{"id":546293,"date":"2022-05-11T03:57:53","date_gmt":"2022-05-11T03:57:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546293"},"modified":"2025-12-15T21:24:01","modified_gmt":"2025-12-15T21:24:01","slug":"relief-on-the-l-c-front-plus-our-analyst-poll-sees-cbe-raising-rates-as-much-as-200-bps-next-week","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/relief-on-the-l-c-front-plus-our-analyst-poll-sees-cbe-raising-rates-as-much-as-200-bps-next-week\/","title":{"rendered":"Relief on the L\/C front? PLUS: Our analyst poll sees CBE raising rates as much as 200 bps next week"},"content":{"rendered":"<section id=\"546295\" 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=\"546295\">\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\/11\/this-morning-its-inflation-day-in-the-us\/\">\r\n                            THIS MORNING: It\u2019s inflation day in the US                        <\/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\/11\/this-morning-its-inflation-day-in-the-us\/\" 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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It\u2019s a huge day on the macro front. Data released yesterday shows prices rose last month faster than most analysts expected<\/strong>, adding to expectations that the Central Bank of Egypt will <strong>hike interest rates<\/strong> when it meets a week from tomorrow. The news came as the EBRD <strong>downgraded its expectations<\/strong> of how fast our corner of the world will grow \u2014 and as <strong>volatility<\/strong> in the global financial market continued to weigh on sentiment. Stocks in Europe and on Wall Street seesawed yesterday and startups continued to lay off staff and announce spending cutbacks. Oh, and the FT is now openly talking about \u201c<strong>crypto-winter<\/strong>\u201d with BTC down a third since the start of the year.<\/p><p><strong>Amid the grimness, some optimism: <\/strong>A European consortium led by EBRD handed the folks at Ezdehar and their partners <strong>a very nice exit<\/strong> as they acquired financial services player GlobalCorp. Separately, another European consortium is stepping up to build <strong>a USD 500 mn terminal<\/strong> at Damietta Port. And in a move that will be cautiously cheered by manufacturers, the Sisi administration is exempting importers of raw materials and other production inputs from a requirement to <strong>use letters of credit to cover imports<\/strong>, a policy change dating to February that has had significant ripple effects on manufacturers and distributors alike. And in the wake of a meeting between Prime Minister Moustafa Madbouly and CBE Governor Tarek Amer, the central bank will reportedly sit down regularly with importers to make sure they have <strong>access to FX<\/strong> to import production materials.<\/p><p><strong>THE BIG STORY ABROAD-<\/strong> Inflation and the market sell-off dominate the front pages of the financial press this morning.<\/p><p><strong>Market post-mortem:<\/strong> The front pages of the financial press are dominated by the US equity sell-off on Monday. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/wall-street-is-trying-desperately-to-catch-up-with-stock-rout?srnd=premium&amp;sref=mmeFTDW1\">Bloomberg<\/a> reports that equity analysts are cutting price targets for S&amp;P 500 shares by the most since the covid crash in early 2020, while the <a href=\"https:\/\/www.wsj.com\/articles\/buy-the-dip-believers-are-tested-by-markets-downward-slide-11652197077\">Wall Street Journal<\/a> says that retail dip-buyers haven\u2019t yet been put off by the sell-off.<\/p><p><strong>Fed mea culpa:<\/strong> With US inflation now at 40-year highs, some Fed officials are admitting their policy response was too slow and that faith in \u201ctransitory\u201d was misplaced, the <a href=\"https:\/\/www.nytimes.com\/2022\/05\/10\/business\/economy\/federal-reserve-inflation.html\">New York Times<\/a> says. \u201cIt was a complicated situation with little precedent \u2014 people make mistakes,\u201d the former vice chair for supervision said last week.<\/p><p><strong>REMINDER: <\/strong>US inflation figures for April are out today. Economists expect consumer price growth to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-09\/longer-term-inflation-expectations-rise-in-new-york-fed-survey?sref=mmeFTDW1\">slow slightly to 8.1%<\/a>, from 8.5% in March.<\/p><p><strong>MARKET WATCH- The sea of red in the US stock market receded yesterday but trading <\/strong><strong>was no less volatile<\/strong>: Shares whipsawed during yesterday\u2019s trading session as investors digested Monday\u2019s heavy sell-off and positioned ahead of today\u2019s inflation release. The S&amp;P closed marginally above 4,000, up 0.3%, while the Nasdaq staged a bigger comeback from Monday\u2019s beating, climbing 1.0%. The VIX \u2014 a measure of volatility often called the \u201cfear index\u201d \u2014 remained above 32.5 for the third-straight session, indicating turbulence in the market.<\/p><p><strong>Asian markets are looking a bit happier this morning<\/strong>, with most indexes in the region solidly in the green. Futures indicate that shares in Europe and the US will rise when markets open later today.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>It\u2019s the second day of the EBRD\u2019s annual meeting and business forum in Marrakech<\/strong>, which ends tomorrow. We wrap up all the headlines from Day 1 in this morning\u2019s news well, below. You can read the full program <a href=\"https:\/\/globalevents.ebrd.com\/event\/abbff80b-9203-4a59-b458-a0b0a3cc6977\/websitePage:1c4f21f8-44f9-414a-b51a-614d2d80ba9f\">here<\/a>.<\/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>MARKET WATCH- <\/strong><\/p><p><strong>SIGN OF THE TIMES- India exported a record amount of wheat in April<\/strong>, stepping into the market to fill the void left by Ukraine which is unable to ship grain abroad due to the war, <a href=\"https:\/\/www.reuters.com\/world\/india\/black-sea-supplies-fall-india-sells-record-14-mln-tonnes-wheat-april-2022-05-10\/\">Reuters<\/a> reports. Trade sources say that the country exported a record 1.4 mn tonnes during the month, and 7 mn tonnes during the previous fiscal, an all-time high.<\/p><p><strong>Egypt is set to be one of the beneficiaries<\/strong>, agreeing last month to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9170b6fd-ef19-467c-9118-375093fcd876\">purchase wheat from India<\/a> for the first time as it looks to diversify wheat imports in response to the war. Ukraine and Russia usually provide around 80% of the country\u2019s imported wheat, making it vulnerable to any trade disruption in the region.<\/p><p><strong>Export volumes could rise further this month<\/strong>: One trader said India could ship 1.5 mn tonnes in May to buyers in Asia and the Middle East.<\/p><p><strong>Gulf says no to NOPEC:<\/strong> US ties with its Gulf allies aren\u2019t getting any easier as lawmakers move closer to passing legislation that would curb the market power of the OPEC oil cartel. The so-called NOPEC bill would allow antitrust lawsuits to be brought against the alliance and its members for controlling the price of oil, an idea that was firmly rejected by the Saudi and UAE energy ministers yesterday. UAE Energy Minister Suhail Al Mazrouei told <a href=\"https:\/\/www.cnbc.com\/2022\/05\/10\/uae-saudi-arabia-energy-ministers-hit-back-at-nopec-bill.html\">CNBC<\/a> that OPEC was being wrongly blamed for surging energy prices and said that prices could surge 200-300% if the US moves to try and check its power.<\/p><p><strong>Will it actually pass, though?<\/strong> The NOPEC bill has been kicking around for years, never being passed but always finding new support when oil prices rise. The legislation <a href=\"https:\/\/www.reuters.com\/legal\/litigation\/us-senate-committee-consider-bill-pressuring-opec-oil-group-2022-05-05\/\">was passed last week<\/a> by a US Senate committee, though it\u2019s unclear whether it would clear a vote in the Senate or whether the Biden administration would support it. White House officials have expressed reservations about the bill, warning about the potential for blowback at a time of already high prices.<\/p><p><strong>OBITUARY-<\/strong><\/p><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a><strong> iPod (2001-2022):<\/strong> Apple has finally decided to discontinue making its iconic mp3 player, a device that changed the way the world listens to music and consigned Walkmans to the history books. Coming at a time when some thought Minidiscs were cool (remember those?), Apple gave us the ability to carry thousands of songs around in our pockets. Portable music no longer meant carrying around a bag of cassettes or CDs. The invention of the iPhone and rise of streaming services pushed the once-ubiquitous device into irrelevance, but as Apple <a href=\"https:\/\/www.apple.com\/newsroom\/2022\/05\/the-music-lives-on\/\">said<\/a> yesterday, the \u201cspirit lives on\u201d in its new generations of products.<\/p><p><strong>Want some nostalgia?<\/strong> Check out these classic ads from the early 2000s (<a href=\"https:\/\/www.youtube.com\/watch?v=mE_bDNaYAr8\">here<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=_dSgBsCVpqo\">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, including Prime Minister Moustafa Madbouly and other members of cabinet. The mission is being organized by AmCham and the US Chamber of Commerce.<\/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 Civilization.<\/p><p><strong>The Central Bank of Egypt will meet to review interest rates<\/strong> on Thursday, 19 May.<\/p><p><strong>The last of this season\u2019s earnings releases will drop by 31 May<\/strong> after the Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">granted listed companies<\/a> a two-week deadline extension.<\/p><p><strong>Early-stage foodtech startups have until June to apply<\/strong> to the second edition of the UAE Ministry of Climate Change and Environment and <a href=\"https:\/\/www.tamkeenuae.com\/\">Tamkeen<\/a>\u2019s <strong>global FoodTech Challenge<\/strong>, with an earnings pool of USD 2 mn, according to <a href=\"https:\/\/ent.news\/2022\/5\/FTC-Global-Press-Release_English-.pdf\">a statement (pdf)<\/a>. Partners supporting the competition include <a href=\"https:\/\/www.aspireuae.ae\/\">Aspire<\/a>, <a href=\"https:\/\/adq.ae\/\">ADQ<\/a>, <a href=\"https:\/\/www.silal.ae\/\">Silal<\/a> and <a href=\"https:\/\/www.emiratesfoundation.ae\/\">Emirates Foundation<\/a>.<\/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\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>With Egypt\u2019s real estate sector strongly impacted by raw material price inflation, coupled with the recent interest rate hike and EGP devaluation, we ask industry leaders what\u2019s being done to mitigate the fallout. They say a combination of repricing, cost cutting, and strategic talks \u2014 with the government and with one another \u2014 are helping them weather the storm, and that overall they remain confident about project deliverability and the long-term stability of the sector.<\/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\/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\/equities\/\">equities<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"546296\" 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=\"546296\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/546296\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546296\" class=\"content-area-description single-story post-546296 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/4\/Somabay-endurancefestival1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>The Spring Edition of Somabay Endurance Festival takes place from May 26th - 28th, featuring a host of different races suitable for all ages and abilities. Join this family-friendly sports event by signing up at www.thetrifactory.com and get ready to #ExperienceEndurance. Book now: www.thetrifactory.com\/somabay<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546297\" 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=\"546297\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/manufacturers-get-a-break-with-exemption-from-l-c-requirements-for-some-imports-cbe-will-meet-with-some-importers-to-make-sure-they-have-access-to-fx\/\">\r\n                            Manufacturers get a break with exemption from L\/C requirements for some imports; CBE will meet with some importers to make sure they have access to FX                        <\/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\/11\/manufacturers-get-a-break-with-exemption-from-l-c-requirements-for-some-imports-cbe-will-meet-with-some-importers-to-make-sure-they-have-access-to-fx\/\" 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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Under the decision, businesses will be permitted to use documentary collection to speed the payment for imported goods.<\/p>\n<p><strong>L\/Cs are more expensive<\/strong>, take more time than documentary collection, and tie up importers\u2019 capital.<\/p>\n<p><strong>Part of the administration's response to tough economic conditions: <\/strong>The decision came after a meeting between President Abdel Fattah El Sisi and the cabinet economic group to discuss the Sisi administration\u2019s response to a very challenging macro environment. Egypt is feeling the squeeze from global economic headwinds (including turbocharged inflation and rising interest rates), supply chain disruptions, the collapse of our Ukrainian and Russian tourism markets, and rising grain prices.<\/p>\n<p><strong>Getting greenbacks to those who need them:<\/strong> Separately, central bank officials <a href=\"https:\/\/gate.ahram.org.eg\/News\/3507852.aspx\">will regularly meet with manufacturers<\/a> to assess whether they are able to access the hard currency they need to import production inputs, state-owned breaking news website <a href=\"https:\/\/gate.ahram.org.eg\/News\/3507852.aspx\">Ahram Gate<\/a> reported after Prime Prime Minister Moustafa Madbouly met with CBE Governor Tarek Amer and other senior central bank officials.<\/p>\n<p><strong>Manufacturers, wholesalers, and importers of production inputs will be exempt from the CBE\u2019s requirement to use letters of credit<\/strong>, Alaa Ezz, the secretary-general of the Federation of Egyptian Chambers of Commerce told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=5g8_gFNuwtM\">watch, runtime: 3:10<\/a>). The government\u2019s priority is to keep factories open and operating, he said, with the decision mainly focused on imports of goods that cannot be locally sourced.<\/p>\n<p><strong>Business leaders welcomed yesterday\u2019s decision: <\/strong>Leaders in several industries praised the decision and said it will improve the supply of goods in the country and guard against shortages. Food Export Council head and Edita CEO <a href=\"https:\/\/bit.ly\/3L1Fhqe\">Hani Berzi<\/a>, <a href=\"https:\/\/www.youm7.com\/story\/2022\/5\/10\/%D8%A7%D9%84%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D9%84%D8%AA%D8%B5%D8%AF%D9%8A%D8%B1%D9%8A-%D9%84%D9%84%D9%85%D9%84%D8%A7%D8%A8%D8%B3-%D8%A7%D8%B3%D8%AA%D8%AB%D9%86%D8%A7%D8%A1-%D8%A7%D9%84%D8%AE%D8%A7%D9%85%D8%A7%D8%AA-%D9%85%D9%86-%D9%82%D8%B1%D8%A7%D8%B1%D8%A7%D8%AA-%D8%A7%D9%84%D8%A7%D8%B9%D8%AA%D9%85%D8%A7%D8%AF%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D9%86%D8%AF%D9%8A%D8%A9-%D9%8A%D8%AF%D8%B9%D9%85\/5756608\">Marie Louis<\/a>, chairwoman of the Apparel Export Council of Egypt (AECE), and the Federation of Egyptian Industries\u2019 (FEI) cigarettes division head <a href=\"https:\/\/www.almasryalyoum.com\/news\/details\/2594400\">Ibrahim Embaby<\/a> were among them.<\/p>\n<p><strong>It\u2019s going to take time to unwind the backlog:<\/strong> The market will still time to move past \u201cthe negative repercussions of L\/Cs \u2026 it cannot be solved with the push of a button,\u201d Berzi said.<\/p>\n<p><strong>Could the decision make a difference to inflation?<\/strong> Mohamed El Sewedy, the head of the Federation of Egyptian Industries (FEI), described the decision as a \u201cbreakthrough,\u201d telling El Hadidi that inflation could begin to ease in some areas of the economy (<a href=\"https:\/\/www.youtube.com\/watch?v=L7r8rdW5Cr8\">watch, runtime: 10:00<\/a>). Prices for both manufacturers and consumers have been pushed up by a shortage of commodities, he said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/l-cs\/\">L\/Cs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-amer\/\">Tarek Amer<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546299\" 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=\"546299\">\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\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/rising-inflation-will-prompt-cbe-to-raise-interest-rates-next-week-for-the-second-consecutive-time-poll\/\">\r\n                            Rising inflation will prompt CBE to raise interest rates next week for the second consecutive time -poll                        <\/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\/11\/rising-inflation-will-prompt-cbe-to-raise-interest-rates-next-week-for-the-second-consecutive-time-poll\/\" 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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Six of the seven analysts we surveyed this week expect rates to increase next Thursday, 19 May, with five of them seeing the central bank hiking rates by up to 200 bps.<\/p>\n<p><strong>The analysts spoke after inflation figures released yesterday showed prices advanced at their fastest rate in nearly three years<\/strong> (see separate story, below).<\/p>\n<p><strong>REMEMBER- The CBE <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">raised rates by 100 bps<\/a><\/strong><strong> and devalued the EGP in a surprise <\/strong><strong>meeting in March<\/strong> in response to the declining conditions. The overnight deposit rate currently stands at 9.25%, and the lending rate is 10.25%, while the main operation and disc. rates are at 9.75%.<\/p>\n<p><strong>Inflation + tight financial conditions will be the drivers:<\/strong> Al Ahly Pharos expects the central bank to raise rates by 200 bps, economist Esraa Ahmed said yesterday. \u201cInflation rates place persistent pressure on real interest rates keeping them in negative territory. The accelerated tightened monetary conditions globally and the lingering implications of the Russian war on Ukraine have a negative impact on emerging markets and drive capital outflows,\u201d she wrote in a note.<\/p>\n<p><strong>An aggressive stance:<\/strong> This would be the central bank\u2019s most aggressive tightening since mid-2017 when it <a href=\"https:\/\/enterprise.press\/issues\/2017\/07\/09\/cbe-raises-interest-rates-200-bps\/#tldr-story-01\">moved to curb inflation<\/a> following the EGP float.<\/p>\n<p><strong>Fresh inflation figures have changed some analysts\u2019 calculations:<\/strong> Renaissance Capital has penciled in a 100-bps hike but following yesterday\u2019s inflation data has flagged that there is \u201csignificant upside risk\u201d to that forecast, said Yvonne Mhango, who heads Africa research at the investment bank. Annual urban inflation rose to another near three-year high in April, reaching 13.1% as consumer prices responded to the EGP devaluation and soaring global food prices.<\/p>\n<p><strong>\u201cThe inflation figure came above our expectation<\/strong> and we see inflation deviating further from the CBE's target, which calls for stronger monetary policy action,\u201d CI Capital\u2019s Sara Saada told Enterprise. CI Capital now expects a hike of at least 150-200 bps.<\/p>\n<p><strong>Rate hikes are currently the only short-term direct solution to maintain policy credibility while managing inflation and EGP-USD expectations<\/strong>, Arqaam Capital\u2019s Noaman Khalid said. \u201cIt is important for the CBE to act as early as possible, especially with the ongoing rise in the USD against EGP in the parallel market,\u201d he said, forecasting a 150-200 bps hike. The EGP has slipped 18% against the greenback since the devaluation in March.<\/p>\n<p><strong>Central banks are tightening the world over \u2014 and the US is setting the pace: <\/strong>The US Federal Reserve <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">delivered a 50 bps rate hike<\/a> \u2014 its biggest in over two decades \u2014 at its meeting last week, a move that is piling pressure on emerging-market assets and tightening financial conditions. With US inflation peaking at a four decade high, further hikes are expected. Many countries either already have or are expected to follow suit, as they look to curb inflation and maintain their fundamentals in the face of a strengthening USD.<\/p>\n<p><strong>The Fed hike + a global risk-off has dented investors\u2019 appetite for Egyptian bonds<\/strong>, which until recently had offered one of the highest inflation-adjusted interest rates in the world. Rising inflation at home has turned the country\u2019s real rates negative at the same time as US yields have <a href=\"https:\/\/www.cnbc.com\/2022\/05\/09\/us-bonds-treasury-yields-rise-with-inflation-in-focus.html\">hit 3.5 year-highs<\/a> and economic uncertainty has provoked a sell-off in emerging-market assets.<\/p>\n<p><strong>What\u2019s it going to take to attract inflows?<\/strong> BNP Paribas\u2019 Mohamed Abdelmeguid \u2014 who expects a 200-bps hike next week \u2014 said in a note this week that policymakers will need to raise rates by another 300-400 bps before foreign investors return to EGP-denominated debt.<\/p>\n<p><strong>Higher yields may not cut it:<\/strong> \u201cReal rates won\u2019t matter that much at this stage,\u201d EFG Hermes\u2019 Mohamed Abu Basha told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/latest-egyptian-inflation-surge-sets-stage-for-more-rate-hikes?sref=mmeFTDW1\">Bloomberg<\/a>. \u201cThe global environment \u2014 whether the war in Ukraine or a very hawkish Fed \u2014 are likely to dent the prospects of any notable pick-up in carry trade inflows anyways.\u201d<\/p>\n<p><strong>But 18% CDs continue to boost real deposit rates: <\/strong>For holders of the one-year 18% <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">certificates of deposit<\/a> offered since March by the National Bank of Egypt and Banque Misr, the real rate of return stands at 4.9%, which is likely to be the highest globally, Naeem Brokerage\u2019s Allen Sandeep said yesterday. Investors have poured <a href=\"https:\/\/bit.ly\/3M7ky5x\">more than EGP 630 bn<\/a> in the CDs so far.<\/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\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-poll\/\">Enterprise Poll<\/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\/poll\/\">POLL<\/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=\"546301\" 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=\"546301\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/urban-inflation-hits-13-1-in-april-amid-global-commodities-spiral\/\">\r\n                            Urban inflation hits 13.1% in April amid global commodities spiral                        <\/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\/11\/urban-inflation-hits-13-1-in-april-amid-global-commodities-spiral\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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This is the highest level since May 2019.<\/p>\n<p><strong>Driving price hikes in April: food (again). <\/strong>Food prices \u2014 the biggest component of the basket used to measure inflation \u2014 rose 26% y-o-y from 19.8% in March as supply shortages, global market volatility and higher production costs drove significant increases in the cost of fruit and vegetables, seafood, and meat. On a monthly basis the cost of food jumped 7.6%, driving overall monthly inflation up to 3.3%, the highest since June 2018.<\/p>\n<p><strong>The figure took most analysts by surprise:<\/strong> The headline rate was \u201cmuch higher than our estimate of 11.8%,\u201d Naeem brokerage\u2019s Allen Sandeep said. A <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-annual-urban-consumer-inflation-rises-131-april-capmas-2022-05-10\/\">Reuters<\/a> poll of 17 analysts had also put the median forecast at 11.8%. \u201cInflation came higher than expected due to a sharp rise in food prices in light of the devaluation and Ukraine war,\u201d the newswire quoted EFG Hermes\u2019 Mohamed Abu Basha as saying.<\/p>\n<p><strong>April\u2019s figure is significantly above the central bank\u2019s target:<\/strong> The CBE is targeting an inflation rate of 7% (\u00b12%).<\/p>\n<p><strong>This raises the likelihood of an interest rate hike next week <\/strong>when the CBE meets on Thursday to review rates, our poll of analysts (above) found.<\/p>\n<p><strong>Annual core inflation rose to its highest <\/strong><strong>in more than four years<\/strong><strong>,<\/strong> recording 11.9% from 10.1% in March, according to <a href=\"https:\/\/ent.news\/2022\/5\/CPI_press-release_April-2022.pdf\">central bank data (pdf)<\/a>. Core inflation strips out volatile items such as food and fuel.<\/p>\n<p><strong>When will it peak?<\/strong> Inflation could climb as high as 17% this year, Farouk Soussa, Goldman Sachs\u2019 MENA economist, recently told <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7fc96e10-0086-4742-bc4a-7f3b09650f9f\">Bloomberg TV<\/a>, before falling back into the CBE target range by the end of next year. \u201cThe current global stress is not expected to fade soon, causing a prolonged pressure on domestic price levels,\u201d Al Ahly Pharos economist Esraa Ahmed wrote in a note yesterday.<\/p>\n<p><strong>Inflation is running hot across the world:<\/strong> Curbing price hikes has been the top priority for many economies since the surge in post-lockdown demand and supply chain disruptions kicked off last year. Since then, Russia\u2019s war in Ukraine has only poured fuel on the fire, causing energy and food prices to soar and inflation in advanced economies to hit multi-decade highs. This year the US joined <a href=\"https:\/\/www.ft.com\/content\/034c83a7-ebcf-4542-a803-20177b7f2eb6\">many emerging markets<\/a> to embark on an aggressive tightening cycle to curb inflation, and the European Central Bank is expected to begin raising rates later this year.<\/p>\n<p><strong>The story is getting attention from the international business press,<\/strong> including: <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-annual-urban-consumer-inflation-rises-131-april-capmas-2022-05-10\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/latest-egyptian-inflation-surge-sets-stage-for-more-rate-hikes\">Bloomberg<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-africa-europe-economy-2b3d4abaa969523f09dfc93eb9a5b854\">Associated Press<\/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\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546303\" 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=\"546303\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-downgrades-regional-growth-outlook\/\">\r\n                            EBRD downgrades regional growth outlook                        <\/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\/11\/ebrd-downgrades-regional-growth-outlook\/\" 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 EBRD now sees overall growth across its seven regions slowing to 1.1% in 2022 from 6.7% last year \u2014 a downwards revision of 0.6 percentage points since its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bb6d97b-7276-45d0-9229-3cd9c8496e22\">last forecast in March<\/a>. Growth is set to be hampered by high inflation, which approached a 14-year high of 11.9% across the regions in March.<\/p>\n<p><strong>A tricky spot for the region: <\/strong>Regional governments\u2019 finances \u201chave been depleted after they have injected a lot of liquidity into the covid recovery and are now struggling to do the same to moderate food price inflation,\u201d EBRD SEMED chief Heike Harmgart said.<\/p>\n<p><strong>The EBRD is still forecasting <\/strong><strong>the Egyptian economy to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bb6d97b-7276-45d0-9229-3cd9c8496e22\">grow at a 3.1% clip<\/a><\/strong><strong> this year<\/strong>, having in March revised down its projection from the 5.0% it penciled in last November on the back of rising food and energy prices. The economy should rebound to register 6.0% growth in 2023. Growth in the wider Southern and Eastern Mediterranean (SEMED) region is also still projected to register 2.5% during 2022.<\/p>\n<p><strong>Concerns about global growth are mounting:<\/strong> The report comes amid growing concerns about the direction of the global economy as the war in Ukraine and rising interest rates threaten to push some of the world\u2019s biggest economies into recession. The IMF is now expecting a \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/773b32f1-c37f-45ca-8845-65d05411a210\">significant slowdown<\/a>\u201d in global growth this year due to the conflict and signs are increasing that the <a href=\"https:\/\/www.cnbc.com\/2022\/05\/06\/we-see-a-big-recession-in-the-making-top-ceos-fear-worst-in-europe.html\">eurozone<\/a>, the <a href=\"https:\/\/www.weforum.org\/agenda\/2022\/05\/united-states-recession\">US<\/a> and <a href=\"https:\/\/finance.yahoo.com\/news\/global-markets-asian-stocks-retreat-035125250.html\">China<\/a> could soon fall into recession.<\/p>\n<p><strong>The report launched at a panel discussion during the EBRD\u2019s annual meeting <\/strong>and business forum in Marrakech, which will wrap up on Thursday (<a href=\"https:\/\/video.ebrd.com\/media\/Regional+Economic+Prospects+2022\/0_2xfmoe1x\">watch, runtime: 1:08:59<\/a>).<\/p>\n<p><strong>The foreign press took note:<\/strong> <a href=\"https:\/\/www.reuters.com\/business\/energy\/russia-gas-flow-stop-could-erase-post-covid-recovery-across-ebrd-region-report-2022-05-10\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/ukraine-s-economy-to-shrink-30-this-year-due-to-war-ebrd-says?sref=mmeFTDW1\">Bloomberg<\/a> picked up the report.<\/p>\n<p style='font-size: 18px;font-weight: bold' >EBRD ON FOOD SECURITY, GREEN HYDROGEN<\/p>\n<p><strong>The EBRD is in negotiations with Egypt, Morocco and Tunisia to help raise their food <\/strong><strong>storage capacities and expand food suppliers<\/strong>, the lender\u2019s Southern and Eastern Mediterranean Managing Director Heike Hargmart told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/ebrd-help-boost-middle-eastnorth-africa-food-storage-2022-05-10\/\">Reuters<\/a> during the bank\u2019s meetings. \u201cWe are in early discussions on what is needed on capital investment to boost storage facilities,\u201d she said.<\/p>\n<p><strong>Plans to improve regional food security:<\/strong> The EBRD is also partnering with the World Bank to help Egypt, Lebanon and Jordan improve regional food security, she added, without disclosing further entails. It is also in discussions with financial institutions in Egypt and Morocco to uease trade financing amid increasing food demand, she said.<\/p>\n<p><strong>EBRD sees green hydrogen potential in Egypt: <\/strong>Egypt and Morocco are the two SEMED countries with the best potential to produce green hydrogen, Harmgart said at an Egypt-specific panel event in Marrakech yesterday, adding that the EBRD is keen to continue funding local hydrogen projects (<a href=\"https:\/\/video.ebrd.com\/media\/Egypt+Investment+Outlook+session\/0_kz1ul69f\">watch, runtime: 1:04:36<\/a>). International Cooperation Minister Rania Mashat, SCZone chairman Yehia Zaki, and Scatec CEO Terje Pilskog joined Harmgart on the panel to discuss the future of green hydrogen and renewable energy in Egypt. Scatec is a key player in the consortium set to build <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">a 100 MW green hydrogen plant in Ain Sokhna<\/a>, one of the landmark projects approved ahead of the COP27 climate summit in November.<\/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\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546305\" 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=\"546305\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/546305\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546305\" class=\"content-area-description single-story post-546305 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 data-recalc-dims=\"1\" decoding=\"async\" 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=\"546306\" 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=\"546306\">\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\">Infrastructure<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/european-consortium-to-build-usd-500-mn-terminal-at-damietta-port\/\">\r\n                            European consortium to build USD 500 mn terminal at Damietta Port                        <\/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\/11\/european-consortium-to-build-usd-500-mn-terminal-at-damietta-port\/\" 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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Eurogate Terminals, Contship Italia, and Hapag-Lloyd signed an agreement with the Damietta Port Authority (DPA) to develop and operate the terminal, and have entered into a joint venture alongside two local firms for the project.<\/p>\n<p><strong>Eurogate will manage and operate the terminal<\/strong>, which will serve as a \u201cdedicated strategic transshipment hub\u201d in the EastMed for Hapag-Lloyd.<\/p>\n<p><strong>What we know:<\/strong> The terminal will have a final capacity of 3.3 mn TEUs and is expected to begin operating by 2024, the consortium said in <a href=\"https:\/\/www.contshipitalia.com\/en\/news-blog\/new-container-terminal-damietta-egypt\">a joint statement<\/a>. This will raise Damietta\u2019s total capacity to 4.7 mn TEU by the third year of its operation, Transport Minister Kamel El Wazir said.<\/p>\n<p><strong>SOUND SMART- <\/strong>A TEU is a standard measurement in the shipping and terminal industry and is based on the dimensions of a common twenty-foot shipping container. The acronym stands for Twenty-foot Equivalent Unit. A double-length container, for example, would count as two TEUs.<\/p>\n<p><strong>The JV will be fully owned by the private sector:<\/strong> The three European companies will collectively own 98% of the joint venture, with Hapag-Lloyd holding 39%, and Eurogate and Contship Italia each owning 29.5%. Two Egyptian private sector firms \u2014 Middle East Logistics & Consultants and CREW Egypt \u2014 will each hold a 1% stake.<\/p>\n<p><strong>There\u2019s more<\/strong>: A second phase of the project would see the establishment of logistics corridors through the terminal to various manufacturing centers nationwide through railway networks, the minister said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/contship-italia\/\">Contship Italia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eurogate\/\">Eurogate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/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=\"546308\" class=\"issue-section inside-industry-identity\">\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=\"546308\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-spe-capital-amethis-acquire-financial-services-player-globalcorp\/\">\r\n                            EBRD, SPE Capital, Amethis acquire financial services player GlobalCorp                        <\/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\/11\/ebrd-spe-capital-amethis-acquire-financial-services-player-globalcorp\/\" 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\/11\/ebrd-spe-capital-amethis-acquire-financial-services-player-globalcorp\/')\">\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\/11\/ebrd-spe-capital-amethis-acquire-financial-services-player-globalcorp\/\">\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=EBRD, SPE Capital, Amethis acquire financial services player GlobalCorp&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/ebrd-spe-capital-amethis-acquire-financial-services-player-globalcorp\/\">\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\/11\/ebrd-spe-capital-amethis-acquire-financial-services-player-globalcorp\/&title=EBRD, SPE Capital, Amethis acquire financial services player GlobalCorp\">\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=EBRD%2C+SPE+Capital%2C+Amethis+acquire+financial+services+player+GlobalCorp+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F11%2Febrd-spe-capital-amethis-acquire-financial-services-player-globalcorp%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\/11\/ebrd-spe-capital-amethis-acquire-financial-services-player-globalcorp\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546308\" class=\"content-area-description single-story post-546308 post type-post status-publish format-standard hentry category-ma-watch tag-ebrd tag-enterpriseam tag-globalcorp tag-ma-watch tag-non-banking-financial-services tag-spe-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>European consortium acquires GlobalCorp:<\/strong> The European Bank of Reconstruction and Development (EBRD), <a href=\"https:\/\/www.spe-capital.com\/our-investments\/\">SPE Capital<\/a>, and <a href=\"https:\/\/amethis.com\/en\/home\/\">Amethis<\/a> have acquired a 90% stake in non-banking financial services firm GlobalCorp, the company said in a <a href=\"https:\/\/ent.news\/2022\/5\/Goldman_Press-Release_Consortium_vENG_2022.05.08-003-002-1.pdf\">press release (pdf)<\/a>. The consortium paid EGP 914.7 mn for 22.2 mn shares in an OTC transaction, <a href=\"https:\/\/alborsaanews.com\/2022\/05\/10\/1538025\">Al Borsa<\/a> reports, citing sources familiar with the matter. GlobalCorp CEO Hatem Samir holds the remaining 10% stake.<\/p>\n<p><strong>Cash injection + expansion ahead:<\/strong> The consortium plans to raise the firm\u2019s capital by EGP 150 mn through a capital increase, Shahir ElFaramawy, head of corporate development at GlobalCorp, told Enterprise. This will help the company expand its services and the sectors in which it operates, the press release reads. It will also work with the management team to help the company develop its infrastructure and technology. GlobalCorp will retain its management team and its name, ElFaramary confirmed.<\/p>\n<p><strong>Who was a seller?<\/strong> Private equity outfit <a href=\"https:\/\/ezdehar.com\/about\/\">Ezdehar<\/a> sold its 60% stake in the firm, while German development bank KfW\u2019s <a href=\"https:\/\/sanad.lu\/\">Sanad<\/a> fund sold its 30% stake, ElFaramary told us. The two entities were among GlobalCorp\u2019s founding investors in 2015, and both <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e6ebaa26-8ace-4a91-b982-969da017dead\">said<\/a> last year they were looking to exit the firm after hitting their target return on investment.<\/p>\n<p><strong>This is the EBRD\u2019s first investment in an Egyptian financial institution<\/strong>, and its first partnership with a leasing and factoring firm in Egypt, said Heike Harmgart, EBRD\u2019s managing director for the Southern and Eastern Mediterranean region. \u201cThis investment will support a leading financial company to provide financing to an important segment of the Egyptian economy, covering small and medium businesses,\u201d Harmgart said.<\/p>\n<p><strong>Amethis makes its Egypt debut: <\/strong>The investment is also Africa-focused, Paris-headquartered Amethis\u2019 first in Egypt, \u201cwhich is now a core market for our funds,\u201d said Investment Director Adnane Zerhouni. Amethis <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99f31c32-8ffb-4c84-9dd6-8eabe64b9da7\">last year announced<\/a> plans to invest more than EUR 30 mn in Egyptian SMEs after it hit a first close of its second MENA fund, and to open an office here. The acquisition marks SPE Capital\u2019s second investment in Egypt through its SPE AIF I fund, which previously <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/01\/spe-capital-buys-30-stake-in-future-pharma\/\">purchased a 30% stake<\/a> in Future Pharma.<\/p>\n<p><strong>What is GlobalCorp?<\/strong> GlobalCorp provides leasing and other financial and advisory services to companies in industries including real estate, transportation, health, education and pharma. The lender also focuses on SMEs and green finance, which account for over 25% of its portfolio. The company has extended EGP 13 bn (USD 715 mn) worth of credit. \u201cThe acquisition proves how successful the company is, because it\u2019s able to attract foreign investors through a model that sees the shareholders replaced every five years,\u201d ElFaramawy said.<\/p>\n<p><strong>ADVISORS-<\/strong> Helmy, Hamza and Partners \u2014 a member firm of Baker McKenzie International \u2014 acted as legal advisor to the consortium, while PwC was financial advisor. The firm also tapped <a href=\"https:\/\/ibisconsulting.com\/\">IBIS Consulting<\/a> as ESG and impact advisors, as well as other commercial and technical consultants. <a href=\"https:\/\/www.kamcoinvest.com\/\">Kamco Investment Company<\/a> was was sell-side financial advisor, while Matouk Bassiouny provided legal counsel to the sellers<\/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\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/globalcorp\/\">GlobalCorp<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spe-capital\/\">SPE Capital<\/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=\"546309\" 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=\"546309\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/visa-egypt-appoints-new-head-of-business-development-bedeir-joins-al-baraka-bank-from-prime\/\">\r\n                            Visa Egypt appoints new head of business development, Bedeir joins Al Baraka Bank from Prime                        <\/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\/11\/visa-egypt-appoints-new-head-of-business-development-bedeir-joins-al-baraka-bank-from-prime\/\" 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\/11\/visa-egypt-appoints-new-head-of-business-development-bedeir-joins-al-baraka-bank-from-prime\/')\">\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\/11\/visa-egypt-appoints-new-head-of-business-development-bedeir-joins-al-baraka-bank-from-prime\/\">\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=Visa Egypt appoints new head of business development, Bedeir joins Al Baraka Bank from Prime&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/visa-egypt-appoints-new-head-of-business-development-bedeir-joins-al-baraka-bank-from-prime\/\">\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\/11\/visa-egypt-appoints-new-head-of-business-development-bedeir-joins-al-baraka-bank-from-prime\/&title=Visa Egypt appoints new head of business development, Bedeir joins Al Baraka Bank from Prime\">\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=Visa+Egypt+appoints+new+head+of+business+development%2C+Bedeir+joins+Al+Baraka+Bank+from+Prime+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F11%2Fvisa-egypt-appoints-new-head-of-business-development-bedeir-joins-al-baraka-bank-from-prime%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\/11\/visa-egypt-appoints-new-head-of-business-development-bedeir-joins-al-baraka-bank-from-prime\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546309\" class=\"content-area-description single-story post-546309 post type-post status-publish format-standard hentry category-moves tag-al-baraka-bank tag-enterpriseam tag-moves tag-visa-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Visa Egyp<\/strong>t has appointed <strong>Omar Al Attar<\/strong> as its <strong>head of business development <\/strong>government-related operations, <a href=\"https:\/\/bit.ly\/3PfatoY\">Hapi Journal<\/a> reports. Al Attar comes to Visa with over 16 years of experience at MasterCard and Vodafone Egypt, where he worked on financial inclusion, digitization and business development for national projects.<\/p>\n<p><strong>Mona Bedeir<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/mona-bedair-405523144\/\">LinkedIn<\/a>) has been appointed the <strong>chief economist<\/strong> at <strong>Al Baraka Bank <\/strong><strong>Egypt<\/strong>, she announced in a <a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:6929430708994146304\/\">LinkedIn post<\/a>. Bedeir joins the bank from Prime Holding, where she had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/849736ae-afc5-4821-b482-e5658f4eba85\">worked as a senior economist<\/a> since 2018.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-baraka-bank\/\">Al Baraka Bank<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/visa-egypt\/\">Visa Egypt<\/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=\"546310\" 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=\"546310\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/546310\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546310\" class=\"content-area-description single-story post-546310 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546311\" 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=\"546311\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/last-nights-talk-shows-inflation-import-rules-and-the-personal-status-act\/\">\r\n                            Last Night\u2019s Talk Shows: INflation, import rules and the personal status act                        <\/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\/11\/last-nights-talk-shows-inflation-import-rules-and-the-personal-status-act\/\" 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\/11\/last-nights-talk-shows-inflation-import-rules-and-the-personal-status-act\/')\">\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\/11\/last-nights-talk-shows-inflation-import-rules-and-the-personal-status-act\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: INflation, import rules and the personal status act&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/last-nights-talk-shows-inflation-import-rules-and-the-personal-status-act\/\">\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\/11\/last-nights-talk-shows-inflation-import-rules-and-the-personal-status-act\/&title=Last Night\u2019s Talk Shows: INflation, import rules and the personal status act\">\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+INflation%2C+import+rules+and+the+personal+status+act+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F11%2Flast-nights-talk-shows-inflation-import-rules-and-the-personal-status-act%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\/11\/last-nights-talk-shows-inflation-import-rules-and-the-personal-status-act\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546311\" class=\"content-area-description single-story post-546311 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-alaa-ezz tag-enterpriseam tag-inflation tag-kelma-akhira tag-last-nights-talk-shows tag-mohamed-el-sewedy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Surprising no-one, the economy dominated the airwaves last night<\/strong> following the release of fresh inflation figures showing that prices accelerated in April at their fastest rate in almost three years.<\/p>\n<p><strong>Keep calm and carry on<\/strong> was the message delivered by President Abdel Fattah El Sisi last night, who called in to Salet Al Tahrir's Azza Mostafa (<a href=\"https:\/\/www.youtube.com\/watch?v=jRtSDTgHfd8\">watch, runtime: 23:17<\/a>) to discuss the national economic situation, among other things. The president sought to assuage the public\u2019s fears on the economy, telling Mostafa that the conflict in Ukraine has not yet caused any shortages in Egypt. \u201cWe do acknowledge a rise in prices, but the state is trying to control the market until the end of the year and help it recover in a short period,\u201d he said.<\/p>\n<p><strong>Industry to receive boost as import rules eased:<\/strong> The president\u2019s appearance came on the same day he directed the government and the central bank to ease up on the new trade finance rules that require importers to use letters of credit, and allow businesses to import raw materials and production inputs using documentary collection. The subject got a lot of attention on last night\u2019s shows, which we cover in detail in the news well, above.<\/p>\n<p><strong>Also on the economy front:<\/strong> El Hadidi looked at what is driving the surging cost of food (<a href=\"https:\/\/www.youtube.com\/watch?v=crrvfIObdmM\">watch, runtime: 5:58<\/a>).<\/p>\n<p><strong>ALSO FROM EL SISI-<\/strong> The president discussed the Personal Status Act and urged the government, lawmakers, and Al Azhar to draft a balanced and fair legislation as soon as possible. Controversial amendments to a previous bill, which critics argued attempted to take women\u2019s rights and legal protections, was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">shelved by the House<\/a> last year after backlash. El Sisi has asked the head of the Cairo Court of Appeal to set up a committee to help draft the bill.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alaa-ezz\/\">Alaa Ezz<\/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\/kelma-akhira\/\">Kelma Akhira<\/a>\n      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33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546313\" 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=\"546313\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/rising-inflation-in-egypt-is-getting-attention-in-the-foreign-press\/\">\r\n                            Rising inflation in Egypt is getting attention 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\/11\/rising-inflation-in-egypt-is-getting-attention-in-the-foreign-press\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n         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href=\"https:\/\/api.whatsapp.com\/send?text=Rising+inflation+in+Egypt+is+getting+attention+in+the+foreign+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F11%2Frising-inflation-in-egypt-is-getting-attention-in-the-foreign-press%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/rising-inflation-in-egypt-is-getting-attention-in-the-foreign-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546313\" class=\"content-area-description single-story post-546313 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-economy tag-enterpriseam tag-inflation tag-politics tag-russia-ukraine-conflict wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Yesterday\u2019s inflation figures are leading the conversation in the foreign press this <\/strong><strong>morning.<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-annual-urban-consumer-inflation-rises-131-april-capmas-2022-05-10\/\">Reuters<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/latest-egyptian-inflation-surge-sets-stage-for-more-rate-hikes\">Bloomberg<\/a> and the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-business-africa-europe-economy-2b3d4abaa969523f09dfc93eb9a5b854\">Associated Press<\/a> all covered the data release, which showed that prices grew at their quickest rate in almost three years in April. We have the full story in this morning\u2019s news well, above.<\/p>\n<p><strong>The impact of the Ukraine war on Egypt\u2019s foreign policy is being discussed<\/strong> in <a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/05\/10\/egypt-still-counting-the-cost-nearly-three-months-into-ukraine-war\/\">the<\/a><a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/05\/10\/egypt-still-counting-the-cost-nearly-three-months-into-ukraine-war\/\">National<\/a>, which talks to analysts about how the country could navigate an increasingly polarized world order. Meanwhile, <a href=\"https:\/\/www.globalcapital.com\/globalmarkets\/article\/2a2r32tt8u5dtzuh2r08w\/emerging-markets\/africa\/egypt-feeling-pressure-as-food-crisis-bites\">Global Capital<\/a> is focusing on the economic ramifications of the conflict.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/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=\"546314\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546315\" 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=\"546315\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/giz-egypt-to-support-waste-management-strategy-with-eur-6-mn-in-funding\/\">\r\n                            GIZ Egypt to support waste management strategy with EUR 6 mn in funding                        <\/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\/11\/giz-egypt-to-support-waste-management-strategy-with-eur-6-mn-in-funding\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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(<a href=\"https:\/\/ent.news\/2022\/5\/Press-Release-MBH-advises-Kora-Master-Fund-LP-on-its-investment-in-Paymob-10-May-2022.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>The Environment Ministry <\/strong>is getting EUR 6 mn from<strong> GIZ Egypt<\/strong> to support the new national waste management strategy, in addition to the EUR 14 mn pledged by the EU as part of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4dc3156-824f-4f46-9998-45392d2ddd69\">EUR 138 mn<\/a> in development grants announced yesterday for Egypt from the bloc. (<a href=\"https:\/\/ent.news\/2022\/5\/EU-Green-Signing-Ceremony_Final-1.pdf\">Statement, pdf<\/a>)<\/li>\n<li>Belgium-based mechanical engineering group <strong><a href=\"https:\/\/johncockerill.com\/en\/\">John Cockerill<\/a><\/strong> is looking to cooperate with the Electricity Ministry on <strong>green hydrogen<\/strong>, electricity and renewable energy. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/399906055513154\">Statement<\/a>)<\/li>\n<li>French tourism operator <strong>Ovoyages<\/strong> will operate a weekly flight from Paris to Sharm El Sheikh starting 10 July, according to a government statement. It does not make clear whether this is a charter or regular flight, but we presume the former. (<a href=\"https:\/\/www.facebook.com\/South.Sinai.Governor\/posts\/372433468245521\">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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/environment-ministry\/\">Environment Ministry<\/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\/matouk-bassiouny-hennawy\/\">Matouk Bassiouny &amp; Hennawy<\/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\/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\/waste-management\/\">waste management<\/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=\"546316\" 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=\"546316\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/emerging-market-currencies-see-biggest-losses-since-2020\/\">\r\n                            Emerging-market currencies see biggest losses since 2020                        <\/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\/11\/emerging-market-currencies-see-biggest-losses-since-2020\/\" 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 MSCI Emerging Markets Currency Index dropped over 4% since the beginning of April, the largest fall since the onset of the pandemic in early 2020. The sell-off comes as the Federal Reserve embarks on its most aggressive tightening cycle in decades, strengthening the USD and pulling money out of risky EM assets and into the US financial system.<\/p><p><strong>The same factors are weighing on EM debt<\/strong>, which JPMorgan strategists say are at the \u201cmercy\u201d of Fed policymakers. The asset class has seen USD 4 bn in net outflows since the middle of last month while a JPMorgan gauge of EM bonds has slumped 16% so far this year, with rates being responsible for \u201cmost of the losses,\u201d the investment bank said. \"The external and fundamental backdrop has become increasingly difficult for EM sovereigns,\" they said. \"The covid lockdown in China poses further downside risks.\"<\/p><p><strong>\u201cWhat downturn?,\u201d asks the Gulf IPO market:<\/strong> The world\u2019s biggest asset managers are heading to the Gulf to get a piece of the region\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bdd8bf22-5ae2-4aa6-90d7-2eb0e664789d\">red-hot IPO market<\/a>, where companies are capitalizing on the surge in oil revenues and selling shares to the public, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-10\/blackrock-to-vanguard-global-funds-rush-to-middle-east-ipo-boom\">Bloomberg<\/a>reports. Middle Eastern companies have traditionally sought listings in more developed markets in the US and UK, but investors are increasingly being drawn to exchanges in the region as the volume of IPOs rises while offerings slow abroad. Two of the world\u2019s biggest asset managers, BlackRock and Vanguard, both bought into Dubai Electricity &amp; Water Authority\u2019s IPO, which raised USD 6.1 bn last month.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,811<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -9.5%)<\/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 18.53<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.45<\/p>\n<\/td>\n<td>\n<p>Sell 18.53<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-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>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,509<\/p>\n<\/td>\n<td>\n<p>-2.2% (YTD: +19.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,915<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +16.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,598<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +12.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,001<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -16.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,243<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -1.9%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,555<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: -17.3%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 101.60<\/p>\n<\/td>\n<td>\n<p>-4.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 7.39<\/p>\n<\/td>\n<td>\n<p>+5.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,841.00<\/p>\n<\/td>\n<td>\n<p>-1.0%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 30,394<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -33.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 637 mn (27.5% below the 90-day average). Local investors were net buyers. The index is down 9.5% YTD.<\/p><p><strong>In the green: <\/strong>Cleopatra Hospitals (+4.6%) and CIB (+0.2%).<\/p><p><strong>In the red: <\/strong>Abu Qir Fertilizers (-3.8%), Orascom Construction (-2.9%) and Fawry (-2.7%).<\/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\/currencies\/\">currencies<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                        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<div class=\"index-number\">12<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/what-are-egypts-real-estate-developers-doing-to-reduce-the-fallout-from-inflation-and-the-devaluation\/\"> \r\n                            What are Egypt\u2019s real estate developers doing to reduce the fallout from inflation and the devaluation?<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/what-are-egypts-real-estate-developers-doing-to-reduce-the-fallout-from-inflation-and-the-devaluation\/141-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/141.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"141.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/141.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/141.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546317\" class=\"content-area-description post-546317 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-abdallah-sallam tag-devaluation tag-enterprise-hardhat tag-enterpriseam tag-fx-rate tag-haitham-mohamed tag-madinet-masr-for-housing-and-development tag-o-west tag-ora-developers tag-real-estate tag-redcon-construction tag-tarek-elgamal tag-tarek-kamel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>What are Egypt\u2019s real estate developers doing to mitigate the fallout from inflation <\/strong><strong>and the devaluation? <\/strong>Egypt\u2019s real estate sector is being substantially impacted by soaring raw material price increases from the war in Ukraine, along with the recent interest rate hike and EGP devaluation, several leading players <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/401f1788-2608-441c-adab-629b2d4e78b7\">told us recently<\/a>. Today, we look at what the industry is doing to mitigate the short-term impact of cost increases, how consumers could be affected, and whether we should expect delays in project deliverability.<\/p>\n<p><strong>Real estate companies have been holding talks with the government to explore ways of tempering the short-term fallout from price hikes, <\/strong>say sources. \u201cA lot of meetings were held with government officials,\u201d Redcon Construction Chairman Tarek ElGamal tells Enterprise. The government has since been seriously considering giving time extensions on projects and perhaps temporarily removing the interest on land payments, he adds.<\/p>\n<p><strong>They\u2019re also holding talks with each other: <\/strong>Many conversations are taking place between developers \u2014 especially those in joint development partnerships, MNHD CEO Abdallah Sallam tells us. \u201cEveryone\u2019s talking about the effects of the current economic challenges on consumer prices, and how big of a hike they\u2019re willing to take, as well as construction costs and how to protect margins. Everyone\u2019s testing the market.\u201d<\/p>\n<p><strong>Some steps, including repricing, are already underway: <\/strong>Renegotiating the cost of raw material procurement with suppliers and repricing company inventory can offset recent cost increases, ORA Developers CEO Haitham Mohamed tells Enterprise. ORA has sold 20% of its total inventory, meaning it can amend the prices it sells the remaining 80% for, he adds. O West applied a 10% pricing increase on its units at the beginning of April, and will likely apply more price increases throughout the year, CEO Tarek Kamel tells Enterprise. MNHD is in strategic talks with construction companies or contractors \u2014 both on controlling the cost of construction and innovating with the terms of payment \u2014 says Sallam.<\/p>\n<p><strong>While some players aim to cut costs and diversify their product mix strategically: <\/strong>Limiting the hit to profit margins isn\u2019t just about repricing, notes Sallam. \u201cWe also need to look at cash flow management and financing, and be more efficient with our hiring and corporate expenses,\u201d he adds. \u201cSometimes, in moments of crisis, it\u2019s actually the time to spend a bit more in particular areas \u2014 which is exactly what we\u2019re doing.\u201d MNHD is accelerating a strategic plan that involves reviewing its product mix, potentially introducing new, higher-margin products, and making use of <a href=\"https:\/\/www.gsa.gov\/real-estate\/design-and-construction\/engineering-and-architecture\/value-engineering\">value engineering<\/a> to cut costs effectively, Sallam says.<\/p>\n<p><strong>How will all this affect consumers? A possible average price increase in the real estate market of 30% in 2022:<\/strong> \u201cInitially, before the war and the change in the FX rate, we expected a price increase of 10-15% in the market this year,\u201d says Kamel. \u201cBut now I think it will be around 30%,\u201d he adds.<\/p>\n<p><strong>Despite these challenges, developers are committed to their deadlines: <\/strong>\u201cWe hope this situation doesn\u2019t affect our schedule for deliveries \u2014 as quick delivery will help mitigate cost risks,\u201d says Sallam. MNHD is about to award a new construction phase to a contractor, and everyone\u2019s still committed, he adds. O West is also fully committed to its contractual delivery dates, and should start delivering by the end of 1Q 2023, says Kamel. ORA, meanwhile, is even hoping to deliver ahead of schedule, says Mohamed. \u201cWith the impact from inflation and the devaluation, once we sell, we engage contractors and fix the prices. If you work faster, you can minimize the hits of inflation and devaluation by delivering as soon as possible,\u201d he adds.<\/p>\n<p><strong>It\u2019s difficult to predict when the current market volatility might stabilize,<\/strong> sources note. The recent price spike was very sudden, notes ElGamal. \u201cIt\u2019s not like the one that started in 2005 when the market was overheated, which took three years to peak. This one happened in days, and it\u2019s not easy to predict how long it will last,\u201d he adds. Sallam expects more clarity in the coming quarter: \u201cThings will be clearer, whether this is a global crisis, or whether our market will stay resilient, adapt to the new measures and keep its momentum.\u201d<\/p>\n<p><strong>But overall, there\u2019s still optimism about the future of the real estate sector: <\/strong>\u201cEgyptians always find safe haven in real estate, and trust the sector as a place to grow their investments,\u201d says Sallam. \u201cLooking at the macroeconomics of the industry, I don't see it slowing down anytime soon. Supply falls very short of the real demand in this country. And when it comes to the housing industry, we're talking about a crucial product,\u201d he adds.<\/p>\n<p><strong>Could the issuance of proposed government regulations dampen that enthusiasm? <\/strong>Proposed <a href=\"https:\/\/gate.ahram.org.eg\/News\/2895715.aspx\">new government regulations<\/a> that could potentially prohibit developers from selling units in a development <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/648075fa-e6b2-49d9-b251-496574617fba\">until they\u2019ve completed<\/a> 30% of the project \u2014 which have not been implemented \u2014 could face pushback from the industry, notes a legal expert speaking on condition of anonymity. Though the aim of the regulation would be to protect buyers and the market from bubbles and large-scale fraud, it would also punish financially solvent developers that operate legally and ethically, the expert adds.<\/p>\n<p><strong>Real estate players we spoke to agree the sector would benefit from some form of regulation: <\/strong>\u201cI think government intervention when it comes to the real estate market is well needed at this point in time,\u201d notes Kamel. \u201cIn the last few years, the market attracted many entities that aren\u2019t necessarily up to the right operational standard,\u201d he adds. It\u2019s the role of the government to put regulations in place to protect both developers and customers, and the intention behind these proposed regulations is good, says Sallam.<\/p>\n<p><strong>But some would prefer less dramatic measures: <\/strong>These particular regulations could constitute one more challenge for a market already facing its fair share of challenges, Sallam notes. \u201cI\u2019m confident the government will cooperate with developers to introduce practical measures that regulate the market without stifling it,\u201d he adds.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Abu Dhabi Ports to <\/strong><strong>build and run Safaga terminal<\/strong><strong>, cruise ship infrastructure:<\/strong> ADP has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad18b775-3e22-4e6b-b4fc-9dd30f4b85ad\">signed a contract<\/a> to develop, operate and manage a multi-purpose terminal in Safaga Port as part of a joint venture with the Red Sea Ports Authority and the Transport Ministry\u2019s commercial arm.<\/li>\n<li><strong>BRT, Metro Line 3 extension coming soon:<\/strong> The next phase of the Cairo Metro Line 3 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d009a1a9-9364-4185-9e7c-f2c57fc14fe4\">will open to the public in July<\/a> and the Cairo Ring Road bus rapid transit (BRT) system will be up and running by the end of the year.<\/li>\n<li><strong>Eni to work on carbon capture pilot:<\/strong> The Oil Ministry and Eni are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c09ce70f-8f26-4800-be0f-9a7ed57323b5\">implementing a pilot carbon capture project<\/a> at the Italian energy firm\u2019s Meleiha concessions in the Western Desert.<\/li>\n<li><strong>Borg El Arab power plant upgrade:<\/strong> Egypt Kuwait Holding subsidiary Kahraba has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2f8ef398-509f-4471-9e92-ac7dedb74bbb\">awarded Finnish company Wartsila a contract<\/a> to deliver equipment that will add 20 MW of capacity to the 40 MW Borg El Arab power plant.<\/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\/abdallah-sallam\/\">Abdallah Sallam<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fx-rate\/\">FX rate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/haitham-mohamed\/\">Haitham Mohamed<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/o-west\/\">O West<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ora-developers\/\">Ora Developers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/redcon-construction\/\">Redcon Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-elgamal\/\">Tarek ElGamal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-kamel\/\">Tarek Kamel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546319\" 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\/11\/546319\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546319\" class=\"content-area-description single-story post-546319 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>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): Last day for EGX-listed companies to file 1Q2022 earnings<\/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>5 June (Sunday): GB Auto is hosting an <a href=\"https:\/\/ent.news\/2022\/5\/GB-Auto-10-05-2022.pdf\">extraordinary general assembly meeting (pdf)<\/a>.<\/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":546294,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546293","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"eb71e141-b01d-4d4b-9604-7dd3549db411","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/8.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>Relief on the L\/C front? 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