{"id":546443,"date":"2022-05-17T04:00:52","date_gmt":"2022-05-17T04:00:52","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546443"},"modified":"2025-12-15T21:27:31","modified_gmt":"2025-12-15T21:27:31","slug":"pm-on-message-about-private-sector-and-the-economy-as-egypt-rolls-out-welcome-mat-for-green-tech-delegation","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/pm-on-message-about-private-sector-and-the-economy-as-egypt-rolls-out-welcome-mat-for-green-tech-delegation\/","title":{"rendered":"PM on-message about private sector and the economy as Egypt rolls out welcome mat for green tech delegation"},"content":{"rendered":"<section id=\"546445\" 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=\"546445\">\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\/17\/this-morning-the-latest-from-greentech-new-green-susdev-bond-sales-coming-next-year\/\">\r\n                            THIS MORNING: The latest from GreenTech; New green, susdev bond sales coming next year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/this-morning-the-latest-from-greentech-new-green-susdev-bond-sales-coming-next-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/this-morning-the-latest-from-greentech-new-green-susdev-bond-sales-coming-next-year\/')\">\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\/17\/this-morning-the-latest-from-greentech-new-green-susdev-bond-sales-coming-next-year\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: The latest from GreenTech; New green, susdev bond sales coming next year&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/this-morning-the-latest-from-greentech-new-green-susdev-bond-sales-coming-next-year\/\">\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\/17\/this-morning-the-latest-from-greentech-new-green-susdev-bond-sales-coming-next-year\/&title=THIS MORNING: The latest from GreenTech; New green, susdev bond sales coming next year\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+The+latest+from+GreenTech%3B+New+green%2C+susdev+bond+sales+coming+next+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F17%2Fthis-morning-the-latest-from-greentech-new-green-susdev-bond-sales-coming-next-year%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\/17\/this-morning-the-latest-from-greentech-new-green-susdev-bond-sales-coming-next-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546445\" class=\"content-area-description single-story post-546445 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-banking tag-debt tag-elon-musk tag-energy tag-enterpriseam tag-eu tag-finland tag-goldman-sachs tag-green-bonds tag-green-economy tag-greentech tag-moustafa-madbouly tag-nato tag-russia tag-social-media tag-susdev-bonds tag-sweden tag-twitter tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends. It is hump day, and your reward is another flood of news<\/strong>, so let\u2019s jump right in:<\/p><p><strong>THE BIG STORY here at home: The Madbouly government used a visit by a group of US <\/strong><strong>green tech companies to continue beating the drum about its openness to private investment. <\/strong>It was Prime Minister Moustafa Madbouly\u2019s first meeting with the domestic and international business community since his landmark speech on Sunday.<\/p><p><strong>As you\u2019d expect at a green tech event, Madbouly emphasized our future as a regional <\/strong><strong>hub for green energy<\/strong> and drew a line under his government\u2019s interest in seeing growth in exports of both technologies and services. Attracting private investment in <strong>EVs, green hydrogen and carbon capture<\/strong> are at the top of his cabinet\u2019s agenda, he said. Egypt has in recent weeks signed MoUs with international players covering some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eee36486-1f7c-4403-bb96-7b6160f927d3\">USD 10 bn worth of investment<\/a> in green hydrogen and green ammonia.<\/p><p><strong>The PM was on message yesterday: <\/strong>Madbouly drew a line under his <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">government\u2019s push<\/a> to make it easier for the private sector to invest and do business in Egypt through new incentives, the sale of state assets, and regulatory reforms. Speaking with business leaders yesterday, <strong>he highlighted priority areas including energy, technology and tourism<\/strong>, among others.<\/p><p><strong>Sentiment among those present yesterday (Egyptian and American alike) was positive.<\/strong> Many we spoke with emphasized that the greening of Egypt will help solve many of the country\u2019s economic and environmental challenges. The <a href=\"https:\/\/www.amcham.org.eg\/events-activities\/missions\/us-business-missions-to-egypt\/36\/May-2022\/222\/about-the-mission\">US green tech trade mission<\/a> was organized by our friends at AmCham and the US Chamber of Commerce.<\/p><p><strong>The US delegation seemed receptive to the message: <\/strong>Among those the bulls on green tech here was US International Development Finance Corporation (DFC) Chief Climate Officer Jake Levine, who said the DFC has made its first equity investment in Egypt with a USD 25 mn ticket for a USD 250 mn fund that invests in local SMEs.<\/p><p><strong>Egyptian startups are impressing on the global stage:<\/strong> Levine name dropped <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ebabfac3-5776-44ff-a69d-0351d5e169ba\">our friends at<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ebabfac3-5776-44ff-a69d-0351d5e169ba\">Shift EV<\/a> as well as Breadfast and ECOnsult as examples of companies that support the green economy outside of pure energy investments.<\/p><p><strong>** The meetings continue today for their third and final day.<\/strong><\/p><hr class=\"grey-line\"><p><strong>THE ENDORSEMENT- Comida by Ken returns to Cairo today<\/strong> for its second season built around a six-course seasonal menu. Dates start today and run through June right here in the People\u2019s Democratic Republic of Maadi. The Dubai-born concept is a great way to plan a night out with friends, and they\u2019re open to group bookings for 8-12 seats. <a href=\"https:\/\/www.instagram.com\/comidabyken\">Check them out on IG<\/a> or get <a href=\"https:\/\/www.comidabyken.me\/shop\/spring-summer-2022-supperclub-season\/\">more information on the interwebs<\/a>.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>It\u2019s day five of the PSA world squash championships<\/strong> at SODIC\u2019s Club S Allegria and at the National Museum of Egyptian Civilization. The championship, which is sponsored by CIB, has USD 550k at stake for each of the men\u2019s and women\u2019s categories, making this the <a href=\"https:\/\/psaworldtour.com\/news\/view\/9891\/record-prize-money-on-offer-at-2021-22-psa-world-championships\">biggest purse on record<\/a> for a squash tourney.<\/p><p><strong>The quick highlight reel so far:<\/strong> Women\u2019s world No. 1 and top seed Nouran Gohar kicked off the championship on Friday by beating France\u2019s Enora Villard, and continued to dominate on Sunday as she downed compatriot Farida Mohamed. World No. 2 and defending champion Nour El Sherbini <a href=\"https:\/\/psaworldtour.com\/news\/view\/9999\/psa-world-champs-day-four-glass-court-player-reaction\">\u201crecovered from an uncomfortable start\u201d<\/a> to beat wildcard Kenzy Ayman yesterday. Over in the men\u2019s category, New Zealand\u2019s Paul Coll (who is currently the world No. 1) beat India\u2019s Mahesh Mangaonkar in Friday\u2019s opening match, while defending champion Ali Farag also came out on top against Mexico\u2019s Leonel Cardenas on Saturday. You can keep pace with the full results <a href=\"https:\/\/psaworldtour.com\/results?week=2022-05-09\">on the PSA website here<\/a>.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>WATCH THIS SPACE- The Madbouly government could issue <\/strong><strong>green and <\/strong><strong>sustainable development bonds worth around USD 500 mn apiece next fiscal year<\/strong><strong>,<\/strong> Vice Minister of Finance Ahmed Kouchouk told <a href=\"https:\/\/bit.ly\/3FTR8p3\">CNBC Arabia<\/a> in a televised interview yesterday. The Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/11eb3081-75f6-433f-b7b0-62d2c029fe7a\">in January signaled<\/a> that it is looking to take to the green bond market for a second time with another USD 750 mn issuance, matching the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d1b54d5-5efa-41c9-ac8b-728b105b2ef0\">2020 issuance<\/a> that saw Egypt debut sovereign green bonds in the MENA region.<\/p><p><strong>SOUND SMART- What are these \u201csusdev bonds\u201d of which you speak? <\/strong>Cabinet last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/929b9845-3f9b-4f01-ad04-7bce69d6821f\">approved a plan<\/a> by the Finance Ministry to broaden its green financing framework to include sustainable development bonds, allowing the state to raise money for a wider array of social and environmental projects <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/199e5d40-1615-47e9-8990-e93f1ab1a9aa\">including the Decent Life initiative<\/a>.<\/p><p><strong>SIGN OF THE TIMES- Goldman Sachs is allowing its senior bankers to take as <\/strong><strong>much time off as they need<\/strong> through a flexible vacation scheme coming into effect this month, the <a href=\"https:\/\/www.ft.com\/content\/d3787365-aba4-4002-b564-6c14e7f3c350\">Financial Times<\/a> reports. Employees at all levels will be required to spend at least three weeks away from work annually starting next year, including at least one full week of consecutive days off. Goldman\u2019s work environment came under the microscope last year when a group of employees <a href=\"https:\/\/www.theguardian.com\/business\/2021\/mar\/18\/group-of-junior-bankers-at-goldman-sachs-claim-inhumane-work-conditions\">said<\/a> they were working in \u201cinhumane\u201d conditions and clocking in extremely long hours.<\/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>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Sweden + Finland Nato membership may not raise tensions as much as we <\/strong><strong>thought:<\/strong> Russian President Vladimir Putin said yesterday that he would have \u201cno problems\u201d if the military alliance expanded to include the two Scandinavian countries, and that they would pose \u201cno direct threat\u201d to Russia, the <a href=\"https:\/\/www.ft.com\/content\/b3f29756-06e1-443d-8364-bd98c7cd19d4\">Financial Times<\/a> reports.<\/p><p><strong>But\u2026<\/strong> Any attempt to station Nato weaponry and military forces in either of the two countries would \u201cprovoke a response,\u201d he added.<\/p><p><strong>Moscow\u2019s war in Ukraine might be turning into a military \/ strategic debacle, but it seems to be coming out <\/strong><strong>on top in its energy stand-off with the EU:<\/strong><\/p><ul>\n<li><strong>The EU appears to be watering down its sanctions to keep the gas flowing:<\/strong> The EU has given European companies the green light to open accounts at Gazprombank and pay up in RUB, a move that will allow Moscow to circumvent sanctions. Moscow has threatened to cut gas supplies to the continent unless it is paid in local currency. As of last week, <a href=\"https:\/\/www.businessinsider.com\/russian-gas-energy-gazprombank-rubles-putin-currency-sanction-europe-eu-2022-5?r=US&amp;IR=T\">20 buyers had opened accounts<\/a> in Russia and sources indicated yesterday that Eni will join them this week.<\/li>\n<li><strong>The bloc\u2019s oil embargo looks dead in the water<\/strong> after foreign ministers failed to convince Hungary to stop importing Russian crude. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/one-country-holding-eu-hostage-russian-oil-embargo-lithuania-says-2022-05-16\/\">Reuters<\/a>)<\/li>\n<\/ul><p><strong>More Musk-Twitter drama: <\/strong>Elon Musk suggested yesterday that he might try to renegotiate his USD 44 bn takeover of Twitter over concerns about the number of bots on the platform. A lower price is \u201cnot out of the question,\u201d the tech bn\u2019aire told a tech conference in Miami yesterday, causing Twitter\u2019s shares to fall 8.2% by the end of trading. This comes a few days after he threatened to walk away from the acquisition unless the company comes clean on the volume of spam accounts. Musk argues that fake accounts make up at least 20% of the social media platform\u2019s users, while Twitter CEO Parag Agrawal says the figure is below 5%. (<a href=\"https:\/\/www.ft.com\/content\/2baac8e5-48ce-4aa3-a908-0ee2d5693c84\">FT<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-16\/musk-says-twitter-bots-likely-account-for-at-least-20-of-users?sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/markets\/deals\/twitter-spam-accounts-last-four-quarter-well-under-5-ceo-2022-05-16\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/elon-musk-spacex-technology-65a22903d2d7ef40b1e475caf8e23419\">AP<\/a>)<\/p><div class=\"stand-out\">\n<p><strong>***<\/strong><\/p>\n<p><strong>WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new <\/strong><strong>things<\/strong>. Today, we run two daily publications, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications<\/strong>. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of 200k readers by telling stories that matter.<\/p>\n<p>We\u2019re looking for <strong>editors<\/strong> who want to run publications and teams, editors to help reporters craft stories and talented <strong>reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to jobs@enterprisemea.com and mention Patrick in your subject line.<\/strong><\/p>\n<p><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a> It\u2019s worth it \u2014 trust us.<\/p>\n<p><strong>***<\/strong><\/p>\n<\/div><p><strong>CIRCLE YOUR CALENDAR-<\/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>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 tomorrow (Wednesday, 18 May) from 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\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>IN TODAY\u2019S ISSUE<\/strong><strong>: <\/strong>We sat down on the sidelines of a visit by a delegation of US green tech companies to speak with <strong>PepsiCo global Chief Sustainability Officer Jim Andrew<\/strong> on how the company is integrating sustainable practices into its core operations here and abroad.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finland\/\">Finland<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/a>\n                <!-- 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<!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546446\" 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=\"546446\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/546446\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546446\" class=\"content-area-description single-story post-546446 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\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=\"546447\" 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=\"546447\">\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\/17\/govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march\/\">\r\n                            Gov\u2019t lowers economic growth target for next fiscal year Plus: Remittances were up again in March                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The government was predicting 5.5% growth in the coming fiscal year as recently as last week, when it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">published its draft budget<\/a>.<\/p>\n<p><strong>Russia\u2019s war in Ukraine has already caused the government to temper its forecast<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69470760-13ca-4936-83f2-59c11fea41f7\">trimming its outlook in March<\/a> from its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/79d7e611-1ab6-488a-a236-2fc863fa1576\">5.7% target<\/a> announced at the beginning of the year. Russia\u2019s invasion of Ukraine has caused global commodity prices to soar and volatility in financial markets, threatening to undermine the economy and putting pressure on the balance of payments.<\/p>\n<p><strong>This is beneath the IMF\u2019s most recent appraisal:<\/strong> In April, the Fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/773b32f1-c37f-45ca-8845-65d05411a210\">forecast 5.0% growth<\/a> in 2022-2023, down slightly from 5.6% previously.<\/p>\n<p><strong>IN OTHER ECONOMY NEWS- <\/strong><\/p>\n<p><strong>Remittances from Egypti<\/strong><strong>ans abroad <\/strong><strong>rose <\/strong><strong>2%<\/strong><strong> in 3Q 2021-2022 to <\/strong><strong>USD 8 bn<\/strong>, according to Enterprise calculations based on new <a href=\"https:\/\/ent.news\/2022\/5\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%AD%D9%81%D9%89-%D8%A8%D8%B4%D8%A7%D9%86-%D8%AA%D8%AD%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D9%85%D8%A7%D8%B1%D8%B3-2022.pdf\">central bank figures (pdf)<\/a> released yesterday. Inflows over the first nine months of the year reached USD 23.6 bn, up 1% from the same period a year earlier.<\/p>\n<p><strong>This puts us <\/strong><strong>on track to at least match last fiscal year\u2019s record<\/strong><strong>:<\/strong> Inflows reached a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/508c54b6-673f-4f8b-9d30-841219cc42c2\">record<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/508c54b6-673f-4f8b-9d30-841219cc42c2\">USD 31.4 bn<\/a> in FY 2020-2021. Egypt is one of the largest recipients of remittances in the world, and they become an increasingly important source of foreign currency, particularly following the hit to tourist revenues caused by the covid-19 pandemic.<\/p>\n<p><strong>That\u2019s exactly what the World Bank expects:<\/strong> The World Bank has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/404a58fe-2af7-42cf-b7f2-19510e036cf5\">forecast remittances to<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/404a58fe-2af7-42cf-b7f2-19510e036cf5\">rise 8%<\/a> in 2022, from USD 32.2 bn in the previous calendar year. This would put the figure at around USD 34.8 bn.<\/p>\n<p><strong>Surging oil prices fuelling flows?<\/strong> Egyptian expats sent USD 3.3 bn back to the country in March, up almost 13% from March 2021 and 44% higher than February. The bulk of remittances are sent from Egyptians working in the Gulf, making them sensitive to oil fluctuations. The rise in inflows in March coincided with a surge in oil prices, which reached their highest levels since 2008 on the back of Russia\u2019s invasion of Ukraine.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fitch\/\">Fitch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/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\/mostafa-madbouly\/\">Mostafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sp\/\">S&amp;P<\/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=\"546449\" 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=\"546449\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/taqa-arabia-expands-natural-gas-footprint-by-acquiring-rosettas-lng-arm\/\">\r\n                            Taqa Arabia expands natural gas footprint by acquiring Rosetta\u2019s LNG arm                        <\/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\/17\/taqa-arabia-expands-natural-gas-footprint-by-acquiring-rosettas-lng-arm\/\" 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 company didn\u2019t disclose the value of the transaction. Enterprise was unable to reach a company representative for comment.<\/p>\n<p><strong>What\u2019s Rosetta Energy: <\/strong>The Egypt-based company builds and operates small- and medium-sized liquefaction and <a href=\"https:\/\/www.sciencedirect.com\/topics\/engineering\/regasification-process\">regasification<\/a> plants and works in marine and road gas transport in emerging markets in Africa and the Middle East. Rosetta delivers natural gas to off-grid customers looking to switch from diesel and other higher-emission fuels.<\/p>\n<p><strong>What this means:<\/strong> Rosetta will become Taqa\u2019s LNG development and operating arm in Africa and the Middle East. \u201cThis new acquisition supports Taqa\u2019s strategy of diversifying the scope of its energy transmission and distribution services to best cater to the growing needs of its clients,\u201d said Taqa CEO Pakinam Kafifi.<\/p>\n<p><strong>Taqa is coming off of a solid 2021:<\/strong> The energy company saw its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10f6dfbf-29bf-4bba-930b-03583c01d8fe\">revenues rise 1<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10f6dfbf-29bf-4bba-930b-03583c01d8fe\">5%<\/a> to EGP 9.1 bn last year on improving market conditions.<\/p>\n<p><strong>The company said earlier this year it could make its EGX debut <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8aec467e-e6f0-4991-8ef6-74b466f4e8ac\">in 2023<\/a><\/strong>. Qalaa\u2019s plans to list 30-40% of Taqa in the first half of 2020 were derailed by the pandemic.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rosetta-energy\/\">Rosetta Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taqa-arabia\/\">TAQA Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546451\" 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=\"546451\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/israel-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans\/\">\r\n                            Israel wants to fill Europe\u2019s gas supply gap \u2014 and Egypt could be key to the plans                        <\/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\/17\/israel-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans\/\" 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\/17\/israel-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans\/')\">\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\/17\/israel-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans\/\">\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=Israel wants to fill Europe\u2019s gas supply gap \u2014 and Egypt could be key to the plans&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/israel-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans\/\">\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\/17\/israel-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans\/&title=Israel wants to fill Europe\u2019s gas supply gap \u2014 and Egypt could be key to the plans\">\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=Israel+wants+to+fill+Europe%E2%80%99s+gas+supply+gap+%E2%80%94+and+Egypt+could+be+key+to+the+plans+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F17%2Fisrael-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans%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\/17\/israel-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/212.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546452\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/israel-wants-to-fill-europes-gas-supply-gap-and-egypt-could-be-key-to-the-plans\/212-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/212.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"212.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/212.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/212.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546451\" class=\"content-area-description single-story post-546451 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-europe tag-israel tag-oil-and-gas tag-russia-ukraine-war 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-04\"><\/a> <strong>Israel hopes to sign agreements to up its ga<\/strong><strong>s supply to Europe \u201cin the coming <\/strong><strong>months,\u201d <\/strong><a href=\"https:\/\/www.reuters.com\/business\/energy\/israel-ramping-up-gas-output-looks-help-supply-europe-2022-05-16\/\">Reuters<\/a> reports, as the continent continues its search for alternatives to Russian fossil fuels. Israel is set to double its gas production to reach around 40 bn cubic meters over the next few years, the newswire cites unnamed industry officials as saying.<\/p>\n<p><strong>Egypt could be key to the plans<\/strong>, since the quickest route to get Israeli gas to Europe is by shipping it to our liquefaction facilities for re-export, Reuters cites gas consultant Gina Cohen as saying in a report sent to the Israeli foreign ministry and the European parliament.<\/p>\n<p><strong>REMEMBER- Israel currently ships gas to Egypt via the Eastern Mediterranean Gas pipeline <\/strong>that runs between Ashkelon and Arish, which has an approximate annual capacity of 7 bcm. The country in March <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3519af3c-a28a-4e2a-987b-007e229ec9db\">began exporting gas to Egypt<\/a> via the Arab Gas Pipeline for the first time, with exports targeted at 2.5-3 bcm this year, potentially increasing to 4 bcm in the future.<\/p>\n<p><strong>We want more:<\/strong> The Madbouly government has been <a href=\"https:\/\/enterprise.press\/hardhats\/infrastructure-whats-come-2022\/\">looking to increase<\/a> the amount of gas it imports from Israel for re-export to Europe, and late last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/891598e1-8197-40e4-91d6-93e212f9c000\">signed agreements<\/a> with Greece and Israel laying the groundwork to up import and re-export volumes \u2014 though it remains unclear whether <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b05357d8-d636-4372-a069-cf77d948b1e7\">we<\/a> or <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9116ce66-29a8-46af-a031-9619f15bfa0f\">Europe<\/a> have capacity to up gas trade in the immediate future. Energean said last week that it could <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99bcdf1a-6d9d-43f8-859d-76620abeb2fe\">sell 8 bn cbm a year to us<\/a> after it discovered a new gas field off the Israeli coast.<\/p>\n<p><strong>But there\u2019s a chance Israeli gas to Europe could one day (partially) bypass us: <\/strong>Israel is also considering building a floating liquefied natural gas (FLNG) facility, which would give it independence from transit countries; a direct pipeline to mainland Europe like the mooted EastMed pipeline <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/668acc27-6cd7-461c-b170-21fb28e4853d\">linking Israel, Cyprus, and Greece;<\/a> or a shorter pipeline to Turkey, though Turkish authorities have said that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc72e1e5-5418-4450-9dd2-d1bfdaf40647\">won\u2019t be a possibility<\/a> anytime soon.<\/p>\n<p><strong>Why we\u2019re still the best option: <\/strong>Pipeline infrastructure takes time and a whole lot of investment to build, and Israel needs to move fast if it wants to capitalize on Europe\u2019s gas supply gap. \u201cIsrael must act as quickly as possible as the window to sign contracts and become a significant gas supplier to Europe will only be opened for a limited time,\u201d Cohen said. Israel\u2019s Energy Minister previously said it could take until 2024 to significantly up exports to Europe.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/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\/russia-ukraine-war\/\">Russia-Ukraine war<\/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=\"546453\" 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=\"546453\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/cairo-angels-expands-outside-of-egypt-with-investment-in-kenyan-fintech\/\">\r\n                            Cairo Angels expands outside of Egypt with investment in Kenyan fintech                        <\/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\/17\/cairo-angels-expands-outside-of-egypt-with-investment-in-kenyan-fintech\/\" 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\/17\/cairo-angels-expands-outside-of-egypt-with-investment-in-kenyan-fintech\/')\">\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\/17\/cairo-angels-expands-outside-of-egypt-with-investment-in-kenyan-fintech\/\">\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=Cairo Angels expands outside of Egypt with investment in Kenyan fintech&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/cairo-angels-expands-outside-of-egypt-with-investment-in-kenyan-fintech\/\">\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\/17\/cairo-angels-expands-outside-of-egypt-with-investment-in-kenyan-fintech\/&title=Cairo Angels expands outside of Egypt with investment in Kenyan fintech\">\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=Cairo+Angels+expands+outside+of+Egypt+with+investment+in+Kenyan+fintech+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F17%2Fcairo-angels-expands-outside-of-egypt-with-investment-in-kenyan-fintech%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\/17\/cairo-angels-expands-outside-of-egypt-with-investment-in-kenyan-fintech\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546453\" class=\"content-area-description single-story post-546453 post type-post status-publish format-standard hentry category-startup-watch tag-cairo-angels tag-enterpriseam tag-fintech tag-flexpay tag-kenya tag-startup-watch 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>Cairo Angels Syndicate Fund has made an investment in Kenyan <\/strong><strong>fintech startup <\/strong><strong><a href=\"https:\/\/wwww.flexpay.co.ke\/\">FlexPay<\/a><\/strong>, the VC fund announced in a <a href=\"https:\/\/ent.news\/2022\/5\/FlexPay-PR-CASF.docx.pdf\">statement (pdf)<\/a> yesterday. This is Cairo Angels\u2019 first investment in Africa outside of Egypt, according to the release, which did not put a figure on the size of the cheque the fund wrote.<\/p>\n<p><strong>About the company:<\/strong> FlexPay is a \u201csave now, buy later\u201d payment platform (as opposed to buy now, pay later or BNPL) that allows customers to pay for goods in installments using savings, rather than credit. \u201cAs Africa\u2019s first merchant-embedded saving-based purchase experience that rewards customers for saving, we aim to solve the un-affordability gap for the large under-banked African population without subjecting them to the debt trap,\u201d said founder and CEO Richard Machomba.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-angels\/\">Cairo Angels<\/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\/flexpay\/\">Flexpay<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kenya\/\">Kenya<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546454\" 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=\"546454\">\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\/17\/the-local-wheat-harvest-isnt-costing-as-much-as-we-expected\/\">\r\n                            The local wheat harvest isn\u2019t costing as much as we expected                        <\/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\/17\/the-local-wheat-harvest-isnt-costing-as-much-as-we-expected\/\" 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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That means we\u2019re spending around EGP 4.6 bn per 1 mn tons of wheat, or about 23% less the EGP 6 bn assumed in the government\u2019s plan, which had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4959ef4-a9f1-4ae3-8354-83e891ebea97\">expected to spend EGP 36 bn<\/a> to purchase 6 mn tons. The local harvest will run through to the end of August, but the bulk takes places 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>WANT MORE GOOD NEWS on the commodities front?<\/strong> Too bad. What we do have:<\/p>\n<p><strong>Wheat prices soar on India export ban:<\/strong> International wheat prices surged to near record highs yesterday as traders reacted to the weekend\u2019s news that India would ban exports of the staple commodity. Prices on the benchmark Chicago index leapt by almost the exchange limit, rising as high as 5.9% to USD 12.47 a bushel, the <a href=\"https:\/\/www.ft.com\/content\/226f3f09-33ff-40c8-b439-08a36c515aba\">Financial Times<\/a> reports.<\/p>\n<p><strong>Wheat prices have risen more than 60% this year<\/strong>, after Russia\u2019s invasion of Ukraine battered markets and disrupted supply from two of the world\u2019s largest producers. India, which is the world\u2019s second biggest wheat producer, was helping to plug the gap left by the loss of Ukrainian and Russian wheat, before it halted new shipments to all but the most vulnerable countries in response to rising local prices and a weaker-than-expected harvest.<\/p>\n<p><strong>Egypt only recently <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1614a7cb-444d-4140-bf18-f42c1d684158\">added<\/a><\/strong><strong> India to its list of wheat suppliers<\/strong>, and has locked in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\">500k-ton<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\">order<\/a> that will not be impacted by the ban, in addition to another <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9170b6fd-ef19-467c-9118-375093fcd876\">55k-ton shipment<\/a> that is soon due to depart from India. The government is in talks with New Delhi about being exempted from the export ban after it <a href=\"https:\/\/ent.news\/2022\/5\/Noti-06-Eng.pdf\">said<\/a> last week that it would continue to ship wheat to vulnerable developing countries provided they seek permission from the government.<\/p>\n<p><strong>The UN is working to get Ukrainian wheat to global markets:<\/strong> UN Secretary-General Antonio Guterres is in talks with Russia, Turkey and others to allow wheat to be exported from Ukrainian ports, the <a href=\"https:\/\/www.wsj.com\/articles\/u-n-seeks-to-ease-russian-blockade-of-ukraine-grain-shipping-to-avert-food-shortages-11652717161\">Wall Street Journal<\/a> reported yesterday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/antonio-guterres\/\">Antonio Guterres<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/india\/\">India<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/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=\"546456\" 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=\"546456\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/ekh-reports-record-net-income-in-1q2022\/\">\r\n                            EKH reports record net income in 1Q2022                        <\/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\/17\/ekh-reports-record-net-income-in-1q2022\/\" 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\/17\/ekh-reports-record-net-income-in-1q2022\/')\">\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\/17\/ekh-reports-record-net-income-in-1q2022\/\">\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=EKH reports record net income in 1Q2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/ekh-reports-record-net-income-in-1q2022\/\">\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\/17\/ekh-reports-record-net-income-in-1q2022\/&title=EKH reports record net income in 1Q2022\">\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=EKH+reports+record+net+income+in+1Q2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F17%2Fekh-reports-record-net-income-in-1q2022%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\/17\/ekh-reports-record-net-income-in-1q2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546456\" class=\"content-area-description single-story post-546456 post type-post status-publish format-standard hentry category-earnings-watch tag-commodities tag-earnings tag-earnings-watch tag-egypt-kuwait-holding tag-enterpriseam tag-fertilizers tag-petrochemicals tag-raya-contact-center wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt Kuwait Holding (EKH) reported record quarterly earnings in 1Q<\/strong><strong> 2022<\/strong> as the surge in commodity prices boosted revenues, the company said in its latest <a href=\"https:\/\/ent.news\/2022\/5\/EKH-ER-1Q22-E.pdf\">earnings release (pdf)<\/a>. Net income rose 66% y-o-y to USD 71.1 mn during the quarter, underpinned by strong revenue growth in fertilizers and petrochemicals which resulted in the company\u2019s top line growing 52% to USD 291.2 mn.<\/p>\n<p><strong>The commodities squeeze was good to EKH last quarter:<\/strong> The company\u2019s fertilizer and petrochemicals segment saw 58% y-o-y revenue growth, driven by rising prices and higher production volumes. Meanwhile, EKH\u2019s <a href=\"https:\/\/www.ekholding.com\/Portfolio\/upstream\/ONS.aspx\">North Sinai natural gas concession<\/a>, ONS, saw revenues rise 12% y-o-y on the back of higher volumes and natural gas prices.<\/p>\n<p><strong>What they said:<\/strong> \u201cWith an integrated presence across the entire energy value chain \u2026 our group has been able to capture the upside during bullish cycles and remain resilient in the face of challenging environments,\u201d said Chairman Loay Jassim Al Kharafi, who <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c6e8c43a-85b2-4c7d-95c0-264822e6a52b\">was promoted from his previous role as vice chair<\/a> following Moataz Adel Al Alfi\u2019s resignation in March.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Raya Customer Experience\u2019s net income more than tripled y-o-y to EGP 6.6 mn in <\/strong><strong>1Q 2022<\/strong>, according to the company\u2019s latest <a href=\"https:\/\/ent.news\/2022\/5\/RCX-1Q22-Earnings-Release-EN.pdf\">earnings release (pdf)<\/a>. The Raya Holding subsidiary\u2019s consolidated revenues rose 38% y-o-y to EGP 252.2 mn. Growth was driven by an expansion in the company\u2019s operations, growing business in the Gulf following its acquisition of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59745719-d961-4387-b8bd-2d81aa4a6473\">Gulf Customer Experience (Gulf CX) last year<\/a>, and increasing utilization rates at its facilities. Half of its revenues came in USD, helping the company to mitigate the impact of the recent EGP devaluation, it said.<\/p>\n<p><strong>Contact center outsourcing has been negatively impacted by \u201ca challenging macroeconomic environment,\u201d <\/strong>the release read. The pandemic dealt a hit to the high-earning segment, meaning HR outsourcing \u2014 which has higher costs and lower margins \u2014 now accounts for a greater proportion of Raya CX\u2019s revenue breakdown. Contact center outsourcing remains Raya CX\u2019s main business, generating 47% of all revenue in 1Q (compared to some 70% pre-pandemic), while HR outsourcing accounted for 36%. The remainder was generated by hosting.<\/p>\n<p><strong>Egyptian operations contributed the lion\u2019s share of revenues at 84%<\/strong>, followed by the Gulf (12%) and Poland (2%).<\/p>\n<p><strong>Raya CX wants to expand further:<\/strong> \u201cWe are pushing forward with our global expansion and diversification plans. Growing our operations in Poland and strengthening our presence as a key player in the European market remains a top priority,\u201d CEO Ahmed Refky said in the release. The company has plans to expand into a new 400-seat facility in Riyadh that is expected to start operations in 2Q 2022, Refky said, adding that the company has managed to secure \u201cstrategic contracts\u201d in Saudi Arabia.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-kuwait-holding\/\">Egypt Kuwait Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/petrochemicals\/\">petrochemicals<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-contact-center\/\">Raya Contact Center<\/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=\"546457\" 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=\"546457\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/546457\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546457\" class=\"content-area-description single-story post-546457 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546458\" 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=\"546458\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/last-nights-talk-shows-unlicensed-construction-is-still-a-problem-with-one-mp-likening-it-to-cancerous-lesions\/\">\r\n                            Last Night\u2019s Talk Shows: Unlicensed construction is still a problem, with one MP likening it to \u201ccancerous lesions\u201d                        <\/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\/17\/last-nights-talk-shows-unlicensed-construction-is-still-a-problem-with-one-mp-likening-it-to-cancerous-lesions\/\" 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     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Unlicensed construction is still a problem, with one MP likening it to \u201ccancerous lesions\u201d&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/last-nights-talk-shows-unlicensed-construction-is-still-a-problem-with-one-mp-likening-it-to-cancerous-lesions\/\">\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\/17\/last-nights-talk-shows-unlicensed-construction-is-still-a-problem-with-one-mp-likening-it-to-cancerous-lesions\/&title=Last Night\u2019s Talk Shows: Unlicensed construction is still a problem, with one MP likening it to \u201ccancerous lesions\u201d\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Unlicensed+construction+is+still+a+problem%2C+with+one+MP+likening+it+to+%E2%80%9Ccancerous+lesions%E2%80%9D+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F17%2Flast-nights-talk-shows-unlicensed-construction-is-still-a-problem-with-one-mp-likening-it-to-cancerous-lesions%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\/17\/last-nights-talk-shows-unlicensed-construction-is-still-a-problem-with-one-mp-likening-it-to-cancerous-lesions\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546458\" class=\"content-area-description single-story post-546458 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-construction tag-enterpriseam tag-last-nights-talk-shows tag-taha-hussein tag-unified-building-code 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>Last night on the airwaves was all about building violations<\/strong>, after <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/404517338385359\">fresh amendments to the<\/a><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/404517338385359\">Unified Building Code<\/a> designed to crack down on the spread of unlicensed construction were discussed yesterday by Prime Minister Moustafa Madbouly and other senior officials. Rep. Tarek Shoukry, the deputy head of the House Housing Committee, told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=LAWUnC00vB8\">watch, runtime: 5:22<\/a>) that the amendments would address cases where people missed the deadline to submit reconciliation requests.<\/p>\n<p><strong>REMINDER-<\/strong> Back in 2020, owners of illegal buildings were offered the chance to pay <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df579b70-61ca-4571-b98a-c08d3b1263d0\">\u201creconciliation fees\u201d<\/a> to the government to legalize their buildings.<\/p>\n<p><strong>The latest tally:<\/strong> The state has received some EGP 22.5 bn through 2.8 mn reconciliation requests since the bill was signed into law in 2020. Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=RBjvHvSDXng\">watch, runtime: 1:46<\/a>) and Kelma Akhira had coverage (<a href=\"https:\/\/www.youtube.com\/watch?v=cW5_8dI2m4w\">watch, runtime: 13:03<\/a>).<\/p>\n<p><strong>\u201cCancerous lesions\u201d:<\/strong> That\u2019s how Rep. Ahmed El Segni, head of the House Local Administration Committee, chose to describe the nation\u2019s informal settlements in an interview on Ala Mas\u2019ouleety last night (<a href=\"https:\/\/www.youtube.com\/watch?v=YjO2sotcGQI\">watch, runtime: 4:59<\/a>).<\/p>\n<p><strong>But what about new controls?<\/strong> The state is currently drafting a bill on new building controls, Shoukry said (<a href=\"https:\/\/www.youtube.com\/watch?v=Y2PfUkfN9YY\">watch, runtime: 2:19<\/a>). The bill will be finalized by the cabinet \u201cwithin a month\u201d before making its way to the House.<\/p>\n<p><strong>Also getting attention last night: Is the grave of famed Egyptian writer Taha Hussein under threat?<\/strong> Reports that Hussein\u2019s grave could be bulldozed to make way for a new road was picked up by Kelma Akhira last night. El Hadidi spoke to Hussein\u2019s granddaughter, who said that a red X \u2014 a mark used to earmark structures for removal \u2014 had been placed at the site. She\u2019s urging authorities not to demolish her grandfather\u2019s grave (<a href=\"https:\/\/www.youtube.com\/watch?v=eWqa76RhLiY\">watch, runtime: 4:13<\/a>). Cairo governorate spokesman Ibrahim Awad denied plans to remove the grave, telling El Hadidi that the news is unfounded (<a href=\"https:\/\/www.youtube.com\/watch?v=75TfTzKHbwY\">watch, runtime: 1:05<\/a>).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/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\/taha-hussein\/\">Taha Hussein<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/unified-building-code\/\">Unified Building Code<\/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=\"546459\" 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 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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-yv9qkru\" data-v=\"4\" data-block-id=\"yv9qkru\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-yv9qkru-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-yv9qkru-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546460\" 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=\"546460\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/the-budget-deficit-and-alaa-abdel-fattahs-hunger-strike-are-leading-the-conversation-on-egypt-in-the-international-press\/\">\r\n                            The budget deficit and Alaa Abdel Fattah\u2019s hunger strike are leading the conversation on Egypt in the international press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div 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on Egypt in the international press&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/the-budget-deficit-and-alaa-abdel-fattahs-hunger-strike-are-leading-the-conversation-on-egypt-in-the-international-press\/\">\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\/17\/the-budget-deficit-and-alaa-abdel-fattahs-hunger-strike-are-leading-the-conversation-on-egypt-in-the-international-press\/&title=The budget deficit and Alaa Abdel Fattah\u2019s hunger strike are leading the conversation on Egypt in the international press\">\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=The+budget+deficit+and+Alaa+Abdel+Fattah%E2%80%99s+hunger+strike+are+leading+the+conversation+on+Egypt+in+the+international+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F17%2Fthe-budget-deficit-and-alaa-abdel-fattahs-hunger-strike-are-leading-the-conversation-on-egypt-in-the-international-press%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/the-budget-deficit-and-alaa-abdel-fattahs-hunger-strike-are-leading-the-conversation-on-egypt-in-the-international-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546460\" class=\"content-area-description single-story post-546460 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-culture tag-enterpriseam tag-gamaa-el-islamiyya tag-history tag-human-rights tag-social-media tag-terrorism tag-tiktok tag-tourism tag-travel tag-tv-and-film tag-uk tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the conversation on Egypt in the international business press this morning: <\/strong><a href=\"https:\/\/www.reuters.com\/markets\/deals\/egypt-faces-sharp-rise-costs-finance-proposed-30-bln-deficit-2022-05-16\/\">Reuters<\/a> says we\u2019ll face challenges plugging the budget deficit thanks to rising interest rates, a weaker EGP, and volatility in emerging markets.<\/p>\n<p><strong>Human rights is still getting plenty of ink<\/strong><strong>:<\/strong> <a href=\"https:\/\/www.independent.co.uk\/independentpremium\/voices\/egypt-prison-hunger-strike-alaa-abdel-fattah-b2079444.html\">The Independent<\/a> is the latest outlet to cover imprisoned activist Alaa Abdel Fattah\u2019s ongoing hunger strike, while <a href=\"https:\/\/www.voanews.com\/a\/egypt-journalists-up-againsts-comprehensive-repression-machine\/6574317.html\">Voice of America<\/a> interviews the Committee to Protect Journalists\u2019 Middle East head on the detention of journalists in Egypt. <a href=\"https:\/\/www.itv.com\/news\/2022-05-12\/why-is-egypt-arresting-and-jailing-tiktok-creators\">ITV<\/a>, meanwhile, looks at TikTok influencers.<\/p>\n<p><strong>Lighter diversions: <\/strong><strong>Female filmmakers are helping Egypt\u2019s film industry stage a comeback<\/strong> following two years of disruption caused by the covid-19 pandemic, <a href=\"https:\/\/edition.cnn.com\/2022\/05\/16\/middleeast\/uae-president-economy-mime-intl\/index.html\">CNN<\/a> reports. <a href=\"https:\/\/www.lonelyplanet.com\/articles\/best-beaches-in-egypt\">Lonely Planet<\/a> gives its rundown of Egypt\u2019s seven most spectacular beaches, while <a href=\"https:\/\/www.theguardian.com\/world\/2022\/may\/14\/secret-british-black-propaganda-campaign-targeted-cold-war-enemies-information-research-department\">the Guardian<\/a> reports on newly declassified documents that reveal the British government\u2019s covert \u201cblack propaganda\u201d operations during the Cold War that sought to destabilize Egypt and other countries in the Middle East.<\/p>\n<p><strong>Also in the news: <\/strong><\/p>\n<ul>\n<li><strong>The US will remove Gama\u2019a El Islamiyya from its terror list<\/strong>, 25 years after it was first designated as a foreign terrorist group as it launched deadly attacks against Egyptian police through the 1990s. (<a href=\"https:\/\/apnews.com\/article\/middle-east-africa-israel-egypt-united-states-bca837ff7a2157ed17d39494eb04d37b\">Associated Press<\/a>)<\/li>\n<li><strong>Did the Great Sphinx really close its eyes? <\/strong>Photoshopped images of the Sphinx closing its eyes took social media by storm over the past few days. (<a href=\"https:\/\/www.gulftoday.ae\/news\/2022\/05\/16\/photoshopped-images-of-great-sphinxs-eyes-closed-go-viral-tourists-flock-to-see-if-its-true\">Gulf Times<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gamaa-el-islamiyya\/\">Gama\u2019a El Islamiyya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-media\/\">social media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/terrorism\/\">terrorism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tiktok\/\">Tiktok<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tv-and-film\/\">TV and film<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546461\" 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=\"546461\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/banking-and-rail-news-aplenty-edita-is-looking-at-microfinance\/\">\r\n                            Banking and rail news aplenty + Edita is looking at microfinance                        <\/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\/17\/banking-and-rail-news-aplenty-edita-is-looking-at-microfinance\/\" 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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Meanwhile, <strong>Midbank<\/strong> has received approval from the Financial Regulatory Authority to <a href=\"https:\/\/ent.news\/2022\/5\/MIDBANK-Consumer-Finance-.docx.pdf\">launch (pdf)<\/a> consumer finance company Mid Installments, and the <strong>National Bank of Egypt<\/strong> has <a href=\"https:\/\/ent.news\/2022\/5\/whatsapp-business.docx.pdf\">launched (pdf)<\/a> a WhatsApp service for customer enquiries.<\/p>\n<p><strong>WATCH THIS SPACE<\/strong><strong>: <\/strong><strong>Edita to launch two new companies:<\/strong> Edita\u2019s board of directors has <a href=\"https:\/\/ent.news\/2022\/5\/Edita-16-05-2022.pdf\">signed off (pdf)<\/a> on a proposal from management to establish a new holding company and a EGP 15 mn micro lender.<\/p>\n<p><strong>The Anti-Money Laundering Act <\/strong><strong>received a nod <\/strong>from the House Legislative Committee, with the bill up for discussion in the House\u2019s plenary session on 22 May. (<a href=\"https:\/\/english.ahram.org.eg\/News\/466289.aspx\">Ahram Online<\/a>)<\/p>\n<p><strong>German rail company Vossloh will supply rail fastening systems for Egypt\u2019s <\/strong><strong>high-speed railway<\/strong> under a EUR 40 mn contract, the company said in a <a href=\"https:\/\/www.vossloh.com\/en\/press\/press-releases\/detail\/pressdetail_49984.html\">statement<\/a> yesterday. The first deliveries will begin this year and continue through to 2024.<\/p>\n<p><strong>REMINDER- We\u2019re set to sign contracts for the second and third phase of the railway with <\/strong><strong>Siemens by <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/187aee54-7d59-42d7-a333-1ee0064d1443\">the end of May<\/a><\/strong><strong>.<\/strong> The German conglomerate, Orascom Construction and Arab Contractors signed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c77944-a194-421e-b52d-c3ab09523df6\">USD 4.5 bn contract<\/a> with the government last September for the first phase of the line, which will run 660 km between Ain Sokhna and Marsa Matrouh and is due to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d59bb6a-b1fa-481e-8fda-6347ecb8587b\">open in June 2024<\/a>. The later phases will link Cairo, Aswan, the North Coast and the Red Sea, running 1.8k km across the country.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Industry is safe from higher gas prices for now:<\/strong> There is no intention to raise natural gas prices for the industrial sector in the current period in response to rising international prices, Oil Minister Tarek El Molla said yesterday. (<a href=\"https:\/\/www.asharqbusiness.com\/article\/37508\">Bloomberg Asharq<\/a>)<\/li>\n<li><strong>AT Lease eyes EGP 1 bn+ securitization bonds: <\/strong>Shari\u2019ah-compliant leasing company AT Lease plans to issue more than EGP 1 bn worth of securitization bonds this year. (Amwal Al Ghad)<\/li>\n<li><strong>A new authority for regulating airspace:<\/strong> The Official Gazette has published a presidential decree to set up the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c49f1cd0-4568-491c-a6cd-87d5e920b80c\">National Center for Airspace Management<\/a>. (<a href=\"https:\/\/tinyurl.com\/4hnsx4bs\">Youm7<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/at-lease\/\">AT Lease<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/consumer-finance\/\">consumer finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/high-speed-rail\/\">high-speed rail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/midbank\/\">MIDBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/money-laundering\/\">money laundering<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/network-for-greening-the-financial-system\/\">Network for Greening the Financial System<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vossloh\/\">Vossloh<\/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=\"546462\" 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=\"546462\">\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\/17\/global-growth-prospects-appear-to-be-weakening\/\">\r\n                            Global growth prospects appear to be weakening                        <\/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\/17\/global-growth-prospects-appear-to-be-weakening\/\" 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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Draft forecasts seen by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-14\/eu-cuts-euro-area-gdp-forecast-sees-6-1-inflation-draft-shows?sref=mmeFTDW1\">Bloomberg<\/a> also see inflation averaging 6.1% this year, almost double what it predicted three months ago.<\/li>\n<li><strong>China\u2019s economic activity drops as covid lockdowns bite: <\/strong>China\u2019s main measure of consumer activity, retail sales, plunged 11.1% y-o-y in April, while industrial production unexpectedly fell 2.9%, <a href=\"https:\/\/www.ft.com\/content\/41f80bad-0eca-445a-a7fb-922262611311\">the FT<\/a> reports, much of it on the back of the government\u2019s covid zero policy.<\/li>\n<\/ul><p><strong>MEANWHILE- Vodacom is considering a bond issuance to fund its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b47597a0-70d6-4847-8152-a200afcf370b\">EUR 2.34 bn<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b47597a0-70d6-4847-8152-a200afcf370b\">acquisition<\/a><\/strong><strong> of a majority stake in Vodafone Egypt<\/strong> which the company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/735d3852-e36a-4d32-8218-a0375bde59bd\">agreed<\/a> with UK parent Vodafone Group last year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-16\/vodacom-mulls-bond-issue-changes-dividend-policy-to-fund-growth\">Bloomberg<\/a> reports.<\/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>10,462<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -12.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.23<\/p>\n<\/td>\n<td>\n<p>Sell 18.32<\/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 18.25<\/p>\n<\/td>\n<td>\n<p>Sell 18.32<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,915<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,493<\/p>\n<\/td>\n<td>\n<p>0.0% (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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,008<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -15.9%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,465<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,685<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: -14.3%)<\/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 114.24<\/p>\n<\/td>\n<td>\n<p>+2.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.02<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,823.60<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 30,097<\/p>\n<\/td>\n<td>\n<p>-3.8% (YTD: -35.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 817.87 mn (6.4% below the 90-day average). Local investors were net buyers. The index is down 12.5% YTD.<\/p><p><strong>In the green: <\/strong>EFG Hermes (+3.3%), MM Group (+3.1%) and Sidi Kerir Petrochemicals (+1.1%).<\/p><p><strong>In the red: <\/strong>TMG Holding (-4.7%), Orascom Construction (-4.6%) and Orascom Development Egypt (-4.4%).<\/p><p><strong>Most <\/strong><strong>Asian markets are marginally in the green <\/strong><strong>this morning<\/strong>, and shares in Europe and the US are on course to follow suit later today, according to stock futures.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/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\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodacom\/\">Vodacom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vodafone-egypt\/\">Vodafone 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=\"546463\" 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=\"546463\">\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\/17\/hezbollah-to-lose-parliamentary-majority-in-lebanese-elections-sources\/\">\r\n                            Hezbollah to lose parliamentary majority in Lebanese elections -sources                        <\/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\/17\/hezbollah-to-lose-parliamentary-majority-in-lebanese-elections-sources\/\" 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\/17\/hezbollah-to-lose-parliamentary-majority-in-lebanese-elections-sources\/')\">\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\/17\/hezbollah-to-lose-parliamentary-majority-in-lebanese-elections-sources\/\">\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=Hezbollah to lose parliamentary majority in Lebanese elections -sources&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/hezbollah-to-lose-parliamentary-majority-in-lebanese-elections-sources\/\">\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\/17\/hezbollah-to-lose-parliamentary-majority-in-lebanese-elections-sources\/&title=Hezbollah to lose parliamentary majority in Lebanese elections -sources\">\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=Hezbollah+to+lose+parliamentary+majority+in+Lebanese+elections+-sources+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F17%2Fhezbollah-to-lose-parliamentary-majority-in-lebanese-elections-sources%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\/17\/hezbollah-to-lose-parliamentary-majority-in-lebanese-elections-sources\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546463\" class=\"content-area-description single-story post-546463 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-lebanon tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Lebanon elections:<\/strong> Hezbollah and its allied parties are on course to lose their majority in the Lebanese parliament following Sunday\u2019s elections, three sources close to the group told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/anti-hezbollah-lebanese-forces-party-says-it-has-won-least-20-seats-2022-05-16\/\">Reuters<\/a>. The full tally from the parliamentary elections is yet to be announced but preliminary results indicate that the Saudi-aligned Lebanese Forces (LF) Christian party made gains and will likely reverse the results of the 2018 vote that handed Hezbollah and its allies a majority. The LF said no group won a majority, potentially throwing the parliament into deadlock at a time when the country is supposed to be committing to radical economic reforms to stem the devastating economic crisis.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"546464\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations\/\">\r\n                            How PepsiCo is integrating sustainable practices into its Egypt operations<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=How PepsiCo is integrating sustainable practices into its Egypt operations&url=https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations\/&title=How PepsiCo is integrating sustainable practices into its Egypt operations\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=How+PepsiCo+is+integrating+sustainable+practices+into+its+Egypt+operations+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fgoinggreens%2Fhow-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/221.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"546465\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/how-pepsico-is-integrating-sustainable-practices-into-its-egypt-operations\/221-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/221.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"221.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/221.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/221.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546464\" class=\"content-area-description post-546464 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-enterprise-going-green tag-enterpriseam tag-greentech-business-delegation tag-pepsico wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>EXCLUSIVE- How PepsiCo is integrating sustainable practices into its Egypt <\/strong><strong>operations: <\/strong>On the sidelines of the US GreenTech business delegation yesterday, Enterprise caught up with a few business leaders who are integrating an aggressive green strategy into their Egypt operations. One of them was <strong>PepsiCo\u2019s global chief sustainability officer Jim Andrew<\/strong>, who talked to us about the company\u2019s green strategy in Egypt \u2014 PepsiCo Positive \u2014 and his impressions on the government\u2019s plans to build a greener economy.<\/p>\n<p><strong>The strategy:<\/strong> PepsiCo Positive is an end-to-end business strategy that introduces sustainable practices across the value chain of the company\u2019s operations.<\/p>\n<p><strong>Agriculture: <\/strong>PepsiCo has an agricultural footprint of 7 mn acres globally and aims to implement regenerative practices on all their farms by 2030. \u201cWe know that those practices generate better yields, have lower costs, and ultimately improve farmers\u2019 livelihoods because they also reduce the risk of extreme weather events and other things,\u201d Andrew said. The company is already working towards this target and has applied regenerative techniques on around 500k acres as of last year, he added. The implementation is very local and context-specific with new practices adopted based on the place and environment.<\/p>\n<p><strong>PepsiCo is now considering launching \u201cdemonstration farms\u201d as well as an R&D center in Egypt<\/strong>, Andrew told us, saying it is a bid to show farmers what is possible.<\/p>\n<p><strong>Energy: PepsiCo aims to source 100% of their electricity in Egypt from renewables by 2030<\/strong>, a decade ahead of the global company\u2019s 2040 target, Andrew said. The feasibility of the goal is somewhat dependent on Egypt\u2019s progress in transitioning to renewable energy sources, given that conventional generation is still a huge part of Egypt\u2019s electricity mix, he explained. This will also require the company to focus on efficiency within their factories and facilities with the main goal being to produce more with less energy usage.<\/p>\n<p><strong>Transport:<\/strong> PepsiCo also plans to reduce transport-related emissions by 75% by the end of the decade. This includes transitioning their vehicles to alternative fuels or by adding electric vehicles to their fleet. \u201cSmaller vehicles are easier to electrify and many of our vehicles here are quite compact so that allows us to see real potential here,\u201d Andrew said.<\/p>\n<p><strong>Water: <\/strong>Local PepsiCo factories have already made headway in reducing water usage, with the company\u2019s Sixth of October facilities managing to reduce consumption by around 30-40%, Andrew said. These savings will also be implemented in other factories over the rest of the decade.<\/p>\n<p><strong>Waste management: <\/strong>Another goal is to be \u201czero landfill\u201d and recycling all waste by 2030, Andrew told us. The Sixth of October facilities cut landfill waste to zero three years ago, he said.<\/p>\n<p><strong>PepsiCo\u2019s waste management efforts could potentially lead to cooperation with the government<\/strong> to launch an \u201cextended producer responsibility\u201d or EPR system, Andrew said. An EPR sees producers given a significant responsibility for the treatment and disposal of post-consumer waste. \u201cWe know we have a responsibility for our packaging and we want to find ways to recycle it,\u201d he said.<\/p>\n<p><strong>The government\u2019s policy plans are giving an encouraging signal: <\/strong>\u201cWhat\u2019s impressive is that the government is very focused on trying to make this all happen,\u201d Andrew told Enterprise, commenting on two days of meetings in Cairo this week. Policymakers have a clear roadmap and have underlined that they see a big role for the private sector as well, he added.<\/p>\n<p><strong>There isn\u2019t a specific amount earmarked to be invested into these activities:<\/strong> Instead, the company is shifting the entire value chain so that the costs are embedded into its day-to-day operations, he told us.<\/p>\n<p><strong>The goals are directly lin to PepsiCo\u2019s bonuses for top management: <\/strong>The sustainability targets are embedded into employees\u2019 personal incentive structures. If the company doesn\u2019t reach its goals for the year, \u201cthen there'll be some people whose bonuses may not be quite as good,\u201d he said. It\u2019s important to add these metrics to people\u2019s personal responsibilities because that\u2019s how you ultimately drive change, he added.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top green economy stories for the week<\/strong><strong>:<\/strong><\/p>\n<ul>\n<li><strong>New national emissions targets coming soon:<\/strong> Egypt will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eee36486-1f7c-4403-bb96-7b6160f927d3\">announce its revised national targets<\/a> to cut greenhouse gas emissions within weeks, according to officials.<\/li>\n<li><strong>Sustainable development bonds coming soon: <\/strong>The Cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/929b9845-3f9b-4f01-ad04-7bce69d6821f\">approved a plan<\/a> by the Finance Ministry to broaden its green financing framework to include sustainable development bonds, allowing the state to raise money for a wider array of social and environmental projects.<\/li>\n<li><strong>Green energy hub:<\/strong> The Suez Canal Economic Zone (SCZone) has in the past three months <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eee36486-1f7c-4403-bb96-7b6160f927d3\">signed six MoUs<\/a> worth a total of USD 10 bn for green ammonia + hydrogen projects in Ain Sokhna, as part of Egypt\u2019s plans to make the local port a green energy hub.<\/li>\n<li><strong>US firm to build recycling facility in Fayoum:<\/strong> Waste management and renewable energy company Energy3 International <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/31777a0e-ba6c-43de-a15e-9ac082c4400a\">signed an MoU<\/a> with the Environment Ministry to build a recycling facility in Fayoum that will convert municipal and agricultural waste to biodiesel.<\/li>\n<li><strong>A new plastic alternatives factory:<\/strong> Environmental safety firm Okeanos<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/edition\/am\/31777a0e-ba6c-43de-a15e-9ac082c4400a\">signed an MoU<\/a> with the gov\u2019t to build a USD 50 mn factory that will manufacture alternatives to single-use plastics from limestone.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greentech-business-delegation\/\">GreenTech Business Delegation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pepsico\/\">PepsiCo<\/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=\"546466\" 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\/17\/546466\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546466\" class=\"content-area-description single-story post-546466 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-Thursday): 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\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":546444,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546443","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"f27575b6-654c-4203-ac29-acb8f2b186db","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/18.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>PM on-message about private sector and the economy as Egypt rolls out welcome mat for green tech delegation - 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\/pm-on-message-about-private-sector-and-the-economy-as-egypt-rolls-out-welcome-mat-for-green-tech-delegation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PM on-message about private sector and the economy as Egypt rolls out welcome mat for green tech delegation\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/pm-on-message-about-private-sector-and-the-economy-as-egypt-rolls-out-welcome-mat-for-green-tech-delegation\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:27:31+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\/18.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\/pm-on-message-about-private-sector-and-the-economy-as-egypt-rolls-out-welcome-mat-for-green-tech-delegation\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/pm-on-message-about-private-sector-and-the-economy-as-egypt-rolls-out-welcome-mat-for-green-tech-delegation\/\",\"name\":\"PM on-message about private sector and the economy as Egypt rolls out welcome mat for green tech delegation - 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