{"id":546843,"date":"2022-05-31T04:00:27","date_gmt":"2022-05-31T04:00:27","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546843"},"modified":"2025-12-15T21:36:47","modified_gmt":"2025-12-15T21:36:47","slug":"18-cds-are-a-thing-of-the-past-plus-swvl-slashes-staff-and-we-go-deep-into-green-hydrogen","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/18-cds-are-a-thing-of-the-past-plus-swvl-slashes-staff-and-we-go-deep-into-green-hydrogen\/","title":{"rendered":"18% CDs are a thing of the past. \r\nPlus: Swvl slashes staff and we go deep into green hydrogen"},"content":{"rendered":"<section id=\"546845\" 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=\"546845\">\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\/31\/this-morning-shoukry-in-sweden-for-climate-talks-bike-sharing-is-coming-to-cairo-in-july\/\">\r\n                            THIS MORNING: Shoukry in Sweden for climate talks; Bike-sharing is coming to Cairo in July                        <\/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\/31\/this-morning-shoukry-in-sweden-for-climate-talks-bike-sharing-is-coming-to-cairo-in-july\/\" 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\/31\/this-morning-shoukry-in-sweden-for-climate-talks-bike-sharing-is-coming-to-cairo-in-july\/')\">\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\/31\/this-morning-shoukry-in-sweden-for-climate-talks-bike-sharing-is-coming-to-cairo-in-july\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Shoukry in Sweden for climate talks; Bike-sharing is coming to Cairo in July&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/this-morning-shoukry-in-sweden-for-climate-talks-bike-sharing-is-coming-to-cairo-in-july\/\">\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\/31\/this-morning-shoukry-in-sweden-for-climate-talks-bike-sharing-is-coming-to-cairo-in-july\/&title=THIS MORNING: Shoukry in Sweden for climate talks; Bike-sharing is coming to Cairo in July\">\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+Shoukry+in+Sweden+for+climate+talks%3B+Bike-sharing+is+coming+to+Cairo+in+July+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F31%2Fthis-morning-shoukry-in-sweden-for-climate-talks-bike-sharing-is-coming-to-cairo-in-july%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\/31\/this-morning-shoukry-in-sweden-for-climate-talks-bike-sharing-is-coming-to-cairo-in-july\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546845\" class=\"content-area-description single-story post-546845 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-cairo-bike tag-climate tag-cop27 tag-enterpriseam tag-sameh-shoukry tag-transport tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and welcome to the last business day of May. <\/strong>It\u2019s another busy news day, with the National Bank of Egypt and Banque Misr\u2019s decision to take their <strong>18% CDs<\/strong> off the market leading this morning\u2019s headlines. Denizens of Planet Startup will also want to take note of <strong>Swvl\u2019s decision to slash its headcount by a third<\/strong> in a bid to cut operating costs and hit break-even in cashflow terms.<\/p><p><strong>SOUND SMART- Whether or not you understand it right now, you need to know about <\/strong><strong>green hydrogen<\/strong>, which many around the world are touting as the fuel of tomorrow. So far this year, international investors have inked early agreements to build green hydrogen plants worth at least USD 10 bn here in Egypt. Going Green, our weekly deep dive into the green economy, unpacks what green hydrogen is all about, who\u2019s building what, where the money may be coming from, and what signposts to look for that will suggest it is all real.<\/p><p><strong>ALSO- Cze\u015b\u0107 and dzie\u0144 dobry to our Polish readers this morning. <\/strong>You folks are the stars of the diplomatic show this morning after President Andrzej Duda\u2019s visit to Cairo yesterday for talks with President Abdel Fattah El Sisi and other senior government officials. From the resumption of direct flights to talks about investment and food security as well as the launch of a new business council, there was a <em>lot <\/em>of news.<\/p><p><strong>PSA #1- It\u2019s the last day for EGX-listed companies to file their earnings for 1Q2022<\/strong>, after the Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">granted listed companies<\/a> a two-week deadline extension.<\/p><p><strong>PSA #2- Today is also the <\/strong><strong><a href=\"https:\/\/itida.gov.eg\/English\/Programs\/Export-IT%20Rebate%20Program%202017\/Pages\/default.aspx\">application deadline<\/a><\/strong><strong> for ITIDA\u2019s annual Export IT program.<\/strong> The program is designed to encourage local IT companies to boost exports while reducing related costs.<\/p><p><strong>WE LOVE THIS- Now, let\u2019s not collectively [redact] it up: Cairo is finally getting a <\/strong><strong>bike-sharing program.<\/strong> Cairo Bike will make its debut on the streets of Cairo in mid-July, according to a <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=5156655081084480&amp;id=127625523987486\">statement<\/a> shared by the biking community Go Bike. The project, backed by UN-Habitat and Swiss nonprofit the Drosos Foundation, will launch with 250 bikes across 26 stations scattered around downtown Cairo, Zamalek and Garden City. The number of bikes will double to 500 in mid-September when another 19 stations go live. The program will charge bikers EGP 1\/hour and will be accessible through its designated app. Formerly known as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e39a025-b8bb-4aab-a06f-0e3ddab0fee6\">Bicicletta<\/a>, the project has been years in the making and was originally slated for a March launch.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>Shoukry is back on COP duty:<\/strong> Foreign Minister and COP27 President Sameh Shoukry is in Sweden today to attend UN climate talks in preparation for this year\u2019s COP summit in Sharm El Sheikh, the Foreign Ministry said in <a href=\"https:\/\/bit.ly\/3NGwiwj\">a statement<\/a>.<\/p><p><strong>Operation Free Ukrainian Wheat:<\/strong> The EU is holding talks today to discuss how to get mns of tons of wheat out of the country and evade Russia\u2019s blockade on the world\u2019s breadbasket, according to the <a href=\"https:\/\/www.ft.com\/content\/0e0f6cd9-03f0-4150-b330-62032f9a86ad\">Financial Times<\/a>. We have more on this in this morning\u2019s Commodities section, below.<\/p><p><strong><a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11747\">El Gouna International Squash Open 2022<\/a><\/strong><strong> continues today and wraps o<\/strong><strong>n Friday.<\/strong> The competition features 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><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>EU agrees ban on Russian oil:<\/strong> EU leaders have agreed to ban most imports of Russian oil by the end of the year, breaking weeks of deadlock with Hungary, which had refused to sign on to the embargo. The sanctions will immediately cut off 60% of the bloc\u2019s imports, which are delivered via sea, and will increase to 90% by the end of the year when Germany and Poland stop buying oil via the Druzhba pipeline. The move will allow the EU to impose sanctions on Russia\u2019s biggest bank, Sberbank, diplomats said.<\/p><p><strong>The news sent oil prices up during trading in Asia today<\/strong>, with US crude rising 2% and Brent futures edging up 0.6% to a bit over <a href=\"https:\/\/www.cnbc.com\/2022\/05\/31\/oil-prices-eu-russian-crude.html\">USD 122 per barrel<\/a>.<\/p><p><strong>The news is everywhere on the global front pages this morning:<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/europe\/eu-pledge-support-ukraine-not-ready-with-new-russia-sanctions-2022-05-30\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-hungary-european-union-d0d4144c84749f84676a2f41b03b2ad4\">AP<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-30\/eu-leaders-back-push-to-ban-some-russian-oil-over-putin-s-war?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/eu-leaders-spar-over-russian-oil-ban-11653921289?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.ft.com\/content\/acc55aee-1b63-4f23-b52d-41fe661b0714\">FT<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/05\/30\/world\/russia-ukraine-war\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/05\/30\/eu-oil-russia-ukraine-hungary\/\">Washington Post<\/a>.<\/p><p><strong>Meanwhile: Russia just cut the gas to another European country.<\/strong> Gazprom will today stop shipping gas to the Netherlands after Dutch gas trader GasTerra rejected Moscow\u2019s demand to pay in RUB, <a href=\"https:\/\/www.reuters.com\/business\/energy\/gazprom-suspends-gas-deliveries-dutch-trader-gasterra-2022-05-30\/\">Reuters<\/a> reports. The company said that complying with the Russian mechanism risked violating EU sanctions and posed financial and operational risks. Gas accounts for 44% of the country\u2019s energy mix, but it only imports 15% of this from Russia. The Netherlands is the third country to have its gas cut by Gazprom after Poland and Bulgaria last month.<\/p><p><strong>Denmark is also expected to take a hit:<\/strong> Its biggest gas supplier \u00d8rsted yesterday warned of a \u201crisk\u201d that Gazprom would shut off supplies because of the Danish firm\u2019s decision to continue payments in EUR ahead of its end of month payment deadline, <a href=\"https:\/\/www.ft.com\/content\/6715e4e9-d315-4594-8d57-80ce88613685\">the Financial Times<\/a> reports.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The Islamic Development Bank\u2019s <\/strong><strong><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><\/strong> kick off tomorrow and wrap this Saturday, 4 June in Sharm El Sheikh. <strong>Enterprise will be attending<\/strong> the annual meetings and bringing you updates from there.<\/p><p><strong>The Islamic Corporation for the Ins. of Investment and Export Credit<\/strong> will hold two <a href=\"https:\/\/bit.ly\/3lB5YHK\">high-level<\/a><a href=\"https:\/\/bit.ly\/3lB5YHK\">parallel meetings<\/a> on <strong>climate action and digital transformation<\/strong> during IsDB\u2019s annual meetings.<\/p><p><strong>The Greek Campus is holding a workshop tomorrow headlined \u201c<\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/workshop-transitioning-to-e-mo\/373579474798476\/\">Transitioning to<\/a><\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/workshop-transitioning-to-e-mo\/373579474798476\/\">e-mobility<\/a><\/strong><strong>\u201d <\/strong>that will look at the electric vehicle industry in Egypt (and worldwide). The workshop will run from 6-9pm and will be led by Ayman Mohamed and Ahmed El Hosseny, co-founders of local EV marketplace <a href=\"https:\/\/www.electrifiedev.com\">Electrified<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>Global interest in green hydrogen production has been gathering steam over the last year \u2014 and nowhere more so than in Egypt, where the government has begun making moves to capitalize on the investment momentum ahead of COP27 by establishing the Suez Canal Economic Zone (SCZone) as a regional green energy hub. In a new two-part series, we look at Egypt\u2019s nascent green hydrogen industry and how policymakers can capitalize on the global trend.<\/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\/cairo-bike\/\">Cairo Bike<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/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\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546846\" 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=\"546846\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/546846\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546846\" class=\"content-area-description single-story post-546846 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-Bay-Miss-Elite-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Miss Elite will be kicking off its second edition at Somabay from 3-11 June. The international beauty pageant helps contestants showcase and present their nation\u2019s identity, beauty, culture, tradition and ethnicity.<\/p>\n<p>For more information, visit: <a href=\"https:\/\/misseliteworld.com\/\">https:\/\/misseliteworld.com\/<\/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=\"546847\" 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=\"546847\">\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\">Banking<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/bye-bye-18-certificates-of-deposit\/\">\r\n                            Bye-bye, 18% certificates of deposit\u2026                        <\/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\/31\/bye-bye-18-certificates-of-deposit\/\" 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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EGP 750 bn into the CDs since their <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">launch<\/a><\/strong><strong> 10 weeks ago<\/strong> in a bid to pull EGP liquidity into the banking system.<\/p>\n<p><strong>It was only a matter of time:<\/strong> Both banks are paying an \u201cextremely high cost\u201d for the CDs, Banque Misr Chairman Mohamed El Etreby <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cae3060-d4f6-40d6-bd40-68db01d5c511\">told Sky News Arabia<\/a> earlier this month.<\/p>\n<p><strong>Looking for an instrument into which to park some liquidity? <\/strong>Both banks have now increased the rate on three-year certificates to 14% from 11%. CIB is offering a three-year CD at 13.5%.<\/p>\n<p><strong>MEANWHILE- Prime Minister Moustafa Madbouly held talks with CBE head Tarek Amer<\/strong> about the central bank\u2019s new import rules and funding purchases of strategic goods, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02qsPkQHZcc82fVFqGW8DPQG6FmdyGDcAcHQMnG5QcLA8ZwPqkydxUoSzVZ6n6nQjjl\">a statement<\/a>. In March, the central bank began requiring businesses to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">use letters of credit (L\/Cs)<\/a> to import goods rather than documentary collection, a move that attracted criticism from trade and industry associations.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546849\" 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=\"546849\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/swvl-slashes-headcount-as-startups-around-the-world-gird-for-nuclear-winter\/\">\r\n                            Swvl slashes headcount as startups around the world gird for nuclear winter                        <\/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\/31\/swvl-slashes-headcount-as-startups-around-the-world-gird-for-nuclear-winter\/\" 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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Around 400 jobs will be cut as the company looks to reduce costs, CFO Youssef Salem told us.<\/p>\n<p><strong>Many (many) in Silicon Valley are preparing for the worst:<\/strong> Swvl\u2019s decision comes just weeks after high-profile Silicon Valley incubator <a href=\"https:\/\/twitter.com\/refsrc\/status\/1527238287471292417\/photo\/1\">Y Combinator warned founders to consider drastic action<\/a> ahead of what many fear could be a recession in the US (and many other markets) and a slowdown in global economic growth. We\u2019ve noted in the past month nearly a dozen high-profile US startups that have left people go \u2014 from PayPal to Snap and Instacart. TechCrunch estimates that <a href=\"https:\/\/techcrunch.com\/2022\/05\/27\/tech-layoffs-top-15k-employees-in-a-brutal-may\/\">more than 15k people at startups were let go this past month<\/a>.<\/p>\n<p><strong>Where will the axe fall at Swvl?<\/strong> The layoffs will take place in the company\u2019s engineering and product and support functions, where many roles can now be automated, the company said. All employees affected have all been notified of their termination and the company said it is offering support to help them \u201ctransition\u201d to new jobs.<\/p>\n<p><strong>The cuts are happening \u201cproportionately\u201d across its markets<\/strong>, with a slightly higher percentage of layoffs in Pakistan, Salem said. The company\u2019s Egypt office is currently its largest, with more than 500 employees. It employs 300 people in Pakistan, and more than 150 at its headquarters in Dubai.<\/p>\n<p><strong>Swvl is also cutting routes:<\/strong> The company plans to end some of its unprofitable intercity routes \u2014 outside of Egypt \u2014 as part of its efforts to optimize operations, Salem said.<\/p>\n<p><strong>Keep calm: \u201cThe company will not be shutting down any markets,\u201d<\/strong> Salem said, reiterating that the decision is \u201cless about putting a certain number of people in an office, and more about trying to find as much efficiency in terms of optimization and automation as possible.\u201d Its transport-as-a-service (TaaS) and software-as-a-service (SaaS) segments are \u201cgrowing rapidly,\u201d and it will continue to focus on its B2C activities in Egypt and Pakistan, which contribute the most to the company\u2019s B2C revenues, the statement said.<\/p>\n<p><strong>Earnings watch:<\/strong> Swvl had previously planned to turn to the black <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f63d3ff5-2693-4e97-94c7-b4638ef57a75\">by 2024<\/a>, but has moved up its timeline to next year since listing on the Nasdaq, Salem said. The company\u2019s revenues <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">are expected<\/a> to reach USD 141 mn this year, an almost 80% y-o-y increase from 2021, before almost tripling y-o-y in 2023.<\/p>\n<p><strong>A buying spree: <\/strong>Swvl recently expanded into Europe with its acquisition of Turkish firm <a href=\"https:\/\/www.voltlines.com\/\">Volt Lines<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5d2162-bf47-45d2-b982-46314e364512\">mobility platform Shotl<\/a>. It also recently took a controlling stake in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ff7b137-c8e9-4f0f-b7d8-1eccf7e7cf63\">transit company Viapool<\/a>, which operates in Argentina and Chile, and entered Central Europe with its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">acquisition of German company Door2Door<\/a>.<\/p>\n<p><strong>The shift towards profitability has become important to the company in <\/strong><strong>light of the powerful headwinds currently affecting global markets<\/strong>, Salem said. Tech companies and blank-check firms have been particularly hard hit this year as rising interest rates reverse the easy conditions of the covid era and put pressure on growth stocks. US-listed stock stocks have plunged into a bear market in what has become the worst year on record for the Nasdaq.<\/p>\n<p><strong>Swvl has not been spared:<\/strong> Swvl\u2019s shares have halved in value since it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">debuted on the Nasdaq<\/a> via a SPAC merger in April. The company\u2019s share price fell 0.6% to USD 4.89 on Friday, leaving it down 50% from its USD 9.95 IPO price.<\/p>\n<p><strong>The SPAC-opalypse only seems to be getting worse: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f9626930-294c-4bc8-9239-ccddb1897742\">More than 10%<\/a> of all the SPACs that listed during the so-called SPAC boom \u2014 between 2020 and 2021 \u2014 have issued \u201cgoing-concern\u201d warnings, which indicates that they are likely to go bust within 12 months.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/employment\/\">employment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/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=\"546851\" 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=\"546851\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/fra-releases-four-year-strategy-to-boost-egx-liquidity-says-our-first-future-flow-issuance-is-imminent\/\">\r\n                            FRA releases four-year strategy to boost EGX liquidity + says our first future flow issuance is \u201cimminent\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 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href=\"https:\/\/api.whatsapp.com\/send?text=FRA+releases+four-year+strategy+to+boost+EGX+liquidity+%2B+says+our+first+future+flow+issuance+is+%E2%80%9Cimminent%E2%80%9D+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F31%2Ffra-releases-four-year-strategy-to-boost-egx-liquidity-says-our-first-future-flow-issuance-is-imminent%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\/31\/fra-releases-four-year-strategy-to-boost-egx-liquidity-says-our-first-future-flow-issuance-is-imminent\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/412.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546852\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/fra-releases-four-year-strategy-to-boost-egx-liquidity-says-our-first-future-flow-issuance-is-imminent\/412-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/412.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"412.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/412.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/412.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546851\" class=\"content-area-description single-story post-546851 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-credit-rating tag-egx tag-enterpriseam tag-financial-regulatory-authority tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The Financial Regulatory Authority (FRA) wants to see the EGX\u2019s<\/strong> <strong>market cap more than double to EGP 1.6 tn by 2026<\/strong>, according to its <a href=\"https:\/\/ent.news\/2022\/5\/FRA-Strategy-2022-2026-Print-Final-1.pdf\">new four-year strategy (pdf)<\/a> published yesterday.<\/p>\n<p><strong>This will require almost EGP 1 tn to enter the market over the next four years:<\/strong> The bourse\u2019s current market cap \u2014 across stocks, bonds, funds, OTC trades, and the SME market \u2014 is around EGP 660 bn.<\/p>\n<p><strong>This aligns with a recent policy statement from the president:<\/strong> President Abdel Fattah El Sisi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4cd7d325-5852-44ce-9a8b-08564b456b59\">said recently<\/a> that the government is working on a set of measures aimed at doubling the size of the bourse. This is part of a wider economic strategy announced by the president, which also includes bringing in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">USD 40 bn in fresh investment<\/a> over the next four years and reducing the public debt and the deficit by 2026.<\/p>\n<p><strong>Where\u2019s the money coming from?<\/strong> The FRA thinks that the sale of state assets could push the EGX\u2019s market cap as high as EGP 2.6 tn \u2014 and name-checks the potential IPO of the state-owned new capital developer, the Administrative Capital for Urban Development. The government wants to list a number of state- and military-owned companies on the bourse <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">before the end of the year<\/a> as part of its new privatization strategy.<\/p>\n<p><strong>The target isn\u2019t new: <\/strong>The FRA had originally hoped to hit the EGP 1.6 tn mark by this year, according to its previous strategy in 2018.<\/p>\n<p><strong>Why did we miss our target?<\/strong> Look no further than covid-19. The regulator now expects market conditions to stabilize as the pandemic recedes and more people get vaccinated, it said.<\/p>\n<p><strong>Covid isn\u2019t the issue right now:<\/strong> Egypt hasn\u2019t been immune to this year\u2019s global market sell-off, which has hit equities in developed and emerging markets alike. The EGX\u2019s market cap has fallen 13% since the start of the year due to the global risk-off caused by rising interest rates and the war in Ukraine.<\/p>\n<p><strong>The government tried to draw fresh inflows into the bourse last year:<\/strong> It exempted foreign investors from paying the <a href=\"http:\/\/p\">new capital gains tax (CGT) on stock trades<\/a> and passed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec6afc7f-e068-4bb3-86c2-bf392f54ae26\">a set of tax cuts and fee deductions<\/a> to keep local investors in the market.<\/p>\n<p><strong>And support trading following the EGP devaluation in March:<\/strong> In response to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">the EGP devaluation<\/a>, the government slashed CGT on gains from IPOs by 50% for the next two years and pledged to reduce the withholding tax on dividends.<\/p>\n<p><strong>FUTURE FLOW SECURITIZATION IS ABOUT TO GET REAL<\/strong><\/p>\n<p><strong>On the brink of our first future flow issuance? <\/strong>The regulator has received a request from an unidentified firm to issue EGP 2 bn worth of securities backed by expected future cashflows, <a href=\"https:\/\/www.asharqbusiness.com\/article\/38011\">Bloomberg Asharq<\/a> quotes FRA head Mohamed Omran as saying. Omran did not give an exact timeframe for the expected issuance, saying only that it is \u201cimminent.\u201d<\/p>\n<p><strong>We know of two companies keen to sell future flow securities: <\/strong>EGX-listed private sector education outfit CIRA is reportedly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6caeade-4bb7-4f3a-ac0c-882a12c4f070\">in talks<\/a> with the FRA to issue EGP 1.5 bn worth of future flow securities and could take its issuance to market within four months, a source previously told us, adding that talks remain at an early stage. Contact Financial Holding <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e625720-db16-441e-b814-4222b031f284\">is also in talks<\/a> with the FRA to securitize future flows in 2H 2022 on behalf of \u201cone of the largest corporate firms in Egypt,\u201d CFO Ayman Elsawy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e625720-db16-441e-b814-4222b031f284\">told us<\/a> earlier this year.<\/p>\n<p><strong>Future flummoxed? <\/strong>Check out our fresh explainer on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53784ce0-1cc5-4f9a-9385-02aac05494ab\">all things future flow<\/a> here.<\/p>\n<p><strong>NOBODY WANTS TO LAUNCH A NEW RATINGS AGENCY?<\/strong><\/p>\n<p><strong>The FRA has not received any requests for <\/strong><strong>licenses to operate credit rating agencies <\/strong>since it loosened restrictions to encourage local players to set up shop, <a href=\"https:\/\/bit.ly\/3MZmzRG\">Al Borsa<\/a> quotes Omran as saying.<\/p>\n<p><strong>Step up, IPF:<\/strong> Omran urged the <a href=\"https:\/\/www.ipf.eg\/\">Investor Protection Fund<\/a> to apply to set up an agency to help keep pace with growing demand from companies to issue securities in the local debt market.<\/p>\n<p><strong>BACKGROUND:<\/strong> The FRA in February scrapped a requirement for credit rating agencies to be at least 10% owned by international firms in a move meant to increase the number of local credit-rating firms and boost our non-banking financial sector. FRA Deputy Chairman Islam Azzam <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d087ef18-4b4b-4559-ac5d-ac851785b9eb\">said<\/a> then that an unidentified company was in talks with the regulator over gaining a license and could launch soon, though the firm in question hadn\u2019t officially submitted any documents to the regulator at the time.<\/p>\n<p><strong>Egypt has only one local credit rating agency right now:<\/strong> <a href=\"https:\/\/merisratings.com\/\">MERIS<\/a> (Middle East Rating & Investors Service) is a joint venture between Moody\u2019s and Finance and Banking Consultants International (FinBi), and provides ratings for financial institutions, corporate issuers, and structured finance transactions.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/egx\/\">EGX<\/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\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546853\" 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=\"546853\">\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\">COMPETITION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/a-level-playing-field\/\">\r\n                            A level playing field?                        <\/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\/31\/a-level-playing-field\/\" 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\/31\/a-level-playing-field\/')\">\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\/31\/a-level-playing-field\/\">\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=A level playing field?&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/a-level-playing-field\/\">\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\/31\/a-level-playing-field\/&title=A level playing field?\">\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=A+level+playing+field%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F31%2Fa-level-playing-field%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\/31\/a-level-playing-field\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/413.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546854\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/a-level-playing-field\/413-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/413.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"413.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/413.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/413.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546853\" class=\"content-area-description single-story post-546853 post type-post status-publish format-standard has-post-thumbnail hentry category-competition-watch tag-competition-watch tag-egyptian-competition-authority tag-enterpriseam tag-moustafa-madbouly tag-regulation tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>PM spearheads fair competition push to boost privatization plans: <\/strong>Prime Minister Mostafa Madbouly will head a new ministerial committee to shore up competition policy and ensure all businesses are playing on a level field, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/415144293989330\">cabinet statement<\/a>. The committee will work with the <a href=\"http:\/\/www.eca.org.eg\/\">Egyptian Competition Authority<\/a> (ECA) to make sure the Sisi administration\u2019s policies encourage fair competition and to \u201ccorrect regulations in markets that suffer from a lack of competitiveness.\u201d<\/p>\n<p><strong>What\u2019s this \u201ccompetitive neutrality\u201d of which the statement speaks? <\/strong>It\u2019s a key concept in competition law that holds that state-owned enterprises should not hold unfair advantages over their private-sector competitors.<\/p>\n<p><strong>Stronger competition rules were mentioned in the early version of the government\u2019s privatization strategy:<\/strong> According to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">copy of the state ownership document<\/a> obtained by the press last month, the government intends to hand the ECA new powers to prevent state entities from interfering in the economy and blocking private sector players from entering markets.<\/p>\n<p><strong>Some state-owned enterprises continue to have unfair advantages<\/strong>, such as tax privileges and preferential access to finance from state banks, while the absence of publicly-available information and the lack of separation of commercial from non-commercial activities makes it difficult to assess their finances and market activity.<\/p>\n<p><strong>The <\/strong><strong>ECA doesn\u2019t have enforcement powers to penalize anti-competitive practices by the <\/strong><strong>state<\/strong> or, in some respects, the private sector. The ECA is also lacks teeth to regulate mergers and acquisitions that could have an impact on competition \u2014 but that hasn\u2019t stopped it from (a) angling for the power to block and M&A before it goes through or (b) publicly weighing in potential transactions it doesn\u2019t like. The current law gives ECA no power over public utilities and allows the agency to grant exemptions to state-owned companies.<\/p>\n<p><strong>Amendments to the Competition Act have been in limbo for over a year:<\/strong> Legal changes that would give the ECA the power to reject mergers and acquisitions were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3582805e-b867-4076-9e5e-bff71e01f886\">being discussed in the House<\/a> last year, but were never put to a final vote in the general assembly.<\/p>\n<p><strong>This could be among the keys to the success of the state\u2019s renewed privatization push<\/strong>, which includes plans to double the private sector\u2019s role in the economy, bring in USD 40 bn in fresh investment through sales of state-owned assets by 2026, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">fully withdraw<\/a> from as many as 79 industries over the next three years.<\/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\/competition-watch\/\">competition watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-competition-authority\/\">Egyptian Competition Authority<\/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\/regulation\/\">regulation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546855\" 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=\"546855\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/egypt-poland-discuss-food-crisis-investment-direct-flights-between-cairo-and-warsaw-resume\/\">\r\n                            Egypt, Poland discuss food crisis, investment + direct flights between Cairo and Warsaw resume                        <\/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\/31\/egypt-poland-discuss-food-crisis-investment-direct-flights-between-cairo-and-warsaw-resume\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/egypt-poland-discuss-food-crisis-investment-direct-flights-between-cairo-and-warsaw-resume\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/414.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546856\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/egypt-poland-discuss-food-crisis-investment-direct-flights-between-cairo-and-warsaw-resume\/414-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/414.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"414.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/414.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/414.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546855\" class=\"content-area-description single-story post-546855 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-energy tag-enterpriseam tag-oil-and-gas tag-poland tag-travel tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>No breakthrough on wheat during Polish president\u2019s visit:<\/strong> A meeting between President Abdel Fattah El Sisi and Polish President Andrzej Duda in Cairo yesterday ended without an announcement on a partnership to ship Ukrainian wheat to Egypt. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e2d427a-c9ae-4520-a34f-242995583bbb\">Reports ahead of the visit<\/a> had suggested the two sides would discuss ways that Poland could help skirt the Russian blockade, but according to the <a href=\"https:\/\/www.ft.com\/content\/0e0f6cd9-03f0-4150-b330-62032f9a86ad\">Financial Times<\/a> EU countries are having trouble finding ways of getting wheat out of the country using European infrastructure.<\/p>\n<p><strong>To Egypt, via rail:<\/strong> Supply Minister Ali El Moselhy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/33e938bc-c60e-4a76-94c2-a619c51ca3da\">suggested last week<\/a> that Poland could receive the shipments from Ukraine via rail, raising hopes that the two leaders could agree on a mechanism to deliver the grain to Egypt\u2019s shores.<\/p>\n<p><strong>Here\u2019s why that\u2019s a lot more difficult than it sounds: <\/strong>Ukraine\u2019s Soviet-era rail network uses tracks with a wider gauge than in Europe, the FT says. Cargoes from Ukrainian trains would need to be changed over before they could enter the EU. Alternative plans for Poland to build a Soviet-style line to Lithuania or to use the Ukraine-Lithuania line via Belarus are also unlikely.<\/p>\n<p><strong>That could be why we didn\u2019t hear much from the meeting yesterday:<\/strong> A <a href=\"https:\/\/www.prezydent.pl\/aktualnosci\/wizyty-zagraniczne\/spotkanie-z-prezydentem-egiptu,54575\">Polish readout<\/a> of the meeting said that the food crisis was the main topic of conversation, but didn\u2019t offer further details. At a post-meeting press conference, Duda <a href=\"https:\/\/www.prezydent.pl\/aktualnosci\/wypowiedzi-prezydenta-rp\/wystapienia\/wypowiedz-prezydenta-podczas-spotkania-z-mediami,54654\">said<\/a> he and El Sisi had discussed \u201cexporting Polish food\u201d to Egypt but didn\u2019t elaborate. A statement from <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0pNa8YPSwz1E3e3mEuPqSFrqqXVFAQyPPDhc7bFM9yEBLvrotFTaUGyivobevMwmol\">Ittihadiya<\/a> following the meeting didn\u2019t mention the subject.<\/p>\n<p><strong>Egypt has a lot of wheat stuck in Ukraine:<\/strong> Some 25 mn tons are currently stranded at the country\u2019s Black Sea ports due to the blockade, 300k of which were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d26da67-4747-49c2-826c-14d5dcb5669f\">reportedly<\/a> booked by Egypt.<\/p>\n<p><strong>LNG was also on the agenda:<\/strong> Duda said that the two discussed raising Egyptian LNG exports to Europe, noting that Poland has an LNG terminal which it is expanding. \u201cWe absolutely support the negotiations that are currently taking place between Egypt and the European Commission on the supply of LNG to the EU,\u201d he said.<\/p>\n<p><strong>A PIZ ALONGSIDE THE RIZ?<\/strong><\/p>\n<p><strong>Egyptian-Polish Business Forum gives Madbouly another opportunity to pitch to <\/strong><strong>investors:<\/strong> Prime Minister Moustafa Madbouly advertised the government\u2019s pro-business reforms and investment opportunities in Egypt to Polish business representatives yesterday, according to a <a href=\"https:\/\/bit.ly\/3PSX9a6\">cabinet statement<\/a>.<\/p>\n<p><strong>There has been talk of a Polish industrial zone for a while now:<\/strong> The Suez Canal Economic Zone <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ec19679e-3076-42fb-9a34-718c1d4fafe4\">signed an initial agreement last year<\/a> with a Polish special economic zone to set up an industrial area for Polish companies that would produce food, electronics and car parts. In a speech to the Egyptian-Polish Business Forum yesterday, the PM said that the zone would open the door for new investments if the plans go ahead \u2014 and spoke about the tax incentives and infrastructure on offer at the SCZone.<\/p>\n<p><strong>The PM has been talking to a lot of investors lately: <\/strong>Madbouly\u2019s speech comes amid government efforts to lure new investment into the country in response to Russia\u2019s war in Ukraine. Officials have met with US, UAE and French investors in past days to promote the government\u2019s economic reforms and Egypt as an investment destination.<\/p>\n<p><strong>Also during the forum: <\/strong>General Authority for Investment and Free Zones (GAFI) head Mohamed Abdel Wahab <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0icArPpT3KGGhyaTbFzMezuJmmtKWvq8KmNU2pybsGeKWSxWd4tcAdXroRMVyXCqBl\">discussed<\/a> investment in green energy and \u201cenvironmentally-friendly industries\u201d with Polish companies, and <a href=\"https:\/\/bit.ly\/3abuwVz\">signed an MoU<\/a> with the Polish Investment and Trade Agency to \u201cstrengthen investment ties.\u201d<\/p>\n<p><strong>YOU CAN NOW FLY DIRECT TO WARSAW-<\/strong><\/p>\n<p><strong>Flights between Egypt and Poland resume today:<\/strong> Poland has decided to resume direct flights with Egypt, El Sisi <a href=\"https:\/\/www.facebook.com\/photo?fbid=576513277170738&set=a.324472705708131\">announced<\/a> yesterday during his press conference with Duda. The flights will run five times a week between Cairo and Warsaw, Duda <a href=\"https:\/\/www.prezydent.pl\/aktualnosci\/wypowiedzi-prezydenta-rp\/wystapienia\/wypowiedz-prezydenta-podczas-spotkania-z-mediami,54654\">said<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poland\/\">Poland<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"546857\" 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=\"546857\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/546857\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546857\" class=\"content-area-description single-story post-546857 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=\"546858\" 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=\"546858\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/orascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone\/\">\r\n                            Orascom Construction subsidiary in negotiations with Indian investors looking to establish 3 factories in SCZone                        <\/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\/31\/orascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone\/\" 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\/31\/orascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone\/')\">\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\/31\/orascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone\/\">\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=Orascom Construction subsidiary in negotiations with Indian investors looking to establish 3 factories in SCZone&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/orascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone\/\">\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\/31\/orascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone\/&title=Orascom Construction subsidiary in negotiations with Indian investors looking to establish 3 factories in SCZone\">\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=Orascom+Construction+subsidiary+in+negotiations+with+Indian+investors+looking+to+establish+3+factories+in+SCZone+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F31%2Forascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone%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\/31\/orascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/415.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546859\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/orascom-construction-subsidiary-in-negotiations-with-indian-investors-looking-to-establish-3-factories-in-sczone\/415-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/415.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"415.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/415.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/415.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546858\" class=\"content-area-description single-story post-546858 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-enterpriseam tag-manufacturing tag-orascom-construction tag-suez-canal-economic-zone 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>SIDC to establish factories in Sokhna alongside Indian investors:<\/strong> Orascom Construction subsidiary Suez Industrial Development Company (SIDC) has signed preliminary agreements with three Indian investors who are looking to build three factories in SIDC\u2019s industrial park in Ain Sokhna, CEO Amr El Batrik told Enterprise. El Batrik declined to name the investors.<\/p>\n<p><strong>On the production lines:<\/strong> The new facilities include one to manufacture pressure vessels used in pipes, another to produce packaging materials, and a third in the petrochemical sector, El Batrik said. Petrochemicals and packaging materials are <a href=\"https:\/\/enterprise.press\/industries\/egypt-moves-forward-import-substitution-strategy-sectors-focus-shift-local-manufacturing\/\">among nine industries<\/a> that the government wants to localize as it attempts to reduce its reliance on imports and cut the trade deficit.<\/p>\n<p><strong>How much is this all going to cost?<\/strong> The expected investment values will be determined once the investors complete the feasibility studies on the facilities, El Batrik said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/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\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/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=\"546860\" 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=\"546860\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/cairo-angels-syndicate-fund-invests-in-africa-focused-fintech\/\">\r\n                            Cairo Angels Syndicate Fund invests in Africa-focused fintech                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/cairo-angels-syndicate-fund-invests-in-africa-focused-fintech\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/cairo-angels-syndicate-fund-invests-in-africa-focused-fintech\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/cairo-angels-syndicate-fund-invests-in-africa-focused-fintech\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Cairo Angels Syndicate Fund invests in Africa-focused fintech&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/cairo-angels-syndicate-fund-invests-in-africa-focused-fintech\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/cairo-angels-syndicate-fund-invests-in-africa-focused-fintech\/&title=Cairo Angels Syndicate Fund invests in Africa-focused fintech\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Cairo+Angels+Syndicate+Fund+invests+in+Africa-focused+fintech+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F31%2Fcairo-angels-syndicate-fund-invests-in-africa-focused-fintech%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/cairo-angels-syndicate-fund-invests-in-africa-focused-fintech\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/416.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546861\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/cairo-angels-syndicate-fund-invests-in-africa-focused-fintech\/416-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/416.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"416.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/416.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/416.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546860\" class=\"content-area-description single-story post-546860 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-cairo-angels-syndicate-fund tag-enterpriseam tag-finclusion-group tag-fintech tag-startup-watch tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Cairo Angels Syndicate Fund (CASF) <\/strong><strong>is <\/strong><strong>making a USD six-figure investment in Africa-focused fintech startup <\/strong><strong><a href=\"https:\/\/www.finclusiongroup.com\/\">F<\/a><\/strong><strong><a href=\"https:\/\/www.finclusiongroup.com\/\">inclusion Group<\/a><\/strong>, which uses AI to provide financial services products, according to <a href=\"https:\/\/ent.news\/2022\/5\/Finclusion-PR-CASF.pdf\">a statement (<\/a><a href=\"https:\/\/ent.news\/2022\/5\/Finclusion-PR-CASF.pdf\">pdf<\/a><a href=\"https:\/\/ent.news\/2022\/5\/Finclusion-PR-CASF.pdf\">)<\/a>. This is CASF\u2019s second investment outside of Egypt and their third fintech investment, according to the release.<\/p>\n<p><strong>About Finclusion:<\/strong> The startup is looking to drive financial inclusion by providing financial tools such as earned-wage access (which gives employees access to their pay as soon as they\u2019ve earned it), buy-now-pay-later options, and direct credit to its clients in South Africa, Eswatini, Namibia, Kenya, and Tanzania. Finclusion also hopes to build the first pan-African neo bank, according to the statement.<\/p>\n<p><strong>The company has raised USD 40 mn since September:<\/strong> Earlier this year, the company <a href=\"https:\/\/medium.com\/@finclusionza\/finclusion-group-raises-an-additional-us-20-million-in-funding-to-build-out-neobank-offering-across-159d18757cbc\">raised<\/a><a href=\"https:\/\/medium.com\/@finclusionza\/finclusion-group-raises-an-additional-us-20-million-in-funding-to-build-out-neobank-offering-across-159d18757cbc\">USD 20<\/a><a href=\"https:\/\/medium.com\/@finclusionza\/finclusion-group-raises-an-additional-us-20-million-in-funding-to-build-out-neobank-offering-across-159d18757cbc\">m<\/a><a href=\"https:\/\/medium.com\/@finclusionza\/finclusion-group-raises-an-additional-us-20-million-in-funding-to-build-out-neobank-offering-across-159d18757cbc\">n<\/a> in debt and equity pre-series A financing, just four months after closing a <a href=\"https:\/\/medium.com\/@finclusionza\/finclusion-group-raises-us-20-million-in-funding-from-lendable-59baf72573b1\">USD 20 mn funding round<\/a> led by fintech debt financing provider Lendable.<\/p>\n<p><strong>This is CASF\u2019s <\/strong><strong>third investment<\/strong><strong> this year, by our count:<\/strong> The VC fund participated in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad8084bb-103d-4a9f-ae73-fdb55323edeb\">Orcas\u2019<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad8084bb-103d-4a9f-ae73-fdb55323edeb\">USD 2.1 mn pre-series A round<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62307c00-94b2-47a6-acc9-180f0ae79dff\">made a second investment<\/a> in scientific research startup Nawah Scientific.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-angels-syndicate-fund\/\">Cairo Angels Syndicate Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finclusion-group\/\">Finclusion Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546862\" 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=\"546862\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/546862\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546862\" class=\"content-area-description single-story post-546862 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=\"546863\" 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=\"546863\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/last-nights-talk-shows-dudas-visit-a-major-archaeological-find-the-grand-egyptian-museum-is-to-be-finished-within-three-months\/\">\r\n                            Last Night\u2019s Talk Shows: Duda\u2019s visit, a major archaeological find + the Grand Egyptian Museum is to be finished within three months                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/last-nights-talk-shows-dudas-visit-a-major-archaeological-find-the-grand-egyptian-museum-is-to-be-finished-within-three-months\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/last-nights-talk-shows-dudas-visit-a-major-archaeological-find-the-grand-egyptian-museum-is-to-be-finished-within-three-months\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/last-nights-talk-shows-dudas-visit-a-major-archaeological-find-the-grand-egyptian-museum-is-to-be-finished-within-three-months\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: Duda\u2019s visit, a major archaeological find + the Grand Egyptian Museum is to be finished within three months&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/last-nights-talk-shows-dudas-visit-a-major-archaeological-find-the-grand-egyptian-museum-is-to-be-finished-within-three-months\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/last-nights-talk-shows-dudas-visit-a-major-archaeological-find-the-grand-egyptian-museum-is-to-be-finished-within-three-months\/&title=Last Night\u2019s Talk Shows: Duda\u2019s visit, a major archaeological find + the Grand Egyptian Museum is to be finished within three months\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Duda%E2%80%99s+visit%2C+a+major+archaeological+find+%2B+the+Grand+Egyptian+Museum+is+to+be+finished+within+three+months+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F31%2Flast-nights-talk-shows-dudas-visit-a-major-archaeological-find-the-grand-egyptian-museum-is-to-be-finished-within-three-months%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/last-nights-talk-shows-dudas-visit-a-major-archaeological-find-the-grand-egyptian-museum-is-to-be-finished-within-three-months\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546863\" class=\"content-area-description single-story post-546863 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-andrzej-duda tag-enterpriseam tag-grand-egyptian-museum tag-last-nights-talk-shows tag-poland tag-ukraine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the airwaves last night:<\/strong> Yesterday\u2019s talks between President Abdel Fattah El Sisi and his Polish counterpart Andrzej Duda in Cairo led the conversation on the talk shows last night. The two sides discussed the war in Ukraine and its impact on global food supply. Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=M5ZaPoKQ9Eg\">watch, runtime: 5:23<\/a>), Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=v0_Hn8tbw10\">watch, runtime: 7:32<\/a>) and Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=o8DCB5JwpkY\">watch, runtime: 8:23<\/a>) had coverage, among others. We have more in this morning\u2019s Commodities section, below.<\/p>\n<p><strong>The formation of a business council between the two countries also received attention: <\/strong>Osama El Said, the head of the newly-formed Egyptian-Polish Business Forum, telling Salet El Tahrir\u2019s Azza Mostafa (<a href=\"https:\/\/www.youtube.com\/watch?v=o8DCB5JwpkY\">watch, runtime: 8:32<\/a>) that the council will focus on investments in gas and agricultural machinery, and exports of Egyptian citrus fruit and other agricultural products.<\/p>\n<p><strong>A major archaeological discovery was everywhere: <\/strong>The unveiling of 250 sarcophagi at the Saqqara necropolis received coverage on Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=j4mKC4x3lQc\">watch, runtime: 14:05<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=YIRTbkxxjXM\">watch, runtime: 3:21<\/a>) and Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=KOtFODI6d7A\">watch, runtime: 2:07<\/a>), among others.<\/p>\n<p><strong>The GEM will be finished in the next three months: <\/strong>Secretary-general of the Supreme Council for Antiquities Mostafa Waziri told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=RDq75bpVT2U\">watch, runtime: 2:54<\/a>) that construction of the Grand Egyptian Museum is now complete and officials will begin moving artifacts from the beginning of June. This will allow the museum to be fully finished within three months, he said.<\/p>\n<p><strong>But when\u2019s it opening? <\/strong>The inauguration date would be determined by \u201cglobal conditions,\u201d Waziri said.<\/p>\n<p><strong>More prisoners pardoned: <\/strong>Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=jOLuUmdOleg\">watch, runtime: 5:37<\/a>), Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=GPRaefE_imQ\">watch,<\/a><a href=\"https:\/\/www.youtube.com\/watch?v=GPRaefE_imQ\">runtime: 9:32<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=rXYqEq6Bdn0\">watch, runtime: 1:16<\/a>) all covered the news that more detainees received a presidential pardon yesterday, and more will be released Thursday.<\/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\/andrzej-duda\/\">Andrzej Duda<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grand-egyptian-museum\/\">Grand Egyptian Museum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poland\/\">Poland<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n     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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/a-new-discovery-at-saqqara-is-everywhere-in-the-foreign-press\/\">\r\n                            A new discovery at Saqqara is everywhere in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546865\" class=\"content-area-description single-story post-546865 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-ancient-egypt tag-enterpriseam tag-history tag-nabila-makram wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Ancient artifacts are catching the eye of the foreign press this morning<\/strong>, after the Supreme Council of Antiquities unveiled 250 sarcophagi, 150 small bronze statues of gods and goddesses, and other antiquities recently discovered in a major find at the Saqqara necropolis. (<a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/05\/30\/egypt-unveils-major-find-of-250-sarcophagi-and-150-statues-in-saqqara\/\">The National<\/a> | <a href=\"https:\/\/apnews.com\/article\/science-egypt-cairo-b5ec9b17c7f77b775a9958fed7f9df8b\">AP<\/a> | <a href=\"https:\/\/abcnews.go.com\/International\/egypt-uncovers-2500-year-coffins-bronze-statues-ancient\/story?id=85064291\">ABC News<\/a> | <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220530-statuette-of-architect-among-new-cache-of-ancient-egyptian-artifacts\">AFP<\/a> | <a href=\"https:\/\/nypost.com\/2022\/05\/30\/egypt-unveils-newly-discovered-2500-year-old-artifacts-near-cairo\/\">NY Post<\/a>)<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Emigration Minister Nabila Makram has made a statement about double <\/strong><strong>homicide charges filed against her son in the US. <\/strong>\u201cWe are going through a difficult time,\u201d she wrote on social media. (<a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/05\/28\/egypt-emigration-minister-breaks-silence-about-sons-double-murder-charges-in-us\/\">The National<\/a>)<\/li>\n<li><strong>Abdel Moneim Aboul Fotouh\u2019s sentencing<\/strong>: Reuters picks up the news of the 15-year prison sentence handed to the former Islamist leader and presidential candidate for spreading false news and inciting against the state. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/court-jails-egyptian-former-presidential-candidate-15-years-2022-05-29\/\">Reuters<\/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\/ancient-egypt\/\">Ancient Egypt<\/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\/nabila-makram\/\">Nabila Makram<\/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=\"546866\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546867\" 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=\"546867\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/efg-is-working-on-two-ipos-in-saudi-arabia\/\">\r\n                            EFG is working on two IPOs in Saudi Arabia                        <\/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\/31\/efg-is-working-on-two-ipos-in-saudi-arabia\/\" 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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One company operates in the health sector and the other is a retail company, he said, without disclosing further information. EFG is also working on several acquisitions in the Kingdom, as well as other IPOs in Dubai still in the pipeline.<\/p><p><strong>The Gulf markets have momentum<\/strong> and have continued to remain attractive to investors despite deteriorating global conditions, he said. Oil exporters in the region have benefited from the surge in oil prices triggered by the war in Ukraine and slowing demand in China.<\/p><p><strong>But what about Egypt? <\/strong>Egypt\u2019s IPO scene is weak in comparison to Saudi Arabia and the UAE \u2014 and won\u2019t improve until the market rebounds, he said, adding that acquisitions remain attractive to investors due to appealing valuations. EFG Hermes is focusing on acquisitions in Egypt, with several transactions expected this year in the health and logistics sectors.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,109<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -15.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (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-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.57<\/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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,907<\/p>\n<\/td>\n<td>\n<p>+1.7% (YTD: +14.4%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,908<\/p>\n<\/td>\n<td>\n<p>+2.3% (YTD: +16.7%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,345<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: +4.7%)<\/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>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>7,600<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +2.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,842<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: -10.6%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 121.67<\/p>\n<\/td>\n<td>\n<p>+1.9%<\/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 8.70<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,857.30<\/p>\n<\/td>\n<td>\n<p>0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 31,679<\/p>\n<\/td>\n<td>\n<p>+8.5% (YTD: -31.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 724 mn (13.2% below the 90-day average). Local investors were net buyers. The index is down 15.4% YTD.<\/p><p><strong>In the green: <\/strong>Madinet Nasr Housing (+3.5%), TMG Holding (+3.3%) and AMOC (+2.5%).<\/p><p><strong>In the red: <\/strong>E-finance (-1.8%), EFG Hermes (-1.5%) and Ibnsina Pharma (-1.0%).<\/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\/efg-hermes\/\">EFG Hermes<\/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\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546868\" 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=\"546868\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/normalization-with-saudi-a-long-slow-process-says-israeli-fm\/\">\r\n                            Normalization with Saudi a \u201clong, slow process,\u201d says Israeli FM                        <\/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\/31\/normalization-with-saudi-a-long-slow-process-says-israeli-fm\/\" 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\/31\/normalization-with-saudi-a-long-slow-process-says-israeli-fm\/')\">\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\/31\/normalization-with-saudi-a-long-slow-process-says-israeli-fm\/\">\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=Normalization with Saudi a \u201clong, slow process,\u201d says Israeli FM&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/normalization-with-saudi-a-long-slow-process-says-israeli-fm\/\">\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\/31\/normalization-with-saudi-a-long-slow-process-says-israeli-fm\/&title=Normalization with Saudi a \u201clong, slow process,\u201d says Israeli FM\">\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=Normalization+with+Saudi+a+%E2%80%9Clong%2C+slow+process%2C%E2%80%9D+says+Israeli+FM+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F31%2Fnormalization-with-saudi-a-long-slow-process-says-israeli-fm%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\/31\/normalization-with-saudi-a-long-slow-process-says-israeli-fm\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546868\" class=\"content-area-description single-story post-546868 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-israel tag-politics tag-saudi-arabia tag-tiran-and-sanafir wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Israel is in talks with the US and Gulf countries about a possible rapprochement <\/strong><strong>with Saudi Arabia<\/strong> but recognizes that it will be a \u201clong, slow process,\u201d Israeli Foreign Minister Yair Lapid said yesterday, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-30\/israel-says-talking-to-us-gulf-on-how-to-forge-ties-with-riyadh?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>We\u2019re reportedly in the mix: <\/strong>His statements come nearly a week after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f147bd4-6ff2-4fcd-b3a7-2eb786e619c7\">Axios reported<\/a> that the White House is working with Egypt and Saudi Arabia to finalize the transfer of sovereignty of the Tiran and Sanafir islands to Riyadh. The Biden administration\u2019s thinking is that this could help pave the way for Israel and Saudi Arabia to normalize relations.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tiran-and-sanafir\/\">Tiran and Sanafir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"546869\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            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decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/417.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"546870\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/egypt-wants-to-become-a-leader-in-green-hydrogen-heres-how-the-govt-and-private-players-plan-to-make-it-happen\/417-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/417.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"417.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/417.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/417.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546869\" class=\"content-area-description post-546869 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-cop27 tag-energy tag-enterprise-going-green tag-enterpriseam tag-green-hydrogen tag-renewables 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>Go deep into the hydrogen economy: <\/strong>Global interest in green hydrogen production <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe699a87-d7a1-40a1-891e-4bdc4a1ceec8\">has been<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe699a87-d7a1-40a1-891e-4bdc4a1ceec8\">gathering steam<\/a> over the last year \u2014 and nowhere more so than in Egypt, where the government has begun making moves to capitalize on the investment momentum ahead of COP27 by establishing the Suez Canal Economic Zone (SCZone) as a regional green energy hub. Global companies have inked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eee36486-1f7c-4403-bb96-7b6160f927d3\">USD 10 bn worth of preliminary agreements<\/a> for green ammonia and hydrogen projects in Ain Sokhna in the past three months alone \u2014 and we\u2019re expecting more where that came from.<\/p>\n<p><strong>Need a refresher on green hydrogen? <\/strong>Hydrogen itself is a zero-carbon energy source \u2014 but 95% of the world\u2019s hydrogen is produced from fossil gas and coal. Hydrogen is produced by passing an electric current through water (electrolysis) to split the hydrogen from the oxygen. The resulting hydrogen is \u201cgreen\u201d only if the electricity used is generated from renewables. Check out our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8723d198-cc17-40e4-86dc-4bf816a93e16\">recent explainer<\/a> if you want to know more.<\/p>\n<p><strong>The first step in the plan to build a local hydrogen industry? Gather private-sector proposals for small-scale pilots.<\/strong> \u201cWe\u2019ve been told we can approach government entities with pilot projects, but nothing more than 150 MW in terms of electrolyzer capacity, because the technology is still very expensive,\u201d Mohamed Mansour, co-founder and CEO of Infinity, tells Enterprise.<\/p>\n<p><strong>Who\u2019s submitted proposals: <\/strong>Here\u2019s <a href=\"https:\/\/ent.news\/2022\/5\/Green-hydrogen-project-breakdown-1.gif\">the breakdown<\/a> of the international players who have so far proposed to build green hydrogen projects in the SCZone \u2014 and their expected investment costs up until 2030, totaling some USD 41 bn. The government is planning to stump up 20-25% of the cost of each project:<\/p>\n<ul>\n<li><a href=\"https:\/\/ffi.com.au\/\">Fortescue Future Industries<\/a>: USD 10 bn.<\/li>\n<li><a href=\"https:\/\/scatec.com\/\">Norway\u2019s Scatec<\/a>: USD 5.2 bn.<\/li>\n<li><a href=\"https:\/\/www.maersk.com\/\">Danish shipping giant Maersk<\/a>: USD 4.7 bn.<\/li>\n<li><a href=\"https:\/\/www.total-eren.com\/\">Total Eren<\/a>: USD 5 bn.<\/li>\n<li><a href=\"https:\/\/www.edf-re.com\/\">French energy firm EDF Renewables<\/a>: USD 1 bn.<\/li>\n<li><a href=\"https:\/\/www.ameapower.com\/\">Al Nowais subsidiary AMEA Power<\/a>: USD 800 mn.<\/li>\n<li><a href=\"https:\/\/masdar.ae\/\">Emirati renewable energy company Masdar<\/a>: USD 11.3 bn.<\/li>\n<li><a href=\"https:\/\/www.deme-group.com\/\">DEME<\/a>: USD 3.6 bn.<\/li>\n<\/ul>\n<p><strong>And who\u2019s put pen to paper:<\/strong> We don\u2019t have the specifics on every green hydrogen project in the works \u2014 but we do know that the SCZone has so far signed MoUs with renewables firms including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39a13bc2-44da-438a-9991-da9ed10b7bb3\">Total and Africa-focused SME investor Enara Capital<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37c6713c-597a-4ba6-adb3-ab0228f7231c\">AMEA Power<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c48684a-e8ce-4c9b-9577-6c14c7455447\">Maersk<\/a>, EDF, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/385ee449-1e59-4897-88ea-75f283938d30\">Scatec<\/a>, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/37c6713c-597a-4ba6-adb3-ab0228f7231c\">Masdar alongside Hassan Allam Utilities<\/a>. And we\u2019re <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/022ca147-bb08-4bb6-ba62-361b7381da4c\">expecting<\/a> more green hydrogen MoUs to be signed at (or in the run-up to) COP27.<\/p>\n<p><strong>Sound like an awful lot of projects? <\/strong>Bear in mind that this is all tentative, with binding agreements yet to be signed \u2014 but the scale of interest is a good indicator of just how attractive the sector is for private players. \u201cWhen you say \u2018green hydrogen,\u2019 everyone is interested,\u201d Lekela Power General Manager Faisal Eissa tells us. The renewables firm has also expressed its interest to the government in entering the sector under the right circumstances, Eissa adds.<\/p>\n<p><strong>Demand is only set to grow: <\/strong>The need to move away from fossil fuels to greener alternatives means investors are prepared to put money down to get in on the ground floor. \u201cWe\u2019re seeing enormous future demand for green hydrogen,\u201d Fortescue Future Industries (FFI) CEO Andrew Forrest tells Enterprise. His firm is on the government\u2019s list for a potential project after he visited Egypt for meetings to explore investing in the nascent sector. \u201cThe world is moving to green,\u201d Forrest says.<\/p>\n<p><strong>What will all this hydrogen be used for? The sky\u2019s the limit, in theory \u2014 but first, fertilizers and shipping fuel. <\/strong>\u201cAnything fossil fuel can do \u2014 oil, gas, coal \u2014 could be replaced with green hydrogen, green ammonia and green electricity,\u201d says Forrest. The first wave of projects will likely focus on industrial uses \u2014 first among them using hydrogen as a feedstock to make green ammonia for fertilizers, and methanol for shipping fuels, says Eissa. Globally, the technology isn\u2019t advanced enough to use hydrogen as a direct substitute for petrol in cars \u2014 while the local regulatory environment isn\u2019t yet in place to start replacing fossil fuels with green hydrogen for everyday electricity needs, he adds.<\/p>\n<p><strong>For now, the focus is on industrial exports. <\/strong>The government is welcoming initiatives aimed at producing green hydrogen for export, says Eissa, and has made it clear it isn\u2019t ready for projects aimed at local energy offtakers. All the projects that have reached the MoU stage in the SCZone will produce for foreign markets, Eissa tells us. The project that\u2019s furthest down the development pipeline \u2014 the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">100 MW facility<\/a> that will be built by the Sovereign Fund of Egypt (SFE), Norway\u2019s Scatec, Nassef Sawiris-backed ammonia producer Fertiglobe and Orascom Construction \u2014 will make hydrogen as feedstock for green ammonia that will then be exported, note several sources not directly involved with the project.<\/p>\n<p><strong>What makes a proposal viable? Finding offtakers is key. <\/strong>The Orascom consortium\u2019s plant is currently the only project to have established the whole value chain to produce green ammonia from green hydrogen, and then sell it to an offtaker, Mansour notes. \u201cEveryone else in the market is struggling to find offtakers. Once you do that, you have a project.\u201d<\/p>\n<p><strong>The next step? Getting a policy framework in place with the help of European partners. <\/strong>The European Bank for Reconstruction and Development (EBRD) signed an MoU with the electricity and petroleum ministries at the beginning of March to help create a comprehensive national hydrogen strategy, EBRD managing director for the SEMED region Heike Harmgart tells Enterprise. And France is helping the government build technological capacity and advising it on policy to launch hydrogen pilot projects in the short term, a French embassy representative notes.<\/p>\n<p><strong>The national hydrogen strategy will cover the whole hydrogen value chain \u2014 supply, demand, and infrastructure<\/strong>, Harmgart says, and will include a roadmap for regulation, feasibility studies, and an assessment of market viability. The aim is to support us not just to launch a smattering of projects, \u201cbut to have a framework for what we believe is a very viable and interesting industry that could develop here.\u201d<\/p>\n<p><strong>The government is also working with an unnamed global consultant to integrate hydrogen plans into its renewable energy strategy<\/strong>, Vice President of the New and Renewable Energy Authority (NREA) Ehab Ismail tells Enterprise.<\/p>\n<p><strong>WATCH THIS SPACE- We should see big policy developments over the next few months. <\/strong>The full national strategy won\u2019t be finalized by COP27, but some key recommendations should be in place, says Harmgart. By 2023, the aim is to have more of a five-year horizon with a legal framework, she adds.<\/p>\n<p><strong>And look out for more funding announcements:<\/strong> The EBRD is in \u201cvery active discussions\u201d with two or three consortia of developers on financing green hydrogen projects, says Harmgart.<\/p>\n<p><strong>Bear in mind: This is no quick fix for the climate. <\/strong>\u201cGreen hydrogen isn\u2019t going to immediately be a complete substitute for fossil fuel,\u201d Harmgart says \u2014 but the fuel could play a really important role in the decarbonization of the global economy, notes Eissa. \u201cWe won\u2019t see this in the next couple of years. It\u2019s a long-term goal. Maybe my children will see it in their lifetimes,\u201d he adds.<\/p>\n<p><strong>The most important thing is getting started, <\/strong>notes Eissa. \u201cWe\u2019re talking about an industry that\u2019s still just starting, and where we\u2019re all still learning. If we focus on a couple of commercially proven and viable applications of green hydrogen, for now, that\u2019s more than enough.\u201d<\/p>\n<p><strong>NEXT WEEK:<\/strong> We look at why Egypt is a particularly appealing location for green hydrogen production, and where the bottlenecks are in getting projects off the ground.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>The African Development Bank (AfDB) has launched a climate adaptation facility that will channel funds into <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e6192d7-c259-4a6b-a418-68cbee1cb485\">sustainable small businesses<\/a><\/strong> and promote regulations that encourage the circular business model \u2014 and some of it could head our way<\/li>\n<li><strong>Al Mashat + Maait talk COP27: <\/strong>International Cooperation Minister Rania Al Mashat and Finance Minister Mohamed Maait talked to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59b2a743-03b5-4b60-89d5-4d58ed5e9452\">the Guardian<\/a> about Egypt\u2019s plans for the climate summit.<\/li>\n<li><strong>The world is split on climate change:<\/strong> Ipsos\u2019 latest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f69675f2-8e3f-4d0a-8ad7-e3a4335a5cb9\">What Worries The World report<\/a> revealed a divide between the developed and developing worlds, with respondents in richer countries more likely to cite climate change as one of the biggest issues.<\/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\/cop27\/\">COP27<\/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\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546871\" 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\/31\/546871\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546871\" class=\"content-area-description single-story post-546871 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 1Q2022 earnings<\/p>\n<p>31 May (Tuesday): The <a href=\"https:\/\/itida.gov.eg\/English\/Programs\/Export-IT%20Rebate%20Program%202017\/Pages\/default.aspx\">application deadline<\/a> for ITIDA\u2019s annual Export IT program.<\/p>\n<p>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: 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>21-23 June (Tuesday-Thursday): <a href=\"https:\/\/www.cweic.org\/cbf\/rwanda-2022\/\">Commonwealth Business Forum<\/a>, Kigali, Rwanda.<\/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>3-5 November (Thursday-Saturday): Egypt Fashion Week.<\/p>\n<p>4-6 November (Friday-Sunday): 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\/\">COP27<\/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. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":546844,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546843","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"db3c3376-9829-4fe3-bebd-73d4b1c7b2d7","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/39.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>18% CDs are a thing of the past.  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