{"id":546684,"date":"2022-05-25T04:00:41","date_gmt":"2022-05-25T04:00:41","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546684"},"modified":"2025-12-15T21:33:08","modified_gmt":"2025-12-15T21:33:08","slug":"some-foreign-companies-have-suspended-car-exports-to-egypt","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/some-foreign-companies-have-suspended-car-exports-to-egypt\/","title":{"rendered":"Some foreign companies have suspended car exports to Egypt"},"content":{"rendered":"<section id=\"546686\" 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=\"546686\">\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\/25\/this-morning-the-us-is-reportedly-mediating-an-agreement-over-tiran-sanafir-rania-al-mashat-ghada-waly-speak-at-davos-today\/\">\r\n                            THIS MORNING: The US is reportedly mediating an agreement over Tiran + Sanafir; Rania Al Mashat + Ghada Waly speak at Davos today                        <\/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\/25\/this-morning-the-us-is-reportedly-mediating-an-agreement-over-tiran-sanafir-rania-al-mashat-ghada-waly-speak-at-davos-today\/\" 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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Rania Al Mashat + Ghada Waly speak at Davos today\">\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+US+is+reportedly+mediating+an+agreement+over+Tiran+%2B+Sanafir%3B+Rania+Al+Mashat+%2B+Ghada+Waly+speak+at+Davos+today+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fthis-morning-the-us-is-reportedly-mediating-an-agreement-over-tiran-sanafir-rania-al-mashat-ghada-waly-speak-at-davos-today%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\/25\/this-morning-the-us-is-reportedly-mediating-an-agreement-over-tiran-sanafir-rania-al-mashat-ghada-waly-speak-at-davos-today\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546686\" class=\"content-area-description single-story post-546686 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-banking tag-cds tag-cib tag-davos-2022 tag-diplomacy tag-egp tag-energy tag-enterpriseam tag-financial-markets tag-israel tag-mohamed-zaki tag-oil-and-gas tag-politics tag-rania-al-mashat tag-saudi-arabia tag-tiran-and-sanafir 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. We\u2019re past hump day<\/strong>, but there\u2019s lots of work in sight before we can declare victory and slide into the weekend.<\/p><p><strong>SIGN OF THE TIMES #1- The EGP has eased<\/strong><strong> almost 2% a<\/strong><strong>gainst the greenback over the <\/strong><strong>past <\/strong><strong>two days.<\/strong> The USD was changing hands at EGP 18.55 yesterday, down from EGP 18.30 on Sunday.<\/p><p><strong>SIGN OF THE TIMES #2- <\/strong><strong>CIB has<\/strong><strong> launched two new high-interest certificates of <\/strong><strong>deposit: <\/strong>A three-year certificate at a 13.5% rate, and a four-year 14.0% certificate. The minimum deposit is EGP 100k.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>It\u2019s Day #3 at Davos:<\/strong> The <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2022\/programme\">third day<\/a> of the World Economic Forum (WEF) in Davos will see more discussions on the current geopolitical uncertainty, the future of globalization, poverty reduction and climate change.<\/p><p><strong>Representing Egypt:<\/strong> International Cooperation Minister Rania Al Mashat will join two panel discussions on how <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2022\/sessions\/balancing-globalization-and-resilience-in-a-time-of-crises\">globalization can survive the current global crises<\/a> (13:00 CLT) and <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2022\/sessions\/turning-the-tide-on-infectious-diseases-and-cancer\">efforts to cure infectious diseases<\/a> (17:30 CLT). Former social solidarity minister and current executive director of the US Office on Drugs and Crime Ghada Waly will <a href=\"https:\/\/www.weforum.org\/events\/world-economic-forum-annual-meeting-2022\/sessions\/whats-next-for-cybersecurity-after-ukraine\">discuss internet safety<\/a> in a session in the afternoon (13:15 CLT).<\/p><p><strong>Defense Minister Mohamed Zaki is in the Democratic Republic of Congo (DRC) <\/strong><strong>today<\/strong> to hold talks on strengthening military ties, the Armed Forces said in <a href=\"https:\/\/bit.ly\/3wJXsvu\">a statement<\/a> yesterday.<\/p><hr class=\"grey-line\"><p><strong>LISTEN TO OUR PODCAST ON WHAT AI CAN MEAN FOR YOUR BUSINESS.<\/strong> Last month, we explored how the government has made artificial intelligence a national priority. We spoke with the former ICT Ministry\u2019s advisor for AI Sally Radwan about the government\u2019s national AI strategy and how it is being implemented (<a href=\"https:\/\/enterprise.press\/whatsnexts\/govt-plans-grow-ai-sector\/\">Part 1<\/a> | <a href=\"https:\/\/enterprise.press\/whatsnexts\/govt-plans-grow-ai-sector-sitdown-comms-ministry-ai-advisor-sally-radwan\/\">Part 2<\/a>).<\/p><p><strong>In another of our podcast roundtables, we sat down with the companies building AI systems in Egypt<\/strong> to get a bird\u2019s eye view on what\u2019s happening in the sector: Who\u2019s adopting it, how they\u2019re going about it, and what challenges they\u2019re facing.<\/p><p><strong>You can catch the episode on our website here<\/strong> (<a href=\"https:\/\/enterprise.press\/podcasts\/whats-next-egypts-ai-sector\/\">listen, runtime: 44:01<\/a>), or tune in via <a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\">Apple<\/a><a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/the-enterprise-podcast\/id1617987136\">Podcasts<\/a> | <a href=\"https:\/\/play.anghami.com\/episode\/1052468334\">Anghami<\/a> | <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2LzY4NmNmYTU5LTAwOTMtNDEyMS1hMTRjLWFlNmYwMDk3ZjEyMi81NDI0MGE5Ni04YWY5LTRkZGQtODExNi1hZTZmMDA5OTgxMzYvcG9kY2FzdC5yc3M=\">Google Podcasts<\/a> | <a href=\"https:\/\/open.spotify.com\/show\/1hzX6KVJGkuj4udK2DvD5Y\">Spotify<\/a>). <strong>Or you can read edited excerpts<\/strong> of our conversation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49b6b5f3-07df-4316-8c04-43858fd3ce7e\">here<\/a>.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>Saudi Arabia has no intention of pumping more oil and bringing down prices:<\/strong> That was the main message delivered by the kingdom\u2019s Foreign Minister Prince Faisal bin Farhan, who told the World Economic Forum (WEF) yesterday that it had done \u201cwhat it can\u201d to calm volatility in the oil markets, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/saudi-arabia-says-it-s-done-all-it-can-for-the-global-oil-market?srnd=premium-middle-east\">Bloomberg<\/a> reports. \u201cAs far as we are aware there is no shortfall of oil,\u201d he said. \u201cIt\u2019s much more complex than just bringing barrels to the market \u2026 Our assessment is that actually oil supply right now is relatively in balance.\u201d<\/p><p><strong>The <\/strong><strong><a href=\"https:\/\/www.theguardian.com\/us-news\/2022\/mar\/13\/white-house-us-joe-biden-oil-output-prices-saudi-arabia-uae\">US<\/a><\/strong><strong>, <\/strong><strong><a href=\"https:\/\/news.sky.com\/story\/boris-johnson-doesnt-say-whether-he-reached-oil-deal-on-saudi-arabia-trip-and-insists-human-rights-talks-will-remain-private-12567829\">UK<\/a><\/strong><strong> and other countries have pleaded with Riyadh in recent weeks to up its supply<\/strong> and bring down prices, which have remained above USD 100 a barrel since late February when Russia invaded Ukraine.<\/p><p><strong>When will stocks bottom out? Not before the Federal Reserve eases its tightening <\/strong><strong>cycle<\/strong>, Goldman Sachs says in a note cited by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/goldman-s-chang-says-stocks-will-bottom-once-fed-signals-shift?srnd=premium-middle-east\">Bloomber<\/a><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/goldman-s-chang-says-stocks-will-bottom-once-fed-signals-shift?srnd=premium-middle-east\">g<\/a>. The Fed isn\u2019t likely to loosen its grip and switch to monetary easing until the US economy enters a recession, the bank adds. \u201cMonetary policy has historically stopped tightening about three months before equities bottom, and shifted to easing about two months afterwards,\u201d Goldman Sachs strategist Vicky Chang wrote. The value of equities has been slipping since the Fed halted its stimulus and began tightening monetary policy in a bid to curb inflation, raising interest rates by an aggressive 50 basis points <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">earlier this month<\/a>. Major US indices have either entered a bear market (like the Nasdaq) or are teetering on the brink of one.<\/p><p><strong>MORNING MUST READ- <\/strong><\/p><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>Is the US mediating an agreement between Egypt, the KSA and Israel that <\/strong><strong>could pave the war for normalization of Saudi-Israeli relations? <\/strong>That\u2019s according to <a href=\"https:\/\/www.axios.com\/2022\/05\/23\/saudi-arabia-egypt-israel-red-sea-islands\">Axios<\/a>, which cites five US and Israeli officials with knowledge of the matter. According to the report, the Biden administration is working with the countries to finalize the transfer of Tiran and Sanafir islands from Egypt to Saudi Arabia, a move that it believes could open the door to warming ties between Riyadh and Tel Aviv. The US hopes to finalize the agreement ahead of the US president\u2019s upcoming <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/statements-releases\/2022\/04\/24\/readout-of-president-bidens-call-with-prime-minister-naftali-bennett-of-israel-2\/\">trip to Israel<\/a> \u2060\u2014 and possibly Saudi \u2060\u2014 in June, sources say.<\/p><p><strong>REMEMBER-<\/strong> Egypt <a href=\"https:\/\/enterprise.press\/stories\/2017\/07\/02\/what-were-tracking-on-02-july-2017\/\">agreed to hand over control<\/a> of the two Red Sea islands to Riyadh back in 2017, but a final agreement has remained elusive in the years since as the two countries wait on Israel\u2019s sign-off. Tel Aviv has a say in what happens with the islands under the terms of the 1979 peace treaty, in which Egypt pledged to guarantee Israeli ships access to the Tiran Straits.<\/p><p><strong>THE BIG STORY ABROAD- Yet another mass shooting is dominating the front pages in <\/strong><strong>the US this morning.<\/strong> Nineteen children and two adults were murdered yesterday when an 18-year-old gunman opened fire in a Texas elementary school. (<a href=\"https:\/\/apnews.com\/article\/uvalde-texas-school-shooting-b4e4648ed0ae454897d540e787d092b2\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-speak-texas-school-shooting-tuesday-night-2022-05-24\/\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/05\/24\/us\/shooting-robb-elementary-uvalde\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/nation\/2022\/05\/24\/school-shooting-uvalde-texas-updates\/\">Washington Post<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/suspected-shooter-at-texas-elementary-school-in-custody-after-incident-11653422735?mod=hp_lead_pos1\">WSJ<\/a>)<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>The Madbouly government will hold public consultations on its privatization plans over <\/strong><strong>three months<\/strong>, according to a <a href=\"https:\/\/bit.ly\/3LIZmC2\">cabinet statement<\/a> out yesterday. \u201cWe as a government are ready to hear all opinions and approaches because our objective is the interest of the country and the advancement of the economy,\u201d PM Moustafa Madbouly said at a Cabinet meeting.<\/p><p><strong>We got our first look at its policy document last week: <\/strong>The government intends to fully withdraw from as many as 79 industries over the next three years as part of plans to restructure the economy in favor of the private sector, according to a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">draft copy of its state ownership policy document<\/a> obtained by the local press last week. The final version of the document is expected to be published before the end of this month.<\/p><p><strong>The Fin Expo Egypt is kicking off tomorrow<\/strong> and will run until Thursday at the Intercontinental Citystars. The expo will feature over 25 companies exhibiting their fintech products and services with 3k visitors expected.<\/p><p><strong><a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11747\">El Gouna International Squash Open 2022<\/a><\/strong><strong> will kick off on Friday<\/strong> and run until the following Friday, 3 June. The competition will feature some of Egypt\u2019s top seeds including world #1 Nouran Gohar and world #2 Ali Farag (who just earned the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6a4ab59-b151-4bba-bc02-43a3f541e47c\">PSA squash championship cup<\/a>). The prize pool for each of the men\u2019s and women\u2019s competitions is USD 180k.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong> We continue our coverage of the USAID Alternative Finance conference with one of the liveliest and engaging panel discussions we\u2019ve seen in a while. This time, the focus was squarely on Egypt\u2019s PPP framework, with the various stakeholders defining their roles in the framework and what they would like to see the other party do more of.<\/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\/cds\/\">CDs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/davos-2022\/\">Davos 2022<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-zaki\/\">Mohamed Zaki<\/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\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rania-al-mashat\/\">Rania Al Mashat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tiran-and-sanafir\/\">Tiran and Sanafir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546687\" 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=\"546687\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/546687\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546687\" class=\"content-area-description single-story post-546687 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=\"546688\" 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=\"546688\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/dont-hold-your-breath-if-you-expect-to-buy-a-new-car-anytime-soon\/\">\r\n                            Don\u2019t hold your breath if you expect to buy a new car anytime soon                        <\/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\/25\/dont-hold-your-breath-if-you-expect-to-buy-a-new-car-anytime-soon\/\" 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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Good luck.<\/strong> Some foreign car manufacturers have suspended sales to Egypt after a change to how imports are paid for has left local dealers unable to purchase vehicles, industry sources say, confirming reports first published by <a href=\"https:\/\/alborsaanews.com\/2022\/05\/23\/1543141\">Al Borsa<\/a> and <a href=\"https:\/\/bit.ly\/3wPAP8D\">Al Mal<\/a> on Monday.<\/p>\n<p><strong>The new supply constraints will only add to existing shortages in the market<\/strong> caused by the scarcity of microchips and shipping snarls \u2014 and comes as dealers grapple with rising inflation. The shortage of inventory in the market became much worse after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">new rules<\/a> were handed down in March requiring importers to use letters of credit (L\/Cs) to purchase goods, instead of documentary collection, a quicker, more accessible, and less capital-intensive way of facilitating trade. The change in policy sparked criticism at the time from trade and industry associations.<\/p>\n<p><strong>International car manufacturers are now rerouting shipments away from Egypt<\/strong> because local importers and distributors haven\u2019t been able to make transfers, Abed El Kader Talaat, a board member at the Automotive Information Council (AMIC), the industry group, told us. \u201cNo letters of credit were opened, no transfers were made, and therefore suppliers have made the decision to not produce for Egypt and instead divert to other markets,\u201d he said.<\/p>\n<p><strong>Which brands have pulled out?<\/strong> We\u2019ve so far counted 13 that no longer appear to be delivering to Egypt, including some of Europe\u2019s biggest brands \u2014 Citroen, Volkswagen, Audi, Fiat and Peugeot among them \u2014 as well as Jeep and Asian companies including Geely.<\/p>\n<p><strong>The situation provides no certainty for overseas suppliers:<\/strong> \u201cForeign companies now don\u2019t know the future of their exports to Egypt, and seeing as there is demand in other countries that can\u2019t be met due to the global crisis, they started redirecting some of the cars bound for the Egyptian market to other countries,\u201d Abou Ghaly Motors\u2019 commercial director, Tamer Kotb, told Enterprise. Abou Ghaly\u2019s portfolio of brands includes Mercedes, Jeep, Alfa Romeo and Subaru, among others, as well as a stable of mobility solutions.<\/p>\n<p><strong>Few new cars have entered the market <\/strong><strong>since March<\/strong>, Kotb said. Talaat told us that there are around 29k vehicles waiting to be released from port, which could help to ease the supply squeeze should the import issues be resolved.<\/p>\n<p><strong>\u201cWe have lost credibility with foreign car manufacturers<\/strong>, because we have cars that Egyptian distributors ordered, that have been produced and we can\u2019t take them,\u201d said Karim Naggar, chairman of Egyptian Automotive and Trading and Kayan, which imports and distributes brands including Volkswagen, Audi and Seat. \u201cWe are unable to give them an outlook on how long this will go on because nobody is telling us when we can expect to see changes.\u201d<\/p>\n<p><strong>There\u2019s no quick fix: <\/strong>Foreign car manufacturers won\u2019t look to export to Egypt until the current backlog is cleared, Talaat said. It takes around three months from when an importer puts in an order for the cars to arrive here, he said. If import difficulties are cleared up, there will be a significant lag as manufacturers return to the Egyptian market, he added.<\/p>\n<p><strong>Another year of standstill?<\/strong> In the best case scenario, the market will start to stabilize in mid-2023, Kotb told us.<\/p>\n<p><strong>Distributors also have to compensate consumers for recent price hikes + supply issues:<\/strong> Customers who made a down payment on a vehicle prior to 12 April, but who have not received their car, are entitled to receive a refund from the dealer plus 18% interest, the Consumer Protection Agency said this week. Those who had paid for the car in full before this date will be protected against any recent price hikes, it said. Distributors are waiting for clarity on how the refund system will work and are angling to minimize how much interest they\u2019re required to pay on, for example, downpayments made before Banque Misr and NBE hiked rates to 18% earlier this spring.<\/p>\n<p><strong>We could hear more about consumer refunds today: <\/strong>Kotb told us that he expects the decision to be published in the Official Gazette today.<\/p>\n<p><strong>One thing is clear: Whenever supply returns, prices are going up \u2014 but it\u2019s anyone\u2019s guess by how much. <\/strong>Between the wide gap between supply and demand, local car prices are set to rise between 15-20%, and that\u2019s on top of the 2-5% hike in the global market due to the rise in raw materials prices on the back of war in Ukraine, Kotb added. Talaat is less optimistic, forecasting a 35-45% price hike, taking into account the devaluation earlier this spring of the EGP and ongoing market turmoil. \u201cCars are going to continue to be much more expensive than they currently are \u2014 it\u2019s all about supply and demand,\u201d Naggar said.<\/p>\n<p><strong>In the meantime, the CPA is saying dealers can raise prices only 5%<\/strong>, a figure that won\u2019t move the needle for distributors \u2014 and that\u2019s largely academic, anyway. You can\u2019t price up that which you do not have in hand to sell.<\/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\/automobiles\/\">automobiles<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/l-cs\/\">L\/Cs<\/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=\"546690\" 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=\"546690\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/imf-program-in-2-months\/\">\r\n                            IMF program in 2 months?                        <\/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\/25\/imf-program-in-2-months\/\" 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\/25\/imf-program-in-2-months\/')\">\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\/25\/imf-program-in-2-months\/\">\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=IMF program in 2 months?&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/imf-program-in-2-months\/\">\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\/25\/imf-program-in-2-months\/&title=IMF program in 2 months?\">\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=IMF+program+in+2+months%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fimf-program-in-2-months%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\/25\/imf-program-in-2-months\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/332.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546691\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/imf-program-in-2-months\/332-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/332.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"332.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/332.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/332.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546690\" class=\"content-area-description single-story post-546690 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-imf tag-moustafa-madbouly wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Egypt hopes to finalize a fresh assistance program with the IMF \u201cwithin two <\/strong><strong>months,\u201d<\/strong> Prime Minister Moustafa Madbouly told lawmakers yesterday in an address focusing on the government\u2019s response to what he said was the worst global crisis since the Second World War, according to cabinet statements (<a href=\"https:\/\/bit.ly\/3sUm4jX\">here<\/a>and <a href=\"https:\/\/bit.ly\/3Ny4TfR\">here<\/a>). Madbouly did not provide details on the program during the meeting, but said it would aim to \u201csustain [the state\u2019s] economic reform programs \u2026 and affirm that Egypt is moving in a disciplined manner.\u201d<\/p>\n<p><strong>BACKGROUND-<\/strong> We\u2019ve been in talks with the Fund for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0975edf-53e6-4124-90c6-965a54f7fc41\">several months<\/a> on a new assistance program to help us mitigate the fiscal strain and balance of payments pressure caused by spillover effects from the war in Ukraine. Madbouly said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e3bad5-0ccb-44bf-8327-c3a52ba2bcf3\">earlier this month<\/a> that it could take months before an agreement is sealed, while CBE governor Tarek Amer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ac83b64-39ec-4a4d-9127-30c5818f81c2\">said<\/a> we would only receive limited funding due to it already exceeding its quota. Finance Minister Mohamed Maait said earlier this week that talks were going \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/32679220-62ca-4112-9e93-a8c5e89410a4\">very well<\/a>.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546692\" 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=\"546692\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/\">\r\n                            We\u2019re getting another USD 3 bn for wheat imports from the ITFC                        <\/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\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/\" 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\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/')\">\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\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=We\u2019re getting another USD 3 bn for wheat imports from the ITFC&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/\">\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\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/&title=We\u2019re getting another USD 3 bn for wheat imports from the ITFC\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=We%E2%80%99re+getting+another+USD+3+bn+for+wheat+imports+from+the+ITFC+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fwere-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc%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\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/333.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546693\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/were-getting-another-usd-3-bn-for-wheat-imports-from-the-itfc\/333-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/333.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"333.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/333.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/333.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546692\" class=\"content-area-description single-story post-546692 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-ali-el-moselhy tag-commodities tag-enterpriseam tag-food-security tag-imf tag-india tag-inflation tag-international-islamic-trade-finance-corporation tag-kristalina-georgieva tag-supply-ministry tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>We\u2019re getting an additional USD 3 bn from ITFC to help us through the <\/strong><strong>commodities crunch:<\/strong> The International Islamic Trade Finance Corporation (ITFC) has raised the ceiling for its financing agreement with Egypt to USD 6 bn from USD 3 bn, Supply Minister Ali El Moselhy told Al Hekaya\u2019s Amr Adib on Monday (<a href=\"https:\/\/www.youtube.com\/watch?v=5d1pXzwi2O4\">watch, runtime: 3:08<\/a>). The extra funds will help us pay for imported wheat and oil, El Moselhy said, without clarifying the exact breakdown or when it was disbursed.<\/p>\n<p><strong>The original agreement goes back more than four years:<\/strong> Egypt <a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/31\/investment-ministry-and-itfc-sign-usd-3-bn-agreement-for-essential-commodities\/\">signed a USD 3 bn<\/a><a href=\"https:\/\/enterprise.press\/stories\/2018\/01\/31\/investment-ministry-and-itfc-sign-usd-3-bn-agreement-for-essential-commodities\/\">agreement<\/a> with the ITFC in January 2018 to fund the purchase of basic goods and commodities, such as petroleum, wheat, and other subsidized food staples. Since then, Egypt has taken out more loans from the corporation, including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7289258f-d062-452b-9562-02e9930eb248\">USD 1.5 bn<\/a> earlier this year and USD 2.3 bn late last year, both to fund commodity imports.<\/p>\n<p><strong>Ballooning commodity prices are hitting our budget:<\/strong> The government is having to find <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">an<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">extra EGP 15 bn<\/a> this fiscal year to cover the extra costs of imported wheat, which has soared in price following Russia\u2019s invasion of Ukraine. This had knock-on effects on the budget, with the government having to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">add another EGP 6 bn<\/a> to its 2021-2022 budget allocation to fund debt repayments. Current wheat prices are also far above the price the government has used to calculate its expenditure in the coming fiscal year: the draft budget released this month forecasts prices to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e38e4d09-78d7-4b19-811a-800ff6c28a98\">average USD 350 per ton<\/a> during the year, 20% below the current market price. This has caused some MPs to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51f62891-ad04-47b0-93d4-1087a0721dd7\">raise doubts<\/a> about the ministry\u2019s forecast.<\/p>\n<p><strong>The news got ink in the foreign press:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/egypt-gets-extra-3-billion-in-financing-to-cope-with-wheat-woes\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypt-get-additional-3-billion-financing-itfc-minister-2022-05-24\/\">Reuters<\/a>.<\/p>\n<p><strong>IMF BOSS TO INDIA: PLEASE DON\u2019T BAN EXPORTS<\/strong><\/p>\n<p><strong>IMF chief Kristalina Georgieva has<\/strong><strong> urged<\/strong><strong> India to reconsider its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90d1ad70-45bd-4d6a-b57f-c43c3433bf2f\">wheat export ban<\/a><\/strong> in an interview with India\u2019s NDTV on the sidelines of the World Economic Forum (WEF) at Davos (<a href=\"https:\/\/www.ndtv.com\/india-news\/beg-india-to-reconsider-wheat-export-ban-as-soon-as-possible-imf-chief-3005663\">watch, runtime: 8:01<\/a>). The restrictions could have a major impact on countries most vulnerable to the wheat crisis, including Egypt and Lebanon, \u201cwhere what we see is not only risk of hunger but risk of social unrest and impact on global stability.\u201d<\/p>\n<p><strong>REMEMBER- Egypt is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d26da67-4747-49c2-826c-14d5dcb5669f\">already in talks<\/a><\/strong><strong> with India for exemption<\/strong> from the ban, which was introduced in response to surging domestic prices in India and a heatwave that threatened to impact the harvest. Supply Minister Ali El Moselhy said earlier this month that an agreement to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\">buy 500k tons of Indian wheat<\/a> will not be impacted by the ban, but clarified later that the purchase has been agreed but not signed.<\/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\/ali-el-moselhy\/\">Ali El Moselhy<\/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\/food-security\/\">food security<\/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\/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\/international-islamic-trade-finance-corporation\/\">International Islamic Trade Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kristalina-georgieva\/\">Kristalina Georgieva<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/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=\"546694\" 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=\"546694\">\r\n            \r\n            <div 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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=\"546695\">\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\">Mining<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/four-miners-land-licenses-to-prospect-for-gold\/\">\r\n                            Four miners land licenses to prospect for gold                        <\/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\" 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   <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/four-miners-land-licenses-to-prospect-for-gold\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546695\" class=\"content-area-description single-story post-546695 post type-post status-publish format-standard hentry category-mining tag-akh-gold tag-ankh-resources tag-enterpriseam tag-marine-logistic tag-mining wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Four miners have landed licenses to explore for gold in the Eastern Desert <\/strong>in the Madbouly government\u2019s latest tender, <a href=\"https:\/\/www.dostor.org\/4092159\">Dostor<\/a> reported yesterday. They reportedly include <a href=\"http:\/\/ankhresources.com\/\">Ankh Resources<\/a>, Sawiris-backed <a href=\"https:\/\/akhgold.com\/\">Akh Gold<\/a>, Canadian miner <a href=\"http:\/\/lotusgold.ca\/\">Lotus Gold<\/a>, and Marine Logistic.<\/p>\n<p><strong>Lotus and Akh are familiar faces: <\/strong>Naguib Sawiris-backed Akh Gold <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7746b80-3be0-43fe-a181-c1d84a60edef\">signed contracts<\/a> for nine exploration concessions worth USD 4.1 mn in last year\u2019s tender of exploration rights, while Canada\u2019s Lotus <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eb4b0133-b988-4f7f-8c99-1bca7292f39b\">snagged a USD 9 mn agreement<\/a> for 11 blocks.<\/p>\n<p><strong>\u2026but <\/strong><strong><a href=\"http:\/\/ankhresources.com\/\">Ankh Resources<\/a><\/strong><strong> is a newcomer:<\/strong> Established last year in the UK, Ankh Resources won its first gold exploration license for one block \u2014 known as Dara \u2014 in the northeastern desert, Ankh Resources Managing Director Mostafa Talaat told Enterprise. The miner has committed a seven-figure USD investment to the block, the company\u2019s chairman, Hossam Allam, added. <strong>Ankh is ready to <\/strong><strong>exploration <\/strong><strong>as soon as the block is handed to them <\/strong>\u2014 likely in three or four months\u2019 time, Talaat said.<\/p>\n<p><strong>Ankh looks to be gearing up to invest more aggressively: <\/strong>\u201cWe\u2019ll definitely be pushing more investments in the Egyptian market,\u201d Talaat said, adding that they hope to expand beyond Egypt at some point. The miner is primarily eyeing the Red Sea-adjacent Arabian-Nubian Shield, which is one of the \u201clast major under-explored frontiers for the global mining industry,\u201d Allam said.<\/p>\n<p><strong>This is the government\u2019s second gold tender in as many years: <\/strong>Four mining companies signed 10 new gold exploration contracts with the Oil Ministry in February. Later in July, the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fcd83442-d546-435e-8a46-af2336d4a430\">signed four gold exploration contracts<\/a> with Canadian miner B2Gold and Australian gold miner and Sukkari operator Centamin. Back in 2020, the Oil Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b6dc75f-f325-4023-ac97-64fff07b8999\">said<\/a> it would launch new gold exploration tenders every four months.<\/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\/akh-gold\/\">AKH Gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ankh-resources\/\">Ankh Resources<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/marine-logistic\/\">Marine Logistic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mining\/\">mining<\/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=\"546696\" 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=\"546696\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/mud-tax-could-be-suspended-until-july-2023\/\">\r\n                            \u201cMud tax\u201d could be suspended until July 2023                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/mud-tax-could-be-suspended-until-july-2023\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/mud-tax-could-be-suspended-until-july-2023\/')\">\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\/25\/mud-tax-could-be-suspended-until-july-2023\/\">\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=\u201cMud tax\u201d could be suspended until July 2023&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/mud-tax-could-be-suspended-until-july-2023\/\">\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\/25\/mud-tax-could-be-suspended-until-july-2023\/&title=\u201cMud tax\u201d could be suspended until July 2023\">\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=%E2%80%9CMud+tax%E2%80%9D+could+be+suspended+until+July+2023+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fmud-tax-could-be-suspended-until-july-2023%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\/25\/mud-tax-could-be-suspended-until-july-2023\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/334.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546697\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/mud-tax-could-be-suspended-until-july-2023\/334-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/334.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"334.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/334.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/334.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546696\" class=\"content-area-description single-story post-546696 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-enterpriseam tag-hajj tag-house-of-representatives tag-legislation-watch tag-mud-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The <\/strong>\u201c<strong>mud tax\u201d could be suspended for another year: <\/strong>The House Planning and Budget Committee has approved a draft bill from the government to extend the suspension of the 14% tax on agricultural land (known as \u201cmud tax\u201d) for an additional year to July 2023, <a href=\"https:\/\/bit.ly\/3wQBlDk\">Hapi Journal<\/a> reported.<\/p>\n<p><strong>Why the extension?<\/strong> The decision aims to \u201calleviate tax burdens on those working in the agricultural sector and to encourage them to boost agricultural production,\u201d Rep. Yasser Omar, the deputy head of the committee, said. The suspension was set to expire in July 2022.<\/p>\n<p><strong>Background:<\/strong> The House approved in 2020 a two-year suspension of the 14% tax, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/372c56bb-e3eb-4519-8c8d-d1db9667805b\">extending an existing three-year suspension<\/a> approved in 2017 under efforts by the state to support farmers through the covid-19 crisis.<\/p>\n<p><strong>ALSO YESTERDAY- The House gave its final approval to a draft law organizing Hajj trips <\/strong><strong>and setting up an online Hajj portal<\/strong>, <a href=\"https:\/\/gate.ahram.org.eg\/News\/3525702.aspx\">Ahram Gate reports<\/a>. Would-be pilgrims will be able to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97997647-a184-4084-b35b-0516af2a970b\">use the portal<\/a>to apply for travel visas to Saudi Arabia to undertake the pilgrimage. Travelers\u2019 data will be available on the portal, with each person assigned a code number to be stamped on their passport.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hajj\/\">hajj<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mud-tax\/\">mud tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546698\" 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=\"546698\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/546698\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546698\" class=\"content-area-description single-story post-546698 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=\"546699\" 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=\"546699\">\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\">ENTERPRISE ON THE ROAD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/day-3-in-lagos-nigeria\/\">\r\n                            Day 3 in Lagos, Nigeria                        <\/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\/25\/day-3-in-lagos-nigeria\/\" 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\/25\/day-3-in-lagos-nigeria\/')\">\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\/25\/day-3-in-lagos-nigeria\/\">\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=Day 3 in Lagos, Nigeria&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/day-3-in-lagos-nigeria\/\">\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\/25\/day-3-in-lagos-nigeria\/&title=Day 3 in Lagos, Nigeria\">\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=Day+3+in+Lagos%2C+Nigeria+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fday-3-in-lagos-nigeria%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\/25\/day-3-in-lagos-nigeria\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/335.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546700\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/day-3-in-lagos-nigeria\/335-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/335.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"335.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/335.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/335.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546699\" class=\"content-area-description single-story post-546699 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-on-the-road tag-adham-azzam tag-aly-shalakany tag-balad tag-biola-alabi tag-cairo-angels-syndicate-fund tag-credpal tag-enterprise-on-the-road tag-enterpriseam tag-flexpay tag-impact-hub-lagos tag-lnddo tag-nawah-scientific tag-nigeria tag-omar-shoukry-sakr tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>DAY THREE- <\/strong>Lagos doesn\u2019t cease to amaze us \u2014 and frankly, it feels like we\u2019ve been here for three weeks, not just two and a half days. The energy of the local entrepreneurship scene has kept our adrenaline pumping, along with the little bits and pieces of chaos that remind us of home. <strong>Day three was more of a cultural day, although we did meet a few startups and an angel investor. <\/strong><\/p>\n<p><strong>Quick update on the trip participants: <\/strong>We\u2019ve been joined by Cairo Angels Syndicate Fund (CASF) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c74c2f79-460d-4f80-9886-e5eec1c7396b\">portfolio company FlexPay<\/a> from Kenya. Founders Richard Machomba and Johnson Gituma flew in to explore Lagos\u2019 ecosystem with us. They are pictured above, along with CASF CEO <strong>Aly Shalakany<\/strong>, Nawah Scientific CEO and founder <strong>Omar Shoukry<\/strong>, co-founder of fintech player Lnddo <strong>Adham Azzam<\/strong> (who just launched new fintech startup Balad), and co-founder and CEO of Nigerian fintech <a href=\"https:\/\/credpal.com\/\">Credpal<\/a> <strong>Fehintolu Olaogun<\/strong>.<\/p>\n<p><strong>The highlight of our day was meeting Biola Alabi (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/biola-alabi\/\">LinkedIn<\/a><\/strong><strong>), cofounder and GP of Atika <\/strong><strong>Ventures. <\/strong>Also serving as the deputy chair of the Lagos Angel Network, she is the senior advisor and executive producer of Biola Alabi Media and Entertainment. Before going into angel investment, Alabi was a media pioneer who, among other things, brought Sesame Street to African markets via local productions. She spoke about what makes the Nigerian scene so attractive and legislation on startups now waiting to pass the National Assembly and Senate. We\u2019ll have plenty for you on what she and other investors told us once we\u2019re back in Omm El Donia.<\/p>\n<p><strong>Our other stops today included Impact Hub Lagos, the national museum, and a Khan <\/strong><strong>El-Khalili lookalike. <\/strong>Impact Hub Lagos is the local chapter of the global collective of startup communities, which connects entrepreneurs to large organizations, cultural, and public institutions.<\/p>\n<p><strong>Fintech and culture: <\/strong>We also sat down with local BNPL fintech <a href=\"https:\/\/credpal.com\/\">CredPal<\/a> and digital bank <a href=\"https:\/\/ng.getcarbon.co\/\">Carbon<\/a> to talk about their insights into the local fintech scene, hit a museum to learn more about Nigeria\u2019s colonial history, and made a brief stop at a Hussein-like local market for some retail therapy.<\/p>\n<p><strong>There is no better way to describe Nigeria\u2019s spirit than emphasize that they do not <\/strong><strong>produce sad music. <\/strong>Nigerian music is very upbeat, taking the form of what the West likes to call afrobeats. Among the most popular Nigerian songs currently are <a href=\"https:\/\/www.youtube.com\/watch?v=Ypr5QN7Xn_M\">Emiliana by CKay<\/a> and <a href=\"https:\/\/www.youtube.com\/watch?v=axkAXaXYCqI\">Kwaku The Traveler by Black Sherif<\/a>. But locals are most enamored with late Nigerian artist Fela Kuti, who was a \u201cphilosopher, prophet, and musician,\u201d our good friend Tomi Davies, investor and collaborator-in-chief of TVC Labs, told us. Fela is considered the pioneer of afrobeat and has a shrine dedicated to him which also serves as a host location of the annual <a href=\"http:\/\/www.felabration.net\/\">Felabration<\/a> music festival.<\/p>\n<p><strong>What about the food? It is, in a word, spicy. <\/strong>Some of us consciously opt for a classic burger at some meals because Nigerian food is crazy spicy. For the first time in our lives, we appreciate the concept of palate cleansers, which can either be some fried plantain (the brothers of bananas) or yams in different shapes and forms. On a different note: pineapples here are at a different level of deliciousness.<\/p>\n<p><strong>The staple Nigerian drink is called a chapman. <\/strong>The non-alcoholic drink consists of Fanta, Sprite, cucumber, lemon, grenadine and angostura bitters, which is a kind of tonic water. Some of us have had it at least twice in the past two days.<\/p>\n<p><strong>Also: People in Lagos generally do not smoke. <\/strong>We\u2019re used to the sight of cigarettes everywhere in Cairo. But in Nigeria, a mere 10% or so of the population is enslaved to tobacco, <a href=\"https:\/\/pubmed.ncbi.nlm.nih.gov\/31864324\/#:~:text=Results%3A%20Across%2064%20studies%20(n,%2D20.2)%20for%20ever%20smokers.\">according to a study<\/a>. And it is very noticeable in the streets of Lagos: No cigarette butts on the floor, no smell of smoke.<\/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\/adham-azzam\/\">Adham Azzam<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aly-shalakany\/\">Aly Shalakany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/balad\/\">Balad<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/biola-alabi\/\">Biola Alabi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-angels-syndicate-fund\/\">Cairo Angels Syndicate Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/credpal\/\">CredPal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-on-the-road\/\">ENTERPRISE ON THE ROAD<\/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\/impact-hub-lagos\/\">Impact Hub Lagos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lnddo\/\">Lnddo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nawah-scientific\/\">Nawah Scientific<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nigeria\/\">Nigeria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/omar-shoukry-sakr\/\">Omar Shoukry Sakr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546701\" 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=\"546701\">\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\/25\/building-violations-were-back-on-the-airwaves-last-night\/\">\r\n                            Building violations were back on the airwaves last night                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/building-violations-were-back-on-the-airwaves-last-night\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            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href=\"https:\/\/api.whatsapp.com\/send?text=Building+violations+were+back+on+the+airwaves+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fbuilding-violations-were-back-on-the-airwaves-last-night%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/building-violations-were-back-on-the-airwaves-last-night\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546701\" class=\"content-area-description single-story post-546701 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-building-code tag-construction tag-enterpriseam tag-last-nights-talk-shows tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Illegal construction was back in the conversation on the airwaves last night<\/strong> after the House of Representatives discussed amending the law on reconciling building violations. Legal changes have been discussed this month in a bid to get the government\u2019s ambition to tackle informal settlements back on track.<\/p>\n<p><strong>Why the amendments?<\/strong> Some governorates have been implementing the law differently than others, Rep. Amr Darwish, head of the House Local Development Committee, told Salet El Tahrir\u2019s Azza Mostafa (<a href=\"https:\/\/www.youtube.com\/watch?v=IRBkglcAWew\">watch, runtime: 11:34<\/a> ), who stressed that a unified set of rules had to be applied nationwide. He said that the government is currently drafting amendments on reconciliation, adding that they would set a \u201cred line to ensure no new violations'' are made.<\/p>\n<p><strong>Reconciliation has stalled:<\/strong> Property owners have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c89c74ec-d167-4c0b-9b8a-0d39452a1da3\">submitted some 2.8 mn reconciliation<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c89c74ec-d167-4c0b-9b8a-0d39452a1da3\">requests<\/a> since the law came into effect in 2020, but not everyone has paid the settlement fee.<\/p>\n<p><strong>And the government has only responded to a handful of requests:<\/strong> Of the 2.8 mn requests, only 50k-60k have been responded to, Rep. Ahmed El Segni, head of the House Local Administration Committee, told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=hc-pgrnjdro\">watch, runtime: 7:06<\/a>). Some of those who have paid the fees <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=21022022&id=0ead136b-d8ed-44eb-8438-f70a15ed56ae\">have complained<\/a> about not receiving a response from the government. The amendments would include new rules to ensure that authorities make a decision on every request submitted.<\/p>\n<p><strong>Also talking reconciliation last night:<\/strong> Local Development Ministry spokesperson Khaled Qassem, who phoned in to Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=lha5mjs4qyU\">watch, runtime: 7:45<\/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\/building-code\/\">building code<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/real-estate\/\">real estate<\/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=\"546702\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" 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     <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-zob5e9d\" data-v=\"4\" data-block-id=\"zob5e9d\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-zob5e9d-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-zob5e9d-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-u1vif8d\" data-v=\"4\" data-block-id=\"u1vif8d\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-u1vif8d-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-u1vif8d-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-fam5tir\" data-v=\"4\" data-block-id=\"fam5tir\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-fam5tir-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-fam5tir-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\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-08bj7k9\" data-v=\"4\" data-block-id=\"08bj7k9\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-08bj7k9-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-08bj7k9-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 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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=\"546703\" 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=\"546703\">\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\/25\/egypts-food-fiscal-insecurity-is-getting-attention-in-the-foreign-press\/\">\r\n                            Egypt\u2019s food + fiscal insecurity is getting attention in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/egypts-food-fiscal-insecurity-is-getting-attention-in-the-foreign-press\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%E2%80%99s+food+%2B+fiscal+insecurity+is+getting+attention+in+the+foreign+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fegypts-food-fiscal-insecurity-is-getting-attention-in-the-foreign-press%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/egypts-food-fiscal-insecurity-is-getting-attention-in-the-foreign-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546703\" class=\"content-area-description single-story post-546703 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-culture tag-economy tag-enterpriseam tag-food-security tag-human-rights tag-inflation tag-interest-rates tag-jpmorgan tag-legislation tag-religion tag-senate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The global economic crisis and its impact on Egypt is in focus in the foreign press this <\/strong><strong>morning: <\/strong>Egypt\u2019s balance of payments is vulnerable to the \u201cdouble shock\u201d of monetary tightening and the rise in global prices, and faces tighter capital controls if it does not agree a new financing package with the IMF, <a href=\"https:\/\/www.fxempire.com\/news\/article\/egypt-current-account-pressures-grow-as-rate-hikes-inflation-make-imf-support-more-urgent-1009825\">FX Empire<\/a> writes. Meanwhile, <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/jpmorgan-warns-10-junk-rated-emerging-markets-face-debt-crises-2022-05-24\/\">Reuters<\/a> reports that JPMorgan has classified Egypt as being highly vulnerable to fiscal and debt shocks over the longer-term, and <a href=\"https:\/\/www.voanews.com\/a\/egypt-rolls-out-agricultural-projects-to-tackle-future-food-shortages\/6587190.html\">Voice of America<\/a> is the latest foreign outlet to examine how rising food prices are impacting Egypt.<\/p>\n<p><strong>Archiving the fading sounds of Cairo: <\/strong>Two Egyptians set out to record the sounds of the city as new infrastructure transforms the soundscape. (<a href=\"https:\/\/www.washingtonpost.com\/world\/interactive\/2022\/saving-sounds-an-ancient-city\/?itid=hp-top-table-main\">Washington Post<\/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\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jpmorgan\/\">JPMorgan<\/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\/religion\/\">Religion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senate\/\">Senate<\/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=\"546704\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546705\" 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=\"546705\">\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\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/\">\r\n                            The sukuk market has been quiet in 1H 2022 + other things we\u2019re keeping an eye on this morning                        <\/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\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/\" 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\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/')\">\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\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/\">\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=The sukuk market has been quiet in 1H 2022 + other things we\u2019re keeping an eye on this morning&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/\">\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\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/&title=The sukuk market has been quiet in 1H 2022 + other things we\u2019re keeping an eye on this morning\">\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+sukuk+market+has+been+quiet+in+1H+2022+%2B+other+things+we%E2%80%99re+keeping+an+eye+on+this+morning+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fthe-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning%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\/25\/the-sukuk-market-has-been-quiet-in-1h-2022-other-things-were-keeping-an-eye-on-this-morning\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546705\" class=\"content-area-description single-story post-546705 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-banking tag-cds tag-cib tag-enterpriseam tag-france tag-moustafa-madbouly tag-state-privatization-program tag-yemen wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong><a href=\"https:\/\/www.alahly.com\/\">Al Ahly Sabbour Developments<\/a><\/strong><strong> could take a sukuk issuance to market<\/strong>, <a href=\"https:\/\/bit.ly\/3LLtUCR\">Al Borsa<\/a> quotes Managing Director Ahmed Sabbour as saying. Industry sources tell us the plans are still at an early stage, and company officials did not reply to requests for comment when we reached out. The developer is also in talks with the National Bank of Egypt for an EGP 850 mn facility to finance its Keeva project in Sixth of October<\/p>\n<p><strong>It\u2019s been another quiet year for sukuk so far: <\/strong>Palm Hills Developments in March took its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6170918c-d131-411e-a667-a3f24c66a66c\">maiden EGP 3.25 bn sukuk issuance<\/a> to market in our first corporate sukuk sale of the year. The sale came after a very quiet 2021 for sharia-compliant debt issuances, which by our count witnessed a single <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b389205-5282-4d47-b93a-13d8a30d62ff\">EGP 2.5 bn<\/a> sale from Contact Financial Holding (formerly Sarwa Capital).<\/p>\n<p><strong>Will we see any more issuances in 1H?<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/214a971d-d6bf-4aff-9645-2e61b7391838\">Wadi Degla Developments\u2019s EGP 2 bn<\/a> sukuk sale and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a40d14db-a58a-4cdc-8938-0232d8068c6e\">Amer Group\u2019s EGP 1.1 bn<\/a> offering \u2014 both quarterbacked by Contact \u2014 had been slated to take place during the first half of the year, Contact Financial\u2019s CFO Ayman Elsawy told us <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9f346eed-58c4-469c-b8dc-783ee82f33fc\">in January<\/a>.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>France\u2019s <strong>Thales<\/strong> has completed the <strong>new Tanta train station<\/strong> and two other stops along the railway linking Asyut and Nag Hammadi. (<a href=\"https:\/\/www.thalesgroup.com\/en\/worldwide\/transport\/press_release\/thales-continues-its-commitment-egypt-national-railways-and\">Statement<\/a>)<\/li>\n<li><strong>Yemen<\/strong> confirmed that Egypt has approved <strong>direct flights between Cairo and <\/strong><strong>Sanaa<\/strong> under a UN-brokered truce that last month brought fighting between the Saudi-led coalition and Houthi rebels. (<a href=\"https:\/\/twitter.com\/BinmubarakAhmed\/status\/1529063815761039360\">Twitter<\/a>)<\/li>\n<li>Local delivery app <strong><a href=\"https:\/\/goooapp.com\/#\">Gooo<\/a><\/strong> has closed a pre-seed funding round from angel investors, <a href=\"https:\/\/alborsaanews.com\/2022\/05\/24\/1543412\">Al Borsa<\/a> reported. The company, which says it wants to raise USD 5 mn in unspecified future rounds, did not disclose how much it raised.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cds\/\">CDs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yemen\/\">Yemen<\/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=\"546706\" 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=\"546706\">\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\/25\/commodity-prices-are-bolstering-em-currencies-against-a-surging-greenback\/\">\r\n                            Commodity prices are bolstering EM currencies against a surging greenback                        <\/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\/25\/commodity-prices-are-bolstering-em-currencies-against-a-surging-greenback\/\" 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 BRL has risen 13% against the USD thanks to its position in the coffee and soybean export markets, while the CLP has gained due to the country\u2019s dominant status as a copper producer.<\/p><p><strong>The RUB is hot:<\/strong> The RUB defied western sanctions to become the world\u2019s best performing currency on Tuesday, after strengthening 30% against the USD to 56.80 \u2014 a level not seen since 2018, <a href=\"https:\/\/www.reuters.com\/markets\/europe\/russian-rouble-firms-past-57-dollar-first-time-four-years-2022-05-24\/\">Reuters<\/a> reports. The currency has benefited from exporters converting FX to tax payments and new rules forcing European importers to purchase oil and gas in RUB.<\/p><p><strong>The TRY is not:<\/strong> The TRY crashed to a five-month low yesterday as dwindling reserves and the central bank\u2019s refusal to raise interest rates to combat decades-high inflation heaped more pressure on the currency, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-24\/turkish-lira-weakens-to-lowest-since-2021-currency-meltdown?srnd=premium-middle-east\">Bloomberg<\/a> writes.<\/p><p><strong>MEANWHILE- <\/strong><strong>The ECB thinks crypto could pose \u201csystemic\u201d threat to financial system:<\/strong> The European Central Bank has warned that the financial sector\u2019s increasing involvement in crypto assets could pose a \u201csystemic risk\u201d to the global financial system, and called for tougher supervision of the unregulated market. (<a href=\"https:\/\/www.ecb.europa.eu\/pub\/financial-stability\/fsr\/special\/html\/ecb.fsrart202205_02~1cc6b111b4.en.html\">ECB<\/a>)<\/p><p><strong>Also worth noting this morning:<\/strong><\/p><ul>\n<li><strong>Marafiq taps HSBC, Riyad Capital for IPO:<\/strong> Saudi utility Marafiq has tapped HSBC and Riyad Capital to manage its upcoming USD 1.2 bn IPO. (<a href=\"https:\/\/www.bnnbloomberg.ca\/saudi-utility-marafiq-hires-hsbc-riyad-capital-for-1-2-billion-ipo-1.1769885\">Bloomberg<\/a>)<\/li>\n<li><strong>Look out for a blockbuster tech acquisition: <\/strong>US-based semiconductor and software firm Broadcom could acquire cloud computing leader VMware for USD 60 bn, in what would be one of the biggest acquisitions of the year so far, according to people close to the talks. (<a href=\"https:\/\/www.wsj.com\/articles\/broadcom-discussing-paying-around-140-a-share-for-vmware-people-say-11653334946?mod=hp_lead_pos1\">Wall Street Journal<\/a>)<\/li>\n<li><strong>JPMorgan\u2019s UK Chase launch isn\u2019t going to plan:<\/strong> JPMorgan\u2019s retail bank, Chase, will lose more than USD 1 bn on its new international operations, which launched in the UK last year as a digital bank. The bank expects to break even on the bank by 2027 or 2028 and \u201cgenerate significant income thereafter.\u201d (<a href=\"https:\/\/www.ft.com\/content\/e0814e78-edaf-474c-ba42-693a23056732\">FT<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,416<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -12.8%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.46<\/p>\n<\/td>\n<td>\n<p>Sell 18.55<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.49<\/p>\n<\/td>\n<td>\n<p>Sell 18.55<\/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>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,301<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +9.0%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,472<\/p>\n<\/td>\n<td>\n<p>-2.5% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,259<\/p>\n<\/td>\n<td>\n<p>-1.5% (YTD: +2.0%)<\/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>3,941<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -17.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,484<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +1.4%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,648<\/p>\n<\/td>\n<td>\n<p>-1.6% (YTD: -15.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 113.56<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.85<\/p>\n<\/td>\n<td>\n<p>+0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,870.50<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 29,591<\/p>\n<\/td>\n<td>\n<p>+1.3% (YTD: -36.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 609 mn (28.1% below the 90-day average). Foreign investors were net sellers. The index is down 12.8% YTD.<\/p><p><strong>In the green: <\/strong>Rameda (+3.7%) and Oriental Weaver (+0.3%).<\/p><p><strong>In the red: <\/strong>Ibnsina Pharma (-7.0%), Palm Hills Development (-5.9%) and Orascom Construction (-5.1%).<\/p><p><strong>It\u2019s another mixed open in Asia this morning<\/strong> following yesterday\u2019s sell-off on Wall Street \u2060\u2014 and it\u2019s looking like much the same in Europe and the US, 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\/broadcom\/\">Broadcom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/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\/jpmorgan\/\">JPMorgan<\/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\/planet-finance\/\">Planet Finance<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546707\" 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=\"546707\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/madbouly-meets-brazilian-trade-delegation\/\">\r\n                            Madbouly meets Brazilian trade delegation                        <\/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\/25\/madbouly-meets-brazilian-trade-delegation\/\" 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\/25\/madbouly-meets-brazilian-trade-delegation\/')\">\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\/25\/madbouly-meets-brazilian-trade-delegation\/\">\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=Madbouly meets Brazilian trade delegation&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/madbouly-meets-brazilian-trade-delegation\/\">\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\/25\/madbouly-meets-brazilian-trade-delegation\/&title=Madbouly meets Brazilian trade delegation\">\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=Madbouly+meets+Brazilian+trade+delegation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fmadbouly-meets-brazilian-trade-delegation%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\/25\/madbouly-meets-brazilian-trade-delegation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546707\" class=\"content-area-description single-story post-546707 post type-post status-publish format-standard hentry category-diplomacy tag-brazil tag-diplomacy tag-enterpriseam tag-moustafa-madbouly tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Prime Minister Moustafa Madbouly met with the president of the Arab-Brazilian <\/strong><strong>Chamber of Commerce<\/strong> to discuss boosting economic and trade relations, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/409003611270065\">cabinet statement<\/a>. The PM also received an invite to take part in the Arab-Brazilian Economic Forum in Sao Paulo in July. A delegation of Brazilian companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d073e951-015b-4fd5-87ed-38c414334e9a\">recently visited Egypt<\/a> to discuss upping imports of Egyptian fertilizer.<\/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\/brazil\/\">Brazil<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546708\" 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=\"546708\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/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\/25\/turkey-threatens-syria-incursion-qatar-signals-iran-nuclear-compromise\/\">\r\n                            Turkey threatens Syria incursion + Qatar signals Iran nuclear compromise                        <\/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\/25\/turkey-threatens-syria-incursion-qatar-signals-iran-nuclear-compromise\/\" 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\/25\/turkey-threatens-syria-incursion-qatar-signals-iran-nuclear-compromise\/')\">\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\/25\/turkey-threatens-syria-incursion-qatar-signals-iran-nuclear-compromise\/\">\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=Turkey threatens Syria incursion + Qatar signals Iran nuclear compromise&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/25\/turkey-threatens-syria-incursion-qatar-signals-iran-nuclear-compromise\/\">\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\/25\/turkey-threatens-syria-incursion-qatar-signals-iran-nuclear-compromise\/&title=Turkey threatens Syria incursion + Qatar signals Iran nuclear compromise\">\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=Turkey+threatens+Syria+incursion+%2B+Qatar+signals+Iran+nuclear+compromise+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F25%2Fturkey-threatens-syria-incursion-qatar-signals-iran-nuclear-compromise%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\/25\/turkey-threatens-syria-incursion-qatar-signals-iran-nuclear-compromise\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546708\" class=\"content-area-description single-story post-546708 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-iran wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Turkish President Recep Tayyip Erdogan is threatening to launch a new <\/strong><strong>military incursion into Northern Syria<\/strong>, where it has invaded several times in recent years to attack Kurdish militia. (<a href=\"https:\/\/english.alarabiya.net\/News\/world\/2022\/05\/23\/Turkey-s-Erdogan-threatens-new-incursion-into-Syria\">AP<\/a>)<\/p>\n<p><strong>Iran is ready to find a \u201cmiddle ground\u201d compromise to revive its nuclear <\/strong><strong>accord with the US, <\/strong>according to Qatari Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani. (<a href=\"https:\/\/www.mofa.gov.qa\/en\/all-mofa-news\/details\/1443\/10\/20\/deputy-prime-minister-and-minister-of-foreign-affairs-current-global-situation-requires-more-international-cohesion-and-diplomatic-engagement\">Statement<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/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 hardhat vertical-section wide-section wp-block-group issue-section\" id=\"546709\">\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\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday 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\/hardhat\/\">\r\n                            Read Hardhat                        <\/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\">13<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-to-improve-egypts-ppp-framework\/\"> \r\n                            How to improve Egypt\u2019s PPP framework<\/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\/hardhats\/how-to-improve-egypts-ppp-framework\/\" 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\/hardhats\/how-to-improve-egypts-ppp-framework\/')\">\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\/hardhats\/how-to-improve-egypts-ppp-framework\/\">\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 to improve Egypt\u2019s PPP framework&url=https:\/\/enterpriseam.com\/egypt\/hardhats\/how-to-improve-egypts-ppp-framework\/\">\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\/hardhats\/how-to-improve-egypts-ppp-framework\/&title=How to improve Egypt\u2019s PPP framework\">\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+to+improve+Egypt%E2%80%99s+PPP+framework+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fhardhats%2Fhow-to-improve-egypts-ppp-framework%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\/hardhats\/how-to-improve-egypts-ppp-framework\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/336.png?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=\"546710\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-to-improve-egypts-ppp-framework\/336-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/336.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"336.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/336.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/336.png?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546709\" class=\"content-area-description post-546709 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-development-finance tag-enterprise-hardhat tag-enterpriseam tag-finance-ministry tag-infrastructure tag-international-finance-corporation tag-orascom-construction tag-public-private-partnership 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>How stakeholders in Egypt\u2019s PPP framework see their roles and what they want to <\/strong><strong>see from their counterparts:<\/strong> We continue our coverage on the USAID Alternative Finance conference, which concluded yesterday. One of the sessions that piqued our interest focused on the future of the public-private partnership (PPP) model in Egypt. The talk saw representatives from the private sector, the lenders, and the regulator engage in a back-and-forth about their roles within the current framework, and how it could be improved.<\/p>\n<p><strong>*** Missed our coverage of day 1 of the conference?<\/strong> Check it out <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5960d11-3285-49de-b63d-4b7f1f03d432\">here<\/a>.<\/p>\n<p><strong>The government has at least five major projects in the pipeline: <\/strong>\u201cWe have several projects on the pipeline that will be tendered under a PPP framework across a variety of sectors,\u201d said Atter Hannour, director of the Finance Ministry\u2019s PPP unit. These include a wastewater treatment plant, a desalination plant, eight new waste-to-energy plants, a hospital in Obour, a series of new dry ports and warehouses across Upper Egypt with a combined storage capacity of 75k pallets (think storage shelves), he revealed. Desalination seems to be popular, with Hannoura noting that 64 companies are looking to bid on the project.<\/p>\n<p><strong>That\u2019s not to mention the revival of the PPP schools program: <\/strong>The government is also looking to reboot the long-dormant PPP schools program with plans in store to launch a second phase soon, Hannoura said. \u201cPhase 2 will go out with around 57-65 new schools,\u201d he added. The program has been in limbo after structural issues with the tendering process in the first phase led to few takers. The program in its entirety hopes to build 1000 new schools across the country, with the private sector owning a stake in each school and building it with the government providing the land. You can catch our in-depth coverage on the PPP schools program <a href=\"https:\/\/enterprise.press\/blackboards\/blackboard-4\/\">here<\/a>.<\/p>\n<p><strong>What does the private sector want? <\/strong><\/p>\n<p><strong>#1- A pipeline of projects: <\/strong>\u201cAs a private sector operator, I am waiting for a pipeline,\u201d said Khaled El Degwy, executive director of concessions at Orascom Construction (OC). OC is interested in cooperating with the government via PPPs in a wide array of projects, he said. \u201cThis could be your standard infrastructure projects, such as roads and wastewater plants, and it could be in areas such as schools and hospitals.\u201d<\/p>\n<p><strong>#2- A broader range of sectors:<\/strong> \u201cWe would like to see more projects being offered in a wider variety of sectors,\u201d said Mohamed Mehany, investment officer and PPP specialist at the International Finance Corporation (IFC). \u201cWe also want to see fresh approaches and new structures to PPP projects,\u201d he added. These include spreading the financial burden between the private sector and the government if the economics of a particular project allows for it.<\/p>\n<p><strong>#3- A lower risk profile: <\/strong>\u201cRisk profile is one of the main things we use to evaluate a project,\u201d said El Degwy. \u201cWhen looking at the risk profile of a given project there are certain risks that the private sector can control, namely technical and operational risks.\u201d But there are certain risks that the private sector cannot control, such as inflation risk, FX risk, and risk of fees private sector players pay for government services (such as water and electricity), he added.<\/p>\n<p><strong>\u201cAs such, we are asking the government to work with us on lowering the risk profile for <\/strong><strong>current PPP projects<\/strong>, with the understanding that we cannot have a one-size-fits-all perspective on the structure of transactions,\u201d he said. \u201cTransactions that worked for projects in 2008 cannot be emulated today.\u201d<\/p>\n<p><strong>An example:<\/strong> One way the government can lower risk is by paying the private sector contractors in FX. This would allow them to pay off their foreign currency-denominated loans more easily, and reduce the FX risk, he said.<\/p>\n<p><strong>DFIs also have a role to play in all this:<\/strong> Once stakeholders are happy with the risk profile of the project, we then must obtain funding from development finance institutions (DFI) for very long tenors as these are usually long-term projects, El Degwy said.<\/p>\n<p><strong>And the IFC concurs:<\/strong> One of the most important roles DFIs play in PPP projects is to provide loans in FX under long tenors running up to 30 years, said Mehany.<\/p>\n<p><strong>Why DFIs as opposed to banks?<\/strong> It\u2019s a simple matter of risk and FX, many sources in the infrastructure sector have told us, including Infinity co-founder and CEO Mohamed Mansour. \u201cThese projects need very long tenors of 15-20 years, and need to be financed in USD because components will be bought from abroad, which local banks are not allowed to do,\u201d he told us <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b644d197-1d57-4502-ba71-74ef755f3fa9\">earlier this year<\/a>.<\/p>\n<p><strong>But their roles aren\u2019t limited to purely financing projects: <\/strong>\u201cDFIs also provide governments with technical assistance that includes helping them evaluate and identify projects that are better suited for a PPP,\u201d El Mehany said. \u201cWe also play a major role in advising governments on setting regulations governing PPP projects,\u201d he added.<\/p>\n<p><strong>So, how does the IFC assess our PPP regulations? <\/strong>\u201cRecent progress I\u2019ve been hearing on the regulatory front has been very positive,\u201d said Mehany. He seemed particularly encouraged by recent news that the long-awaited executive regulations to the PPP Act should be out soon, and praised the decision to allow the private sector to propose PPP projects through a special private- public-sector committee.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Orascom Construction and Al Ahly Capital <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e86ca8b-b03f-4fa6-be37-b5219cca7213\">to build West Cairo industrial park<\/a><\/strong><strong>: <\/strong>Orascom Construction (OC) subsidiary Suez Industrial Development Company (SIDC) signed an agreement with Al Ahly Capital Holding to build an industrial park in West Cairo\u2019s Abu Rawash. The industrial park will bring together companies working in logistics, light industries, and MSMEs.<\/li>\n<li><strong>Automobile manufacturer Stellantis is<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4534ea6-a5e2-4eb3-acfa-31b73f738925\">interested in assembling electric vehicles<\/a><\/strong><strong> in Egypt, <\/strong>considering establishing a factory to produce EVs for the local and overseas markets.<\/li>\n<li><strong>Elsewedy Electric has launched<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f95a48e2-a49a-4837-836b-71c766b6414c\">Africa\u2019s first busway epoxy system factory<\/a><\/strong> in Tenth of Ramadan City at an estimated cost of around USD 10 mn. The factory will come online in mid-July.<\/li>\n<li><strong>Packaging company Taiba Pack will spend EGP 300 mn to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f95a48e2-a49a-4837-836b-71c766b6414c\">build a new plant<\/a><\/strong> to make packaging for the pharma industry.<\/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\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-private-partnership\/\">public-private partnership<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546711\" 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\/25\/546711\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546711\" class=\"content-area-description single-story post-546711 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 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>22-26 May (Sunday-Thursday): Davos 2022.<\/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>25-26 May: (Wednesday-Thursday): Fintech gathering FIN Expo Egypt is taking place at Intercontinental Citystars, Cairo, Egypt.<\/p>\n<p>27 May-3 June (Friday-Friday): El Gouna International Squash Open 2022.<\/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>1-4 June (Wednesday-Saturday): The Islamic Development Bank will hold its <a href=\"https:\/\/www.isdb.org\/news\/the-arab-republic-of-egypt-to-host-2022-annual-meetings-of-islamic-development-bank-group-in-sharm-el-sheikh\">2022 annual meetings<\/a> in Sharm El Sheikh.<\/p>\n<p>2-3 June (Thursday-Friday): Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) will hold two <a href=\"https:\/\/bit.ly\/3lB5YHK\">high-level parallel meetings<\/a> on climate action and digital transformation during IsDB\u2019s 2022 annual meetings in Sharm.<\/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>7 June (Tuesday): Technology conference <a href=\"https:\/\/www.eventbrite.com\/e\/tech-invest-4-tickets-338929546397\">Tech Invest 4<\/a> will take place at the Grand Nile Hotel in Cairo.<\/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): <a href=\"https:\/\/ent.news\/2022\/5\/ER2FOOD-Event-Agenda-240522.pdf\">EU-Egypt Sustainable Food Value Chain conference<\/a>, Grand Nile Tower Hotel, Cairo.<\/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>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>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>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":546685,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546684","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"446c186a-d54f-4853-92d0-66356c000955","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/30.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>Some foreign companies have suspended car exports to Egypt - 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\/some-foreign-companies-have-suspended-car-exports-to-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Some foreign companies have suspended car exports to Egypt\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/some-foreign-companies-have-suspended-car-exports-to-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:33:08+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\/30.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\/some-foreign-companies-have-suspended-car-exports-to-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/some-foreign-companies-have-suspended-car-exports-to-egypt\/\",\"name\":\"Some foreign companies have suspended car exports to Egypt - 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