{"id":546924,"date":"2022-06-02T04:00:16","date_gmt":"2022-06-02T04:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=546924"},"modified":"2025-12-15T21:38:43","modified_gmt":"2025-12-15T21:38:43","slug":"good-news-we-bought-lots-of-wheat-bad-news-stuff-is-about-to-get-more-expensive","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/good-news-we-bought-lots-of-wheat-bad-news-stuff-is-about-to-get-more-expensive\/","title":{"rendered":"Good news: We bought lots of wheat. Bad news: Stuff is about to get more expensive."},"content":{"rendered":"<section id=\"546926\" 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=\"546926\">\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\/02\/this-morning-food-shock-and-an-economic-hurricane-just-another-week-in-2022\/\">\r\n                            THIS MORNING: \u201cFood shock\u201d and an \u201ceconomic hurricane\u201d: Just another week in 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\/02\/this-morning-food-shock-and-an-economic-hurricane-just-another-week-in-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(); 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Read this morning\u2019s Coffee With interview with Todd Wilcox, the CEO of HSBC Egypt, who sees us pulling through 2022 \u2014 and who\u2019s optimistic about the prospects for a country that his bank has declared a priority market.<\/p><p>^^ We have all of this and more below, in this morning\u2019s news well.<\/p><p><strong>THE BIG STORY ABROAD- Jamie Dimon\u2019s doomsday warning:<\/strong> The chairman of JPMorgan is warning investors to brace for an \u201ceconomic hurricane\u201d driven by the war in Ukraine and aggressive monetary tightening by the Federal Reserve. \u201cThat hurricane is right out there down the road coming our way,\u201d Dimon said at a financial services conference yesterday. \u201cWe don\u2019t know if it\u2019s a minor one or Superstorm Sandy. You better brace yourself.\u201d<\/p><p><strong>His comments are everywhere in the financial press this morning: <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-01\/jamie-dimon-says-bank-is-bracing-itself-for-economic-hurricane\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/jamie-dimon-says-u-s-consumers-still-have-six-to-nine-months-of-spending-power-11654102800?mod=hp_lead_pos3\">WSJ<\/a> | <a href=\"https:\/\/www.ft.com\/content\/07108e32-aff1-4d8c-8950-7f7c4e5a5f28\">FT<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/06\/01\/jamie-dimon-says-brace-yourself-for-an-economic-hurricane-caused-by-the-fed-and-ukraine-war.html\">CNBC<\/a>.<\/p><p><strong>Sheryl Sandberg is leaving <\/strong><s>Facebook<\/s><strong> Meta after 14 years of serving as Mark <\/strong><strong>Zuckerberg\u2019s no.2: <\/strong>Becoming the company\u2019s chief operating officer when Zuck was just 23 years old, Sandberg is regarded as being the brains behind the transformation of the social media platform into a bn-USD advertising giant. <strong>Everyone\u2019s talking about it:<\/strong> <a href=\"https:\/\/apnews.com\/article\/sheryl-sandberg-facebook-steps-down-55b7f5dd6ca202c442c9705f6920e613\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/technology\/meta-platforms-operations-chief-sheryl-sandberg-quit-2022-06-01\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/sheryl-sandberg-stepping-down-from-meta-platforms-11654112778?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.ft.com\/content\/d49b2e30-ac53-4e92-a984-f48b8cc654fb\">FT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/technology\/2022\/06\/01\/sheryl-sandberg-leaves-facebook\/\">Washington Post<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/06\/01\/facebook-coo-sheryl-sandberg-says-she-is-stepping-down.html\">CNBC<\/a>.<\/p><p><strong>SIGN OF THE TIMES- Show up to the office or GTFO:<\/strong> That\u2019s Elon Musk\u2019s message to Tesla workers. In an email to executive staff, the tech bn\u2019aire said that employees will have to spend a minimum of 40 hours a week at the office \u2014 and if people fail to show their faces, the company \u201cwill assume you have resigned.\u201d (<a href=\"https:\/\/www.ft.com\/content\/f8da2592-ed67-4b87-b6d5-a0e1e4ac5a8f\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/elon-musk-orders-tesla-employees-back-to-the-office-11654108165?mod=hp_lead_pos6\">WSJ<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/06\/01\/elon-musk-reportedly-tells-tesla-workers-to-be-in-office-full-time-or-resign.html\">CNBC<\/a> | <a href=\"https:\/\/www.reuters.com\/technology\/musk-memo-tesla-staff-return-office-or-leave-company-2022-06-01\/\">Reuters<\/a>)<\/p><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>Countdown to Ghazl El Mahalla IPO:<\/strong> Ghazl El Mahalla FC will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1163296-2c8c-423c-a6aa-c9e0f18664b5\">publish its public<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1163296-2c8c-423c-a6aa-c9e0f18664b5\">subscription notice<\/a> (PSN) for its upcoming IPO in the local press today. The small, 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. It\u2019s tiny, but as we\u2019ve previously noted, the offering could set a precedent that allows Al Ahly to follow suit \u2014 and that could be very interesting indeed.<\/p><p><strong>The Islamic Development Bank\u2019s <\/strong><strong><a href=\"https:\/\/www.isdb.org\/news\/the-arab-republic-of-egypt-to-host-2022-annual-meetings-of-islamic-development-bank-group-in-sharm-el-sheikh\">2022 annual meetings<\/a><\/strong><strong> are continuing today in Sharm El <\/strong><strong>Sheikh<\/strong> and wrap on Saturday. Enterprise is attending the annual meetings and will bring you the details next week.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>\u201cFood shock\u201d: Prepare for more downgrades in emerging markets, S&amp;P warns:<\/strong> The economic and political fallout of the \u201cglobal food shock\u201d will spell trouble for a raft of countries in the developing world, which could see fresh downgrades in the coming months, ratings agency S&amp;P Global said in a report picked up by the <a href=\"https:\/\/www.ft.com\/content\/247260be-2625-4297-bc5d-818c688732dd#comments-anchor\">Financial Times<\/a>. \u201cRising energy and food prices represent yet further balance-of-payments, fiscal, and growth shocks to the majority of emerging markets. This intensifies strains on their public finances and ratings, which are already impacted negatively by the global pandemic,\u201d said Frank Gill, sovereign specialist for Europe, Middle East and Africa at the firm.<\/p><p><strong>Commodity traders are finding ways to circumvent sanctions on Russian oil:<\/strong> Russian oil is continuing to find its way to Europe and the US thanks to traders who are blending it in refined petroleum such as gasoline, diesel and chemicals, according to <a href=\"https:\/\/www.wsj.com\/articles\/russian-oil-producers-stay-one-step-ahead-of-sanctions-11654076614?mod=hp_lead_pos2\">the Wall Street Journal<\/a>. This is despite the US and UK embargoing Russian energy earlier this year, and the EU announcing a partial ban this week.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>NEWS TRIGGERS you\u2019ll want to keep an eye on as the new month gets underway:<\/strong><\/p><ul>\n<li><strong>PMI:<\/strong> May\u2019s purchasing managers\u2019 index figures for Egypt and Saudi Arabia will be released on Sunday, 5 June. The UAE\u2019s release is out tomorrow, Friday, 3 June;<\/li>\n<li><strong>Foreign reserves figures<\/strong> for May should be announced sometime next week;<\/li>\n<li><strong>Inflation figures for May<\/strong> 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 holds its policy meeting<\/strong> on Thursday, 23 June.<\/li>\n<\/ul><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>\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\/elon-musk\/\">Elon Musk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/facebook\/\">Facebook<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/moves\/\">moves<\/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=\"546927\" 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=\"546927\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/546927\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546927\" class=\"content-area-description single-story post-546927 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/Soma-Bay-Miss-Elite-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Miss Elite will be kicking off its second edition at Somabay from 3-11 June. The international beauty pageant helps contestants showcase and present their nation\u2019s identity, beauty, culture, tradition and ethnicity.<\/p>\n<p>For more information, visit: <a href=\"https:\/\/misseliteworld.com\/\">https:\/\/misseliteworld.com\/<\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546928\" 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=\"546928\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/we-just-bought-a-lot-of-wheat\/\">\r\n                            We just bought a lot of wheat                        <\/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\/02\/we-just-bought-a-lot-of-wheat\/\" 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\/02\/we-just-bought-a-lot-of-wheat\/')\">\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\/02\/we-just-bought-a-lot-of-wheat\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=We just bought a lot of wheat&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/we-just-bought-a-lot-of-wheat\/\">\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\/02\/we-just-bought-a-lot-of-wheat\/&title=We just bought a lot of wheat\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=We+just+bought+a+lot+of+wheat+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fwe-just-bought-a-lot-of-wheat%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\/02\/we-just-bought-a-lot-of-wheat\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/107.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546929\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/we-just-bought-a-lot-of-wheat\/107-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/107.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"107.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/107.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/107.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546928\" class=\"content-area-description single-story post-546928 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-gasc tag-inflation tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>State grain buyer GASC has purchased 465k tons of wheat<\/strong> for shipment in July and August in <a href=\"http:\/\/www.gasc.gov.eg\/wheat%20bids_en.htm\">a fresh international tender<\/a>, <a href=\"https:\/\/www.nasdaq.com\/articles\/egypts-gasc-buys-465000-tonnes-of-wheat-in-tender-0\">Reuters<\/a> reported yesterday.<\/p>\n<p><strong>The breakdown:<\/strong> The order by the General Authority for Supply Commodities includes 240k tons of Romanian wheat, 175k tons of Russian wheat and 50k tons of Bulgarian wheat.<\/p>\n<p><strong>This is the biggest buy since the war in Ukraine broke out:<\/strong> GASC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13de9150-4357-4b83-bb04-bb10a00ebd79\">bought 350k tons<\/a> in a tender in April, the only other held since the war started in February. Otherwise, we\u2019ve been purchasing cargoes directly from suppliers, including a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d26da67-4747-49c2-826c-14d5dcb5669f\">61.5k shipment<\/a> from India.<\/p>\n<p><strong>And one of the most expensive in years:<\/strong> Traders said GASC paid USD 480 per ton (including freight), up 41% from the last tender before the war. This is down slightly from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/13de9150-4357-4b83-bb04-bb10a00ebd79\">USD 490 price<\/a> GASC paid in its last tender in April, which was the highest price in nearly six years. The Madbouly government in early March said rising wheat prices would cost it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">an additional EGP 15 bn<\/a> this fiscal year.<\/p>\n<p><strong>Casting a wider net: <\/strong>This is GASC\u2019s first tender since it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1780502c-2520-475c-9bcd-8c75d1133ba6\">reportedly loosened wheat quality rules<\/a> in a bid to increase supplies. Egypt will allow wheat imports with a moisture content of up to 14% \u2014 up from 13.5% \u2014 for a year due to supply restrictions in the global market. The move is part of a wider strategy to ensure continued grain supply as Russia\u2019s war in Ukraine stymies supply and pressures global prices. The two countries accounted for some 80% of our imported wheat supply before the conflict broke out.<\/p>\n<p><strong>The fate of that 500k-ton purchase from India remains unknown:<\/strong> Egypt is currently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d26da67-4747-49c2-826c-14d5dcb5669f\">negotiating with India<\/a> to get an exemption from its recent wheat export ban, which could jeopardize a 500k-ton purchase the government was close to signing off on.<\/p>\n<p><strong>Reserves are looking more robust: <\/strong>The state has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1780502c-2520-475c-9bcd-8c75d1133ba6\">so far bought 3 mn tons<\/a> of local wheat, half of the 6 mn tons it is hoping to acquire this season. Egypt now has enough wheat to last until January 2023, Supply Minister Ali El Moselhy said last week. Remember, though \u2014 this may also include purchases rather than just fulfilled deliveries, according to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d26da67-4747-49c2-826c-14d5dcb5669f\">commodity traders.<\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546930\" 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=\"546930\">\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\">Trade<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/customs-exchange-rate-raised\/\">\r\n                            Customs exchange rate raised                        <\/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\/02\/customs-exchange-rate-raised\/\" 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\/02\/customs-exchange-rate-raised\/')\">\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\/02\/customs-exchange-rate-raised\/\">\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=Customs exchange rate raised&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/customs-exchange-rate-raised\/\">\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\/02\/customs-exchange-rate-raised\/&title=Customs exchange rate raised\">\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=Customs+exchange+rate+raised+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fcustoms-exchange-rate-raised%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\/02\/customs-exchange-rate-raised\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/108.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546931\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/customs-exchange-rate-raised\/108-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/108.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"108.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/108.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/108.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546930\" class=\"content-area-description single-story post-546930 post type-post status-publish format-standard has-post-thumbnail hentry category-trade tag-automotive tag-customs-authority tag-devaluation tag-egp tag-enterpriseam tag-trade 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>Gov\u2019t hikes customs exchange rate:<\/strong> The Customs Authority yesterday raised the USD customs exchange rate to EGP 18.65 from <a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=pfbid06CvSKYqFbNUcmjfKkUpz9dRnD6vBSG87WheWKahWyrTKQDhyCy86F6DbgNxRg3pBl&id=100064459339268\">EGP 17.00<\/a> in May, it said in <a href=\"https:\/\/m.facebook.com\/story.php?story_fbid=pfbid09R1sBfG7hST6XPZNY2SWfspYnSh2boSgsyEH8kjwmJ9FazFP7UX9YrfkryJLiGqgl&id=100064459339268&sfnsn=scwspwa\">a statement<\/a>. This brings it almost in line with the official exchange rate of EGP 18.66.<\/p>\n<p><strong>The customs rate has been fixed since March:<\/strong> The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">re-introduced<\/a> the monthly customs exchange rate in March after the central bank allowed the EGP to fall 16% against the greenback. The rate was set at EGP 16.00 for imports of basic commodities and materials used for manufacturing.<\/p>\n<p><strong>EGP WATCH-<\/strong> The EGP has now fallen 18% against the USD since March after slipping to EGP 18.66 yesterday.<\/p>\n<p><strong>Bad news for prices?<\/strong> The decision \u201cwill have a direct impact on inflation,\u201d Beltone\u2019s Alia Mamdouh told <a href=\"https:\/\/www.asharqbusiness.com\/article\/38093\">Bloomberg Asharq<\/a> yesterday.<\/p>\n<p><strong>Cars could get even pricier:<\/strong> Cars from Europe and Asia will be 2% more expensive as a result of the move, while cars from elsewhere will become 6.5% pricier, Alaa El Saba, member of the automotive division at the Federation of Egyptian Chambers of Commerce, told Asharq.<\/p>\n<p><strong>Price increases could be purely academic <\/strong>considering that some importers are struggling to get goods into the country in the first place. Some foreign car manufacturers have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">suspended sales to Egypt<\/a> after the switch to using letters of credit (L\/Cs) left local dealers unable to purchase vehicles, leaving around 29k vehicles stranded in Egyptian ports.<\/p>\n<p><strong>An official at one high-profile auto dealer we spoke with yesterday said they have zero stock, no visibility on when they would get cars in stock<\/strong>, and that most staff salaries have not been paid in the past two months.<\/p>\n<p><strong>\u201cThe biggest problem is that we cannot import now because of banking complications<\/strong> and the lack of easily obtainable hard currency,\" an anonymous major importer of household appliances told Bloomberg Asharq. The shortage of inventory in some markets became much worse after new rules were handed down in March requiring importers to use letters of credit (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">L\/Cs<\/a>) to purchase goods, instead of documentary collection, a quicker, more accessible, and less capital-intensive way of facilitating trade.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/customs-authority\/\">Customs Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546932\" 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=\"546932\">\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\/02\/sczone-signs-initial-agreement-with-h2-industries-for-waste-to-hydrogen-plant\/\">\r\n                            SCZone signs initial agreement with H2 Industries for waste-to-hydrogen plant                        <\/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\/02\/sczone-signs-initial-agreement-with-h2-industries-for-waste-to-hydrogen-plant\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The plant will cost USD 4 bn to establish, the statement said, without disclosing how it will be financed. A senior company official told us prior to the announcement that the company is in talks for financing, but provided no further detail. H2 Industries will first work on feasibility studies for the project before signing final contracts during COP27 in November in Sharm El Sheikh.<\/p>\n<p><strong>The announcement brings to USD 14 bn the total value of preliminary agreements that international companies have signed with SCZone <\/strong>to produce green hydrogen and green ammonium. We\u2019ll be looking in the months ahead to see how many of these translate into final contracts at (or in time for) COP27 late this fall.<\/p>\n<p><strong>The company will use local \u201corganic waste, including plastic waste\u201d <\/strong>as a feedstock, the statement said. The waste will be \u201csecured at the Mediterranean entrance to the [Suez] canal,\u201d an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb26a4bf-4862-42a3-8668-8cb2bd9a7a01\">earlier statement<\/a> from the company read, without providing further detail.<\/p>\n<p><strong>How does it work? <\/strong>H2-Industries hasn\u2019t disclosed the exact chemistry behind its waste-to-hydrogen technology, describing it as a thermo-chemical process that doesn\u2019t burn waste. H2\u2019s Egypt plant will produce hydrogen and captured CO2.<\/p>\n<p><strong>Background:<\/strong> New York-headquartered energy firm <a href=\"https:\/\/h2-industries.com\/en\/\">H2-Industries<\/a> said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb26a4bf-4862-42a3-8668-8cb2bd9a7a01\">in February<\/a> it plans to establish Egypt\u2019s first waste-to-hydrogen plant in East Port Said. The facility is set to produce 300k tons of hydrogen each year, consuming 4 mn tons of municipal solid waste.<\/p>\n<p><strong>Egypt has plans to become a green hydrogen hub: <\/strong>The government is making moves to capitalize on investment momentum ahead of COP27 by establishing the SCZone as a regional green energy hub. Prior to the H2 Industries announcement, major global companies have inked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eee36486-1f7c-4403-bb96-7b6160f927d3\">USD 10 bn worth of preliminary agreements<\/a> for green ammonia and hydrogen projects in Ain Sokhna in the past three months alone \u2014 and we\u2019re expecting more where that came from.<\/p>\n<p><strong>Want more on green hydrogen? <\/strong>For the current state of play on our green hydrogen ambitions, check out <a href=\"https:\/\/enterprise.press\/greeneconomys\/egypt-wants-become-leader-green-hydrogen-heres-govt-private-players-plan-make-happen\/\">this week\u2019s Going Green<\/a>, our weekly deep dive on all things green economy. And stay tuned for next week\u2019s edition to find out more on why Egypt is a particularly appealing location for green hydrogen production, and where the bottlenecks are in getting projects off the ground.<\/p>\n<p><strong>No clue what we\u2019re talking about? <\/strong>Go back to basics with our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8723d198-cc17-40e4-86dc-4bf816a93e16\">recent explainer<\/a> on green hydrogen.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/h2-industries\/\">H2 industries<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546934\" 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=\"546934\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\">\r\n                            Cabinet to establish automotive policy committee + fund for sustainable transport                        <\/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\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\" 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\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/')\">\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\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\">\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=Cabinet to establish automotive policy committee + fund for sustainable transport&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\">\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\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/&title=Cabinet to establish automotive policy committee + fund for sustainable transport\">\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=Cabinet+to+establish+automotive+policy+committee+%2B+fund+for+sustainable+transport+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fcabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport%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\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/110.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546935\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/110-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/110.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"110.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/110.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/110.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546934\" class=\"content-area-description single-story post-546934 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-automotive tag-cabinet-watch tag-enterpriseam tag-policy tag-renewables tag-sovereign-fund-of-egypt tag-transport 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>A new automotive policy committee and changes to the law governing the <\/strong><strong>Sovereign Fund of Egypt (SFE)<\/strong> were approved during the weekly cabinet meeting yesterday, cabinet said in <a href=\"https:\/\/bit.ly\/3ap5UZm\">a statement<\/a>. The automotive committee will be tasked with setting a policy framework for legislative and administrative reforms in the industry, as well as building relationships with foreign countries regarding auto manufacturing.<\/p>\n<p><strong>We were expecting an announcement on the government\u2019s long-delayed automotive strategy last month:<\/strong> Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">had said<\/a> that the government\u2019s strategy to localize the industry would be unveiled before the end of May but we\u2019re still waiting on an announcement. The strategy aims to increase local assembly, grow the component manufacturing industry, up the sector\u2019s competitiveness to become a regional manufacturing hub, and bolster export volumes.<\/p>\n<p><strong>A sustainable transport fund:<\/strong> A new fund will be established to channel finance into environmentally-friendly transport, according to the statement. It will also fund research and development centers and design incentives to stimulate the local industry, it said.<\/p>\n<p><strong>Provisions of the law governing the SFE have been tweaked: <\/strong>The Cabinet approved a number of amendments to the Egypt Fund Law, which set up the Sovereign Fund of Egypt (SFE) in 2018:<\/p>\n<ul>\n<li><strong>Sustainable development is now an explicit priority:<\/strong> The law now says that the SFE \u201caims to contribute to sustainable economic development.\u201d<\/li>\n<li><strong>The fund can now hold financial assets:<\/strong> The SFE is able to acquire a broader range of assets after the cabinet expanded its definition. Previously, the rules defined assets as \u201cfixed and movable,\u201d but this has now been changed to \u201cfinancial instruments, securities, and property transferred to and owned by the fund.\u201d<\/li>\n<li><strong>Feasibility studies:<\/strong> The SFE will now have to conduct feasibility studies and forecast the ROI on assets before it can acquire them.<\/li>\n<\/ul>\n<p><strong>Also approved yesterday:<\/strong> The cabinet approved incentives that will be offered to the Orascom Construction-Engie-Toyota Tsusho for the new Gulf of Suez wind farm. The companies last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0ef70e6-4c9d-41f3-b9c4-e734f2e35af4\">signed contracts<\/a> to develop, construct and operate a 500-MW wind farm in Ras Ghareb. Cabinet did not disclose details on the incentives.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546936\" 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=\"546936\">\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\">Mining<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/gold-tenders-still-on-the-table-after-emra-awards-exploration-licenses\/\">\r\n                            Gold tenders still on the table after EMRA awards exploration licenses                        <\/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\/02\/gold-tenders-still-on-the-table-after-emra-awards-exploration-licenses\/\" 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\/02\/gold-tenders-still-on-the-table-after-emra-awards-exploration-licenses\/')\">\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\/02\/gold-tenders-still-on-the-table-after-emra-awards-exploration-licenses\/\">\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=Gold tenders still on the table after EMRA awards exploration licenses&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/gold-tenders-still-on-the-table-after-emra-awards-exploration-licenses\/\">\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\/02\/gold-tenders-still-on-the-table-after-emra-awards-exploration-licenses\/&title=Gold tenders still on the table after EMRA awards exploration licenses\">\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=Gold+tenders+still+on+the+table+after+EMRA+awards+exploration+licenses+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fgold-tenders-still-on-the-table-after-emra-awards-exploration-licenses%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\/02\/gold-tenders-still-on-the-table-after-emra-awards-exploration-licenses\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546936\" class=\"content-area-description single-story post-546936 post type-post status-publish format-standard hentry category-mining tag-enterpriseam tag-gold tag-mining tag-oil-ministry 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>More details on the latest gold bid round:<\/strong> Egypt awarded eight gold and mineral exploration licenses in the Eastern Desert to four companies in its latest bid round, the Oil Ministry said in <a href=\"https:\/\/bit.ly\/3GHmksn\">a statement<\/a> yesterday. Canadian miner <a href=\"http:\/\/lotusgold.ca\/\">Lotus Gold<\/a> won three blocks, the Sawiris-backed <a href=\"https:\/\/akhgold.com\/\">Akh Gold<\/a> and Marine Logistics both got two blocks, and <a href=\"http:\/\/ankhresources.com\/\">Ankh Resources<\/a> received one block, the Egyptian Mineral Resources Authority (EMRA) <a href=\"http:\/\/emra.gov.eg\/UI\/Lang1\/TDIDataShow.aspx?ID=8380\">said<\/a> last week.<\/p>\n<p><strong>The second bid round has been \u201csuccessful in attracting new investments despite rapid global challenges<\/strong> [triggered by] the covid-19 pandemic and the Russian-Ukrainian crisis,\u201d according to the statement.<\/p>\n<p><strong>Gold tenders are still on the table: <\/strong>The dates of a new auction are set to be announced today, an unnamed EMRA official told <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypt-awards-eight-gold-metal-mining-exploration-licences-2022-06-01\/\">Reuters<\/a>. \u201cCompanies that did not win in the concession areas in the last auction can apply again in the new auction,\u201d which reportedly would have dates announced today, according to the official. A report in Bloomberg Asharq claimed this week that the government was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5813334-46a1-4081-a722-286d52cca8ca\">considering scrapping bid rounds<\/a> in favor of direct negotiations following low turnout in the recent tender.<\/p>\n<p><strong>The turnout wasn\u2019t actually that low:<\/strong> Between 13 and 15 companies submitted bids in the tender, according to officials from companies that participated.<\/p>\n<p><strong>Then why did EMRA only hand out eight licenses?<\/strong> The numbers are down markedly from the first bid round in 2020, when 82 gold exploration blocks were distributed among 11 companies. \u201cIt seems odd that you wouldn't take the money and run,\u201d Mark Campbell, chairman of Akh Gold, told the newswire. \u201cAll you want is for people to come spend money and explore for minerals. You need to be exploring, exploring, exploring.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/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=\"546937\" 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=\"546937\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/\">\r\n                            New pan-African oil giant in town as Tullow, Capricorn merge                        <\/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\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/\" 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\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/')\">\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\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/\">\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=New pan-African oil giant in town as Tullow, Capricorn merge&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/\">\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\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/&title=New pan-African oil giant in town as Tullow, Capricorn merge\">\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=New+pan-African+oil+giant+in+town+as+Tullow%2C+Capricorn+merge+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fnew-pan-african-oil-giant-in-town-as-tullow-capricorn-merge%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\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/112.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546938\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/new-pan-african-oil-giant-in-town-as-tullow-capricorn-merge\/112-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/112.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"112.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/112.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/112.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546937\" class=\"content-area-description single-story post-546937 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-cairn tag-capricorn-energy tag-enterpriseam tag-ma-watch tag-tullow-oil 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>Tullow and Capricorn in big oil merger:<\/strong> UK-listed energy firm <a href=\"https:\/\/www.tullowoil.com\/about-us\/\">Tullow Oil<\/a> is merging with <a href=\"https:\/\/www.capricornenergy.com\/\">Capricorn Energy<\/a> \u2014 formerly Cairn Energy \u2014 in an all-stock transaction that <a href=\"https:\/\/www.reuters.com\/markets\/deals\/tullow-oil-buy-capricorn-energy-827-mln-all-stock-deal-2022-06-01\/\">Reuters<\/a> has valued at some USD 827 mn.<\/p>\n<p><strong>Why do we care? <\/strong>Capricorn has had a presence in Egypt ever since it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/666f0d42-c196-4ee2-84dd-f279ba153a89\">acquired<\/a> Shell\u2019s oil and gas assets in the Western Desert with partner <a href=\"https:\/\/cheironenergy.com\/\">Cheiron<\/a> under an agreement worth up to USD 926 mn. Those assets will form the second largest item on the newly merged company\u2019s balance sheet, after Tullow\u2019s flagship Ghanaian oil fields, according to Reuters. The new, larger group will be an \u201cimportant supplier of gas in Egypt and Ghana,\u201d the companies said.<\/p>\n<p><strong>How it will work: <\/strong>Capricorn shareholders will receive just under four Tullow shares for each Capricorn share they hold, Tullow announced in a <a href=\"https:\/\/ent.news\/2022\/6\/all-share-combination-final-rns.pdf\">disc<\/a><a href=\"https:\/\/ent.news\/2022\/6\/all-share-combination-final-rns.pdf\">losure<\/a><a href=\"https:\/\/ent.news\/2022\/6\/all-share-combination-final-rns.pdf\">(pdf)<\/a> to the London Stock Exchange. Upon completion of the transaction, Tullow shareholders will own 53% of the merged entity, while Capricorn shareholders will hold the remaining 47%.<\/p>\n<p><strong>Business as usual in Egypt:<\/strong> \u201cNo changes are expected in the operating asset organizations across the combined group\u201d including Egypt, according to the disclosure.<\/p>\n<p><strong>Egypt a \u201clow-cost, self-funded\u201d market:<\/strong> The group\u2019s portfolio will consist of \u201cincremental high return investment opportunities\u201d in Ghana, Egypt, Gabon and C\u00f4te d'Ivoire, according to the statement. Capricorn\u2019s Egypt portfolio offers the chance for \u201cself-funded growth production\u201d through low-cost exploration \u201cwhilst championing electrification and decarbonisation initiatives.\u201d<\/p>\n<p><strong>ADVISORS: <\/strong>Morgan Stanley and Rothschild & Co acted as Capricorn\u2019s financial advisers, while PJT Partners and Barclays advised Tullow. Slaughter and May and Shepherd and Wedderburn LLP are legal advisers to Capricorn, and Herbert Smith Freehills LLP is Tullow\u2019s legal adviser.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairn\/\">Cairn<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capricorn-energy\/\">Capricorn Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tullow-oil\/\">Tullow Oil<\/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=\"546939\" 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=\"546939\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/at-lease-closes-egp-1-6-bn-securitization\/\">\r\n                            AT Lease closes EGP 1.6 bn securitization                        <\/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\/02\/at-lease-closes-egp-1-6-bn-securitization\/\" 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\/02\/at-lease-closes-egp-1-6-bn-securitization\/')\">\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\/02\/at-lease-closes-egp-1-6-bn-securitization\/\">\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=AT Lease closes EGP 1.6 bn securitization&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/at-lease-closes-egp-1-6-bn-securitization\/\">\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\/02\/at-lease-closes-egp-1-6-bn-securitization\/&title=AT Lease closes EGP 1.6 bn securitization\">\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=AT+Lease+closes+EGP+1.6+bn+securitization+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fat-lease-closes-egp-1-6-bn-securitization%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\/02\/at-lease-closes-egp-1-6-bn-securitization\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/114.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546940\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/at-lease-closes-egp-1-6-bn-securitization\/114-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/114.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"114.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/114.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/114.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546939\" class=\"content-area-description single-story post-546939 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-at-lease tag-banque-misr tag-bonds tag-debt-watch tag-enterpriseam tag-misr-capital tag-national-bank-of-egypt tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>Shari\u2019ah-compliant leasing company <\/strong><strong><a href=\"http:\/\/www.at-lease.com\/Viewer\/Default.aspx?Lang=1\">AT Lease<\/a><\/strong><strong> has closed its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91ae4824-614e-4aa5-855d-9d0fe029016d\">third<\/a><\/strong> <strong>securitized <\/strong><strong>bond issuance worth <\/strong><strong>EGP 1.6 bn<\/strong>, backed by a receivables portfolio of around EGP 2 bn, a source at the company confirmed to Enterprise, after the company released <a href=\"https:\/\/ent.news\/2022\/6\/ATL_3rd_Sec-Press-Relaese-Final-1.pdf\">a statement (pdf)<\/a>.<\/p>\n<p><strong>The firm\u2019s leasing portfolio currently stands at EGP 4 bn<\/strong>, the source said. The company hopes to issue securitized bonds annually, depending on the size of its portfolio, they added.<\/p>\n<p><strong>Who bought in? <\/strong>Banque Misr, NBE, Attijariwafa Bank, Banque du Caire, AAIB, Al Baraka Bank, Ahli United Bank, and the Industrial Development Bank.<\/p>\n<p><strong>Advisors: <\/strong>Misr Capital and Al Ahly Pharos were co-lead managers, financial advisors, and underwriters for the transaction. Its parent Banque Misr acted as arranger, co-underwriter, and custodian. Our friends at <a href=\"https:\/\/www.alc.law\/\">ALC Alieldean Weshahi & Partners<\/a> acted as legal counsel, while Baker Tilly Hilal & Abdel Ghaffar was the auditor.<\/p>\n<p><strong>With AT Lease\u2019s offering included, Egyptian issuers have now sold around<\/strong><strong> EGP 10.8 bn<\/strong><strong> worth of securitized bonds since the start of 2022<\/strong>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f9163ea-5084-4bf3-a9a8-6793be542e0c\">by our count<\/a>. That\u2019s more than two-thirds of the total value of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0fcbee26-6e79-473b-acfe-a8c7c7de76c1\">EGP 15.8 bn taken to market last year<\/a>.<\/p>\n<p><strong>MORE SECURITIZATION IN THE WORKS?- <\/strong><strong>Al Ahly Mortgage Finance could <\/strong><strong>securitize<\/strong><strong> EGP 1 bn of its portfolio this year<\/strong>, <a href=\"https:\/\/bit.ly\/3t8q14L\">Al Mal<\/a> quoted managing director Hatem Amer as saying. The NBE subsidiary is reportedly in talks with several firms to provide financial and legal advice for the issuance.<\/p>\n<p><em>EDITOR'S NOTE- Corrected on 2 June to identify Al Ahly Pharos as a co-lead manager, financial advisor, and underwriter.<\/em><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/at-lease\/\">AT Lease<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/misr-capital\/\">Misr Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/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=\"546941\" 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=\"546941\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/546941\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546941\" class=\"content-area-description single-story post-546941 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.moharrampartners.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprisetest.wpengine.com\/wp-content\/uploads\/2022\/05\/MP-Logo-Bilingual-Print-Landscape-Color-1200.png?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Struggling to make sense of a new regulatory development? Eager to engage on a new piece of legislation or policy that could impact operations? Or simply want to sit down with government stakeholders to pitch a partnership that could unlock value for your business?<\/p>\n<p>Get in touch with Moharram & Partners \u2014 the public policy and government affairs partner of choice of top companies operating in Egypt and the region \u2014 and leave the rest to our experts.<\/p>\n<p>Learn more <a href=\"https:\/\/www.moharrampartners.com\/\">here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546942\" 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=\"546942\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/\">\r\n                            Swvl eyes new markets + GrubTech lands in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/')\">\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\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/\">\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=Swvl eyes new markets + GrubTech lands in Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/\">\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\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/&title=Swvl eyes new markets + GrubTech lands in Egypt\">\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=Swvl+eyes+new+markets+%2B+GrubTech+lands+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fswvl-eyes-new-markets-grubtech-lands-in-egypt%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\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/116.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546943\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/swvl-eyes-new-markets-grubtech-lands-in-egypt\/116-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/116.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"116.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/116.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/116.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546942\" class=\"content-area-description single-story post-546942 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-appetito tag-enterpriseam tag-grubtech tag-lamma tag-ride-hailing tag-startup-watch tag-startups tag-swvl wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>Swvl announces expansion plans just days after cutting its workforce by a <\/strong><strong>third:<\/strong> Nasdaq-listed mass transport startup Swvl is planning to start operations in Mexico this month and could kick off in the US during 2H 2022, CFO Youssef Salem told us, confirming a report in <a href=\"https:\/\/bit.ly\/3t7uqom\">Al Mal<\/a>. The news comes in the same week that the Cairo-born company said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c783ee0-2afb-4dfd-802d-3296cbbf08c4\">it is laying off 32% of its staff<\/a> \u2014 or some 400 employees \u2014 across all its markets in a bid to turn cashflow positive by next year.<\/p>\n<p><strong>Why the US and Mexico? <\/strong>They are \u201cvery sizable markets with attractive unit economics and strong B2B and SaaS opportunity in line with Swvl\u2019s strategic focus,\u201d Salem said. The company aims to focus more on B2C and SaaS services, areas of the business that are currently turning a profit.<\/p>\n<p><strong>The company is trimming the fat wherever possible: <\/strong>Swvl has a hiring freeze in effect, has cut headcount, imposed salary cuts for leadership, is shedding workspace and eliminating unprofitable routes, all in hopes of turning profitable by 2023, Salem said.<\/p>\n<p><strong>Swvl wants to indirectly raise ticket prices: <\/strong>The firm will slash the value of the discounts it offers users by 10-20% in all its markets, Salem said, telling us to expect local Swvl prices to jump in line with inflation. Earlier this week the company said that it is also looking to end some of its unprofitable intercity routes outside of Egypt as part of its efforts to optimize operations.<\/p>\n<p><strong>Swvl has been on a buying spree: <\/strong>Swvl recently expanded into Europe with its acquisition of Turkish firm <a href=\"https:\/\/www.voltlines.com\/\">Volt Lines<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af5d2162-bf47-45d2-b982-46314e364512\">mobility platform Shotl<\/a>. It also recently took a controlling stake in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ff7b137-c8e9-4f0f-b7d8-1eccf7e7cf63\">transit company Viapool<\/a>, which operates in Argentina and Chile, and entered Central Europe with its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">acquisition of German company Door2Door<\/a>.<\/p>\n<p><strong>The Fed\u2019s rate hike put startups in a vulnerable position: <\/strong>The US Federal Reserve\u2019s monetary tightening is making funding more costly at the same time that venture funding is drying up across Planet Startup. Meanwhile, investors in public equities have pulled back from recently listed startups as part of a general risk-off that has swept global markets. \u201cWe are no longer funded by VCs [after going public] but even the public markets where we are being funded are impacted,\u201d Salem said.<\/p>\n<p><strong>Tech companies and blank-check firms have been particularly hard hit this year<\/strong> as rising interest rates reverse the easy conditions of the covid era and put pressure on growth stocks. US-listed stock stocks have plunged into a bear market in what has become the worst year on record for the Nasdaq \u2014 and Swvl\u2019s shares have halved in value since it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a69885d2-afc6-4a1c-8aef-016b926777d5\">debuted on the Nasdaq<\/a> via a SPAC merger in April<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>IN OTHER STARTUP NEWS- <\/strong><\/p>\n<p><strong>GrubTech arrives in Egypt:<\/strong> Dubai-based foodtech startup <a href=\"https:\/\/www.grubtech.com\/about\">GrubTech<\/a> has launched in Egypt and plans to invest USD 5 mn over the next 12-18 months into its operations, it said in a <a href=\"https:\/\/ent.news\/2022\/6\/Grubtech-launching-in-Egypt-EV.pdf\">statement<\/a><a href=\"https:\/\/ent.news\/2022\/6\/Grubtech-launching-in-Egypt-EV.pdf\">(pdf)<\/a> yesterday. Backed by <a href=\"https:\/\/www.grubtech.com\/blog\/grubtech-secures-13-million-to-accelerate-its-international-growth-strategy\">USD 13 mn in series A funding<\/a>, the company has opened an office in Cairo and plans to use Egypt as a hub to reach other markets in Africa, it said.<\/p>\n<p><strong>About GrubTech: <\/strong>Founded in 2019 by Mohamed Al Fayed (<a href=\"https:\/\/www.linkedin.com\/in\/moefayed\/\">LinkedIn<\/a>), Omar Rifai (<a href=\"https:\/\/www.linkedin.com\/in\/rifai1\/\">LinkedIn<\/a>) and Mohamed Hamedi (<a href=\"https:\/\/www.linkedin.com\/in\/mhamedi\/\">LinkedIn<\/a>), GrubTech provides cloud and dark kitchen services to restaurants. Billing itself as an \u201call-in-one\u201d management tool, restaurants can receive orders, monitor stock and schedule deliveries via the platform, which also provides marketing tools and access to data analytics. The company is currently present in 17 countries.<\/p>\n<p><strong>MOVES-<\/strong> The company has tapped <strong>Osama Harfoush<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/osamaharfoush\/\">LinkedIn<\/a>) as its <strong>country manager<\/strong>. Harfoush joins the company from Mrsool where he served as the company\u2019s Egypt country manager.<\/p>\n<p><strong>The startup has recently <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58ee8161-0252-4e0b-bffd-3fda23a1148f\">partnered with Paymob<\/a><\/strong> to streamline payments for Egypt\u2019s F&B industry, signing a partnership agreement to incorporate digital payments for local restaurants, cafes, and cloud kitchens using GrubTech.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>APPETITO UPDATE-<\/strong><\/p>\n<p><strong>How much did Appetito pay for Lamma? No less than USD 10 mn<\/strong>, Appetito CFO Mark Adeeb told <a href=\"https:\/\/www.asharqbusiness.com\/article\/38091\">Bloomberg Asharq<\/a>. Earlier this week, the Cairo-based grocery delivery platform <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76a18ee3-ef5f-4ad9-a783-3c9e55ec0e1d\">announced that it had acquired<\/a> its Tunisian competitor, in a move that will give Appetito access to new markets in Tunisia and Morocco.<\/p>\n<p><strong>Appetito has a USD 20-40 mn funding round in the pipeline<\/strong> that it hopes to complete this year, Adeeb said. The startup is set to use the funds for its regional expansion.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/appetito\/\">Appetito<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grubtech\/\">GrubTech<\/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\/ride-hailing\/\">ride-hailing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546944\" 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=\"546944\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/efg-back-to-the-top-of-the-egx-brokerage-league-table-in-may\/\">\r\n                            EFG back to the top of the EGX brokerage league table in May                        <\/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\/02\/efg-back-to-the-top-of-the-egx-brokerage-league-table-in-may\/\" 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\/02\/efg-back-to-the-top-of-the-egx-brokerage-league-table-in-may\/')\">\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\/02\/efg-back-to-the-top-of-the-egx-brokerage-league-table-in-may\/\">\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=EFG back to the top of the EGX brokerage league table in May&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/efg-back-to-the-top-of-the-egx-brokerage-league-table-in-may\/\">\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\/02\/efg-back-to-the-top-of-the-egx-brokerage-league-table-in-may\/&title=EFG back to the top of the EGX brokerage league table in May\">\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=EFG+back+to+the+top+of+the+EGX+brokerage+league+table+in+May+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fefg-back-to-the-top-of-the-egx-brokerage-league-table-in-may%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\/02\/efg-back-to-the-top-of-the-egx-brokerage-league-table-in-may\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546944\" class=\"content-area-description single-story post-546944 post type-post status-publish format-standard hentry category-capital-markets tag-arqaam-capital tag-cairo-capital-securities tag-capital-markets tag-efg-hermes tag-egx tag-enterpriseam tag-mubasher-capital-holding wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EFG Hermes returned to the summit of the EGX\u2019s brokerage league ta<\/strong><strong>ble in May<\/strong> with a market share of 19.2%, according to <a href=\"https:\/\/ent.news\/2022\/6\/Periodicals-Monthly-Ranking-of-Brokerage-Firms-Ar.pdf\">figures from the EGX (pdf)<\/a>. Rounding out the top five were Beltone (11.4%), Arqaam (10.5%), Cairo Capital Securities (8.3%) and CI Capital (4.8%). CI Capital <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/289cc91b-729c-479c-b510-0bb9468832c1\">topped the league table in April<\/a>, edging out EFG for the first time in months.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arqaam-capital\/\">Arqaam Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-capital-securities\/\">Cairo Capital Securities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/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\/mubasher-capital-holding\/\">Mubasher Capital 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=\"546945\" 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=\"546945\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/palm-hills-net-income-rises-44-in-1q-2022\/\">\r\n                            Palm Hills\u2019 net income rises 44% in 1Q 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\/02\/palm-hills-net-income-rises-44-in-1q-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\/02\/palm-hills-net-income-rises-44-in-1q-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\/02\/palm-hills-net-income-rises-44-in-1q-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=Palm Hills\u2019 net income rises 44% in 1Q 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/palm-hills-net-income-rises-44-in-1q-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\/02\/palm-hills-net-income-rises-44-in-1q-2022\/&title=Palm Hills\u2019 net income rises 44% in 1Q 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=Palm+Hills%E2%80%99+net+income+rises+44%25+in+1Q+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fpalm-hills-net-income-rises-44-in-1q-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\/02\/palm-hills-net-income-rises-44-in-1q-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546945\" class=\"content-area-description single-story post-546945 post type-post status-publish format-standard hentry category-earnings-watch tag-earnings tag-earnings-watch tag-enterpriseam 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>Palm Hills Developments\u2019 (PHD) bottom line surged 44% y-o-y in 1Q 2022<\/strong>, driven by a strong increase in sales, the real estate developer said in its latest <a href=\"https:\/\/ent.news\/2022\/6\/PHD-1Q2022-Earnings-Release-English.pdf\">earnings release (pdf)<\/a>. The company reported net income of EGP 295 mn, supported by a 47% increase in revenues which reached EGP 2.9 bn during the January-March period, reflecting increased past sales of primary and secondary homes as well as commercial units.<\/p>\n<p><strong>New sales in 1Q 2022 grew 62% y-o-y to EGP 5.5 bn during the quarter<\/strong>, driven by an increase in average selling prices and a steep rise in volumes, which almost doubled from 1Q 2021. Sales of residential property grew 63% to EGP 4.7 bn, while commercial property sales were up 59% to EGP 853 mn. PHD\u2019s Badya project in Sixth of October accounted for 41% of its residential sales, more than quadrupling to EGP 1.9 bn during the three-month period.<\/p>\n<p><strong>SOUND SMART- In real estate, sales \u2260 revenues. <\/strong>Real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. So revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.<\/p>\n<p><strong>The company is confident it will maintain growth through the current economic headwinds:<\/strong> \u201cReal Estate has always been and will continue to be a primary hedging tool against inflation even during periods with attractive interest rates,\u201d Executive Chairman Yasseen Mansour said. The company will continue to ramp up construction spending to counter potential cost inflation and plans to deliver more than 500 units in Badya this year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"546946\" 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=\"546946\">\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\">Coffee with\u2026<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/\">\r\n                            Coffee With: Todd Wilcox, CEO and deputy chair of HSBC Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/')\">\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\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/\">\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=Coffee With: Todd Wilcox, CEO and deputy chair of HSBC Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/\">\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\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/&title=Coffee With: Todd Wilcox, CEO and deputy chair of HSBC Egypt\">\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=Coffee+With%3A+Todd+Wilcox%2C+CEO+and+deputy+chair+of+HSBC+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fcoffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt%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\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/119.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"546947\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/coffee-with-todd-wilcox-ceo-and-deputy-chair-of-hsbc-egypt\/119-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/119.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"119.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/119.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/119.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546946\" class=\"content-area-description single-story post-546946 post type-post status-publish format-standard has-post-thumbnail hentry category-coffee-with tag-banking tag-coffee-with tag-enterpriseam tag-hsbc 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-09\"><\/a> <strong>Coffee With: Todd Wilcox (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/todd-wilcox-32a1b24\/\">LinkedIn<\/a><\/strong><strong>)<\/strong><strong>, CEO and deputy chair of HSBC Egypt:<\/strong> In the 40 years since entering Egypt, HSBC has become one of the largest multinational banks in the country. Today, the bank \u2014 which first came here as the Hong Kong Egyptian Bank before rebranding to HSBC Egypt in 2001 \u2014 caters to clients ranging from the big multinational corporations through to SMEs and women-led businesses.<\/p>\n<p><strong>A self-proclaimed \u201cgym guy,\u201d Wilcox is up at 5am to get his workout in before heading to the office for 8 or 8:30am.<\/strong> He\u2019s been with HSBC for 16 years and was a banker in Canada for 16 years before that, stringing together a career that has taken him from small-town Alberta to Bermuda, Brunei and China. He was named deputy chairman and CEO of HSBC Egypt in July 2020.<\/p>\n<p><strong>He joined us by video from London, where he was on a roadshow<\/strong> as part of the British Egyptian Business Association\u2019s (BEBA) annual business mission to the UK, headlined <a href=\"https:\/\/beba.org.eg\/business-mission-to-the-uk-2022\/\">Road to COP27: bridging the implementation and financing gap<\/a>.<\/p>\n<p><strong>KEY TAKEAWAYS: <\/strong><\/p>\n<ul>\n<li><strong>HSBC Egypt recently pulled the trigger on a new fintech lending program<\/strong> to fund tech-enabled companies that are feeding into the country\u2019s digital economy;<\/li>\n<li><strong>Building green businesses is a key focus right now<\/strong>, and HSBC wants to be the bank of choice for green tech and sustainable projects;<\/li>\n<li><strong>The most important first step towards net zero?<\/strong> Having reporting standards to define policy and shape decisionmaking;<\/li>\n<li><strong>Policymakers in Egypt get a thumbs-up<\/strong> for their clear response and action to fallout from the war in Ukraine.<\/li>\n<\/ul>\n<p><strong>ENTERPRISE: How often do roadshows factor into your day?<\/strong><\/p>\n<p><strong>TODD WILCOX: <\/strong>Frequently. This BEBA business trip is an interesting example: I find myself talking with people who are really interested in the Egypt story, but don\u2019t know where to start. They don\u2019t know how to crack into the market. We\u2019re offering that to them. That\u2019s why we\u2019re coming back to do an event in July with businesses who are interested in ESG-compliant opportunities in Egypt. This type of approach is not something I\u2019ve seen taken at, say, a Canadian bank.<\/p>\n<p>We\u2019re also looking at non-resident Egyptians \u2014 reaching out, say, to our head of retail banking in Montreal, which as you know has a large concentration of Egyptian-Canadians. We want to bank them in Canada \u2014 and connect them to our platform so, for example, they can instantly move money between Canada and Egypt. We have a really unique global footprint, and that\u2019s what\u2019s driving how we look at growth.<\/p>\n<p><strong>E: How are you tackling the central bank\u2019s SME lending requirement when you focus so heavily on large corporates?<\/strong><\/p>\n<p><strong>WILCOX: <\/strong>On the SME front, it\u2019s tough for us as a multinational, but we have a couple of specific areas we\u2019re interested in. We can\u2019t compete in that space with local state-owned banks. They have reach through their large branch network and dedicated systems. So we focus on smaller Egyptian companies that are working with multinationals as suppliers \u2014 and we look at areas in which our strategic interests and unique advantages collide, including those within the tech and sustainability space in particular.<\/p>\n<p><strong>E: Is it safe to presume that you\u2019re talking about fintech startups there? <\/strong><\/p>\n<p><strong>WILCOX:<\/strong> Absolutely, Egypt is a clear MENA fintech hub. It was a surprise for us and for me. These are companies we want to bank, these are companies we want to partner with. We\u2019ve put together a lending program to finance and work with fintech players. The scene here is really strong \u2014 Egypt has great venture capital firms and accelerators. If you\u2019ve gone through one of those and you\u2019ve gotten funded? Then odds are good you have the governance, the systems and expertise that make you very interesting to us.<\/p>\n<p>The program is open to tech-enabled companies looking to scale up within Egypt\u2019s growing digital economy. We\u2019re targeting business sectors including fintech, e-commerce, retail and mobility, health, education, and software. The program is also prioritizing companies with sustainable development targets embedded in their business plans, particularly as COP27 is coming up in Sharm El Sheikh this November.<\/p>\n<p>The VC industry here is unbelievably sophisticated. They\u2019ve taught me that the companies they back have cross-border aspirations, that they\u2019re pushing into KSA and the UAE \u2014 two of our other regional priority markets alongside Egypt. We\u2019re the right bank for that, and that\u2019s why we\u2019re bringing someone in from New York who has good Egypt experience to focus just on tech.<\/p>\n<p><strong>E: You mentioned ESG a few minutes ago. <\/strong><\/p>\n<p><strong>WILCOX: <\/strong>Another part of what\u2019s coming up is absolutely the ESG space. As an institution we have net zero targets that we want to hit \u2014 and a commitment to move our portfolio into the green space. There are new industries and companies being built; I want to be the bank for anybody building green technology and sustainable projects.<\/p>\n<p><strong>E: HSBC just announced <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e4d018f-d711-4e9a-b6d0-b3d55b9d67a7\">it will be lending USD 1 bn<\/a><\/strong><strong> to women-led startups in Egypt and 10 other markets over the coming year. Can you give us color on what that means for Egypt?<\/strong><\/p>\n<p><strong>WILCOX: <\/strong>It\u2019s really exciting. We\u2019re in 64 markets around the world and Egypt is one of 11 that are participating and I\u2019m pretty pleased with that. This program really fits with our strategy in Egypt, where among other things we\u2019re focusing on the intersection of SMEs, female leadership, and entrepreneurship. Obviously I\u2019m happy the program will see us step up lending here, but it\u2019s about much more than that: It includes advisory from our professionals, classes, and really interesting networking events. Egypt is our only market in the Mideast and North Africa that\u2019s participating.<\/p>\n<p><strong>E: VCs and startups in the US are gearing up for nuclear winter. Part of that is startups worried the economy will fall into recession, but a huge piece right now is that limited partners have stopped writing new cheques to VCs. How does the second half of this year look to you when it comes to the startup space here in Egypt?<\/strong><\/p>\n<p><strong>WILCOX: <\/strong>I\u2019m still reasonably optimistic. The cost of entry to the space here is very low. The capital you need to get an Egyptian company started and funded is so low relative to, say, the United States, and the potential reward is so great \u2014 I think there is a good chance we\u2019ll see VCs decide that the risk-reward equation is so favorable that they\u2019ll continue investing here.<\/p>\n<p><strong>E:<\/strong> What\u2019s your take on how Egyptian policymakers have so far responded to fallout from the war in Ukraine?<\/p>\n<p><strong>WILCOX:<\/strong> I\u2019ve worked in countries around the world, and in my two years here so far I\u2019ve come to one conclusion: Egypt has good policymakers, and I have confidence the final policies they come out with are really solid. Ministers here aren\u2019t politicians, they\u2019re subject matter experts. They\u2019re working with what they\u2019ve got and they\u2019re smart \u2014 so you\u2019ve got some confidence that they\u2019re working to make things better.<\/p>\n<p>Finance Minister Mohamed Maait was with us in London last month and we had him in to meet with a number of our clients. He went through Egypt\u2019s policy response in such detail. He is an actuary and a risk manager. That went over very well with the clients. Planning Minister Hala El Said\u2019s traffic light system on where the state is pulling back from the economy is clear. The target for proceeds from privatization \u2014 the whole idea that you\u2019ll put in numbers and timelines like USD 10 bn per year for the next four years \u2014 that\u2019s great. I think the people at the Sovereign Fund of Egypt are really sharp. The specificity with which they speak tells me the vision comes from the top of the house \u2014 and that tells me that they mean business. Egypt, like everyone else, will experience short-term bumps, but we are hopeful we\u2019ll get through it.<\/p>\n<p><strong>E: So you\u2019re optimistic.<\/strong><\/p>\n<p><strong>WILCOX: <\/strong>Everybody around the planet is coping with external shocks right now, but my take is that Egypt is quite resilient. We\u2019ve been through worse \u2014 much worse \u2014 and we\u2019ve come out the other side. Egypt will get out of this bottleneck, but it\u2019s going to be a rough year for the whole world. Egypt is one of our three priority markets in this region next to the UAE and Saudi \u2014 it\u2019s a market to which we\u2019re committing fresh investment and in which we\u2019re hiring new people.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/2022\/06\/01\/182610\/\">TAP OR CLICK HERE to read the full interview<\/a><\/strong>, including HSBC\u2019s stance on climate in the run-up to COP27 and what\u2019s driving growth at the bank here in Egypt.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/coffee-with\/\">Coffee With<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/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=\"546948\" 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=\"546948\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/insurance-startup-amanleek-wins-orange-fintech-competition\/\">\r\n                            Insurance startup Amanleek wins Orange fintech competition                        <\/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\/02\/insurance-startup-amanleek-wins-orange-fintech-competition\/\" 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\/02\/insurance-startup-amanleek-wins-orange-fintech-competition\/')\">\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\/02\/insurance-startup-amanleek-wins-orange-fintech-competition\/\">\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=Insurance startup Amanleek wins Orange fintech competition&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/insurance-startup-amanleek-wins-orange-fintech-competition\/\">\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\/02\/insurance-startup-amanleek-wins-orange-fintech-competition\/&title=Insurance startup Amanleek wins Orange fintech competition\">\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=Insurance+startup+Amanleek+wins+Orange+fintech+competition+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Finsurance-startup-amanleek-wins-orange-fintech-competition%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\/02\/insurance-startup-amanleek-wins-orange-fintech-competition\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546948\" class=\"content-area-description single-story post-546948 post type-post status-publish format-standard hentry category-kudos tag-amanleek tag-emaar-misr tag-enterpriseam tag-hayah-karima tag-kudos tag-orange-egypt tag-real-estate tag-startup-watch tag-startups tag-unicef wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The formidable 13-year-old Egyptian-Hungarian violinist Mariam Abouzahra won <\/strong><strong>the Golden Note<\/strong> \u2014 a televised classical music competition run by the Austrian Broadcasting Corporation. The young musician reached the finals with eight other performers between the age of 10 and 16, according to <a href=\"https:\/\/english.ahram.org.eg\/News\/466828.aspx\">Ahram Online<\/a>.<\/p>\n<p><strong>Ins. startup <\/strong><strong><a href=\"https:\/\/www.amanleek.com\/en\/\">Amanleek<\/a><\/strong><strong> has won Orange\u2019s Fintech Startup Seed Challenge 2022<\/strong>, and is receiving USD 200k to invest in the growth of its business, the telecoms firm <a href=\"https:\/\/www.orange.eg\/en\/about\/media-center\/press-kit\/orange-venture-prize-251-event\">said in a press<\/a><a href=\"https:\/\/www.orange.eg\/en\/about\/media-center\/press-kit\/orange-venture-prize-251-event\">release<\/a>. The competition was run by Orange Egypt and Orange Ventures, the VC arm of the global company.<\/p>\n<p><strong>Unicef<\/strong> and the <strong>Minya Water and Wastewater Company<\/strong> will provide zero-interest loans to low-income families to help them cover the EGP 2k it costs to connect houses to the water grid. (<a href=\"https:\/\/www.unicef.org\/mena\/stories\/saving-water-increasing-access\">Unicef<\/a>)<\/p>\n<p><strong>Emaar Misr<\/strong> is donating <strong>EGP 1 bn<\/strong> to the <strong>Decent Life Initiative<\/strong> (aka Hayah Karima) to help finance its sustainable development projects as part of a cooperation protocol. (<a href=\"https:\/\/ent.news\/2022\/6\/%D8%A5%D8%B9%D9%85%D8%A7%D8%B1-%D9%85%D8%B5%D8%B1-.pdf\">Statement<\/a><a href=\"https:\/\/ent.news\/2022\/6\/%D8%A5%D8%B9%D9%85%D8%A7%D8%B1-%D9%85%D8%B5%D8%B1-.pdf\">, pdf<\/a>)<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amanleek\/\">Amanleek<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emaar-misr\/\">Emaar Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hayah-karima\/\">Hayah Karima<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orange-egypt\/\">Orange Egypt<\/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                            <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\/unicef\/\">UNICEF<\/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=\"546949\" 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=\"546949\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/546949\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546949\" class=\"content-area-description single-story post-546949 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546950\" 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=\"546950\">\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\">LAST NIGHT'S SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\">\r\n                            More trouble ahead for importers as customs exchange rate rises                        <\/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\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\" target=\"_blank\">\n                    Open in new tab              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class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=More+trouble+ahead+for+importers+as+customs+exchange+rate+rises+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fmore-trouble-ahead-for-importers-as-customs-exchange-rate-rises%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\/02\/more-trouble-ahead-for-importers-as-customs-exchange-rate-rises\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546950\" class=\"content-area-description single-story post-546950 post type-post status-publish format-standard hentry category-last-nights-shows tag-central-bank-of-egypt tag-enterpriseam tag-jica tag-l-cs tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the airwaves yesterday: <\/strong>The Customs Authority\u2019s decision to hike the USD customs exchange rate to EGP 18.65 this month had everyone talking on the airwaves.<\/p>\n<p><strong>Prepare for more inflation:<\/strong> Prices of imported products will rise 7-9% due to the decision, Emad El Qenawy, head of the importers division at the Federation of Egyptian Chambers of Commerce (FEDCOC), told Yahduth Fi Masr (<a href=\"https:\/\/www.youtube.com\/watch?v=4JYc6n9ztQs\">watch, runtime: 6:06<\/a>). \u201cThe rise would come on the back of a hike in the cost of [imported] goods plus [existing] VAT,\u201d El Qenawy said on the decision.<\/p>\n<p><strong>With prices sky high, demand is already low:<\/strong> People aren\u2019t buying imported electronics, Ashraf Helal, head of the electrical appliances division at FEDCOC, told Ala Mas\u2019ouleety\u2019s Ahmed Moussa, describing the market as in \u201crecession\u201d (<a href=\"https:\/\/www.youtube.com\/watch?v=NvGP5qf1drU\">watch, runtime: 2:12<\/a>).<\/p>\n<p><strong>L\/Cs are already making things difficult enough: <\/strong>Many cargoes are stuck in customs due to difficulties in opening letters of credit (L\/Cs), Helal said. New rules introduced by the central bank in March require importers to use L\/Cs to import goods, instead of documentary collection. L\/Cs are a more expensive, complex, and harder-to-access form of trade finance than documentary collection.<\/p>\n<p><strong>Also opining on the news last night: <\/strong>Mohamed El Bahy, head of the Federation of Egyptian Industries\u2019 tax and custom committee, was on Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=ighcRbF2k4U\">watch, runtime: 6:49<\/a>), while Alaa Al-Sabaa, member of the automotive division at FEDCOC, phoned in to Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=t3NXJboPV2E\">watch, runtime: 4:32<\/a>).<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>Development finance:<\/strong> The Japan International Cooperation Agency (JICA) will assist with the rollout of the government\u2019s universal health insurance system under a two-year agreement signed yesterday. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=3wMlEKCkiWw\">watch, runtime: 3:23<\/a>) <\/li>\n<li><strong>Mining:<\/strong> The awarding of eight gold and mineral exploration licenses in the Eastern Desert earned a mention. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=_5Sp9EJV3UM\">watch, runtime: 3:01<\/a>)<\/li>\n<li><strong>Presidential pardons: <\/strong>Yahia Hussein Abdel Hady yesterday became the latest detainee to receive a presidential pardon following years of being held in pre-trial detention. A new list of names will be released today. (Al Hayah Al Youm | <a href=\"https:\/\/manshurat.org\/node\/71107\">watch, runtime: 7:31<\/a>) (Yahduth Fe Masr | <a href=\"https:\/\/www.youtube.com\/watch?v=51aaHMs8g9U\">watch, runtime: 5:16<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jica\/\">JICA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/l-cs\/\">L\/Cs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546951\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div 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draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-ojhk5r2\" data-v=\"4\" data-block-id=\"ojhk5r2\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-ojhk5r2-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-ojhk5r2-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" 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       <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/gulf-ipo-market-on-course-for-record-first-half\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546952\" class=\"content-area-description single-story post-546952 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-gcc tag-ipo-watch tag-planet-finance 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-10\"><\/a> <strong>No IPO winter in the GCC, thanks to rising oil prices:<\/strong> Gulf IPOs are on course for a record first half as surging oil prices and foreign inflows protect the energy-rich region from the turbulence that has threatened listing in other parts of the world, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-01\/middle-east-ipos-on-track-for-best-ever-first-half-as-oil-surges?srnd=premium-middle-east\">Bloomberg<\/a> reported. Companies in the region have already raised USD 11.4 bn so far this year, beating out any other first-half in just the first five months, according to data compiled by the business newswire.<\/p><p><strong>This is set to rise further:<\/strong> Abu Dhabi-based petrochemicals firm Borouge will start trading on the ADX on Monday after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fcdb9094-2701-4320-a6b9-5f756ab0faed\">raising USD 2 bn<\/a> in its IPO this week.<\/p><p><strong>Thank the international investors, too:<\/strong> \u201cIPOs have held up very well in the GCC due to high interest from international and regional investors in recent offerings and in the upcoming ECM pipeline,\u201d said Citigroup\u2019s Rudy Saadi. \u201cWe\u2019ve seen continuous net foreign inflows across all GCC exchanges, even during the recent selloff.\u201d<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,084<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: -15.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.58<\/p>\n<\/td>\n<td>\n<p>Sell 18.66<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.60<\/p>\n<\/td>\n<td>\n<p>Sell 18.66<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,766<\/p>\n<\/td>\n<td>\n<p>-1.2% (YTD: +13.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,895<\/p>\n<\/td>\n<td>\n<p>-1.6% (YTD: +16.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,407<\/p>\n<\/td>\n<td>\n<p>+1.8% (YTD: +6.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,101<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -14.0%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,533<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: +2.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,759<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -12.5%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 115.90<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.70<\/p>\n<\/td>\n<td>\n<p>+6.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,848.70<\/p>\n<\/td>\n<td>\n<p>0.0%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 29,564<\/p>\n<\/td>\n<td>\n<p>-6.7% (YTD: -35.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.7% at yesterday\u2019s close<\/strong> on turnover of EGP 653 mn (22.6% below the 90-day average). Foreign investors were net sellers. The index is down 15.6% YTD.<\/p><p><strong>In the green: <\/strong>Palm Hills Development (+5.5%), Cleopatra Hospital (+4.6%) and Rameda (+1.9%).<\/p><p><strong>In the red: <\/strong>Ibn Sina Pharma (-4.3%), MM Group (-3.8%) and GB Auto (-3.7%).<\/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\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"546953\" 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=\"546953\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">16<\/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\/02\/egypt-key-for-eu-security-says-varhelyi\/\">\r\n                            Egypt key for EU security, says V\u00e1rhelyi                        <\/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\/02\/egypt-key-for-eu-security-says-varhelyi\/\" 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\/02\/egypt-key-for-eu-security-says-varhelyi\/')\">\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\/02\/egypt-key-for-eu-security-says-varhelyi\/\">\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=Egypt key for EU security, says V\u00e1rhelyi&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/egypt-key-for-eu-security-says-varhelyi\/\">\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\/02\/egypt-key-for-eu-security-says-varhelyi\/&title=Egypt key for EU security, says V\u00e1rhelyi\">\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=Egypt+key+for+EU+security%2C+says+V%C3%A1rhelyi+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F02%2Fegypt-key-for-eu-security-says-varhelyi%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\/02\/egypt-key-for-eu-security-says-varhelyi\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546953\" class=\"content-area-description single-story post-546953 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-energy tag-enterpriseam tag-eu tag-food-security tag-russia-ukraine-conflict wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>President Abdel Fattah El Sisi <\/strong><strong>discussed the challenges facing Egypt due to the war in Ukraine<\/strong> with EU Commissioner for Neighbourhood and Enlargement <strong>Oliv\u00e9r V\u00e1rhelyi<\/strong> yesterday, according to an <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/577772357044830\">Ittihadiya statement<\/a>. The EU-Egypt partnership is \u201ckey for the stability and security of Europe & Middle East-North Africa region,\u201d V\u00e1rhelyi <a href=\"https:\/\/twitter.com\/OliverVarhelyi\/status\/1531966020281372673\">wrote on social media<\/a> following the meeting. The \u201cEU needs long-term and reliable energy partners like Egypt.\u201d The two sides also discussed the Grand Ethiopian Renaissance Dam (GERD) crisis, which El Sisi described as an \u201cexistential issue\u201d for Egypt. V\u00e1rhelyi also discussed the food crisis and energy cooperation with Foreign Minister Sameh Shoukry, the Foreign Ministry <a href=\"https:\/\/bit.ly\/3ag73lP\">said<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/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=\"546954\" 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\/02\/546954\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-546954\" class=\"content-area-description single-story post-546954 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>9 June (Thursday): <a href=\"https:\/\/digitransformationsummit.com\/egypt\/\">Digital Transformation Summit<\/a>, The Nile Ritz-Carlton, Cairo<\/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 COP27 in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.<\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1H2022: The government will respond to private companies\u2019 bids to build desalination plants.<\/p>\n<p>1H2022: Egypt\u2019s second corporate green bond issuance expected to be announced.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":546925,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-546924","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"9339ffb1-cd0e-4339-a6dd-cda136894084","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/3.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>Good news: We bought lots of wheat. 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