{"id":546406,"date":"2022-05-16T04:00:48","date_gmt":"2022-05-16T04:00:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546406"},"modified":"2025-12-15T21:26:40","modified_gmt":"2025-12-15T21:26:40","slug":"madbouly-announces-plans-to-privatize-state-assets-boost-private-investment","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment\/","title":{"rendered":"Madbouly announces plans to privatize state assets + boost private investment"},"content":{"rendered":"<section id=\"546408\" 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=\"546408\">\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\/16\/this-morning-two-agreements-on-first-day-of-us-greentech-business-mission\/\">\r\n                            THIS MORNING: Two agreements on first day of US GreenTech business mission                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/this-morning-two-agreements-on-first-day-of-us-greentech-business-mission\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546408\" class=\"content-area-description single-story post-546408 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-enterpriseam tag-green-economy tag-greentech tag-waste-management tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and welcome to a massive news day. <\/strong>The Madbouly government is driving the conversation in the business community this morning after the PM used an epic presser yesterday to go deep into weeds on how the government plans to attract USD 40 bn in private investment over the next four years.<\/p><p><strong>Madbouly also said we\u2019re looking at a new IMF program \u201cwithin months.\u201d <\/strong>Separately, Ittihadiya announced new measures yesterday designed to encourage growth of the country\u2019s red-hot tech industry.<\/p><p><strong>The good news doesn\u2019t stop there: <\/strong>We\u2019ve made a massive wheat buy from India despite New Delhi\u2019s recently announced export ban. The shipment will further shore up food security in a nasty global climate \u2014 even without the Indian shipment, we\u2019ve brought reserves back up to four months\u2019 of demand from 2.6 months in April.<\/p><p>We have coverage of all of this and more in this morning\u2019s news well, below.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>It\u2019s the second day of the 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\">GreenTech business mission<\/a><\/strong><strong>:<\/strong> More than 40 US companies are in Cairo for three days this week to discuss 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>US companies here on the visit signed two agreements yesterday:<\/strong><\/p><ul>\n<li>Waste management and renewable energy company <strong><a href=\"https:\/\/www.energy3i.com\/\">Energy3 International<\/a><\/strong> signed an MoU with the Environment Ministry to <strong>build a recycling facility<\/strong> in Fayoum that will <strong>convert municipal and agricultural waste to biodiesel and biochar<\/strong>, preventing the emission of 500k tons of CO2 every year. Energy3i will now submit a proposed schedule to the ministry. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/403768811793545\">Cabinet<\/a> | <a href=\"https:\/\/www.energy3i.com\/press-releases.html\">Energy3i<\/a>)<\/li>\n<li>Environmental safety firm <strong><a href=\"https:\/\/madefromstone.com\/\">Okeanos<\/a><\/strong> signed an MoU with Prime Minister Moustafa Madbouly to <strong>build a USD 50 mn factory<\/strong> that will <strong>manufacture plastic alternatives from limestone<\/strong>. The facility will be set up by Okeanos Egypt \u2014 a joint venture with local company <a href=\"http:\/\/www.incomeegypt.com\/\">Income Egypt<\/a> \u2014 and <strong>will produce environmentally-friendly alternatives to single-use plastics<\/strong>. The project is being billed as the first of its kind in Egypt. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/403768811793545\">Cabinet<\/a>)<\/li>\n<\/ul><p><strong>Libyan <\/strong><strong><a href=\"https:\/\/unsmil.unmissions.org\/statement-co-chairs-political-working-group-libyan-political-process\">political negotiations<\/a><\/strong><strong> are continuing in Cairo today:<\/strong> Rival officials kicked off a new round of talks in the capital yesterday under UN-backed efforts to pave the way for national elections and end the east-west divide that has split the country since 2014. The talks wrap up on Friday.<\/p><p><strong>LATER THIS WEEK-<\/strong><\/p><p><strong>It\u2019s interest rate week here at home:<\/strong> The Central Bank of Egypt will likely raise interest rates when it meets this Thursday, according to a near consensus of analysts and economists <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df66965c-f7ca-459c-b270-c296532a1a9b\">we surveyed<\/a> last week. Six of the seven respondents see the Monetary Policy Committee going ahead with a rate hike to combat inflation and stem portfolio outflows, with five forecasting rates to rise by up to 200 bps.<\/p><p><strong>HC Securities is the latest to predict a 200-bps hike<\/strong>, writing <a href=\"https:\/\/ent.news\/2022\/5\/HC-MPC-expectations-19-May-2022-English-edited.pdf\">in a note<\/a> yesterday that this would bring Egypt\u2019s inflation-adjusted interest rate back into positive territory. The carry trade is \u201cessential\u201d to supporting foreign reserves amid a \u201cmassive\u201d sell-off in emerging markets across the world, the firm\u2019s head of macro and financials, Monette Doss, wrote.<\/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>The EUR could reach parity with the USD this year for the first time in two decades, <\/strong>after slumping to a five-year low near USD 1.03, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-15\/euro-is-sliding-toward-dollar-parity-for-first-time-in-20-years?srnd=premium-middle-east\">Bloomberg<\/a> reports, citing research from HSBC and RBC Capital Markets. The EUR has slumped amid fallout from the Russia-Ukraine war. The USD is serving as a haven amid market turmoil resulting from the war while the EUR has slumped on fears of everything from a ban on Russian natural gas to the ECB\u2019s policy response and the prospect the Europe\u2019s economy will go to hell in a handbasket.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Budget season is in full swing at the House:<\/strong> The House of Representatives will begin holding committee-level discussions of the draft FY 2022-23 budget and economic and social development plan this week, <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/2\/466177\/Egypt\/Society\/House-committees-begin-discussing-new-FY--budget-t.aspx\">Ahram Online<\/a>\u2019s Gamal Essam El-Din reports. If approved, the budget will be signed into law by the president. Head <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">here<\/a> for a refresher on the draft budget\u2019s key figures.<\/p><p><strong>SOUND SMART-<\/strong> Our latest Enterprise Explains column has everything you need to know about <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/167c6aaf-a05f-4942-be61-e7dfb4d72673\">how an Excel sheet turns into a budget, and then the law of the land<\/a>.<\/p><p><strong>Need to get your head around the new e-receipt system? <\/strong>Lynx Strategic Business Advisors are following up their recent webinar on e-invoicing with a session introducing the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6deafdd9-17f0-427d-8b0d-8d2afa71e220\">Finance Ministry\u2019s new e-receipt system<\/a>, which is set to officially roll out on 1 July. The webinar will feature FinMin tax development advisor Yasser Taymour, as well as reps from Talabat, Jumia, Yoco, and the World Bank. It takes place on 18 May at 12:00-1:30pm CLT. Register <a href=\"https:\/\/us06web.zoom.us\/webinar\/register\/WN_inx2czHRSL-yHqfPUINunw\">here<\/a>.<\/p><p><strong>Venture capital 101:<\/strong> The Egyptian Private Equity Association (EPEA) is hosting a paid crash course in all things venture capital at the Zamalek Marriott on 21-23 May. Led by Avanz Capital Egypt MD Hany Assaad, the three-day course will cover everything you need to know about Planet VC, from fund structures and portfolio-building to due diligence and valuations.<\/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\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> <strong>We break down the government\u2019s education budget for FY <\/strong><strong>2022-2023:<\/strong> The Madbouly government has allocated more than a quarter of its total spend to education, with more than EGP 550 mn earmarked for K-12, higher ed, and academic research \u2014 up nearly 23% from the current fiscal year.<\/p><p><strong>But the state\u2019s spending priorities have shifted:<\/strong> While the FY 2021-2022 investment budget was marked by a push for tech universities, this year sees the government putting more focus on plugging teacher and classroom shortages and developing school infrastructure.<\/p>\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\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greentech\/\">GreenTech<\/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                            <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=\"546409\" 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=\"546409\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/546409\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546409\" class=\"content-area-description single-story post-546409 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\/5\/SOMA-RACEWAY-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Bring the action. A little friendly competition never hurt anyone. Test your skills, reflexes, and nerves with Somabay\u2019s all-new Soma Raceway Go-Karting experience. For your next shot of adrenaline, come join us at the track located next to the marina every day starting at 5 pm.<\/p>\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=\"546410\" 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=\"546410\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment\/\">\r\n                            Madbouly announces plans to privatize state assets + boost private investment                        <\/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\/16\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment\/\" 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 prime minister used the two-hour news conference (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/videos\/1187345775350192\">watch, runtime:<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/videos\/1187345775350192\">2:07:15<\/a>) to announce a raft of new measures and ambitious targets designed restructure the economy in favor of the private sector. The PM also looked to reassure the public on the government\u2019s handling of the crisis caused by the war, which he said was costing the economy hundreds of bns of EGP.<\/p>\n<p><strong>THE BIG SELL-DOWN<\/strong><\/p>\n<p><strong>The government plans to attract USD 40 bn in fresh investments over the next four years <\/strong>by selling stakes in state-owned assets to local and international investors, Madbouly said. It is aiming to raise USD 10 bn each year by offering a range of assets to the private sector. The USD 40 bn figure was first made public by President Abdel Fattah El Sisi in a speech late last month.<\/p>\n<p><strong>Up for sale<\/strong>, according to Madbouly:<\/p>\n<ul>\n<li>New and renewable energy projects<\/li>\n<li>Real estate assets in new cities<\/li>\n<li>Desalination projects<\/li>\n<li>Banking, telecom and education assets<\/li>\n<li>At a later stage: Possibly transport infrastructure such as the under-construction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1038c78f-9a09-43cf-a58e-8d9cf988ffd7\">high-speed electric rail<\/a> line and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40d18b27-5b81-4c55-a728-4768f13b5ee9\">monorail<\/a>.<\/li>\n<\/ul>\n<p><strong>The government has already selected assets that, if sold, would contribute USD 9.1 bn toward this year\u2019s target of USD 10 bn<\/strong> and is currently working on appraising assets worth another USD 15 bn as part of a \u201cfast-tracked\u201d component of the strategy, which should be completed this year, Madbouly said. The remaining assets will also soon be identified and a timeline drawn up, he added.<\/p>\n<p><strong>The state wants to double the private sector\u2019s role in the economy:<\/strong> The government wants to increase the private sector\u2019s contribution to economic investment to 65% over the next three years, up from 30% last year, the PM said.<\/p>\n<p><strong>You can expect <\/strong><strong>more details on this in the coming days:<\/strong> The government will announce a three-year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5450603-b95c-4cb3-88aa-667655d9ce03\">roadmap<\/a> for <strong>reducing the state\u2019s involvement in certain sectors of the economy<\/strong> \u201cwithin days,\u201d Madbouly said. The roadmap will chart which industries the state will withdraw from and when, as well as ring fence strategic sectors where it wants to retain a presence. The government expects to meet its targets through as-yet <strong>unspecified incentives<\/strong> geared towards improving the business climate, as well as opening lines of communication with the private sector to help cater to their needs. This roadmap could be revised frequently down the line to ensure it aligns with the state\u2019s goals, Madbouly said.<\/p>\n<p><strong>We liked Hala El Said\u2019s traffic light system: <\/strong>The planning minister had earlier suggested the state could use a simple traffic-light system where green means go for the private sector, yellow means \u201cOkay, but under conditions\u201d and red means \u201chands-off or only with a state partner.\u201d<\/p>\n<p><strong>STATE IPO PROGRAM<\/strong><\/p>\n<p><strong>The government plans to list 10 state-owned and two military-owned companies on the EGX this year<\/strong>, Madbouly announced, confirming <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">earlier statements<\/a> from Finance Minister Mohamed Maait. Madbouly did not provide further details on the companies to be listed. The state will begin offering shares in companies on the EGX starting <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b2c33be-7c85-4d39-ac7e-87db30be13b4\">September<\/a>, Public Enterprises Minister Hisham Tawfik said last week.<\/p>\n<p><strong>(A word of caution: Don\u2019t expect 10 or 12 full-blown IPOs. <\/strong>A transaction selling a strategic stake to an anchor investor could qualify here, as would the sale \u2014 to a strategic, to retail investors, or on international markets \u2014 of a new stake in an already-listed company. And as we always note \u2014 IPOs are really (really) contingent on market conditions. And market conditions in 2022 haven\u2019t been great. Strategic sales to qualified buyers are just about as valuable as IPOs.)<\/p>\n<p><strong>Hotels + ports could be listed:<\/strong> Seven of Egypt\u2019s biggest ports will be merged under one entity and listed on the EGX, Madbouly said, without disclosing which ports will be selected or the timeline for the listing. A number of state-owned hotels will also be merged and offered to domestic investors, he added.<\/p>\n<p><strong>Already in the pipeline: <\/strong>Heliopolis Housing and Development (which is eyeing a secondary offering); state fertilizer producer Mopco; Misr Ins. Holding subsidiary Misr Life Ins.; and perennial candidate Banque du Caire. As for military-owned assets, smart money is on bottled-water maker <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5d7a08f-8981-4c32-965f-7ae7fb4c4a23\">Safi<\/a> and filling station operator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7cd40893-6a1e-4d00-975c-6fa551a0f8f3\">Wataniya<\/a>, which are currently being prepared for public or private offerings before summer, according to Sovereign Fund of Egypt chief <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">Ayman Soliman<\/a>.<\/p>\n<p><strong>Safi and Wataniya are examples of companies where stakes could well be sold without going down the IPO route <\/strong>\u2014 Gulf and other multinational companies have previously expressed interest in acquiring significant stakes.<\/p>\n<p><strong>THE WAR HAS HIT US \u2026 HARD<\/strong><\/p>\n<p><strong>Bns of EGP in losses:<\/strong> We have suffered around EGP 130 bn in direct losses due to the crisis due to spiraling commodity prices and global monetary tightening, Madbouly said. He estimated that the economy has seen another EGP 335 bn in \u201cindirect losses\u201d.<\/p>\n<p><strong>And capital outflows:<\/strong> \u0650Almost USD 20 bn has exited Egypt since the start of the year due to the crisis and before, Madbouly said.<\/p>\n<p><strong>\u201cSevere repercussions\u201d:<\/strong> The disruption to Egypt\u2019s wheat imports and the loss of Ukrainian and Russian tourists \u2014 which before the war accounted for more than 30% of the country\u2019s visitors \u2014 will have \u201csevere repercussions,\u201d Madbouly said. The government has not surrendered to the challenges, he said, seeking to reassure the nation that the government is finding solutions to the multi-pronged crisis.<\/p>\n<p><strong>BOOSTING EXPORTS<\/strong><\/p>\n<p><strong>The government wants to increase exports to USD 100 bn a year within the next five <\/strong><strong>years<\/strong>, he said. The state has identified nine sectors to focus on, including textiles, food, pharma and metals.<\/p>\n<p><strong>GREEN ENERGY HUB PLANS<\/strong><\/p>\n<p><strong>International companies contracted to help build our green energy industry will invest some USD 40 bn here through 2030<\/strong>, the PM said. This comes as the state plans to introduce more incentives to encourage investment in the industry, he added, without providing further details. By our math, the state has already inked agreements for some <strong>USD 10 bn in investment in green ammonia and green hydrogen<\/strong> projects in the Ain Sokhna as part of a plan to make the port a green energy hub.<\/p>\n<p><strong>NEW INVESTMENT INCENTIVES COMING<\/strong><\/p>\n<p><strong>The PM said Egypt is preparing packages of incentives<\/strong> for a variety of industries including for companies investing in the chemicals, engineering, pharma, textile, food, and building materials industries. Separately, <strong>foreign investors <\/strong>will be offered incentives if they\u2019re entering industries including data centers, telecom towers, and wind farms.<\/p>\n<p><strong>KEEP AN EYE ON THE CAR INDUSTRY <\/strong><\/p>\n<p><strong>The long-awaited automotive strategy will be announced before the end of the month in a bid to localize more industries in Egypt<\/strong>, Madbouly said. Back in March, his cabinet reviewed the latest version of <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">the new automotive \u201cdirective\u201d<\/a> \u2014 now formally named the Egyptian Automotive Industry Development Program (AIDP) \u2014 which has been in the works for years. The strategy aims to increase local assembly, grow the component manufacturing industry, up the sector\u2019s competitiveness to become a regional manufacturing hub, and bolster export volumes.<\/p>\n<p><strong>MANAGING OUR DEBT<\/strong><\/p>\n<p><strong>The state plans to bring the debt-to-GDP ratio down to 75% and the primary surplus up to 2.0%, by FY 2025-2026<\/strong>, Madbouly said<strong>. <\/strong>It also plans to bring the budget deficit down to 5.0% over the next four years. The government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">targeting<\/a> a 6.1% budget deficit next year, down from a projected 6.2% by the end of this fiscal year, and a primary surplus of 1.5%, up from an expected 1.3% by the end of this fiscal year. Debt-to-GDP is expected to narrow to 84% next fiscal year from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd5bd303-07b1-4581-93a6-ca7b21649143\">around 85% this fiscal year<\/a>.<\/p>\n<p><strong>Also from the presser: <\/strong><\/p>\n<ul>\n<li><strong>The state is preparing a national intellectual property strategy<\/strong> that will involve establishing a national authority for intellectual property;<\/li>\n<li><strong>Manufacturers will be getting usufruct land rights<\/strong>, and will be allowed to pay fees in installments;<\/li>\n<li>The government is working on drafting <strong>a new law that will allow factories set up in \u201cfourth-generation cities\u201d to apply for tax breaks of 3-5 years<\/strong>.<\/li>\n<\/ul>\n<p><strong>The story is getting attention from international press<\/strong>: <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-pm-wants-boost-private-sector-investments-2022-05-15\/\">Reuters<\/a> | <a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/05\/15\/egypts-pm-details-effect-of-russia-ukraine-war-on-economy\/\">The National<\/a> | <a href=\"https:\/\/www.voanews.com\/a\/egypt-to-privatize-key-state-companies-as-inflation-surges\/6574377.html\">AFP<\/a>.<\/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\/automotive\/\">automotive<\/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\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n 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          <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546412\" 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=\"546412\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/an-agreement-with-the-imf-is-coming-within-months\/\">\r\n                            An agreement with the IMF is coming \u201cwithin months\u201d                        <\/a>\r\n                    <\/h3>\r\n\r\n                   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                \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\/16\/an-agreement-with-the-imf-is-coming-within-months\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/185.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546413\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/an-agreement-with-the-imf-is-coming-within-months\/185-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/185.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"185.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/185.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/185.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546412\" class=\"content-area-description single-story post-546412 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-imf tag-moustafa-madbouly wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>A fresh IMF program could be sealed in a few months: <\/strong>The government expects to reach an agreement with the IMF on a fresh support package \u201cwithin months\u201d, Prime Minister Moustafa Madbouly said yesterday at a presser (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/videos\/1187345775350192\">watch, runtime:<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/videos\/1187345775350192\">2:07:15<\/a>).<\/p>\n<p><strong>What IMF program? <\/strong>The government has been in talks with the IMF <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">since March<\/a> for a new assistance program to help it mitigate the impact on our economy of Russia\u2019s war in Ukraine.<\/p>\n<p><strong>Madbouly was tight-lipped on the talks: <\/strong>The PM offered no details on the shape of the program, saying only that \u201cthere are talks through the CBE and the Finance Ministry with the Fund \u2026 We are moving in great steps \u2026 I don\u2019t want to get ahead of events, but the program will be in operation within the next few months,\u201d he said.<\/p>\n<p><strong>What we know so far:<\/strong> Cabinet spokesperson Nader Saad said in March that Egypt is negotiating a \u201cprogram of support and technical advice\u201d that \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">may include additional financing<\/a>\u201d as it tries to cushion the impact of the war in Ukraine on the economy. Talks had reached the \u201ctechnical stage\u201d in late April, Jihad Azour, the multilateral lender\u2019s head of Middle East and Central Asia, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c74f67a6-db57-45a8-a2f0-15382c82dd13\">said at the time<\/a>.<\/p>\n<p><strong>Any new loan from the IMF would be our third in six years<\/strong>: The USD 12 bn facility in 2016 tied to economic reforms after the Sisi administration floated the EGP was followed in 2020 by a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e4b88b68-45c9-4f66-bbba-1e8999ee8f3f\">USD 5.2 bn<\/a> standby loan and a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11bab53b-215b-4264-9f9f-0134b47a0e99\">USD 2.8 bn<\/a> rapid financing instrument due to the pandemic.<\/p>\n<p><strong>We\u2019re eligible for each of the three programs<\/strong>, a source familiar with discussions told <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">Reuters<\/a> in March. Egypt has exceeded its IMF borrowing quota, so any financial assistance will be lent under exceptional access criteria, meaning that the government will face greater scrutiny from the Fund, they said.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/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=\"546414\" 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=\"546414\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/\">\r\n                            New regs aim make life easier for citizens of Planet Startup                        <\/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\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/\" 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\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/')\">\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\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/\">\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=New regs aim make life easier for citizens of Planet Startup&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/\">\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\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/&title=New regs aim make life easier for citizens of Planet Startup\">\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=New+regs+aim+make+life+easier+for+citizens+of+Planet+Startup+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F16%2Fnew-regs-aim-make-life-easier-for-citizens-of-planet-startup%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\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/186.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546415\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/new-regs-aim-make-life-easier-for-citizens-of-planet-startup\/186-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/186.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"186.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/186.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/186.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546414\" class=\"content-area-description single-story post-546414 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-abdel-fattah-el-sisi tag-enterpriseam tag-investment-watch tag-regulation tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The gov\u2019t is trying to make life easier for tech startups:<\/strong> New rules will sweep aside obstacles for would-be tech entrepreneurs, government officials said yesterday, as part of the Madbouly government\u2019s drive to attract private capital and drive growth of the domestic tech industry. The changes will make it easier for people to set up tech companies and offer a handful of tax exemptions and preferential customs treatment to some companies, Ittihadiya said in <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/566226344866098\">a statement<\/a> yesterday following a meeting between President Abdel Fattah El Sisi, Prime Minister Moustafa Madbouly and Communications Minister Amr Talaat.<\/p>\n<p><strong>Here\u2019s what we know so far:<\/strong><\/p>\n<p><strong>#1- It\u2019s going to be easier to set up a tech company.<\/strong> People will be able to establish tech companies by notifying the government via a digital platform. No other details were provided about the procedure, but the statement says the measure comes as part of the government\u2019s ambition to \u201cremove all obstacles facing startups and entrepreneurs.\u201d Tech companies will also no longer need to have a physical headquarters, a move designed to lower costs for firms in the sector. The government will also allow sole traders to set up companies, the statement said without providing further information.<\/p>\n<p><strong>#2- They\u2019re on the customs \u201cwhite list\u201d:<\/strong> Tech companies importing electronic components will be added to the <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/21\/egypt-creates-green-channel-system-for-whitelisted-companies-to-expedite-customs-clearance-6809\/\">customs\u2019 \u201cwhite list\u201d<\/a>, allowing them to clear goods through customs more quickly. Per the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aba6cc73-59a2-4e54-8aca-a6d612db1737\">Customs Act<\/a>, goods imported by companies on the white list do not have to undergo inspection, making clearance quicker and reducing clearance fees.<\/p>\n<p><strong>#3- New tech investment zones + tax exemptions:<\/strong> The government will expand tech investment zones and roll out new tax exemptions for startups, the statement said, without offering further details.<\/p>\n<p><strong>The gov\u2019t has been showing more love for startups and the VC scene as of late:<\/strong> Several government agencies are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99c5139f-eaad-4941-b2ca-265c6dd8fc2c\">working to develop regulations<\/a> to attract international VCs and make it easier for founders to start and grow their companies. In the coming months, we could be seeing a standard shareholder agreement for startups (allowing new-to-Egyptian-law minority right protections, including preferred shares and founder claw-back clauses, among other things) as well as a framework allowing convertible notes for the first time.<\/p>\n<p><strong>** We recently talked with entrepreneurs and venture capitalists about the proposed regulations:<\/strong> Read their thoughts in What\u2019s Next <a href=\"https:\/\/enterprise.press\/whatsnexts\/planet-startup-thinks-government-plans-new-vc-startup-friendly-regs\/\">here<\/a> and <a href=\"https:\/\/enterprise.press\/whatsnexts\/heres-local-venture-capital-players-think-egyptian-governments-vc-regs\/\">here<\/a>.<\/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\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546416\" 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=\"546416\">\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\/16\/unemployment-dips-to-7-2-1q-2022\/\">\r\n                            Unemployment dips to 7.2% 1Q 2022                        <\/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\/16\/unemployment-dips-to-7-2-1q-2022\/\" 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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Unemployment was also down 0.2 percentage points compared with the same period last year.<\/p>\n<p><strong>The jobless rate has remained more or less flat since <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10ee7f34-c8d1-4f15-891b-1c73d798e8e6\">the summer of 2020<\/a><\/strong>, with only mild fluctuations since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80fdf495-1342-4345-a5bd-6387379141bd\">spiking to a near-two-year high of 9.6%<\/a> in 2Q 2020 on the back of the lockdown and economic disruption that accompanied the pandemic.<\/p>\n<p><strong>REMEMBER- The official unemployment rate only includes people who are looking for work. <\/strong>The labor force participation rate \u2014 which counts everyone aged 15-64 either in work or actively looking for work \u2014 fell 1.0 percentage points from the previous quarter to 42.8%.<\/p>\n<p><strong>Unemployment is still disproportionately affecting young people<\/strong><strong>:<\/strong> The number of 15-29 year-olds out of work accounted for 63.0% of all jobless people, down from last quarter\u2019s 64.3%.<\/p>\n<p><strong>The jobless rate among women remained flat from the previous quarter<\/strong> at 17.7%, down 0.1 percentage points from 4Q 2021. Unemployment among men continued to decline, falling to 4.9% from 5.2% the previous quarter.<\/p>\n<p><strong>Fewer jobs in the private sector? <\/strong>Private sector employment <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601312ea-2a96-485a-83db-cae4a0955962\">fell every month last quarter<\/a> and saw its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55e827e3-667f-4b12-a44d-b4c0b49a7efd\">sharpest drop in a year<\/a> in April, according to PMI data, as firms hold back from making new hires due to rising prices and falling demand.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/employment\/\">employment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/labor\/\">labor<\/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=\"546418\" 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=\"546418\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/\">\r\n                            Egypt to receive 500k tons of Indian wheat despite export ban                        <\/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\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/\" 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\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/')\">\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\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt to receive 500k tons of Indian wheat despite export ban&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/\">\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\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/&title=Egypt to receive 500k tons of Indian wheat despite export ban\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+to+receive+500k+tons+of+Indian+wheat+despite+export+ban+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F16%2Fegypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban%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\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/189.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546419\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/egypt-to-receive-500k-tons-of-indian-wheat-despite-export-ban\/189-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/189.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"189.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/189.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/189.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546418\" class=\"content-area-description single-story post-546418 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-inflation tag-trade tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>FROM THE DEPT. OF GOOD NEWS- We\u2019ve locked in 500k tons of Indian <\/strong><strong>wheat ahead of New Delhi's <\/strong><strong>export ban:<\/strong> Egypt has agreed to buy 500k tons of wheat from India, Supply Minister Ali El Moselhy told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-agrees-buy-half-mln-tonnes-indian-wheat-supply-minister-2022-05-15\/\">Reuters<\/a> yesterday, adding that an export ban introduced by New Delhi last week will not impact the shipment.<\/p>\n<p><strong>REMINDER- <\/strong>India has introduced a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90d1ad70-45bd-4d6a-b57f-c43c3433bf2f\">wheat export ban<\/a> in response to surging local prices and a severe heatwave that is threatening to hit production. The decision was taken to \u201cmanage the overall food security of the country\u201d though the government will still permit shipments under existing letters of credit.<\/p>\n<p><strong>But what about future purchases?<\/strong> Egypt is in talks with India about being exempted from the export ban. New Delhi <a href=\"https:\/\/ent.news\/2022\/5\/Noti-06-Eng.pdf\">said (pdf)<\/a> last week that it would continue to ship wheat to \u201cvulnerable developing countries \u2026 that are unable to access adequate wheat supplies,\u201d provided they seek permission from the government. Friendly ties between our two countries dating back more than a generation to the Nasser-era Non-Alignment Movement suggest we have a good chance of getting that exemption.<\/p>\n<p><strong>Could this be the beginning of an \u201ceasier\u201d wheat purchasing process?<\/strong> Moselhy said that the government gave state grain buyer GASC approval to sidestep its tender process and purchase wheat directly from countries or private sector traders.<\/p>\n<p><strong>Diversification is the name of the game:<\/strong> This comes amid ongoing talks with Kazakhstan, France and Argentina under efforts to diversify wheat imports. Egypt, the world\u2019s largest wheat importer, continues to be hit from a grain shortage triggered by the Russia-Ukraine war. The two countries together supply more than 80% of our imported wheat in peacetime.<\/p>\n<p><strong>We\u2019ve already purchased a <\/strong><strong>55k-ton shipment of Indian wheat<\/strong>: The ship is expected to depart from India soon after it passed the inspection of Egyptian officials last week.<\/p>\n<p><strong>The latest from the local harvest:<\/strong> The government has bought some 1.75 mn tons of local wheat since the start of the harvest season at the beginning of April, <a href=\"https:\/\/english.alarabiya.net\/business\/economy\/2022\/05\/15\/Egypt-procures-1-75-mln-tons-of-local-wheat-so-far-this-season\">Reuters<\/a> quoted a senior Agriculture Ministry official as saying. That\u2019s just shy of a third of its 6 mn-ton target. The local harvest will run through to the end of August but the bulk of production will take place in April and May, by which time <a href=\"https:\/\/english.ahram.org.eg\/News\/465008.aspx\">75%<\/a> of the country\u2019s wheat will have been harvested.<\/p>\n<p><strong>Reserves are looking healthier:<\/strong> The government currently has enough wheat reserves to cover four months, Prime Minister Moustafa Madbouly said during yesterday\u2019s bumper press conference (see our full coverage above). We had enough wheat to cover only <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4959ef4-a9f1-4ae3-8354-83e891ebea97\">2.6 months-worth<\/a>as of early April.<\/p>\n<p><strong>Background: <\/strong>The government has shifted its focus to local harvest to help plug the wheat shortage resulting from the Russia-Ukraine war. The government has said it plans to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4959ef4-a9f1-4ae3-8354-83e891ebea97\">spend around EGP 36 bn<\/a> to purchase 6 mn tons of wheat from local farmers \u2014 nearly double the 3.5 mn tons purchased last season \u2014 to replenish strategic reserves.<\/p>\n<p><strong>IN OTHER COMMODITIES NEWS-<\/strong><\/p>\n<p><strong>Our food exports rose<\/strong><strong> 5.8% y-o-y <\/strong><strong>to USD 1.05 bn in 1Q 2022<\/strong>, up from USD 996 mn in the same period last year, according to the <a href=\"https:\/\/www.facebook.com\/FoodExportCouncil\/posts\/pfbid0GNs9DxCULXitzDYsCawWFk1y98bizSm5m8ziEo2j66we2U6LH8hixbnZRDJi26eml\">latest figures<\/a> from the Food Export Council. Arab countries were the biggest buyers, accounting for more than half of food exports (USD 588 mn or 56%) during the quarter. EU countries came second in the list, with imports worth USD 169 mn (16%). Non-Arab African countries (7%) and the US (6%) were our next biggest customers.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546420\" 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=\"546420\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/\">\r\n                            E-commerce startup Teegara raises undisclosed bridge round                        <\/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\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/\" 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\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/')\">\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\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/\">\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=E-commerce startup Teegara raises undisclosed bridge round&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/\">\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\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/&title=E-commerce startup Teegara raises undisclosed bridge round\">\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=E-commerce+startup+Teegara+raises+undisclosed+bridge+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F16%2Fe-commerce-startup-teegara-raises-undisclosed-bridge-round%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\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/192.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546421\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/e-commerce-startup-teegara-raises-undisclosed-bridge-round\/192-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/192.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"192.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/192.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/192.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546420\" class=\"content-area-description single-story post-546420 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-e-commerce tag-efg-hermes tag-enterpriseam tag-fintech tag-paymes tag-paytabs tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>E-commerce startup <\/strong><strong><a href=\"https:\/\/teegara.com\/\">Teegara<\/a><\/strong><strong> has successfully closed a five-figure USD bridge <\/strong><strong>round <\/strong>led by <a href=\"https:\/\/www.alexandriaangels.com\/index.html\">Alexandria Angels Network<\/a>, with participation from new angel investors in Egypt, Saudi Arabia, Jordan and the Netherlands, CEO and co-founder Ahmed Kayyali told Enterprise.<\/p>\n<p><strong>What is Teegara? <\/strong>Teegara\u2019s B2B online marketplace connects merchants with vendors of household products and fast-moving consumer goods (FMCG), offering multiple payment methods and shipping options to streamline the buying process. It also extends credit and other financial services to small merchants through various partners, and expects to sign a fresh partnership agreement with super-app MNT-Halan by next week, Kayyali said.<\/p>\n<p><strong>Where the money\u2019s going:<\/strong> The round will be put towards Teegara\u2019s expansion plans, helping it add more verticals to its platform, hire sales and operations talent, and build its technical capabilities, according to a <a href=\"https:\/\/ent.news\/2022\/5\/Teegara-Press-Release-English.docx.pdf\">press release (pdf)<\/a> announcing the funding. Teegara last year closed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93a87bc4-9ab4-4c53-9309-96b40925e68f\">a five-figure pre-seed round<\/a> led by Alex Angels and angel investors from KSA, Egypt and the Netherlands.<\/p>\n<p><strong>Teegara is preparing to raise a seed round sometime during 2H 2022<\/strong>, when it hopes to raise funding to expand beyond Cairo and Giza to the Nile Delta and northern Upper Egypt over a six-month period, Kayyali said. The startup also wants to onboard 10k merchants by the end of the year, he said, without disclosing the number of merchants currently registered on the platform.<\/p>\n<p><strong>The startup will be looking at potentially expanding outside of Egypt starting 2024<\/strong>, when it expects to begin raising its pre-series A round, Kayyali told us.<\/p>\n<p><strong>IN <\/strong><strong>OTHER STARTUP NEWS-<\/strong><\/p>\n<p><strong><a href=\"https:\/\/site.paytabs.com\/en\/egypt\/\">PayTabs Egypt<\/a><\/strong><strong> lau<\/strong><strong>nches social commerce platform with Paymes:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35c26fd8-3d08-4193-8773-577ad79d6a31\">EFG Hermes<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35c26fd8-3d08-4193-8773-577ad79d6a31\">e-payments subsidiary PayTabs Egypt<\/a> is partnering with social commerce payment platform <a href=\"https:\/\/paym.es\/EN\/\">Paym<\/a><a href=\"https:\/\/paym.es\/EN\/\">es<\/a> to allow micro merchants in the MENA region to receive payments through social media platforms, the company announced in a <a href=\"https:\/\/ent.news\/2022\/5\/PayTabs-Paymes-PRL-English.docx.pdf\">statement (pdf)<\/a>. Paymes will serve as PayTabs Egypt\u2019s\u2019 social commerce platform. PayTabs has plans to launch in the UAE and Saudi Arabia soon, PayTabs CEO and founder Abdulaziz Al Jouf said in the statement.<\/p>\n<p><strong>The partnership:<\/strong> Paymes <a href=\"https:\/\/awoum.com\/paymes-merges-with-regional-payment-giant-paytabs\/\">said last month<\/a> that it is merging with PayTabs (not the Egypt arm in which EFG Hermes is a partner, but the parent company founded in Saudi Arabia), allowing its social commerce products to be offered to PayTabs\u2019 clients in the MENA region. Paymes\u2019 Turkey office will serve as the administrative center of PayTabs\u2019 Eurasian operations. Paymes\u2019 website now identifies itself as <a href=\"https:\/\/ent.news\/2022\/5\/PayTabs-Paymes.png\">\u201ca PayTabs company.\u201d<\/a><\/p>\n<p><strong>How will the new payment system work?<\/strong> Egypt-based micro merchants and freelancers will be able to offer their products or services through their digital Paymes store windows, while sellers can share secure payment links across social media platforms including Facebook, WhatsApp, and Instagram, according to the statement. The service targets the more than 14 mn existing freelancers, home-based business owners, consultants, food truck vendors, and gig workers in Egypt, the statement says.<\/p>\n<p><strong>PayTabs Egypt was recognized as the best e-payment solution in MENA <\/strong>at Entrepreneur Middle East\u2019s 2021 fintech <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/98463a1a-72a2-4662-9cf0-605542bd95f7\">awards<\/a>. The B2B payment powerhouse offers digital payment solutions including one-click payments and merchant solutions.<\/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\/e-commerce\/\">e-commerce<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/paymes\/\">Paymes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paytabs\/\">PayTabs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546422\" 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=\"546422\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/\">\r\n                            Earnings: Edita, ABK Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Earnings: Edita, ABK Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/&title=Earnings: Edita, ABK Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Earnings%3A+Edita%2C+ABK+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F16%2Fearnings-edita-abk-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/195.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546423\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/earnings-edita-abk-egypt\/195-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/195.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"195.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/195.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/195.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546422\" class=\"content-area-description single-story post-546422 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings tag-earnings-watch tag-edita tag-enterpriseam tag-food-and-beverage tag-nbk-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Edita Food Industries\u2019 net income rose 86% y-o-y in 1Q 2022 to EGP 148.1 mn<\/strong>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/5\/Edita-1Q2022-ER-E-FINAL.pdf\">latest earnings release (pdf)<\/a>. The company said that bottom line growth \u201creflected improved performance down the income statement\u201d, with revenues jumping 34% y-o-y to EGP 1.56 bn, backed by strong performance by all six segments.<\/p>\n<p><strong>Driving revenue growth:<\/strong> The company's cake and bakery segments were the biggest contributors, accounting for almost 75% of the company\u2019s revenue for the quarter. Wafer revenues, which accounted for 16% of the company\u2019s top line, grew 61% y-o-y. Meanwhile, revenues from the biscuits segment grew 62% on 1Q 2021.<\/p>\n<p><strong>The snack foods\u2019 maker\u2019s new <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5021b9f-77d7-4bec-b370-92a0cd7e0f83\">facility in Morocco<\/a><\/strong><strong> began generating revenues in 1Q<\/strong>, bringing in EGP 20.5 mn during the quarter, the statement said.<\/p>\n<p><strong>IN OTHER EARNINGS-<\/strong><\/p>\n<p><strong>Al Ahli Bank Kuwait Egypt reported net income of<\/strong><strong> EGP 551 mn in 1Q 2022<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/5\/%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D8%A7%D9%94%D9%87%D9%84%D9%8A-%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA%D9%8A-%E2%80%93-%D9%85%D8%B5%D8%B1-%D9%8A%D8%AD%D9%82%D9%82-551-%D9%85%D9%84%D9%8A%D9%88%D9%86-%D8%AC%D9%86%D9%8A%D9%87-%D8%B5%D8%A7%D9%81%D9%8A-%D8%A7%D9%94%D8%B1%D8%A8%D8%A7%D8%AD-%D8%AE%D9%84%D8%A7%D9%84-%D8%A7%D9%84%D8%B1%D8%A8%D8%B9-%D8%A7%D9%84%D8%A7%D9%94%D9%88%D9%84-%D9%85%D9%86-2022.pdf\">a statement (pdf)<\/a>. The bank also reported a 23% rise in net interest income to EGP 603 mn in the first three months of the year.<\/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\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-and-beverage\/\">food and beverage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nbk-egypt\/\">NBK 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=\"546424\" 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=\"546424\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/karmsolar-appoints-new-cfo\/\">\r\n                            KarmSolar appoints new CFO                        <\/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\/16\/karmsolar-appoints-new-cfo\/\" 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\/16\/karmsolar-appoints-new-cfo\/')\">\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\/16\/karmsolar-appoints-new-cfo\/\">\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=KarmSolar appoints new CFO&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/karmsolar-appoints-new-cfo\/\">\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\/16\/karmsolar-appoints-new-cfo\/&title=KarmSolar appoints new CFO\">\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=KarmSolar+appoints+new+CFO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F16%2Fkarmsolar-appoints-new-cfo%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\/16\/karmsolar-appoints-new-cfo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546424\" class=\"content-area-description single-story post-546424 post type-post status-publish format-standard hentry category-moves tag-amr-nosseir tag-clayton-dubilier-rice tag-cvc-capital-partners tag-energy tag-enterpriseam tag-investment-watch tag-karmsolar tag-moves tag-nabil-kammoun tag-private-equity tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Egyptian solar player <strong>KarmSolar<\/strong> has appointed <strong>Nabil Kammoun<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/nabil-kammoun\/\">LinkedIn<\/a>) as its new <strong>chief financial officer<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/5\/Press-Release-KarmSolar-Strengthens-Executive-Team-with-CFO-Appointment.pdf\">press release (pdf)<\/a>. With almost two decades of experience in the energy sector, Kammoun joins the firm after spending 10 years at Baker Hughes, where he served as a finance director for various divisions covering Europe, North Africa, MENATI (MENA + Turkey and India)and Africa.<\/p>\n<p>US private equity firm <strong>Clayton, Dubilier & Rice (CD&R)<\/strong> has appointed <strong>Amr Nosseir<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/amrnosseir\/\">LinkedIn<\/a>) as <strong>a senior advisor<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/5\/220512-CDR-Appoints-Amr-Nosseir-to-work-with-investors-in-the-Middle-East-English.pdf\">press release (pdf)<\/a>. Nosseir, who has 30 years of experience working with investors in the Middle East, will \u201cfocus on reinforcing ties with existing limited partners and establishing new, trust-based relationships with investing organizations and families,\u201d the statement said, under CD&R\u2019s plan to expand relationships with investors in the region. He joins the firm from CVC Capital Partners, where he served as the chairman and managing director of its Middle East division.<\/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\/amr-nosseir\/\">Amr Nosseir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/clayton-dubilier-rice\/\">Clayton Dubilier &amp; Rice<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cvc-capital-partners\/\">CVC Capital Partners<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karmsolar\/\">KarmSolar<\/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\/nabil-kammoun\/\">Nabil Kammoun<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546425\" 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=\"546425\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/546425\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546425\" class=\"content-area-description single-story post-546425 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\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=\"546426\" 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=\"546426\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/madbouly-presser-on-economy-dominates-the-talk-shows\/\">\r\n                            Madbouly presser on economy dominates the talk shows                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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<\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546426\" class=\"content-area-description single-story post-546426 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-economy tag-enterpriseam tag-hala-el-said tag-imf tag-last-nights-talk-shows tag-moustafa-madbouly tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Prime Minister Moustafa Madbouly\u2019s epic presser yesterday was all over the <\/strong><strong>airwaves last night:<\/strong> Business leaders gave their reactions to the state\u2019s strategy to raise private investment and sell-off state assets (covered in depth in this morning\u2019s news well, above), while Planning Minister Hala El Said appeared to answer questions on the plans. Kelma Akhira\u2019s Lamees El Hadidi led the coverage, calling the announcement a \u201cdramatic strategic shift\u201d in the country\u2019s economic policies towards the private sector (<a href=\"https:\/\/www.youtube.com\/watch?v=Flcb9MVKm-I\">watch, runtime: 20:09<\/a>).<\/p>\n<p><strong>BUSINESS REAX: The overall sentiment among industry leaders last night was positive. <\/strong>Mohamed El Sewedy, head of the Federation of Egyptian Industries (FEI), told Kelma Akhira\u2019s Lamees El Hadidi that the plan is an \u201cimportant first step and the beginning of self accountability\u201d (<a href=\"https:\/\/www.youtube.com\/watch?v=xoXPBBBJt-o\">watch, runtime: 12:04<\/a>). Mohamed El Damaty, vice chairman of cheese maker Domty, also shared his optimism over the state\u2019s ambitious privatization targets with El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=jAdUpTxzrbY\">watch, runtime: 7:00<\/a>), while Sherif El Gebaly, the chairman of the Egyptian Chamber of Chemical Industries, praised the measures to support industry (<a href=\"https:\/\/www.youtube.com\/watch?v=UNtkmWzAF3w\">watch, runtime: 8:08<\/a>).<\/p>\n<p><strong>But questions of implementation abound:<\/strong> Elsewedy said that implementing all the measures will prove a \u201cchallenge\u201d while El Gebaly wondered how achievable the government\u2019s export targets are. The goal to raise exports to USD 100 bn a year in the next four years is \u201cnot easy, yet not impossible,\u201d he said, calling for \u201cout of the box\u201d ideas such as establishing Egyptian companies in African nations and overseas logistics centers (<a href=\"https:\/\/www.youtube.com\/watch?v=XwLokDEatac\">watch, runtime: 1:49<\/a>).<\/p>\n<p><strong>A WORD FROM THE PLANNING MINISTER: <\/strong>The government wanted to say that \u201cit\u2019s open to the private sector\u201d through the plan, Planning Minister Hala El Said told El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=e1v_0D7Zuww\">watch, runtime: 9:42<\/a>). She responded to worries by key industry players on implementation, saying that the government has worked with the private sector to outline details on the plan through working groups. \u201cMost details have been finalized, with only 20-25% of details left,\u201d she said.<\/p>\n<p><strong>We\u2019ll have more details in a few weeks:<\/strong> A state ownership policy document that makes clear where the private sector will be welcomed will be issued \u201cin the next few weeks\u201d, El Said said. The document would provide clear guidelines on which projects would be handled by the private sector, the public sector, or both, she said. Vital sectors \u201cthat directly affect citizens\u201d would still be handled by the state solely, she said.<\/p>\n<p><strong>On the status of IMF talks:<\/strong> We still don\u2019t have a figure for the assistance we\u2019re seeking for the IMF, El Said said, refuting that outlining a plan to include the private sector came upon a request by the Fund in exchange of aid. A new structural reform program, which aims to diversify the economy to protect against external shocks, came way before talks with the IMF, she said.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said\/\">Hala El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546427\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-9huq7ge\" data-v=\"4\" data-block-id=\"9huq7ge\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-9huq7ge-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-9huq7ge-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n             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class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-x1yfm5i\" data-v=\"4\" data-block-id=\"x1yfm5i\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-x1yfm5i-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-x1yfm5i-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button 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0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546428\" 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=\"546428\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/\">\r\n                            Aramco reports record quarter profits on higher oil prices                        <\/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\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/\" 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=Aramco+reports+record+quarter+profits+on+higher+oil+prices+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F16%2Faramco-reports-record-quarter-profits-on-higher-oil-prices%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\/16\/aramco-reports-record-quarter-profits-on-higher-oil-prices\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546428\" class=\"content-area-description single-story post-546428 post type-post status-publish format-standard hentry category-planet-finance tag-aramco tag-earnings tag-energy tag-enterpriseam tag-financial-markets tag-oil-and-gas tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Saudi Aramco reported record net income in 1Q 2022<\/strong>, on the back of surging oil prices and rising demand, the company announced in its latest <a href=\"https:\/\/ent.news\/2022\/5\/saudi-aramco-q1-2022-results-press-release-english.pdf\">earnings release (pdf)<\/a>. The oil giant\u2019s bottom line rose 82% during the quarter to a record USD 39.5 bn, which it attributed to higher crude prices, larger volumes, and improved downstream margins. The company will pay out USD 18.8 bn in dividends for the quarter, and will also distribute one bonus share per every 10 shares. Brent crude surged to its highest in over a decade in March, and is currently trading at USD 111.5 a barrel, nearly two-thirds higher than its price during the same period last year.<\/p><p><strong>Aramco &gt; Apple:<\/strong> The results come a few days after the company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5eedcc6-e6ae-425a-b3a3-1a7595dd4239\">overtook Apple<\/a> to become the world\u2019s most valuable company by market cap. Buoyed by the volatility in the energy markets, Aramco shares have risen to record highs in recent weeks at the same time as Apple has come under pressure from the heavy sell-off in tech stocks in the US.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,534<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -11.8%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.25<\/p>\n<\/td>\n<td>\n<p>Sell 18.34<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.27<\/p>\n<\/td>\n<td>\n<p>Sell 18.34<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,149<\/p>\n<\/td>\n<td>\n<p>+2.5% (YTD: +16.6%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,493<\/p>\n<\/td>\n<td>\n<p>+2.9% (YTD: +11.8%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,419<\/p>\n<\/td>\n<td>\n<p>+2.8% (YTD: +7.0%)<\/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>4,024<\/p>\n<\/td>\n<td>\n<p>+2.4% (YTD: -15.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,418<\/p>\n<\/td>\n<td>\n<p>+2.6% (YTD: +0.5%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,703<\/p>\n<\/td>\n<td>\n<p>+2.5% (YTD: -13.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 111.55<\/p>\n<\/td>\n<td>\n<p>+3.8%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 7.66<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,808.20<\/p>\n<\/td>\n<td>\n<p>-0.9%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 30,990<\/p>\n<\/td>\n<td>\n<p>+4.6% (YTD: -32.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.4% at yesterday\u2019s close<\/strong> on turnover of EGP 733 mn (15.5% below the 90-day average). Foreign investors were net buyers. The index is down 11.8% YTD.<\/p><p><strong>In the green: <\/strong>CIRA (+2.0%), Cleopatra Hospitals (+1.7%) and Eastern Company (+1.3%).<\/p><p><strong>In the red: <\/strong>Ibnsina Pharma (-4.6%), EFG Hermes (-4.4%) and Credit Agricole Egypt (-3.5%).<\/p><p><strong>It was a mixed open in the Asian markets this morning<\/strong>, after fresh data from China underscored the negative impact the country\u2019s covid-19 lockdowns are having on the economy. Shares in China were in the red and exchanges elsewhere were marginally in the green after retail figures showed that sales <a href=\"https:\/\/www.cnbc.com\/2022\/05\/16\/china-economy-covid-lockdowns-weigh-on-retail-industrial-production-data.html\">fell 11% in April<\/a>.<\/p><p><strong>Stock futures suggest that US and European shares will fall<\/strong> when markets open later today.<\/p><p><strong>CORRECTION-<\/strong> We incorrectly reported in yesterday\u2019s EnterprisePM that Credit Agricole Egypt\u2019s net income fell 69% in the first quarter of 2022. In fact, the bank saw its bottom line rise 30% during the period. The story has since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8061093b-c353-4e86-b4a4-f0f530e4d663\">been updated on our website<\/a>. We regret the error.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546429\" 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=\"546429\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/lebanon-holds-first-parliamentary-elections-since-2018\/\">\r\n                            Lebanon holds first parliamentary elections since 2018                        <\/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\/16\/lebanon-holds-first-parliamentary-elections-since-2018\/\" 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\/16\/lebanon-holds-first-parliamentary-elections-since-2018\/')\">\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\/16\/lebanon-holds-first-parliamentary-elections-since-2018\/\">\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=Lebanon holds first parliamentary elections since 2018&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/16\/lebanon-holds-first-parliamentary-elections-since-2018\/\">\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\/16\/lebanon-holds-first-parliamentary-elections-since-2018\/&title=Lebanon holds first parliamentary elections since 2018\">\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=Lebanon+holds+first+parliamentary+elections+since+2018+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F16%2Flebanon-holds-first-parliamentary-elections-since-2018%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\/16\/lebanon-holds-first-parliamentary-elections-since-2018\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546429\" class=\"content-area-description single-story post-546429 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-china tag-covid-19 tag-enterpriseam tag-lebanon tag-politics tag-tunisia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Lebanon elections:<\/strong> The full tally is yet to come in from yesterday\u2019s parliamentary elections in Lebanon, the country\u2019s first since 2018, but preliminary results indicate that the Iran-aligned Shiite party Hezbollah has lost seats, while the Saudi-backed Lebanese Forces say they have made gains. (<a href=\"https:\/\/www.reuters.com\/article\/us-lebanon-election\/lebanon-vote-brings-blow-for-hezbollah-allies-in-preliminary-results-idUSKCN2N2039\">R<\/a><a href=\"https:\/\/www.reuters.com\/article\/us-lebanon-election\/lebanon-vote-brings-blow-for-hezbollah-allies-in-preliminary-results-idUSKCN2N2039\">euters<\/a>)<\/p>\n<p><strong>Mass protests in Tunisia:<\/strong> Thousands of Tunisians took to the streets of the capital Tunis yesterday to call for democracy to be restored. (<a href=\"https:\/\/www.reuters.com\/world\/africa\/thousands-tunisia-protest-against-president-demand-democratic-return-2022-05-15\/\">Reuters<\/a>)<\/p>\n<p><strong>Shanghai lockdown endgame?<\/strong> Shanghai officials have outlined plans to gradually loosen covid-19 restrictions, allowing businesses to partially reopen starting today as daily reported infections continue to fall, according to the <a href=\"https:\/\/www.wsj.com\/articles\/shanghai-lays-out-covid-19-reopening-plan-as-china-cancels-2023-soccer-tournament-11652619639?mod=hp_listb_pos1\">Wall Street Journal<\/a>. A harsh lockdown in place since the end of March has kept some 25 mn people confined to their homes, shuttering most businesses in one of the region\u2019s most important financial and commercial hubs.<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/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\/tunisia\/\">Tunisia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"546430\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/breaking-down-the-governments-education-spending-plans-in-fy-2022-2023\/\">\r\n                            Breaking down the government\u2019s education spending plans in FY 2022-2023<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/breaking-down-the-governments-education-spending-plans-in-fy-2022-2023\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Education accounts for 26.8% of the nearly 2.1 tn planned for spending next year, with some EGP 555.6 mn earmarked for investments and expenditure in education, higher education, and academic research \u2014 up nearly 22.8% from the current fiscal year. Whereas the FY2021-2022 investment budget was marked by a push for tech universities, this year sees the government putting more focus on plugging teacher and classroom shortages and developing school infrastructure.<\/p>\n<p><strong>Remember: This is a crisis budget: <\/strong>Prime Minister Moustafa Madbouly had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69470760-13ca-4936-83f2-59c11fea41f7\">directed<\/a> the Finance Ministry in March to \u201creassess priorities\u201d for the FY 2022-2023 budget as rising global commodity prices on the back of the war in Ukraine began to do economic damage. The war also threatens a key hard currency earner: Prior to the invasion, Russian and Ukrainians together accounted for nearly a third of our inbound tourism market.<\/p>\n<p><strong>The big-picture breakdown: <\/strong>K12 education gets EGP 317 bn of the total budget allocation for education, which is equivalent to 15.3% of the entire budget. Higher education gets EGP 159.2 bn \u2014 around 7.7% of the state\u2019s total spending \u2014 while EGP 79.3 bn is dedicated to scientific research, accounting for almost 4% of the entire budget, and marking a c.24% y-o-y increase from the current fiscal year.<\/p>\n<p><strong>The boost in scientific research is notable: <\/strong>A big hindrance for our research landscape has been a lack of funding, as we\u2019ve <a href=\"https:\/\/enterprise.press\/blackboards\/bottlenecks-academia-hindering-scientific-breakthroughs-egypt\/\">reported<\/a> earlier this year. Next year\u2019s boost could mean more potential for the country\u2019s academic researchers to shine, and <a href=\"https:\/\/enterprise.press\/blackboards\/new-qs-2022-arab-university-rankings-show-egypt-continuing-to-make-strides\/\">higher global rankings<\/a> for our universities.<\/p>\n<p><strong>A portion of the investment in K12 education is dedicated towards affordable schooling: <\/strong>Some EGP 5.2 bn are earmarked for schools targeting the middle-income segment. Those include <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28c605aa-e83b-41f8-a16b-4835b7b90e68\">Japanese schools<\/a>, <a href=\"https:\/\/nes.moe.gov.eg\/\">Nile Egyptian Schools<\/a>, <a href=\"https:\/\/www.stemegypt.net\/\">STEM Schools<\/a>, and 20 new applied technology schools. The common denominator between the three categories? The target market is the middle-income segment, and the goal is to alleviate the pressure on families resulting from rising global prices and inflation \u2014 which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90445785-790f-414d-9173-3ff001e16ed4\">reached near a three-year high<\/a> in April \u2014 as well as building skill sets that meet the labor market\u2019s needs.<\/p>\n<p><strong>Another goes towards plugging shortages, starting with classrooms\u2026:<\/strong> Some EGP 4.5 bn are earmarked for building 25k classrooms, up 40% from the investments earmarked for classrooms in the current fiscal year. Education Minister Tarek Shawki has said that Egypt\u2019s classroom shortage currently stands at over 300k classrooms across the country. The average number of students in each classroom is 49, according to <a href=\"https:\/\/ent.news\/2021\/11\/tot_indicator_pub_prv_FINAL_2019_2020.pdf\">statistics (pdf)<\/a> published by the Education Ministry in the last academic year.<\/p>\n<p><strong>\u2026and teachers: <\/strong>Another EGP 1.8 bn will go towards plugging the teacher shortage, with a plan to hire some 30k teachers over the next fiscal year. Government schools have been facing a substantial shortage of teachers, which Shawki has put at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ddf45257-87db-488f-a6de-7d09073e61d8\">as many as 250k<\/a>. In a bid to plug the shortfall, the government will hire an additional 30k teachers annually for the next five years.<\/p>\n<p><strong>REFRESHER- Why is there a shortage in the first place? <\/strong>Egypt\u2019s K-12 teachers generally face a host of challenges, <a href=\"https:\/\/files.eric.ed.gov\/fulltext\/EJ1220132.pdf\">including (pdf)<\/a> low salaries and a lack of necessary qualifications. Teacher training is especially challenging, as the education system <a href=\"https:\/\/www.globalcommonsreview.org\/article-10-comparative-education-in-egypt-looking-outward-to-find-power-and-promise-within.html\">often values academic prestige over the practical skills<\/a> that would help teachers become better educators.<\/p>\n<p><strong>One of these issues is addressed in next year\u2019s budget: <\/strong>The budget ups the allocation for wages of education and health workers by EGP 43 bn compared to the current fiscal year, with EGP 127.7 bn earmarked for wages, bonuses and compensation for workers. This comes as the government decided to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c951a22a-6c5e-4d8a-bc92-94fb0928d696\">increase<\/a> the monthly minimum wage for state employees across all salary bands by EGP 300, bringing the public-sector overall minimum wage to EGP 2.7k <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/15ca039b-985a-4ced-840e-eb179ca167b2\">as of 1 July<\/a>. The new minimum wage hike came as part of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ceb5bda1-ad6f-430f-a671-635f63087c90\">a basket of measures<\/a> announced in January to give incentives to public workers, including extending annual 7% bonuses <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d15c184c-b6a0-4eda-afd1-3d0695707906\">first brought in<\/a> last year, and hikes to pensions.<\/p>\n<p><strong>School infrastructure improvements also got a boost in the budget:<\/strong> Some EGP 324 mn is earmarked for expanding smart classrooms and providing smart boards to schools, with another equal amount earmarked for classrooms in applied tech schools. Another EGP 700 mn has been earmarked for the ongoing implementation of Education 2.0, a sweeping reform <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/29\/cairo-university-youth-conference-focuses-on-education\/\">announced in 2018<\/a> that is set to cost some USD 2 bn and should be fully implemented by 2030, in line with the government\u2019s broader development plan, <a href=\"http:\/\/sdsegypt2030.com\/?lang=en\">Egypt Vision 2030<\/a>. Meanwhile, procuring services and consumables for education will cost the government EGP 15.8 bn.<\/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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/labor\/\">labor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546432\" 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\/16\/546432\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546432\" class=\"content-area-description single-story post-546432 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>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>16-19 May (Monday-Thursda): HC Brokerage and Avior Capital Markets virtual conference investor conference.<\/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>23 May (Monday): Lynx Strategic Business Advisors are hosting a <a href=\"https:\/\/us06web.zoom.us\/webinar\/register\/WN_inx2czHRSL-yHqfPUINunw\">webinar titled \u201cIntroducing Egypt's New E-Receipt System.\u201d<\/a><\/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>May: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0tVd7vrVPiU1s4stMEz9YPim2puqtZxge29MGM49x8JBSycpYkwUwAKhAyHpdmdcnl?_rdc=2&_rdr\">to sign contracts for<\/a> second and third high-speed rail lines with Siemens by the end of the month.<\/p>\n<p>May: Government to announce its automotive strategy by the end of the month.<\/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>26\u201327 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/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\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":546407,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546406","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"31777a0e-ba6c-43de-a15e-9ac082c4400a","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/16.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Madbouly announces plans to privatize state assets + boost private investment - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Madbouly announces plans to privatize state assets + boost private investment\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:26:40+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/16.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/madbouly-announces-plans-to-privatize-state-assets-boost-private-investment\/\",\"name\":\"Madbouly announces plans to privatize state assets + boost private investment - 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