>\n<p><strong>Revenue forecasts have also been revised upwards: <\/strong>The state is now expecting to bring in EGP 1.52 tn in FY 2022-2023, up from a previously expected <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/021d97f6-6181-42f5-91ec-23dd826c068f\">EGP 1.45 tn<\/a> \u2014 and more than 10% above projected revenues for the current fiscal year.<\/p>\n<p><strong>This ties in with state plans to bring down the debt:<\/strong> In a speech before the Eid break, President Abdel Fattah El Sisi said his administration would announce a plan to reduce public debt and the budget deficit over the next four years, without specifying when to expect the announcement.<\/p>\n<p><strong>OTHER KEY FIGURES- <\/strong>The government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69470760-13ca-4936-83f2-59c11fea41f7\">still targeting<\/a> a 6.1% budget deficit next year, down from a projected 6.2% by the end of this fiscal year, and a primary surplus of 1.5%, up from an expected 1.3% by the end of this fiscal year, Bloomberg Asharq reports. Government spending is also still set to rise 12% next year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/021d97f6-6181-42f5-91ec-23dd826c068f\">to reach EGP 2.07 tn<\/a>. Growth for next year is penciled in at 5.5% of GDP.<\/p>\n<p style='font-size: 18px;font-weight: bold' >FinMin releases fresh 2021-2022 figures<\/p>\n<p><strong>A primary surplus in 9M 2021-2022:<\/strong> Fresh fiscal data released by the Finance Ministry has shown that Egypt generated a 0.4% primary surplus in the first nine months of the fiscal year, remaining more or less unchanged from the same period last year. Egypt hopes to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf5f170a-c3e0-42d1-8129-7a001cbcfd69\">achieve a 1.3% surplus<\/a> by the end of the fiscal year in June, down slightly from its original <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1aed811-8e9a-412d-ba3f-47159fbb227d\">1.5% target<\/a> in the state budget.<\/p>\n<p><strong>Deficit narrows:<\/strong> The budget deficit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd5bd303-07b1-4581-93a6-ca7b21649143\">narrowed to 4.9% of GDP<\/a> during the nine-month period, from 5.4% in 9M 2020-2021. The government is forecasting the deficit to fall to 6.2% of GDP by the end of the current fiscal year from 7.4% last year.<\/p>\n<p><strong>Revenues + spending rise:<\/strong> Revenues rose almost 8% during the July-March period from the year before thanks to a 13% increase in tax receipts. This was outpaced by a growth in spending, which rose almost 10% thanks to the government\u2019s higher wage bill, a rise in debt servicing costs and increased spend on goods and services.<\/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\/budget-watch\/\">budget watch<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546230\" 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=\"546230\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/rate-hikes-leave-govt-with-at-least-egp-6-bn-in-unexpected-debt-costs\/\">\r\n                            Rate hikes leave gov\u2019t with at least EGP 6 bn in unexpected debt costs                        <\/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\/09\/rate-hikes-leave-govt-with-at-least-egp-6-bn-in-unexpected-debt-costs\/\" 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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A Finance Ministry official said at the committee meeting yesterday that the amendment was drafted before the Fed\u2019s decision. This leaves the ministry facing higher-than-expected payments on USD-denominated debt, potentially requiring more than EGP 6 bn to cover the costs.<\/p>\n<p><strong>More rate hikes are coming:<\/strong> The Central Bank of Egypt may move to hike rates for the second time in two months when it meets next week, while the Fed has indicated that it will continue to tighten aggressively through the year as it tries to get a handle on soaring inflation.<\/p>\n<p><strong>Draft legislation aiming to tighten anti-money-laundering regulations has landed in the House<\/strong> and will now be reviewed by the House economic affairs and constitution committees, Speaker Hanafy El Gebaly said yesterday, <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/465816\/Egypt\/Politics-\/House-of-Representatives-to-discuss-new-bills-on-m.aspx\">Ahram Online<\/a>\u2019s Gamal Essam El-Din reported. The anti-money laundering bill aims to form an anti-money laundering unit affiliated with the Central Bank of Egypt (CBE). Cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c6e1bff-c205-4d35-877a-2cb3fcce5824\">signed off on the bill<\/a> last month.<\/p>\n<p><strong>Also making its way to the House:<\/strong> The hajj will be regulated under a new bill that would set up a unified online portal for would-be pilgrims seeking travel visas to Saudi Arabia to undertake the pilgrimage. Data on the pilgrims will be available on the portal, with each pilgrim having a code number to be stamped on their passport.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/money-laundering\/\">money laundering<\/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=\"546232\" 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=\"546232\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/earnings-watch-eastern-company\/\">\r\n                            Earnings watch: Eastern Company                        <\/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\/09\/earnings-watch-eastern-company\/\" 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\/09\/earnings-watch-eastern-company\/')\">\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\/09\/earnings-watch-eastern-company\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Earnings watch: Eastern Company&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/earnings-watch-eastern-company\/\">\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\/09\/earnings-watch-eastern-company\/&title=Earnings watch: Eastern Company\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Earnings+watch%3A+Eastern+Company+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F09%2Fearnings-watch-eastern-company%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\/09\/earnings-watch-eastern-company\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/104.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546233\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/earnings-watch-eastern-company\/104-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/104.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"104.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/104.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/104.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546232\" class=\"content-area-description single-story post-546232 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings tag-earnings-watch tag-eastern-company tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Eastern Company\u2019s bottom line fell 1% y-o-y to EGP 1.3 bn in 3Q 2021-2022<\/strong>, the company said in an <a href=\"https:\/\/ent.news\/2022\/5\/Eastern-Company-9M-FY21-22-earnings-release.pdf\">earnings release (pdf)<\/a>. The drop in earnings came despite a 7% rise in net revenue to reach EGP 4.2 bn. The local cigarette maker reported a 9% rise in earnings in the first nine months of its fiscal year, which came in at EGP 4.3 bn. Revenues rose 5% to EGP 12.8 bn over the same period. Eastern\u2019s fiscal year runs July-June.<\/p>\n<p><strong>Supply chain snags are posing problems for the company<\/strong>, which is facing raw material shortages and shipping disruptions, CEO Hany Aman told CNBC Arabia (<a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/96570\/%D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3-%D8%A7%D9%84%D8%AA%D9%86%D9%81%D9%8A%D8%B0%D9%8A-%D9%84%D8%B4%D8%B1%D9%83%D8%A9-%D8%A7%D9%84%D8%B4%D8%B1%D9%82%D9%8A%D8%A9-%D9%84%D9%84%D8%AF%D8%AE%D8%A7%D9%86-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%84%D9%80CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9-%D9%86%D9%88%D8%A7%D8%AC%D9%87-%D9%85%D8%B4%D9%83%D9%84%D8%A9-%D9%81%D9%8A-%D9%86%D8%AF%D8%B1%D8%A9-%D9%85%D9%88%D8%A7%D8%AF-%D8%A7%D9%84%D8%AE%D8%A7%D9%85-%D9%88%D8%B4%D8%AD%D9%86%D9%87%D8%A7-%D8%A8%D8%B3%D8%A8%D8%A8-%D8%A3%D8%B2%D9%85%D8%A9-%D8%B3%D9%84%D8%A7%D8%B3%D9%84-%D8%A7%D9%84%D8%AA%D9%88%D8%B1%D9%8A%D8%AF.html\">watch, runtime: 5:00<\/a>) yesterday. \u201cWe were able to overcome most of the challenges. \u2026 If we find a problem [in the access] to any raw material, we search for replacements,\u201d he said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546234\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"546234\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/546234\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546234\" class=\"content-area-description single-story post-546234 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546235\" 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=\"546235\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/last-nights-talk-shows-talking-heads-mull-whats-driving-demand-for-the-usd\/\">\r\n                            Last Night\u2019s Talk Shows: Talking heads mull what\u2019s driving demand for the USD                        <\/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\/09\/last-nights-talk-shows-talking-heads-mull-whats-driving-demand-for-the-usd\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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  <\/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+Talking+heads+mull+what%E2%80%99s+driving+demand+for+the+USD+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F09%2Flast-nights-talk-shows-talking-heads-mull-whats-driving-demand-for-the-usd%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\/09\/last-nights-talk-shows-talking-heads-mull-whats-driving-demand-for-the-usd\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546235\" class=\"content-area-description single-story post-546235 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-consumer-protection-agency tag-currencies tag-egp tag-el-sisi tag-enterpriseam tag-last-nights-talk-shows tag-supreme-council-of-armed-forces wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Leading the conversation on yesterday\u2019s talks shows: Saturday\u2019s <\/strong><strong>terrorist attack in Sinai<\/strong>, which met yesterday with condemnation from Arab and world leaders. The attack, which Daesh yesterday claimed responsibility for, resulted in the deaths of at least 11 soldiers. \u0650Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=ZlqWGr3QJRg\">watch, runtime: 2:39<\/a>), Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=1ufOBTfrLb0\">watch, runtime: 13:15<\/a>) El Kahera w Nas (<a href=\"https:\/\/www.youtube.com\/watch?v=5WTCF3M5dAM\">watch, runtime: 4:39<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=Gq1nje9xGXI\">watch, runtime: 1:41<\/a>) all covered the story. We have more in this morning\u2019s Diplomacy section, below.<\/p>\n<p><strong>Are expectations of a fresh devaluation sparking more demand for the USD?<\/strong> More people are rushing to buy the greenback due to \u201crumors\u201d in the market, Ali El Hariri, secretary-general of the Foreign Exchange Bureau Division at the Federation of Egyptian Chambers of Commerce told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=kTEtnOW_Vyw\">watch, runtime: 3:57<\/a>). Lamees attributed demand for the USD to speculation that the central bank could further devalue the EGP in the coming days in response to growing pressure caused by rising US rates and fallout from the war in Ukraine.<\/p>\n<p><strong>The good news?<\/strong> A weaker EGP could help make our exports more competitive abroad, economist and former deputy prime minister Ziad Bahaa El Din told Al Kahera W El Nas\u2019s Hadith Al Qahera (<a href=\"https:\/\/www.youtube.com\/watch?v=PgbFBJNxta4\">watch: runtime: 14:04<\/a>).<\/p>\n<p><strong>This isn\u2019t a given, though:<\/strong> Exporters are going to need the support of the government to improve local production and marketing, especially given the downward trend in global growth, he said.<\/p>\n<p><strong>The bad news:<\/strong> Bahaa El Din doesn\u2019t see the global economy settling anytime soon, estimating that it might take another year or two before conditions normalize.<\/p>\n<p><strong>The state is going to have to up its subsidy spend next year as global prices rise:<\/strong> The government will raise its subsidy spend by around EGP 35 bn in the coming fiscal year, and increase allocations to the health and education sectors, Yasser Omar, deputy chairperson of the House Budget Committee, told Salet Al Tahrir\u2019s Azza Mostafa (<a href=\"https:\/\/www.youtube.com\/watch?v=97XYgdJ2MSE\">watch, runtime: 3:32<\/a>). \u201cIt\u2019s difficult, because we don\u2019t know when the crisis will end,\u201d Omar said.<\/p>\n<p><strong>No new taxes will be imposed on citizens<\/strong>, he stressed, adding that the new budget sees higher tax revenues without placing further pressure on the public.<\/p>\n<p><strong>Also getting a mention on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>Car dealers are facing losses<\/strong> due to a <a href=\"https:\/\/www.cpa.gov.eg\/ar-eg\/%D8%A8%D9%8A%D8%A7%D9%86%D8%A7%D8%AA-%D8%A7%D8%B9%D9%84%D8%A7%D9%85%D9%8A%D8%A9\/ArtMID\/654\/ArticleID\/6757\/%D8%AC%D9%87%D8%A7%D8%B2-%D8%AD%D9%85%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%87%D9%84%D9%83-%D9%8A%D9%84%D8%B2%D9%85-%D9%85%D9%88%D8%B1%D8%AF%D9%89-%D8%A7%D9%84%D8%B3%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A8%D8%AA%D8%AD%D8%AF%D9%8A%D8%AF-%D8%B3%D8%B9%D8%B1-%D8%A7%D9%84%D8%A8%D9%8A%D8%B9-%D8%A7%D9%84%D9%86%D9%87%D8%A7%D8%A6%D9%89\">recent decision<\/a> by the Consumer Protection Agency to clamp down on the \u201coverpricing\u201d of cars, the head of the Egyptian Automobile Dealers Association, Osama Abou El Magd, told El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=8m16wBEUanw\">watch, runtime: 4:21<\/a>). The decision has forced the closure of several showrooms, according to Abou El Magd, who said that suppliers are due to meet with the CPA head to voice their complaints.<\/li>\n<li><strong>The Giza Plateau redevelopment project could be inaugurated in July or August<\/strong>, Masaa\u2019 DMC\u2019s Ingy Al Qadi said last night (<a href=\"https:\/\/www.youtube.com\/watch?v=XFuBOmiRSxM\">watch, runtime: 2:22<\/a>). Tuk-tuks <a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=307929381526954&id=100069296826007\">have now been banished from the site<\/a> ahead of the unveiling, she said. We have more on the overhaul of the area <a href=\"https:\/\/enterprise.press\/hardhats\/giza-pyramids-area-getting-major-makeover-heres\/\">here<\/a>.<\/li>\n<li><strong>In related tourism news:<\/strong> President El Sisi has <a href=\"https:\/\/www.sis.gov.eg\/Story\/165707\/Sisi-orders-reshuffle-of-Supreme-Council-of-Tourism?lang=en-us\">issued a decree<\/a> reshuffling the board of the Supreme Council of Tourism. Per the decree, the new board will be headed by the president, and will include several key ministers. Masaa DMC has the details (<a href=\"https:\/\/www.youtube.com\/watch?v=u5GX_LChOk0\">watch, runtime: 22:54<\/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\/consumer-protection-agency\/\">Consumer Protection Agency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-sisi\/\">El Sisi<\/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\/supreme-council-of-armed-forces\/\">Supreme Council of Armed Forces<\/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=\"546236\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        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href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-a7by74j\" data-v=\"4\" data-block-id=\"a7by74j\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-a7by74j-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-a7by74j-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div 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src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-cjb0de2\" data-v=\"4\" data-block-id=\"cjb0de2\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-cjb0de2-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-cjb0de2-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546237\" 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=\"546237\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/daeshbags-claim-responsibility-for-suez-canal-attack\/\">\r\n                            Daeshbags claim responsibility for Suez Canal attack                        <\/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\/09\/daeshbags-claim-responsibility-for-suez-canal-attack\/\" 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\/09\/daeshbags-claim-responsibility-for-suez-canal-attack\/')\">\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\/09\/daeshbags-claim-responsibility-for-suez-canal-attack\/\">\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=Daeshbags claim responsibility for Suez Canal attack&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/daeshbags-claim-responsibility-for-suez-canal-attack\/\">\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\/09\/daeshbags-claim-responsibility-for-suez-canal-attack\/&title=Daeshbags claim responsibility for Suez Canal attack\">\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=Daeshbags+claim+responsibility+for+Suez+Canal+attack+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F09%2Fdaeshbags-claim-responsibility-for-suez-canal-attack%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\/09\/daeshbags-claim-responsibility-for-suez-canal-attack\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546237\" class=\"content-area-description single-story post-546237 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-daesh tag-enterpriseam tag-terrorism tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Dominating the conversation on Egypt in the international press this morning:<\/strong> Islamic State\u2019s local branch of Daeshbags has claimed responsibility for an attack east of the Suez Canal on Saturday that killed at least 11 soldiers, <a href=\"https:\/\/www.reuters.com\/world\/africa\/islamic-state-claims-responsibility-attack-egyptian-troops-sinai-2022-05-08\/\">Reuters<\/a> and the <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-suez-canal-9ad3b4ba52d0e2d718bab3c321005bde\">Associated Press<\/a> report.<\/p>\n<p><strong>Also making headlines: Thirteen boys were arrested over the harassment of two female tourists at the G<\/strong><strong>iza Pyramids during Eid. <\/strong>The arrests came after a 34-second video clip of the incident went viral on social media, sparking debate over the safety of tourists at heritage sites. (<a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/05\/08\/thirteen-boys-arrested-over-harassment-of-female-tourists-at-giza-pyramids\/\">The National<\/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\/daesh\/\">Daesh<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"546238\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546239\" 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=\"546239\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/sodic-to-open-new-civil-registry-office-fra-extends-working-hours\/\">\r\n                            SODIC to open new civil registry office + FRA extends working hours                        <\/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\/09\/sodic-to-open-new-civil-registry-office-fra-extends-working-hours\/\" 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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(<a href=\"https:\/\/ent.news\/2022\/5\/SODIC-The-Strip-Civil-Registry-Office_En.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Alfa Ceramics is adding a new production line <\/strong>at a cost of EGP 135 mn, company head Wageeh Besda was quoted as saying. (<a href=\"https:\/\/alborsaanews.com\/2022\/05\/08\/1536308\">Al Borsa<\/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\/alfa-ceramics\/\">Alfa Ceramics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546240\" 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=\"546240\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/emerging-market-investors-are-in-sell-everything-mode\/\">\r\n                            Emerging-market investors are in \u201csell everything\u201d mode                        <\/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\/09\/emerging-market-investors-are-in-sell-everything-mode\/\" 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\/09\/emerging-market-investors-are-in-sell-everything-mode\/')\">\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\/09\/emerging-market-investors-are-in-sell-everything-mode\/\">\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=Emerging-market investors are in \u201csell everything\u201d mode&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/emerging-market-investors-are-in-sell-everything-mode\/\">\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\/09\/emerging-market-investors-are-in-sell-everything-mode\/&title=Emerging-market investors are in \u201csell everything\u201d mode\">\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=Emerging-market+investors+are+in+%E2%80%9Csell+everything%E2%80%9D+mode+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F09%2Femerging-market-investors-are-in-sell-everything-mode%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\/09\/emerging-market-investors-are-in-sell-everything-mode\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546240\" class=\"content-area-description single-story post-546240 post type-post status-publish format-standard hentry category-planet-finance tag-emerging-markets tag-enterpriseam tag-evs tag-financial-markets tag-interest-rates tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Emerging-market investors are in \u201csell everything\u201d mode:<\/strong> Not even value stocks are safe in emerging markets right now as investors respond to the Federal Reserve\u2019s aggressive tightening cycle by dumping anything and everything, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-08\/vanishing-value-trade-puts-emerging-markets-at-risk-of-fed-shock?sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p><p><strong>Value vs. growth:<\/strong> Value stocks \u2014 companies with cheaper valuations and higher dividend payouts \u2014 tend to do well in higher interest rate environments as investors rotate out of the more expensive, dividend-less growth stocks. Why? Higher earnings and larger dividends are a better hedge against rising borrowing costs than growth companies, whose valuations are more reliant on future earnings and vulnerable to rising rates.<\/p><p><strong>But right now, EM investors haven\u2019t got appetite for either<\/strong> and are selling both types of stocks as higher US rates drains liquidity from global markets. The MSCI EM Value index has dropped 13% over the past three months, performing only marginally better than the 16% fall in MSCI\u2019s gauge for growth stocks. \u201cThis goes back to the basic emerging-market investment philosophy: You generally don\u2019t want to be long EM until the Fed\u2019s basically done,\u201d said one analyst.<\/p><p><strong>Is EV giant Rivian losing power just months after its blockbuster IPO? <\/strong>It certainly seems that way, with <a href=\"https:\/\/www.cnbc.com\/2022\/05\/08\/ford-is-selling-8-million-rivian-shares-sources-say.html\">sources telling CNBC<\/a> that Ford plans to dump some 8 mn of its 102 mn shares in the Amazon-backed electric vehicle maker after the post-IPO lockup period for the stock expired yesterday. Another unidentified investor also plans to sell 13-15 mn of the once high-flying EV\u2019s shares, which have <a href=\"https:\/\/www.cnbc.com\/2022\/04\/28\/amazon-takes-7point6-billion-loss-on-rivian-stake-from-q1-stock-plunge.html\">tanked by more than 50%<\/a> since its USD 12 bn IPO last November \u2014 the biggest in all of 2021. Both blocks of shares will be priced at USD 26.90 each, according to CNBC.<\/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>11,109<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -7.0%)<\/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 18.45<\/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>13,820<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +22.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,073<\/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 33,558<\/p>\n<\/td>\n<td>\n<p>-2.4% (YTD: -26.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 907 mn (3.4% above the 90-day average). Local investors were net buyers. The index is down 7.0% YTD.<\/p><p><strong>In the green: <\/strong>Fawry (+6.5%), Madinet Nasr Housing (+5.4%) and Eastern Company (+5.1%).<\/p><p><strong>In the red: <\/strong>Cleopatra Hospitals (-4.4%), Mopco (-4.0%) and GB Auto (-3.5%).<\/p><p><strong>Market volatility won\u2019t be letting up this week:<\/strong> It\u2019s a sea of red in both the Asian markets and stock futures in Europe and the US, as the market sell-off triggered last week by the Fed rate hike continues.<\/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\/evs\/\">EVs<\/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\/interest-rates\/\">interest rates<\/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=\"546241\" 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=\"546241\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/world-leaders-condemn-sinai-attack\/\">\r\n                            World leaders condemn Sinai attack                        <\/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\/09\/world-leaders-condemn-sinai-attack\/\" 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 <a href=\"https:\/\/www.state.gov\/the-united-states-condemns-terrorist-attack-in-sinai-egypt\/\">US<\/a>, the <a href=\"https:\/\/www.eeas.europa.eu\/eeas\/egypt-statement-spokesperson-attack-sinai_en\">EU<\/a>, <a href=\"https:\/\/twitter.com\/ItalyinEgypt\/status\/1523255731260166146?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1523255731260166146%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fenglish.ahram.org.eg%2FNewsContent%2F1%2F1234%2F465809%2FEgypt%2FForeign-Affairs%2FTurkey-UK-Italy-condemn-terrorist-attack-in-Sina.aspx\">Italy<\/a> and <a href=\"https:\/\/www.mfa.gov.tr\/no_-151_-misir-da-meydana-gelen-saldiri-hk.en.mfa\">Turkey<\/a> also each condemned the attack.<\/p>\n<p><strong>Arab leaders make calls to El Sisi:<\/strong> President Abdel Fatah El Sisi received calls from Jordan\u2019s <a href=\"https:\/\/www.facebook.com\/photo.php?fbid=561472785341454&set=a.324472705708131&type=3&_rdc=2&_rdr\">King Abdullah<\/a>, Tunisian President <a href=\"https:\/\/www.facebook.com\/photo?fbid=561498398672226&set=a.324472705708131\">Kais Said<\/a> and Sudan\u2019s military leader <a href=\"https:\/\/www.facebook.com\/photo\/?fbid=561546588667407&set=a.324472705708131\">General Abdel Fattah Al Burhan<\/a>, who all expressed condolences for the attack.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/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\/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<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"546242\">\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\/27466.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\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday 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\/blackboard\/\">\r\n                            Read Blackboard                        <\/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\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-do-private-schools-feel-about-the-7-tuition-increase-cap-in-light-of-rising-inflation\/\">\r\n                            How do private schools feel about the 7% tuition increase cap in light of rising inflation?<\/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\" 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/how-do-private-schools-feel-about-the-7-tuition-increase-cap-in-light-of-rising-inflation\/105-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/105.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"105.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/105.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/105.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546242\" class=\"content-area-description post-546242 blackboard type-blackboard status-publish has-post-thumbnail hentry tag-enterprise-blackboard tag-enterpriseam tag-inflation tag-international-schools tag-private-schools wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>As inflation rears its head, what\u2019s the future of the tuition fee cap for private schools<\/strong><strong>? <\/strong>Since 2019, private schools have faced a more stringent cap on tuition fee hikes after parents lobbied the Education Ministry to <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/17\/education-ministry-to-announce-caps-on-international-schools-tuition-fees\/\">put a stop to<\/a> what they said were unfair increases. Private providers are now only allowed to raise prices by <a href=\"https:\/\/enterprise.press\/stories\/2017\/05\/23\/education-minister-caps-private-school-tuition-increases-at-14-next-year-7-every-year-after-that\/\">7% each year<\/a>, down from 14% previously. Fast forward three years and the cap is still in place, but private schools are facing greater cost pressures as inflation rises and the EGP falls. Today, we look at how schools are responding to the costs without raising tuition beyond 7% \u2014 and whether a policy change could be on the table.<\/p>\n<p><strong>Refresher: <\/strong>Annual urban inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ed1c340-3127-46cd-ad85-578f9a72874f\">rose to 10.5%<\/a> in March \u2014 its highest level in almost three years \u2014 as spillover effects from the conflict in Ukraine continued to hit the Egyptian economy. Analysts expect inflation to continue rising over the coming months, with some expecting it to peak near 12.5% in April, while others expect price hikes to continue into the summer. The Central Bank of Egypt (CBE) also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">allowed the currency to depreciate<\/a> and hiked interest rates by 100 bps in March in a bid to support inflows and tamp down on inflation.<\/p>\n<p><strong>Private schools were already feeling the pinch of inflation before the war + the EGP devaluation: <\/strong>We <a href=\"https:\/\/enterprise.press\/blackboards\/private-schools-egypt-feeling-pinch-inflation\/\">reported<\/a> back in February on private schools\u2019 struggles meeting additional CAPEX costs on the back of rising inflation, and several school heads lamented the cap and additional fees applied by the Education Ministry, especially because tuition fees are the only source of revenue for education operators, as Eduhive CEO and BCCIS Chairman Karim Mostafa had noted.<\/p>\n<p><strong>But the EGP devaluation has introduced a new factor into play:<\/strong> \u201cLast year, expat salaries were budgeted at USD 15.5 \u2014 this has now jumped to USD 18.53. No amount of buffers will make up for that loss,\u201d El Alsson School Executive Director Karim Rogers tells Enterprise. \u201cWe\u2019ve begun budgeting for the upcoming year, and the 7% tuition increase is not going to cut it,\u201d Mostafa tells us. \u201cCurrently we\u2019re looking at USD 18-18.5 for next year\u2019s budget, but I\u2019d need to raise tuition by more than 7% to work,\u201d he adds.<\/p>\n<p><strong>FX is a big issue for international schools:<\/strong> All int\u2019l schools spend about 70-75% of their budgets in FX to pay expat teachers, while collecting all their revenue in EGP, Mostafa told us earlier. This makes them highly vulnerable to any exchange rate fluctuations, he argued, adding that only five or six \u201cembassy schools\u201d \u2014 tied to foreign embassies like the British, French or Canadian \u2014 in Egypt are allowed to collect tuition fees in USD.<\/p>\n<p><strong>And inflation has hit consumables too:<\/strong> \u201cBooks, markers, toners for printers \u2014 all the consumables have gone up, and we can\u2019t even tell you the percentage increase because people have been making unlawful hikes,\u201d Rogers tells us.<\/p>\n<p><strong>CAPEX costs are rising well above 7%: <\/strong>\u201cThe 7% cap is not enough because inflation figures are already above that,\u201d Schutz Assistant Head of School Massimo Laterza tells us. Producers and manufacturers are hiking prices by anywhere between 20-30%, he adds. \u201cWe have MoUs that we had signed months ago to upgrade some of the sports facilities in our schools on a certain budget, and we are already hearing from our contractors that there will be a 30% increase in the costs,\u201d Mostafa echoes, adding that the school won\u2019t be able to make the upgrades it has made in past years with the current income it makes without hiking tuition above 7%.<\/p>\n<p><strong>And other fees aren\u2019t helping:<\/strong> Meanwhile, the <a href=\"https:\/\/bit.ly\/34Z3C0A\">obligatory 1-3% of annual revenue<\/a> that schools now need to pay to the government\u2019s Support Education fund could not have come at a worse time, Mostafa says.<\/p>\n<p><strong>The cap also dampens competition<\/strong>, according to Rogers. \u201cSchools should have the freedom of [adjusting fees according to needs] in order for there to be a sense of competition,\u201d he says. \u201cBut right now, competition is tight, and we\u2019re not able to really compete because we don\u2019t have that flexibility.\u201d<\/p>\n<p><strong>But there is some leniency: <\/strong>\u201cThey do have leniency based on the case. We try to stick to the 7% but we also try to get exceptions from the ministry based on what we present,\u201d he explains. The way that works is through the school\u2019s district office, to whom it presents its case and financials; after which it goes to the ministry for final approval. El Alsson has received some exceptions to the cap in the past years, Rogers says, due to the fact that the school recently bought a new campus and \u201cthe costs are quite high.\u201d<\/p>\n<p><strong>Which is why schools wait until August to announce their fees<\/strong> for the year, Rogers tells us, adding that this is usually when the ministry gets back to schools with their decisions.<\/p>\n<p><strong>It\u2019s still too early to determine next year\u2019s tuition fees<\/strong>, Rogers and Mostafa both tell us, adding that they are waiting for the USD to stabilize before making any final decisions. The USD is currently trading hands at EGP 18.53.<\/p>\n<p><strong>The government is trying to find a solution to appease schools and parents alike:<\/strong> The Education Ministry routinely convenes with private schools before the new school year to review the cap, a ministry source tells us. The ministry is currently looking at the situation and is working on finding a middle ground that would make it feasible to allow private and international schools to continue operating at the same quality in light of rising costs, while also accounting for the cost burden on parents, Education Minister Tarek Shawki told <a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1523316949215711233\">Bloomberg Asharq<\/a> yesterday. \u201cWe\u2019re looking at each school on a case-by-case basis to determine the best way to please both parties,\u201d the minister said.<\/p>\n<p><strong>A change to the cap could happen:<\/strong> \u201cWe\u2019re holding meetings, submitting requests and having open conversations. I think the ministry is receptive to our ideas, and I\u2019m optimistic this issue can be resolved,\u201d a source told us off the record earlier. It looks like the cap may be revised within a year or two \u2014 possibly pushed up to 10%, or even scrapped completely, the source adds.<\/p>\n<p><strong>But allowing schools to collect fees in FX is absolutely not a possible solution<\/strong>, Shawki confirmed.<\/p>\n<p><strong>Enrollment rates at some schools are starting to take a hit:<\/strong> A trend of transferring children to less expensive private schools <a href=\"https:\/\/enterprise.press\/blackboards\/http-enterprise-press-wp-content-uploads-2019-11-school-5-1600px-jpg\/\">has gathered steam<\/a> in the past few months, Mostafa said recently, adding now that there are \u201cdefinitely parents who are pulling their children out of our school and transferring them to cheaper schools.\u201d But this hasn\u2019t affected the school so far, he adds.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Forty-two Egyptian universities <\/strong><strong><a href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/545767666906072\">have been included<\/a><\/strong><strong> in Spanish research organization SCImago\u2019s 2022 global university rankings<\/strong>, headed by <a href=\"https:\/\/www.scimagoir.com\/rankings.php?sector=Higher+educ.&country=all\">Cairo University, which came in at no. 456<\/a>.<\/li>\n<li><strong>The Academy of Scientific Research and<\/strong><strong> Technology<\/strong> <a href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/543702393779266\">has made and distributed<\/a> to local university hospitals the <strong>first 50 Egyptian-made ventilators.<\/strong><\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-schools\/\">international schools<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-schools\/\">private schools<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546244\" 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\/09\/546244\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546244\" class=\"content-area-description single-story post-546244 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":546221,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546220","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"b7fe423b-43f0-449c-a30e-4eefffbceac1","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/4.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>Madbouly to make major economy announcement as early as today - 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\/madbouly-to-make-major-economy-announcement-as-early-as-today\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madbouly to make major economy announcement as early as today\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-to-make-major-economy-announcement-as-early-as-today\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:22:19+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\/4.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\/madbouly-to-make-major-economy-announcement-as-early-as-today\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-to-make-major-economy-announcement-as-early-as-today\/\",\"name\":\"Madbouly to make major economy announcement as early as today - 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