{"id":546882,"date":"2022-06-01T03:45:24","date_gmt":"2022-06-01T03:45:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546882"},"modified":"2025-12-15T21:37:44","modified_gmt":"2025-12-15T21:37:44","slug":"is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/","title":{"rendered":"Is the Manpower Ministry about to enforce a 1% tithe on corporate profits?"},"content":{"rendered":"<section id=\"546884\" 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=\"546884\">\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\/06\/01\/this-morning-the-eus-neighborhood-commissioner-is-in-town-we-have-a-cop-website\/\">\r\n                            THIS MORNING: The EU\u2019s neighborhood commissioner is in town + we have a COP website                        <\/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\/06\/01\/this-morning-the-eus-neighborhood-commissioner-is-in-town-we-have-a-cop-website\/\" 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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So happy summer, everyone.<\/p><p><strong>THE BIG STORY HERE AT HOME is the prospect that government inspectors could be <\/strong><strong>asking us all to hand over<\/strong><strong> 1% of our net profits <\/strong>after a Supreme Court ruling paved the way for the Manpower Ministry to collect a 1% tithe. The levy on corporate profits had been on hold for years while it was the subject of the court challenge.<\/p><p><strong>There\u2019s a way out, though:<\/strong> The House of Representatives needs to get moving and pass the new labor act, which has been in the pipeline for ages now, but which appears to be stalled in committee. The new act would replace the 1% tithe on net profit with a much more modest fee capped at a maximum of EGP 50 per employee per month.<\/p><p><strong>We\u2019re hoping our elected representatives act quickly \u2014 that 1% of net income is <\/strong><strong>flexibility that business owners need<\/strong> as their companies (and their staff) come under pressure from rising inflation.<\/p><p><strong>^^ We have chapter and verse on that and a ton of other stories <\/strong>in this morning\u2019s news well, below.<\/p><p><strong>NEWS TRIGGERS <\/strong>you\u2019ll want to keep an eye on as the new month gets underway:<\/p><ul>\n<li><strong>PMI: <\/strong>Purchasing managers\u2019 index figures for May will be released on Sunday, 5 June. Saudi Arabia\u2019s PMI will be out the same day, and the UAE data is released on Friday, 3 June;<\/li>\n<li><strong>Foreign reserves <\/strong>figures for May should be announced sometime next week;<\/li>\n<li><strong>Inflation figures<\/strong> for May are due out on Saturday, 9 June (from state statistics agency Capmas) and Sunday, 12 June (central bank figures);<\/li>\n<li><strong>Capmas\u2019 monthly bulletin covering the price of key building materials<\/strong> is due out on 5 June;<\/li>\n<li><strong>The Central Bank of Egypt\u2019s monetary policy committee meets<\/strong> next on Thursday, 23 June.<\/li>\n<\/ul><p><strong>SIGN OF THE TIMES- Don\u2019t expect a ton of output from RenCap for a while:<\/strong> Russian investment bank Renaissance Capital will close its offices in London, New York and Johannesburg and suspend all of its research coverage as Western sanctions hit the business, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-31\/russia-s-rencap-closing-new-york-office-research-amid-sanctions?sref=mmeFTDW1\">Bloomberg<\/a> reported, citing people familiar with the move. The bank will lay off some of the employees in their New York office and the majority of 60 employees in London, with only a few remaining to wind down operations in the UK. Its Russian and Cypriot operations would not be affected, according to two of the people. We\u2019re reaching out to friends at RenCap\u2019s Cairo and Dubai offices to see what\u2019s up there and will report back tomorrow.<\/p><p><strong>MEANWHILE- The wait is finally over\u2014<\/strong>Egypt has launched its official <a href=\"https:\/\/www.cop27egy.com\/\">COP27 website<\/a>. The site went live just a few weeks after it unveiled the logo for the upcoming conference, set to take place in Sharm El Sheikh in November.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>EU Commissioner for Neighborhood and Enlargement Olivier Varhelyi is in town <\/strong><strong>to discuss European investment in Egypt as well as efforts to overcome global food insecurity<\/strong> triggered by the Russian invasion of Ukraine, according to <a href=\"https:\/\/bit.ly\/390eHkb\">a statement<\/a> from the European Commission. Varhelyi yesterday <a href=\"https:\/\/bit.ly\/3m4pCfH\">attended the signing ceremony<\/a> for the project to expand the Helwan wastewater treatment plan, which is being backed with a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5450603-b95c-4cb3-88aa-667655d9ce03\">EUR 78 mn loan<\/a> from the European Investment Bank.<\/p><p><strong>REMEMBER- <\/strong>The EU <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cd427aa-f06b-4054-ad8f-a96bc1c9de6a\">is providing Egypt with EUR 100 mn<\/a> in support to help us tackle rising food prices amid the ongoing war in Ukraine, The funding, announced in early April, is part of a freshly announced EUR 225 mn Food and Resilience Facility for MENA countries.<\/p><p><strong>The EU might step up its funding to Africa:<\/strong> The visit comes as the EU is studying a proposal to allocate EUR 500 mn to African countries struggling amid the record food prices and rising food shortages, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-31\/europe-considers-aid-plan-to-help-tackle-africa-food-crisis?srnd=premium-middle-east\">Bloomberg<\/a> reported, citing people familiar with the matter.<\/p><p><strong>A drop in the ocean:<\/strong> The proposal, which might include both loans and grants, would be sufficient to purchase only 1.3 mn tons of wheat, a tiny amount compared to the 50 mn tons imported by the continent each year.<\/p><p><strong>Africa isn\u2019t happy about the sanctions on Russia:<\/strong> African Union head Macky Sall has criticized Western financial sanctions on Russia for making it harder for African nations to purchase Russian food. Speaking to EU leaders at a summit yesterday, the Senegalese president said that the banning of Russian banks from the Swift payment system makes it \u201ccomplicated, if not impossible\u201d for countries to purchase grain. The EU yesterday banned Russia\u2019s biggest bank, Sberbank, from accessing Swift as part of a new round of sanctions targeting Moscow\u2019s energy exports and financial system. The <a href=\"https:\/\/www.wsj.com\/livecoverage\/russia-ukraine-latest-news-2022-05-31\/card\/russia-swift-sanctions-impeding-food-payments-african-union-tells-eu-Dw6bwQVL5YRw2PgRy2x7\">Wall Street Journal<\/a> and the <a href=\"https:\/\/www.ft.com\/content\/e558de33-6064-4b10-a784-eb344cb17915\">FT<\/a> have the story.<\/p><p><strong>HAPPENING IN THE REGION-<\/strong><\/p><p><strong>There\u2019s a new sovereign wealth fund on the block:<\/strong> It only took eight years, but Israel's sovereign wealth fund will finally start operations today after regulators said this week that it has met the minimum revenue required by law, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-30\/israel-s-long-delayed-sovereign-wealth-fund-to-open-on-june-1?srnd=premium-middle-east\">Bloomberg<\/a>. The fund, which will invest tax revenues from the country\u2019s offshore gas fields, was approved by parliament back in 2014 but low gas tax revenues have prevented it from launching.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Russian Foreign Minister Sergei Lavrov is in Saudi Arabia to meet with GCC <\/strong><strong>ministers today<\/strong>, <a href=\"https:\/\/www.reuters.com\/world\/russias-lavrov-meet-with-gcc-ministers-riyadh-wednesday-officials-2022-05-31\/\">Reuters<\/a> reports. Ministers from Saudi Arabia, the UAE, Oman, Kuwait, Bahrain (which Lavrov visited yesterday) and Qatar will hold talks with the Russian minister at the GCC headquarters in Riyadh, the sources said, without disclosing the subject of the discussions.<\/p><p><strong>Likely to be on the agenda:<\/strong> Some OPEC members are considering exempting Russia from OPEC+ supply agreement as Western sanctions undermine the country\u2019s ability to increase production, the <a href=\"https:\/\/www.wsj.com\/articles\/opec-weighs-suspending-russia-from-oil-production-deal-11654019943?mod=Searchresults_pos2&amp;page=1\">Wall Street Journal<\/a> reports. Under the agreement, producers are supposed to gradually ramp up output each month, but with Russian production forecast to fall 8% this year, it\u2019s unlikely that it will be able to stick to the terms. Leaving Russia out of the agreement could allow other producers to significantly up supply and calm oil prices which have surged above USD 100 a barrel. The OPEC+ alliance is scheduled to meet on Thursday where it is expected to sign off on another 432k barrels a day increase in July.<\/p><p><strong>MEANWHILE- The EU\u2019s oil embargo is the big story globally this morning:<\/strong> Fresh off of pledging to block 90% of its oil imports from Russia by the end of the year, the EU yesterday agreed with the UK to block insurance on ships carrying Russian crude. The move means that tankers will be unable to access Lloyd\u2019s of London, the most important insurance market for the shipping industry in the world.<\/p><p><strong>Gazprom cuts more gas flows to Europe:<\/strong> The Russian gas giant will today cut supplies to Denmark and Germany after Danish supplier \u00d8rsted and Shell refused to comply with its RUB-for-gas scheme. Though Germany relies on Russia to provide 55% of its gas imports, the impact on the country is expected to be limited given Shell only supplies a fraction of its annual consumption. This comes a day after Gazprom cut supplies to the Netherlands and a month after it suspended shipments to Poland and Bulgaria.<\/p><p><strong>The energy markets have shrugged:<\/strong> Brent, US crude and natgas futures are marginally up in trading this morning following yesterday\u2019s rally.<\/p><p><strong>The tit-for-tat energy war is front page news in the global press: <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-31\/europe-s-move-against-putin-s-oil-may-be-its-last-for-a-while?srnd=premium-europe&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/10372dd3-be3c-42b9-982b-241a38efcc88\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/eus-ban-on-russian-oil-adds-stress-to-regions-economies-11653993757?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/europe\/best-we-could-get-eu-bows-hungarian-demands-agree-russian-oil-ban-2022-05-31\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-european-union-global-trade-government-and-politics-116cf5eeba7f1a4df46d7f6a574b2de9\">AP<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/news\/business-61652931\">BBC<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/05\/31\/energy\/russia-shell-germany-gas-shut-off\/index.html\">CNN<\/a>.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The Greek Campus is holding a workshop today headlined \u201c<\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/workshop-transitioning-to-e-mo\/373579474798476\/\">Transitioning to 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>Conference season continues next week:<\/strong><\/p><ul>\n<li><strong><a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a><\/strong><strong> runs from Sunday-Tuesday, 5-7 June<\/strong> at Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel in the new administrative capital.<\/li>\n<li><strong>Technology conference <\/strong><strong><a href=\"https:\/\/www.eventbrite.com\/e\/tech-invest-4-tickets-338929546397\">Tech Invest 4<\/a><\/strong><strong> will take place next Tuesday, 7 June<\/strong> at the Grand Nile Hotel in Cairo.<\/li>\n<\/ul><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>As the PPP model for infrastructure models gains popularity, how is Egypt comparing to the MENA region and beyond? A new report by the World Bank maps out the landscape of committed PPP investments globally in the region, including a breakdown by sector and value. Enterprise crunched the numbers to see which infrastructure PPP trends are taking place in Egypt as well as where we\u2019re lagging.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/eu\/\">EU<\/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\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renaissance-capital\/\">Renaissance Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"546885\" 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=\"546885\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/546885\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546885\" class=\"content-area-description single-story post-546885 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\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=\"546886\" 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=\"546886\">\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\">REGULATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\">\r\n                            Is the Manpower Ministry about to enforce a 1% tithe on corporate profits?                        <\/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\/06\/01\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\" 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\/06\/01\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/')\">\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\/06\/01\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\">\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=Is the Manpower Ministry about to enforce a 1% tithe on corporate profits?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\">\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\/06\/01\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/&title=Is the Manpower Ministry about to enforce a 1% tithe on corporate profits?\">\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=Is+the+Manpower+Ministry+about+to+enforce+a+1%25+tithe+on+corporate+profits%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fis-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits%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\/06\/01\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/92.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546887\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/92-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/92.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"92.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/92.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/92.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546886\" class=\"content-area-description single-story post-546886 post type-post status-publish format-standard has-post-thumbnail hentry category-regulation-watch tag-enterpriseam tag-labor-act tag-legislation tag-manpower-ministry tag-regulation-watch tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>The House of Representatives needs to move quickly if it wants to prevent <\/strong><strong>every business with more than 10 people on payroll <\/strong><strong>from being hit with a new(ish) 1% tithe on net profits <\/strong>as the Manpower Ministry looks at how enforce a decision published in the <a href=\"https:\/\/ent.news\/2022\/5\/%D9%85%D8%B3%D8%AA%D9%86%D8%AF-22.pdf\">Official Gazette (pdf)<\/a> on 22 May. The decision orders ministry inspectors to inform businesses with 10 or more employees that they have one month to pay the tithe. The fee is supposed to flow into the ministry\u2019s training fund.<\/p>\n<p><strong>MPs have a way out if they finally pass proposed revisions to the Labor Act<\/strong>, which would see the 1% hit to net profit replaced with a new tax that would cap the per-employee contribution to the training fund at EGP 50 \u2014 a much more reasonable figure.<\/p>\n<p><strong>So what, exactly, is this 1% tithe on net profits? <\/strong>Article 134 of the current Labor Act of 2003 requires businesses with at least 10 employees to pay 1% of their net income into a Manpower Ministry \u201ctraining fund.\u201d The fund is supposed to finance job skills training programs and training centers nationwide.<\/p>\n<p><strong>You\u2019re not paying that 1% fee now \u2014 it\u2019s been held in abeyance because of a lawsuit. <\/strong>The fee had been the subject of a lawsuit that made its way to the Supreme Constitutional Court back in 2009 after ExxonMobil filed suit against the government, claiming the tithe was unconstitutional. The Manpower Ministry's decision to start collecting the tax comes after the SCC <a href=\"http:\/\/www.alamiria.com\/Sec\/TashTxt?id=YPhEy+px9vg=\">issued a ruling<\/a> in favor of the government in March of this year, saying the article does not violate the constitution. Under the court\u2019s ruling, ExxonMobil is required to pay the ministry by the time the government closes out its budget at the end of the fiscal year \u2014 ie: 30 June, the last day of this month. That explains the one-month timeline in the Gazette.<\/p>\n<p><strong>KEEP <\/strong><strong>CALM- Nothing is set in stone \u2014 yet: <\/strong>The Manpower Ministry is still sorting out the details of how the tithe will be enforced, a government source with insider knowledge tells Enterprise. \u201cThe ministry\u2019s counsel is currently working on the mechanisms for enforcing the article,\u201d he told us, declining to say more.<\/p>\n<p><strong>Until the ministry speaks, there remains the risk that the tithe will be collected \u2014 and that <\/strong><strong>it could be retroactive. <\/strong>\u201cThis point [retroactivity] still isn\u2019t clear and will require further reading and guidance from the government\u2019s legal counsel,\u201d a member of the board of the ministry\u2019s training fund tells us. A top advisor to the National Council of Wages, though, tells us that it is \u201cunlikely that the decision will be applied retroactively.\u201d<\/p>\n<p><strong>THE SAVING GRACE: The new Labor Act would do away with the tithe \u2014 if it passes the <\/strong><strong>House. <\/strong>Article 19 of the proposed <a href=\"https:\/\/ent.news\/2022\/1\/New-Labor-Act.pdf\">New Labor Act (pdf)<\/a> would see the 1% tithe replaced by a monthly tax of 0.25% on salaries covered by social ins. <strong>The tax per employee would be capped at EGP 50 per month<\/strong>, with an EGP 5-per-person floor. If, for example, a company has 100 employees covered by social ins. the maximum it would pay the ministry\u2019s training fund under the new Labor Act would be EGP 5k per month.<\/p>\n<p><strong>So where is the new Labor Act? Stuck in parliament \u2014 and that\u2019s the risk to business.<\/strong> Sources at the House tell us the draft act is still in committee-level discussions during a busy season for the House \u2014 MPs are focused right now on higher priority legislation including the state budget (see separate story, below). The bill earned approval in the Senate, the nation\u2019s upper house of parliament, in February, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ca0eee4d-fde9-42b2-b59e-d153ab58a28e\">as we reported at the time<\/a> \u2014 and it doesn\u2019t seem to have moved since.<\/p>\n<p><strong>NEED A REFRESHER on the key provisions of the proposed labor act?<\/strong> Read our in-depth coverage <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ae083a4f-781c-443d-ad37-ab705d0103ee\">here<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/labor-act\/\">Labor Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation\/\">legislation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manpower-ministry\/\">Manpower Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546888\" 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=\"546888\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/the-war-in-ukraine-is-accelerating-plans-to-link-our-electricity-grid-to-greece\/\">\r\n                            The war in Ukraine is accelerating plans to link our electricity grid to Greece                        <\/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\/06\/01\/the-war-in-ukraine-is-accelerating-plans-to-link-our-electricity-grid-to-greece\/\" 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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Renewable energy player Elica \u2014 a 50\/50 joint venture between big-time Greek infrastructure investor Copelouzos Group and Samaras Group \u2014 is applying to the EU for funding. Elica says that the European Investment Bank (EIB) and a number of Greek banks are on board to partially finance the EUR 3.5 bn project.<\/p>\n<p><strong>Introducing GREGY:<\/strong> The planned Greece-Egypt Interconnector (GREGY) will run almost 1.5k km from Wadi El Natroun directly across the Mediterranean to mainland Greece, according to an EU project document. It will have a maximum capacity of 3 GW and transmit only renewable energy generated in Egypt.<\/p>\n<p><strong>This is not the same thing as EuroAfrica:<\/strong> The <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/23\/egypt-signs-framework-agreement-with-cyprus-greece-power-linkage\/\">USD 4 bn EuroAfrica Interconnector<\/a> is a larger project that will connect Egypt to Cyprus, Crete and mainland Greece. The first leg of the 2 GW link between Egypt and Cyprus is expected to start \u201ccommissioning\u201d (an industry term for entering the final stages of pre-launch testing) this December, and the Cyprus-Crete section will commission in December 2023, according to <a href=\"https:\/\/www.euroafrica-interconnector.com\/at-glance\/project-timeline\/\">the project\u2019s website<\/a>.<\/p>\n<p><strong>It\u2019s goi<\/strong><strong>ng to take time before we see GREGY up and running:<\/strong> \u201cThe project needs European funding and the hope is to submit a financing request to the European Commission within the next 12 months,\u201d Manos Manousakis, CEO of Greek electricity grid operator Admie, told Bloomberg. Admie is working with the Egyptian Electricity Transmission Company on the design of the cable.<\/p>\n<p><strong>This has been in the works for 14 years:<\/strong> Plans for a Greece-Egypt link first surfaced back in 2008, but were shelved following the 2011 revolution, Bloomberg says.<\/p>\n<p><strong>GREGY isn\u2019t the only project that could be expedited:<\/strong> A parallel project that will link the grids of Israel, Cyprus and Greece has already received EUR 757 mn in funding from the EU. Construction on the EuroAsia Interconnector is expected to finish at the end of 2025 and commissioning in the first half of 2026. The line will have a 2 GW capacity and will transmit power generated by natural gas from Cyprus and Israel, as well as renewable energy.<\/p>\n<p><strong>Dash for energy:<\/strong> The report comes as the EU searches for new sources of energy to replace Russian oil and gas, which it's looking to transition away from in response to its invasion of Ukraine. The bloc this week announced that it would cut imports of Russian oil by 90% by the end of the year, and plans to end its dependency on gas later this decade. The EU imports 40% of its gas from Russia, forcing it to go in search of new suppliers in the eastern Mediterranean, Africa and the Middle East.<\/p>\n<p><strong>MORE INFRASTRUCTURE LINKS-<\/strong><\/p>\n<p><strong>Telecom Egypt + Saudi\u2019s Mobily shake hands on data link:<\/strong> Telecom Egypt and Saudi Arabia\u2019s <a href=\"https:\/\/www.mobily.com.sa\/wps\/portal\/web\/personal\/am-overview\/investor-relations?selectedTab=3\">Etihad Etisalat<\/a> (Mobily) have signed a MoU to link their internet networks via a new submarine cable, <a href=\"https:\/\/bit.ly\/3LZLB1Y\">CNBC<\/a> reports. The connection would expand Mobily\u2019s reach westward toward Europe through TE\u2019s network, and do the same for TE eastward into the Arabian Gulf through the Saudi telecom operator.<\/p>\n<p><strong>This could be part of 2Africa:<\/strong> It\u2019s not clear if this is related to the massive <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28b96e2a-cedc-4100-97fe-69e8fd907e38\">2Africa subsea cable<\/a>, which will connect Europe to the Middle East and Africa via countries including Egypt and Saudi Arabia. As part of the project, TE lay a new cable linking Egypt and Saudi Arabia across the Red Sea.<\/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\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/euroafrica\/\">EuroAfrica<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gregy\/\">GREGY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546890\" 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=\"546890\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\">\r\n                            Gas export revenues double January-April 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/')\">\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\/06\/01\/gas-export-revenues-double-january-april-2022\/\">\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=Gas export revenues double January-April 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\">\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\/06\/01\/gas-export-revenues-double-january-april-2022\/&title=Gas export revenues double January-April 2022\">\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=Gas+export+revenues+double+January-April+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fgas-export-revenues-double-january-april-2022%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\/06\/01\/gas-export-revenues-double-january-april-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/94.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546891\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/94-jpg-10\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/94.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"94.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/94.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/94.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546890\" class=\"content-area-description single-story post-546890 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-energy tag-enterpriseam tag-oil-and-gas 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>Our gas exports are riding the squeeze in energy markets: <\/strong>Gas export revenues almost doubled to USD 3.9 bn in the first four months of 2022, according to Oil Ministry data seen by <a href=\"https:\/\/www.reuters.com\/business\/energy\/egypts-jan-april-natural-gas-lng-export-revenues-reach-3892-bln-data-2022-05-31\/\">Reuters<\/a>.<\/p>\n<p><strong>This is almost as much as we made in the whole of 2021:<\/strong> Gas receipts totalled almost USD 4 bn last year, jumping more than eightfold (from USD 456 mn) from 2020 when <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c0ac814-b962-4593-8678-a9c81beca39c\">exports tanked<\/a> in response to the collapse in global gas prices due to the covid-19 pandemic. The restarting of the Damietta LNG plant also helped boost exports, and both of Egypt\u2019s LNG terminals were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b05357d8-d636-4372-a069-cf77d948b1e7\">running at full capacity by December<\/a>.<\/p>\n<p><strong>Global gas prices have surged over the past yea<\/strong><strong>r:<\/strong> Gas prices in Europe and Asia \u2014 where Egypt sells its gas \u2014 have hit record highs over the past 12 months on the back of tightening supply post-lockdown and, more recently, Russia\u2019s invasion of Ukraine. European gas futures have quadrupled in price over the past 12 months, while front-month contracts on the JKM Asian benchmark are up 130% from a year ago.<\/p>\n<p><strong>It\u2019s the same story across the Atlantic:<\/strong> US gas prices hit a 14-year high yesterday, tripling over the past year and rising more than 20% in May, according to the <a href=\"https:\/\/www.wsj.com\/articles\/natural-gas-prices-surge-as-summer-cooling-season-switches-on-11653537481\">Wall Street Journal<\/a>.<\/p>\n<p><strong>HOLD YOUR HORSES, THOUGH- Rising gas revenues doesn\u2019t necessarily = net gain. <\/strong>Egypt is a net importer of oil, and with prices at their highest levels in more than a decade, the amount the government is spending on oil <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/287f8f5f-1c15-486c-8b24-b856c06781dd\">could cancel out<\/a> the extra gas revenues.<\/p>\n<p><strong>We\u2019re keen to up LNG exports to Europe: <\/strong>\u201cWe have ambitious plans to coordinate with neighboring eastern Mediterranean countries on meeting the increased demand from the EU \u2014 and the world \u2014 for LNG over the next few years,\u201d Oil Minister Tarek El Molla <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\">said recently<\/a>.<\/p>\n<p><strong>And the government wants to boost export capacity:<\/strong> Prime Minister Moustafa Madbouly is trying to court foreigin investors to finance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\">new LNG terminals<\/a> to boost Egypt\u2019s gas exports.<\/p>\n<p><strong>Now there\u2019s an opening to do so:<\/strong> The east Mediterranean <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d89110c-6632-4594-a785-54b9b0122a75\">could become<\/a>one of the EU\u2019s most important sources of natural gas in the coming years as the bloc looks to wind down imports of Russian gas, which currently provide 40% of its consumption. In a plan released earlier this month, the EU said it will invest EUR 12 bn in pipelines and LNG facilities to increase gas supplies from other producers such as Egypt and Israel.<\/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\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546892\" 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=\"546892\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/raya-finalizes-ostool-sale\/\">\r\n                            Raya finalizes Ostool sale                        <\/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\/06\/01\/raya-finalizes-ostool-sale\/\" 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\/06\/01\/raya-finalizes-ostool-sale\/')\">\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\/06\/01\/raya-finalizes-ostool-sale\/\">\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=Raya finalizes Ostool sale&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/raya-finalizes-ostool-sale\/\">\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\/06\/01\/raya-finalizes-ostool-sale\/&title=Raya finalizes Ostool sale\">\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=Raya+finalizes+Ostool+sale+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fraya-finalizes-ostool-sale%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\/06\/01\/raya-finalizes-ostool-sale\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/95.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546893\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/raya-finalizes-ostool-sale\/95-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/95.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"95.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/95.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/95.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546892\" class=\"content-area-description single-story post-546892 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-ma-watch tag-ostool tag-paradigm-logistics tag-raya-holding 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>Raya Holding is close to selling its 62.3% stake in<\/strong> <strong>freight subsidiary Ostool to <\/strong><strong>Paradigm Logistics<\/strong> for EGP 266.6 mn, it said in a <a href=\"https:\/\/ent.news\/2022\/5\/%D8%B1%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D9%82%D8%A7%D8%A8%D8%B6%D8%A9-%D8%A8%D9%8A%D8%A7%D9%86-31-05-2022.pdf\">disclosure to the EGX (pdf)<\/a> yesterday. The company will sell 53.9 mn shares to Paradigm at EGP 4.94 apiece, the filing said, adding that the two sides are continuing to negotiate \u201cremaining conditions\u201d before the shares are transferred. The agreement between Raya and Paradigm Logistics was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e4c44bf-04cf-44d4-b8fd-7a526fade0d7\">signed in April 2021<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ostool\/\">Ostool<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paradigm-logistics\/\">Paradigm Logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/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=\"546894\" 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=\"546894\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/appetito-acquires-tunisian-e-grocer-lamma\/\">\r\n                            Appetito acquires Tunisian e-grocer Lamma                        <\/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\/06\/01\/appetito-acquires-tunisian-e-grocer-lamma\/\" 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\/06\/01\/appetito-acquires-tunisian-e-grocer-lamma\/')\">\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\/06\/01\/appetito-acquires-tunisian-e-grocer-lamma\/\">\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=Appetito acquires Tunisian e-grocer Lamma&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/appetito-acquires-tunisian-e-grocer-lamma\/\">\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\/06\/01\/appetito-acquires-tunisian-e-grocer-lamma\/&title=Appetito acquires Tunisian e-grocer Lamma\">\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=Appetito+acquires+Tunisian+e-grocer+Lamma+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fappetito-acquires-tunisian-e-grocer-lamma%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\/06\/01\/appetito-acquires-tunisian-e-grocer-lamma\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/97.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546895\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/appetito-acquires-tunisian-e-grocer-lamma\/97-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/97.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"97.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/97.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/97.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546894\" class=\"content-area-description single-story post-546894 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-appetito tag-enterpriseam tag-lamma tag-ma-watch tag-startup-watch tag-startups tag-tunisia 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>Cairo-based grocery delivery startup <\/strong><strong><a href=\"https:\/\/appetito.com\/\">Appetito<\/a><\/strong><strong> has acquired Tunisian startup <\/strong><strong><a href=\"https:\/\/www.lamma.city\/\">Lamma<\/a><\/strong><strong> for an undisclosed sum<\/strong>, it said in a <a href=\"https:\/\/ent.news\/2022\/6\/Appetito-PR-JUNE-01-2022.pdf\">press release (pdf)<\/a> yesterday. The merger is expected to close by the end of 3Q2022 and will give Appetito access to Lamma\u2019s markets in Tunisia and Morocco.<\/p>\n<p><strong>About the companies:<\/strong> Established in March 2020, Appetito is an online platform offering next-day or pre-scheduled grocery and home supply deliveries in Cairo, Alexandria, and Giza. The company uses a network of dark stores \u2014 warehouses that store consumer goods purchased online. The acquisition comes a few months after Appetito raised <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57960f32-5e38-43eb-bc2a-70a5b5e11abb\">USD 2 mn in pre-series A funding<\/a> from several Africa-focused investment companies. Lamma launched in Tunisia in 2021 and operates a similar e-delivery platform. It <a href=\"https:\/\/disrupt-africa.com\/2022\/01\/12\/tunisian-quick-commerce-startup-lamma-beginning-african-expansion-with-morocco-launch\/\">first rolled out in Morocco<\/a> at the beginning of 2022 and has plans to expand to other African markets.<\/p>\n<p><strong>Dream team: <\/strong>The two startups are \u201ca perfect match,\u201d Lamma co-founder Yassir El Ismaili said, adding that the new entity would help in expanding into new markets in the continent. El Ismaili will joini Appetito as its chief expansion and growth officer.<\/p>\n<p><strong>The acquisition puts Appetito on track to become the biggest on-demand delivery player in Africa<\/strong>, CEO Shehab Mokhtar said. \u201cI\u2019m delighted to welcome unparalleled talent and like-minded entrepreneurs to our family. We believe it\u2019s the best time to expand in Africa to solve the huge in-efficiencies in the retail supply chain,\u201d he said.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/appetito\/\">Appetito<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lamma\/\">Lamma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/tunisia\/\">Tunisia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546896\" 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=\"546896\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/546896\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546896\" class=\"content-area-description single-story post-546896 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:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546897\" 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=\"546897\">\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\">BUDGET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/\">\r\n                            MPs think the tax revenue targets in the budget are a bit optimistic                        <\/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\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/\" 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\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/')\">\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\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/\">\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=MPs think the tax revenue targets in the budget are a bit optimistic&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/\">\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\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/&title=MPs think the tax revenue targets in the budget are a bit optimistic\">\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=MPs+think+the+tax+revenue+targets+in+the+budget+are+a+bit+optimistic+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fmps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic%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\/06\/01\/mps-think-the-tax-revenue-targets-in-the-budget-are-a-bit-optimistic\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546897\" class=\"content-area-description single-story post-546897 post type-post status-publish format-standard hentry category-budget-watch tag-budget-watch tag-enterpriseam tag-fy-2022-2023-budget tag-house-of-representatives tag-state-budget tag-tax 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>After flagging FY 2022-2023 budget allocations for subsidy + social<\/strong><strong> safety net <\/strong><strong>spending, MPs are zeroing in on tax receipts:<\/strong> MPs at the House Planning and Budgeting Committee are skeptical that the government\u2019s forecasted tax revenues for the upcoming fiscal year are attainable, suggesting in a committee meeting yesterday that the target needs to be revised downwards. The draft FY 2022-2023 budget, which Finance Minister Mohamed Maait presented to the House of Representatives <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">earlier this month<\/a>, has penciled in EGP 1.2 tn in tax receipts, up from EGP 950 bn at the end of the current fiscal year and EGP 834 bn in FY 2020-2021. The forecast suggests tax revenues will grow 26% y-o-y.<\/p>\n<p><strong>\u201cIn normal economic conditions, tax receipts usually grow only 12% y-o-y,\u201d<\/strong> said Committee Deputy Chairman Mostafa Salem. \u201cThe current economic conditions are by no means favorable to generate such record growth in tax money,\u201d he said.<\/p>\n<p><strong>Gov\u2019t maintains these targets are attainable\u2026:<\/strong> \u201cWe expect an increase of around EGP 200 bn in tax receipts in one year \u2014 this is not an exaggeration at all,\u201d Tax Authority Chairman Reda Abdel Kader told MPs.<\/p>\n<p><strong>\u2026especially since we\u2019re expected to absorb external shocks:<\/strong> The Finance Ministry expects that the economy will be able to absorb the impact of the war in Ukraine and see GDP growth accelerating in the upcoming fiscal year. \u201cMost international financial institutions expect Egypt to achieve 5.7-6% growth in FY 2022-2023 despite the Russia-Ukraine crisis,\u201d Abdel Kader said. The IMF expects our economy to grow at a 5.0% clip in FY 2022-2023, according <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/773b32f1-c37f-45ca-8845-65d05411a210\">to its latest World Economic Outlook<\/a>, while a poll of economists by Reuters <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egyptian-economy-seen-growing-53-year-june-52-202223-2022-04-21\/\">last month<\/a> penciled in 5.2% GDP growth for the upcoming fiscal year.<\/p>\n<p><strong>We also have something of a precedent \u2014 Egypt\u2019s tax revenues grew throughout covid-19:<\/strong> \u201cDespite the pandemic\u2019s negative effect on the economy in FY 2020-2021, growth rates were still high, allowing the state to generate EGP 834 bn in tax receipts, which was higher than the previous fiscal year,\u201d Abdel Kader said.<\/p>\n<p><strong>HEALTHY DEBATE- MPs\u2019 concerns are part of the natural back-and forth between the House and government on its spending plan.<\/strong> Last week, the House Planning and Budgeting Committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51f62891-ad04-47b0-93d4-1087a0721dd7\">raised flags<\/a> on the government\u2019s allocations for subsidies and social safety programs, suggesting that these spending areas need to be expanded. As we noted in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/167c6aaf-a05f-4942-be61-e7dfb4d72673\">our explainer<\/a> of how the state budget process works, House committees could push back on key points in the budget as part of their review and discussion of the spending plan.<\/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\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fy-2022-2023-budget\/\">FY 2022-2023 budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546898\" 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=\"546898\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/546898\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546898\" class=\"content-area-description single-story post-546898 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\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=\"546899\" 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=\"546899\">\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\">Mining<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/altus-strikes-gold\/\">\r\n                            Altus strikes gold                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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\/06\/01\/altus-strikes-gold\/\" 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\/06\/01\/altus-strikes-gold\/')\">\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\/06\/01\/altus-strikes-gold\/\">\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=Altus strikes gold&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/altus-strikes-gold\/\">\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\/06\/01\/altus-strikes-gold\/&title=Altus strikes gold\">\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=Altus+strikes+gold+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Faltus-strikes-gold%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\/06\/01\/altus-strikes-gold\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/98.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546900\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/altus-strikes-gold\/98-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/98.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"98.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/98.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/98.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546899\" class=\"content-area-description single-story post-546899 post type-post status-publish format-standard has-post-thumbnail hentry category-mining tag-akh-gold tag-altus-strategies tag-eastern-desert tag-enterpriseam tag-gold tag-mining wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Sawiris-backed Altus Strategies has made multiple \u201chigh grade\u201d gold discoveries <\/strong>across the four projects held by its Egypt subsidiary Akh Gold, it said in <a href=\"https:\/\/altus-strategies.com\/news\/multiple-high-grade-gold-discoveries-in-egypt-further-licences-awarded\/\">a statement<\/a> yesterday. The company has mapped more than 100 hard artisanal gold workings with grades of up to 100g of gold per ton, it said, adding that samples show a prospect of multiple multi-km long prospective structures.<\/p>\n<p><strong>Further discoveries coming soon?<\/strong> \u201cMaiden exploration results indicate that we may already be on the tail of a number of potentially significant hard rock gold discoveries,\u201d said Altus CEO Steven Poulton.<\/p>\n<p><strong>The company just won new exploration licenses:<\/strong> Altus was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a252ca57-a24f-4d0f-af8e-d794ead34107\">awarded two gold exploration licenses<\/a> in the Eastern Desert earlier this month in the government\u2019s recent bid round. The company said the two blocks cover 349 sq km, bringing the company\u2019s total land holding to 1.9k sq km.<\/p>\n<p><strong>The announcement comes as the Oil Ministry <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5813334-46a1-4081-a722-286d52cca8ca\">bids farewell to competitive bid rounds<\/a><\/strong> following low interest in the recent tender. Going forward, the ministry will rely on direct contracts for new gold exploration licenses, source from the ministry told Bloomberg Asharq earlier this week.<\/p>\n<p><strong>Four miners landed licenses to explore for gold in the Eastern Desert in the latest bid round as we reported last week<\/strong>, including Ankh Resources, Akh Gold, Canadian miner Lotus Gold, and Marine Logistic.<\/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\/akh-gold\/\">AKH Gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/altus-strategies\/\">Altus Strategies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-desert\/\">Eastern Desert<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546901\" 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=\"546901\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/earnings-watch-e-finance-palm-hills\/\">\r\n                            Earnings Watch: E-Finance, Palm Hills                        <\/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\/06\/01\/earnings-watch-e-finance-palm-hills\/\" 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\/06\/01\/earnings-watch-e-finance-palm-hills\/')\">\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\/06\/01\/earnings-watch-e-finance-palm-hills\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Earnings Watch: E-Finance, Palm Hills&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/earnings-watch-e-finance-palm-hills\/\">\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\/06\/01\/earnings-watch-e-finance-palm-hills\/&title=Earnings Watch: E-Finance, Palm Hills\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Earnings+Watch%3A+E-Finance%2C+Palm+Hills+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fearnings-watch-e-finance-palm-hills%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\/06\/01\/earnings-watch-e-finance-palm-hills\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546901\" class=\"content-area-description single-story post-546901 post type-post status-publish format-standard hentry category-earnings-watch tag-e-finance tag-earnings-watch tag-enterpriseam tag-finance tag-fintech tag-palm-hills-developments tag-real-estate wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>E-Finance\u2019s net income soared 4<\/strong><strong>1<\/strong><strong>% y-o-y in 1Q2022 to EGP <\/strong><strong>200.3 mn<\/strong>, according to the company\u2019s <a href=\"https:\/\/ent.news\/2022\/5\/e-finance-1Q22-Earnings-Release-E-Final-2.pdf\">earnings release (pdf)<\/a>. Revenues at the EGX-listed fintech firm rose 21% during the quarter to record EGP 559.5 mn.<\/p>\n<p><strong>The breakdown:<\/strong> Topline growth was driven by e-Finance\u2019s digital operations subsidiary, where revenues grew 23% to EGP 501.8 mn, accounting for 90% of total revenues. The company\u2019s card services business, eCards, saw revenues rise 14% to EGP 34.7 mn, offsetting a 28% decline at its digital payments arm eKhales. The figures cited are after intercompany eliminations \u2014 i.e. not counting money that changed hands between the company\u2019s subsidiaries. Strong revenue growth, wider operating margins, and higher interest income (up more than fivefold to hit EGP 75 mn) was reflected in the company\u2019s bottomline, despite an 81% rise in operating expenses as the firm took on new staff to fuel its growth.<\/p>\n<p><strong>Looking ahead: The group is looking to expand outside<\/strong><strong> Egypt, placing a \u201cparticular focus on <\/strong><strong>sub-Saharan Africa<\/strong>, which is experiencing rapid economic and demographic growth.\u201d The first quarter saw the company take its first step in an overseas market with the signing of an agreement to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a5a7ae0-ea4b-404e-bfbb-7417e4701fcd\">supply smart cards to a Zimbabwean health firm<\/a>. E-Finance is also scouting \u201chigh-potential investment opportunities that will deepen our presence in the startup and fintech spaces,\u201d following its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51710abc-abe2-41fc-a5bf-465d12117001\">USD 10 mn investment<\/a> in Global Ventures\u2019 NClude fintech fund.<\/p>\n<hr class=\"grey-line\">\n<p>Real <strong>Palm Hills Developments\u2019 bottom line rose<\/strong><strong> 44% y-o-y to EGP 295 mn in 1Q2<\/strong><strong>022<\/strong>, the real estate developer reported in its <a href=\"https:\/\/ent.news\/2022\/5\/%D8%A8%D8%A7%D9%84%D9%85-%D9%87%D9%8A%D9%84%D8%B2-%D9%85%D8%AC%D9%85%D8%B9%D8%A9-31-05-2022.pdf\">quarterly financials (pdf)<\/a>. This came on the back of a 47% rise in revenues to EGP 2.9 bn during the quarter.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance\/\">Finance<\/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\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546902\" 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=\"546902\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/546902\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546902\" class=\"content-area-description single-story post-546902 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546903\" 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=\"546903\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/vital-wheat-supplies-from-europe-could-be-heading-our-way-this-month\/\">\r\n                            Vital wheat supplies from Europe could be heading our way this month                        <\/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\/06\/01\/vital-wheat-supplies-from-europe-could-be-heading-our-way-this-month\/\" 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\/06\/01\/vital-wheat-supplies-from-europe-could-be-heading-our-way-this-month\/')\">\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\/06\/01\/vital-wheat-supplies-from-europe-could-be-heading-our-way-this-month\/\">\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=Vital wheat supplies from Europe could be heading our way this month&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/vital-wheat-supplies-from-europe-could-be-heading-our-way-this-month\/\">\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\/06\/01\/vital-wheat-supplies-from-europe-could-be-heading-our-way-this-month\/&title=Vital wheat supplies from Europe could be heading our way this month\">\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=Vital+wheat+supplies+from+Europe+could+be+heading+our+way+this+month+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fvital-wheat-supplies-from-europe-could-be-heading-our-way-this-month%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\/06\/01\/vital-wheat-supplies-from-europe-could-be-heading-our-way-this-month\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546903\" class=\"content-area-description single-story post-546903 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-inflation tag-last-nights-talk-shows tag-russia tag-ukraine 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-02\"><\/a> <strong>We could be finally getting our hands on some Ukrainian wheat:<\/strong> A shipment of Ukrainian wheat will soon make its way to Egypt from Romania, Egyptian Holding Company for Silos & Storage official Yasser Tawfik told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=uE9CrkxXa5A\">watch, runtime: 4:59<\/a>). The shipment arrived in Romania from Ukraine via rail, he said. This will be the first cargo of Ukrainian wheat to reach Egypt since the war began in late February.<\/p>\n<p><strong>We don\u2019t know how much grain is on the boat:<\/strong> Tawfik didn\u2019t disclose how big the shipment will be or provide a more specific timeline for when it might leave the country.<\/p>\n<p><strong>A lot of wheat earmarked for Egypt is stuck in Ukraine:<\/strong> Some 300k tons, to be exact, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d26da67-4747-49c2-826c-14d5dcb5669f\">traders said recently<\/a>.<\/p>\n<p><strong>More wheat is also on the way:<\/strong> Five ships carrying thousands of tons of wheat from Europe will be arriving in Egypt in June, he said, with a ship from Bulgaria carrying 55k tons and four ships from France carrying 63k tons each. A 63k-ton shipment of Russian wheat will also arrive some time this month, he said.<\/p>\n<p><strong>State-owned Nasser Social Bank is now offering the best interest rate in the country on <\/strong><strong>its savings certificates<\/strong>, after it launched a new three-year certificate with a 15% interest rate, the bank\u2019s Vice Chairman Mohamed Ashmawy said last night. This is 1% higher than NBE and Banque Misr\u2019s three-year certificates and 1.5% higher than CIB\u2019s. The new rate comes a day after the National Bank of Egypt (NBE) and Banque Misr <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccbb6a41-06c6-4816-af30-0782f8606acd\">suspended their 18% CDs<\/a>. Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=oGQ7bXLBOw0\">watch, runtime: 5:43<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=pzAxWWBWYYE\">watch runtime: 7:13<\/a>) had coverage.<\/p>\n<p><strong>Around 4k people have purchased forms needed to register their properties under the <\/strong><strong>new amendments to the Real Estate Registry Act<\/strong>, which went into effect on 8 May, Real Estate Registry Head Gamal Yacout told Kelma Akira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=7kDmJXvP02c\">watch, runtime: 8:46<\/a>) The changes, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b56c376f-07af-4c83-ad67-0cabdab0f8b7\">received the greenlight<\/a> from the House of Representatives in February, simplify the property registration process by reducing the volume of documentation needed, digitizing parts of the procedures, and putting a time limit on the process.<\/p>\n<p><strong>But what about new cities? <\/strong>It will be on the New Urban Communities Authority (NUCA) to register the property on behalf of real estate developers or individuals owning plots in return for a fee, Yacount told El Hadidi. This is according to amendments to the Urban Communities Act, which were approved by the House Legislative Affairs Committee yesterday.<\/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\/inflation\/\">inflation<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" 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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546905\" 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=\"546905\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/two-sides-of-a-crisis\/\">\r\n                            Two sides of a crisis                        <\/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\" 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               \n<article id=\"post-546905\" class=\"content-area-description single-story post-546905 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-energy tag-enterpriseam tag-israel tag-oil-and-gas tag-politics tag-russia-ukraine-conflict tag-saudi-arabia tag-tiran-and-sanafir tag-us tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a quiet morning in the foreign press as far as Egypt is concerned:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-31\/egypt-s-gas-and-grains-expose-vulnerability-to-russia-war-spillover?sref=mmeFTDW1\">Bloomberg<\/a> is out with a piece that juxtaposes the opportunities and the dangers for Egypt that have been brought about by the war in Ukraine. On the one hand: Becoming a top 10 gas exporter and crucial supplier to Europe. On the other: Rising food insecurity and economic instability. Meanwhile, an opinion piece in <a href=\"https:\/\/thehill.com\/opinion\/international\/3503209-biden-can-navigate-mideast-peace-through-the-straits-of-tiran\/\">the Hill<\/a> says that reports that the Biden administration is working with Egypt and Saudi Arabia to finalize the transfer sovereignty of the Tiran and Sanafir islands to Riyadh would be a \u201cmajor breakthrough\u201d for the US president, and one that could allow Israel and Saudi Arabia to normalize relations.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tiran-and-sanafir\/\">Tiran and Sanafir<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/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=\"546906\" 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=\"546906\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/ghazl-el-mahalla-to-publish-psn-thursday\/\">\r\n                            Ghazl El Mahalla to publish PSN Thursday                        <\/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\/06\/01\/ghazl-el-mahalla-to-publish-psn-thursday\/\" 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\/06\/01\/ghazl-el-mahalla-to-publish-psn-thursday\/')\">\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\/06\/01\/ghazl-el-mahalla-to-publish-psn-thursday\/\">\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=Ghazl El Mahalla to publish PSN Thursday&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/ghazl-el-mahalla-to-publish-psn-thursday\/\">\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\/06\/01\/ghazl-el-mahalla-to-publish-psn-thursday\/&title=Ghazl El Mahalla to publish PSN Thursday\">\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=Ghazl+El+Mahalla+to+publish+PSN+Thursday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fghazl-el-mahalla-to-publish-psn-thursday%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\/06\/01\/ghazl-el-mahalla-to-publish-psn-thursday\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546906\" class=\"content-area-description single-story post-546906 post type-post status-publish format-standard hentry category-also-on-our-radar tag-adcb-egypt tag-also-on-our-radar tag-edita tag-egx tag-enterpriseam tag-ghazl-el-mahalla tag-ipo-watch tag-local-development-ministry tag-totalenergies wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Ghazl El Mahalla FC will publish the public subscription notice (PSN) for its <\/strong><strong>upcoming IPO this Thursday<\/strong>, Hassan Samir, the managing director of capital markets at bookrunner Prime Holding, told <a href=\"https:\/\/bit.ly\/3GziEsB\">Hapi Journal<\/a>. The EGP 98 mn retail offering has been approved by the Financial Regulatory Authority, paving the way for the football club to go ahead with the sale later this month. The club has already completed the private placement component of the offering, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/727ce837-9698-4a14-a182-ef81d397c9a0\">raising EGP 37 mn<\/a> from institutional investors back in November.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>EGX-listed snackmaker <strong>Edita <\/strong>has signed an agreement with <strong>TotalEnergies <\/strong>to use its fuel cards for its fleet trucks to help track expenses and improve fleet management. (<a href=\"https:\/\/ent.news\/2022\/5\/TotalEnergies-Fuel-Cards-for-Cashless-payments-1.pdf\">Statement, pdf<\/a>)<\/li>\n<li>The government is cutting electricity and water supplies to 27 tourist resorts on the north coast for failing to pay their utility bills. (<a href=\"https:\/\/bit.ly\/394KTmm\">Statement<\/a>)<\/li>\n<li>The <strong>Local Development Ministry<\/strong> signed protocols with <strong>Kafr El Sheikh, <\/strong><strong>Dakahlia and Gharbia governorates<\/strong> to start the EBRD-funded <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/28\/ebrd-to-lend-egypt-eur-210-mn-for-kitchener-drain-depollution-project\/\">project<\/a> to clean the <strong>Kitchener Drain<\/strong> of pollution. (<a href=\"https:\/\/bit.ly\/3LUiLjv\">Statement<\/a>)<\/li>\n<li><strong>Abu Dhabi Commercial Bank Egypt<\/strong> is expanding its partnership with banking software firm <strong>Temenos <\/strong>to introduce instant and cross-border payment services. (<a href=\"https:\/\/www.temenos.com\/news\/2022\/05\/30\/adcb-egypt-chooses-temenos-for-next-generation-digital-payments\/\">Statement<\/a>)<\/li>\n<li>The <strong>Egyptian Space Agency <\/strong>will open the first facility at its \u201c<strong>Space City\u201d <\/strong>\u2014 a satellite assembly and testing center \u2014 by the end of the year, and expects the complex to be fully operational by 2027, agency head Mohamed El Qousy told ETC TV (<a href=\"https:\/\/www.youtube.com\/watch?v=GQvRAk47RAg\">watch, runtime: 5:39<\/a>).<\/li>\n<\/ul>\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\/adcb-egypt\/\">ADCB Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edita\/\">Edita<\/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\/ghazl-el-mahalla\/\">Ghazl El Mahalla<\/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\/local-development-ministry\/\">Local Development Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/totalenergies\/\">TotalEnergies<\/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=\"546907\" 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=\"546907\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/\">\r\n                            Israel and the UAE sign landmark trade agreement                        <\/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\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/\" 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\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/')\">\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\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Israel and the UAE sign landmark trade agreement&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/\">\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\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/&title=Israel and the UAE sign landmark trade agreement\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Israel+and+the+UAE+sign+landmark+trade+agreement+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fisrael-and-the-uae-sign-landmark-trade-agreement%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\/06\/01\/israel-and-the-uae-sign-landmark-trade-agreement\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546907\" class=\"content-area-description single-story post-546907 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-interest-rates tag-ipo-watch tag-israel tag-planet-finance tag-russia tag-trade tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-11\"><\/a> <strong>Israel + UAE ink trade agreement: <\/strong>Following months of negotiations, Israel and the UAE have inked a bilateral trade agreement that they hope will boost the value of trade between them by more than USD 10 bn and add USD 1.9 bn to the UAE\u2019s GDP over the next five years, Emirati state news agency <a href=\"https:\/\/www.wam.ae\/en\/details\/1395303052959\">WAM reported<\/a> yesterday. The trade agreement \u2014 which is the first Israel has signed with an Arab country \u2014 is set to either remove or reduce tariffs on over 96% of goods traded between the two countries.<\/p><p><strong>Israel wants to up trade with us, too: <\/strong>Egypt and Israel want to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/011ec6ac-10fc-4980-b2ac-ed12a7b326ce\">more than double<\/a> the value of annual bilateral trade to USD 700 mn by 2025 (excluding natural gas exports and tourism). The two countries could turn the Nitzana border crossing in Sinai into a logistics zone to increase commercial trade, and collaborate on green energy projects and R&amp;D.<\/p><p><strong>ALSO IN PLANET FINANCE- <\/strong><\/p><ul>\n<li><strong>Abu Dhabi-based petrochemicals firm Borouge raised some USD 2 bn in its <\/strong><strong>IPO<\/strong>, selling some 3 bn shares in a transaction that values the company at USD 20 bn. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-31\/borouge-s-2-billion-abu-dhabi-ipo-draws-83-billion-of-orders?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>Whatever it takes:<\/strong> US Federal Reserve Governor Christopher Waller is the latest to throw his weight behind accelerating the bank\u2019s tightening cycle, advocating making 50-bps hikes until inflation is brought under control. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-30\/fed-s-waller-backs-half-point-rate-hikes-at-several-meetings?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>The Central Bank of Oman is working to develop a digital currency<\/strong>. (<a href=\"https:\/\/twitter.com\/OmanNewsAgency\/status\/1531528600356257792\">Oman<\/a><a href=\"https:\/\/twitter.com\/OmanNewsAgency\/status\/1531528600356257792\">News<\/a><a href=\"https:\/\/twitter.com\/OmanNewsAgency\/status\/1531528600356257792\">Agency<\/a>)<\/li>\n<li><strong>The GBP is heading towards EM status, says BofA:<\/strong> \u201cThe increasing politicization of UK policy undermines the GBP in ways that would appear EM-like,\u201d warns Bank of America strategist Kamal Sharma, who warns that the currency is heading towards an \u201cexistential\u201d crisis. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-30\/sterling-risks-existential-crisis-with-em-parallels-bofa-says\">Bloomberg<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-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>10,150<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -15.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>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>12,922<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +14.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,055<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: +18.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,347<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +4.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,145<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -13.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,607<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,789<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -11.9%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 122.84<\/p>\n<\/td>\n<td>\n<p>+1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.15<\/p>\n<\/td>\n<td>\n<p>-6.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,848.40<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 31,734<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -31.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.4% at yesterday\u2019s close<\/strong> on turnover of EGP 1.5 bn (44.4% above the 90-day average). Foreign investors were net buyers. The index is down 15.1% YTD.<\/p><p><strong>In the green: <\/strong>E-Finance (+4.1%), Abu Qir Fertilizers (+3.1%) and Ezz Steel (+2.8%).<\/p><p><strong>In the red: <\/strong>Palm Hills Development (-9.4%), Cleopatra Hospital (-6.4%) and Heliopolis Housing (-4.3%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/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\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546908\" 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=\"546908\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/shoukry-attends-climate-talks-in-sweden\/\">\r\n                            Shoukry attends climate talks in Sweden                        <\/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\/06\/01\/shoukry-attends-climate-talks-in-sweden\/\" 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\/06\/01\/shoukry-attends-climate-talks-in-sweden\/')\">\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\/06\/01\/shoukry-attends-climate-talks-in-sweden\/\">\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=Shoukry attends climate talks in Sweden&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/shoukry-attends-climate-talks-in-sweden\/\">\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\/06\/01\/shoukry-attends-climate-talks-in-sweden\/&title=Shoukry attends climate talks in Sweden\">\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=Shoukry+attends+climate+talks+in+Sweden+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F01%2Fshoukry-attends-climate-talks-in-sweden%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\/06\/01\/shoukry-attends-climate-talks-in-sweden\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546908\" class=\"content-area-description single-story post-546908 post type-post status-publish format-standard hentry category-diplomacy tag-anthony-blinken tag-climate tag-diplomacy tag-enterpriseam tag-foreign-ministry tag-sameh-shoukry tag-sweden tag-yemen wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Shoukry in Stockholm for climate talks: <\/strong>Foreign Minister and COP27 President Sameh Shoukry was in Sweden yesterday for the <a href=\"https:\/\/ec.europa.eu\/clima\/news-your-voice\/news\/canada-eu-and-china-co-convene-6th-ministerial-climate-action-moca-2022-05-31_en\">annual climate ministerial<\/a>, co-hosted by Canada, the EU and China and attended by officials from 37 countries. The delegates discussed key issues ahead of this year\u2019s COP27 summit in Sharm El Sheikh, including climate adaptation, finance and meeting the targets agreed at last year\u2019s COP in Glasgow.<\/p>\n<p><strong>Shoukry met with his Swedish counterpart Ann Linde on the sidelines of the <\/strong><strong>meeting<\/strong>, and discussed increasing Swedish investment in the Egyptian economy, the Foreign Ministry said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ptpe7JcMi4HGwwsbVi1XskC5V8jJLbyip4ZPJ1wJAcnPQ7R5Mkxo9rdd22q42ZbDl\">a statement<\/a>.<\/p>\n<p><strong>US Secretary of State Antony Blinken commended Egypt\u2019s decision to approve <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5b033980-cbac-4be5-bd1b-9721ebcf006e\">direct flights between Yemen\u2019s Sanaa and Cairo<\/a><\/strong> during his <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1b6488f-1035-4c50-9412-3909b863c56f\">phone call<\/a> with Foreign Minister Sameh Shoukry earlier this week, according to a US embassy <a href=\"https:\/\/eg.usembassy.gov\/secretary-blinkens-call-with-egyptian-foreign-minister-shoukry\/\">statement<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/anthony-blinken\/\">Anthony Blinken<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sweden\/\">Sweden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yemen\/\">Yemen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"546909\">\r\n    <div class=\"issue-section__content\">\r\n 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<div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">14<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-egypt-compared-to-global-and-regional-infrastructure-ppp-trends-in-2021\/\"> \r\n                            How Egypt compared to global and regional infrastructure PPP trends in 2021<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-egypt-compared-to-global-and-regional-infrastructure-ppp-trends-in-2021\/99-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/99.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"99.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/99.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/99.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-546909\" class=\"content-area-description post-546909 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-energy tag-enterprise-hardhat tag-enterpriseam tag-infrastructure tag-mena tag-public-private-partnership tag-transport tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>The global overview of public private partnerships in infrastructure in 2021: <\/strong>Investment commitments to public private partnership (PPP) projects in infrastructure have begun recovering from the covid-19 slump, with investment commitments growing 49% y-o-y in 2021 to USD 76.2 bn, according to a recent World Bank <a href=\"https:\/\/ent.news\/2022\/5\/PPI-2021-Annual-Report.pdf\">report (pdf)<\/a>. PPPs involve collaboration between a government agency and a private-sector company that can be used to finance, build, and operate projects. East Asia and the Pacific led in terms of investments with USD 28.1 bn earmarked during 2021, rising 196% from 2020, the report shows.<\/p>\n<p><strong>MENA PPP investments for the year accounted for the smallest share of the global total both in absolute numbers and in terms of regional GDP: <\/strong>The MENA region lagged behind on the global scale, committing USD 626 mn to infrastructure PPPs in 2021, down 90% compared to 2020. The figure is also 81% below the past five-year average. MENA\u2019s 2021 PPP investments accounted for 0.05% of the region\u2019s national GDPs, with only three countries launching PPP projects: Egypt, Morocco, and Iraq. During the year, Egypt financially closed three PPP projects in each of energy, transport, and water and sewage.<\/p>\n<p><strong>The transport sector accounted for over half of global infrastructure PPPs: <\/strong>Transport received the most investments by far in 2021, with USD 43.8 bn-worth of PPP projects reaching financial close during the year. The sector \u2014 which covers everything from roads and airports to railways and ports \u2014 returned to the average trend of the past decade, after covid-19 saw 2020 investments in transport reaching a near-standstill due to drastic declines in international travel, worldwide lockdown measures, and supply chain disruptions.<\/p>\n<p><strong>This trend held up in Egypt: <\/strong>Out of a total of USD 5.23 bn spent on infrastructure PPPs in 2021, around USD 5 bn were from the transport sector for a railway project, according to <a href=\"https:\/\/ppi.worldbank.org\/en\/snapshots\/country\/egypt-arab-rep\">country-specific data<\/a> from the World Bank. These figures mesh with the high-speed railway, which we <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13c77944-a194-421e-b52d-c3ab09523df6\">previously reported<\/a> will cost us USD 4.5 bn. A consortium of Siemens Mobility, Orascom Construction and Arab Contractors will work alongside the state-owned National Authority for Tunnels on the project.<\/p>\n<p><strong>But again, MENA didn\u2019t keep up:<\/strong> Last year saw a substantial decrease in transport investments across the region compared to 2020 \u2014 the only region that saw such a trend. In 2020, the financial closure of the USD 4.5 bn <a href=\"https:\/\/enterprise.press\/stories\/2019\/08\/06\/egypt-signs-usd-4-5-bn-agreement-for-monorails-to-giza-and-new-capital\/\">Cairo Monorail<\/a> was the largest infrastructure PPP for MENA.<\/p>\n<p><strong>The vast majority (95%) of energy infrastructure PPPs were green last year: <\/strong>The second largest contributor to infrastructure PPPs, with USD 22.4 bn spent in 2021, energy saw an increase in the amount of green projects set to be implemented under the model. Renewable energy projects accounted for 95% of total PPP projects compared to 91% in 2020, with investments increasing nine percentage points to 72% of the total. By added capacity, 71% of new energy generation projects in 2021 were renewable compared to an average of 61% over the last five years, the report stated.<\/p>\n<p><strong>Egypt inked a USD 165 mn agreement for the PPP <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7d32e060-6886-4e50-912d-289c42928f40\">Kom Ombo solar plant<\/a><\/strong><strong> during the year<\/strong>, the data shows. The 200 MW solar plant will see Saudi renewables company Acwa Power work alongside the Egyptian Electricity Transmission Company and the New and Renewable Energy Authority under a 25-year BOO (build-own-operate) framework. The project has received financing from the European Bank for Reconstruction and Development and the African Development Bank.<\/p>\n<p><strong>Investments in global water and sewage PPPs last year rose 146% y-o-y<\/strong>, coming in at USD 9.9 bn across 44 projects. Although the sector as a whole saw investment growth, municipal solid waste projects saw the largest decline (-84% y-o-y) in commitments.<\/p>\n<p><strong>Egypt earmarked USD 49 mn for a waste and sewage PPP in 2021 \u2014 the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/94968037-4337-4c0a-8939-86c7e42906c9\">Gabal El Asfar water treatment plant<\/a><\/strong><strong>. <\/strong>Under a four-year contract, French infrastructure firm Suez and Arab Contractors together manage the facility and carry out work to improve its energy efficiency. The plant has a capacity of 1 mn cbm\/day, and treats wastewater for almost 5 mn people living in Cairo.<\/p>\n<p><strong>On the global scale, the majority of financing came from the private sector:<\/strong> Around 18% of financing came from public sources, 19% came from development and export finance institution (DEFI) sources, and 63% came from private sector sources. The figures show a slight 4% y-o-y increase in private sources of financing in 2021 compared to the previous year, with the \u201cupturn in private financing coinciding with the general pandemic recovery seen this year,\u201d the report explains.<\/p>\n<p><strong>However, MENA was largely reliant on development and export finance institution (DEFI) investment<\/strong> \u201cgiven the relatively underdeveloped financial sectors in these regions,\u201d the report said. DEFI investment accounted for 55% of the total commitments in 2021 compared to 23% in 2020. However, other international debt saw a significant drop, falling to 4% in 2021 compared to 76% the previous year.<\/p>\n<p><strong>And yet, the year saw the percentage of public investment grow 40x<\/strong> \u2014 which isn\u2019t too high of a bar given that the percentage of financing from MENA\u2019s public sector in 2020 was only 1%.<\/p>\n<p><strong>Greenfield projects continued to dominate in 2021<\/strong>, representing 61.5% of all PPP infrastructure investments. This increase in greenfield projects was due to the substantial increase in greenfield transport sector projects such as roads and railways.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>High-speed rail contracts signed: <\/strong>Siemens Mobility, Orascom Construction and Arab Contractors <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7edfc1a2-6bda-4dbd-8444-2c67c47ecf4f\">signed a contract<\/a> with the government for the second phase of the planned high-speed rail that will see them design, install, commission and maintain the line for 15 years.<\/li>\n<li><strong>Madbouly luring US investors to infrastructure: <\/strong>The Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f147bd4-6ff2-4fcd-b3a7-2eb786e619c7\">will launch<\/a> a string of major new projects in the coming months and pledged fresh incentives to draw foreign investors into sectors such as energy, data centers, and LNG terminals.<\/li>\n<li><strong>Construction of the gas pipeline from Cyprus to Egypt <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\">will begin<\/a> by the end of the year and is expected to be completed in 2025, Oil Minister Tarek El Molla said last week.<\/li>\n<li><strong>Talgo trains coming soon: <\/strong>The Transport Ministry <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/324907503139646\">has begun trials<\/a> of its new <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/02\/egypts-nra-signs-eur-157-mn-contract-with-spains-talgo-to-purchase-six-trains\/\">Talgo trains<\/a> along the Cairo-Alexandria line, and will soon launch trials on the Cairo-Aswan rail line.<\/li>\n<li><strong>Planned investments in Egypt\u2019s IT sector: <\/strong>IT systems provider Select International is looking <a href=\"https:\/\/ent.news\/2022\/5\/Select-International.pdf\">to invest (pdf)<\/a> EGP 330 mn in Egypt in 2022.<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena\/\">MENA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-private-partnership\/\">public-private partnership<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"546911\" 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\/06\/01\/546911\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546911\" class=\"content-area-description single-story post-546911 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><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>, 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:\/\/www.cop27egy.com\/\">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\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":546883,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546882","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"fbba7064-0a45-4e2d-bc96-4608ad9860b9","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/1.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>Is the Manpower Ministry about to enforce a 1% tithe on corporate profits? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is the Manpower Ministry about to enforce a 1% tithe on corporate profits?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:37:44+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/1.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/is-the-manpower-ministry-about-to-enforce-a-1-tithe-on-corporate-profits\/\",\"name\":\"Is the Manpower Ministry about to enforce a 1% tithe on corporate profits? 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