{"id":547004,"date":"2022-06-06T04:08:48","date_gmt":"2022-06-06T04:08:48","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547004"},"modified":"2025-12-15T21:40:29","modified_gmt":"2025-12-15T21:40:29","slug":"the-states-privatization-program-could-focus-on-strategic-stake-sales-while-global-volatility-lasts-sfes-soliman","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-states-privatization-program-could-focus-on-strategic-stake-sales-while-global-volatility-lasts-sfes-soliman\/","title":{"rendered":"The state\u2019s privatization program could focus on strategic stake sales while global volatility lasts -SFE\u2019s Soliman"},"content":{"rendered":"<section id=\"547006\" 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=\"547006\">\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\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/\">\r\n                            THIS MORNING: FAB isn\u2019 t looking to buy Banque Misr or United Bank                        <\/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\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/\" 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\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/')\">\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\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: FAB isn\u2019 t looking to buy Banque Misr or United Bank&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/\">\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\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/&title=THIS MORNING: FAB isn\u2019 t looking to buy Banque Misr or United Bank\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+FAB+isn%E2%80%99+t+looking+to+buy+Banque+Misr+or+United+Bank+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fthis-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank%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\/06\/this-morning-fab-isn-t-looking-to-buy-banque-misr-or-united-bank\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547006\" class=\"content-area-description single-story post-547006 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-enterpriseam tag-healthcare tag-investment-watch tag-ma-watch tag-oil-and-gas tag-pmi tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends. <\/strong>We hope your week is off to a great start.<\/p><p><strong>THE BIG STORY here at home: Our latest PMI reading shows that the non-oil <\/strong><strong>economy contracted for the eighteenth consecutive month<\/strong> in May on the back of global inflationary pressures \u2014 which could also put a pin in the state\u2019s IPO plans.<\/p><p><strong>But there\u2019s plenty to be optimistic about, too:<\/strong> Plans to sell stakes in state-owned firms to strategic investors haven\u2019t yet been scuppered by global headwinds, SFE boss Ayman Soliman says. A new company that will control a smattering of state-owned hotel assets could be up first and is attracting interest from the Saudi sovereign wealth fund and its Gulf neighbors.<\/p><p><strong>And that\u2019s not all for fresh investment news:<\/strong> We have more details on what the government had to say about the private sector\u2019s role in greening the economy at last weekend\u2019s Islamic Development Bank meetings in Sharm El Sheikh, and more on the USD 10 bn industrial partnership between the UAE, Jordan and us.<\/p><p><strong>Meanwhile in M&amp;A<\/strong>, a former Beltone exec looks to be making a play for his former employer, backed by an undisclosed roster of investors.<\/p><p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>FOR THE RECORD- First Abu Dhabi Bank (FAB) isn\u2019t looking t<\/strong><strong>o acquire a stake in Banque Misr or United Bank<\/strong>, FAB Egypt CEO Mohamed Abbas Fayed told CNBC Arabia in an interview (<a href=\"https:\/\/bit.ly\/3GTBz1l\">watch, runtime: 7:20<\/a>). Any reports on ongoing acquisition talks between FAB and the banks are unfounded, he said, adding that any potential new M&amp;A would be officially declared through the proper channels. FAB recently called off its bid for a majority stake in frontier emerging markets financial services powerhouse EFG Hermes, citing challenging global market conditions.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>It\u2019s the second day of <\/strong><strong><a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a><\/strong> at Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel in the new administrative capital. The event wraps tomorrow.<\/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>There\u2019s no one BIG STORY ABROAD<\/strong> dominating the front webpages of the global business press this morning. <strong>That said, many are focused on the oil markets \u2014 which have once again spiked<\/strong> to pass the USD 120-per-barrel mark after Saudi Arabia hiked the price of its key crude to Asian markets as covid lockdowns in China recede. Saudi Aramco will in July sell a barrel of its Arab Light crude to Asia for USD 2.10 more than in June, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-05\/oil-rises-to-three-month-high-as-saudis-signal-demand-confidence\">Bloomberg<\/a> reports \u2013 USD 6.50 above its benchmark, and a much bigger hike than the USD 1.50 increase analysts were expecting.<\/p><p><strong>MEANWHILE- France is looking to our Emirati friends to plug the oil and diesel gap<\/strong> as the EU turns away from Russian fossil fuels, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-05\/france-is-talking-to-uae-about-replacing-russian-oil-diesel\">Bloomberg<\/a> writes. And we have more on all the latest in the oil and gas markets in today\u2019s Planet Finance section, below.<\/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>Foreign reserves figures for May<\/strong> should be announced sometime this 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>The Central Bank of Egypt holds its policy meeting<\/strong> on Thursday, 23 June.<\/li>\n<\/ul><p><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 on Tuesday<\/strong>, 7 June at the Grand Nile Hotel in Cairo.<\/p><p><strong>LATER THIS MONTH- The Aswan Forum for Sustainable Peace and Development<\/strong> is <a href=\"https:\/\/ent.news\/2022\/6\/Aswan-Forum-Press-Release.pdf-3.pdf\">scheduled (pdf)<\/a> for Tuesday and Wednesday, 21-22 June under the theme \u201cAfrica in an Era of Cascading Risks and Climate Vulnerability: Pathways for a Peaceful, Resilient and Sustainable Continent.\u201d You can register for the event <a href=\"https:\/\/3rdaswanforum.com\/\">here<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> Education stocks slipped during the first quarter of the year, defying the traditional wisdom that the sector is resilient in the face of external shocks. Despite previously proving its defensive mettle during the height of the covid-19 pandemic, EGX-listed education service providers all saw their share prices fall in the first three months of 2022, underperforming the benchmark EGX30.<\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/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=\"547007\" 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=\"547007\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/547007\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547007\" class=\"content-area-description single-story post-547007 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=\"547008\" 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=\"547008\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/sfe-pushing-ahead-with-stake-sales-to-strategics-courts-gulf-investors-as-it-lines-up-new-hotels-company-for-high-profile-sale-soliman\/\">\r\n                            SFE pushing ahead with stake sales to strategics, courts Gulf investors as it lines up new hotels company for high-profile sale \u2013Soliman                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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id=\"post-547008\" class=\"content-area-description single-story post-547008 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-enterpriseam tag-ipo-watch tag-pif tag-privatization-watch tag-saudi-arabia tag-sovereign-fund-of-egypt tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Sovereign Fund of Egypt head Ayman Soliman<\/strong><strong> gets credit for being a straight shooter<\/strong> this morning after telling <a href=\"https:\/\/www.asharqbusiness.com\/article\/38211\">Bloomberg Asharq<\/a> in an interview yesterday that<strong> stake sales are likely the order of the day for the state\u2019s privatization program <\/strong>in the foreseeable future. Volatility in global markets thanks to near-perfect storm of spiraling commodities prices and rising interest rates means conditions are not ideal for new public offerings. Instead, he said, the SFE thinks there\u2019s a window for private sales to strategic and other anchor investors.<\/p>\n<p><strong>What\u2019s coming down the pipe? <\/strong>The Madbouly government has been planning to sell part or all of as many as 10 state-owned and two military-owned companies this year and has previously signaled that it is open to both stake sales and IPOs, all depending on market conditions and individual investor interest. The government has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14b94986-d461-4f36-ab26-cf9227098f74\">suggested<\/a> it also open to offering stakes to strategics before selling down additional stakes later via public offering. All of this comes amid a new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">privatization push<\/a> after President Abdel Fattah El Sisi said his administration aims to bring in some USD 10 bn in fresh investment in each of the next four years through the sale of state assets.<\/p>\n<p><strong>NEW HOTELS COMPANY UP FIRST?<\/strong><\/p>\n<p><strong>The government could sell a stake in <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1e20e3ec-470d-40fc-bd71-c08efcd42d82\">the new hotel company<\/a><\/strong><strong> to a private investor<\/strong>, Soliman told the business newswire. The state is currently working on merging seven or eight state-owned hotels into a single entity, and was initially looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/330b3729-74cc-48ec-91f5-1d3276107b0f\">sell a 25% stake in the firm through an IPO<\/a> on the EGX.<\/p>\n<p><strong>The Saudis could be buying: <\/strong>The Saudi sovereign wealth fund is \u201cvery keen\u201d on investing in the new hotel company, Soliman said. The Public Investment Fund (PIF) said in March that it was looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">invest USD 10 bn<\/a> in Egypt\u2019s healthcare, education, agriculture and financial services sectors as part of a USD 15 bn package to support the economy.<\/p>\n<p><strong>Other Gulf wealth funds are interested, too: <\/strong>The SFE is marketing investment through partnerships with other Arab sovereign and investment funds, \u201cmany\u201d of whom are interested in the hotel company, Soliman told <a href=\"https:\/\/bit.ly\/3QeAtld\">Hapi Journal<\/a>, adding that multiple investors could come on board as partners with the SFE.<\/p>\n<p><strong>The state is in the process of choosing an investment bank and financial advisor to manage and advise on the sale<\/strong>, with an eye to tap at least the financial advisor in a matter of weeks, Soliman told Hapi.<\/p>\n<p><strong>Gulf sovereign funds are getting more involved in the Egyptian economy:<\/strong> Abu Dhabi wealth fund ADQ <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">invested USD 1.8 bn<\/a> in five EGX-listed companies in April, while the Qatar Investment Authority said it would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">invest USD 5 bn<\/a>.<\/p>\n<p><strong>REMEMBER- The state is also <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/330b3729-74cc-48ec-91f5-1d3276107b0f\">planning to offer<\/a><\/strong><strong> a 20-25% stake in Egypt Aluminum<\/strong> (EgyptAlum) to a strategic investor, potentially also an Arab sovereign fund.<\/p>\n<p><strong>ALSO FROM SOLIMAN- <\/strong><\/p>\n<p><strong>The SFE will look to bring private investors into a new <\/strong><strong>green fund next year, <\/strong>Soliman told Hapi. The fund, which will manage climate-friendly projects, will be launched with minimum initial capital of EGP 2 bn.<\/p>\n<p><strong>Green hydrogen will be key to the fund: <\/strong>The main assets in the fund will be the SFE\u2019s share in green hydrogen projects that are expected to be finalized at COP27, Soliman said. Global companies have inked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b56f637f-421f-49fb-80b8-98fb0ba82403\">more than USD 10 bn worth of preliminary agreements<\/a> for green ammonia and hydrogen projects in Ain Sokhna in the past three months alone.<\/p>\n<p><strong>Is this the SFE\u2019s planned <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4043dd2-a935-422e-ac2a-d9d2d6ab33ed\">renewable energy sub-fund<\/a><\/strong><strong>?<\/strong> The SFE had been working on launching a sub-fund that would hold assets related to national projects in wind, solar, and hydro. The Madbouly government had been reportedly planning to transfer ownership of the assets of both the New and Renewable Energy Authority (NREA) and the Hydro Power Plant Executive Authority (HPPEA) over to this new sub-fund, which will manage investments in climate-friendly projects.<\/p>\n<p><strong>ALSO IN THE WORKS- Net zero data centers.<\/strong> The SFE is conducting feasibility studies with unnamed US firms to build carbon neutral data centers for international cloud computing service providers, and plans to launch the project ahead of the COP27 summit in November, Soliman said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547010\" 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=\"547010\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/is-beltone-in-play\/\">\r\n                            Is Beltone in play?                        <\/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\/06\/is-beltone-in-play\/\" 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\/06\/is-beltone-in-play\/')\">\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\/06\/is-beltone-in-play\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Is Beltone in play?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/is-beltone-in-play\/\">\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\/06\/is-beltone-in-play\/&title=Is Beltone in play?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Is+Beltone+in+play%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fis-beltone-in-play%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\/06\/is-beltone-in-play\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/150.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547011\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/is-beltone-in-play\/150-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/150.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"150.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/150.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/150.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547010\" class=\"content-area-description single-story post-547010 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-b-investments tag-enterpriseam tag-giza-systems tag-ma-watch tag-orascom-financial-holding tag-saudi-telecom-company tag-wm-consultancy 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>An investor alliance led by WM Consultancy has submitted a non-binding offer to <\/strong><strong>buy a majority stake in <\/strong><strong><a href=\"https:\/\/beltonefinancial.com\/\">Beltone Financial<\/a><\/strong>, the two companies said in filings to the EGX (<a href=\"https:\/\/ent.news\/2022\/6\/WM-Consultancy-eyes-Beltone.pdf\">pdf<\/a> | <a href=\"https:\/\/ent.news\/2022\/6\/Beltone-statement.pdf\">pdf<\/a>) yesterday. The consortium of unidentified \u201cstrategic investors\u201d is bidding to acquire a minimum of 51% and a maximum of 90% at an initial price of EGP 1.35 per share, a near 30% premium to the company\u2019s closing share price on Thursday. This would value the company at around EGP 601.6 mn, according to our math.<\/p>\n<p><strong>The final price is subject to change:<\/strong> The offer price will likely change following due diligence, the companies said.<\/p>\n<p><strong>Beltone\u2019s shares rose on the news<\/strong>, gaining more than 11% on the EGX yesterday to close at EGP 1.17.<\/p>\n<p><strong>A former manager makes a play for his old employer?<\/strong> WM Consultancy lists former Beltone head of asset management <strong>Wael Mahgary<\/strong> as its CEO. Mahgary currently runs <a href=\"https:\/\/atuum.com\/\">Atuum<\/a>, an import \/ export business based in the Netherlands. We\u2019ve been so far unable to dig up much information on WM Consultancy or the identities of the investors backing the acquisition. Repeated calls to numbers associated with the company were unanswered and a number was later turned off.<\/p>\n<p><strong>Who owns Beltone today?<\/strong> Orascom Financial Holding (OFH) currently owns 58% of Beltone, with the rest in freefloat, according to the company\u2019s website. OFH has been trimming its stake in Beltone over the past couple of years, having held <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5866b348-c241-4ce3-80e1-9a0483822dd9\">74.5%<\/a> of the company in 2020.<\/p>\n<p><strong>The Financial Regulatory Authority (FRA) <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/6\/FRA-statement-Beltone.pdf\">confirmed (pdf)<\/a><\/strong><strong> that the investors have informed it of the offer.<\/strong> Following due diligence, a mandatory tender offer will be made within 60 days to Beltone shareholders, the FRA said.<\/p>\n<p><strong>Beltone has some thinking to do:<\/strong> \u201cThe board of directors will meet to discuss the offer and study it from all financial and legal aspects,\u201d the company said.<\/p>\n<p><strong>This comes on the back of another lossmaking year for Beltone:<\/strong> The company\u2019s net losses widened to EGP 169.8 mn in 2021, from EGP 132.4 mn the previous year, according to the firm\u2019s<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3be3513f-3cd3-4669-9a75-c4fc97e75126\">financial statement<\/a>. Revenues rose 27.1% y-o-y in 2021, recording EGP 351.7 mn.<\/p>\n<p><strong>ADVISORS:<\/strong> Zaki Hashem & Partners is acting as legal advisor to the WM alliance, while Deloitte-Saleh, Barsoum and Abdel Aziz is \u064bWM\u2019s financial auditor.<\/p>\n<p><strong>IN OTHER M&A NEWS- <\/strong><\/p>\n<p><strong>B Investments moves forward with sale of Giza Systems stake to STC subsidiary: <\/strong>B Investments signed a final share purchase agreement <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c5a4fe4-2cf0-4bf2-bc7c-54571f540c99\">to sell its 44.7% stake<\/a> in Giza Systems to Saudi Telecom\u2019s subsidiary Solutions by STC, the company said in a bourse <a href=\"https:\/\/ent.news\/2022\/6\/B-Investments-Solutons-by-STC-EN.pdf\">disclosure (pdf)<\/a> yesterday. Solutions by STC plans to take an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47c3ee87-0c02-4dfb-ba4c-1d3c529a1de9\">89.5% stake<\/a> in Giza Systems, after the board of the Egyptian systems integrator accepted its bid in April.<\/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\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/giza-systems\/\">Giza Systems<\/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\/orascom-financial-holding\/\">Orascom Financial Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-telecom-company\/\">Saudi Telecom Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wm-consultancy\/\">WM Consultancy<\/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=\"547012\" 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=\"547012\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/business-conditions-decline-in-may-on-inflation-worries\/\">\r\n                            Business conditions decline in May on inflation worries                        <\/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\/06\/business-conditions-decline-in-may-on-inflation-worries\/\" 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\/06\/business-conditions-decline-in-may-on-inflation-worries\/')\">\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\/06\/business-conditions-decline-in-may-on-inflation-worries\/\">\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=Business conditions decline in May on inflation worries&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/business-conditions-decline-in-may-on-inflation-worries\/\">\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\/06\/business-conditions-decline-in-may-on-inflation-worries\/&title=Business conditions decline in May on inflation worries\">\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=Business+conditions+decline+in+May+on+inflation+worries+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fbusiness-conditions-decline-in-may-on-inflation-worries%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\/06\/business-conditions-decline-in-may-on-inflation-worries\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/153.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547013\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/business-conditions-decline-in-may-on-inflation-worries\/153-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/153.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"153.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/153.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/153.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547012\" class=\"content-area-description single-story post-547012 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-inflation tag-l-cs tag-pmi 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-03\"><\/a> <strong>Activity in Egypt\u2019s non-oil private sector declined for the 18th month in a row in <\/strong><strong>May<\/strong> as inflation continued to weigh on demand, according to the <a href=\"https:\/\/ent.news\/2022\/6\/PMI-May-2022.pdf\">S&P Global purchasing managers\u2019 index survey (pdf)<\/a>. Business activity contracted at a slightly slower pace during the month, with the index inching up to 47.0 from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55e827e3-667f-4b12-a44d-b4c0b49a7efd\">46.9 in April<\/a>, remaining below the 50.0 mark that separates expansion from contraction.<\/p>\n<p><strong>New orders hit near two-year low:<\/strong> Input cost inflation rose at its quickest rate in six months due to rising commodity prices, a strengthening USD, and import restrictions, S&P Global said. This contributed to new orders falling to their lowest level since June 2020.<\/p>\n<p><strong>New import restrictions didn\u2019t help:<\/strong> The requirement to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">use letters of credit<\/a> (L\/Cs) and the banning of some foreign goods due to certification issues tightened supply for some firms and caused customs delays. Suppliers\u2019 delivery times deteriorated for the seventh consecutive month.<\/p>\n<p><strong>REMEMBER-<\/strong> Manufacturers, wholesalers, and importers of production inputs were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab68cacf-c20e-42a2-ac2d-702444d802ba\">exempted<\/a> from the L\/Cs requirement in early May.<\/p>\n<p><strong>Firms continued to cut back on staff but at a lesser rate than in April<\/strong>, which saw the biggest fall in employment in a year.<\/p>\n<p><strong>All of this caused sentiment to hit its second-lowest level on record:<\/strong> \u201cWhile businesses remained on balance positive that output will rise over the next 12 months, there were increased concerns that inflationary pressures will limit growth,\u201d S&P wrote.<\/p>\n<p><strong>The international press is taking note:<\/strong> <a href=\"https:\/\/www.reuters.com\/markets\/egypt-private-sector-activity-extends-contraction-may-inflation-weighs-pmi-2022-06-05\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-05\/egyptian-businesses-trim-output-as-import-rules-inflation-weigh#xj4y7vzkg\">Bloomberg<\/a>.<\/p>\n<p><strong>ELSEWHERE IN THE REGION- <\/strong><\/p>\n<p><strong>Business activity in Saudi Arabia\u2019s non-oil private sector <\/strong><strong>continued to grow in May<\/strong>, recording 55.7 for the second consecutive month, according to the country\u2019s <a href=\"https:\/\/ent.news\/2022\/6\/PMI-Saudi-Arabia-May-2022.pdf\">PMI (pdf)<\/a>. Backlogs saw their first increase since January 2020 amid constrained supply, while selling prices rose as businesses passed on higher input costs to clients.<\/p>\n<p><strong>Non-oil business in the UAE hit a five-month high in May<\/strong>, with the country\u2019s <a href=\"https:\/\/ent.news\/2022\/6\/UAE-May-PMI-SP-Global.pdf\">PMI<\/a><a href=\"https:\/\/ent.news\/2022\/6\/UAE-May-PMI-SP-Global.pdf\">(pdf)<\/a> recording 55.6, up from 54.6 in April. New orders and employment were both up, though backlogs began to build as businesses struggled to keep up with high demand and input cost inflation hit a 3.5-year high.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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\/pmi\/\">PMI<\/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=\"547014\" 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=\"547014\">\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\">ENTERPRISE ON THE ROAD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/private-sector-key-to-the-economys-green-transition-planning-minister\/\">\r\n                            Private sector key to the economy\u2019s green transition -Planning Minister                        <\/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\/06\/private-sector-key-to-the-economys-green-transition-planning-minister\/\" 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\/06\/private-sector-key-to-the-economys-green-transition-planning-minister\/')\">\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\/06\/private-sector-key-to-the-economys-green-transition-planning-minister\/\">\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=Private sector key to the economy\u2019s green transition -Planning Minister&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/private-sector-key-to-the-economys-green-transition-planning-minister\/\">\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\/06\/private-sector-key-to-the-economys-green-transition-planning-minister\/&title=Private sector key to the economy\u2019s green transition -Planning Minister\">\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=Private+sector+key+to+the+economy%E2%80%99s+green+transition+-Planning+Minister+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fprivate-sector-key-to-the-economys-green-transition-planning-minister%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\/06\/private-sector-key-to-the-economys-green-transition-planning-minister\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/154.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547015\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/private-sector-key-to-the-economys-green-transition-planning-minister\/154-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/154.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"154.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/154.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/154.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547014\" class=\"content-area-description single-story post-547014 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-on-the-road tag-enterprise-on-the-road tag-enterpriseam tag-infrastructure 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>Private sector investment and participation will be a cornerstone of the government\u2019s <\/strong><strong>push to transition to a green economy<\/strong>, Planning Minister Hala El Said suggested at the Islamic Development Bank\u2019s annual meetings in Sharm El Sheikh this past weekend. We were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/adab6889-a105-45a7-9be6-37f9f42cc243\">flies on the wall<\/a> at the event, which acted as something of a teaser on climate policy ahead of COP27 in November.<\/p>\n<p><strong>Gov\u2019t to business: If you want to help us <\/strong><strong>transition to a greener economy, the state is ready to work with you.<\/strong> As the government prepares its new green hydrogen and water resources strategies, El Said said, it\u2019s also reviewed investment regulation and has already signed agreements with several international firms on hydrogen pilot projects. Inclusive growth and the core principle of \u201cleaving no one behind\u201d are part and parcel of its policies, she said.<\/p>\n<p><strong>Investors in green projects get perks: <\/strong>El Said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35c214ad-e38d-410d-ba79-5d20949e274b\">highlighted recent tax breaks<\/a> announced for projects in key green industries including green hydrogen and green ammonia \u2014 and reiterated <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">statements<\/a> by Prime Minister Madbouly that more incentives are in the pipeline. Green projects should account for 30% of state investments next fiscal year and half of all state investments the year after through cooperation with the private sector, she added.<\/p>\n<p><strong>Public Enterprises Ministry offers projects to private sector: <\/strong>At a private sector forum held on the sidelines of the IsDB meetings, Public Enterprises Minister Hesham Tawfik presented investment opportunities to private firms to partner with government in sectors including EVs, fertilizers, hotel and real estate development, agriculture, and pharma manufacturing, according to <a href=\"https:\/\/alborsaanews.com\/2022\/06\/05\/1546817\">Al Borsa<\/a>.<\/p>\n<p><strong>The IsDB meetings also saw the government and local private sector players sign a total of 13 agreements<\/strong>, including six MoUs between the IsDB\u2019s <a href=\"https:\/\/icd-ps.org\/\">Islamic Corporation for the Development of the Private Sector<\/a> and Sarwa Capital, FAB Egypt, and Faisal Islamic Bank to issue sukuk, on-lend to SMEs, and spur private sector involvement in the economy.<\/p>\n<p><strong>But a focus on policy \u2014 rather than individual projects \u2014 is paramount, noted El Said and other ministry reps during the meeting: <\/strong>Another resounding note struck during the meeting was the ministry\u2019s move away from setting up individual projects to focus on key policies needed to drive the COP27 policy direction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9248f059-1af9-4bd6-b271-5a9316250186\">towards real implementation<\/a> and away from empty platitudes seen during COP26.<\/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\/enterprise-on-the-road\/\">ENTERPRISE ON THE ROAD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547016\" 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=\"547016\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/elsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables\/\">\r\n                            Elsewedy Electric targets USD 1.5 bn investment in African renewables                        <\/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\/06\/elsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables\/\" 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\/06\/elsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables\/')\">\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\/06\/elsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables\/\">\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=Elsewedy Electric targets USD 1.5 bn investment in African renewables&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/elsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables\/\">\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\/06\/elsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables\/&title=Elsewedy Electric targets USD 1.5 bn investment in African renewables\">\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=Elsewedy+Electric+targets+USD+1.5+bn+investment+in+African+renewables+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Felsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables%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\/06\/elsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/155.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547017\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/elsewedy-electric-targets-usd-1-5-bn-investment-in-african-renewables\/155-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/155.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"155.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/155.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/155.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547016\" class=\"content-area-description single-story post-547016 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-elsewedy-electric tag-energy tag-enterpriseam tag-investment-watch tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Elsewedy <\/strong><strong>Electric could invest as much as USD 1.5 bn in three renewable energy <\/strong><strong>projects <\/strong><strong>in<\/strong><strong> Africa before the end of the year<\/strong>, CEO Ahmed Elsewedy told us, confirming reports by <a href=\"https:\/\/bit.ly\/3tg69wi\">Hapi Journal<\/a>.<\/p>\n<p><strong>Nothing is set in stone: <\/strong>Elsewedy cautioned that the group\u2019s future plans are still under consideration, adding that no commitments have yet been signed. The push comes as part of a wider plan to launch renewable projects in as many as 10 African countries.<\/p>\n<p><strong>The company has a number of green projects in Egypt in the pipeline. <\/strong>It is:<\/p>\n<ul>\n<li>Working with the government to build 28 <strong>EV charging stations in Sharm El Sheikh<\/strong> ahead of the COP27 summit in November;<\/li>\n<li>Studying the establishment of a USD 400 mn, 300-MW <strong>solar energy project in the new Ain Sokhna economic zone<\/strong>, which it could take on solo or work on as part of a consortium;<\/li>\n<li>Collaborating with the government on a <strong>EGP 1 bn factory to produce water-saving sprinklers<\/strong>, localizing a product that is usually imported. The factory should come online in July.<\/li>\n<\/ul>\n<p><strong>Regional expansion ahead: <\/strong>The company is investing an undisclosed amount to expand in Egypt, the Gulf, Africa, Latin America, Pakistan, and Indonesia, and is working to up capacity at its existing cable factories, Elsewedy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f95a48e2-a49a-4837-836b-71c766b6414c\">told us recently<\/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\/elsewedy-electric\/\">Elsewedy Electric<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547018\" 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=\"547018\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/mps-get-inside-track-on-uae-egypt-jordan-industrial-partnership-new-tax-breaks-may-be-in-store-for-some-industries\/\">\r\n                            MPs get inside track on UAE-Egypt-Jordan industrial partnership + new tax breaks may be in store for some industries                        <\/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\/06\/mps-get-inside-track-on-uae-egypt-jordan-industrial-partnership-new-tax-breaks-may-be-in-store-for-some-industries\/\" 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\/06\/mps-get-inside-track-on-uae-egypt-jordan-industrial-partnership-new-tax-breaks-may-be-in-store-for-some-industries\/')\">\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\/06\/mps-get-inside-track-on-uae-egypt-jordan-industrial-partnership-new-tax-breaks-may-be-in-store-for-some-industries\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=MPs get inside track on UAE-Egypt-Jordan industrial partnership + new tax breaks may be in store for some industries&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/mps-get-inside-track-on-uae-egypt-jordan-industrial-partnership-new-tax-breaks-may-be-in-store-for-some-industries\/\">\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\/06\/mps-get-inside-track-on-uae-egypt-jordan-industrial-partnership-new-tax-breaks-may-be-in-store-for-some-industries\/&title=MPs get inside track on UAE-Egypt-Jordan industrial partnership + new tax breaks may be in store for some industries\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=MPs+get+inside+track+on+UAE-Egypt-Jordan+industrial+partnership+%2B+new+tax+breaks+may+be+in+store+for+some+industries+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fmps-get-inside-track-on-uae-egypt-jordan-industrial-partnership-new-tax-breaks-may-be-in-store-for-some-industries%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\/06\/mps-get-inside-track-on-uae-egypt-jordan-industrial-partnership-new-tax-breaks-may-be-in-store-for-some-industries\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547018\" class=\"content-area-description single-story post-547018 post type-post status-publish format-standard hentry category-manufacturing tag-enterpriseam tag-manufacturing tag-nevine-gamea tag-trade-and-industry-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-06\"><\/a> <strong>The industrial partnership agreed between Egypt, the UAE, and Jordan <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\">last week<\/a><\/strong><strong> aims to <\/strong><strong>set up a total of 27 joint projects over three separate implementation phases<\/strong>, Trade and Industry Minister Nevine Gamea told MPs in a plenary session yesterday.<\/p>\n<p><strong>The stages:<\/strong> The first step in implementing the joint projects \u201cis focused on achieving integration between the three countries,\u201d with a focus on food security and pharma manufacturing, Gamea said. The second stage is designed to \u201clocalize certain industries and raise their competitiveness, while the third is related to achieving long-term growth in medium-scale industries,\u201d the minister said, without disclosing the expected time frame for each stage.<\/p>\n<p><strong>The partnership comes as the Madbouly government is working on streamlining procedures for industrial investors<\/strong>, Gamea said, pointing to a newly-formed committee mandated with pricing and allocating industrial lands. The committee, whose board is chaired by the Industrial Development Authority, has been tasked with ensuring that industrial investors have a streamlined process that goes through one authority. Any investor request for industrial land is reviewed within a maximum of 20 days, the minister noted. \u201cAs a result of these new steps, 79 investors have been allocated a combined 760k sqm of industrial land\u201d since the committee was formed last month, according to Gamea.<\/p>\n<p><strong>WATCH THIS SPACE- The Madbouly government is also preparing fresh tax breaks for certain industries to boost their export capacity through a new Investment Act<\/strong> that is currently in the works, Gamea said. Madbouly had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">said last month<\/a> that his government is aiming to boost exports to USD 100 bn per year within five years as part of the government\u2019s plan to increase the private sector\u2019s role in the economy. The Trade and Industry Ministry has produced a list of sectors in which it is prioritizing domestic manufacturing, as we previously reported in <a href=\"https:\/\/enterprise.press\/industries\/egypt-moves-forward-import-substitution-strategy-sectors-focus-shift-local-manufacturing\/\">Inside Industry<\/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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nevine-gamea\/\">Nevine Gamea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade-and-industry-ministry\/\">Trade and Industry 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=\"547019\" 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=\"547019\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/547019\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547019\" class=\"content-area-description single-story post-547019 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>Moharram & Partners for Public Affairs and Strategic Communications (M&P) is the<strong> \u201cbusiness to government (B2G) meetings partner\u201d<\/strong> at <a href=\"https:\/\/africahealthexcon.com\/\">#AfricaHealthExcon2022<\/a><\/p>\n<p>To schedule bilateral meetings \/ consultation sessions with senior decision makers and government officials on the sidelines of the conference, please email: exconb2g@moharram-partners.com, or 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=\"547020\" 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=\"547020\">\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\/06\/efg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance\/\">\r\n                            EFG Hermes Corp-Solutions closes EGP 500 mn bond issuance                        <\/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\/06\/efg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance\/\" 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\/06\/efg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance\/')\">\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\/06\/efg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance\/\">\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 Hermes Corp-Solutions closes EGP 500 mn bond issuance&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/efg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance\/\">\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\/06\/efg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance\/&title=EFG Hermes Corp-Solutions closes EGP 500 mn bond issuance\">\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+Hermes+Corp-Solutions+closes+EGP+500+mn+bond+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fefg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance%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\/06\/efg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/157.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547021\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/efg-hermes-corp-solutions-closes-egp-500-mn-bond-issuance\/157-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/157.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"157.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/157.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/157.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547020\" class=\"content-area-description single-story post-547020 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-bonds tag-debt-watch tag-efg-hermes tag-efg-hermes-corp-solutions tag-enterpriseam tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>EFG Hermes Corp-Solutions has closed an EGP 500 mn bond issuance that the company said is the first component of a \u201cwider EGP 3 bn bond program\u201d<\/strong> for the leasing and factoring player. EFG Hermes investment banking division announced the close of the transaction in a <a href=\"https:\/\/ent.news\/2022\/6\/EFG-Hermes-x-Corp-Solutions-Bond-Issuance-PRL-English-1.pdf\">statement (pdf)<\/a> out yesterday.<\/p>\n<p><strong>What they said:<\/strong> \u201cThis issuance is part and parcel of our strategy to deepen our presence in the market, allowing us to finance our operational growth targets and execute on plans to expand and diversify both our leasing and factoring service offerings to reach a wider segment [of] clients looking for sources of alternative corporate financing,\u201d CEO Talal El Ayat said.<\/p>\n<p><strong>EFG Hermes\u2019 MD for debt capital markets, Maie Hamdy, sees investor interest in bonds is picking up: <\/strong>\u201cWith the CBE hiking interest rates to curb inflationary pressures, the need for alternative corporate financing solutions continues to grow in tandem in our home market. At the same time, bonds in every corner of the global debt market are recovering as investors turn toward fixed-income assets once again.\u201d<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes was the sole financial advisor, transaction manager, bookrunner, underwriter, and arranger on the issuance. Dreny & Partners acted as legal advisor and KPMG audited the issuance.<\/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\/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\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes-corp-solutions\/\">EFG Hermes Corp Solutions<\/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=\"547022\" 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=\"547022\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/547022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547022\" class=\"content-area-description single-story post-547022 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=\"547023\" 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=\"547023\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/last-nights-talk-shows-personal-status-act-progress-no-war-related-losses-for-suez-canal\/\">\r\n                            Last Night\u2019s Talk Shows: Personal Status Act progress + No war-related losses for Suez Canal                        <\/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\/06\/last-nights-talk-shows-personal-status-act-progress-no-war-related-losses-for-suez-canal\/\" 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\/06\/last-nights-talk-shows-personal-status-act-progress-no-war-related-losses-for-suez-canal\/')\">\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\/06\/last-nights-talk-shows-personal-status-act-progress-no-war-related-losses-for-suez-canal\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: Personal Status Act progress + No war-related losses for Suez Canal&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/last-nights-talk-shows-personal-status-act-progress-no-war-related-losses-for-suez-canal\/\">\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\/06\/last-nights-talk-shows-personal-status-act-progress-no-war-related-losses-for-suez-canal\/&title=Last Night\u2019s Talk Shows: Personal Status Act progress + No war-related losses for Suez Canal\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Personal+Status+Act+progress+%2B+No+war-related+losses+for+Suez+Canal+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Flast-nights-talk-shows-personal-status-act-progress-no-war-related-losses-for-suez-canal%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\/06\/last-nights-talk-shows-personal-status-act-progress-no-war-related-losses-for-suez-canal\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547023\" class=\"content-area-description single-story post-547023 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-covid-19 tag-enterpriseam tag-last-nights-talk-shows tag-mokattam-corniche tag-osama-rabie tag-personal-status-act tag-russia-ukraine-conflict tag-suez-canal tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the airwaves last night: The <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bc099cd-01c9-40df-918f-379b20926693\">new committee<\/a><\/strong><strong> tasked with redrafting the <\/strong><strong>Personal Status Act. <\/strong>Minister of Justice Omar Marwan <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/467444\/Egypt\/Politics-\/Minister-of-Justice-orders-formation-of-legal,-jud.aspx\">issued a decree yesterday<\/a> forming the judicial committee tasked with drafting a new version of the Personal Status Act. The ten-strong committee includes two women judges and is tasked with outlining the legislation within four months. Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=8d4a2ur75ns\">watch, runtime: 4:47<\/a>) and Mas\u2019aa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=aONVueRcI9E\">watch, runtime: 11:19<\/a>) gave the news major billing.<\/p>\n<p><strong>The committee\u2019s line-up <\/strong><strong><a href=\"https:\/\/bit.ly\/3aynlac\">received praise<\/a><\/strong><strong> from the National Council for Women,<\/strong> with council head Maya Morsy saying she has full confidence in it to draft a \u201cbalanced and fair law\u201d that preserves \u201cfamily cohesion and stability.\u201d Controversial amendments to a previous bill, which critics argued would curb women\u2019s rights and legal protections, were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91cf3226-5bd2-467e-bf88-05b55aad3330\">shelved<\/a>by the House last year after backlash.<\/p>\n<p><strong>AND- Suez Canal shakes off war in Ukraine: <\/strong>LNG tankers coming from the Gulf and the south towards Europe have \u201ccompensated and even overcome the loss of [maritime] traffic from the Black Sea\u201d due to war in Ukraine, Suez Canal Authority head Osam Rabie told Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=nfyxcltI6VE\">watch, runtime: 1:58<\/a>). The canal is <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypt-expects-suez-canal-revenues-hit-7-bln-by-end-fiscal-year-minister-2022-05-21\/\">still targeting<\/a> USD 7 bn in revenues by the end of the current fiscal year in June, Rabie told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=ZN_p8NEpHbo\">watch, runtime: 3:07<\/a>)<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>Egypt will provide 30 mn covid-19 vaccines to African states<\/strong> in partnership with the African Union, President Abdel Fattah El Sisi announced (<a href=\"https:\/\/www.youtube.com\/watch?v=xiuKydiN02Y\">watch, runtime: 3:08<\/a>) during the <a href=\"https:\/\/africahealthexcon.com\/\">Africa Health ExCon<\/a>. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=PtwUyuoEa3A\">watch, runtime: 5:47<\/a>)<\/li>\n<li><strong>More details on Mokattam Corniche\u2019s new look: <\/strong>Public Enterprises Minister Hesham Tawfik spoke with Amr Adib about the five-year, EGP 32 bn development plan for the area. (El Hekaya | <a href=\"https:\/\/www.youtube.com\/watch?v=BhYy0gvwHdo\">watch, runtime: 8:14<\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mokattam-corniche\/\">Mokattam Corniche<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/osama-rabie\/\">Osama Rabie<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/personal-status-act\/\">Personal Status Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/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=\"547024\" 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 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class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-9jely3z\" data-v=\"4\" data-block-id=\"9jely3z\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-9jely3z-container stk--no-background 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alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" 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   \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/egypt-in-the-news-economy-in-the-spotlight-women-break-into-advertising-fatwas\/\">\r\n                            Egypt in the News: Economy in the spotlight + Women break into advertising + fatwas                        <\/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                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in the News: Economy in the spotlight + Women break into advertising + fatwas\">\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+in+the+News%3A+Economy+in+the+spotlight+%2B+Women+break+into+advertising+%2B+fatwas+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fegypt-in-the-news-economy-in-the-spotlight-women-break-into-advertising-fatwas%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\/06\/egypt-in-the-news-economy-in-the-spotlight-women-break-into-advertising-fatwas\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547025\" class=\"content-area-description single-story post-547025 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-debt tag-economy tag-enterpriseam tag-israel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>There\u2019s a smattering of economy stories on Egypt in the international press this morning.<\/strong> On the upside, <a href=\"https:\/\/qz.com\/2172960\/europes-gas-crisis-is-a-huge-windfall-for-egypt\/\">Quartz<\/a> says Europe\u2019s gas crisis amid its ban on Russian energy could be a \u201cwindfall\u201d for us as we angle to become a major exporter to the continent. Striking a darker note is political analyst Maged Mandour, who writes for <a href=\"https:\/\/carnegieendowment.org\/sada\/87232\">Carnegie<\/a> that a \u201cweak\u201d private sector and high debt levels hinder our economy\u2019s competitiveness.<\/p>\n<p><strong>Some good news on the gender equality front:<\/strong> Egyptian ads are abandoning traditional gender stereotypes and often misogynistic portrayals of women as a younger generation takes the reins on the industry, the <a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/06\/03\/egyptian-advertisements-reflect-a-changing-society\/\">National<\/a> says, while <a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/05\/egypt-launches-first-womens-fatwa-councils\">Al-Monitor<\/a> reports that women are flocking to to seek religious rulings from women preachers newly authorized to issue fatwas.<\/p>\n<p><strong>Imprisoned activist Alaa Abdel Fattah is still on hunger strike<\/strong>, with his his family urging the British government to intervene after he gained UK citizenship in mid-April. (<a href=\"https:\/\/www.theguardian.com\/world\/2022\/jun\/05\/britain-must-end-its-silence-on-egyptian-hunger-striker-alaa-abd-el-fattah-family-demand\">The Guardian<\/a>)<\/p>\n<p><strong>Also making headlines: <\/strong><a href=\"https:\/\/foreignpolicy.com\/2022\/06\/03\/egypt-israel-peace-sinai-islamic-state-military-terrorism-treaty\/\">Foreign Policy<\/a> has an insipid piece about demilitarization of Sinai, <a href=\"https:\/\/www.newsweek.com\/egyptian-court-upholds-prison-sentence-girl-over-obscene-tiktok-videos-1712742\">Newsweek<\/a> is talking about jailtime for Tik-Tokers, and <a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/06\/egypt-nominate-fossil-hotspot-unescos-list\">Al-Monitor<\/a> is talking about fossils in Fayoum.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/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=\"547026\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547027\" 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=\"547027\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/new-eu-funding-for-food-security-headed-to-silos-agri-smes\/\">\r\n                            New EU funding for food security headed to silos + agri-SMEs                        <\/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\/06\/new-eu-funding-for-food-security-headed-to-silos-agri-smes\/\" 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\/06\/new-eu-funding-for-food-security-headed-to-silos-agri-smes\/')\">\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\/06\/new-eu-funding-for-food-security-headed-to-silos-agri-smes\/\">\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 EU funding for food security headed to silos + agri-SMEs&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/new-eu-funding-for-food-security-headed-to-silos-agri-smes\/\">\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\/06\/new-eu-funding-for-food-security-headed-to-silos-agri-smes\/&title=New EU funding for food security headed to silos + agri-SMEs\">\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+EU+funding+for+food+security+headed+to+silos+%2B+agri-SMEs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fnew-eu-funding-for-food-security-headed-to-silos-agri-smes%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\/06\/new-eu-funding-for-food-security-headed-to-silos-agri-smes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547027\" class=\"content-area-description single-story post-547027 post type-post status-publish format-standard hentry category-also-on-our-radar tag-alcazar-energy tag-also-on-our-radar tag-commodities tag-development-finance tag-dumping-fees tag-enterpriseam tag-eu tag-investment-watch tag-real-estate tag-renewable-energy tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EU funding to bolster wheat storage capacity, small farmers:<\/strong> The EUR 100 mn in food security funding <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cd427aa-f06b-4054-ad8f-a96bc1c9de6a\">announced by the EU<\/a> in April will go towards upgrading Egypt\u2019s wheat storage capacity and supporting SMEs in the agricultural sector, EU Commissioner for Neighbourhood and Enlargement Oliv\u00e9r V\u00e1rhelyi <a href=\"https:\/\/twitter.com\/OliverVarhelyi\/status\/1532040635779371009\">said on social media<\/a> last week following his visit to Cairo. Three-quarters of the money will be spent on new siloes that will enable Egypt to store another 300k tons of wheat, and the remaining EUR 25 mn will fund ins. schemes and machinery for small farmers.<\/p>\n<p><strong>We could receive another USD 117.5 mn for upping storage capacity<\/strong> if the World Bank approves a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bbb7936-ae6f-4b29-80b5-4ac3132946f5\">USD 500 mn food security programme<\/a> that would also allow us to import another 700k tons of wheat.<\/p>\n<p><strong>SPEAKING OF WORLD BANK SUPPORT- Foreign Minister Sameh Shoukry sat <\/strong><strong>down with visiting WB executives<\/strong> to discuss the potential support the bank could offer to help us get through the volatility spurred by war in Ukraine, according to a <a href=\"https:\/\/bit.ly\/3tg9bB4\">Foreign Ministry<\/a> statement. Shoukry laid out at the meeting the government's plan to attract investment, develop the EGX, and help citizens through the crisis, the statement read.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Customers of microfinance platform <strong>Tanmeyah<\/strong> can now make payments through <strong>Fawry <\/strong>after the two companies signed an agreement. (<a href=\"https:\/\/bit.ly\/3wVuJno\">Al Mal<\/a>)<\/li>\n<li><strong>The Trade Ministry<\/strong> has extended anti-dumping duties on <strong>Turkish<\/strong>, <strong>Chinese<\/strong> and <strong>Ukrainian iron imports<\/strong> for another year. (<a href=\"https:\/\/ent.news\/2022\/6\/Dumping-fines.pdf\">Statement, pdf<\/a>)<\/li>\n<li>UAE-based renewables fund manager <strong><a href=\"https:\/\/alcazarenergy.com\/\">Alcazar Energy<\/a><\/strong> wants to partner with our government on <strong>solar, wind, green hydrogen, and green desalination projects<\/strong>. (<a href=\"https:\/\/bit.ly\/3zj6y5e\">Cabinet statement<\/a>)<\/li>\n<li>Real estate developer<strong> Egics Development <\/strong>is investing EGP 450 mn in the Egyptian market, starting with a project in the <strong>new administrative capital<\/strong>. (<a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/egics-development-to-invest-1bln-pounds-in-the-new-administrative-capital-a9uya84k\">Zawya<\/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\/alcazar-energy\/\">Alcazar Energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dumping-fees\/\">dumping fees<\/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\/investment-watch\/\">investment watch<\/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\/renewable-energy\/\">renewable energy<\/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=\"547028\" 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=\"547028\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil\/\">\r\n                            Markets shrug after OPEC ups oil supply increases + the US turns to foes for oil                        <\/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\/06\/markets-shrug-after-opec-ups-oil-supply-increases-the-us-turns-to-foes-for-oil\/\" 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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This came after <a href=\"https:\/\/www.theguardian.com\/us-news\/2022\/mar\/13\/white-house-us-joe-biden-oil-output-prices-saudi-arabia-uae\">weeks of lobbying<\/a> from the US to convince cartel linchpin Saudi Arabia to ramp up production in response to falling Russian output.<\/p><p><strong>This didn\u2019t stop oil prices from rising:<\/strong> Brent crude rose back above USD 116 a barrel on Thursday as traders digested the news that supply will return to previous levels after August \u2014 and was trading above USD 120 as of early this morning.<\/p><p><strong>Washington is turning to its adversaries to calm oil prices:<\/strong> The US could allow Venezuela and Iran to export more oil as it looks to bring down prices and ease pressure on Europe, which is trying to find alternative suppliers after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2bba3fbb-ced2-4d4c-b456-b7b8c8179395\">pledging to ban Russian crude<\/a>, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-05\/us-may-allow-more-iran-oil-to-flow-even-without-deal-says-vitol?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/energy\/exclusive-us-let-eni-repsol-ship-venezuela-oil-europe-debt-sources-2022-06-05\/\">Reuters<\/a>.<\/p><p><strong>MEANWHILE IN GAS- LNG shipping rates are soaring:<\/strong> Shipowners are charging almost their highest rates in a decade to charter LNG tankers as sanctions on Russia cause energy companies to scramble to secure shipping capacity months ahead of winter. (<a href=\"https:\/\/www.ft.com\/content\/bc66773f-b1fb-4105-83c6-582a2c7735cb\">Financial Times<\/a>)<\/p><p><strong>Also worth noting:<\/strong><\/p><ul>\n<li><strong>Has the USD \u201ctopped out\u201d? <\/strong>The USD has dropped 2% from last month\u2019s peak, leaving some analysts wondering whether the US economy is as strong as it seems and if the US central bank could be forced to slow its tightening cycle. (<a href=\"https:\/\/www.wsj.com\/articles\/dollars-climb-stalls-amid-mixed-economic-signals-11654376147?mod=hp_lead_pos1\">Wall Street Journal<\/a>)<\/li>\n<li><strong>PIF to buy stake in Jordan\u2019s Capital Bank Group: <\/strong>The Saudi sovereign wealth is acquiring a 24% stake (63 mn shares) in one of the Middle East\u2019s biggest banking groups for USD 185 mn. (<a href=\"https:\/\/www.pif.gov.sa\/en\/Pages\/NewsDetails.aspx?NewsId=213\">Statement<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,986<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -16.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.60<\/p>\n<\/td>\n<td>\n<p>Sell 18.68<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.62<\/p>\n<\/td>\n<td>\n<p>Sell 18.68<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,656<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +12.2%)<\/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>9,837<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +15.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,387<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +6.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,109<\/p>\n<\/td>\n<td>\n<p>-1.6% (YTD: -13.8%)<\/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>3,784<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -12.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 121.38<\/p>\n<\/td>\n<td>\n<p>+1.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.85<\/p>\n<\/td>\n<td>\n<p>+3.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,855<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 29,942<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -35.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 347 mn (58.8% below the 90-day average). Local investors were net buyers. The index is down 16.4% YTD.<\/p><p><strong>In the green: <\/strong>Ezz Steel (+6.3%), MM Group (+6.1%) and Heliopolis Housing (+1.8%).<\/p><p><strong>In the red: <\/strong>Orascom Construction (-2.6%), Orascom Development Egypt (-2.2%) and EFG Hermes (-2.2%).<\/p><p><strong>Asian markets are in the red this morning <\/strong>with the exception of Seoul\u2019s Kospi. Futures suggest a brighter picture on Wall Street when it opens later in the day, while European markets look set for a more mixed start to the day\u2019s trading.<\/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\/capital-bank\/\">Capital Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pif\/\">PIF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547029\" 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=\"547029\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/gafi-head-talks-upping-investment-with-qatari-businessmen\/\">\r\n                            GAFI head talks upping investment with Qatari businessmen                        <\/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\/06\/gafi-head-talks-upping-investment-with-qatari-businessmen\/\" 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\/06\/gafi-head-talks-upping-investment-with-qatari-businessmen\/')\">\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\/06\/gafi-head-talks-upping-investment-with-qatari-businessmen\/\">\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=GAFI head talks upping investment with Qatari businessmen&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/06\/gafi-head-talks-upping-investment-with-qatari-businessmen\/\">\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\/06\/gafi-head-talks-upping-investment-with-qatari-businessmen\/&title=GAFI head talks upping investment with Qatari businessmen\">\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=GAFI+head+talks+upping+investment+with+Qatari+businessmen+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F06%2Fgafi-head-talks-upping-investment-with-qatari-businessmen%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\/06\/gafi-head-talks-upping-investment-with-qatari-businessmen\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547029\" class=\"content-area-description single-story post-547029 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-gafi tag-investment-watch tag-qatar wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Qatari investment headed our way? <\/strong>GAFI head Mohamed Abdel Wahab met with members of the Qatari Business Association (QBA) in Doha to discuss potential investment in our petrochemicals, financial services, logistics, real estate, tourism, tech, energy, food, and agriculture sectors among others, state-owned <a href=\"https:\/\/www.qna.org.qa\/en\/News-Area\/News\/2022-06\/05\/0061-qatari-businessmen-association-discuss-investment-opportunities-in-egypt\">Qatar News Agency (QNA)<\/a> reported. Abdel Wahab presented the Qatari businessmen with several specific (though unnamed) investment opportunities in Egypt, according to QNA.<\/p>\n<p><strong>REMINDER- After months of warming ties, Qatar has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">promised to invest USD 5 bn here<\/a><\/strong> \u201cin the coming period\u201d as we grapple with the impact of surging food and energy prices on the back of Russia\u2019s war in Ukraine.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"547030\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">13<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/as-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market\/\">\r\n                            As a sector, the normally-defensive education industry is tracking the wider market<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/as-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market\/\" 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\/blackboards\/as-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market\/')\">\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\/blackboards\/as-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market\/\">\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=As a sector, the normally-defensive education industry is tracking the wider market&url=https:\/\/enterpriseam.com\/egypt\/blackboards\/as-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market\/\">\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\/blackboards\/as-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market\/&title=As a sector, the normally-defensive education industry is tracking the wider market\">\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=As+a+sector%2C+the+normally-defensive+education+industry+is+tracking+the+wider+market+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fblackboards%2Fas-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/as-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/159.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"547031\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/as-a-sector-the-normally-defensive-education-industry-is-tracking-the-wider-market\/159-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/159.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"159.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/159.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/159.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547030\" class=\"content-area-description post-547030 blackboard type-blackboard status-publish has-post-thumbnail hentry tag-caed tag-cira-education tag-education tag-egx tag-enterprise-blackboard tag-enterpriseam tag-scts tag-taaleem wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>In times of crisis (or when the going simply gets tough), plenty of investors <\/strong><strong>look to <\/strong><strong>so-called \u201cdefensive\u201d sectors \u2014 shares of companies that are a bit less likely to fall off a cliff <\/strong>at the first sign that an economy might catch a cold. Defensive stocks may not offer crazy price appreciation, but conventional wisdom has it that a \u201cgood\u201d defensive name is one in which you\u2019re a lot less likely to lose your shirt when the stock market goes south.<\/p>\n<p><strong>Among the shares investors tend to think of as \u201cdefensive\u201d: Education<\/strong>, alongside healthcare and some consumer staples \u2014 companies that produce food, beverages and other things people need to buy every day, regardless of how well the economy is doing.<\/p>\n<p><strong>The problem here in Omm El Donia: Education shares haven\u2019t exactly lived up to their <\/strong><strong>reputation. <\/strong>Four issuers are badged as education by the EGX. They\u2019re moving in tandem with the wider market \u2014 down 16.0% year-to-date according to EGX data, compared to -16.4% for the benchmark EGX 30 in the same period. By comparison, the sector <a href=\"https:\/\/enterprise.press\/blackboards\/education-stocks-weathered-covid-19-storm-equity-markets-dragged-industries\/\">weathered the storm<\/a> that was the peak of covid-19.<\/p>\n<p><strong>How does that compare to other defensive industries? <\/strong>EGX-listed healthcare and pharma shares are together down 13.0% year-to-date, while food, beverages, and tobacco is down just 8.1%. EGX-listed banks \u2014 not a defensive sector, but broadly considered a bellwether for the economy \u2014 are down 17.1% YTD.<\/p>\n<p><strong>Let\u2019s dive a bit deeper: Meet Egypt\u2019s listed education companies. <\/strong>Industry leader<strong> CIRA<\/strong> operates K-12 schools Mavericks and Futures, as well as Badr University, and leads the sector with a market cap of some EGP 7 bn. Then there\u2019s <strong>Cairo for Educational Services<\/strong> (CAED, a CIRA subsidiary), the Suez Canal Company for Technology Settling (<strong>SCTS<\/strong>, which owns and operates the Sixth of October University) and <strong>Taaleem Management Services<\/strong>, which operates a university brand.<\/p>\n<p><strong>Taaleem has led the plunge. <\/strong>The company, which made its EGX debut last year, led all decliners in the sector by a wide margin, with its shares <a href=\"https:\/\/ent.news\/2022\/6\/TALM_share_price_2022YTD.png\">down 50.4% year-to-date<\/a>, according to market data. CIRA shares are <a href=\"https:\/\/ent.news\/2022\/6\/CIRA_share_price_2022YTD.png\">down just 10.8%<\/a> after a strong rally in mid-April (beating the EGX30\u2019s YTD return of -16.4%), while SCTS is <a href=\"https:\/\/ent.news\/2022\/6\/SCTS_share_price_2022YTD.png\">down 13.7% YTD<\/a>. The much more illiquid CAED bucked the trend, <a href=\"https:\/\/ent.news\/2022\/6\/CAED_share_price_2022YTD.png\">gaining 16.1%<\/a> so far this year.<\/p>\n<p><strong>How does this correlate to earnings quality? <\/strong><\/p>\n<ul>\n<li><strong>CIRA\u2019s bottom line rose 20%<\/strong> y-o-y to EGP 299 mn during 1H 2021-2022 (September-February), while its revenues were up 24.4% y-o-y to EGP 944 mn, according to <a href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/cira\/CIRA-Earnings-2Q22-E-Final.pdf\">its earnings release (pdf)<\/a> for the period. <\/li>\n<li><strong>SCTS <\/strong><strong><a href=\"https:\/\/static.mubasher.info\/File.Mix_Announcement_File\/03F7539C-5AFE-4E78-A01D-7A216B14B8B4.PDF\">reported (pdf)<\/a><\/strong><strong> a slight 1.7% y-o-y increase<\/strong> in its bottom line in its most recent quarter to EGP 218.76 mn, while revenues inched up 2.9% y-o-y to EGP 307.57 mn.<\/li>\n<li><strong>CAED saw net income rise 11.4% y-o-y<\/strong> in 2Q 2021-2022 to EGP 11.12 mn, while its revenues rose 16.9% y-o-y to EGP 28.62 mn, its <a href=\"https:\/\/static.mubasher.info\/File.Mix_Announcement_File\/33650F24-8615-4E1C-B89D-9A925E5183CD.pdf\">financials (pdf)<\/a> show.<\/li>\n<li><strong>Taaleem saw a muted 8% y-o-y increase in its bottom line<\/strong> in 1H 2021-2022, sapped by a weaker second quarter. Revenue was up 5% year-on-year in the half to EGP 334 mn.<\/li>\n<\/ul>\n<p><strong>Education providers admit they\u2019ve been squeezed by higher prices:<\/strong> We reported <a href=\"https:\/\/enterprise.press\/blackboards\/private-schools-egypt-feeling-pinch-inflation\/\">back in<\/a><a href=\"https:\/\/enterprise.press\/blackboards\/private-schools-egypt-feeling-pinch-inflation\/\">February<\/a> on private schools\u2019 struggles meeting additional CAPEX costs on the back of rising inflation. CIRA, for example, faced higher direct operating costs during 1H 2021-2022, including higher wages, maintenance costs, and other expenses related to its newly developed schools, according to its <a href=\"https:\/\/ent.news\/2022\/4\/CIRA-Earnings-2Q22-E-Final.pdf\">earnings release (pdf)<\/a>. At the same time, the company previously said that it has \u201cbeen diligent in implementing an effective cost control model across all of our business units to mitigate the effect of current global and local economic conditions on our operations.\u201d For Taaleem, the strategy has been similar, despite its weaker earnings turnout. The company imposed cost controls to maintain its margins, as Nahda University in Beni Suef saw a slight fall in enrollment, it said in its earnings statement.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>The Education Ministry<\/strong> <a href=\"https:\/\/www.facebook.com\/egyptcfi\/posts\/pfbid033imKFkyvUrcWmYBQyne4RvwPtASi4o7sT2ivfceBkSYBMs5nGgYAyFqBwsdbq8mul\">has signed a cooperation protocol<\/a> with the Federation of Egyptian Industries\u2019 food division to <strong>upskill students in food processing and agriculture<\/strong>.<\/li>\n<li><strong>Some British universities <\/strong><strong><a href=\"https:\/\/www.youm7.com\/story\/2022\/6\/3\/%D8%A7%D9%84%D8%AA%D8%B9%D9%84%D9%8A%D9%85-%D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%89-%D8%A8%D8%AD%D8%AB-%D8%B3%D8%A8%D9%84-%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%81%D9%89-%D9%85%D8%AC%D8%A7%D9%84-%D8%A7%D9%84%D8%AA%D8%B9%D9%84%D9%8A%D9%85-%D8%A8%D9%85%D8%B5%D8%B1-%D9%85%D8%B9\/5786613\">are looking<\/a><\/strong><strong> to increase academic cooperation and <\/strong><strong>investment <\/strong>in our higher education sector.<\/li>\n<li><strong>FRA affiliate Egyptian Institute of Directors (EIoD) has launched its first <\/strong><strong>masters program for <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/6\/%E2%80%8E%E2%81%A8%D8%A7%D9%94%D9%88%D9%84%D9%89-%D8%AF%D9%81%D8%B9%D8%A7%D8%AA-%D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC-%D8%A7%D9%84%D9%85%D8%A7%D8%AC%D8%B3%D8%AA%D9%8A%D8%B1-%D8%A7%D9%84%D9%85%D9%87%D9%86%D9%8A-%D9%81%D9%8A-%D8%AD%D9%88%D9%83%D9%85%D8%A9-%D9%82%D8%B7%D8%A7%D8%B9-%D8%A7%D9%84%D8%B1%D8%B9%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%B5%D8%AD%D9%8A%D8%A9%E2%81%A9.pdf\">healthcare sector governance (pdf)<\/a><\/strong>, with the aim of improving healthcare firms\u2019 access to funding.<\/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\/caed\/\">CAED<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/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\/scts\/\">SCTS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taaleem\/\">Taaleem<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"547032\" 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\/06\/547032\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547032\" class=\"content-area-description single-story post-547032 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>JUNE<\/strong><\/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>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: Egypt and Israel will <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-03\/eu-egypt-near-gas-supply-deal-in-shift-away-from-russia?sref=mmeFTDW1\">sign an agreement<\/a> with the EU to increase LNG exports.<\/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":547005,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547004","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"9124eb3a-9389-4c32-a598-c6e4db3187d3","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/7.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>The state\u2019s privatization program could focus on strategic stake sales while global volatility lasts -SFE\u2019s Soliman - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-states-privatization-program-could-focus-on-strategic-stake-sales-while-global-volatility-lasts-sfes-soliman\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The state\u2019s privatization program could focus on strategic stake sales while global volatility lasts -SFE\u2019s Soliman\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-states-privatization-program-could-focus-on-strategic-stake-sales-while-global-volatility-lasts-sfes-soliman\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:40:29+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/7.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-states-privatization-program-could-focus-on-strategic-stake-sales-while-global-volatility-lasts-sfes-soliman\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-states-privatization-program-could-focus-on-strategic-stake-sales-while-global-volatility-lasts-sfes-soliman\/\",\"name\":\"The state\u2019s privatization program could focus on strategic stake sales while global volatility lasts -SFE\u2019s Soliman - 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