{"id":547081,"date":"2022-06-08T04:21:08","date_gmt":"2022-06-08T04:21:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547081"},"modified":"2025-12-15T21:42:17","modified_gmt":"2025-12-15T21:42:17","slug":"world-bank-revises-upwards-its-egypt-growth-estimate-for-fy-2021-22-sounds-alarm-on-global-stagflation-threat","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/world-bank-revises-upwards-its-egypt-growth-estimate-for-fy-2021-22-sounds-alarm-on-global-stagflation-threat\/","title":{"rendered":"World Bank revises upwards its Egypt growth estimate for FY 2021-22, sounds alarm on global stagflation threat"},"content":{"rendered":"<section id=\"547083\" 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=\"547083\">\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\/08\/this-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe\/\">\r\n                            THIS MORNING: Back to the 70s for the global economy + USB-C is king in Europe                        <\/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\/08\/this-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe\/\" 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\/08\/this-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe\/')\">\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\/08\/this-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe\/\">\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: Back to the 70s for the global economy + USB-C is king in Europe&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/this-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe\/\">\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\/08\/this-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe\/&title=THIS MORNING: Back to the 70s for the global economy + USB-C is king in Europe\">\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+Back+to+the+70s+for+the+global+economy+%2B+USB-C+is+king+in+Europe+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Fthis-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe%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\/08\/this-morning-back-to-the-70s-for-the-global-economy-usb-c-is-king-in-europe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547083\" class=\"content-area-description single-story post-547083 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-apple tag-economy tag-enterpriseam tag-stagflation tag-what-were-tracking-today tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, lovely people, and welcome to almost-THURSDAY<\/strong>, the only name we know of for this day of the week.<\/p>\n<p><strong>The BIG STORY ABROAD and the BIG STORY here at home are in sync this morning: The World Bank is warning that things could be about to get very <\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt0165598\/\">That \u201870s Show<\/a><\/strong><strong> for the global economy<\/strong>, as the lender took an an axe to its global growth forecast for 2022 on the back of the threat of stagflation. US Treasury Secretary Janet Yellen (once a stalwart of the \u201cinflation is transitory\u201d camp) is also <a href=\"https:\/\/www.reuters.com\/markets\/us\/us-faces-unacceptable-levels-inflation-yellen-tells-senators-2022-06-07\/\">warning<\/a> that elevated price hikes could stick around for some time.<\/p>\n<p><strong>A recession will be \u201chard to avoid\u201d for most countries<\/strong>, the World Bank says. The <a href=\"https:\/\/www.nytimes.com\/2022\/06\/07\/business\/world-bank-forecast.html\">New York Times<\/a>, <a href=\"https:\/\/www.reuters.com\/markets\/us\/world-bank-slashes-global-growth-forecast-29-warns-stagflation-risk-2022-06-07\/\">Reuters<\/a>, and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-07\/stagflation-danger-sees-world-bank-cut-global-growth-outlook?sref=mmeFTDW1\">Bloomberg<\/a> all have more on the global picture.<\/p>\n<p><strong>Egypt is something of a bright spot (for now)<\/strong>, with the WB revising its projection for growth this fiscal year upwards to 6.1% \u2014 but global headwinds are likely to make themselves felt as we move into FY 2022-2023. We have the full rundown in the newswell, below.<\/p>\n<p><strong>Elsewhere here at home, we have another round of positive IPO, M&A and investment news:<\/strong><\/p>\n<ul>\n<li><strong>EFG Hermes\u2019 Vortex renewables fund has invested EUR 225 mn<\/strong> so far into Spanish solar firm Ignis Energia;<\/li>\n<li><strong>Big names in Qatari business are eyeing potential investment<\/strong> in our market;<\/li>\n<li>The public placement for <strong>Ghazl El Mahalla\u2019s IPO kicks off this Sunday<\/strong>; and<\/li>\n<li><strong>IT infrastructure player Benya Group wants to raise USD 150 mn in a private placement<\/strong> this quarter.<\/li>\n<\/ul>\n<p><strong>PLUS- The House of Representatives gave its final nod to a raft of changes to customs tariffs<\/strong> meant to boost local industry. Scroll on for the details.<\/p>\n<p><strong>WATCH THIS PORT- One charger to rule them all: All new electronics sold <\/strong><strong>in the EU<\/strong> <strong>will need to be equipped with a USB-C charging port by 2024<\/strong> \u2014 including mobile phones, tablets, cameras, games consoles, headphones, and speakers, the European Commission said in a <a href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/IP_22_3524\">statement<\/a>. Laptop-makers have until 2026 to comply with the decision, which lawmakers said would save consumers a total EUR 250 mn annually and bring environmental benefits.<\/p>\n<p><strong>Get ready for more redesigns, iSheep: <\/strong>The move will spell the end of Apple\u2019s Lightning charger in the bloc \u2014 but Apple shares responded well to the news, rising 0.9% in morning trading. Analysts told <a href=\"https:\/\/www.reuters.com\/technology\/eu-countries-lawmakers-clinch-deal-single-mobile-charging-port-2022-06-07\/\">Reuters<\/a> the changes would drive sales of new devices with updated ports in 2024. Apple has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/187aee54-7d59-42d7-a333-1ee0064d1443\">reportedly<\/a>already been testing iPhones with USB-C ports.<\/p>\n<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<\/p><\/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    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/digitransformationsummit.com\/egypt\/\">Digital Transformation Summit<\/a><\/strong><strong> gets underway this Thursday<\/strong>, 9 June, bringing together public and private sector players in the tech industries to share and discuss views on the current landscape of the market, recent tech innovations, and proposed strategies.<\/p>\n<p><strong>NEWS TRIGGERS you\u2019ll want to keep an eye on this month:<\/strong><\/p>\n<ul>\n<li><strong>Inflation figures for May<\/strong> are due out on Saturday, 11 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>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p>\n<p><strong>In today\u2019s issue: How infrastructure players performed in 1Q2022 amid rising <\/strong><strong>prices + EGP depreciation: <\/strong>Economic headwinds <a href=\"https:\/\/enterprise.press\/hardhats\/contractors-margins-threat-rising-raw-material-costs\/\">have hit infrastructure firms<\/a> listed on the EGX in 1Q2022, with operating costs and material prices soaring from the war in Ukraine and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ed1c340-3127-46cd-ad85-578f9a72874f\">domestic inflation<\/a>. We look at how the global economic backdrop has impacted EGX-listed infrastructure players\u2019 earnings this past quarter, and the outlook for these firms as the year progresses.<\/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\/apple\/\">Apple<\/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\/stagflation\/\">Stagflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547084\" 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=\"547084\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/547084\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547084\" class=\"content-area-description single-story post-547084 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=\"547085\" 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=\"547085\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1\/\">\r\n                            World Bank revises FY 2021-22 growth forecast up to 6.1%                        <\/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\/08\/world-bank-revises-fy-2021-22-growth-forecast-up-to-6-1\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e99c3ff6-ad07-4ae5-84b3-c2f3a4c275dd\">in January expected<\/a> growth to come in at 5.5%, but \u201cstronger-than-expected activity for the first half of the fiscal year\u201d saw it hike its forecast in its latest Global Economic Prospects report.<\/p>\n<p><strong>The forecast tallies with gov\u2019t projections:<\/strong> The government has<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f147bd4-6ff2-4fcd-b3a7-2eb786e619c7\">revised upwards its 2021-2022 growth outlook<\/a> to 6.2% on the back of figures for 3Q 2021-2022, which saw the economy grow at a 5.4% clip. The Planning Ministry had in March <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7206091d-85f9-42f4-9092-59a11e3ea203\">cut its full-year forecast<\/a> to 5.7% due to the war.<\/p>\n<p><strong>You can read the <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/6\/Global-Economic-Prospects-June-2022-embargo.pdf\">full report (pdf)<\/a><\/strong><strong> here<\/strong>, or visit the <a href=\"https:\/\/www.worldbank.org\/en\/publication\/global-economic-prospects\">landing page<\/a> here.<\/p>\n<p><strong>The impact of war in Ukraine won\u2019t be fully felt this fiscal year: <\/strong>The first half of the fiscal year (July-December 2021) saw a \u201cboom\u201d in growth that was \u201conly partly offset by repercussions from the war in Ukraine,\u201d the World Bank wrote. Growth began to slow in early 2022, the lender added.<\/p>\n<p><strong>Growth is set to moderate going into next fiscal year: <\/strong>The bank cut its forecast for Egypt\u2019s growth next fiscal year to 4.8%, down from the 5.5% it predicted in January, as \u201crising food and energy inflation slows income growth and raises input costs in key sectors, and tourism flows moderate.\u201d <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90445785-790f-414d-9173-3ff001e16ed4\">Inflation rose to a near three-year high<\/a> in April as rising food costs and the devaluation of the EGP in March caused consumer prices to grow at a faster pace.<\/p>\n<p><strong>We\u2019re vulnerable on food security, the WB notes: <\/strong>Our reliance on wheat imports from Russia and Ukraine (which usually account for more than 8% of our imported grain) exposes us to rising food prices, the report says. (Remember: We could<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bbb7936-ae6f-4b29-80b5-4ac3132946f5\">soon be in line for<\/a> some USD 500 mn from the World Bank for wheat imports and other food security measures).<\/p>\n<p><strong>On the upside: Gas exports + remittances will bring us a boost. <\/strong>Elevated prices in the gas extractives sector, remittances from the GCC, and \u201ccontinued reform momentum\u201d will support local growth looking ahead, the WB said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>ZOOMING OUT- The lender upped its forecast for GDP growth across the MENA region by 0.9 percentage points<\/strong> to 5.3%, thanks to soaring oil prices, as well as structural reforms in economies including our own, the KSA, and the UAE, and the diminishing adverse impacts of covid-19.<\/p>\n<p><strong>That\u2019s the fastest pace of growth the region has seen in a decade<\/strong> \u2014 but it \u201ccould have been even stronger had it not been for the detrimental impact of Russia\u2019s invasion of Ukraine on oil importers,\u201d the lender said. Growth is expected to slow to 3.6% in 2023 and 3.2% in 2024.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Globally, things aren\u2019t looking great as recession looms:<\/strong> The WB cut its global growth projections by almost a third to 2.9% in 2022, and down from 5.7% in 2021. \u201cThe war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,\u201d World Bank Group President David Malpass <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2022\/06\/07\/stagflation-risk-rises-amid-sharp-slowdown-in-growth-energy-markets\">said<\/a>.<\/p>\n<p><strong>Stagflation is a real threat<\/strong>: The combination of prolonged high inflation and subdued growth could throw the global economy back into a 1970s-style stagflation situation, Malpass warned. \u201cThe danger of stagflation is considerable today,\u201d he said, adding that \u201csubdued growth will likely persist throughout the decade because of weak investment in most of the world.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena\/\">MENA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/stagflation\/\">Stagflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547087\" 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=\"547087\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/efgs-vortex-energy-invests-eur-222-mn-so-far-in-spanish-solar-firm\/\">\r\n                            EFG\u2019s Vortex Energy invests EUR 222 mn so far in Spanish solar firm                        <\/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\/08\/efgs-vortex-energy-invests-eur-222-mn-so-far-in-spanish-solar-firm\/\" 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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Vortex plans to eventually <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/65a8fe4f-1dec-49a2-b755-187b7dec50cc\">invest EUR 625 mn<\/a> in Ignis under an agreement signed with the Spanish solar developer in October, in return for what was reported by <a href=\"https:\/\/www.reuters.com\/business\/efg-hermes-partners-with-spains-ignis-energia-725-mln-investment-2021-10-04\/\">Reuters<\/a> to be a 49% equity stake. The company didn\u2019t disclose its current holdings in Ignis when Enterprise asked yesterday.<\/p>\n<p><strong>There\u2019s more where that came from:<\/strong> Vortex plans to double its investment in Ignis by 2023, with a c. EUR 46 mn investment planned for 4Q 2022, and a c. EUR 176 mn injection in 1Q 2023. The remaining c. EUR 181 mn will come over the course of next year, Vortex Energy CEO Karim Moussa told Enterprise.<\/p>\n<p><strong>Ignis is using the funds to expand its portfolio:<\/strong> Since partnering with Vortex, Ignis has secured permits to add more than 1 GW of capacity and will begin construction on around half of that in the next few months, most of which are solar projects in Spain, Moussa told Enterprise. One of the largest solar developers in Spain, the company has been involved in developing some 14 GW of solar and wind projects inside the country and c. 11 GW elsewhere around the world, primarily in Italy, the US and the UK, he said.<\/p>\n<p><strong>What they said:<\/strong> \u201cWe are extremely delighted with the achievements of Ignis in such a short period of time and during these challenging market conditions,\u201d Moussa said. \u201cIgnis\u2019 management skills and quality of its portfolio continue to solidify its market position.\u201d<\/p>\n<p><strong>About Vortex:<\/strong> The renewables-focused investment platform has invested some USD 1.6 bn in green energy across the UK, EU, and US. It last year reached its first USD 200 mn close on its fourth fund, Vortex Energy IV, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/30ea09b8-4c5c-4483-a92d-9ba383306270\">plans to reach a second close<\/a> worth about USD 550 mn on the fund within the next two years. We sat down with Moussa last year to talk <a href=\"https:\/\/enterprise.press\/afternoons\/enterprisepm-efg-hermes-karim-moussa-talks-us-big-renewables-push-vortex-egypt-iv-fund\/\">all things Vortex<\/a>.<\/p>\n<p><strong>ALSO FROM EFG-<\/strong> EFG Hermes\u2019 e-payments subsidiary <strong>PayTabs <\/strong>announced the <strong>launch <\/strong>of its new unified payments platform, <strong>PayTabs SwitchOn<\/strong>, in a <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/paytabs-introduces-switchon-the-next-generation-payment-solutions-suite-gngz8oqb\">press release<\/a> yesterday.<\/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\/efg-hermes\/\">EFG Hermes<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vortex-energy\/\">Vortex Energy<\/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=\"547089\" 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=\"547089\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/qatari-companies-are-looking-to-pour-investments-into-egypt\/\">\r\n                            Qatari companies are looking to pour investments into Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/qatari-companies-are-looking-to-pour-investments-into-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Qatar has committed to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">invest USD 5 bn in Egypt<\/a> to support the economy as it grapples with the impact of surging commodity prices and rising interest rates.<\/p>\n<p><strong>Two of the MENA region\u2019s biggest real estate developers may want in:<\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.ezdanholding.qa\/\">Ezdan Holding<\/a> wants to establish a number of hotels in Egypt and enter the financial services sector, founder Sheikh Thani Bin Abdullah Al Thani told Abdel Wahab. A delegation from the company will soon make its way to Egypt to study the market and locate potential areas for investment.<\/li>\n<li>The CEO of <a href=\"https:\/\/www.qataridiar.com\/English\/Pages\/default.aspx\">Qatari Diar<\/a> discussed the possibility of expanding the company\u2019s footprint in Egypt. The real estate firm has finally launched the EGP 1 bn first phase of its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/aec62253-e782-4eb0-9277-7f11fc39a545\">CityGate<\/a> development, after the New Urban Communities Authority (NUCA) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f383cef8-f700-4ac4-9895-8136b783030b\">approved the company\u2019s license<\/a> to continue work on the project following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7861345f-c750-41d3-81a9-fbc6bdbaa1aa\">a four-year dispute<\/a>.<\/li>\n<\/ul>\n<p><strong>Juhayna\u2019s new shareholder could expand into new sectors:<\/strong> <a href=\"https:\/\/powerholding-intl.com\/\">Power International Holding<\/a> (PIH) \u2014 which operates in general contracting, agriculture and food industries, and real estate \u2014 is interested in investing in our healthcare, agriculture, tourism and retail sectors, Chairman Ramez Al Khayat told Abdel Wahab. The holding company has in recent months built up <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab69ed9f-2474-4533-bc93-4be024e8c22f\">a 10.14% stake<\/a> in EGX-listed dairy company Juhayna via its dairy subsidiary <a href=\"https:\/\/baladna.com\/\">Baladna<\/a>.<\/p>\n<p><strong>Also interested:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.alfardan.com.qa\/ar\">Alfardan Group<\/a><\/strong>, whose portfolio spans financial services, property, hospitality, investments, marine services and healthcare, could set up a hotel;<\/li>\n<li><strong>Cooling services provider <\/strong><strong><a href=\"http:\/\/www.qatarcool.com\/ar\/\">Qatar Cool<\/a><\/strong> is looking to establish a central cooling project in the new administrative capital;<\/li>\n<li><strong><a href=\"https:\/\/jre.com.qa\/\">Just Real Estate<\/a><\/strong> is studying the establishment of a company to export gas and produce electricity and a project to recycle waste.<\/li>\n<\/ul>\n<p><strong>Qatari investors also have an eye on our green projects:<\/strong> The head of the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0RUUKArscdrnvgwk1VqkL4i3BJ7qAGcg6sLkR1SmLgSMR3MJ156AA19xfgUZbUHyol\">Qatar Investment Authority said<\/a> Qatari investors want to invest in local new and renewable energy projects, especially solar and wind.<\/p>\n<p><strong>Qatar is just the latest country we\u2019ve pitched to:<\/strong> Officials have held meetings with investors from the UAE, the US, France, and Poland in recent weeks in a bid to drum up interest in the government\u2019s infrastructure plans and draw new foreign direct investment.<\/p>\n<p><strong>OTHER INVESTMENT NEWS- <\/strong><\/p>\n<p><strong>Pfizer could invest in R&D in Egypt<\/strong> under a MoU the company will sign with the government, <a href=\"https:\/\/bit.ly\/3zoqRy6\">Hapi Journal<\/a> reported, quoting Pfizer country manager Yousri Nawar. The agreement will also cover tech transfer.<\/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\/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<section id=\"547091\" 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=\"547091\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/ghazl-el-mahallas-public-offering-begins-next-sunday\/\">\r\n                            Ghazl El Mahalla\u2019s public offering begins next Sunday                        <\/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\/08\/ghazl-el-mahallas-public-offering-begins-next-sunday\/\" 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\/08\/ghazl-el-mahallas-public-offering-begins-next-sunday\/')\">\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\/08\/ghazl-el-mahallas-public-offering-begins-next-sunday\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Ghazl El Mahalla\u2019s public offering begins next Sunday&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/ghazl-el-mahallas-public-offering-begins-next-sunday\/\">\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\/08\/ghazl-el-mahallas-public-offering-begins-next-sunday\/&title=Ghazl El Mahalla\u2019s public offering begins next Sunday\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Ghazl+El+Mahalla%E2%80%99s+public+offering+begins+next+Sunday+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Fghazl-el-mahallas-public-offering-begins-next-sunday%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\/08\/ghazl-el-mahallas-public-offering-begins-next-sunday\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/192.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547092\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/ghazl-el-mahallas-public-offering-begins-next-sunday\/192-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/192.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"192.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/192.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/192.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547091\" class=\"content-area-description single-story post-547091 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-enterpriseam tag-ghazl-el-mahalla tag-ipo-watch tag-prime-holding wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a><strong> The public placement for Ghazl El Mahalla FC\u2019s IPO will begin on Sunday, 12 June<\/strong> and last until Friday, 1 July, according to a <a href=\"https:\/\/ent.news\/2022\/6\/%D9%81%D8%AA%D8%AD-%D8%A8%D8%A7%D8%A8-%D8%A7%D9%84%D8%A7%D9%83%D8%AA%D8%AA%D8%A7%D8%A8-%D8%A7%D9%84%D8%B9%D8%A7%D9%85-%D9%81%D9%8A-%D8%A3%D8%B3%D9%87%D9%85-%D8%B4%D8%B1%D9%83%D8%A9-%D8%BA%D8%B2%D9%84-%D8%A7%D9%84%D9%85%D8%AD%D9%84%D8%A9-%D9%84%D9%83%D8%B1%D8%A9-%D8%A7%D9%84%D9%82%D8%AF%D9%85.pdf\">press release (pdf)<\/a> out yesterday. The club has set its share price at EGP 1.02, and investors buying in must purchase between 1k and 2 mn shares each.<\/p>\n<p><strong>Ghazl El Mahalla wants to raise EGP 135 mn in the sale:<\/strong> The club hopes to raise EGP 98 mn from the retail offering, after having already received <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/727ce837-9698-4a14-a182-ef81d397c9a0\">EGP 37 mn<\/a> from institutional investors in the private placement back in November.<\/p>\n<p><strong>Refresher:<\/strong> Ghazl El Mahalla is offering a 67.5% stake on the EGX, marking the first time a football club is publicly traded in the Arab world. The sale is small, but could pave the way to more clubs going public. Football giant Al Ahly has also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e353e401-9cdc-41c4-b421-29d9f5246904\">expressed interest<\/a> in listing on the EGX.<\/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\/ghazl-el-mahalla\/\">Ghazl El Mahalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/prime-holding\/\">Prime Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547093\" 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=\"547093\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/benya-to-sell-equity-stake-in-usd-150-mn-private-placement\/\">\r\n                            Benya to sell equity stake in USD 150 mn private placement                        <\/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\/08\/benya-to-sell-equity-stake-in-usd-150-mn-private-placement\/\" 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\/08\/benya-to-sell-equity-stake-in-usd-150-mn-private-placement\/')\">\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\/08\/benya-to-sell-equity-stake-in-usd-150-mn-private-placement\/\">\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=Benya to sell equity stake in USD 150 mn private placement&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/benya-to-sell-equity-stake-in-usd-150-mn-private-placement\/\">\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\/08\/benya-to-sell-equity-stake-in-usd-150-mn-private-placement\/&title=Benya to sell equity stake in USD 150 mn private placement\">\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=Benya+to+sell+equity+stake+in+USD+150+mn+private+placement+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Fbenya-to-sell-equity-stake-in-usd-150-mn-private-placement%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\/08\/benya-to-sell-equity-stake-in-usd-150-mn-private-placement\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/193.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547094\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/benya-to-sell-equity-stake-in-usd-150-mn-private-placement\/193-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/193.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"193.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/193.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/193.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547093\" class=\"content-area-description single-story post-547093 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-cit tag-enterpriseam tag-investment-watch tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>IT infrastructure contractor Benya Group is looking to raise USD 150 mn via a <\/strong><strong>private placement before the end of 2Q2022<\/strong>, CEO Ahmed Mekky told <a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/97492\">CNBC Arabia<\/a> yesterday. The new capital would primarily go towards financing the company\u2019s expansion plans in Africa, he added.<\/p>\n<p><strong>A group of investors have already expressed interest in participating<\/strong>, Mekky said, adding that the private placement is getting \u201cserious\u201d attention from international investment funds, including investors from the Gulf, without identifying them. Meetings with the potential investors are ongoing, he said. This comes after Benya\u2019s recently announced plans to set up an investment arm in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/998ae088-0400-47f2-85dd-761a55f95112\">Saudi Arabia<\/a> by the end of the year, marking its first expansion in the Gulf region.<\/p>\n<p><strong>Round two will take place early next year: <\/strong>Benya is planning a second, larger capital increase at the beginning of 2023, Mekky said. This will happen ahead of the company\u2019s plans for a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/554031bd-946a-4bc9-b8d6-d5ec9c852fab\">dual listing<\/a> on the EGX and a foreign bourse, he said, without disclosing further details. Benya in November said it would soon complete studies on a potential IPO in Egypt, after which it would decide on the second market and the timing of the offering.<\/p>\n<p><strong>The Egyptian company has been pushing into Africa.<\/strong> Benya is currently awaiting a license to build and extend a telecom network in the Democratic Republic of the Congo; has applied for a separate license to set up a company to construct and operate shared mobile towers in the DRC; and has started working with contractors who will supply fiber cables as part of an ongoing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c3ab328e-4a1b-4e9c-903c-525abfbb4b62\">USD 500 mn agreement<\/a> to set up a national fiber optic network in the country. The company also recently launched a USD 50 mn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49380cc1-6130-4023-bd5d-14ea65b41005\">venture capital fund<\/a>, dubbed Benya Ventures, that will focus primarily on tech, IoT and AI startups in Africa.<\/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\/cit\/\">CIT<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547095\" 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=\"547095\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/547095\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547095\" class=\"content-area-description single-story post-547095 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.moharrampartners.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/enterprisetest.wpengine.com\/wp-content\/uploads\/2022\/05\/MP-Logo-Bilingual-Print-Landscape-Color-1200.png?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>Struggling to make sense of a new regulatory development? Eager to engage on a new piece of legislation or policy that could impact operations? Or simply want to sit down with government stakeholders to pitch a partnership that could unlock value for your business?<\/p>\n<p>Get in touch with Moharram & Partners \u2014 the public policy and government affairs partner of choice of top companies operating in Egypt and the region \u2014 and leave the rest to our experts.<\/p>\n<p>Learn more <a href=\"https:\/\/www.moharrampartners.com\/\">here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547096\" 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=\"547096\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/\">\r\n                            House gives final nod to amended customs tariffs in bid to localize industry                        <\/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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amended customs tariffs in bid to localize industry\">\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=House+gives+final+nod+to+amended+customs+tariffs+in+bid+to+localize+industry+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Fhouse-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry%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\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/194.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547097\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/house-gives-final-nod-to-amended-customs-tariffs-in-bid-to-localize-industry\/194-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/194.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"194.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/194.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/194.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547096\" class=\"content-area-description single-story post-547096 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-automotive tag-customs tag-enterpriseam tag-house-of-representatives tag-industry tag-legislation-watch tag-tax wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>House gives the nod to amended customs tariffs: <\/strong>The House of Representatives yesterday gave its final approval to a presidential decree amending customs duties on hundreds of imports.<\/p>\n<p><strong>All part of the localization push: <\/strong>The changes in tariffs came to promote investment, boost exports, and protect local industries, according to Yasser Omar, deputy chairman of the House\u2019s Budget Committee. \u201cIt is important to change the import tariffs from time to time to tackle local and international economic developments and in a way that can create a more investment-friendly climate in Egypt,\u201d Omar said. \u201cWithin this context, the new changes aim to protect local industries from foreign harmful practices that might negatively impact their competitive edge.\u201d<\/p>\n<p><strong>Who\u2019s getting tax breaks?<\/strong> Tariffs were reduced on more than 150 raw materials imports for local manufacturers, with a focus on the automotive industry, Omar said. Tariffs were also lowered on medical equipment, while natural-gas powered vehicles saw a 35% reduction in tariffs.<\/p>\n<p><strong>Incentivizing the use of local components:<\/strong> Under the decree, manufacturers who use at least 60% local components in their products will get a 40% discount on customs duties for imported components.<\/p>\n<p><strong>On the automotive side of things:<\/strong> A 2% import tariff will be levied on equipment to operate electric vehicle charging stations and natgas-powered vehicle fuelling stations, as well as on electric motors, batteries, control units, and ventilation systems used in electric buses.<\/p>\n<p><strong>Also seeing amended tariffs:<\/strong><\/p>\n<ul>\n<li><strong>Hotels and tourism firms will pay a 20% tariff<\/strong> on imported equipment.<\/li>\n<li><strong>Renewable energy projects will also see a 2% levy<\/strong> on imported equipment.<\/li>\n<li><strong>Manufacturing imports for baby formula will be charged a 2% tariff.<\/strong> <\/li>\n<li><strong>The Arab Petroleum Pipelines Company (SUMED) will pay a 2% tariff<\/strong> on imported equipment, tools and spare parts.<\/li>\n<li><strong>Arab Organization for Industrialization (AOI) affiliates will pay a 5% tariff<\/strong> on imported parts for train locomotives.<\/li>\n<\/ul>\n<p><strong>We\u2019re also getting a new council to handle all of this: <\/strong>Finance Minister Mohamed Maait will head an import tariffs council, which will be tasked with proposing amendments to the tariffs as the economic situation develops.<\/p>\n<p><strong>BACKGROUND: This is all about lowering imports of finished goods, boosting local industry, and upping exports. <\/strong>The Trade and Industry Ministry is working on <a href=\"https:\/\/enterprise.press\/industries\/egypt-moves-forward-import-substitution-strategy-sectors-focus-shift-local-manufacturing\/\">growing local manufacturing to limit imports<\/a> across 4.8k industrial categories. The government is also aiming to increase exports to USD 100 bn a year by 2025 as part of its plan to increase the private sector\u2019s role in the economy.<\/p>\n<p><strong>Key to localization plans is the soon-to-be-released <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">automotive strategy<\/a><\/strong>, which seeks to increase local assembly, grow the component manufacturing industry, up the sector\u2019s competitiveness to become a regional manufacturing hub, and bolster export volumes.<\/p>\n<p><strong>ALSO FROM THE HOUSE YESTERDAY- <\/strong><\/p>\n<p><strong>Tawfik comes with receipts on El Nasr: <\/strong>Public Enterprises Minister Hisham Tawfik has submitted to the House a detailed report on El Nasr for Coke and Chemicals\u2019 financial and administrative situation, according to Parliamentary Affairs Minister Alaa Fouad. MPs had requested the report after disputing that the company\u2019s financials warranted liquidation, after Tawfik in January announced plans to dissolve the financially-stricken firm.<\/p>\n<p><strong>And the mud tax suspension moves forward \u2014 potentially for even longer than planned:<\/strong> The House approved in principle a draft bill from the government to extend the suspension of the 14% tax on agricultural land (known as \u201cmud tax\u201d) for an additional year to July 2023. A final vote on the bill has been delayed to a later session, after \u201ca large number of MPs\u201d expressed their desire to see the tax postponed for another three years rather than just one, \u201cto relieve tax burdens on farmers and stimulate them to increase agricultural production,\u201d House Speaker Hanafi Gibali 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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547098\" 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=\"547098\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/547098\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547098\" class=\"content-area-description single-story post-547098 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\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=\"547099\" 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=\"547099\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Mining<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/\">\r\n                            Shalateen Mining to launch international gold tender for at least five Eastern Desert concessions                        <\/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\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/\" 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\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/')\">\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\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/\">\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=Shalateen Mining to launch international gold tender for at least five Eastern Desert concessions&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/\">\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\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/&title=Shalateen Mining to launch international gold tender for at least five Eastern Desert concessions\">\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=Shalateen+Mining+to+launch+international+gold+tender+for+at+least+five+Eastern+Desert+concessions+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Fshalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions%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\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/195.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547100\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/shalateen-mining-to-launch-international-gold-tender-for-at-least-five-eastern-desert-concessions\/195-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/195.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"195.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/195.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/195.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547099\" class=\"content-area-description single-story post-547099 post type-post status-publish format-standard has-post-thumbnail hentry category-mining tag-eastern-desert tag-enterpriseam tag-gold tag-mining tag-shalateen-mining wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Shalateen\u2019s gold areas up for grabs:<\/strong> State-owned Shalateen Mining Company plans to launch an international gold and minerals exploration auction for at least five areas in the Eastern Desert in the coming weeks, <a href=\"https:\/\/www.asharqbusiness.com\/article\/38142\">Bloomberg Asharq<\/a> reported Monday, citing sources it says are in the know. The company has already sent the tender proposal to the Oil Ministry for final approvals on the areas offered and the date of the tender, one of the sources said.<\/p>\n<p><strong>Bidders will be hoping for another Iqat:<\/strong> Among the areas that could be tendered is part of the Iqat region, home to a deposit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b6d5e31f-0a66-4b48-916d-e53980ccbd7f\">being developed by<\/a> the Egyptian Mineral Resources Authority and Shalateen that could hold <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dde91262-9965-49fc-933e-b4a42a5ebf3c\">more than 1 mn oz of gold<\/a>. Oil Minister Tarek El Molla <a href=\"https:\/\/www.sis.gov.eg\/Story\/165541\/Egypt-to-start-experimental-production-of-gold-in-Iqat---Mulla?lang=en-us\">said in April<\/a> that the companies could soon begin initial production at the mine, in which authorities say more than USD 1 bn could be invested over the next 10 years.<\/p>\n<p><strong>The government recently <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83683fc2-59c0-4d69-9b47-15d7ef847dab\">awarded<\/a><\/strong><strong> eight gold and mineral exploration licenses in the Eastern Desert<\/strong> to four companies in its latest bid round. Canadian miner <a href=\"http:\/\/lotusgold.ca\/\">Lotus Gold<\/a> won three blocks, the Sawiris-backed <a href=\"https:\/\/akhgold.com\/\">Akh Gold<\/a> and Marine Logistics both got two blocks, and <a href=\"http:\/\/ankhresources.com\/\">Ankh Resources<\/a> received one block, EMRA <a href=\"http:\/\/emra.gov.eg\/UI\/Lang1\/TDIDataShow.aspx?ID=8380\">said<\/a> last month.<\/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\/eastern-desert\/\">Eastern Desert<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shalateen-mining\/\">Shalateen Mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547101\" 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=\"547101\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/hsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale\/\">\r\n                            HSBC launches loans for tech entrepreneurs looking to scale                        <\/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\/08\/hsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale\/\" 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\/08\/hsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale\/')\">\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\/08\/hsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale\/\">\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=HSBC launches loans for tech entrepreneurs looking to scale&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/hsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale\/\">\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\/08\/hsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale\/&title=HSBC launches loans for tech entrepreneurs looking to scale\">\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=HSBC+launches+loans+for+tech+entrepreneurs+looking+to+scale+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Fhsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale%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\/08\/hsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/197.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547102\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/hsbc-launches-loans-for-tech-entrepreneurs-looking-to-scale\/197-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/197.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"197.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/197.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/197.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547101\" class=\"content-area-description single-story post-547101 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-debt-watch tag-enterpriseam tag-fintech tag-hsbc tag-planet-startup tag-smes tag-technology wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>HSBC Egypt will lend EGP 1 bn to tech startups: <\/strong>HSBC Egypt is launching a EGP 1 bn loans program that will provide funding to tech entrepreneurs looking to scale their businesses, the bank announced in a <a href=\"https:\/\/ent.news\/2022\/6\/Egypt-SME-Tech-Press-release-final-003.pdf\">statement (pdf)<\/a> yesterday.<\/p>\n<p><strong>Who is eligible?<\/strong> The Technology Entrepreneurs Lending Program will target companies working in fintech, e-commerce, retail and mobility, health, education and software. Priority will go to those that integrate sustainable development in their business mission, in a nod to the upcoming COP27 conference, the bank said.<\/p>\n<p><strong>What they said:<\/strong> \u201cThe exponential growth of venture capital funding in this market reflects the quality of local talent and the scale of the opportunity, which is why we have developed a dedicated lending initiative for technology entrepreneurs,\u201d said Deputy Chairman and CEO <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bffd6755-e638-45e7-9313-394854795cd0\">Todd Wilcox<\/a><strong>. <\/strong><strong>We sat down for <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bffd6755-e638-45e7-9313-394854795cd0\">coffee with Wilcox<\/a><\/strong><strong> last week,<\/strong> when he shared his views on Egypt\u2019s fintech scene, ESG, and the economic problems triggered by the war in Ukraine.<\/p>\n<p><strong>This is HSBC\u2019s third SME-focused growth initiative in six months. <\/strong>Last month, the bank announced it will lend USD 1 bn to female-led startups in Egypt and 10 other markets over the next year via a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e4d018f-d711-4e9a-b6d0-b3d55b9d67a7\">Female Entrepreneur Fund<\/a>. The bank also launched an EGP 3 bn fund to support SMEs in Egypt, dubbed the <a href=\"https:\/\/www.business.hsbc.com.eg\/en-gb\/campaigns\/sme-trade-fund-eg\">Foras Fund<\/a>, with a special focus on the industrial and service sectors.<\/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-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-startup\/\">PLANET STARTUP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/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=\"547103\" 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=\"547103\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/547103\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547103\" class=\"content-area-description single-story post-547103 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=\"547104\" 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=\"547104\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/last-nights-talk-shows-construction-starts-at-four-seasons-luxor-more-women-appointed-to-maglis-el-dawla\/\">\r\n                            Last Night\u2019s Talk Shows: Construction starts at Four Seasons Luxor + more women appointed to Maglis El Dawla                        <\/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\/08\/last-nights-talk-shows-construction-starts-at-four-seasons-luxor-more-women-appointed-to-maglis-el-dawla\/\" 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\/08\/last-nights-talk-shows-construction-starts-at-four-seasons-luxor-more-women-appointed-to-maglis-el-dawla\/')\">\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\/08\/last-nights-talk-shows-construction-starts-at-four-seasons-luxor-more-women-appointed-to-maglis-el-dawla\/\">\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: Construction starts at Four Seasons Luxor + more women appointed to Maglis El Dawla&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/last-nights-talk-shows-construction-starts-at-four-seasons-luxor-more-women-appointed-to-maglis-el-dawla\/\">\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\/08\/last-nights-talk-shows-construction-starts-at-four-seasons-luxor-more-women-appointed-to-maglis-el-dawla\/&title=Last Night\u2019s Talk Shows: Construction starts at Four Seasons Luxor + more women appointed to Maglis El Dawla\">\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+Construction+starts+at+Four+Seasons+Luxor+%2B+more+women+appointed+to+Maglis+El+Dawla+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Flast-nights-talk-shows-construction-starts-at-four-seasons-luxor-more-women-appointed-to-maglis-el-dawla%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\/08\/last-nights-talk-shows-construction-starts-at-four-seasons-luxor-more-women-appointed-to-maglis-el-dawla\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547104\" class=\"content-area-description single-story post-547104 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-council-of-state tag-education-ministry tag-enterpriseam tag-hisham-talaat-mostafa tag-last-nights-talk-shows tag-private-schools tag-talaat-moustafa-group wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a quiet night on the airwaves last night \u2014 but we did get some business <\/strong><strong>news<\/strong>, as the Egyptian General Company for Tourism and Hotels (EGOTH) and Talaat Moustafa Group (TMG) broke ground on their <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/50a24b20-1969-4c20-b0db-8a7faa6781d6\">Four Seasons-branded Luxor<\/a> hotel. TMG CEO Hisham Talaat Mostafa called Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=QumjT5taeoo\">watch, runtime: 18:55<\/a>) to talk about the PPP project, which is set to open by the end of 2024. TMG will invest EGP 2.5 bn in the new hotel, he said.<\/p>\n<p><strong>Also on the airwaves last night<\/strong><strong>:<\/strong><\/p>\n<ul>\n<li><strong>More women on the Maglis El Dawla<\/strong>: President Abdel Fattah El Sisi has appointed 39 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0354e25e-01e9-4991-89cf-4a054d82a49b\">more women<\/a> to judicial positions in the Council of State (Maglis El Dawla). (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=0RWennfbexQ\">watch, runtime: 2:18<\/a>)<\/li>\n<li><strong>Reminder to private schools: Tuition fees aren\u2019t due yet. <\/strong>The Education Ministry has warned private schools against attempting to collect tuition fees for the new academic year before September. (Mas\u2019aa DMC | <a href=\"https:\/\/www.youtube.com\/watch?v=a--3ZY_POzI\">watch, runtime: 1:31<\/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\/council-of-state\/\">Council of State<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education-ministry\/\">Education Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-talaat-mostafa\/\">Hisham Talaat Mostafa<\/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\/private-schools\/\">private schools<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/talaat-moustafa-group\/\">Talaat Moustafa Group<\/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=\"547105\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks 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0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547106\" 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=\"547106\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/egypt-in-the-news-bread-and-balance-sheets\/\">\r\n                            Egypt in the News: Bread and balance sheets                        <\/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\/08\/egypt-in-the-news-bread-and-balance-sheets\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n       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href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News%3A+Bread+and+balance+sheets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Fegypt-in-the-news-bread-and-balance-sheets%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\/08\/egypt-in-the-news-bread-and-balance-sheets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547106\" class=\"content-area-description single-story post-547106 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-inflation tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s an econ-heavy morning in the foreign press:<\/strong> The <a href=\"https:\/\/www.ft.com\/content\/c5ba4b7d-76d7-42c6-aff3-8b6d5bf2e3b2\">Financial Times<\/a> and China\u2019s <a href=\"https:\/\/news.cgtn.com\/news\/2022-06-07\/Egypt-put-on-the-verge-of-a-food-crisis-1aFzHHopbtS\/index.html\">CGTN<\/a> both look at Egypt\u2019s efforts to increase its supply of local wheat. Meanwhile, Goldman Sachs MENA research analyst Farouk Soussa talks to Bloomberg\u2019s Manus Cranny about his predictions for the EGP, interest rates and inflation (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-06-07\/egypt-s-reserves-dip-on-debt-payment-video\">watch, runtime: 5:25<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547107\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547108\" 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=\"547108\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/local-ev-batteries-in-the-works-italian-firms-want-in-on-our-rail-network\/\">\r\n                            Local EV batteries in the works? + Italian firms want in on our rail network                        <\/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\/08\/local-ev-batteries-in-the-works-italian-firms-want-in-on-our-rail-network\/\" 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\/08\/local-ev-batteries-in-the-works-italian-firms-want-in-on-our-rail-network\/')\">\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\/08\/local-ev-batteries-in-the-works-italian-firms-want-in-on-our-rail-network\/\">\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=Local EV batteries in the works? + Italian firms want in on our rail network&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/local-ev-batteries-in-the-works-italian-firms-want-in-on-our-rail-network\/\">\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\/08\/local-ev-batteries-in-the-works-italian-firms-want-in-on-our-rail-network\/&title=Local EV batteries in the works? + Italian firms want in on our rail network\">\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=Local+EV+batteries+in+the+works%3F+%2B+Italian+firms+want+in+on+our+rail+network+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F08%2Flocal-ev-batteries-in-the-works-italian-firms-want-in-on-our-rail-network%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\/08\/local-ev-batteries-in-the-works-italian-firms-want-in-on-our-rail-network\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547108\" class=\"content-area-description single-story post-547108 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-automotive tag-enterpriseam tag-evs tag-hisham-tawfik tag-italy tag-manufacturing tag-public-enterprises-ministry tag-transport tag-transport-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Public Enterprises Ministry is currently in talks with two local companies t<\/strong><strong>o <\/strong><strong>manufacture a prototype battery for electric vehicles<\/strong>, <a href=\"https:\/\/bit.ly\/3zrsSJI\">Al Mal<\/a> quotes Minister Hisham Tawfik as saying. The company that succeeds will establish a battery factory, he said.<\/p>\n<p><strong>Talks over EV tuk tuks + microbuses:<\/strong> The government is in discussions with an Indian-Korean company to produce electric tuk tuks, Tawfik said. The company would initially assemble 50k vehicles using only local components, and 100k by the second year after the factory comes online. There are also talks with a European company to participate in the government\u2019s plans to produce 10k <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b719e68d-1b97-4bcb-b5d0-a4a65ea37459\">electric microbuses<\/a>, he said, without disclosing the identity of the firm.<\/p>\n<p><strong>Several Italian rail companies are interested in getting involved in Egypt\u2019s rail <\/strong><strong>network<\/strong>, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid012pHrVwP9eYA7KGCWByiZYTzTvZaicoPkpfNKhZdstKNdfEENNQmzy8g87oyE7ePl\">a Transport Ministry statement<\/a> that provides few details. <a href=\"https:\/\/www.mermecgroup.com\/\">MERMEC<\/a> is interested in \u201crailway safety\u201d and <a href=\"https:\/\/www.railway-technology.com\/contractors\/passenger\/firema\/\">Firema<\/a> wants to discuss the options for producing rolling stock, it says. This came during a meeting between Transport Minister Kamel El Wazir, MERMEC officials and Italian Ambassador Michele Quaroni.<\/p>\n<p><strong>Maritime transport cooperation is also on the agenda: <\/strong>The two sides discussed establishing a roll on, roll off (ro-ro) transport line for agricultural products between the Italian port of Trieste and Alexandria.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>The National Bank of Egypt (NBE) <\/strong>will allow customers to purchase <strong>mutual<\/strong><strong> funds online.<\/strong> (<a href=\"https:\/\/bit.ly\/3tjXzg9\">Al Mal<\/a>)<\/li>\n<li>Luxury real estate firm <strong><a href=\"https:\/\/www.sothebysrealty.com\/eng?gclid=CjwKCAjw7vuUBhBUEiwAEdu2pIJsTaacggEGfg-7EJMgk2jjlIVA2sqHWoqlc7JFaQ0qJyq6V7l5IBoCGMAQAvD_BwE&gclsrc=aw.ds\">Sotheby\u2019s International Realty<\/a><\/strong> has opened a <strong>local <\/strong><strong>branch<\/strong>, marking its second North African office. (<a href=\"https:\/\/ent.news\/2022\/6\/EGYPT-Sothebys-PRL-7-JUN-22.pdf\">Statement<\/a>)<\/li>\n<li><strong>USAID<\/strong> has launched a<strong> USD 39 mn women\u2019s empowerment program<\/strong> to improve access to jobs and services for 200k Egyptian women<strong>. (<\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/the-u-s-government-invests-39-million-in-womens-economic-and-social-empowerment-program\/\">US embassy statement<\/a><\/strong><strong> | <\/strong><strong><a href=\"https:\/\/bit.ly\/3aAYBy3\">International Cooperation Ministry statement<\/a><\/strong><strong>)<\/strong><\/li>\n<li>The<strong> Communications Ministry\u2019s <\/strong><strong><a href=\"https:\/\/itida.gov.eg\/English\/Pages\/default.aspx\">ITIDA<\/a><\/strong> and its <strong><a href=\"https:\/\/www.cdti.es\/index.asp?MP=14&MS=59&MN=1&r=1536*864\">Spanish counterpart<\/a><\/strong> renewed their <strong><a href=\"https:\/\/itida.gov.eg\/English\/Programs\/ESITIP\/Pages\/default.aspx\">Egyptian-Spanish IT Innovation Program<\/a><\/strong>, senior officials told Enterprise.<\/li>\n<\/ul>\n<p><strong>CORRECTION-<\/strong> We incorrectly stated in yesterday\u2019s EnterpriseAM that companies in the telecoms sector would be given access to the central bank\u2019s soft loans scheme for tourism companies. The CBE has extended the programme to cover telecoms maintenance and upgrade costs for tourism companies. The story has since been corrected <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba0b7a59-fadc-4e67-9b05-e01368706fc5\">on our website<\/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\/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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-tawfik\/\">Hisham Tawfik<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/italy\/\">Italy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/public-enterprises-ministry\/\">Public Enterprises Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport-ministry\/\">Transport Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547109\" 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=\"547109\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/no-year-for-ipos-the-tough-times-are-far-from-over-for-em-assets\/\">\r\n                            No year for IPOs + The tough times are far from over for EM assets                        <\/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\/08\/no-year-for-ipos-the-tough-times-are-far-from-over-for-em-assets\/\" 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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Companies raised USD 81 bn during the five-month period, down from USD 283 bn in 2021, while the number of listings has dropped from over 1.2k to 596.<\/p><p><strong>It\u2019s even worse in the US and Europe:<\/strong> The amount raised in IPOs in the US and Europe has plunged 90% to USD 17.9 bn, with just 157 companies going public compared to 628 last year.<\/p><p><strong>\u201cPeople are not abandoning ship \u2014 they are pausing,\u201d<\/strong> said one lawyer who provides advice on IPOs. \u201cOnce things stabilize, we will see a return of activity, even if it does not reach last year\u2019s levels.\u201d<\/p><p><strong>Investors are swapping Wall Street for Abu Dhabi:<\/strong> International investors have flocked to the GCC this year, where IPOs are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7624e7df-d79a-4108-a437-abdedf63727b\">on course for a record first half<\/a> as surging oil prices and foreign inflows protect the energy-rich region from the turbulence in the global markets.<\/p><p><strong>FROM THE EM-VERSE-<\/strong><\/p><p><strong>The rebound in emerging-market stocks last month is already in reverse<\/strong> as heightened inflation and hawkish central bank policies prolong the global risk-off, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-05\/hard-landing-dread-eclipses-brief-rally-in-emerging-stocks#xj4y7vzkg?sref=mmeFTDW1\">Bloomberg<\/a> says. The MSCI Emerging Markets Index had rebounded nearly 8% from a two-year low earlier in May, but this month the gauge has reverted to underperforming against developed-market stocks. \u201cIt\u2019s too early to say this is the bottom -- too early to say the only way is up,\u201d one strategist said.<\/p><p><strong>Also worth noting: <\/strong><\/p><ul>\n<li><strong>DP World sells stake to Canadian fund in bid to reduce debt:<\/strong> Dubai logistics company DP World is selling a 22% stake in some of its key assets to Canadian investment fund CDPQ. The fund will invest USD 5 bn in total, with half the amount financed by debt. (<a href=\"https:\/\/www.cdpq.com\/en\/news\/pressreleases\/dp-world-cdpq-announce-us5-billion-investment-strategic-assets-uae\">Statement<\/a>)<\/li>\n<li><strong>Exxon and TotalEnergies are among a group of Western <\/strong><strong>companies close to securing a multi-bn USD Qatari gas project<\/strong>, slated to be one of the largest ever in the industry. Qatar could announce the winners as soon as this weekend. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-07\/exxon-and-total-poised-to-win-stakes-in-giant-qatari-gas-project?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>)<\/li>\n<li><strong>Binance looking the other way?<\/strong> The world\u2019s largest crypto exchange played host to the laundering of c. USD 2.35 bn in illicit funds in recent years. (<a href=\"https:\/\/www.reuters.com\/investigates\/special-report\/fintech-crypto-binance-dirtymoney\/\">Reuters<\/a>)<\/li>\n<li><strong>American taps Morgan Stanley:<\/strong> Americana Group, which operates KFC and Pizza Hut in MENA, has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7842c294-6fdb-4941-a8a2-c1faf757a3c3\">added<\/a> Morgan Stanley to work on its planned IPO, which could take the form of a dual listing in Riyadh and Abu Dhabi. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-07\/middle-east-pizza-hut-operator-said-to-add-morgan-stanley-to-ipo?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,048<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -15.9%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.63<\/p>\n<\/td>\n<td>\n<p>Sell 18.71<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.65<\/p>\n<\/td>\n<td>\n<p>Sell 18.71<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,663<\/p>\n<\/td>\n<td>\n<p>-1.2% (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>9,740<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +14.8%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,373<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +5.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,161<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: -12.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,599<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +2.9%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,807<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -11.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 120.85<\/p>\n<\/td>\n<td>\n<p>+0.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 9.40<\/p>\n<\/td>\n<td>\n<p>+1.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,853<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 30,956<\/p>\n<\/td>\n<td>\n<p>+2.7% (YTD: -32.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.6% at yesterday\u2019s close<\/strong> on turnover of EGP 511 mn (38.8% below the 90-day average). Local investors were net buyers. The index is down 15.9% YTD.<\/p><p><strong>In the green: <\/strong>GB Auto (+8.5%), Palm Hills Development (+3.4%) and MM Group (+2.7%).<\/p><p><strong>In the red: <\/strong>Housing and Development Bank (-1.3%), Eastern Company (-1.1%) and Rameda Pharma (-0.94%).<\/p><p><strong>Asian markets are largely up in early trading this morning. <\/strong>Futures suggest Wall Street is set to open in the red across the board, while it\u2019s a more mixed picture across the Atlantic, though most major European indices are poised to open in the green.<\/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\/americana-group\/\">Americana Group<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/binance\/\">Binance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dp-world\/\">DP World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/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\/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<section id=\"547110\" 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=\"547110\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/08\/shoukry-meets-iraqi-jordanian-officials-in-baghdad-uae-egypt-jordan-industrial-partnership-gets-central-bank-push\/\">\r\n                            Shoukry meets Iraqi, Jordanian officials in Baghdad + UAE-Egypt-Jordan industrial partnership gets central bank push                        <\/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\/08\/shoukry-meets-iraqi-jordanian-officials-in-baghdad-uae-egypt-jordan-industrial-partnership-gets-central-bank-push\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The three countries have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2416ca1-5607-4ab6-a4be-259d78d29927\">sought to deepen economic, trade and commercial ties<\/a> in recent months, signing a spate of infrastructure, energy and investment agreements.<\/p>\n<p><strong>The UAE\u2019s central bank has signed MoUs with its Egyptian and Jordanian <\/strong><strong>counterparts<\/strong> to strengthen cooperation on fintech, payments, and training, a<a href=\"https:\/\/www.zawya.com\/en\/press-release\/government-news\/cbuae-signs-a-mou-with-jordan-and-egypt-to-promote-financial-and-banking-relations-lllmyxxp\">press release<\/a> by the CBUAE read. The agreement between the Central Bank of Egypt (CBE) and the Central Bank of the UAE (CBUAE) will see the two banks work together on a sandbox project and to upskill staff. The MoUs come as part of the Egypt-UAE-Jordan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\">industrial partnership<\/a>signed at the end of May, which will see Abu Dhabi sovereign wealth fund ADQ invest USD 10 bn in industrial projects in the three countries.<\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-ministry\/\">Foreign 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src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday 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\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">14<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-have-infrastructure-players-been-impacted-by-the-headwinds-of-1q2022\/\"> \r\n                            How have infrastructure players been impacted by the headwinds of 1Q2022?<\/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\/hardhats\/how-have-infrastructure-players-been-impacted-by-the-headwinds-of-1q2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n               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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=\"547112\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-have-infrastructure-players-been-impacted-by-the-headwinds-of-1q2022\/198-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/198.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"198.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/198.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/198.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547111\" class=\"content-area-description post-547111 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-construction tag-enterprise-hardhat tag-enterpriseam tag-infrastructure tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>How infrastructure players performed in 1Q2022 amid rising prices + EGP<\/strong><strong> depreciation:<\/strong> Plenty of economic headwinds <a href=\"https:\/\/enterprise.press\/hardhats\/contractors-margins-threat-rising-raw-material-costs\/\">have hit infrastructure firms<\/a> listed on the EGX this past quarter, with operating costs and material prices soaring from the war in Ukraine and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ed1c340-3127-46cd-ad85-578f9a72874f\">domestic inflation<\/a>. Add to that the CBE\u2019s 300 bps rate hikes and the EGP depreciation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">in March<\/a>, and companies have faced mounting margin pressures. The EGP has now fallen 18% against the USD since March after slipping to EGP 18.66 last week. While some infrastructure players (including traditional contractors, as well as telecom and financial infrastructure companies) have benefited from rising prices, others\u2019 revenues were hit hard.<\/p>\n<p><strong>The real impact came after the war in Ukraine began at the end of February, which means that 75% of the quarter was unscathed<\/strong>, Noaman Khalid, associate director at Arqaam Capital, tells Enterprise. \u201cThe local and global factors at play as a result of the war are not fully reflected in companies\u2019 1Q 2022 earnings,\u201d he said, adding that its impacts will be more apparent in 2Q and 3Q figures. A lot of the problems contractors have had to face \u2014 like the raw materials shortage \u2014 were also not exclusive to 1Q, but rather were inherited from late last year and exacerbated by the war, Mohamed Saad, vice president of research at Prime Securities, tells Enterprise.<\/p>\n<p><strong>Contractors with European exposure suffered in 1Q: <\/strong>EGX-listed heavyweight Orascom Construction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/148ce583-2219-400f-b8ad-5cf81f7c0dac\">reported<\/a> a 45% fall in its net income, citing deepening losses at the Belgian Besix group, in which Orascom holds a 50% stake. The group\u2019s losses widened to USD 11.0 mn from USD 1.4 mn in 1Q 2022, as European contractors suffered the brunt of the fallout from the war, which included <a href=\"https:\/\/cen.acs.org\/business\/economy\/Wars-impact-European-industry-grows\/100\/i19\">raw material shortages<\/a> and rising energy prices.<\/p>\n<p><strong>Others were resilient \u2014 largely with the help of diversified portfolios: <\/strong>Elsewedy Electric\u2019s net income was up 9% y-o-y to EGP 760.9 mn during the quarter, according to the company\u2019s latest <a href=\"https:\/\/ent.news\/2022\/5\/Elsewedy-Electric-ER-1Q2022-En-.pdf\">earnings release (pdf)<\/a>. The company\u2019s diversified portfolio \u2014 which extends beyond turnkey projects \u2014 managed to offset any margin pressures on the company, with its wires and cables segment bringing in nearly half of its revenues. OC\u2019s diversified portfolio also helped mitigate the impact of its losses (which were primarily due to Besix losses), Saad said.<\/p>\n<p><strong>More pressure on working capital = more debt:<\/strong> \u201cContractors are not seeing a massive slowdown to their performance, but their working capital is inflated,\u201d EFG Hermes Associate Vice President Ali Afifi said. \u201cThis prompts companies to take on more short-term facilities and debt, and make decisions like revisiting their dividend plans, which is what Elsewedy Electric did,\u201d Afifi added. Elsewedy has not paid out any interim dividends ahead of its financials, and its debt position for the quarter rose near EGP 9.1 bn, compared to EGP 6.12 bn as of 4Q2022.<\/p>\n<p><strong>And more contingency planning:<\/strong> Rising debt levels were attributed to \u201ccontingency planning,\u201d which included measures like bulk buying raw materials, making large advance payments, and coverage of rising freight costs, \u201cin an effort to curb delays in commodity deliveries and supply-chain disruptions that could negatively impact operations,\u201d Elsewedy wrote.<\/p>\n<p><strong>Large contractors\u2019 earnings could be negatively impacted if public spending on infrastructure development is reduced after budget revisions<\/strong>, Khalid said. MPs <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51f62891-ad04-47b0-93d4-1087a0721dd7\">have been calling for<\/a> an expansion in spending for subsidy and social safety nets, which Khalid noted could impact infrastructure allocations. Infrastructure represents the <a href=\"https:\/\/enterprise.press\/hardhats\/explained-governments-infrastructure-spending-priorities-2022-2023\/\">single largest recipient of public investments<\/a> in the draft FY 2022-2023 budget. We don\u2019t know yet if the government will make changes to its budget, but it has said that the figures in the draft budget are \u201ctentative\u201d and could be changed.<\/p>\n<p><strong>This could mean longer implementation periods for national projects<\/strong>, Khalid explained, as one of the only ways for companies to handle investment cuts will be to extend payment term durations. This could impact earnings down the road as these projects stretch and their costs pile up, Saad said, but this was not reflected in companies\u2019 performance during the first quarter, because it\u2019s more of a long-term impact.<\/p>\n<p><strong>Contractors\u2019 stock performance is a reflection of all of these pressures<\/strong>, Khalid said. Elsewedy\u2019s shares are down 27.8% YTD, while OC\u2019s shares are down 13.6%.<\/p>\n<p><strong>On the bright side: \u201cA lot of evidence points to us currently hovering around the peak of the global commodities cycle<\/strong> in terms of prices, whether we\u2019re talking about oil or other commodities like cement and steel,\u201d Khalid said. This next period will be marked by a slowdown and relative stability or normalization, he added.<\/p>\n<p><strong>Telecom players were impacted by the rising FX rate:<\/strong> State-owned landline monopoly Telecom Egypt performed well, but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dc78dc51-0910-46c9-93c1-b89ee4636434\">its net income fell 36% y-o-y<\/a> on the back of Vodafone Egypt\u2019s one-offs, Saad explained. Its normalized income \u2014 which excludes Vodafone Egypt\u2019s one-offs, the effect of the rising FX rate, provisions, and impairments \u2014 stayed flat y-o-y at EGP 1.7 bn. The company\u2019s weaker performance this quarter was also attributed to rising operating expenses and FX rate, Beltone said in an emailed note. Telecom\u2019s shares are down 9.7% YTD.<\/p>\n<p><strong>Financial infrastructure players had it better: <\/strong>State-owned e-Finance\u2019s net income jumped 40.6% y-o-y in 1Q2022 to EGP 200.3 mn, with the company\u2019s digital operations accounting for 90% of total revenues. The government has been working on measures to advance financial inclusion through expanding fintech infrastructure \u2014 a lot of which is through e-Finance\u2019s digital infrastructure \u2014 since before the war, but this has become even more important since the war began, CI Capital equity analyst Enjy Heshmat told Enterprise. That means that if anything, the war\u2019s impacts will be a boon for the company moving forward, especially in light of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">additional spending<\/a> expected from the government to cushion the war\u2019s economic impact, a large portion of which e-Finance processes, Heshmat added.<\/p>\n<p><strong>Still, Fawry + e-Finance\u2019s shares have fallen this year:<\/strong> e-Finance\u2019s shares are down 21.1% YTD, but this could be as the market awaits a consecutive set of solid results before they gain confidence in the stock, Heshmat explained. e-Finance completed its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23beb734-9f6f-4c55-9143-7c6935ecf804\">blockbuster IPO<\/a> last October, and has since only reported financials for 9M2021 and 1Q2022. Fawry\u2019s share price is down nearly 70% YTD, but this is attributed to a slate of one-off events that have a short-term impact on share price but should bring about better results down the line, Heshmat explained. These include its recent EGP 800 mn capital increase and a recently-introduced employee stock ownership plan (ESOP), both of which can dilute the company's share value and can prompt some investors to exit the stock, Heshmat said. \u201cThe market is now waiting to see how these measures will translate into better performance,\u201d Heshmat said. The company has not yet reported its 1Q earnings.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Etisalat gets an infrastructure boost from Telecom Egypt: <\/strong>Our friends at Etisalat Misr <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f159ef78-5810-44a1-951a-8e8678d4f0e6\">signed six agreements<\/a> worth EGP 17 bn with Telecom Egypt to expand its transmission and fiber optic infrastructure.<\/li>\n<li><strong>Israel <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf5c1738-0dc3-477c-9754-849635e63ae0\">could increase<\/a><\/strong><strong> gas exports to Egypt and Jordan<\/strong> in the coming months as it moves to start production at the disputed Karish gas field in the eastern Mediterranean.<\/li>\n<li><strong>EU funding to bolster wheat storage capacity, small farmers:<\/strong> The EUR 100 mn in food security funding announced by the EU <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2cd427aa-f06b-4054-ad8f-a96bc1c9de6a\">in April<\/a> will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/025f7e5f-d3ed-42e2-ae9d-88dc0248e302\">go towards<\/a> upgrading Egypt\u2019s wheat storage capacity and supporting SMEs in the agricultural sector.<\/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\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"547113\" 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\/08\/547113\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547113\" class=\"content-area-description single-story post-547113 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>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>July: Actis\u2019 expected sale of its majority stake in Lekela to Infinity and Masdar\u2019s Infinity Power.<\/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":547082,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547081","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"01aa3f63-e279-4ded-9e7d-d8504ff7cfef","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/11.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>World Bank revises upwards its Egypt growth estimate for FY 2021-22, sounds alarm on global stagflation threat - 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\/world-bank-revises-upwards-its-egypt-growth-estimate-for-fy-2021-22-sounds-alarm-on-global-stagflation-threat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"World Bank revises upwards its Egypt growth estimate for FY 2021-22, sounds alarm on global stagflation threat\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/world-bank-revises-upwards-its-egypt-growth-estimate-for-fy-2021-22-sounds-alarm-on-global-stagflation-threat\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:42:17+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\/11.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\/world-bank-revises-upwards-its-egypt-growth-estimate-for-fy-2021-22-sounds-alarm-on-global-stagflation-threat\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/world-bank-revises-upwards-its-egypt-growth-estimate-for-fy-2021-22-sounds-alarm-on-global-stagflation-threat\/\",\"name\":\"World Bank revises upwards its Egypt growth estimate for FY 2021-22, sounds alarm on global stagflation threat - 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