{"id":546762,"date":"2022-05-29T04:00:45","date_gmt":"2022-05-29T04:00:45","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546762"},"modified":"2025-12-15T21:35:01","modified_gmt":"2025-12-15T21:35:01","slug":"its-shaping-up-to-be-a-big-week-for-fdi-plus-what-youre-entitled-to-if-you-made-a-downpayment-on-a-car-before-the-float","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/its-shaping-up-to-be-a-big-week-for-fdi-plus-what-youre-entitled-to-if-you-made-a-downpayment-on-a-car-before-the-float\/","title":{"rendered":"It\u2019s shaping up to be a big week for FDI. \r\nPlus: What you\u2019re entitled to if you made a downpayment on a car before the float."},"content":{"rendered":"<section id=\"546764\" 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=\"546764\">\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\/29\/this-morning-privatization-strategy-unveiled-this-week-pm-in-abu-dhabi-a-terrible-2022-for-emerging-markets\/\">\r\n                            THIS MORNING: Privatization strategy unveiled this week?; PM in Abu Dhabi; A terrible 2022 for emerging markets                        <\/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\/29\/this-morning-privatization-strategy-unveiled-this-week-pm-in-abu-dhabi-a-terrible-2022-for-emerging-markets\/\" 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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PM in Abu Dhabi; A terrible 2022 for emerging markets\">\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+Privatization+strategy+unveiled+this+week%3F%3B+PM+in+Abu+Dhabi%3B+A+terrible+2022+for+emerging+markets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fthis-morning-privatization-strategy-unveiled-this-week-pm-in-abu-dhabi-a-terrible-2022-for-emerging-markets%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\/29\/this-morning-privatization-strategy-unveiled-this-week-pm-in-abu-dhabi-a-terrible-2022-for-emerging-markets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546764\" class=\"content-area-description single-story post-546764 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-diplomacy tag-ebrd tag-emerging-markets tag-enterpriseam tag-financial-regulatory-authority tag-imf tag-jordan tag-legislation tag-monkeypox tag-moustafa-madbouly tag-non-banking-financial-services tag-politics tag-regulation tag-russia-ukraine-conflict tag-tarek-amer tag-tax tag-uae tag-what-were-tracking-today tag-world-bank tag-world-health-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and welcome to yet another blockbuster morning for business news. <\/strong>It\u2019s a morning that we think sets up another very busy week, with the Madbouly government\u2019s privatization strategy and a possible investment pact with the UAE being the two most-anticipated developments on which we\u2019ll be keeping an eye. Let\u2019s start with that, shall we?<\/p><p><strong>WATCH THIS SPACE #1- Are we going to see the government\u2019s privatization strategy in <\/strong><strong>full this week?<\/strong> The Madbouly government is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">supposed to be publishing this week<\/a> its state ownership policy, a document that outlines how it plans to withdraw from certain areas of the economy. An early version obtained by the press this month showed that the state is aiming to fully phase out its activities in as many as 79 industries \u2014 and gradually introduce more private sector involvement in another 45. The strategy comes as part of the government\u2019s plan to double the private sector\u2019s share of the economy over the next three years.<\/p><p><strong>WATCH THIS SPACE #2- Prime Minister Moustafa Madbouly is in Abu Dhabi today to <\/strong><strong>launch a new industrial <\/strong><strong>partnership with the UAE and Jordan<\/strong> that should unlock fresh FDI according to <a href=\"https:\/\/bit.ly\/3wU8LCj\">a cabinet statement<\/a>. We have more details on the PM\u2019s visit in the news well, below.<\/p><p><strong>WATCH THIS SPACE #3- Taxpayers will get a partial waiver on late fees provided they pay <\/strong><strong>their taxes before 30 June<\/strong> under legislation being drafted by the Finance Ministry, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid032v8KaQ2wza3As9BanUTw4Cr3iFY8TfwtkRsS68iDCX11pBot7ZxdZjCC6tSvYfuNl\">statement<\/a>. The bill would waive a portion of interest payments and late fees on overdue income tax, VAT, stamp duty, and development fees, it said.<\/p><p><strong>This isn\u2019t the first time cabinet has forgiven late payment fees:<\/strong> A <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e83fb2e-5a1e-4f34-a5e5-b627074b2041\">previous iteration<\/a> of the bill in 2020 saw the state waive 100% of late fees if taxes were settled before a set deadline \u2014 and break on fees thereafter depending on whether the taxes were paid within 60, 120, or 180 days of the deadline.<\/p><p><strong>PSA #1-<\/strong> EGX-listed companies have <strong>until Tuesday<\/strong> to file their 1Q 2022 earnings. The FRA extended its 45-days from end-of-quarter deadline because of Eid El Fitr.<\/p><p><strong>PSA #2- Expect your American colleagues to be quiet today and tomorrow <\/strong>as they observe Memorial Day (which doubles as the unofficial \u201cstart of summer\u201d in the US of A).<\/p><p><strong>CLOSER TO HOME- We have one month to go before our next long weekend, <\/strong>which falls on Thursday, 30 June as we observe the anniversary of the 30 June Revolution.<\/p><p><strong>PSA #3- AmCham\u2019s annual general meeting and luncheon with Transport Minister Kamel El Wazir has been postponed. <\/strong>The folks at AmCham hope to have a new date shortly.<\/p><p><strong>PSA #4- People suffering from chronic <\/strong><strong>illnesses will not be granted visas to perform the hajj<\/strong> this year to protect their health, Social Solidarity Minister Nevine El Kabbaj told MBC Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=sOgwPU5H5oQ\">watch, runtime: 7:27<\/a>) on Wednesday.<\/p><p><strong>There are fewer visas to go around:<\/strong> Egypt has been allocated only a quarter of the hajj visas it got before the pandemic, El Kabbaj said.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>IN THE HOUSE-<\/strong> <strong>The Senate will reconvene today to discuss the government\u2019s economic <\/strong><strong>and social development plan<\/strong> for the coming fiscal year, <a href=\"https:\/\/english.ahram.org.eg\/News\/467001.aspx\">Ahram Online<\/a> reports. If approved by the Senate, the report will be referred to the House of Representatives.<\/p><p><strong>ON THE COURT- <\/strong><strong><a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11747\">El Gouna International Squash Open 2022<\/a><\/strong><strong> continues today<\/strong> and wraps this 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 took home 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>HAPPENING THIS WEEK-<\/strong><\/p><p><strong>You can expect lots and lots of talk about sustainable development and COP27<\/strong> as the Islamic Development Bank holds 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. We\u2019ll be swinging by the gathering, so look for coverage later this week and early next.<\/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>WATCH THIS SPACE-<\/strong><\/p><p><strong>Monkeypox is not the new covid (yet) \u2014 but the government is covering its bases <\/strong><strong>just in case.<\/strong> The Health Ministry wants to secure raw materials to manufacture monkeypox meds and import testing kits to detect the virus, Acting Health Minister Khaled Abdel Ghaffar told Ala Mas\u2019ouleety last week (<a href=\"https:\/\/www.youtube.com\/watch?v=I33OCne2apo\">watch, runtime: 2:40:11<\/a>).<\/p><p><strong>WHO warns outbreak could be \u201cpeak of the iceberg\u201d:<\/strong> \u201cWe don\u2019t know if we are just seeing the peak of the iceberg [or] if there are many more cases that are undetected in communities,\u201d a senior World Health Organization official said during a briefing Friday, according to <a href=\"https:\/\/www.theguardian.com\/world\/2022\/may\/28\/monkeypox-outbreak-could-be-just-the-peak-of-the-iceberg-who-warns\">AFP<\/a>. The global health body has so far detected almost 200 cases in countries in which it is rarely found including the US, Canada and Europe.<\/p><p><strong>COVID WATCH-<\/strong><\/p><p><strong>Egypt saw an average of four new covid infections per day last week<\/strong>, down from <a href=\"https:\/\/www.facebook.com\/photo?fbid=332019449109276&amp;set=a.113299807647909&amp;_rdc=1&amp;_rdr\">five<\/a> a week earlier, according to <a href=\"https:\/\/www.facebook.com\/photo\/?fbid=413843967452696&amp;set=a.144073987763030\">Health Ministry figures<\/a> released yesterday. Egypt also saw an average two fatalities last week, the same as the week before. Almost 35.2 mn people are now fully vaccinated, and 3.4 mn have received their booster shots, according to the ministry.<\/p><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Ukraine steps up calls for heavy weapons as Russia makes gains in the east:<\/strong> The tide seems to be turning in favor of Russian forces in the battle for eastern Ukraine after Moscow yesterday seized control of a strategic town, bringing them closer to taking full control of Luhansk province. <a href=\"https:\/\/www.cbsnews.com\/news\/ukraine-news-us-multiple-launch-rockets-biden-russia-donbas-offensive\/\">US<\/a> and <a href=\"https:\/\/www.telegraph.co.uk\/news\/2022\/05\/27\/boris-johnson-calls-vital-long-range-weapons-sent-ukraine\/\">UK<\/a> officials indicated over the weekend that they would meet Ukraine\u2019s demands for heavy weaponry and long-range missiles to fend off the Russian attack \u2014 a move that Russian state TV anchors <a href=\"https:\/\/www.newsweek.com\/skabayeva-russia-mlrs-biden-ukraine-red-line-war-invasion-weapons-1710886\">warned<\/a> would provoke a \u201charsh response\u201d from Moscow, potentially drawing it closer towards direct conflict with Nato.<\/p><p><strong>Fresh calls for peace talks:<\/strong> During a three-way phone conversation yesterday, Russian president Vladimir Putin told Emmanuel Macron and Olaf Scholz that Moscow is willing to restart peace talks with Ukraine but warned Western governments against sending any more weapons into Ukraine. <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-says-troops-may-retreat-eastern-region-russia-advances-2022-05-28\/\">Reuters<\/a>, the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-nato-government-and-politics-bd1fdfb32f9449a203591ddb4308c3fa\">Associated Press<\/a>, the <a href=\"https:\/\/www.wsj.com\/articles\/ukraines-troops-could-abandon-key-eastern-stronghold-regional-leader-says-11653737308?mod=hp_lead_pos8\">Wall Street Journal<\/a>, and the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/05\/28\/world\/russia-ukraine-war\">New York Times<\/a> have the latest on the conflict.<\/p><p><strong>MARKET WATCH-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Emerging-market bonds are seeing their worst losses in around 30 <\/strong><strong>years<\/strong>, as investors flee risk assets on growth concerns, rising interest rates, and the conflict in Ukraine, according to <a href=\"https:\/\/www.ft.com\/content\/1e5dbb60-5c9c-47b7-8f81-7022c9f26349\">the Financial Times<\/a>. The JPMorgan EMBI Global Diversified index is down 15% year-to-date, making it the worst start to a year since 1994.<\/p><p><strong>Around USD 36 bn have exited EM bond funds since the start of 2022<\/strong>, data from EPFR showed, and equity flows have also turned negative this month. David Hauner, head of EM strategy and economics at Bank of America Global Research, told FT that the situation could get worse. \u201cThe big story is that we have so much inflation in the world and monetary policymakers continue to be surprised by how high it is,\u201d he said. \u201cThat means more monetary tightening and central banks will continue until something breaks, the economy or the market.\u201d<\/p><p><strong>US equities broke their epic weekly loss streak on Friday<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-27\/big-up-week-for-everything-is-latest-sudden-twist-for-traders?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> writes. The S&amp;P 500 climbed 6% over the week, its best rally since 2020. \u201cI think this is the beginning of that long-awaited relief rally,\u201d one investment strategist told <a href=\"https:\/\/www.cnbc.com\/2022\/05\/27\/stocks-could-build-on-gains-in-the-week-ahead-as-investors-await-fridays-jobs-report.html\">CNBC<\/a>.<\/p><p><strong>But don\u2019t hold your breath: The bears don\u2019t seem in a mood to go back into hibernation: <\/strong>The only thing that\u2019s predictable right now in the markets is volatility \u2014 and analysts are divided over whether last week\u2019s good news means we\u2019ve bottomed out, or that stocks are simply still in see-saw mode.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Public consultations on non-bank financial services: <\/strong>Public consultations on the second phase of the Financial Regulatory Authority\u2019s (FRA) strategy to develop the non-banking financial services sector will begin on Monday, the regulator said in <a href=\"https:\/\/ent.news\/2022\/5\/%E2%80%8E%E2%81%A8%D8%A7%D9%86%D8%B7%D9%84%D8%A7%D9%82-%D8%A7%D9%84%D8%AD%D9%88%D8%A7%D8%B1-%D8%A7%D9%84%D9%85%D8%AC%D8%AA%D9%85%D8%B9%D9%89%E2%81%A9.pdf\">a statement (pdf)<\/a> yesterday. The FRA has identified six key priorities for the four-year strategy including boosting use of fintech, accelerating digital transformation, achieving financial inclusion, and improving risk management.<\/p><p><strong>State to launch new regulatory reform guide this week:<\/strong> State regulatory reform body <a href=\"https:\/\/www.errada.gov.eg\/about\">ERRADA<\/a> will on Tuesday launch a new guide on reforms to improve our investment climate, according to a <a href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/551770246312816\">Planning Ministry statement<\/a>. ERRADA is launching the guide in cooperation with the ministry, the OECD\u2019s <a href=\"https:\/\/www.sigmaweb.org\/about\/\">governance improvement program<\/a>, and the EU.<\/p><p><strong>Central Bank of Egypt Governor Tarek Amer is set to chair the <\/strong><strong><a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Annual-Spring-Meetings\">World Bank and<\/a><\/strong><strong><a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Annual-Spring-Meetings\">International Monetary Fund\u2019s Annual Meetings<\/a><\/strong>, which will be held in person in Washington, DC. The meetings have been held virtually since the start of the pandemic. Amer will give the opening speeches at both meetings alongside the head of each of the two lenders and will chair the board meetings of the World Bank, the IMF, and the European Bank for Reconstruction and Development, the central bank said in <a href=\"https:\/\/ent.news\/2022\/5\/The-Governor-of-the-CBE-chair-the-annual-meetings-of-the-World-Bank-Group-and-the-IMF.pdf\">a statement<\/a>. The meetings will be held on 10-16 October.<\/p><p><strong>It\u2019s official: <\/strong><strong>We\u2019re hosting next year\u2019s African Development Bank (AfDB) annual meeting<\/strong><strong>. <\/strong>The meeting will be held in Sharm El Sheikh from 22-26 May, 2023, the bank <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">said yesterday<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue:<\/strong> Last week, we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c43055e-4065-467b-9f91-0c22cbf1cd9e\">made our way<\/a> to Lagos, Nigeria, where we spent five days accompanying Egyptian entrepreneurship stakeholders on an exploration tour of the country that has raised the largest amount of startup funding last year. Here\u2019s what we found out.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/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\/jordan\/\">Jordan<\/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\/monkeypox\/\">Monkeypox<\/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\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-amer\/\">Tarek Amer<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-health-organization\/\">World Health Organization<\/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=\"546765\" 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=\"546765\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/546765\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546765\" class=\"content-area-description single-story post-546765 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=\"546766\" 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=\"546766\">\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\">Transport<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/orascom-construction-siemens-and-arab-contractors-consortium-ink-multi-bn-usd-high-speed-rail-contract\/\">\r\n                            Orascom Construction, Siemens and Arab Contractors consortium ink multi-bn USD high-speed rail contract                        <\/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\/29\/orascom-construction-siemens-and-arab-contractors-consortium-ink-multi-bn-usd-high-speed-rail-contract\/\" 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 consortium will design, install, commission and maintain the line for 15 years in what Siemens CEO Roland Busch called \u201cthe biggest order\u201d in the company\u2019s history.<\/p>\n<p><strong>The contract is for the second and third lines: <\/strong>The second line will run 1.1k km between Greater Cairo and Abu Simbel near the southern border, passing through Luxor and Aswan, while the 225-km third line will connect Luxor and Hurghada.<\/p>\n<p><strong>The initial contract was signed last year:<\/strong> The consortium signed a USD 4.5 bn contract to build the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c77944-a194-421e-b52d-c3ab09523df6\">first phase<\/a> of the line last September. This section runs 660 km between Ain Sokhna and Marsa Matrouh.<\/p>\n<p><strong>A world beater:<\/strong> This will be the sixth-longest and most-modern high-speed rail network in the world, Busch said. The project will connect 60 cities nationwide, with trains running at up to 230 km\/h. \u201cThis means that approximately 90% of Egyptians will have access to this modern, safe, and integrated rail system,\u201d the Siemens statement read, with the project slashing carbon emissions by 70 percent compared to traditional modes of transportation.<\/p>\n<p><strong>How much is this costing? It\u2019s not quite clear.<\/strong> Neither of the companies provided a value for the contract, instead breaking it down into individual shares. Siemens said its total share of the combined contract is EUR 8.1 bn (c. USD 8.7 bn) while OC\u2019s share is USD 1.8 bn. Arab Contractors\u2019 share is unknown.<\/p>\n<p><strong>Siemens:<\/strong> The German conglomerate will supply 41 Velaro eight car high-speed trains, 94 Desiro high-capacity four car regional train sets, and 41 Vectron freight locomotives. It will install the signaling systems on all three lines, and deliver the power supply system for the project.<\/p>\n<p><strong>OC:<\/strong> Orascom is entering a joint venture with Arab Contractors to cover \u201cthe supply and installation of track works, installation of signaling and overhead catenary systems, telecommunication system, and traction power substations''. It will maintain the track and telecoms system for the 15-year period.<\/p>\n<p><strong>A big job-maker: <\/strong>\u201cThe consortium will directly create more than 40k jobs in Egypt, with an additional 6.7k at Egyptian suppliers and indirectly through the wider Egyptian economy,\u201d the partners said.<\/p>\n<p><strong>What they said: <\/strong>OC CEO Osama Bishai called the line a \u201ctransformational project\u201d that will boost the country\u2019s infrastructure, industrial and tourism sectors. President Abdel Fattah El Sisi said that the line will mark \u201ca new era in the railway sector in Egypt, Africa and the Middle East,\u201d while German Chancellor Olaf Scholz said in a video statement (<a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/videos\/410730370924662\/\">watch, runtime: 3:21<\/a>) that the contract is \u201ca milestone for Egyptian-German economic relations.\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\/arab-contractors\/\">Arab Contractors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/high-speed-rail\/\">high-speed rail<\/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\/orascom-construction\/\">Orascom Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/siemens\/\">Siemens<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546768\" 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=\"546768\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/madbouly-continues-egypts-drive-for-fresh-fdi-in-the-uae\/\">\r\n                            Madbouly continues Egypt\u2019s drive for fresh FDI in the UAE                        <\/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\/29\/madbouly-continues-egypts-drive-for-fresh-fdi-in-the-uae\/\" 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\/29\/madbouly-continues-egypts-drive-for-fresh-fdi-in-the-uae\/')\">\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\/29\/madbouly-continues-egypts-drive-for-fresh-fdi-in-the-uae\/\">\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 continues Egypt\u2019s drive for fresh FDI in the UAE&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/madbouly-continues-egypts-drive-for-fresh-fdi-in-the-uae\/\">\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\/29\/madbouly-continues-egypts-drive-for-fresh-fdi-in-the-uae\/&title=Madbouly continues Egypt\u2019s drive for fresh FDI in the UAE\">\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+continues+Egypt%E2%80%99s+drive+for+fresh+FDI+in+the+UAE+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fmadbouly-continues-egypts-drive-for-fresh-fdi-in-the-uae%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\/29\/madbouly-continues-egypts-drive-for-fresh-fdi-in-the-uae\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546768\" class=\"content-area-description single-story post-546768 post type-post status-publish format-standard hentry category-investment-watch tag-enterpriseam tag-hala-el-said tag-investment-watch tag-moustafa-madbouly tag-uae 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>Prime Minister Moustafa Madbouly will launch a new industrial partnership with <\/strong><strong>the UAE and Jordan<\/strong> in Abu Dhabi today, according to <a href=\"https:\/\/bit.ly\/3wU8LCj\">a cabinet statement<\/a>. The PM is leading a delegation of cabinet ministers and senior officials to the Emirati capital where they will announce the initiative alongside Emirati and Jordanian officials. The partnership will \u201csupport and strengthen industrial integration between the three countries and serve development objectives,\u201d the statement said, without providing further details. This comes a month after President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2235dd4a-f26d-4320-baf4-b174a6023c3f\">held talks<\/a> with Jordan\u2019s King Abdullah and Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed in Cairo.<\/p>\n<p><strong>Madbouly targets fresh Emirati investment:<\/strong> The PM held a meeting with leading Emirati investors yesterday in a bid to draw fresh investment, cabinet said in <a href=\"https:\/\/bit.ly\/3LUJbla\">a separate statement<\/a>. Abu Dhabi sovereign wealth fund ADQ has already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">invested USD 1.8 bn<\/a> into EGX-listed companies this year, but Madbouly now wants to secure new commitments to help fund the government\u2019s ambitious infrastructure plans, which include new LNG terminals and pipelines to ramp up gas exports to Europe, renewable energy projects and airports.<\/p>\n<p><strong>Another USD 15 bn coming by 2027?<\/strong> Emirati investors could up their investments in Egypt to USD 35 bn over the next five years from USD 20 bn currently, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/413538457483247\">said<\/a> Jamal Bin Saif Al Jarwan, head of the UAE International Investor Council (UIIC), during the meeting.<\/p>\n<p><strong>The government is prioritizing attracting foreign direct investment over portfolio fl<\/strong><strong>ows<\/strong>, which have had destabilizing effects on the currency in recent weeks, Planning Minister Hala El Said said during the meeting. Egypt has become increasingly dependent on hot money as a source of hard currency in recent years, making it vulnerable to global market volatility.<\/p>\n<p><strong>The government is going all out to attract fresh investment in the economy:<\/strong> The PM last week advertised the government\u2019s infrastructure plans in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f147bd4-6ff2-4fcd-b3a7-2eb786e619c7\">a meeting with US CEOs<\/a> and pledged fresh incentives in a bid to get them to invest. At the weekend, Vice Minister of Finance Ahmed Kouchouk <a href=\"https:\/\/bit.ly\/3PMx5O0\">held similar talks<\/a> with representatives of 20 French companies, calling on them to invest in upcoming projects and offering \u201cgolden licenses\u201d to expedite production and investment.<\/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\/hala-el-said\/\">Hala El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546769\" 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=\"546769\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/moodys-egypt-outlook-turns-negative-on-rising-downside-risks\/\">\r\n                            Moody\u2019s Egypt outlook turns negative on \u201crising downside risks\u201d                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/moodys-egypt-outlook-turns-negative-on-rising-downside-risks\/\" 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 ratings agency maintained Egypt\u2019s B2 rating but warned that a further drop in foreign reserves could force it to downgrade its score for the first time <a href=\"https:\/\/www.ft.com\/content\/b67fc539-7f0b-3904-a790-6d0cd09d00f9\">since March 2013<\/a>.<\/p>\n<p><strong>The rationale:<\/strong> \u201cThe negative outlook reflects the rising downside risks to the sovereign's external shock absorption capacity in light of a significant narrowing in the foreign exchange reserve buffer to meet upcoming external debt service payments,\u201d Moody\u2019s said. A prolonged rise in borrowing costs will heighten liquidity risks and reduce debt affordability, it added.<\/p>\n<p><strong>Moody's competitors S&P and Fitch both <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ebacaaf-4b38-4309-a61f-6d49a7cfa430\">maintained their ratings<\/a><\/strong><strong> with stable outlooks in April<\/strong>. S&P currently rates Egyptian debt at BB while Fitch has it one notch higher at B+.<\/p>\n<p><strong>Higher rates, lower reserves: <\/strong>Egypt has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a2b0a89-0a42-47b7-8172-cdf8ce1d8729\">raised interest rates by 300 bps<\/a> since March and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">let the EGP slip against the USD<\/a> in a bid to keep inflation in check and remain attractive to the carry trade. Some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">USD 20 bn<\/a> left the country since the start of Russia\u2019s war in Ukraine. Foreign reserves have fallen almost 10% to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/813f159e-e2d5-41ef-b998-445432a3631d\">USD 37.1 bn<\/a> since February as the central bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1081735e-da66-4ffd-a584-d44e361d6b8c\">intervened<\/a> to cover foreign outflows, meet debt repayments, and purchase strategic goods.<\/p>\n<p><strong>Maybe easing the pressure:<\/strong> Recent financial support from the Gulf and the potential for a new IMF program. Saudi Arabia, the UAE and Qatar have committed USD 22 bn in investment and central bank deposits to support Egypt\u2019s external position. At the same time, policymakers are in talks with the Fund for a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7ebacaaf-4b38-4309-a61f-6d49a7cfa430\">limited<\/a> amount of new financing, which could add USD 3-4 bn to the country\u2019s reserve buffers \u2014 and see the Madbouly government double-down on its commitment to policy and other reforms.<\/p>\n<p><strong>On the plus side:<\/strong> The B2 rating is supported by the government\u2019s \u201cproactive crisis response and track record of economic and fiscal reform,\u201d Moody\u2019s said. Expectations of strong GDP growth will help Egypt to attract foreign direct investment, while the country\u2019s large domestic funding base will help the government meet its high borrowing requirements, it said.<\/p>\n<p><strong>Privatization strategy gets a thumbs up:<\/strong> Moody's expects the government's privatization strategy \u2014 which aims to bring in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">USD 40 bn in fresh investments over the next four years<\/a> \u2014 to help \u201cbolster Egypt's FX reserve buffer in the future,\u201d though it doesn\u2019t expect \u201crenewed large-scale inflows\u201d in the short term.<\/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\/credit-rating\/\">credit rating<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-to-gdp\/\">Debt to GDP<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moodys\/\">Moody\u2019s<\/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=\"546770\" 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=\"546770\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/the-eu-is-working-on-an-agreement-to-import-israeli-gas-via-egypt\/\">\r\n                            The EU is working on an agreement to import Israeli gas via Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/the-eu-is-working-on-an-agreement-to-import-israeli-gas-via-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The agreement could also see us work more closely with the EU and Israel on clean energy projects. All EU member states would have to approve the potential agreement for it to go through.<\/p>\n<p><strong>War in Ukraine has ignited EU demand for our gas: <\/strong>The east Mediterranean could become one of the EU\u2019s most important sources of natural gas in the coming years as the bloc looks to wind down imports of Russian gas, which currently provide 40% of its consumption. In a plan released earlier this month, <strong>the EU said it will invest <\/strong><strong><a href=\"https:\/\/www.bbc.co.uk\/news\/science-environment-61497315\">EUR 12 bn<\/a><\/strong><strong> in pipelines and LNG facilities<\/strong> to increase gas supplies from other producers such as Egypt and Israel.<\/p>\n<p><strong>We\u2019re keen to up LNG exports to Europe, too: <\/strong>\u201cWe have ambitious plans to coordinate with neighboring eastern Mediterranean countries on meeting the increased demand from the EU \u2014 and the world \u2014 for LNG over the next few years,\u201d Oil Minister Tarek El Molla <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\">said recently<\/a>.<\/p>\n<p><strong>And we\u2019ve laid the groundwork:<\/strong> The Cairo-based <a href=\"https:\/\/emgf.org\/\">East Mediterranean Gas Forum<\/a> brings Egypt, Greece, Cyprus, Jordan, Israel, Palestine, Italy and France together to work on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab09a0ab-2bde-4441-973f-cdda4cb268f0\">developing regional gas assets<\/a>. The Madbouly government also late last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/891598e1-8197-40e4-91d6-93e212f9c000\">signed agreements<\/a> with Greece and Israel laying the groundwork to up import and re-export volumes, and will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\">start construction<\/a> by the end of this year on a pipeline connecting Cyprus\u2019 Aphrodite natural gas field to Egypt\u2019s liquefaction plants.<\/p>\n<p><strong>But this is no quick fix: <\/strong>Egypt will be in a position to increase exports to Europe in the next two or three years, El Molla <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efd93e2f-38b1-4d5a-845c-55538c31513c\">said<\/a> last week. Local consumption has increased in the early summer months, reducing LNG exports to around 1 bn cubic feet per day from 1.6 bn cf\/d in December, when the Idku and Damietta LNG plants were running at maximum capacity. The government plans to bring exports back up to 1.5 bcf\/d over the next couple of years.<\/p>\n<p><strong>And more capacity would be needed:<\/strong> Shoring up EU supplies significantly would require the development of new large gas deposits in the east Mediterranean, Bloomberg says. Israel is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50c01497-a96f-4e31-b1de-5ff888638a41\">set to double<\/a> its gas production to reach around 40 bn cubic meters over the next few years.<\/p>\n<p><strong>REMEMBER-<\/strong> Israel currently ships gas to Egypt via the Eastern Mediterranean Gas pipeline that runs between Ashkelon and Arish, which has an approximate annual capacity of 7 bcm. The country in March began exporting gas to Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3519af3c-a28a-4e2a-987b-007e229ec9db\">via the Arab Gas Pipeline<\/a> for the first time, with exports targeted at 2.5-3 bcm this year, potentially increasing to 4 bcm in the future.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546772\" 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=\"546772\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/how-it-works-the-cpas-refund-scheme-on-car-down-payment\/\">\r\n                            How it works: The CPA\u2019s refund scheme on car down payment                        <\/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\/29\/how-it-works-the-cpas-refund-scheme-on-car-down-payment\/\" 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\/29\/how-it-works-the-cpas-refund-scheme-on-car-down-payment\/')\">\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\/29\/how-it-works-the-cpas-refund-scheme-on-car-down-payment\/\">\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 it works: The CPA\u2019s refund scheme on car down payment&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/how-it-works-the-cpas-refund-scheme-on-car-down-payment\/\">\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\/29\/how-it-works-the-cpas-refund-scheme-on-car-down-payment\/&title=How it works: The CPA\u2019s refund scheme on car down payment\">\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+it+works%3A+The+CPA%E2%80%99s+refund+scheme+on+car+down+payment+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fhow-it-works-the-cpas-refund-scheme-on-car-down-payment%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\/29\/how-it-works-the-cpas-refund-scheme-on-car-down-payment\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/378.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546773\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/how-it-works-the-cpas-refund-scheme-on-car-down-payment\/378-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/378.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"378.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/378.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/378.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546772\" class=\"content-area-description single-story post-546772 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-automotive tag-consumer-protection-agency tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Want to get a refund on your car payments? Here\u2019s what you can do:<\/strong> Customers who made a down payment or paid partial installments on a car before 12 April but have yet to receive their cars are entitled to receive a full refund plus 18% annual interest, according to a Consumer Protection Agency (CPA) decision published in the Official Gazette on Thursday.<\/p>\n<p><strong>How much can you expect to pay for the car you\u2019ve been waiting on?<\/strong> It depends on whether or not you made a full payment. Customers who paid 100% up front set are entitled to receive their cars \u201cwithout any additional cost burden,\u201d the decision reads, meaning that dealers can\u2019t ask them for more money.<\/p>\n<p><strong>You still have a good measure of price protection if you didn\u2019t pay 100% up front: <\/strong>Customers who only made partial payments prior to 12 April (regardless of what percentage of the total amount they have paid) will be subject to as much as a 5% price increase, as per <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe06a304-c8fb-4917-a0f3-7ee766d4a6ab\">a previous CPA decision<\/a>.<\/p>\n<p><strong>Consumers have the upper hand:<\/strong> The full text of the decision, which informally circulated earlier <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a536df6-e7bb-42b6-8b11-5f8f5dcc493d\">last week<\/a>, gives consumers the option to decide whether to take the refund and interest, or try and reach a \u201cbetter\u201d agreement with the dealer. What exactly a better agreement entails would be in the consumer\u2019s hand to negotiate.<\/p>\n<p><strong>\u201cEach customer can decide how to move forward and try to find alternative arrangements with dealerships that they\u2019re happy with,\u201d<\/strong> head of the Egyptian Association of Automobile Manufacturers and the deputy general director of Bavarian Auto Group Khaled Saad told Enterprise. The CPA\u2019s decision is designed to give customers their basic rights, but it\u2019s only binding for the sellers, not the buyers, Saad said. \u201cFor example, a customer can settle with the dealership to pay an extra EGP 100k in exchange for reserving the car. It makes sense to try and negotiate on a case-by-case basis because the 18% interest on your money isn\u2019t going to do much when some car prices have effectively increased 100%,\u201d he said.<\/p>\n<p><strong>The timeline:<\/strong> Dealers will have a maximum period of five weeks to comply with the decision. This includes a two-week deadline to notify the CPA of why they are unable to deliver cars and another three-week period to refund customers. The decision does not, however, stipulate a timeline for dealers to actually deliver the cars.<\/p>\n<p><strong>Some automotive players are already letting their customers know that they won\u2019t be able to deliver their cars:<\/strong> Toyota Egypt notified people who had made down payments on cars that it would not be able to deliver their cars and that they can begin heading to the company\u2019s branches to claim their refunds, <a href=\"https:\/\/bit.ly\/3GqN3sY\">Masrawy<\/a> reported last week.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/consumer-protection-agency\/\">Consumer Protection Agency<\/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=\"546774\" 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=\"546774\">\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\">Tax<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/finmin-to-rollout-e-receipts-nationwide-by-mid-2025\/\">\r\n                            FinMin to rollout e-receipts nationwide by mid-2025                        <\/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\/29\/finmin-to-rollout-e-receipts-nationwide-by-mid-2025\/\" 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\/29\/finmin-to-rollout-e-receipts-nationwide-by-mid-2025\/')\">\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\/29\/finmin-to-rollout-e-receipts-nationwide-by-mid-2025\/\">\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=FinMin to rollout e-receipts nationwide by mid-2025&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/finmin-to-rollout-e-receipts-nationwide-by-mid-2025\/\">\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\/29\/finmin-to-rollout-e-receipts-nationwide-by-mid-2025\/&title=FinMin to rollout e-receipts nationwide by mid-2025\">\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=FinMin+to+rollout+e-receipts+nationwide+by+mid-2025+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Ffinmin-to-rollout-e-receipts-nationwide-by-mid-2025%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\/29\/finmin-to-rollout-e-receipts-nationwide-by-mid-2025\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/379.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546775\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/finmin-to-rollout-e-receipts-nationwide-by-mid-2025\/379-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/379.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"379.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/379.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/379.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546774\" class=\"content-area-description single-story post-546774 post type-post status-publish format-standard has-post-thumbnail hentry category-tax tag-e-finance tag-enterpriseam tag-finance-ministry tag-mohamed-maait tag-tax tag-tax-authority 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>All companies will be required to implement the new e-receipt system for B2C <\/strong><strong>transactions by July 2025<\/strong>, the Finance Ministry said in <a href=\"https:\/\/bit.ly\/3lJ9Lmr\">a statement<\/a> Thursday outlining the timeline for the rollout of the real-time digital system. The ministry has been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6deafdd9-17f0-427d-8b0d-8d2afa71e220\">piloting the system with around 100 taxpayers since April<\/a>, and will gradually onboard companies over a three-year period from October, the ministry said.<\/p>\n<p><strong>Companies will be onboarded in batches<\/strong>, with an additional 400 in Cairo and Alexandria joining the program in October. Other deadlines will follow with companies grouped by industry (consumer durables, jewelers, grocers) and others by governorate. <a href=\"https:\/\/enterprise.press\/2022\/05\/29\/governorate-industry-heres-companies-roped-egypts-e-invoice-system-b2c-transactions\/\">We have the full breakdown here.<\/a><\/p>\n<p><strong>Refresher:<\/strong> E-receipts will work alongside the ministry\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99a6ca73-945a-43a8-9bb3-70e01e484a6c\">e-invoicing system<\/a> to allow authorities to monitor all transactions in the country. E-receipts will record all business-to-consumer (B2C) sales, enabling the Tax Authority to detect tax evasion and bring more businesses into the formal economy. Read <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6deafdd9-17f0-427d-8b0d-8d2afa71e220\">this<\/a> for more on how the system works.<\/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\/e-finance\/\">e-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\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax-authority\/\">Tax Authority<\/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=\"546776\" 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=\"546776\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/546776\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546776\" class=\"content-area-description single-story post-546776 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.moharrampartners.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprisetest.wpengine.com\/wp-content\/uploads\/2022\/05\/MP-Logo-Bilingual-Print-Landscape-Color-1200.png?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Struggling to make sense of a new regulatory development? Eager to engage on a new piece of legislation or policy that could impact operations? Or simply want to sit down with government stakeholders to pitch a partnership that could unlock value for your business?<\/p>\n<p>Get in touch with Moharram & Partners \u2014 the public policy and government affairs partner of choice of top companies operating in Egypt and the region \u2014 and leave the rest to our experts.<\/p>\n<p>Learn more <a href=\"https:\/\/www.moharrampartners.com\/\">here<\/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=\"546777\" 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=\"546777\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/weve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season\/\">\r\n                            We\u2019ve bagged half of our targeted local wheat purchases for the season                        <\/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\/29\/weve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season\/\" 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\/29\/weve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season\/')\">\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\/29\/weve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season\/\">\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\u2019ve bagged half of our targeted local wheat purchases for the season&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/weve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season\/\">\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\/29\/weve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season\/&title=We\u2019ve bagged half of our targeted local wheat purchases for the season\">\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%99ve+bagged+half+of+our+targeted+local+wheat+purchases+for+the+season+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fweve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season%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\/29\/weve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/380.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546778\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/weve-bagged-half-of-our-targeted-local-wheat-purchases-for-the-season\/380-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/380.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"380.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/380.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/380.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546777\" class=\"content-area-description single-story post-546777 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-food-security tag-inflation tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>The Madbouly government has purchased 3 mn tons of local wheat since the start of the <\/strong><strong>harvest season<\/strong>, bringing it halfway to its 6 mn-ton target, according to <a href=\"https:\/\/bit.ly\/3t37MNR\">a cabinet statement<\/a> on Thursday. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c9382282-35a8-4bc8-8610-77361fd68e71\">upped its target<\/a> for domestic wheat purchases by some 70% last year, having decided to focus on the local harvest \u2014 which runs through the end of August \u2014 after war in Ukraine sent prices spiraling on the international market.<\/p>\n<p><strong>The carrots and sticks are doing the trick: <\/strong>The government raised local wheat prices by 22% as part of a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29183830-0b02-47ca-9b6f-7227de89b93e\">raft of measures<\/a> to incentivize farmers to increase production. It also introduced a minimum selling quota to the state and tightened restrictions on sales to non-state actors.<\/p>\n<p><strong>The state had been <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ee8d8a6-b443-438b-adc8-8db6c0b5eca0\">expecting<\/a><\/strong><strong> 75% of domestic grain to be harvested by the end of M<\/strong><strong>ay<\/strong>, with the remainder set to be harvested in June.<\/p>\n<p><strong>Egypt now has enough wheat to <\/strong><strong>last until January 2023<\/strong>, Supply Minister Ali El Moselhy said on Thursday. The country had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\">four months<\/a> worth of grain in reserve nearly two weeks ago.<\/p>\n<p><strong>Remember: We don\u2019t necessarily have all of this wheat.<\/strong> Egypt\u2019s reserves figure includes purchases rather than just fulfilled deliveries, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d26da67-4747-49c2-826c-14d5dcb5669f\">according to commodity traders<\/a>.<\/p>\n<p><strong>ON THE IMPORT FRONT- <\/strong><\/p>\n<p><strong>Could the<\/strong><strong> gov\u2019t loosen wheat quality rules as it seeks to diversify supply: <\/strong>Egypt will allow wheat imports with a moisture content of up to 14% \u2014 up from 13.5% \u2014 for a year due to supply restrictions in the global market, according to a Trade Ministry document seen by <a href=\"https:\/\/www.reuters.com\/article\/egypt-wheat-idAFL2N2XI0WU\">Reuters<\/a>.<\/p>\n<p><strong>The move could widen our grain supplier pool: <\/strong>\u201cMost of the EU, especially Poland and Baltic wheat, have 14% moisture level in their contracts. That\u2019s why they were not usually offered in tenders,\u201d one trader told the newswire. The government has redoubled efforts to buy wheat from new suppliers following the loss of grain from Ukraine, which before the war was a key supplier to Egypt.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/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\/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=\"546779\" 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=\"546779\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/osama-el-gohary-reappointed-isdc-head\/\">\r\n                            Osama El Gohary reappointed ISDC head                        <\/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\/29\/osama-el-gohary-reappointed-isdc-head\/\" 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\/29\/osama-el-gohary-reappointed-isdc-head\/')\">\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\/29\/osama-el-gohary-reappointed-isdc-head\/\">\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=Osama El Gohary reappointed ISDC head&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/osama-el-gohary-reappointed-isdc-head\/\">\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\/29\/osama-el-gohary-reappointed-isdc-head\/&title=Osama El Gohary reappointed ISDC head\">\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=Osama+El+Gohary+reappointed+ISDC+head+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fosama-el-gohary-reappointed-isdc-head%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\/29\/osama-el-gohary-reappointed-isdc-head\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546779\" class=\"content-area-description single-story post-546779 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-isdc tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Osama El Gohary<\/strong> has been reappointed to <strong>head the cabinet\u2019s <\/strong><strong><a href=\"https:\/\/www.idsc.gov.eg\/\">Information and<\/a><\/strong><strong><a href=\"https:\/\/www.idsc.gov.eg\/\">Decision Support Center<\/a><\/strong><strong>(ISDC)<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02jppwJ1wm2E7RbuXFMJALrhNykFFq9v5CYowr9DXCprx82HbR8rQCnU8hMgMMQBxol\">cabinet statement<\/a>. El Gohary has been the ISDC\u2019s acting head since 2019.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/isdc\/\">ISDC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546780\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"546780\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/546780\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546780\" class=\"content-area-description single-story post-546780 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546781\" 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=\"546781\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/the-pms-trip-to-abu-dhabi-dominated-the-airwaves-last-night\/\">\r\n                            The PM\u2019s trip to Abu Dhabi dominated 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\/29\/the-pms-trip-to-abu-dhabi-dominated-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            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/the-pms-trip-to-abu-dhabi-dominated-the-airwaves-last-night\/')\">\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\/29\/the-pms-trip-to-abu-dhabi-dominated-the-airwaves-last-night\/\">\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 PM\u2019s trip to Abu Dhabi dominated the airwaves last night&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/the-pms-trip-to-abu-dhabi-dominated-the-airwaves-last-night\/\">\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\/29\/the-pms-trip-to-abu-dhabi-dominated-the-airwaves-last-night\/&title=The PM\u2019s trip to Abu Dhabi dominated the airwaves last night\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+PM%E2%80%99s+trip+to+Abu+Dhabi+dominated+the+airwaves+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fthe-pms-trip-to-abu-dhabi-dominated-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\/29\/the-pms-trip-to-abu-dhabi-dominated-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-546781\" class=\"content-area-description single-story post-546781 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-ethiopia tag-gerd tag-health tag-investment-watch tag-jordan tag-last-nights-talk-shows tag-moustafa-madbouly tag-siemens tag-sudan tag-tomato-flu tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the airwaves yesterday: <\/strong>Prime Minister Moustafa Madbouly\u2019s visit to Abu Dhabi to launch a new industrial partnership with the UAE and Jordan led the conversation on the nation\u2019s talk shows last night, with \u0650Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=Afa2gLEn2V0\">watch, runtime: 2:38<\/a>), El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=-iB441SSZQI\">watch, runtime: 3:28<\/a>), Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=slcfUEez0jo\">watch, runtime: 9:32<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=WZK9ATuwy7M\">watch, runtime: 19:12<\/a>) all taking note. Cabinet spokesperson Nader Saad was on Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=-VMGoxWyqAc\">watch, runtime: 9:20<\/a>) to talk about the initiative \u2014 though he gave precious little away about the nature of the agreement \u2014 and Sherif El Gabaly, the chairman of the Chamber of Chemical Industries at the Federation of Egyptian Industries (FEI), joined Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=slcfUEez0jo\">watch, runtime: 3:56<\/a>) to discuss the PM\u2019s meeting with Emirati investors yesterday. We have more on this in this morning\u2019s What We\u2019re Tracking Today, above.<\/p>\n<p><strong>Mom Facebook groups in Egypt are freaking out about tomato flu:<\/strong> MBC\u2019s Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=ihdGfGv8syo\">watch, runtime: 3:51<\/a>) and Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=FwdEMAq2S9U\">watch, runtime: 0:55<\/a>) both ran segments on the Indian viral disease after parents reported their children showing similar symptoms on Facebook. Ahmed Al Mandhari, the World Health Organization\u2019s regional director for the eastern Mediterranean, told El Hadidi that the flu is a kind of skin irritation, while Islam Anan, Lecturer of Health Economics and Pharmacoepidemiology told Al Youm\u2019s Sara Hazem that \u2018tomato flu\u2019 is another name for the highly contagious hand, foot and mouth disease (HFMD).<\/p>\n<p><strong>Also on the airwaves last night: <\/strong><\/p>\n<ul>\n<li><strong>El Sisi says high-speed rail a \u201cnew era\u201d for sector: <\/strong>President Abdel Fattah El Sisi\u2019s remarks following the signing of contracts for the second and third lines of the country\u2019s mega high-speed railway. We have the full story of the new contract signed yesterday by Siemens and Orascom Construction in this morning\u2019s news well, above. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=IXBghIZbcL8\">watch, runtime: 4:41<\/a>)<\/li>\n<li><strong>Sudan\u2019s GERD rebuke: <\/strong>Sudan\u2019s response to controversial statements by the GERD\u2019s project manager on the third filling of the dam also got a mention. More in this morning\u2019s Diplo, below. (El Hekaya | <a href=\"https:\/\/www.youtube.com\/watch?v=9vWj6CNEG24\">watch, runtime: 5:19)<\/a><\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health\/\">health<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span 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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546783\" 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=\"546783\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/ex-louvre-president-accused-of-complicity-in-illegal-smuggling-of-egyptian-artifacts\/\">\r\n                            Ex-Louvre president accused of complicity in illegal smuggling of Egyptian artifacts                        <\/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\/29\/ex-louvre-president-accused-of-complicity-in-illegal-smuggling-of-egyptian-artifacts\/\" 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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class=\"content-area-description single-story post-546783 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-ancient-egypt tag-culture tag-enterpriseam tag-history tag-human-rights tag-louvre tag-music tag-uk wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Dominating coverage in the foreign press: Former Louvre head Jean-Luc Martinez <\/strong><strong>has been charged in connection with the trafficking of Egyptian artifacts. <\/strong>The former president of the world-renowned Paris museum was charged with conspiring to hide the origin of archeological artifacts that may have been stolen from Egypt during the Arab Spring, when hundreds of artifacts were suspected to have been looted. The gallery owner who brokered the sale was arrested in Hamburg in March and extradited to Paris for questioning in the case, which is getting coverage everywhere: <a href=\"https:\/\/www.theguardian.com\/world\/2022\/may\/26\/former-louvre-head-jean-luc-martinez-charged-egyptian-antiquities-trafficking-case\">The Guardian<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/05\/26\/arts\/design\/louvre-jean-luc-martinez-trafficking.html?searchResultPosition=1\">New York Times<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/05\/27\/louvre-president-jean-luc-martinez-charged-art-trafficking-abu-dhabi\/\">Washington Post<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-europe-61590608\">BBC<\/a> | <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220526-louvre-ex-director-charged-in-art-trafficking-case\">AF<\/a><a href=\"https:\/\/www.france24.com\/en\/live-news\/20220526-louvre-ex-director-charged-in-art-trafficking-case\">P<\/a>.<\/p>\n<p><strong>Activist Alaa Abdel Fattah\u2019s ongoing hunger strike is still getting ink:<\/strong> British MPs have demanded that the UK government apply \u201cmaximum pressure\u201d on Egypt to allow jailed activist Alaa Abdel Fattah consular access, <a href=\"https:\/\/www.independent.co.uk\/news\/world\/middle-east\/uk-alaa-abdel-fattah-egypt-jail-b2088925.html\">the Independent<\/a> reports.<\/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\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/louvre\/\">Louvre<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/music\/\">music<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546784\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546785\" 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=\"546785\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/somabay-to-renovate-sheraton-resort-egypt-to-spend-another-usd-2-6-bn-on-us-arms\/\">\r\n                            Somabay to renovate Sheraton resort + Egypt to spend another USD 2.6 bn on US arms                        <\/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\/29\/somabay-to-renovate-sheraton-resort-egypt-to-spend-another-usd-2-6-bn-on-us-arms\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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  <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Somabay to renovate Sheraton resort + Egypt to spend another USD 2.6 bn on US arms&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/somabay-to-renovate-sheraton-resort-egypt-to-spend-another-usd-2-6-bn-on-us-arms\/\">\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\/29\/somabay-to-renovate-sheraton-resort-egypt-to-spend-another-usd-2-6-bn-on-us-arms\/&title=Somabay to renovate Sheraton resort + Egypt to spend another USD 2.6 bn on US arms\">\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=Somabay+to+renovate+Sheraton+resort+%2B+Egypt+to+spend+another+USD+2.6+bn+on+US+arms+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fsomabay-to-renovate-sheraton-resort-egypt-to-spend-another-usd-2-6-bn-on-us-arms%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\/29\/somabay-to-renovate-sheraton-resort-egypt-to-spend-another-usd-2-6-bn-on-us-arms\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546785\" class=\"content-area-description single-story post-546785 post type-post status-publish format-standard hentry category-also-on-our-radar tag-ahli-united-bank-egypt tag-also-on-our-radar tag-cit tag-enterpriseam tag-law tag-security tag-sports tag-startups tag-transport tag-transport-ministry tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Sheraton Soma Bay to get a new look: <\/strong>Somabay has secured an EGP 143 mn loan from Ahli United Bank Egypt (AUB) to renovate its Sheraton Soma Bay Resort, it said in <a href=\"https:\/\/ent.news\/2022\/5\/Somabay.pdf\">a statement (pdf)<\/a> at the weekend. The money will be borrowed under the Central Bank of Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7556d5f4-f4be-40a0-b383-00d317400ee5\">tourism support program<\/a>, which offers companies in the tourism industry soft loans at an 8% interest rate. The first phase of the renovation will take two years to complete, the company said.<\/p>\n<p><strong>Another major arms agreement with the US: <\/strong>The US has approved a USD 2.6 bn arms sale to Egypt, the US Department of Defense said in a <a href=\"https:\/\/www.dsca.mil\/press-media\/major-arms-sales\/egypt-ch-47f-chinook-helicopters\">statement<\/a> Thursday. The order includes 23 Chinook helicopters, engines, navigation and positioning systems, software, and ammunition. This takes our total spend on US weapons so far this year to around USD 5.8 bn, by our count.<\/p>\n<p>Digital solutions firm <strong>Fixed Solutions<\/strong> and <strong>Etisalat Misr<\/strong> have launched their e-signature service. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02rNst24nMuenfN9ys4er3hzv2eCn5sCeskL6pvkCxtKwL3aWZhKGD6z3g1TZVoCPEl\">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\/ahli-united-bank-egypt\/\">Ahli United Bank Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/law\/\">law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/security\/\">security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport-ministry\/\">Transport Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546786\" 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=\"546786\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/\">\r\n                            ADQ, Chimera launch Middle East\u2019s first blank-check company                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=ADQ, Chimera launch Middle East\u2019s first blank-check company&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/&title=ADQ, Chimera launch Middle East\u2019s first blank-check company\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=ADQ%2C+Chimera+launch+Middle+East%E2%80%99s+first+blank-check+company+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fadq-chimera-launch-middle-easts-first-blank-check-company%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546786\" class=\"content-area-description single-story post-546786 post type-post status-publish format-standard hentry category-planet-finance tag-adq tag-adx tag-chimera-investment tag-enterpriseam tag-financial-markets tag-planet-finance tag-spacs wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-11\"><\/a> <strong>Introducing the Middle East\u2019s first SPAC: <\/strong>ADQ and Chimera\u2019s ADC Acquisition Corporation officially began trading in Abu Dhabi on Friday, closing its first day AED 0.5 up at AED 10.50, <a href=\"https:\/\/www.asharqbusiness.com\/article\/37936\">Bloomberg<\/a><a href=\"https:\/\/www.asharqbusiness.com\/article\/37936\">Asharq<\/a> reported. The SPAC managed to raise AED 367 mn (USD 100 mn) in its IPO, selling 36.7 mn shares at AED 10 apiece. The ADX is now the region\u2019s first exchange to set up a legal framework for blank-check firms, after issuing its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5411ed2a-aa29-492a-913e-688f686f1868\">SPAC regs<\/a> back in February. The blank-check firm will look to merge with one or more \u201cfast-growing, technology-driven businesses with strong management teams and attractive valuations\u201d across the MENA region, ADQ and our friends at Chimera said in a <a href=\"https:\/\/adq.ae\/media\/news\/adq-and-chimera-investments-partner-to-launch-uaes-first-spac-on-adx\">joint statement<\/a>.<\/p><p><strong>EGY-SPAC when?<\/strong> Egypt has tried to position itself to capitalize on the SPAC fad, and issued a set of regulations aimed at attracting companies to list local blank-firms on the EGX. FRA chief Mohamed Omran even suggested in January that the country\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a15c05fc-a3a2-41f6-90c8-e99e58fafca5\">debut SPAC would launch by February<\/a> though we haven\u2019t heard anything since then \u2014 unsurprisingly perhaps given the war in Ukraine, the tanking US SPAC market, and the poor performance of the EGX.<\/p><p><strong>Did someone say \u201ctanking US SPAC market\u201d? <\/strong>Some 25 companies that completed SPAC mergers in 2020 and 2021 have issued \u201cgoing-concern\u201d warnings, which indicates that they are likely to go bust within 12 months, the <a href=\"https:\/\/www.wsj.com\/articles\/spacs-are-warning-they-may-go-bust-11653601111?mod=hp_lead_pos3\">Wall Street Journal<\/a> reports, citing data from Audit Analytics. That\u2019s more than 10% of all the SPACs that listed during the so-called SPAC boom, with many startups \u2014 including several EV makers, scooter-rental company Helbiz, and glass window maker View \u2014 missing their forecasts so far. Shares of companies that listed through SPACs in 2021 alone were down 59.5% on average as of Tuesday, according to analysis from University of Florida researchers.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,201<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: -14.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.55<\/p>\n<\/td>\n<td>\n<p>Sell 18.63<\/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 18.57<\/p>\n<\/td>\n<td>\n<p>Sell 18.63<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,530<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +11.1%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,689<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: +14.1%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,297<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +3.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,158<\/p>\n<\/td>\n<td>\n<p>+2.5% (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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,585<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +2.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,809<\/p>\n<\/td>\n<td>\n<p>+1.8% (YTD: -11.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 119.43<\/p>\n<\/td>\n<td>\n<p>+1.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.73<\/p>\n<\/td>\n<td>\n<p>-1.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,857.30<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/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 28,965<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -37.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.5% at Thursday\u2019s close<\/strong> on turnover of EGP 572 mn (32.4% below the 90-day average). Foreign investors were net sellers. The index is down 14.6% YTD.<\/p><p><strong>In the green: <\/strong>EFG Hermes (+3.0%) and CIB (+0.5%).<\/p><p><strong>In the red: <\/strong>Palm Hills Development (-8.9%), GB Auto (-8.3%) and MM Group (-7.6%).<\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adx\/\">ADX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chimera-investment\/\">Chimera Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/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=\"546787\" 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=\"546787\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/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\/29\/ethiopia-to-start-third-gerd-filling-by-end-of-summer\/\">\r\n                            Ethiopia to start third GERD filling by end of summer                        <\/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\/29\/ethiopia-to-start-third-gerd-filling-by-end-of-summer\/\" 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\/29\/ethiopia-to-start-third-gerd-filling-by-end-of-summer\/')\">\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\/29\/ethiopia-to-start-third-gerd-filling-by-end-of-summer\/\">\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=Ethiopia to start third GERD filling by end of summer&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/ethiopia-to-start-third-gerd-filling-by-end-of-summer\/\">\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\/29\/ethiopia-to-start-third-gerd-filling-by-end-of-summer\/&title=Ethiopia to start third GERD filling by end of summer\">\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=Ethiopia+to+start+third+GERD+filling+by+end+of+summer+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F29%2Fethiopia-to-start-third-gerd-filling-by-end-of-summer%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\/29\/ethiopia-to-start-third-gerd-filling-by-end-of-summer\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546787\" class=\"content-area-description single-story post-546787 post type-post status-publish format-standard hentry category-diplomacy tag-anthony-blinken tag-defense tag-diplomacy tag-energy tag-enterpriseam tag-ethiopia tag-foreign-ministry tag-gerd tag-lebanon tag-oil-and-gas tag-sameh-shoukry tag-sudan tag-us tag-water 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>Ethiopia will start the third filling of the Grand Ethiopian Renaissance Dam (<\/strong><strong>GERD) in August and September<\/strong>, the dam\u2019s project manager told Al Arabiya Friday (<a href=\"https:\/\/www.youtube.com\/watch?v=Wg8dj_g8vZM\">watch, runtime: 11:37<\/a>). The filling of the dam is an \u201cautomatic process\u201d that cannot be stopped, Kifle Horo told the broadcaster.<\/p>\n<p><strong>The dam has long been a source of tension between Egypt, Ethiopia and Sudan:<\/strong> Talks over the filling and operation of the dam have been deadlocked for the past year as Ethiopia perseveres with filling the reservoir without an agreement with Cairo and Khartoum. Earlier this year, Ethiopia began to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54d4163a-5a84-4fb4-a6a2-7879cb62d78c\">generate power<\/a> from the dam.<\/p>\n<p><strong>Sudan\u2019s foreign ministry denounced Horo\u2019s \u201cirresponsible statements<\/strong>\u201d and reiterated its demands for a \u201cfair and binding\u201d agreement before Ethiopia continues to fill the reservoir, the state-run <a href=\"https:\/\/www.suna-news.net\/read?id=740318\">Sudan News Agency<\/a> reported.<\/p>\n<p><strong>Also in diplomacy:<\/strong><\/p>\n<ul>\n<li><strong>Shoukry, Blinken discuss impact of Ukraine war:<\/strong> Foreign Minister Sameh Shoukry and US Secretary of State Antony Blinken discussed the repercussions of the war in Ukraine and its impact on the economies and living conditions of countries around the world, the Foreign Ministry said in <a href=\"https:\/\/bit.ly\/3NKqP7Q\">a statement<\/a> yesterday.<\/li>\n<li><strong>Plans to export gas to Lebanon are not going as smoothly as the two sides had hoped<\/strong>, Lebanese Foreign Minister Abdallah Bou Habib told Bloomberg Asharq (<a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1530194719707389955\">watch, runtime: 1:24<\/a>). The plan will not go through until Egypt gets further assurance from the US that the move will not run afoul of sanctions against Syria, Bou Habib cited the Egyptian Oil Ministry as saying.<\/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\/anthony-blinken\/\">Anthony Blinken<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/defense\/\">Defense<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" 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 <\/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\/whatsnext\/\">\r\n                            Read What's Next                        <\/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\">14<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/how-startupland-africa-is-coming-together-and-how-nigeria-was-able-to-pool-usd-1-8-bn-in-2021\/\">         \r\n                            How StartupLand Africa is coming together 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<\/a>\r\n                        \n<article id=\"post-546788\" class=\"content-area-description post-546788 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-balad tag-cairo-angels-syndicate-fund tag-enterprise-whats-next tag-enterpriseam tag-future-africa tag-lnddo tag-nawah-scientific tag-nigeria 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-10\"><\/a> <strong>How StartupLand Africa is coming together \u2014 and how Nigeria was able to pool <\/strong><strong>USD 1.8 bn in 2021:<\/strong> Last week, we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c43055e-4065-467b-9f91-0c22cbf1cd9e\">made our way<\/a> to Lagos, Nigeria, where we spent five days accompanying Egyptian entrepreneurship stakeholders on an exploration of the country that raised the largest amount of startup funding last year. In total, Nigerian startups raised a total of USD 1.8 bn in 2021, with the largest round coming in at USD 400 mn.<\/p>\n<p><strong>We went on a quest to find out why Nigeria is so attractive to Africa-focused investors. <\/strong>Led by Cairo Angels Syndicate Fund (CASF) CEO Aly Shalakany, two Egyptian startups and one of CASF\u2019s portfolio companies from Kenya traveled to Lagos to explore the country\u2019s startup scene \u2014 and we tagged along to find out more about Nigeria\u2019s secret sauce. We gathered insights from one VC investor and two angel investors: <strong>Omobola Johnson<\/strong>, senior partner at VC firm TLcom Capital and former ICT minister of Nigeria; <strong>Biola Alabi<\/strong>, cofounder and GP of Atika Ventures and deputy chair to the Board of Governors of the Lagos Angel Network; and <strong>Tomi Davies<\/strong>, angel investor, our chaperone, and collaborator-in-chief of TVC Labs.<\/p>\n<p><strong>And in case you\u2019ve missed some our travel logs this week, catch up on them here:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed75204e-dd0c-4fac-8927-080c33ef5aa0\">Enterprise is visiting Planet Startup \u2014 in Nigeria<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c43055e-4065-467b-9f91-0c22cbf1cd9e\">Day one<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ac16be6-dc3f-40b3-91a7-680e3e993a57\">Day two<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6437936a-27e6-4fa0-bcc5-dea5c169dc4a\">Day three<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7271e449-4333-4492-b5b2-8d79e4d7c01c\">Goodbye, Lagos<\/a>.<\/p>\n<p><strong>Before dive into Nigeria\u2019s record-breaking funding year, we need to set some context. <\/strong>From what we\u2019ve heard and seen over the past week, the narrative among investors is very continent-driven, as opposed to country-driven. Davies is one of the investors who has been actively working on building bridges through angel investment networks across Africa to push the continent forward \u2014 which was also what our trip was all about. And in general, stakeholders are keen to come together cross-borders and work on the continent\u2019s problems together.<\/p>\n<p><strong>\u201cI\u2019ve been trying to build this bridge [between Egypt and Nigeria] for a while,\u201d Davies says.<\/strong> He has been in touch with Shalakany, managing partner of HIMangel Khaled Ismail, and chairman and cofounder of AlexAngels Tarek El Kady, to bring angel investors on the continent closer together. He\u2019s also been following the same concept with Nairobi in Kenya and South Africa. Johnson believes that the startup epicenters in Africa are Egypt, Nigeria, South Africa, and Kenya, based on the amount of investment that these countries have attracted.<\/p>\n<p><strong>And we\u2019ve heard of quite a few pan-African investment firms and vehicles<\/strong>, such as <a href=\"https:\/\/tlcomcapital.com\/\">TLcom Capital<\/a> and the <a href=\"https:\/\/future.africa\/\">Future Africa Collective<\/a>. Their main aim is to fund and support startups that solve problems affecting large populations across the continent.<\/p>\n<p><strong>But the aim isn\u2019t only to pool more funding, but also extend these partnerships into themes. <\/strong>Davies wants to have angel investors come together on themes including <strong>smart cities, sustainable agriculture, and clean energy<\/strong>. \u201cThis year, I\u2019m working on creating three pan-African angel networks in those spaces,\u201d he tells us.<\/p>\n<p><strong>Why these areas?<\/strong> Because these are spaces where Africa is behind, unlike fintech for example, which has been gaining enormous momentum, Davies says.<\/p>\n<p><strong>So, how has Nigeria attracted all that funding in the past year? <\/strong><\/p>\n<p><strong>#1- Size:<\/strong> Nigeria is a very populous country, which makes it attractive for investment, TLcom Capital\u2019s Johnson says. \u201cNigeria is a big market in terms of the market and size of the problems,\u201d she adds, saying it\u2019s a very compelling argument for being a VC in Nigeria.<\/p>\n<p><strong>#2- The underbanked population:<\/strong> There is a large number of unbanked locals: About 36.6 mn adults are financially excluded, <a href=\"https:\/\/efina.org.ng\/our-work\/research\/access\/\">according to a survey conducted by sector development organization EFInA<\/a>. Fintech is exploding here, with some of our trip participants realizing that almost every second billboard is that of a fintech startup. But does that mean there are too many fintechs in the country? Not necessarily. Atika Ventures\u2019s Alabi believes that there are still a number of payment solutions that need to be built.<\/p>\n<p><strong>#3- Very high mobile penetration:<\/strong> Nigeria has a mobile penetration of 82.4%, <a href=\"https:\/\/datareportal.com\/reports\/digital-2022-nigeria\">according to a frequently cited report by Datareportal<\/a>. \u201cAlmost 65% of our population is under the age of 35 \u2014 these are people that have never lived in a world without a mobile phone,\u201d Alabi tells us. People\u2019s first introduction to anything is mobile, she adds.<\/p>\n<p><strong>#4- Bad infrastructure: <\/strong>As we\u2019ve briefly mentioned in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7271e449-4333-4492-b5b2-8d79e4d7c01c\">our travel log<\/a>, Nigeria lacks basic infrastructure. There is a dearth of power infrastructure, Davies tells us, and that \u201cgives us an advantage.\u201d It opens up the doors to come up with real solutions to real problems, and pushes Nigerians to enter the green energy sphere \u2014 for instance \u2014 early on and find an alternative to the basic power distribution network.<\/p>\n<p><strong>#5- Availability of capital. <\/strong>\u201cThere was a lot of [startup-dedicated] capital in the US that had nowhere to go, so [funds] decided to look towards Africa,\u201d Johnson tells us. Nigerians label themselves as a \u201cnation of entrepreneurs,\u201d which we\u2019ve heard from quite a few people. \u201cBuilding things is not foreign to us,\u201d Alabi tells us. Everyone has a side-hustle and everyone is aspirational, she adds. \u201cWe are inherently entrepreneurial,\u201d Davies says.<\/p>\n<p><strong>NEXT WEEK- <\/strong>We\u2019ll be looking into how the Nigerian startup scene is expected to develop in the coming months (<strong>hello, down-rounds?<\/strong>), what challenges they face, and what Egyptian startups looking to expand into the country need to keep in mind before they do.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Wellness startup Esaal has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b592f912-69a9-43e2-8cfb-7001d90a34c9\">closed its USD 3 mn seed round<\/a><\/strong>, funded entirely by VC A15.<\/li>\n<li><strong>Online used-car retailer <\/strong><strong><a href=\"https:\/\/sylndr.com\/ar\/car-type\">Sylndr<\/a><\/strong><strong> has raised <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97582a59-a677-4db8-af25-a7fa3735a4d8\">USD 12.6 mn in a pre-seed round<\/a><\/strong> led by <a href=\"https:\/\/raed.vc\/\">RAED Ventures<\/a>. The company will use the funds to expand its operational capabilities, tech, and marketing, and to make new hires.<\/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\/balad\/\">Balad<\/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\/future-africa\/\">Future Africa<\/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\/startups\/\">startups<\/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=\"546790\" 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\/29\/546790\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546790\" class=\"content-area-description single-story post-546790 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>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 1Q 2022 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>26 June (Sunday): 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>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: 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>10-16 October (Monday-Sunday): <a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Annual-Spring-Meetings\">World Bank and IMF annual meetings<\/a>, Washington, DC, chaired by CBE Governor Tarek Amer<\/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>MAY 2023<\/strong><\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/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. 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