{"id":546255,"date":"2022-05-10T04:00:42","date_gmt":"2022-05-10T04:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546255"},"modified":"2025-12-15T21:23:12","modified_gmt":"2025-12-15T21:23:12","slug":"with-a-global-equities-selloff-and-a-crisis-budget-in-the-house-its-one-of-those-mornings","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/with-a-global-equities-selloff-and-a-crisis-budget-in-the-house-its-one-of-those-mornings\/","title":{"rendered":"With a global equities selloff and a crisis budget in the House, it\u2019s one of \u201cthose\u201d mornings\u2026"},"content":{"rendered":"<section id=\"546257\" 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=\"546257\">\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\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/\">\r\n                            THIS MORNING: Worst day for global stocks since June 2020; It\u2019s inflation day here in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/')\">\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\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/\">\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: Worst day for global stocks since June 2020; It\u2019s inflation day here in Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/\">\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\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/&title=THIS MORNING: Worst day for global stocks since June 2020; It\u2019s inflation day here in Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Worst+day+for+global+stocks+since+June+2020%3B+It%E2%80%99s+inflation+day+here+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F10%2Fthis-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt%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\/10\/this-morning-worst-day-for-global-stocks-since-june-2020-its-inflation-day-here-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546257\" class=\"content-area-description single-story post-546257 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-budget-watch tag-emerging-markets tag-energy tag-enterpriseam tag-equities tag-eu tag-financial-markets tag-germany tag-inflation tag-interest-rates tag-oil-and-gas tag-policy tag-russia tag-russia-ukraine-conflict tag-state-privatization-program tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and happy hump day. <\/strong>We have a really packed issue for you today, so let\u2019s jump right in:<\/p><p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>THE BIG STORY EVERYWHERE THIS MORNING- <\/strong><strong>The global market sell-off <\/strong><strong>looks like it is getting serious.<\/strong> Global equities suffered their heaviest one-day losses since June 2020 yesterday. Investors are worried that some of the world\u2019s largest economies are heading towards recession at the same time as when central banks are raising interest rates to curb soaring inflation. <strong>The FTSE gauge of global stocks fell 3% yesterday<\/strong>, hitting its lowest level since December 2020 as ominous economic data from China and Germany intensified the sell-off triggered last week by the Federal Reserve\u2019s 50-bps rate hike. The <a href=\"https:\/\/www.ft.com\/content\/6691700c-9dfd-4911-8589-70b4ebd2caef\">Financial Times<\/a> has more.<\/p><p><strong>The EGX30 fell at a slower pace yesterday <\/strong>than the FTSE\u2019s global gauge, losing 1.8% by the closing bell. The index is now down 8.7% year-to-date.<\/p><p><strong>Other emerging market indexes also took a hit yesterday: <\/strong>Emerging-market stocks <a href=\"https:\/\/twitter.com\/jsblokland\/status\/1523538042753097728\">hit their<\/a><a href=\"https:\/\/twitter.com\/jsblokland\/status\/1523538042753097728\">lowest level in nearly two years<\/a> yesterday, and have fallen 29% from their peak in February 2021.<\/p><p><strong>US stocks picked up where they left off last week:<\/strong> US equities fell yesterday to their lowest level in 13 months as last week\u2019s broad-based sell-off continued. The S&amp;P 500 tumbled 3.2% during trading. Tech stocks continued to see the heaviest losses though, with the Nasdaq closing 4.3% in the red.<\/p><p><strong>What are folks worried about?<\/strong> Risk of a global recession is increasing due to an oncoming economic downturn in Europe, covid-19 lockdowns in China, and rising bond yields in the US which are putting pressure on emerging markets, Institute for International Finance (IFF) chief economist Robin Brooks <a href=\"https:\/\/twitter.com\/RobinBrooksIIF\/status\/1523643355518799872\">said yesterday<\/a>.<\/p><p><strong>None of this is good for emerging markets:<\/strong> The greenback hit its highest level in almost 20 years yesterday as investors respond to both rising yields and the darkening clouds by turning to safe haven assets, <a href=\"https:\/\/www.reuters.com\/article\/global-forex-idCAL2N2X10A7\">Reuters<\/a> reports. The USD index, which measures the greenback against a basket of currencies, has risen almost 9% this year, its highest since late 2002, the newswire says.<\/p><p><strong>And other asset classes are also suffering:<\/strong><\/p><p><strong>BTC dropped to its lowest level in almost a year<\/strong>, <a href=\"https:\/\/www.reuters.com\/business\/finance\/bitcoin-falls-lowest-since-january-line-with-tumbling-stock-markets-2022-05-09\/\">Reuters<\/a> reported. The world\u2019s largest digital currency fell below USD 30k yesterday for the first time since July 2021. It has tumbled 13% so far in May and is down nearly 33% year-to-date..<\/p><p><strong>Oil also fell yesterday,<\/strong> with Brent crude losing almost 6% as traders worried about China\u2019s lockdowns and the possibility of a global recession.<\/p><p><strong>Same again today?<\/strong> Asian shares are down sharply in heavy trading so far today, although shares in Shanghai have clawed back losses and were mounting a rally at dispatch time. Futures suggest major European benchmarks will face selling pressure at the opening bell later this morning \u2014 but imply that Wall Street could see the Nasdaq, Dow and S&amp;P open in the green.<\/p><hr class=\"grey-line\"><p><strong>YOUR COP27 WARNING of the morning: The world is on track to break the 1.5\u00b0C <\/strong><strong>warming threshold within five years<\/strong> because of record greenhouse gas levels, <a href=\"https:\/\/www.ft.com\/content\/6f73668d-ce55-4e23-a8a7-340e316f555c\">the FT writes<\/a>, suggesting we\u2019re nearing a critical point in the battle to not cook ourselves off planet. The salmon color paper warns that with \u201cscant policy action\u201d on net zero targets coming out of COP26 last year, there has now been \u201clittle progress toward improved national targets ahead of the next big summit in the Egyptian resort of Sharm El Sheikh later this year.\u201d<\/p><p><strong>HAPPENING TODAY- <\/strong><\/p><p><strong>IT\u2019S INFLATION DAY: <\/strong>Figures for April are due out today. Consumer prices accelerated at their <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ed1c340-3127-46cd-ad85-578f9a72874f\">fastest rate in almost three years<\/a> in March 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. We\u2019ll have the rundown for you in tomorrow\u2019s EnterpriseAM.<\/p><p><strong>WATCH THIS SPACE- <\/strong><strong>Where\u2019s that policy statement<\/strong><strong>?<\/strong> We\u2019re still waiting for Prime Minister Moustafa Madbouly to unveil his government\u2019s plans to boost private sector involvement in the economy. Cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0r2Z7YF2izc1pcKNMDo2kd5wVbbB4qUFSeyWHC67QpMwF214HouaRqHsHdEHCS6cnl\">said Saturday<\/a> that the PM would hold a presser \u201cat the beginning of next week\u201d to announce new details on how the government intends to attract more FDI and private-sector investment in Egypt, but so far there has been radio silence.<\/p><p><strong>MEANWHILE- Yesterday was budget day:<\/strong> Monday might not have been the perfect day to deliver a major policy announcement, given that all eyes were fully trained on the House of Representatives, where Finance Minister Mohamed Maait was unveiling the details of the draft FY 2022-2023 budget. We have the key details of the budget in the news well, below.<\/p><p><strong>Whether or not we get word of the state\u2019s privatization plans this week, we now have a rough idea of what it wants to achieve in the coming fiscal year:<\/strong> The draft budget shows that the government wants to raise EGP 6 bn from selling shares in state-owned companies in the coming fiscal year. Which companies and how many shares will be up for grabs, we still don\u2019t know. But the government has sought to convey its seriousness about privatizing state assets in recent days, pledging to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b2c33be-7c85-4d39-ac7e-87db30be13b4\">resume its privatization program in September<\/a> and offer shares in several military-owned firms <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5391cdf0-e2f5-4354-9608-53fd3237a288\">by the end of the year<\/a>.<\/p><p><strong>ALSO TODAY- The EBRD\u2019s annual meeting and business forum get underway in <\/strong><strong>Marrakech<\/strong> and will wrap up on Thursday. Among the day-one highlights:<\/p><ul>\n<li>EBRD\u2019s regional economic prospects will be released at 12 noon CLT.<\/li>\n<li>A panel discussion headlined \u201cEgypt: A development story of a green and resilient economy\u201d will feature International Cooperation Minister <strong>Rania Mashat<\/strong>, EBRD SEMED chief <strong>Heike Harmgart<\/strong>, and SCZone chairman <strong>Yehia Zaki<\/strong>.<\/li>\n<\/ul><p>The full program is online <a href=\"https:\/\/globalevents.ebrd.com\/event\/abbff80b-9203-4a59-b458-a0b0a3cc6977\/websitePage:1c4f21f8-44f9-414a-b51a-614d2d80ba9f\">here<\/a>.<\/p><p><strong>EBRD also said yesterday that it will <\/strong><strong><a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-promotes-green-energy-transition-in-egypt-.html\">lend up to USD 4.8 mn<\/a><\/strong><strong> to Intro Sustainable <\/strong><strong>Resources (Intro-SR) and <\/strong><strong><a href=\"https:\/\/introgroup.org\/intro\/about.html\">Intro Solar<\/a><\/strong> to back Egypt\u2019s green transition. EBRD has now invested more than EUR 8.5 bn in 144 across Egypt since it started working here in 2012.<\/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>IN OTHER INTERNATIONAL NEWS- <\/strong><\/p><p><strong>Vladimir Putin\u2019s Victory Day speech is front page news in the <\/strong><strong>global press this morning.<\/strong> Western media note that the Russian president\u2019s address gave little away about his government\u2019s intentions in Ukraine as the conflict enters its 11th week. <a href=\"https:\/\/www.reuters.com\/world\/europe\/putin-mark-soviet-ww2-victory-ukraine-decries-school-bombing-2022-05-09\/\">Reuters<\/a>, <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-europe-germany-moscow-f3e25a88fb947ada8f2710f664fd3604\">the AP<\/a>, the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/05\/09\/world\/ukraine-russia-war-news\">New York Times<\/a> and the <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/05\/09\/russia-ukraine-war-news-putin-live-updates\/\">Washington Post<\/a> have the story.<\/p><p><strong>Meanwhile, the EU is seeing mixed results as its presses for a ban on imports of <\/strong><strong>Russian oil. <\/strong>Negotiations between the EU and Hungary, which has refused to agree to the ban, have apparently made \u201csome progress,\u201d though the bloc dropped proposals to prevent European shipping companies from carrying Russian crude due to pushback from Malta and Greece. The <a href=\"https:\/\/www.ft.com\/content\/a8635f3b-1f3a-45f9-adfc-0b82e51533d1\">Financial Times<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-09\/hungary-cites-some-progress-in-eu-talks-on-russian-oil-embargo?sref=mmeFTDW1\">Bloomberg<\/a> have more.<\/p><p><strong>And Germany may not be able to look to Qatar as it searches for alternative sources of <\/strong><strong>natural gas:<\/strong> Talks between the two countries have reportedly hit a snag after Berlin expressed reluctance to agree to Qatar\u2019s demand for a minimum 20-year supply agreement, <a href=\"https:\/\/www.reuters.com\/business\/energy\/exclusive-germany-qatar-odds-over-terms-talks-lng-supply-deal-sources-2022-05-09\/\">Reuters<\/a> says.<\/p><hr class=\"grey-line\"><p><strong>SOUND SMART- Meet the Arab backers of Elon\u2019s bid for Twitter. <\/strong>Alwaleed bin Talal is kicking in a stake worth <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-05\/elon-musk-secures-7-2-billion-in-new-financing-for-twitter-deal\">USD 1.9 bn<\/a>, Qatar\u2019s SWF has committed USD 375 mn, and the UAE\u2019s Binance (the world\u2019s largest crypto exchange) has pledged <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-05\/binance-eyes-bringing-twitter-to-web3-with-backing-for-musk-bid\">USD 500 mn<\/a>.<\/p><p><strong>FOOD FOR THOUGHT- Does having power<\/strong> (at a job, in life \u2014 not of the electric power variety) <strong>cause brain damage? <\/strong><a href=\"https:\/\/www.theatlantic.com\/magazine\/archive\/2017\/07\/power-causes-brain-damage\/528711\/\">The Atlantic<\/a> writes that a new study out of Canada suggests that accumulating power sees some leaders \u201close mental capacities \u2014 most notably for reading other people \u2014 that were essential to their rise.\u201d<\/p><p><strong>For our fellow media nerds: The Pulitzer prizes were announced yesterday<\/strong>, with the New York Times, Washington Post and Reuters being among those to take home big gongs. You can check out the full list <a href=\"https:\/\/www.pulitzer.org\/news\/2022-pulitzer-prize-announcement\">here<\/a> and explore more <a href=\"https:\/\/www.pulitzer.org\/news\/2022-pulitzer-prize-media-kit\">here<\/a>.<\/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 PSA world squash championships get underway in Cairo this Friday, <\/strong>13 May. The men\u2019s and women\u2019s finals will be played on 22 May. There is USD 550k at stake for each of the men\u2019s and women\u2019s championships, making this <a href=\"https:\/\/psaworldtour.com\/news\/view\/9891\/record-prize-money-on-offer-at-2021-22-psa-world-championships\">the biggest purse on record<\/a> for a squash tourney. The CIB-sponsored championships will play out at SODIC\u2019s Club S Allegria and at the National Museum of Egyptian Civilisation<\/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><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>Egypt recently announced plans to set up a local carbon trading market that would allow institutions to issue carbon credits in exchange for implementing carbon sequestration projects. While details about the platform are so far scant, Enterprise got a sense of what the market could look like, Egypt\u2019s previous history with carbon trading, and the challenges the country faces to roll out a local carbon market.<\/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\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/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\/interest-rates\/\">interest rates<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"546258\" 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=\"546258\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/546258\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546258\" class=\"content-area-description single-story post-546258 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/Somabay-endurancefestival1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>The Spring Edition of Somabay Endurance Festival takes place from May 26th - 28th, featuring a host of different races suitable for all ages and abilities. Join this family-friendly sports event by signing up at www.thetrifactory.com and get ready to #ExperienceEndurance. Book now: www.thetrifactory.com\/somabay<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546259\" 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=\"546259\">\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\">BUDGET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/state-presents-revised-crisis-budget-to-the-house-with-more-spending-on-food-energy-health-and-education\/\">\r\n                            State presents revised crisis budget to the House with more spending on food, energy, health and education                        <\/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\/10\/state-presents-revised-crisis-budget-to-the-house-with-more-spending-on-food-energy-health-and-education\/\" 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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Finance Minister Mohamed Maait presented the budget in the House of Representatives yesterday, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/399042522266174\">saying<\/a> that the government\u2019s spending plans for the coming year will support the areas of society most affected by the economic crisis triggered by the war in Ukraine.<\/p>\n<p><strong>A crisis budget:<\/strong> Prime Minister Moustafa Madbouly had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69470760-13ca-4936-83f2-59c11fea41f7\">directed<\/a> the Finance Ministry in March to rethink the FY 2022-2023 budget to \u201creassess priorities\u201d as the global price of key commodities including oil and wheat started rising even faster than before thanks to Russia\u2019s invasion of Ukraine. The war also threatens a key hard currency earner: Prior to the invasion, Russian and Ukrainians together accounted for nearly a third of our inbound tourism market.<\/p>\n<p><strong>HIGHLIGHT #1- Rising food + energy prices will push up the subsidy spend:<\/strong> Fuel subsidies will rise more than 50% to EGP 28.1 bn while food subsidies will climb slightly to EGP 90 bn, from EGP 86 bn this year. This will increase the state\u2019s total subsidy spend to EGP 356 bn, up 11% on last year.<\/p>\n<p><strong>HIGHLIGHT #2- Health + education spend to increase:<\/strong> The government will raise healthcare spending by 18% to EGP 128.1 bn. It has also made an EGP 192.7 bn earmark for education, up 12% on 2021-2022. Social protection programs will also receive more government support, with the allocation due to rise 4% to EGP 293.4 bn.<\/p>\n<p><strong>HIGHLIGHT #3- Strong tax takings will underpin revenue growth:<\/strong> The government expects to increase tax revenues by almost 20% next year, rising to EGP 1.17 tn from EGP 983 bn.<\/p>\n<p><strong>Spending > revenues:<\/strong> The government is expecting spending to rise 13% to almost EGP 2.1 tn next year, while revenues will increase 11% to EGP 1.52 tn, the figures show. This will widen the budget deficit to EGP 558.2 bn from EGP 475.6 bn in FY 2021-2022.<\/p>\n<p><strong>Debt service costs are expected to be brought down to <\/strong><strong>7.6% of GDP \u2014 or around a third of the total budget spend \u2014 <\/strong>compared with the 8.2% penciled in for FY2021-2022. The government also plans to reduce the debt-to-GDP ratio to 84% for the next fiscal year, and to 75% over the next four years.<\/p>\n<p><strong>Debt repayments will account for half of gov\u2019t revenues:<\/strong> The government\u2019s interest bill will rise 19% to EGP 690.1 bn next year, accounting for a third of government spending and 49% of revenues. Debt as a proportion of GDP will decline to 84% from a projected 85% this year.<\/p>\n<p><strong>The deficit will narrow as a % of GDP:<\/strong> The FinMin is targeting a 6.1% deficit in 2022-2023, down from a projected 6.2% this year, and is looking to improve its primary surplus to 1.5% of GDP from a forecasted 1.3% this year.<\/p>\n<p><strong>Other key spending figures:<\/strong><\/p>\n<ul>\n<li><strong>Wages:<\/strong> The public wage bill will climb to EGP 4 bn, up 11% on 2021-2022;<\/li>\n<li><strong>Goods and services:<\/strong> Rising food and energy costs will increase expenditure on goods and services to EGP 1.3 bn, up 21%;<\/li>\n<li><strong>Public investment:<\/strong> The government will invest EGP 376.4 bn;<\/li>\n<li><strong>COP27:<\/strong> The budget allocates some EGP 3 bn for the COP27 climate summit taking place in Sharm El Sheikh in November.<\/li>\n<\/ul>\n<p><strong>Other key figures from the budget:<\/strong><\/p>\n<ul>\n<li><strong>GDP growth:<\/strong> 5.5%<\/li>\n<li><strong>Oil prices:<\/strong> USD 80 \/ barrel, up from USD 60 last year<\/li>\n<li><strong>Wheat prices:<\/strong> USD 330 \/ tonne, up from USD 255 last year<\/li>\n<\/ul>\n<p><strong>WHAT\u2019S NEXT?<\/strong> The final budget document typically goes up for a vote at the general assembly before the start of the new fiscal year and then heads to President Abdel Fattah El Sisi, who must sign it into law. If the budget doesn\u2019t pass before 30 June, the current budget rolls forward to direct state spending until the new document is passed.<\/p>\n<p style='font-size: 18px;font-weight: bold' >ALSO IN THE HOUSE-<\/p>\n<p><strong>MPs agree to unlock fresh funds for debt payments:<\/strong> The House yesterday voted in favor of unlocking another EGP 6 bn to allow the government to meet debt repayments, <a href=\"https:\/\/www.youm7.com\/story\/2022\/5\/9\/%D8%A7%D9%84%D9%86%D9%88%D8%A7%D8%A8-%D9%8A%D9%88%D8%A7%D9%81%D9%82-%D9%86%D9%87%D8%A7%D8%A6%D9%8A%D8%A7-%D8%B9%D9%84%D9%89-%D9%81%D8%AA%D8%AD-%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF-%D8%A5%D8%B6%D8%A7%D9%81%D9%8A-%D8%A8%D8%A7%D9%84%D9%85%D9%88%D8%A7%D8%B2%D9%86%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D9%85%D8%A9-%D8%A8%D9%806\/5754696\">Youm7<\/a> reported. Higher-than-expected interest rates and the devaluation of the EGP have pushed up the government\u2019s interest bill, forcing it to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97997647-a184-4084-b35b-0516af2a970b\">table legislative amendments<\/a> to increase allocations in the 2021-2022 budget.<\/p>\n<p><strong>But would that be sufficient?<\/strong> Officials said earlier this week that the government might require more than EGP 6 bn to meet its obligations through to the end of the current fiscal year. One ministry suggested that this was because the amendment was drafted on the expectation that the US Federal Reserve would only <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">raise interest rates<\/a> by 25 bps last week.<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/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=\"546261\" 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=\"546261\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year\/\">\r\n                            Paymob closes USD 50 mn series B round, wants to enter GCC this year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/paymob-closes-usd-50-mn-series-b-round-wants-to-enter-gcc-this-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The round was led by emerging market investor <a href=\"https:\/\/koracap.com\/\">Kora Capital<\/a>, PayPal\u2019s venture capital arm <a href=\"https:\/\/about.pypl.com\/how-we-work\/paypal-ventures\/default.aspx#:~:text=PayPal%20Ventures%20is%20the%20global,%2C%20and%20crypto%2Fblockchain%20technologies.\">PayPal Ventures<\/a>, and <a href=\"https:\/\/clay-point.com\/\">Clay Point<\/a>, an agent of London-based investor <a href=\"https:\/\/edenrockgroup.com\/\">Eden Rock<\/a>.<\/p>\n<p><strong>Who else participated? <\/strong>Other investors included <a href=\"https:\/\/www.linkedin.com\/company\/helios-rising\">Helios Digital Ventures<\/a>, the UK government\u2019s development finance arm <a href=\"https:\/\/www.bii.co.uk\/en\/\">British International Investment<\/a> (formerly CDC Group), and the Global Ventures-managed fintech fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51710abc-abe2-41fc-a5bf-465d12117001\">Nclude<\/a>, which counts a cornucopia of state-owned banks among its limited partners. All Paymob\u2019s existing investors also participated \u2014 including A15 and Dutch entrepreneurial development bank FMO, who took part in Paymob\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e6ff686-8c64-4a78-b0d9-3377eba63ca5\">USD 18.5 mn series A round<\/a> last year.<\/p>\n<p><strong>Big money: <\/strong>While many startups don\u2019t specify how much they\u2019ve raised (instead saying they raised an \u201cxx-figure\u201d round, while failing to even specify a currency), the transaction is one of the the largest funding round we\u2019ve heard of for a local startup, earning mention in the same breath as MNT-Halan\u2019s blockbuster <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b07d9131-549a-4e31-aba4-b39a6704f6ac\">USD 120 mn round<\/a> last September and ahead of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53b52ec5-1a0b-49c0-be83-a299f554c1da\">Khazna\u2019s USD 38 mn series A last month<\/a>.<\/p>\n<p><strong>Paymob is doing well: <\/strong>It closed the round n the back of a strong 2021, during which the company recorded 4x y-o-y growth in the number of merchants and monthly volumes, the statement read.<\/p>\n<p><strong>Where the funds are going: <\/strong>Paymob will use the round for its regional expansion plans across the GCC and North Africa, to add new products, and expand its merchant base. \u201cWe want to increase the merchant network we have whether online, POS or tap-on-phone,\u201d co-founder and CEO Islam Shawky told Enterprise. He added that the company is building tools for merchants to better manage their business expenses.<\/p>\n<p><strong>Paymob wants to enter a GCC country this year<\/strong>, Shawky tells us. \u201cThe problem we\u2019re solving is not an Egypt-only problem. We really see that a lot of emerging markets are suffering from being extremely cash dependent, SMEs specifically,\u201d he said. The company will start operations in Pakistan next quarter <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d7889ee-0fa9-4a00-9928-34237a458896\">after officially launching there last month<\/a>, and wants to onboard over 100k Pakistani merchants within two years, Shawky said.<\/p>\n<p><strong>It also wants to get in on financial services<\/strong><strong>: <\/strong>\u201cWe\u2019re looking at how to grow the working capital of businesses in partnership with financial institutions \u2026 we\u2019re moving from just payments into becoming a financial services enabler,\u201d he said.<\/p>\n<p><strong>Paymob is one of four companies Nclude has invested in so far: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51710abc-abe2-41fc-a5bf-465d12117001\">USD 85 mn fintech fund<\/a> launched by Dubai-based VC Global Ventures and backed by Egyptian state-owned banks has also announced investments in Khazna, Lucky and Mozare3.<\/p>\n<p><strong>Investors are super keen on Egyptian fintech:<\/strong> Egypt has seen an increase of 20 startups, a 300% increase in funding, and more than double the average ticket size when it comes to fintech and fintech-enabled startups. Curious about what\u2019s next in fintech? We recently sat with a number of fintech leaders to learn more about the sector, read our two-part discussion <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1dd563fd-a85f-4860-bd0b-4aa6ba583e65\">here<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5349b517-c7ca-40f0-bc0c-7a4bed7c7031\">here<\/a> or go listen on <a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/whats-next-for-egypts-fintech-sector\/id1617987136?i=1000556814211\">Apple Podcasts<\/a>.<\/p>\n<p><strong>The story got international coverage from<\/strong> <a href=\"https:\/\/www.forbesmiddleeast.com\/innovation\/startups\/egypt-based-fintech-startup-paymob-secures-%2450m-in-series-b-funding-round\">Forbes Middle East<\/a> and <a href=\"https:\/\/www.thenationalnews.com\/business\/2022\/05\/09\/egypts-paymob-raises-50m-from-global-investors-including-paypal\/\">The National<\/a>.<\/p>\n<p><strong>IN OTHER STARTUP NEWS- Emirati buy-now-pay-later startup <\/strong><strong><a href=\"https:\/\/www.cashewpayments.com\/\">Cashew<\/a><\/strong><strong> will enter <\/strong><strong>the Egyptian market<\/strong> with the help of Mashreqbank, after the UAE lender acquired a c. 20% stake in the company in a USD 10 mn debt and equity transaction, <a href=\"https:\/\/www.reuters.com\/business\/finance\/uaes-mashreq-invests-local-buy-now-pay-later-start-up-2022-05-09\/\">Reuters<\/a> reported.<\/p>\n<p><strong>Also eyeing expansion into Egypt: A new merger between UAE incubator <\/strong><strong><a href=\"https:\/\/www.crescententerprises.com\/ce-creates\/\">CE-Creates<\/a><\/strong> <strong>and Abu Dhabi VC <\/strong><strong><a href=\"https:\/\/hatchboost.com\/\">Hatch & Boost<\/a><\/strong>, according to a statement picked up by <a href=\"https:\/\/www.wamda.com\/2022\/05\/ce-creates-merges-hatch-boost-mena-venture-builder-merger\">Wamda<\/a>. The partnership will operate under the name hatch & boost Ventures, and plans to expand into Egypt and Saudi Arabia \u201cin the coming years.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/clay-point\/\">Clay Point<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kora-capital\/\">Kora Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nclude\/\">Nclude<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paymob\/\">Paymob<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paypal-ventures\/\">PayPal Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546263\" 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=\"546263\">\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\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/\">\r\n                            Occupancy rates rise in 1Q as travel restrictions ease                        <\/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\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/\" 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\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/')\">\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\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/\">\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=Occupancy rates rise in 1Q as travel restrictions ease&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/\">\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\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/&title=Occupancy rates rise in 1Q as travel restrictions ease\">\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=Occupancy+rates+rise+in+1Q+as+travel+restrictions+ease+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F10%2Foccupancy-rates-rise-in-1q-as-travel-restrictions-ease%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\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/116.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546264\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/occupancy-rates-rise-in-1q-as-travel-restrictions-ease\/116-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/116.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"116.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/116.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/116.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546263\" class=\"content-area-description single-story post-546263 post type-post status-publish format-standard has-post-thumbnail hentry category-tourism tag-colliers-international tag-enterpriseam tag-hurghada tag-red-sea tag-russia tag-sharm-el-sheikh tag-tourism tag-travel tag-ukraine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The easing of travel restrictions was good news for Egypt\u2019s hotel industry during <\/strong><strong>the first quarter of the year<\/strong>, which saw rising occupancy rates even as the conflict in Ukraine prevented tourists from two of Egypt\u2019s key markets from visiting the country from February, according to figures in Colliers International\u2019s <a href=\"https:\/\/ent.news\/2022\/5\/Quarterly-Paper-MENA-Q1-2022_Final_En.pdf\">quarterly MENA hotels report (pdf)<\/a>. Occupancy rates in Cairo more than doubled y-o-y in 1Q as leisure and corporate tourists returned to the capital after covid-19 travel restrictions were relaxed. Egypt\u2019s Red Sea resorts also benefited from the normalization, with hotels in Hurghada reporting a 84% rise in occupancy rates and Hurghada increasing 46%. The Mediterranean city of Alexandria saw rates fall 1%.<\/p>\n<p><strong>What drove the rebound?<\/strong> The government\u2019s easing of travel restrictions \u201cinduced significant inbound leisure demand in 1Q 2022, positively impacting demand for hospitality products in the country,\u201d Colliers said. Strengthened political ties between Egypt and some of the key tourist markets in MENA and Europe also backed the recovery, it added.<\/p>\n<p><strong>It has been a tough few years for Egyptian tourism:<\/strong> The suspension of travel triggered by the pandemic effectively shuttered the nation\u2019s tourism ministry for three months back in 2020, causing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3106a1b0-6cfc-4c04-80c9-8da5fe98049e\">revenues in the sector to plummet<\/a>. Recovery has been gradual thanks to new covid variants and a slow global vaccine rollout but a rise in tourists during the second half of last year brought annual revenues <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3106a1b0-6cfc-4c04-80c9-8da5fe98049e\">back to pre-pandemic levels<\/a>. The tourism industry is a crucial source of hard currency for Egypt and accounted for almost 9% of GDP prior to the pandemic.<\/p>\n<p><strong>The sector is now grappling with fallout from Russia\u2019s invasion of Ukraine in late February:<\/strong> The war has all but shut out Ukrainian and Russian tourists from traveling abroad, depriving Egypt from two of its key markets. The two countries made up some 30-40% of all visitors to Egypt before the war broke out and were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4be5dcc6-3735-46ed-a1e8-eac4eb200706\">fixtures of the Red Sea package holiday<\/a> trade. Egypt is still <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4be5dcc6-3735-46ed-a1e8-eac4eb200706\">seeking alternatives<\/a> to plug the Black-Sea-shaped hole, including new and resumed international flight routes, other European markets, and attracting little-tapped markets in Latin America and Asia in the long term.<\/p>\n<p><strong>Average daily rates (ADRs) in Egyptian cities may be \u201cinflated given the devaluation of the EGP,\u201d<\/strong> Colliers said, with Cairo and Sharm seeing the biggest increases because most tourists are charged in USD or EUR. The capital saw an ADR of 181% while Sharm saw an ADR of 54%. \u201cWhen the local currency is used as the presentation currency, an unnatural y-o-y growth in ADR is observed due to exchange rates from USD\/EUR to EGP, suggesting better performance than what is observed using USD-denominated performance indicators,\u201d it added.<\/p>\n<p><strong>There\u2019s a positive outlook to 2024<\/strong>, with overall supply in the market set to increase at a CAGR of 1% between 2022 and 2024, with some 4.2k keys set to enter the market. Hurghada alone will introduce over 2k keys to the supply by 2024, according to Colliers.<\/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\/colliers-international\/\">Colliers International<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hurghada\/\">Hurghada<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea\/\">Red Sea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh\/\">Sharm El Sheikh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546265\" 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=\"546265\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/546265\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546265\" class=\"content-area-description single-story post-546265 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546266\" 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=\"546266\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/allianz-sanlam-merge-african-operations\/\">\r\n                            Allianz + Sanlam merge African operations                        <\/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\/10\/allianz-sanlam-merge-african-operations\/\" 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\/10\/allianz-sanlam-merge-african-operations\/')\">\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\/10\/allianz-sanlam-merge-african-operations\/\">\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=Allianz + Sanlam merge African operations&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/allianz-sanlam-merge-african-operations\/\">\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\/10\/allianz-sanlam-merge-african-operations\/&title=Allianz + Sanlam merge African operations\">\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=Allianz+%2B+Sanlam+merge+African+operations+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F10%2Fallianz-sanlam-merge-african-operations%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\/10\/allianz-sanlam-merge-african-operations\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/118.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546267\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/allianz-sanlam-merge-african-operations\/118-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/118.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"118.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/118.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/118.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546266\" class=\"content-area-description single-story post-546266 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-allianz tag-enterpriseam tag-insurance tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>Allianz and South Africa\u2019s Sanlam are merging their operations in Africa to create <\/strong><strong>\u201cthe largest pan-African non-banking financial services entity<\/strong> <strong>on the continent,\u201d <\/strong>the companies announced in a <a href=\"https:\/\/ent.news\/2022\/5\/Media-Release-Sanlam-and-Allianz-join-forces-to-create-African-insurance-giant-04-05-2022.pdf\">joint press release (pdf)<\/a>. The newly formed joint venture aims to accelerate the two companies\u2019 growth across their markets in the continent, particularly life ins., which is characterized by a low penetration rate, Allianz Egypt CEO Ayman Hegazy told Enterprise.<\/p>\n<p><strong>The joint venture is expected to have an estimated value of ZAR 33 bn (c. USD 2.05 bn)<\/strong>, and will operate in the 29 African countries where one or both companies have a presence. Sanlam will continue to operate on a standalone basis in South Africa, where it is headquartered, and Namibia is set to be included at a later stage.<\/p>\n<p><strong>The JV hopes to offer a variety of ins. products, accelerate product innovation, and facilitate financial inclusion in African markets<\/strong> with high growth rates, in addition to improving access rates to life and general ins., Hegazy told us. This will be done by leveraging Sanlam\u2019s expertise in Africa and Allianz\u2019s ins. solutions for multinationals.<\/p>\n<p><strong>The chairmanship of the joint venture partnership will rotate every two years between the two companies, <\/strong>and the CEO will be announced at a later stage. The agreement is still pending regulatory approval.<\/p>\n<p><strong>What this means for Allianz Egypt: <\/strong>The group\u2019s subsidiaries \u2014 Allianz Ins. and Allianz Life \u2014 will continue their normal operations under the same board of directors, Hegazy said. The company is currently in the process of obtaining local approvals for the merger.<\/p>\n<p><strong>This marks Sanlam\u2019s first entry into Egypt after eyeing our market for some time. <\/strong>The insurer has had <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/10\/sanlam-plans-expansion-into-egypt-morocco\/\">plans to expand into Egypt and Morocco<\/a> since 2019, and was at one point looking to take an equity stake <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/08\/sanlam-could-invest-in-egypt-within-the-next-year\/\">in an undisclosed Egyptian player<\/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\/allianz\/\">Allianz<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546268\" 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=\"546268\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/were-getting-eur-138-mn-in-eu-development-grants\/\">\r\n                            We\u2019re getting EUR 138 mn in EU development grants                        <\/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\/10\/were-getting-eur-138-mn-in-eu-development-grants\/\" 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\/10\/were-getting-eur-138-mn-in-eu-development-grants\/')\">\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\/10\/were-getting-eur-138-mn-in-eu-development-grants\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=We\u2019re getting EUR 138 mn in EU development grants&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/were-getting-eur-138-mn-in-eu-development-grants\/\">\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\/10\/were-getting-eur-138-mn-in-eu-development-grants\/&title=We\u2019re getting EUR 138 mn in EU development grants\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=We%E2%80%99re+getting+EUR+138+mn+in+EU+development+grants+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F10%2Fwere-getting-eur-138-mn-in-eu-development-grants%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\/10\/were-getting-eur-138-mn-in-eu-development-grants\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/119.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546269\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/were-getting-eur-138-mn-in-eu-development-grants\/119-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/119.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"119.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/119.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/119.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546268\" class=\"content-area-description single-story post-546268 post type-post status-publish format-standard has-post-thumbnail hentry category-development-finance tag-development-finance tag-ebrd tag-energy tag-enterpriseam tag-eu tag-international-cooperation-ministry tag-intro-solar tag-renewables 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>The EU and the International Cooperation Ministry yesterday signed <\/strong><strong>development financing grants worth a total of EUR 138 mn <\/strong>that will fund healthcare projects, administrative reform, and environmental, rural, and community development initiatives, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02yUhW8gY4dzcXPXATdUnRF8gjNpoYn6gCY4oe7bFwLRvVQdowf7bx9qLHoqq2qBTnl\">cabinet statement<\/a>. The funding comes within the framework of the EU-Egypt Partnership Priorities for 2021-2027 and was announced to coincide with <a href=\"https:\/\/european-union.europa.eu\/principles-countries-history\/symbols\/europe-day_en\">Europe Day<\/a>, the statement said.<\/p>\n<p><strong>The breakdown: <\/strong><\/p>\n<ul>\n<li><strong>The Health Ministry will get EUR 80 mn<\/strong> in a second tranche of budget support funding.<\/li>\n<li><strong>The Agriculture Ministry will get EUR 24 mn<\/strong> in funding through a partnership between the EU and the Italian Agency for Development Cooperation.<\/li>\n<li><strong>The Environment Ministry will get EUR 14 mn<\/strong> to support the new national waste management strategy through German development agency GIZ.<\/li>\n<\/ul>\n<p>The grants also include <strong>EUR 7 mn for the Local Development Ministry<\/strong> for projects focused on Upper Egypt, to be implemented by the UNDP; an <strong>EUR 5 mn grant for the planning and ICT ministries<\/strong> for administrative reforms through the OECD; another <strong>EUR 5 mn for the Finance Ministry<\/strong> for financial management reforms; and <strong>EUR 3 mn for the Micro, Small and Medium Enterprises Development Agency <\/strong>as part of an urban employment program in partnership with French development agency AFD.<\/p>\n<p><strong>The EU is a key provider of development finance to Egypt<\/strong>, with ongoing cooperation projects amounting to around EUR 1 bn, the statement said. We could see another EUR 1 bn by 2027, EU Commissioner for Neighborhood and Enlargement Oliver Varhelyi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ef5bb7ad-6f4d-41d0-9f8c-1bca27980648\">said late last year<\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-cooperation-ministry\/\">International Cooperation Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/intro-solar\/\">Intro Solar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546270\" 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=\"546270\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/ci-capital-appoints-new-ceo-of-brokerage-arm-abu-qir-fertilizers-appoints-alpha-oryx-reps-to-bod\/\">\r\n                            CI Capital appoints new CEO of brokerage arm + Abu Qir Fertilizers appoints Alpha Oryx reps to BoD                        <\/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\/10\/ci-capital-appoints-new-ceo-of-brokerage-arm-abu-qir-fertilizers-appoints-alpha-oryx-reps-to-bod\/\" 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\/10\/ci-capital-appoints-new-ceo-of-brokerage-arm-abu-qir-fertilizers-appoints-alpha-oryx-reps-to-bod\/')\">\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\/10\/ci-capital-appoints-new-ceo-of-brokerage-arm-abu-qir-fertilizers-appoints-alpha-oryx-reps-to-bod\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=CI Capital appoints new CEO of brokerage arm + Abu Qir Fertilizers appoints Alpha Oryx reps to BoD&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/ci-capital-appoints-new-ceo-of-brokerage-arm-abu-qir-fertilizers-appoints-alpha-oryx-reps-to-bod\/\">\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\/10\/ci-capital-appoints-new-ceo-of-brokerage-arm-abu-qir-fertilizers-appoints-alpha-oryx-reps-to-bod\/&title=CI Capital appoints new CEO of brokerage arm + Abu Qir Fertilizers appoints Alpha Oryx reps to BoD\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=CI+Capital+appoints+new+CEO+of+brokerage+arm+%2B+Abu+Qir+Fertilizers+appoints+Alpha+Oryx+reps+to+BoD+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F10%2Fci-capital-appoints-new-ceo-of-brokerage-arm-abu-qir-fertilizers-appoints-alpha-oryx-reps-to-bod%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\/10\/ci-capital-appoints-new-ceo-of-brokerage-arm-abu-qir-fertilizers-appoints-alpha-oryx-reps-to-bod\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546270\" class=\"content-area-description single-story post-546270 post type-post status-publish format-standard hentry category-moves tag-abu-qir-fertilizers tag-adq tag-al-rajhi-capital tag-capital-markets tag-chahir-hosni tag-ci-capital tag-enterpriseam tag-karim-khadr tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>CI Capital<\/strong> has named <strong>Chahir Hosni<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/chahirhosni\/\">LinkedIn<\/a>) the <strong>CEO<\/strong> and<strong> managing director<\/strong> of its <strong>brokerage business<\/strong>, it said in a <a href=\"https:\/\/ent.news\/2022\/5\/Senior-Managment-Appointments-PR-E.pdf\">press release (pdf)<\/a>. Hosni joins the firm from Saudi Arabia\u2019s Al Rajhi Capital, where he headed the brokerage since 2018. His industry experience includes the UAE, Saudi Arabia, and Egypt, including ADCB Securities, Scope Investment, and EFG Hermes, according to the statement. Hosni replaces Karim Khadr (<a href=\"https:\/\/www.linkedin.com\/in\/karim-khadr-30661a31\/\">LinkedIn<\/a>) who has been appointed as the group\u2019s managing director for equity capital markets.<\/p>\n<p><strong>Abu Qir Fertilizers<\/strong> has appointed <strong>Omar Mohamed Mehanna<\/strong> and <strong>Ahmed Mohamed Al Hamly <\/strong>to its board of directors as representatives of Abu Dhabi wealth fund ADQ, which last month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">purchased a 21.5% stake<\/a> in the fertilizers producer, a <a href=\"https:\/\/ent.news\/2022\/5\/%D8%A7%D8%A8%D9%88-%D9%82%D9%8A%D8%B1-%D8%AA%D8%B9%D8%AF%D9%8A%D9%84-%D8%A7%D9%94%D8%AD%D8%AF-%D9%85%D9%85%D8%AB%D9%84%D9%89-%D8%A7%D9%94%D8%B9%D8%B6%D8%A7%D8%A1-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%95%D8%AF%D8%A7%D8%B1%D8%A9.pdf\">statement to the EGX read (pdf)<\/a>. The appointments come after the National Investment Bank\u2019s board reps submitted their resignations following the acquisition.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-qir-fertilizers\/\">Abu Qir Fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-rajhi-capital\/\">Al Rajhi Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chahir-hosni\/\">Chahir Hosni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karim-khadr\/\">Karim Khadr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546271\" 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=\"546271\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/546271\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546271\" class=\"content-area-description single-story post-546271 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=\"546272\" 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=\"546272\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/last-nights-talk-shows-budget-traffic-the-metro-and-the-new-cairo-ring-road-brt-all-got-attention-on-the-airwaves-last-night\/\">\r\n                            Last Night\u2019s Talk Shows: Budget, traffic, the metro and the new Cairo Ring Road BRT all got attention on the airwaves last night                        <\/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\/10\/last-nights-talk-shows-budget-traffic-the-metro-and-the-new-cairo-ring-road-brt-all-got-attention-on-the-airwaves-last-night\/\" 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/last-nights-talk-shows-budget-traffic-the-metro-and-the-new-cairo-ring-road-brt-all-got-attention-on-the-airwaves-last-night\/&title=Last Night\u2019s Talk Shows: Budget, traffic, the metro and the new Cairo Ring Road BRT all got attention on the airwaves last night\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Budget%2C+traffic%2C+the+metro+and+the+new+Cairo+Ring+Road+BRT+all+got+attention+on+the+airwaves+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F10%2Flast-nights-talk-shows-budget-traffic-the-metro-and-the-new-cairo-ring-road-brt-all-got-attention-on-the-airwaves-last-night%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\/10\/last-nights-talk-shows-budget-traffic-the-metro-and-the-new-cairo-ring-road-brt-all-got-attention-on-the-airwaves-last-night\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546272\" class=\"content-area-description single-story post-546272 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-china tag-covid-19 tag-enterpriseam tag-last-nights-talk-shows tag-saudi-arabia tag-south-africa tag-transport tag-zamalek wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Yesterday\u2019s unveiling of the <\/strong><strong>draft budget for the coming fiscal year dominated the conversation on the airwaves last night<\/strong>, including on Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=rb6-JDap-Pg\">watch, runtime: 8:39<\/a>), Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=S-4Oww_Dzjk\">watch, runtime: 9:29<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=9WA13rHXy98\">watch, runtime: 31:07<\/a>). We have the key details in this morning\u2019s news well, above.<\/p>\n<p><strong>Zamalek residents, rejoice, as your roads could be less congested (maybe) <\/strong>as a result of drilling operations from the third phase of Cairo Metro Line 3. The third phase of the line \u2014 running from Ataba, passing through Zamalek to El KitKat, Imbaba and Rod Al Farag \u2014 will open to the public at the beginning of the July, and pilot operations will start next week, Transport Minister Kamel El Wazir told El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=kcYFYuGItpY\">watch, runtime: 5:18<\/a>). Zamalek residents have been <a href=\"https:\/\/enterprise.press\/stories\/2016\/08\/22\/sorry-nimbies-zamalek-metro-will-be-built-at-the-proposed-location-without-changes-transport-ministry\/\">complaining<\/a> for ages now that drilling from the construction of the proposed station on the island would affect the structural soundness of old buildings and change the nature of the district \u2014 to say nothing of having snarled traffic during the buildout.<\/p>\n<p><strong>The Cairo Ring Road <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/710bff61-3ec2-4b91-a2ae-45d6c80cc2bc\">bus rapid transit (BRT) system<\/a><\/strong><strong> will be up and running by the end of <\/strong><strong>the year<\/strong>, El Wazir said (<a href=\"https:\/\/www.youtube.com\/watch?v=cq7EHjmXv3g\">watch, runtime: 3:13<\/a>). The system will replace microbuses as the main mode of public transport on the Ring Road, El Wazir said. The BRT system will provide an alternative means of transportation on the Ring Road and is aimed at reducing traffic on the congested freeway.<\/p>\n<p><strong>Also getting a mention:<\/strong><\/p>\n<ul>\n<li><strong>Gulf help eases FX pressure:<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">USD 5 bn provided<\/a> by Saudi Arabia last month to back Egypt amid the Ukrainian crisis has eased the pressure on the EGP, Fakhry El Fiqi, head of the House Planning and Budget Committee, told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=Rn7CP4BBZzc\">watch, runtime: 2:02<\/a>).<\/li>\n<li><strong>Covid makes its talk show comeback:<\/strong> Kelma Akhira\u2019s Lamees El Hadidi discussed the emerging threats posed by the ongoing covid outbreaks in <a href=\"https:\/\/www.reuters.com\/world\/china\/beijing-curbs-public-transport-covid-spreads-china-2022-05-04\/\">China<\/a> and <a href=\"https:\/\/www.usatoday.com\/story\/news\/health\/2022\/04\/28\/south-africa-omicron-ba-4-ba-5-what-means-us\/9553483002\/?gnt-cfr=1\">South Africa<\/a> with Health Ministry spokesman Hossam Abdel Ghaffar (<a href=\"https:\/\/www.youtube.com\/watch?v=6qC2nNj1Cc4\">watch, runtime: 10:35<\/a>).<\/li>\n<li><strong>Actors will be exempted fr<\/strong><strong>om paying VAT for unpaid ap<\/strong><strong>pearances on TV shows<\/strong>, a document from the Tax Authority to the Actors\u2019 Syndicate showed, according to Kelma Akhira\u2019s El-Hadidi. (<a href=\"https:\/\/www.youtube.com\/watch?v=QO_GhOr7TZc\">watch, runtime: 1:45<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n          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                       <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/harassment-at-the-pyramids-is-leading-the-conversation-in-the-foreign-press\/\">\r\n                            Harassment at the Pyramids is leading the conversation in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/harassment-at-the-pyramids-is-leading-the-conversation-in-the-foreign-press\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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          \n<article id=\"post-546274\" class=\"content-area-description single-story post-546274 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-film tag-food tag-health-ministry tag-politics tag-tourism tag-turkey tag-water wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Harassment in Egypt is getting the headline treatment in the foreign press this morning:<\/strong> More outlets have picked up the news from earlier this week that 13 boys <a href=\"https:\/\/web.facebook.com\/ppo.gov.eg\/posts\/535672311254963\">were arrested<\/a> after allegedly harassing two female tourists at the Giza Pyramids. The story, which sparked debate over the safety of tourists at heritage sites, is getting ink in the <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-media-egypt-cairo-84120fb6a2d68909a85b7d57b5dc7d0d\">Associated Press<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/news\/world-middle-east-61378507\">BBC<\/a> | <a href=\"https:\/\/www.independent.co.uk\/news\/world\/middle-east\/egypt-boys-arrested-harassing-tourists-b2074775.html\">The Independent<\/a>.<\/p>\n<p><strong>Also getting attention this morning:<\/strong><\/p>\n<ul>\n<li><strong>What does rapprochement between Ankara and Riyadh mean for our relationshi<\/strong><strong>p with Turkey? <\/strong>Turkish President Recep Tayyip Erdogan's recent visit to Saudi Arabia marks an intensification of his regional charm offensive, but the future of Turkish-Egyptian relations remains unclear. (<a href=\"https:\/\/www.bloomberg.com\/opinion\/articles\/2022-05-09\/turkish-president-erdogan-s-outreach-to-neighbors-has-one-problem-erdogan\">Bloomberg<\/a> | <a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/05\/can-ankara-riyadh-rapprochement-help-improve-turkey-egypt-ties\">Al Monitor<\/a>)<\/li>\n<li><strong>Don\u2019t eat poisonous pufferfish: <\/strong>The <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/videos\/574390193870803\/\">Health Ministry has warned<\/a> against fishing for or eating the poisonous Mediterranean Takifugu fish, calling it the \u201cdeadliest fish in the world.\u201d (<a href=\"https:\/\/arab.news\/wr3kt\">Arab News<\/a>)<\/li>\n<li><strong>Egyptian actor Mohamed Mamdouh won best actor at the Swedish Malmo <\/strong><strong>Arab Film Festival <\/strong>for his role in the film Abu Saddam (<a href=\"https:\/\/www.youtube.com\/watch?v=agcRO0Bl1Uc\">trailer<\/a>). (<a href=\"https:\/\/arab.news\/m22ff\">Arab News<\/a>)<\/li>\n<li><strong>An Egyptian scientist has invented a new variety of rice that is resistant to <\/strong><strong>drought and salinity<\/strong>. (<a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/04\/egyptian-scientist-creates-new-rice-variety-requires-less-water\">Al Monitor<\/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\/film\/\">film<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health-ministry\/\">Health Ministry<\/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\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"546275\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546276\" 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=\"546276\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/more-israeli-gas-could-be-coming-to-egypt\/\">\r\n                            More Israeli gas could be coming to Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/more-israeli-gas-could-be-coming-to-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/more-israeli-gas-could-be-coming-to-egypt\/')\">\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\/10\/more-israeli-gas-could-be-coming-to-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=More Israeli gas could be coming to Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/more-israeli-gas-could-be-coming-to-egypt\/\">\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\/10\/more-israeli-gas-could-be-coming-to-egypt\/&title=More Israeli gas could be coming to Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=More+Israeli+gas+could+be+coming+to+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F10%2Fmore-israeli-gas-could-be-coming-to-egypt%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\/10\/more-israeli-gas-could-be-coming-to-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546276\" class=\"content-area-description single-story post-546276 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-commodities tag-egyptian-general-petroleum-corporation tag-energean tag-energy tag-enterpriseam tag-food tag-hala-el-said tag-oil-and-gas tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Energean could sell 8 bn cubic meters of natural gas per year to Egypt<\/strong> from a newly-discovered field off the Israeli coast, the energy company <a href=\"https:\/\/ent.news\/2022\/5\/athena-gas-discovery.pdf\">said (pdf)<\/a> yesterday. The company has already inked an MoU with the Egyptian General Petroleum Company to supply the gas and could soon sign a binding agreement.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>The luxury Dubai-based Address hotel is coming to Egypt: <\/strong>Emaar Hospitality will launch the Address Marassi Marina next year. The Address is a house brand of Emaar. (<a href=\"https:\/\/www.zawya.com\/en\/business\/hospitality\/atm-dubai-dubais-emaar-hospitality-plans-new-hotel-openings-in-gcc-egypt-e6vl5axg\">Zawya<\/a>)<\/li>\n<li><strong>Egypt wants local wheat to cover 65% of the country\u2019s consumption by <\/strong><strong>2025<\/strong>, up from 45% in 2020, Planning Minister Hala El Said told the House of Representatives. (<a href=\"https:\/\/web.facebook.com\/MPEDEGYPT\/posts\/539990010824173\">Statement<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-general-petroleum-corporation\/\">Egyptian General Petroleum Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energean\/\">Energean<\/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\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said\/\">Hala El Said<\/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\/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=\"546277\" 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=\"546277\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/aramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-company\/\">\r\n                            Aramco is close to eclipsing Apple as the world\u2019s most valuable 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\/10\/aramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-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\/10\/aramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-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\/10\/aramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-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=Aramco is close to eclipsing Apple as the world\u2019s most valuable company&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/aramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-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\/10\/aramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-company\/&title=Aramco is close to eclipsing Apple as the world\u2019s most valuable 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=Aramco+is+close+to+eclipsing+Apple+as+the+world%E2%80%99s+most+valuable+company+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F10%2Faramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-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\/10\/aramco-is-close-to-eclipsing-apple-as-the-worlds-most-valuable-company\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546277\" class=\"content-area-description single-story post-546277 post type-post status-publish format-standard hentry category-planet-finance tag-apple tag-aramco tag-enterpriseam tag-financial-markets tag-planet-finance tag-pmi tag-saudi-arabia tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>Saudi oil giant Aramco is close to taking Apple\u2019s crown as the world\u2019s most <\/strong><strong>valuable company<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-09\/aramco-closes-in-on-apple-as-world-s-most-valuable-firm-chart\">Bloomberg<\/a> reports. Aramco <a href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/tadawul\/market-participants\/issuers\/issuers-directory\/company-details\/!ut\/p\/z1\/04_Sj9CPykssy0xPLMnMz0vMAfIjo8zi_Tx8nD0MLIy83V1DjA0czVx8nYP8PI0MDAz0I4EKzBEKDEJDLYEKjJ0DA11MjQzcTfXDCSkoyE7zBAC-SKhH\/?companySymbol=2222\">briefly hit a record high<\/a> yesterday, bringing its market cap to USD 2.44 tn, close to Apple\u2019s USD 2.49 tn. The Saudi oil giant has been buoyed by soaring oil prices this year. At the same time, Apple\u2019s shares have sunk amid a heavy tech sell-off in US markets. The company\u2019s shares fell another 3.1% yesterday, leaving it more than 16% in the red year-to-date.<\/p><p><strong>Non-oil business activity in<\/strong> <strong>the UAE and Saudi Arabia <\/strong><strong>maintained solid growth in April<\/strong> despite the looming threat of inflationary pressures resulting from rising fuel and material prices:<\/p><ul>\n<li><strong>The KSA\u2019s PMI dipped to 55.7 in April from 56.8 in March<\/strong> \u2014 its lowest reading in three months, but still well above the 50.0 mark that separates expansion from contraction. Output and new orders continued to rise but at their slowest pace since January, as increased costs began to weigh on client demand. (<a href=\"https:\/\/ent.news\/2022\/5\/Saudi-Arabia-PMI.pdf\">PMI, pdf<\/a>)<\/li>\n<li><strong>Increased client demand and a rise in exports continued to propel business activity in the UAE, <\/strong>with the PMI slipping marginally to 54.6 in April from 54.8 in March. Output and new orders continued to rise sharply during the month, but cost pressures remained at their highest levels in three years in light of the rise of materials costs on the back of the Russia-Ukraine war. (<a href=\"https:\/\/ent.news\/2022\/5\/UAE-PMI-May.pdf\">PMI, pdf<\/a>) <\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,907<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: -8.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.44<\/p>\n<\/td>\n<td>\n<p>Sell 18.52<\/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-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,815<\/p>\n<\/td>\n<td>\n<p>0.0% (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>10,004<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +17.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,622<\/p>\n<\/td>\n<td>\n<p>-2.0% (YTD: +13.3%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,991<\/p>\n<\/td>\n<td>\n<p>-3.2% (YTD: -16.3%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,217<\/p>\n<\/td>\n<td>\n<p>-2.3% (YTD: -2.3%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,527<\/p>\n<\/td>\n<td>\n<p>-2.8% (YTD: -18.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 105.94<\/p>\n<\/td>\n<td>\n<p>-5.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 7.14<\/p>\n<\/td>\n<td>\n<p>+1.7%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,853.10<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 30,741<\/p>\n<\/td>\n<td>\n<p>-10.1% (YTD: -32.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.8% at yesterday\u2019s close<\/strong> on turnover of EGP 1.0 bn (12.2% above the 90-day average). Local investors were net buyers. The index is down 8.7% YTD.<\/p><p><strong>In the green: <\/strong>Orascom Development Egypt (+5.1%), e-Finance (+4.9%) and Egypt Kuwait Holding-EGP (+1.8%).<\/p><p><strong>In the red: <\/strong>MM Group (-4.7%), CIB (-4.2%) and Madinet Nasr Housing (-4.0%).<\/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\/apple\/\">Apple<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546278\" 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=\"546278\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/us-centcom-commander-in-cairo-shoukry-in-morocco\/\">\r\n                            US Centcom commander in Cairo + Shoukry in Morocco                        <\/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\/10\/us-centcom-commander-in-cairo-shoukry-in-morocco\/\" 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:\/\/web.facebook.com\/photo\/?fbid=562046141950785&set=a.324472705708131\">Statement<\/a>)<\/li>\n<li><strong>El Sisi checked in on the health of Saudi Arabia\u2019s King Salman<\/strong> during a phone call with Crown Prince Mohammed bin Salman, a few days after the king was <a href=\"https:\/\/www.spa.gov.sa\/viewstory.php?lang=en&newsid=2352409\">admitted to hospital<\/a> for medical checks. (<a href=\"https:\/\/www.facebook.com\/photo\/?fbid=562208228601243&set=a.324472705708131\">Statement<\/a>)<\/li>\n<li><strong>Foreign Minister Sameh Shoukry was in Morocco<\/strong> for talks with his counterpart, Nasser Bourita. (<a href=\"https:\/\/web.facebook.com\/MFAEgypt\/posts\/313988517577668\">Statement<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/mohammed-bin-salman\/\">Mohammed bin Salman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/morocco\/\">Morocco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"546279\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/what-can-we-expect-from-the-planned-local-carbon-credit-exchange\/\">\r\n                            What can we expect from the planned local carbon credit exchange?<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/what-can-we-expect-from-the-planned-local-carbon-credit-exchange\/\" 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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Though plans are still in their infancy and details remain scant, Enterprise spoke with several government sources and industry experts to find out more about how the platform could work and whether it could succeed in reducing carbon emissions in Egypt.<\/p>\n<p><strong>First things first: What actually is carbon trading? <\/strong>Think of carbon trading as a mechanism that puts a price tag on polluting activities. It\u2019s a market-based system that allows firms to buy and sell carbon credits tied to the volume of their emissions, providing a financial incentive to reduce pollution. Companies are handed an allowance in proportion to their emissions and receive credits, each equal to one ton of CO2; they need to purchase more credits if they want to exceed their limit, while those who cut emissions can earn by selling their credits. How much a company has to pay to exceed their emissions cap depends on the market, where supply and demand dynamics determine the price of credits.<\/p>\n<p><strong>Few countries have launched nationwide compulsory emissions trading schemes <\/strong>since the concept was born in the late 1990s. The EU\u2019s emissions trading scheme is the largest international system in the world, covering <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/qanda_21_3542\">around 41%<\/a> of the bloc\u2019s emissions as of 2021, while China last year <a href=\"https:\/\/www.reuters.com\/business\/sustainable-business\/chinas-national-carbon-emission-trading-opens-48-yuant-chinese-media-2021-07-16\/\">launched the world\u2019s largest carbon market<\/a>. Other major economies such as the US and Japan are still to set up national carbon credit markets.<\/p>\n<p><strong>From what we know so far, plans for an Egyptian carbon market follow the international blueprint: <\/strong>The exchange will allow entities that are undertaking emissions-reducing projects to sell certified emissions reduction (CER) credits, Moustafa Mourad, head of the Central Department of Air Quality at the Environment Ministry, told Enterprise. Each credit would be equivalent to one ton of CO2 and could be sold to both local and international buyers, he said.<\/p>\n<p><strong>But key details are yet to be ironed out:<\/strong> It remains unclear which industries would be covered by the scheme and whether participation would be compulsory.<\/p>\n<p><strong>This wouldn\u2019t be the first time Egyptian companies have gotten involved with carbon credits: <\/strong>Egypt\u2019s public and private sector has previously dabbled in carbon trading, but without a regulatory framework or a local platform, activities have been ad hoc and varying widely in price and offerings.<\/p>\n<p><strong>Egypt tried its hand during the early years of the CDM: <\/strong>One of the biggest carbon trading platforms is the UN-run <a href=\"https:\/\/cdm.unfccc.int\/Projects\/projsearch.html\">Clean Development Mechanism<\/a> (CDM). Unlike the \u201ccap and trade\u201d systems implemented in the EU and elsewhere, the CDM is a cross-border system designed to lower pollution in the developing world. The mechanism allows private- and public-sector organizations in rich nations to meet their emissions targets by purchasing carbon credits from clean projects in the developing world and trading them on exchanges. Several Egyptian projects were listed on the CDM from 2008-2013, including the 30 MW wind farm in Zafarana and initiatives to reduce N2O emissions by state-owned enterprises.<\/p>\n<p><strong>The process was long and complicated: <\/strong>To issue carbon certificates under the CDM, entities first have to do a number of studies to offer guidance documents for investors, UN-Habitat Basic Services and Climate Change Programme Officer Ahmed El Dorghamy told us. From there, entities request approval from the designated national authority \u2014 the Environment Ministry in Egypt\u2019s case \u2014 before heading to the UN, which sends an auditor to further assess the project and give recommendations. This is a long process and could take up to a year in some cases, El Dorghamy adds. Once the project is certified, it\u2019s added to the CDM platform but still remains subject to periodic audits to ensure that it is sequestering the promised amount of carbon.<\/p>\n<p><strong>The carbon credit crash:<\/strong> The <a href=\"https:\/\/voxeu.org\/article\/collapse-clean-development-mechanism\">CDM system collapsed<\/a> just five years after launching in 2008 after credit prices crashed. After reaching highs of EUR 25 in its first year, policy changes in the EU and Japan combined with supply and demand dynamics to send prices tumbling to as little as EUR 0.5 in 2012. For Zafarana, which was added to the platform in 2010, the price of a carbon certificate was USD 2-4 per tonne of carbon, Ehab Ismail, vice president of the New and Renewable Energy Authority (NREA), told Enterprise. Meanwhile, other certificates were being sold at less than USD 1 each, he said.<\/p>\n<p><strong>Private-sector players such as Sekem have also given carbon credits a go: <\/strong>Sekem was the first private-sector player to issue carbon certificates in Egypt back in 2009 with the aim of reducing carbon emissions in the agricultural sector under the <a href=\"https:\/\/ent.news\/2022\/4\/EoL-Standard-Ethics-2022-1.pdf\">Economy of Love<\/a> (EoL) framework, Thoraya Seada, a project manager at Heliopolis University\u2019s Carbon Footprint Center, told Enterprise. EoL encourages farmers to undertake measures to reduce their carbon footprint and helps them issue carbon credits to finance the cost of their projects. The credits are priced at EGP 400 per tonne of carbon and have mostly been sold to Sekem\u2019s network of international companies, EoL Co-Founder and Manager Justus Harm told us. The buyers come from a myriad of industries and include Europe\u2019s <a href=\"https:\/\/www.weleda.com\/international\">Weleda<\/a>, <a href=\"https:\/\/www.peoplewearorganic.de\/start\">People Wear Organic<\/a>, <a href=\"http:\/\/www.naturetex.net\/\">Nature Tex<\/a>, <a href=\"https:\/\/www.knipex.com\/\">Knipex<\/a>, <a href=\"https:\/\/www.climacoin.de\/home.html\">ClimaCoin<\/a> as well as Egypt\u2019s <a href=\"https:\/\/isisorganic.com\/\">Isis<\/a>, <a href=\"https:\/\/www.hu.edu.eg\/\">Heliopolis University<\/a>, and <a href=\"https:\/\/www.facebook.com\/atospharmaceutical\/\">Atos Pharma<\/a>.<\/p>\n<p><strong>An Egyptian platform could increase local participation in carbon trading and generate revenue: <\/strong>The move will give the government regulatory oversight of the market while also being a potentially lucrative venture, Mourad said. Instead of Egyptian companies selling certificates through foreign platforms, a local trading market will help to normalize carbon trading in the country by bringing in more players while also giving the government a means of financially benefiting from the practice, he added. Governments around the world generated more than USD 26 bn in revenues by auctioning carbon credits in 2020, according to <a href=\"https:\/\/ent.news\/2022\/5\/World-Bank-2020-carbon-credits-report.pdf\">the World Bank (pdf)<\/a>.<\/p>\n<p><strong>But is Egypt ready to jump on the trend? <\/strong>\u201cIf the aim is to reduce carbon emissions, I don\u2019t think it will,\u201d El Dorghamy tells us. He refers back to the CDM, saying that Egypt listed very few projects on the platform compared to the rest of the world.<\/p>\n<p><strong>It\u2019ll all depend on who participates:<\/strong> Whether or not a local platform can make a meaningful difference to Egypt\u2019s emissions will depend on whether the government makes participation compulsory, he says. \u201cIn Egypt, sensitivity to the climate change issue is still low and we still haven\u2019t reached the critical mass that would see this bottom-up change.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Integration fee discount for solar irrigation projects: <\/strong>The Electricity Ministry has set an <a href=\"https:\/\/alborsaanews.com\/2022\/05\/07\/1536004\">EGP 0.106 per KWh integration fee<\/a> for solar-powered irrigation projects on the net-metering and self-consumption systems to connect to the national grid. Other solar plants producing 1 MW or more of energy pay EGP 0.257- 0.329 per KWh in integration fees <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4cae66b6-38ba-4301-9f34-d782f54731a5\">under a recent decision<\/a>.<\/li>\n<li><strong>The Oil Ministry and Eni are implementing Egypt\u2019s first pilot carbon capture project <\/strong>at a cost of USD 25 mn The ministry is also planning <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c09ce70f-8f26-4800-be0f-9a7ed57323b5\">some USD 1.25 bn worth<\/a> of green petrochemical projects, including a biofuel production plant, a biodegradable plastics factory and a plastic waste recycling project.<\/li>\n<li><strong>EBRD buys into Scatec\u2019s green bond issuance: <\/strong>The lender has confirmed it will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7ff77ef-c991-4b68-be85-9f01a95149f7\">buy up to USD 100 mn<\/a> worth of Scatec\u2019s USD 334.5 mn green bond issuance to refinance its six solar plants in Benban.<\/li>\n<li><strong>Cooperation with UN climate body for COP27:<\/strong> Foreign Minister Sameh Shoukry <a href=\"https:\/\/twitter.com\/MfaEgypt\/status\/1523232630363156480?s=20&t=Q6SgKd9HD2tgOUSHvg1uAg\">met with the Secretary General of the UN\u2019s World Meteorological Organization<\/a> to discuss cooperation for the Sharm El Sheikh summit in November.<\/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\/carbon-credits\/\">carbon credits<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\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=\"546281\" 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\/10\/546281\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546281\" class=\"content-area-description single-story post-546281 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>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>13-14 May (Friday-Saturday): <a href=\"https:\/\/targetmisrexpo.com\/\">Target Misr Expo<\/a>, Dusit, New Cairo.<\/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":546256,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546255","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"a1e57245-2a14-464f-a51c-1e864d4f950f","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/6.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>With a global equities selloff and a crisis budget in the House, it\u2019s one of \u201cthose\u201d mornings\u2026 - 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\/with-a-global-equities-selloff-and-a-crisis-budget-in-the-house-its-one-of-those-mornings\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"With a global equities selloff and a crisis budget in the House, it\u2019s one of \u201cthose\u201d mornings\u2026\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/with-a-global-equities-selloff-and-a-crisis-budget-in-the-house-its-one-of-those-mornings\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:23:12+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\/6.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\/with-a-global-equities-selloff-and-a-crisis-budget-in-the-house-its-one-of-those-mornings\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/with-a-global-equities-selloff-and-a-crisis-budget-in-the-house-its-one-of-those-mornings\/\",\"name\":\"With a global equities selloff and a crisis budget in the House, it\u2019s one of \u201cthose\u201d mornings\u2026 - 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