{"id":547157,"date":"2022-06-12T04:10:59","date_gmt":"2022-06-12T04:10:59","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547157"},"modified":"2025-12-15T21:43:56","modified_gmt":"2025-12-15T21:43:56","slug":"inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/","title":{"rendered":"Inflation hits three-year high on food price hikes but slows on a monthly basis"},"content":{"rendered":"<section id=\"547159\" 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=\"547159\">\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\/12\/this-morning-the-heatwaves-gonna-break-a-big-week-for-our-energy-ambitions\/\">\r\n                            THIS MORNING: The heatwave\u2019s gonna break + a big week for our energy ambitions                        <\/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\/12\/this-morning-the-heatwaves-gonna-break-a-big-week-for-our-energy-ambitions\/\" 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\/12\/this-morning-the-heatwaves-gonna-break-a-big-week-for-our-energy-ambitions\/')\">\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\/12\/this-morning-the-heatwaves-gonna-break-a-big-week-for-our-energy-ambitions\/\">\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: The heatwave\u2019s gonna break + a big week for our energy ambitions&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/this-morning-the-heatwaves-gonna-break-a-big-week-for-our-energy-ambitions\/\">\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\/12\/this-morning-the-heatwaves-gonna-break-a-big-week-for-our-energy-ambitions\/&title=THIS MORNING: The heatwave\u2019s gonna break + a big week for our energy ambitions\">\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+The+heatwave%E2%80%99s+gonna+break+%2B+a+big+week+for+our+energy+ambitions+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Fthis-morning-the-heatwaves-gonna-break-a-big-week-for-our-energy-ambitions%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\/12\/this-morning-the-heatwaves-gonna-break-a-big-week-for-our-energy-ambitions\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547159\" class=\"content-area-description single-story post-547159 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-energy tag-enterpriseam tag-eu tag-food-security tag-inflation tag-ipo-watch tag-oil-and-gas tag-ursula-von-der-leyen tag-what-were-tracking-today tag-world-trade-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, ladies and gentlemen, and get ready for what should be an interesting <\/strong><strong>week ahead.<\/strong> We hope you spent a restful weekend by the beach (and the AC) as some international schools have begun their summer breaks.<\/p>\n<p><strong>Summer should give us a slight break today after a sweltering weekend<\/strong>, as yesterday\u2019s scorching highs of 43\u00b0C give way to a cooler 35\u00b0C in the capital today, according to the<a href=\"https:\/\/bit.ly\/3MCxPT6\">Egyptian Meteorological Authority (EMA)<\/a>. Our favorite weather app is more or less backing up the EMA forecast.<\/p>\n<p><strong>THE BIG STORY here at home is the latest inflation reading<\/strong>, which saw consumer prices rise at their fastest annual pace since May 2019, driven once again by rising food prices. The silver lining: Prices didn\u2019t rise quite as much as analysts were expecting and even slowed on a monthly basis, with some analysts saying inflation could peak by summer.<\/p>\n<p><strong>BUT THAT\u2019S NOT ALL- We may be going out with our first (and long awaited) future flow <\/strong><strong>securitization transaction,<\/strong> courtesy of our friends at CIRA. We have more in the newswell below.<\/p>\n<p><strong>There\u2019s no one BIG STORY ABROAD dominating the front pages of the <\/strong><strong>foreign press this morning \u2014 though macro matters continue to preoccupy the business papers <\/strong>as US price pressures see petrol at the pump soar past a record USD 5 a gallon (see <a href=\"https:\/\/www.wsj.com\/articles\/gasoline-prices-reach-5-a-gallon-nationwide-for-the-first-time-11654910506?mod=hp_lead_pos2\">this<\/a> from the Wall Street Journal and <a href=\"https:\/\/www.ft.com\/content\/1e3ba8df-3fce-4bac-9c8f-d544781c0c22\">this<\/a> from the Financial Times.) We have more on the battle US monetary policymakers are waging against inflation, and its impact on the markets, below.<\/p>\n<p><strong>RELEVANT TO THE REGION- US President Joe Biden has admitted for the first time that <\/strong><strong>he may be making a visit to Saudi Arabia<\/strong> later this summer (though he hasn\u2019t yet made his mind up for sure), <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-11\/biden-says-any-saudi-visit-would-focus-on-more-than-energy\">Bloomberg<\/a> reports. If Uncle Joe does visit, he\u2019ll have more than just oil on his agenda and would plan a \u201clarger meeting\u201d on regional security, Biden told reporters yesterday.<\/p>\n<p><strong>Why do we care? <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c95ca10-3a1e-4e99-bb71-7d7d00ec7551\">Axios<\/a> has reported that the Biden administration is working with Israel, Saudi Arabia and Egypt to finalize the transfer of Tiran and Sanafir islands from Egypt to Saudi Arabia, a move that it believes could lead to a normalization of ties between Riyadh and Tel Aviv.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Subscription for the retail portion of Ghazl El Mahalla FC\u2019s IPO kicks off today:<\/strong> The club is selling 98 mn shares to the public at EGP 1.02 apiece. Subscription will be open until 1 July at the latest but could close early after the first ten days, according to a <a href=\"https:\/\/ent.news\/2022\/6\/Ghazl-El-Mahalla-FC-IPO.pdf\">disclosure (pdf)<\/a> on Thursday. Investors buying in must purchase between 1k and 2 mn shares each, the statement said.<\/p>\n<p><strong>Ghazl El Mahalla wants to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/20664f86-f75d-45ed-ba75-547f26dee618\">raise EGP 135 mn<\/a><\/strong><strong> in the sale:<\/strong> The club hopes to raise EGP 98 mn from the retail offering, after having already received EGP 37 mn from institutional investors in the private placement back in November. In total, the IPO will see the club sell a 67.5% stake to investors.<\/p>\n<p><strong>HAPPENING THIS WEEK-<\/strong><\/p>\n<p><strong>It could be a big week for our gas export ambitions:<\/strong> Hopes will be high this week that Egypt can ink an agreement to increase exports to the EU when EU Commission President Ursula von der Leyen lands in Cairo for talks with President Abdel Fattah El Sisi. According to a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-03\/eu-egypt-near-gas-supply-deal-in-shift-away-from-russia?sref=mmeFTDW1\">draft document seen by Bloomberg<\/a> earlier this month, the EU is expected to sign an MoU with Egypt and Israel that will see more Israeli gas shipped to Egypt\u2019s LNG facilities where it will be exported across the Mediterranean. The pact could also see the three sides work to curb methane gas emissions, the business newswire reported.<\/p>\n<p><strong>The EU could help fund new infrastructure:<\/strong> More details on the potential MoU were reported by <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/eu-proposes-natural-gas-import-deal-with-egypt-israel-document-2022-06-09\/\">Reuters<\/a> over the weekend, which got its hands on a draft document that is set to be sent out to European governments for approval. According to the plan, the EU could help to finance new infrastructure, provided it\u2019s not in breach of its rules to end investment in fossil fuels. The newswire provided few details beyond saying that the EU could also fund projects that reduce emissions and decarbonize natural gas.<\/p>\n<p><strong>More details:<\/strong> The agreement between the three sides would last for nine years, and offer Egypt the ability to purchase some of the additional gas sent by Israel.<\/p>\n<p><strong>Also on the agenda:<\/strong> European support to combat food insecurity in the Middle East will also be a topic of conversation between the two leaders, von der Leyen <a href=\"https:\/\/twitter.com\/vonderleyen\/status\/1534452189833449472?ref_src=twsrc%5Etfw\">told the EU parliament<\/a> on Wednesday. The EU is preparing to disburse <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/025f7e5f-d3ed-42e2-ae9d-88dc0248e302\">EUR 100 mn in funding<\/a> for Egypt to expand wheat storage capacity and support small farmers.<\/p>\n<p><strong>BY THE BY- It\u2019s not just Europe who are keen on our plans to become a regional new energy player. <\/strong>British Ambassador to Cairo Gareth Bayley called Egypt \u201can emerging renewable energy power\u201d last week, according to <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/3\/16\/467735\/Business\/Energy\/British-ambassador-calls-Egypt-%3Bemerging-renewable.aspx\">Ahram Online<\/a>, and said that more than 10 British firms want in on our ambitious <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4bc9d7d8-f464-497b-8e60-270e76b44180\">green hydrogen plans<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>It\u2019s also an important week for global efforts to <\/strong><strong>prevent the food crisis from escalating.<\/strong> Trade ministers will gather <a href=\"https:\/\/www.wto.org\/english\/thewto_e\/minist_e\/mc12_e\/mc12_e.htm\">today through Wednesday<\/a> in Geneva for a World Trade Organization (WTO) conference, where the focus will be on stemming the recent wave of food protectionism that has seen more than two dozen countries place export restrictions on food and fertilizer, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-09\/india-seen-as-thwarting-g-7-push-to-avert-global-food-crisis?sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n<p><strong>India is threatening to block a proposal<\/strong> backed by more than 50 countries to address the protectionism crisis, asking for certain provisions to be watered down, according to Bloomberg. In May, India placed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90d1ad70-45bd-4d6a-b57f-c43c3433bf2f\">restrictions on wheat exports<\/a>, piling pressure on food supply chains that has seen prices spiral to their <a href=\"https:\/\/www.fao.org\/newsroom\/detail\/fao-food-price-index-posts-significant-leap-in-march\/en\">highest levels on record<\/a>. We\u2019ve also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/065204a9-fed6-4be9-8ae3-25897092105c\">extended our own ban on wheat exports<\/a> \u2014 though we could still do trade with India in a potential <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42fc30fa-9136-4971-a9b5-8844e2991226\">wheat-for-fertilizer<\/a> pact that has drawn criticism from some other nations.<\/p>\n<p><strong>We\u2019ll be advocating for net-importing + developing countries at the meeting: <\/strong>Egypt has submitted a draft resolution to the WTO on the issue on behalf of Arab and African nations and less developed countries, a Foreign Ministry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid02hvRYYb4XPdWWT7yFYLQV68oZ8bUKdjntb4T34LSAVLo1pGcPdGcSedEjWWGhwpsSl\">statement<\/a> read. The resolution aims to provide \u201cpractical solutions to support farmers and producers\u201d and boost local grain and other crop production, the statement read, without going into more details.<\/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>MARKET WATCH-<\/strong><\/p>\n<p><strong>Red-hot US inflation <\/strong><strong>data raises fea<\/strong><strong>rs of huge Fed rate hike; tanks stocks:<\/strong> US stocks suffered their worst weekly loss since January after inflation unexpectedly accelerated to a fresh 40-year high in May, raising fears among traders that the Federal Reserve will turn even more hawkish when it meets this week. The S&P 500 fell 2.9% and the tech-heavy Nasdaq tumbled more than 3.6% in response to the <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\">inflation data<\/a> on Friday, which showed that consumer prices rose to 8.6% last month, its highest rate since November 1981.<\/p>\n<p><strong>All eyes on the Fed:<\/strong> Traders <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-10\/barclays-sees-75-basis-point-fed-hike-next-week-on-price-surge?sref=mmeFTDW1\">now see a 50% chance<\/a> that the Federal Reserve will raise interest rates by 75 bps when it meets on Tuesday and Wednesday this week. Policymakers were broadly expected to go ahead with a second 50-bps increase but the poor data has increased the likelihood they will go aggressive to try and put a ceiling over the worst bout of inflation in a generation.<\/p>\n<p><strong>Over in Europe, the ECB is giving the markets flashbacks of 2011:<\/strong> European shares dived and bond yields jumped on Friday after the European Central Bank (ECB) indicated it would move to raise interest rates next month, reviving memories of the eurozone debt crisis early last decade. Borrowing costs for Italy and Greece \u2014 two of the bloc\u2019s most heavily indebted Mediterranean economies \u2014 have spiked in recent days as investors worry about the sustainability of their debts after the central bank begins to raise rates. <a href=\"https:\/\/www.ft.com\/content\/581255ab-c2aa-4df9-bf87-80ade371a4bb\">The Financial Times<\/a> has more.<\/p>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>There\u2019s a handful of conferences coming up: <\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/ent.news\/2022\/5\/ER2FOOD-Event-Agenda-240522.pdf\">The EU-Egypt Sustainable Food Value Chain<\/a><\/strong><strong> conference<\/strong>, which will take place at Grand Nile Tower Hotel this Thursday.<\/li>\n<li><strong><a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">The Aswan Forum for Sustainable Peace and Development<\/a><\/strong>,will take place in Cairo later this month on <strong>21-22 June (Tuesday-Wednesday). <\/strong><\/li>\n<li><strong>The <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/6\/Press-Release-The-Big-5-Construct-Egypt-exhibition-returns-in-June-with-the-participation-of-the-Egyptian-Armed-Forces-Engineering-Authority.pdf\">Big 5 Construct Egypt (pdf)<\/a><\/strong><strong> construction industry exhibition <\/strong>runs from 25-27 June at the Egypt International Exhibition Center (EIEC) in Cairo.<\/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' ><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> After looking at how Nigeria attracted USD 1.8 bn in startup funding in 2021, and what could be next for StartupLand over there, we now take you on a tour of a few startups we\u2019ve either personally met or heard about during our trip to Lagos a few weeks ago.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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\/ursula-von-der-leyen\/\">Ursula von der Leyen<\/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-trade-organization\/\">World Trade Organization<\/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=\"547160\" 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=\"547160\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/547160\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547160\" class=\"content-area-description single-story post-547160 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\/2\/1600px-W-x-1200px-H-post-03-1.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=\"547161\" 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=\"547161\">\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\/12\/inflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis\/\">\r\n                            Inflation hits 13.5% in May but slowed on an m-o-m basis                        <\/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\/12\/inflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis\/\" 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\/12\/inflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis\/')\">\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\/12\/inflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis\/\">\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=Inflation hits 13.5% in May but slowed on an m-o-m basis&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/inflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis\/\">\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\/12\/inflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis\/&title=Inflation hits 13.5% in May but slowed on an m-o-m basis\">\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=Inflation+hits+13.5%25+in+May+but+slowed+on+an+m-o-m+basis+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Finflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis%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\/12\/inflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/223.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547162\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/inflation-hits-13-5-in-may-but-slowed-on-an-m-o-m-basis\/223-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/223.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"223.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/223.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/223.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547161\" class=\"content-area-description single-story post-547161 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-capmas tag-commodities tag-economy 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><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Inflation rose to a three-year high in May but came in lower than expected <\/strong><strong>and even slowed down on a monthly basis.<\/strong> Annual urban inflation rose to 13.5% last month from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90445785-790f-414d-9173-3ff001e16ed4\">13.1% in April<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90445785-790f-414d-9173-3ff001e16ed4\">as rising global commodity prices and the EGP devaluation pushed consumer prices upwards for a sixth consecutive month<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90445785-790f-414d-9173-3ff001e16ed4\">,<\/a> according to figures released by statistics agency Capmas on Thursday. This is the highest level since May 2019, though it came below the expectations of analysts polled by <a href=\"https:\/\/www.reuters.com\/markets\/egypts-annual-urban-consumer-inflation-rises-135-may-capmas-2022-06-09\/\">Reuters<\/a>, which predicted a median forecast of 14.2%. It was, however, above the Central Bank of Egypt\u2019s target of 7% (\u00b12%).<\/p>\n<p><strong>Rising food prices are behind the surge (yet again):<\/strong> Food and beverage prices \u2014 the biggest component of the basket used to measure inflation \u2014 rose 24.8% y-o-y in May, down slightly from 26% in April, as the war in Ukraine continued to hamper supplies of basic food staples. The increase was mostly driven by a significant jump in the cost of grains and bread (up 32.4% y-o-y), according to Capmas <a href=\"https:\/\/ent.news\/2022\/6\/May-2022-Inflation-Figures-CAPMAS.pdf\">figures (pdf)<\/a>.<\/p>\n<p><strong>Monthly momentum slowed:<\/strong> Urban inflation slowed on a monthly basis for the first time since November, falling to 1.1% from 3.3% in April. This was thanks to a slowdown in food prices, which grew 0.6% compared to 7.6% in April.<\/p>\n<p><strong>Annual core inflation rose to 13.3% y-o-y<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/6\/CPI-Press-Release-May-2022.pdf\">cent<\/a><a href=\"https:\/\/ent.news\/2022\/6\/CPI-Press-Release-May-2022.pdf\">ral bank data (pdf)<\/a>. Core inflation strips out volatile items such as food and fuel.<\/p>\n<p><strong>Global commodity prices + the EGP devaluation are pressuring prices:<\/strong> \u201cThe continued higher level inflation readings are predominantly a reflection of both cost-push factors (including higher global commodity indices and a weaker EGP) and lower supplies,\u201d Naeem Brokerage\u2019s Allen Sandeep told Enterprise.<\/p>\n<p><strong>Making the most of the wheat we\u2019ve got: <\/strong>Millers are reportedly using more wheat bran in their flour in efforts to stretch supplies, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-10\/egypt-looks-to-eke-out-more-bread-from-its-wheat-as-prices-soar\">Bloomberg<\/a> reports, citing Magdy El Waily, member of the grain chamber at the Federation of Egyptian Industries. The measure will increase the volume of flour made from a ton of wheat by around 6% to 875 kgs, and will be introduced by the Supply Ministry starting next month.<\/p>\n<p><strong>Prices could continue climbing:<\/strong> \u201cWe expect headline inflation to continue gaining momentum as the rise in global commodity prices reflects on the domestic market, coupled with base effect,\u201d Beltone\u2019s Alia Mamdouh wrote in a note. Inflation could reach up to 17% this year, Farouk Soussa, Goldman Sachs\u2019 MENA economist, recently told <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7fc96e10-0086-4742-bc4a-7f3b09650f9f\">Bloomberg TV<\/a>, before falling back into the CBE target range by the end of next year.<\/p>\n<p><strong>Inflation could peak in July or August on h<\/strong><strong>igher electricity + fuel prices: <\/strong>Expected changes to electricity and oil prices could push headline inflation towards 15-16% by July or August, Arqaam Capital Associate Director Noaman Khalid told Enterprise. \u201cWe think this could be the peak of inflation,\u201d Khalid said. Households <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fdb7b4e0-c53f-4127-bb0f-94a9afa6ec30\">could see their electricity bills rise<\/a> by as much as 21% from 1 July, according to the government\u2019s schedule to phase out subsidies by 2025. Meanwhile, the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9aaaa681-2b1d-4712-b895-3c5d9795c8ce\">fuel pricing committee<\/a> will meet at the end of June to review prices at the pump.<\/p>\n<p><strong>What does this mean for interest rates? Some analysts are predicting another hike: <\/strong> Al Ahly Pharos is expecting another 200-bps hike in the coming meetings, \u201cmost probably front-loaded\u201d this month, due to global monetary tightening and high food and energy prices, Al Ahly Pharos economist Esraa Ahmed wrote in a note last week. Arqaam sees a 100-150 bps hike this month, Khalid said.<\/p>\n<p><strong>Others forecast rates to remain unchanged at least until August:<\/strong> Meanwhile, Beltone\u2019s Alia Mamdouh thinks policymakers will hold off making further adjustments to the policy rate. \u201cWe believe it is still too early for a full reflection of the introduced interest rate hikes on inflation momentum; we expect maintained interest rates in the upcoming meeting,\u201d she wrote.<\/p>\n<p><strong>The CBE has already raised rates by 300 bps in the past three months<\/strong>, with a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a2b0a89-0a42-47b7-8172-cdf8ce1d8729\">200-bps hike in May<\/a> following the 100-bps increase during the emergency meeting in March. The CBE said last month that it would \u201ctemporarily tolerate\u201d the elevated annual headline inflation rate relative to its target until 2023.<\/p>\n<p><strong>Inflation is getting attention from the international business press: <\/strong><a href=\"https:\/\/www.reuters.com\/markets\/egypts-annual-urban-consumer-inflation-rises-135-may-capmas-2022-06-09\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-09\/egypt-inflation-quickens-for-a-sixth-month-on-food-devaluation?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/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\/capmas\/\">CAPMAS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"547163\" 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=\"547163\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/\">\r\n                            Our first-ever future flow issuance could be just around the corner + Raya\u2019s Aman eyes EGP 500-650 mn securitized issuance                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Our first-ever future flow issuance could be just around the corner + Raya\u2019s Aman eyes EGP 500-650 mn securitized issuance&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/&title=Our first-ever future flow issuance could be just around the corner + Raya\u2019s Aman eyes EGP 500-650 mn securitized issuance\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Our+first-ever+future+flow+issuance+could+be+just+around+the+corner+%2B+Raya%E2%80%99s+Aman+eyes+EGP+500-650+mn+securitized+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Four-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/226.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547164\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/our-first-ever-future-flow-issuance-could-be-just-around-the-corner-rayas-aman-eyes-egp-500-650-mn-securitized-issuance\/226-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/226.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"226.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/226.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/226.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547163\" class=\"content-area-description single-story post-547163 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-aman-financial-services tag-cira-education tag-debt-watch tag-enterpriseam tag-financial-regulatory-authority tag-mohamed-el-kalla tag-raya-holding tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>CIRA could issue Egypt\u2019s first future flow securitized bonds next <\/strong><strong>month: <\/strong>The Financial Regulatory Authority (FRA) has approved a program that would see EGX-listed private sector education outfit CIRA issue EGP 2 bn of future flow securitized bonds over three years, CIRA CEO Mohamed El Kalla told Enterprise. The first tranche will be worth EGP 800 mn, with the bonds sold at EGP 100 apiece, the company said in <a href=\"https:\/\/ent.news\/2022\/6\/%D8%A7%D9%84%D9%82%D8%A7%D9%87%D8%B1%D8%A9-%D9%84%D9%84%D8%A7%D8%B4%D8%AA%D8%AB%D9%85%D8%A7%D8%B1-%D9%85%D8%AC%D9%84%D8%B3-%D8%A7%D8%AF%D8%A7%D8%B1%D8%A9-09-06-2022.pdf\">a disclosure to the EGX (pdf)<\/a> on Thursday.<\/p>\n<p><strong>The sale could take place next month:<\/strong> \u201cWe\u2019re looking at a window of issuance sometime towards the end of July,\u201d El Kalla said.<\/p>\n<p><strong>A quick recap: What exactly is future flow securitization?<\/strong> The debt instrument allows public or private service providers to raise capital by selling securitized bonds to investors using so-called \u201cfuture flows\u201d \u2014 the money they could reasonably expect to make at a future date \u2014 as collateral. We have more info in our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53784ce0-1cc5-4f9a-9385-02aac05494ab\">recent explainer<\/a>.<\/p>\n<p><strong>Funds from this first issuance will be used to cover CIRA\u2019s growth plans in the next three years<\/strong>, including expanding its university and K-12 offering, said El Kalla. CIRA is looking to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1391b0a4-23c0-46de-954f-a70b9a1f4ef4\">open three new schools<\/a> at the beginning of the coming school year in September \u2014 two in Sixth of October\u2019s Cosmic Village and one in Qena \u2014 and to establish an international school in Assiut that will open in 2024. It\u2019s also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fc453b39-a1d9-4967-8f81-fb5280b47582\">partnering with<\/a> privately-owned investment company Elsewedy Capital Holding to build and run a private university in New Damietta, and plans to launch Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d77b1b1-551a-4992-a0ff-3591c6dc48a8\">first private sector technical college<\/a> in September 2023.<\/p>\n<p><strong>What this says about the business of education in Egypt: <\/strong>\u201cThe fact that the FRA is moving ahead with this as the first securitized bond issuance is a reflection of how education is being seen more and more as a key industry in the country,\u201d El Kalla said.<\/p>\n<p><strong>More future flows in future? <\/strong>Contact Financial Holding is also in talks with the FRA to securitize future flows in 2H 2022 on behalf of \u201cone of the largest corporate firms in Egypt,\u201d CFO Ayman Elsawy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e625720-db16-441e-b814-4222b031f284\">told Enterprise<\/a> earlier this year.<\/p>\n<p><strong>Advisors:<\/strong> EFG Hermes are financial advisors on the transaction, Zulficar & Partners are legal counsel, and PWC are auditors, El Kalla told Enterprise.<\/p>\n<p><strong>IN OTHER DEBT NEWS- <\/strong><\/p>\n<p><strong>R<\/strong><strong>aya subsidiary Aman plans to issue securitized bonds w<\/strong><strong>orth EGP 500-65<\/strong><strong>0 <\/strong><strong>mn <\/strong>to finance its medium and long-term activities, Raya Holding announced in an EGX <a href=\"https:\/\/ent.news\/2022\/6\/Raya-Aman-securitization.pdf\">disclosure (pdf)<\/a>. Raya is also considering a sukuk issuance program soon to fund small and medium sized enterprises (SMEs), as well as credit facilities worth EGP 500-700 mn to fund its consumer finance activity, the statement said. The company did not disclose an expected timeline for the issuances.<\/p>\n<p><strong>This would be Aman\u2019s fourth round of securitization: <\/strong>Aman sold EGP 1.65 bn of securitized bonds across three issuances between 2019 and 2021, according to the disclosure.<\/p>\n<p><strong>Securitization SPV coming soon:<\/strong> The company is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/efbbdfcf-0c4c-4fe1-85ed-1b68623ff028\">still finalizing procedures<\/a> with the Financial Regulatory Authority for its new special purpose vehicle for bond issuances, Aman Securitization, the statement said.<\/p>\n<p><strong>Raya Holding looks to issue securitized bonds worth a total of EGP 2 bn this year<\/strong> for several of its subsidiaries, CFO Hossam Hussein said in February.<\/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\/aman-financial-services\/\">Aman Financial Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-el-kalla\/\">Mohamed El Kalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/raya-holding\/\">Raya Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547165\" 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=\"547165\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/savola-closes-ole-bakery-acquisition\/\">\r\n                            Savola closes Ole bakery acquisition                        <\/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\/12\/savola-closes-ole-bakery-acquisition\/\" 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\/12\/savola-closes-ole-bakery-acquisition\/')\">\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\/12\/savola-closes-ole-bakery-acquisition\/\">\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=Savola closes Ole bakery acquisition&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/savola-closes-ole-bakery-acquisition\/\">\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\/12\/savola-closes-ole-bakery-acquisition\/&title=Savola closes Ole bakery acquisition\">\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=Savola+closes+Ole+bakery+acquisition+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Fsavola-closes-ole-bakery-acquisition%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\/12\/savola-closes-ole-bakery-acquisition\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/228.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547166\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/savola-closes-ole-bakery-acquisition\/228-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/228.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"228.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/228.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/228.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547165\" class=\"content-area-description single-story post-547165 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-adq tag-al-ahly-pharos tag-delta-pharma tag-egyptian-belgian-company-for-industrial-investments tag-enterpriseam tag-ma-watch tag-savola-group wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The Egyptian Belgian Company has new Saudi owners:<\/strong> Saudi food conglomerate Savola has signed an agreement to acquire 100% of the Egyptian Belgian Company \u2014 best known for its Ole-branded baked goods \u2014 for EGP 622.4 mn, its advisor, Al Ahly Pharos, said in <a href=\"https:\/\/ent.news\/2022\/6\/Rover-Press-Release-English.pdf\">a statement (pdf)<\/a> Thursday.<\/p>\n<p><strong>Savola isn\u2019t new to our market:<\/strong> The company is behind popular local cooking oil, ghee, pasta, and sugar brands including Rawabi ghee, Afia oils, and El Maleka and Italiano pastas. Its products are sold across the region, including in the Gulf, Sudan, and Turkey. The company has been looking at acquiring more food companies in Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7b8c8f1f-bd5f-41d1-ac95-ca0c7f780d98\">since last year<\/a>, saying at the time it would look at companies who produce items not covered by its existing portfolio.<\/p>\n<p><strong>What\u2019s next<\/strong>: Savola plans to pour EGP 740 mn into the factory it acquired from Ole, which is set to reopen within six months, Savola Chief Strategy Officer Mohamed Badran was quoted as saying by <a href=\"https:\/\/bit.ly\/3xFaD2q\">Al Borsa<\/a>. Savola hopes to achieve sales from the factory of around EGP 2 bn annually, worth some 16% of the local baked goods\u2019 market, according to Badran.<\/p>\n<p><strong>ADVISORS-<\/strong> Al Ahly Pharos acted as exclusive buy-side advisor to Savola on the transaction, while Zilla Capital was sell-side advisor. Zaki Hashem & Partners provided counsel to the buyer and Adsero was sell-side counsel. The National Bank of Egypt was the escrow agent for the transaction.<\/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\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/delta-pharma\/\">Delta Pharma<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-belgian-company-for-industrial-investments\/\">Egyptian Belgian Company for Industrial Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/savola-group\/\">Savola 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=\"547167\" 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=\"547167\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/sumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt\/\">\r\n                            Sumitomo to set up the world\u2019s largest factory for pigtail and wiring harnesses in Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/sumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/sumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/sumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Sumitomo to set up the world\u2019s largest factory for pigtail and wiring harnesses in Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/sumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/sumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt\/&title=Sumitomo to set up the world\u2019s largest factory for pigtail and wiring harnesses in Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Sumitomo+to+set+up+the+world%E2%80%99s+largest+factory+for+pigtail+and+wiring+harnesses+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Fsumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/sumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/229.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547168\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/sumitomo-to-set-up-the-worlds-largest-factory-for-pigtail-and-wiring-harnesses-in-egypt\/229-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/229.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"229.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/229.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/229.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547167\" class=\"content-area-description single-story post-547167 post type-post status-publish format-standard has-post-thumbnail hentry category-manufacturing tag-automotive tag-enterpriseam tag-japan tag-manufacturing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<figure class=\"wp-block-audio mb-0\"><audio controls preload=\"metadata\" src=\"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.c9480fb7-0901-4d36-ab65-09e349673086.mp3\"><\/audio><\/figure><p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Japanese conglomerate Sumitomo has chosen Egypt as<\/strong><strong> the site of its <\/strong><strong>largest <\/strong><strong>ever factory<\/strong>, inking an MoU with the General Authority for Investment and Freezones (GAFI) on Wednesday to set up an industrial complex in Tenth of Ramadan City, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0sWrAEE8ufktmWtypqg6727ZxQm37vwNTihPYqNXxTxRxPGuEb2hPognoScqLBX8vl\">a cabinet statement<\/a>. The factory will produce pigtail cables used in cars and cable harnesses and is expected to begin operations by the end of 2023.<\/p>\n<p><strong>The 150k sqm complex will be the largest of its kind in the world<\/strong>, Ahmed Magdy, managing director at Sumitomo Egypt, told Enterprise. The company plans to invest USD 100-150 mn in the project initially, he said.<\/p>\n<p><strong>A boon for Egyptian exports: <\/strong>All of the company\u2019s products are exported to automakers in the MENA region and Europe, the statement said. The government is aiming to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">increase the value of e<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">xports to USD 100 bn a<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">year<\/a> within the next five years in a bid to narrow the trade deficit and improve the balance of payments.<\/p>\n<p><strong>And new jobs: <\/strong>The factory will double the company\u2019s headcount in Egypt from around 10k currently, according to the statement.<\/p>\n<p><strong>About Sumitomo Egypt: <\/strong>The Japanese automotive electrical systems manufacturer already has a 10 Ramadan City pigtails cable factory that exports to Europe. It <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e839468-45ca-402a-aaad-8be7f1753381\">was recognized<\/a> as the top freezone exporter by the Trade Ministry earlier this year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/japan\/\">Japan<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547169\" 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=\"547169\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/dxwand-scores-funding-for-ai-research\/\">\r\n                            DXwand scores funding for AI research                        <\/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\/12\/dxwand-scores-funding-for-ai-research\/\" 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\/12\/dxwand-scores-funding-for-ai-research\/')\">\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\/12\/dxwand-scores-funding-for-ai-research\/\">\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=DXwand scores funding for AI research&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/dxwand-scores-funding-for-ai-research\/\">\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\/12\/dxwand-scores-funding-for-ai-research\/&title=DXwand scores funding for AI research\">\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=DXwand+scores+funding+for+AI+research+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Fdxwand-scores-funding-for-ai-research%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\/12\/dxwand-scores-funding-for-ai-research\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547169\" class=\"content-area-description single-story post-547169 post type-post status-publish format-standard hentry category-startup-watch tag-ai tag-dxwand tag-enterpriseam tag-itida tag-sosv tag-startup-watch tag-startups tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Tech and AI startup <\/strong><strong><a href=\"https:\/\/dxwand.com\/\">DXwand<\/a><\/strong><strong> has closed a USD 1 mn pre-series A investment round<\/strong> led by <a href=\"http:\/\/www.huashancapital.com\/\">Huashan Capital<\/a> and with participation from angel investors Mohsen Abulleil and Ahmed Bakeer, according to <a href=\"https:\/\/ent.news\/2022\/6\/PRL-EN-DXwand-raises-1-Million-in-Pre-Series-A-Investment-Round.docx.pdf\">a press release (pdf)<\/a>. US-based venture capital firm <a href=\"https:\/\/sosv.com\/\">SOSV<\/a> also \u201csupported the due diligence and syndication of this fundraising round.\u201d SOSV had previously invested in DXwand\u2019s seed round.<\/p>\n<p><strong>About the company:<\/strong> The company has developed a conversational AI and digital assistant tool that understands English and Arabic slang \u201cand can extract insights from conversations and display them on dashboards for businesses to make instant, informed decisions\u201d on sales, customer acquisition, and customer retention.<\/p>\n<p><strong>DXwand will use the funding to finance its regional expansion and increase its market share<\/strong>, the statement said, without specifying the markets into which the company plans to expand. The startup also plans to use the funding to \u201caccelerate its AI research to further differentiate its solutions in the market.\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\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dxwand\/\">DXwand<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/itida\/\">ITIDA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sosv\/\">SOSV<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/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=\"547170\" 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=\"547170\">\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\">PARLIAMENT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/parts-of-the-senate-dont-love-the-govts-privatization-plans\/\">\r\n                            Parts of the Senate don\u2019t love the govt\u2019s privatization plans                        <\/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\/12\/parts-of-the-senate-dont-love-the-govts-privatization-plans\/\" 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\/12\/parts-of-the-senate-dont-love-the-govts-privatization-plans\/')\">\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\/12\/parts-of-the-senate-dont-love-the-govts-privatization-plans\/\">\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=Parts of the Senate don\u2019t love the govt\u2019s privatization plans&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/parts-of-the-senate-dont-love-the-govts-privatization-plans\/\">\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\/12\/parts-of-the-senate-dont-love-the-govts-privatization-plans\/&title=Parts of the Senate don\u2019t love the govt\u2019s privatization plans\">\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=Parts+of+the+Senate+don%E2%80%99t+love+the+govt%E2%80%99s+privatization+plans+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Fparts-of-the-senate-dont-love-the-govts-privatization-plans%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\/12\/parts-of-the-senate-dont-love-the-govts-privatization-plans\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/231.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547171\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/parts-of-the-senate-dont-love-the-govts-privatization-plans\/231-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/231.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"231.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/231.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/231.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547170\" class=\"content-area-description single-story post-547170 post type-post status-publish format-standard has-post-thumbnail hentry category-parliament-watch tag-budget-watch tag-enterpriseam tag-parliament-watch tag-senate tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Gov\u2019t privatization plans get more parliamentary pushback:<\/strong> The Senate is this week set to discuss a report in which it calls for the government to reconsider <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">plans to fully exit from certain sectors of the economy<\/a>, according to Yasser Zaki, deputy chairman of the Senate\u2019s financial and economic affairs committee.<\/p>\n<p><strong>What report?<\/strong> The Senate doesn\u2019t debate the annual budget \u2014 but it can debate the adjacent sustainable development plan and budget from the Planning Ministry. Both budgets are currently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54bbc7a3-bd76-498b-bc12-839981fad55e\">making their way<\/a> through the House of Representatives. The Senate will use its financial committee\u2019s report on the Planning Ministry\u2019s budget to discuss some reps\u2019 objections to the wider privatization plan, which is set to see the government fully withdraw from as many as 79 industries over the next three years as part of plans to restructure the economy in favor of the private sector.<\/p>\n<p><strong>What they said: <\/strong>\u201cWe think that the state\u2019s dominant role, going hand in hand with the private sector, should be maintained in order for the country to be able to stand up to global economic crises, absorb their shock and mitigate their negative impact on vulnerable classes,\u201d the report reads. It also calls on state-owned industrial firms to be restructured to maximize exports and foreign-denominateed earnings, \u201cinstead of privatizing or selling off these companies.\u201d<\/p>\n<p><strong>REMEMBER- This is all part of the normal cut and thrust of parliamentary politics (and some reps don\u2019t love to hear the word \u201cprivatization\u201d). <\/strong>Some MPs in the House of Representatives have also been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/750edb4f-028c-4036-a98d-58f6856f1b18\">voicing their opposition<\/a> to the state\u2019s plans to sell stakes in state-owned assets to local and international investors \u2014 and any mention of privatization has long spooked a certain segment of elected officials. And remember, the impetus on this is coming from Ittihadiya, so it is unlikely to be swayed by the opposition.<\/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\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/parliament-watch\/\">PARLIAMENT WATCH<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/senate\/\">Senate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547172\" 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=\"547172\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/could-gerd-negotiations-be-back-on-the-table\/\">\r\n                            Could GERD negotiations be back on the table?                        <\/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\/12\/could-gerd-negotiations-be-back-on-the-table\/\" 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\/12\/could-gerd-negotiations-be-back-on-the-table\/')\">\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\/12\/could-gerd-negotiations-be-back-on-the-table\/\">\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=Could GERD negotiations be back on the table?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/could-gerd-negotiations-be-back-on-the-table\/\">\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\/12\/could-gerd-negotiations-be-back-on-the-table\/&title=Could GERD negotiations be back on the table?\">\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=Could+GERD+negotiations+be+back+on+the+table%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Fcould-gerd-negotiations-be-back-on-the-table%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\/12\/could-gerd-negotiations-be-back-on-the-table\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/233.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547173\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/could-gerd-negotiations-be-back-on-the-table\/233-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/233.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"233.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/233.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/233.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547172\" class=\"content-area-description single-story post-547172 post type-post status-publish format-standard has-post-thumbnail hentry category-diplomacy tag-abdel-fattah-el-sisi tag-development-finance tag-diplomacy tag-enterpriseam tag-ethiopia tag-gerd tag-politics tag-sudan tag-water tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>The will-they-won\u2019t-they of the GERD negotiations is back: <\/strong>Ethiopia is interested in returning to the negotiating table with Egypt and Sudan to seal an agreement over the filling and operation of the Grand Ethiopian Renaissance Dam (GERD), according to statements made by a senior Ethiopian official at the weekend. In a meeting with US envoy Mike Hammer, Ethiopia\u2019s Ambassador to the US Sileshi Bekele \u201chighlighted Ethiopia\u2019s interest to resume the African Union-led trilateral negotiation over the GERD,\u201d the country\u2019s foreign ministry <a href=\"https:\/\/www.facebook.com\/MFAEthiopia\/posts\/338562761762227?__cft__[0]=AZX4Ot2dIvMkBy0I6vRXuHpYOJXAaLvOnD0P9h-QkNm2nQGvKJfL49_7gouE6VOe_W0DLc8SZ4dIBJnfKcDgpbonGNzP0H_TkB6M1E9kdclZb07Gza1nnNiXVH7q6uUUfvOe15lLuiiw-FJnEJiVI4brh1PQVFxferwa7jrKRSq7Ks8vLz10bTlJBVAUNhf11BJzo08TAKMfWniGcfAmqCwm&__tn__=%2CO%2CP-R\">said<\/a> Friday.<\/p>\n<p><strong>There\u2019s just one problem with that:<\/strong> Egypt and Sudan have rejected the AU-led process and have called for new mediators to be brought in to manage the negotiations. Ethiopia has insisted that it will only continue talks with the AU at the helm while Egypt and Sudan have refused to negotiate unless Ethiopia agrees to a new intermediary.<\/p>\n<p><strong>This came just a day after<\/strong><strong> El Sisi <\/strong><strong>reiterated our position on GERD: <\/strong>President Abdel Fattah El Sisi on Thursday told Tanzanian Foreign Minister Liberata Mulamula that Cairo still seeks to preserve its water security and historical rights to Nile water through a legally binding agreement on the filling and operations of the dam, a <a href=\"https:\/\/bit.ly\/3NCUhNf\">statement<\/a> by Ittihadiya read. Mulamula delivered a letter from Tanzanian President Samia Suluhu Hassan updating El Sisi on the implementation of the Julius Nyerere Hydropower Plant and Dam that Elsewedy Electric and Arab Contractors are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6de6ec6-017f-4bee-afeb-8e4bc07f06f9\">building in Tanzania.<\/a><\/p>\n<p><strong>The GERD negotiations have been ongoing for almost a decade: <\/strong>The dam has been a growing source of tension between Ethiopia and the two downstream countries in recent years as Addis Ababa persisted with filling the reservoir despite not reaching an agreement with Cairo and Khartoum. Negotiations have been stalled since last summer when Ethiopia embarked on the second filling even as Egypt lodged a formal appeal to the UN Security Council to force it to the negotiating table.<\/p>\n<p><strong>Ethiopia will start the third filling by the end of summer: <\/strong>Last month, the dam\u2019s project manager <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1b6488f-1035-4c50-9412-3909b863c56f\">Kifle Horo said<\/a> that Ethiopia will start the dam\u2019s third filling in August and September, adding that it is an \u201cautomatic process\u201d that cannot be stopped. Sudan responded by reiterating its demands for a \u201cfair and binding\u201d agreement before Ethiopia continues to fill the reservoir.<\/p>\n<p><strong>GERD has pushed Egypt to put water security front and center: <\/strong>Egypt has for years made water security a top priority, working to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/719598fd-7d43-4ae7-90f0-2879fcd55ebf\">limit the impact<\/a> of GERD on our water supply. More than <a href=\"https:\/\/www.brookings.edu\/blog\/africa-in-focus\/2020\/08\/05\/the-controversy-over-the-grand-ethiopian-renaissance-dam\/\">85% of the water<\/a> that flows into the Blue Nile originates in Ethiopia\u2019s highlands, and the threat remains that Ethiopia will fail to release water from the hydroelectric GERD in the event of a drought downstream.<\/p>\n<p><strong>The <\/strong><a href=\"https:\/\/apnews.com\/article\/politics-africa-middle-east-egypt-kenya-1ddaf63927805e0e0f2aaab043008327\">Associated Press<\/a> <strong>took note of the news. <\/strong><\/p>\n<p><strong>OTHER DIPLO NEWS <\/strong>worth noting in brief include:<\/p>\n<ul>\n<li><strong>World Bank directors talk development + COP27 + economy during visit:<\/strong> Egypt\u2019s development priorities, measures to mitigate the economic fallout from the Russia-Ukraine war, and preparations for COP27 topped the agenda for a delegation of executive directors from the World Bank Group that wrapped up on Thursday, according to <a href=\"https:\/\/ent.news\/2022\/6\/ED-Visit-final-eng.docx.pdf\">a statement (pdf)<\/a>.<\/li>\n<li><strong>Drumming up climate finance: <\/strong>International Cooperation Minister Rania Al Mashat talked about boosting financing cooperation on climate with European Investment Bank (EIB) President Werner Hoyer in Luxembourg on Thursday, according to a ministry <a href=\"https:\/\/bit.ly\/3MItGgk\">statement<\/a>. The pair discussed how to mobilize more finance for climate mitigation and adaptation and local energy, transportation, agriculture, and water resources projects.<\/li>\n<li><strong>Egypt and Jordan will work together on oil and natural gas, petrochems, and <\/strong><strong>mineral resources<\/strong> as per an MoU the two countries signed on Thursday, according to an<a href=\"https:\/\/www.facebook.com\/photo\/?fbid=329260976055547&set=a.110083027973344\"><\/a><a href=\"https:\/\/www.facebook.com\/photo\/?fbid=329260976055547&set=a.110083027973344\">Oil Ministry statement<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/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=\"547174\" 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=\"547174\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/547174\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547174\" class=\"content-area-description single-story post-547174 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=\"547175\" 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=\"547175\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/last-nights-talk-shows-a-punishing-loss-to-ethiopia-for-the-pharaohs\/\">\r\n                            Last Night\u2019s Talk Shows: A punishing loss to Ethiopia for the Pharaohs                        <\/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\/12\/last-nights-talk-shows-a-punishing-loss-to-ethiopia-for-the-pharaohs\/\" 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\/12\/last-nights-talk-shows-a-punishing-loss-to-ethiopia-for-the-pharaohs\/')\">\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\/12\/last-nights-talk-shows-a-punishing-loss-to-ethiopia-for-the-pharaohs\/\">\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: A punishing loss to Ethiopia for the Pharaohs&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/last-nights-talk-shows-a-punishing-loss-to-ethiopia-for-the-pharaohs\/\">\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\/12\/last-nights-talk-shows-a-punishing-loss-to-ethiopia-for-the-pharaohs\/&title=Last Night\u2019s Talk Shows: A punishing loss to Ethiopia for the Pharaohs\">\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+A+punishing+loss+to+Ethiopia+for+the+Pharaohs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Flast-nights-talk-shows-a-punishing-loss-to-ethiopia-for-the-pharaohs%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\/12\/last-nights-talk-shows-a-punishing-loss-to-ethiopia-for-the-pharaohs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547175\" class=\"content-area-description single-story post-547175 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-last-nights-talk-shows tag-oil-and-gas wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a slow day on the talk shows front, with the Pharaohs\u2019 devastating 2-0 loss to <\/strong><strong>Ethiopia<\/strong> and debate on whether coach Ehab Galal should get the boot dominating the airwaves.<\/p>\n<p><strong>No new coach \u2014 yet: <\/strong>The Egyptian Football Association released a <a href=\"https:\/\/bit.ly\/3xprtkw\">statement<\/a> to clarify that coach Galal has not gotten the boot \u2014 though the EFA is assessing other coaches CV\u2019s \u201cin case of any circumstances that could arise in the next few days\u201d before it takes a final decision. (EFA) head Gamal Allam had seemed to suggest Galal was on the way out in an earlier interview with Ahmed Moussa\u2019s Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=QwvfTj4LmAU\">watch, runtime: 5:16<\/a>). Kelma Akhira\u2019s Lamees El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=VJp7DcETpS0\">watch, runtime: 0:24<\/a>) also covered the football crisis.<\/p>\n<p><strong>AND A FACT CHECK- There have been no price hikes for household natgas<\/strong>, Oil Ministry spokesman Hamdy Abdel Aziz told El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=IbqZjTEQAvM\">watch, runtime: 7:21<\/a>), denying reports on social media that prices had increased for natural gas piped into homes. \u201cAll news on price increases are unfounded,\u201d Abdel Aziz said, adding that there has been no change in prices since January.<\/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\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547176\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" data-autoplay=\"4000\" data-label-slide-of=\"Slide %%d of %%d\">\r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-hd3n9ob\" data-v=\"4\" data-block-id=\"hd3n9ob\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-hd3n9ob-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-hd3n9ob-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240923.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-h51fwjb\" data-v=\"4\" data-block-id=\"h51fwjb\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-h51fwjb-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-h51fwjb-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27487.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Live More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-o38mcql\" data-v=\"4\" data-block-id=\"o38mcql\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-o38mcql-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-o38mcql-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-r4zpuga\" data-v=\"4\" data-block-id=\"r4zpuga\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-r4zpuga-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-r4zpuga-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 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=\"547177\" 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=\"547177\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/egypt-in-the-news-all-eyes-on-our-afcon-defeat\/\">\r\n                            Egypt in the News: All eyes on our Afcon defeat                        <\/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\/12\/egypt-in-the-news-all-eyes-on-our-afcon-defeat\/\" 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\/12\/egypt-in-the-news-all-eyes-on-our-afcon-defeat\/')\">\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\/12\/egypt-in-the-news-all-eyes-on-our-afcon-defeat\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt in the News: All eyes on our Afcon defeat&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/egypt-in-the-news-all-eyes-on-our-afcon-defeat\/\">\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\/12\/egypt-in-the-news-all-eyes-on-our-afcon-defeat\/&title=Egypt in the News: All eyes on our Afcon defeat\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News%3A+All+eyes+on+our+Afcon+defeat+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Fegypt-in-the-news-all-eyes-on-our-afcon-defeat%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\/12\/egypt-in-the-news-all-eyes-on-our-afcon-defeat\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547177\" class=\"content-area-description single-story post-547177 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-ancient-egypt tag-cop27 tag-enterpriseam tag-ethiopia tag-human-rights tag-sharm-el-sheikh tag-sports wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt\u2019s shock defeat to Ethiopia in the 2023 Afcon qualifiers is also getting attention in <\/strong><strong>the global sports press,<\/strong> topping coverage over the weekend with <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220609-salah-less-egypt-suffer-shock-afcon-loss-to-ethiopia\">AFP<\/a>, <a href=\"https:\/\/www.bbc.com\/sport\/africa\/61746227\">BBC<\/a> and <a href=\"https:\/\/www.espn.co.uk\/football\/africa-cup-of-nations\/story\/4683278\/egypt-suffer-shock-loss-to-ethiopia-as-cameroon-and-morocco-win-in-afcon-qualifiers\">ESPN<\/a> picking up the story.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>We could be welcoming back over USD 3 mn of antiquities: <\/strong>Officials plan to recover five Egyptian antiques, valued at over USD 3 mn, seized from the Metropolitan Museum of Art after the former head of the Louvre <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66222769-44dc-4bf4-b033-93a5c0c4ff78\">was arrested<\/a> on smuggling charges. (<a href=\"https:\/\/abcnews.go.com\/International\/egypt-seek-recover-antiquities-seized-met-york-official\/story?id=85256705#:~:text=The%20five%20objects%20are%20said,than%20%243%20million%20in%20total.&text=One%20year%20after%20Egypt's%2520%2523MeToo,for%2520equal%2520rights%2520in%2520Egypt.\">ABC News<\/a>)<\/li>\n<li><strong>A deep dive into Narmer, the first Egyptian pharaoh: <\/strong>Who was he, how did he die and where does he currently rest? (<a href=\"https:\/\/www.nationalgeographic.com\/history\/history-magazine\/article\/who-was-egypts-first-pharaoh\">National Geographic<\/a>)<\/li>\n<li><strong>Our dinosaur discovery is still getting ink from the foreign press: <\/strong>Last week the remains of a dinosaur with a face like a bulldog were unearthed in Egypt's Western Desert. (<a href=\"https:\/\/abcnews.go.com\/International\/vertebra-98-million-year-dinosaur-discovered-egypts-western\/story?id=85287674\">ABC News<\/a>)<\/li>\n<li><strong>Locals in Sharm El Sheikh share how they think COP27 will impact the city<\/strong> and its fragile surrounding ecosystems. (<a href=\"https:\/\/www.thenationalnews.com\/weekend\/2022\/06\/10\/sharm-el-sheikh-faces-eco-dilemma-as-egypt-prepares-for-cop27-climate-conference\/\">The National<\/a>)<\/li>\n<li><strong>On Alaa Abdel Fattah:<\/strong> The <a href=\"https:\/\/www.facebook.com\/MoiEgy\/posts\/397684832394907?__cft__[0]=AZXgJd_Y45hvpj-mn9fkaN7i3oXBOwVntBIuDz9bO5_VyAus6W0XXrqFM2QLoxRTO1zQhtdmDPVYSE7GSH2JhtbiJWMZWPkt6q9Gg0ZlT2asXLbJBF9VEdc7Wm3nXyRaL7hrbBjYJjZdnXQPqPrdGuwpH_fmLI9wzhBLIsU-SbjQpq01ke731NVASEyuKTyfGwDl7eUbtTdhIk0TqGXBc-Tv&__tn__=%2CO%2CP-R\">Interior Ministry<\/a> says it has footage disproving reports that imprisoned activist Alaa Abdel Fattah has been on hunger strike for weeks now, which his sister <a href=\"https:\/\/twitter.com\/Monasosh\/status\/1534885069567012864?s=20&t=fmT7T3MQVUk9GzdTySgXbw\">Mona Seif requested<\/a> be shared with his family. (<a href=\"https:\/\/www.france24.com\/en\/live-news\/20220609-egypt-denies-jailed-dissident-on-hunger-strike\">AFP<\/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\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh\/\">Sharm El Sheikh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sports\/\">sports<\/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=\"547178\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547179\" 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=\"547179\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/eta-tries-to-help-investors\/\">\r\n                            ETA tries to help investors                        <\/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\/12\/eta-tries-to-help-investors\/\" 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\/12\/eta-tries-to-help-investors\/')\">\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\/12\/eta-tries-to-help-investors\/\">\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=ETA tries to help investors&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/eta-tries-to-help-investors\/\">\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\/12\/eta-tries-to-help-investors\/&title=ETA tries to help investors\">\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=ETA+tries+to+help+investors+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Feta-tries-to-help-investors%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\/12\/eta-tries-to-help-investors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547179\" class=\"content-area-description single-story post-547179 post type-post status-publish format-standard hentry category-also-on-our-radar tag-abdel-fattah-el-sisi tag-also-on-our-radar tag-e-finance tag-egyptian-tax-authority tag-elsewedy-electric tag-enterpriseam tag-libya tag-sweden wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The Egyptian Tax Authority (ETA) has established an investors\u2019 support<\/strong><strong> unit<\/strong> to resolve hurdles facing investors as part of the government\u2019s privatization push, according to an <a href=\"https:\/\/eta.gov.eg\/en\/node\/289\">ETA statement<\/a>.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>President Abdel Fattah El Sisi approved an <strong>SEK 5 mn grant from Sweden<\/strong> as part of a cooperation agreement on <strong>urban transport and express buses<\/strong>. (<a href=\"https:\/\/alborsaanews.com\/2022\/06\/09\/1547884\">Al Borsa<\/a>)<\/li>\n<li><strong>State-owned firm e-Finance <\/strong>will help digitalize <strong>Libyan government finances <\/strong>under an MoU signed with the country\u2019s<strong> Finance Ministry.<\/strong>. (<a href=\"https:\/\/bit.ly\/3OcEdBU\">Statement<\/a>)<\/li>\n<li><strong>El Sewedy Electrometer<\/strong> signed a MoU with <strong>Energie Electrique Du Congo<\/strong> to export expertise on <strong>smart metering systems<\/strong>. (<a href=\"https:\/\/bit.ly\/3OaUFTa\">Statement<\/a>)<\/li>\n<li><strong>An Alexandria court has sentenced to death a man <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e31b0ad-f7c9-49e1-905f-ef10ee6805d9\">accused of killing a<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e31b0ad-f7c9-49e1-905f-ef10ee6805d9\">priest<\/a><\/strong> in the coastal city in April, after the Grand Mufti <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80a4fe0d-2132-4e74-adac-dfaacae576e3\">approved<\/a> the sentence. (<a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1233\/467755\/Egypt\/Courts--Law\/Man-sentenced-to-death-for-murdering-priest-in-Ale.aspx\">Ahram O<\/a><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1233\/467755\/Egypt\/Courts--Law\/Man-sentenced-to-death-for-murdering-priest-in-Ale.aspx\">nline<\/a>)<\/li>\n<li><strong>Two Egyptian students kidnapped in South Africa <\/strong>since mid-May have been released. (<a href=\"https:\/\/bit.ly\/3NM4qXV\">Foreign Ministry Statement<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-tax-authority\/\">Egyptian Tax Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sweden\/\">Sweden<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547180\" 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=\"547180\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/time-to-call-time-on-spacs\/\">\r\n                            Time to call time on SPACs?                        <\/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\/12\/time-to-call-time-on-spacs\/\" 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\/12\/time-to-call-time-on-spacs\/')\">\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\/12\/time-to-call-time-on-spacs\/\">\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=Time to call time on SPACs?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/12\/time-to-call-time-on-spacs\/\">\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\/12\/time-to-call-time-on-spacs\/&title=Time to call time on SPACs?\">\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=Time+to+call+time+on+SPACs%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F12%2Ftime-to-call-time-on-spacs%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\/12\/time-to-call-time-on-spacs\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547180\" class=\"content-area-description single-story post-547180 post type-post status-publish format-standard hentry category-planet-finance tag-enterpriseam tag-financial-markets tag-ipo-watch tag-planet-finance tag-spacs tag-tecom-group wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>SPACs are dead. Interest rates and regulators killed them:<\/strong> It\u2019s looking increasingly like the SPAC boom fueled by the pandemic\u2019s heyday of \u201ceasy money\u201d is over, with Wall Street banks reluctant to co-sign new blank-check companies and some rejecting them entirely, the <a href=\"https:\/\/www.ft.com\/content\/2a560343-69eb-4e36-9833-cc579a7dc8ad\">Financial Times<\/a> reports. Goldman Sachs, which was among the largest SPAC underwriters in 2021, has paused new SPAC offerings and is no longer working with many of those that it helped take public. Bank of America is doing \u201cselective work\u201d with existing clients while Citigroup is also stepping back from the market. <strong>\u201cThe product is dead. There\u2019s no more SPACs,\u201d<\/strong> one lawyer told the salmon-colored paper.<\/p><p><strong>In numbers:<\/strong> Monetary tightening and increased scrutiny from regulators have hampered the market for SPAC mergers this year. Blank-check firms have raised just USD 12.7 bn, a fraction of the USD 166 bn raised in 2021, according to data from the London Stock Exchange Group, with only 50 SPAC mergers completed, down from 226 in 2021. More than 600 listed SPACs globally have raised money from investors but have yet to find a private company to merge with, according to the LSE.<\/p><p><strong>Analysts say it\u2019s all for the best:<\/strong> \u201cThere were too many SPACs and they really piled into the speculative part of the market,\u201d said a senior banker with experience in the market. \u201cWhat will emerge out of that is a significantly smaller but healthy market for SPACs.\u201d<\/p><hr class=\"grey-line\"><p><strong>Regional VC funding cools off<\/strong>: MENA startups raised USD 176 mn last month \u2014 the lowest monthly figure so far this year, according to <a href=\"https:\/\/www.wamda.com\/2022\/06\/mena-startups-raised-176-million-2022-lowest-far-2022#:~:text=in%202022%20%2D%20Wamda-,Mena%20startups%20raised%20%24176%20million%20in%20May,amount%20so%20far%20in%202022&amp;text=Startups%20in%20the%20Middle%20East,increase%20year%2Don%2Dyear.\">Wamda<\/a>. The figure was down 40% on the month before, but some 62.7% more than in May 2021. We led the pack, with local startups raising USD 81 mn in 11 transactions \u2014 most of which was accounted for by Paymob\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08438889-d1a6-4753-9417-acba84ec6fa4\">massive USD 50 mn series B<\/a> round.<\/p><p><strong>Also worth noting:<\/strong><\/p><ul>\n<li><strong>Yet another Gulf IPO:<\/strong> Dubai business park operator Tecom Group is selling a 12.5% stake (c.625 mn shares) through an IPO aimed at raising some USD 500 mn. (<a href=\"https:\/\/ipo.tecomgroup.ae\/\">Statement<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,235<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -14.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.65<\/p>\n<\/td>\n<td>\n<p>Sell 18.73<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.67<\/p>\n<\/td>\n<td>\n<p>Sell 18.73<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,604<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +11.7%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,628<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +13.4%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,377<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +5.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,901<\/p>\n<\/td>\n<td>\n<p>-2.9% (YTD: -18.2%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,318<\/p>\n<\/td>\n<td>\n<p>-2.1% (YTD: -0.9%)<\/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>3,599<\/p>\n<\/td>\n<td>\n<p>-3.4% (YTD: -16.3%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 122.01<\/p>\n<\/td>\n<td>\n<p>-0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.85<\/p>\n<\/td>\n<td>\n<p>-1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,875.50<\/p>\n<\/td>\n<td>\n<p>+1.2%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 28,473<\/p>\n<\/td>\n<td>\n<p>-2.4% (YTD: -38.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell less than 0.1% at Thursday\u2019s close<\/strong> on turnover of EGP 653 mn (21.7% below the 90-day average). Foreign investors were net sellers. The index is down 14.3% YTD.<\/p><p><strong>In the green: <\/strong>Eastern Company (+4.8%), MM Group (+2.9%) and GB Auto (+2.5%).<\/p><p><strong>In the red: <\/strong>EFG Hermes (-1.9%), Palm Hills Development (-1.7%) and Fawry (-1.4%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spacs\/\">SPACs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tecom-group\/\">Tecom 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<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"547181\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\"\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday 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\/whatsnext\/\">\r\n                            Read What's Next                        <\/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\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/the-startups-of-nigeria-contd\/\">         \r\n                            The startups of Nigeria cont\u2019d<\/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\/whatsnext\/the-startups-of-nigeria-contd\/\" 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\/whatsnext\/the-startups-of-nigeria-contd\/')\">\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\/whatsnext\/the-startups-of-nigeria-contd\/\">\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=The startups of Nigeria cont\u2019d&url=https:\/\/enterpriseam.com\/egypt\/whatsnext\/the-startups-of-nigeria-contd\/\">\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\/whatsnext\/the-startups-of-nigeria-contd\/&title=The startups of Nigeria cont\u2019d\">\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=The+startups+of+Nigeria+cont%E2%80%99d+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fwhatsnext%2Fthe-startups-of-nigeria-contd%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/the-startups-of-nigeria-contd\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/234.jpeg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"547182\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/the-startups-of-nigeria-contd\/234-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/234.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"234.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/234.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/234.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547181\" class=\"content-area-description post-547181 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-big-cabal-media tag-cairo-angels-syndicate-fund tag-enterprise-whats-next tag-enterpriseam tag-entrepreneurship tag-nigeria tag-paga tag-semicolon tag-startups tag-techcabal tag-terragen 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>The startups of Nigeria cont\u2019d:<\/strong> After looking at <a href=\"https:\/\/enterprise.press\/whatsnexts\/ow-startupland-africa-coming-together-nigeria-able-pool-usd-1-8-bn-2021\/\">how Nigeria attracted USD 1.8 bn in startup<\/a><a href=\"https:\/\/enterprise.press\/whatsnexts\/ow-startupland-africa-coming-together-nigeria-able-pool-usd-1-8-bn-2021\/\">funding in 2021<\/a>, and <a href=\"https:\/\/enterprise.press\/whatsnexts\/whats-next-nigerias-startup-ecosystem-can-startups-expand\/\">what\u2019s could be next for StartupLand over there<\/a>, we now want to take you on a tour of a few startups we\u2019ve either personally met or heard about during our trip to Lagos a few weeks ago.<\/p>\n<p>(<strong>If you missed our travel logs this week, catch up on them here:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed75204e-dd0c-4fac-8927-080c33ef5aa0\">Enterprise is visiting Planet Startup \u2014 in Nigeria<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c43055e-4065-467b-9f91-0c22cbf1cd9e\">Day one<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ac16be6-dc3f-40b3-91a7-680e3e993a57\">Day two<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6437936a-27e6-4fa0-bcc5-dea5c169dc4a\">Day three<\/a> | <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7271e449-4333-4492-b5b2-8d79e4d7c01c\">Goodbye, Lagos<\/a>.)<\/p>\n<p><strong>Fintech remains king, but we decided to look at more sectors: <\/strong>We\u2019ve been exposed to an abundance of fintech startups in Lagos, either through meetings or simply just the number of billboards on literally every street. But there\u2019s more to the \u201cGiant of Africa'' than fintech. Here are some of the startups we had the pleasure of meeting on the road or heard interesting stories about, and what they\u2019re doing.<\/p>\n<p><strong>#1- <\/strong><strong><a href=\"https:\/\/semicolon.africa\/\">Semicolon<\/a><\/strong><strong> \u2014 The software engineering talent factory: <\/strong>Operating across two buildings in Lagos\u2019 busy Yaba Valley, Semicolon is looking to fill the software engineers gap that the country is grappling with. The software company trains literally anyone on how to become a software engineer.<\/p>\n<p><strong>It also promises graduates one of three things:<\/strong> a job at a big company, a space in its venture studio to build your own startup for a year, or a job at Semicolon Labs, which develops software products for companies. So far, over 450 people have graduated from Semicolon\u2019s training program, with a 98% successful placement rate.<\/p>\n<p><strong>How does the venture studio work? <\/strong>If you enroll in its venture studio, Semicolon will take 10% equity in exchange for office space, as well as business strategy and organizational structuring support. It has 15 portfolio companies to date.<\/p>\n<p><strong>So far, the company has raised USD 1.2 mn from angel investors<\/strong>, and is currently looking to raise an additional USD 7.5 mn.<\/p>\n<p><strong>Who they remind us of at home: <\/strong>The closest to Semicolon we could find here in Egypt is digital tech agency <a href=\"https:\/\/robustastudio.com\/\">Robusta<\/a>. Among other things, Robusta collaborates with companies abroad to hire tech talent for them, and also launched its own venture studio <a href=\"https:\/\/www.fibonaccistudio.vc\/\">Fibonacci<\/a> last year.<\/p>\n<p><strong>#2- <\/strong><strong><a href=\"https:\/\/www.mypaga.com\/\">Paga<\/a><\/strong><strong> \u2014 Nigeria\u2019s Fawry: <\/strong>Boasting 20 mn users and 140k POSs, mobile payments provider Paga allows consumers to send and receive money without fees and other mobile banking services. It also serves as a payments platform for bills and goods. Businesses can use Paga for collections, bulk disbursements and cross border transactions. Having started 10 years ago (when the industry was nonexistent), the founders had worked on educating regulators about digital payments in the early days.<\/p>\n<p><strong>Their customer acquisition strategy intrigued us: <\/strong>Besides the usual word-of-mouth, Paga targets key local small businesses and stores, and by getting the owners on-side, they would then market Paga to the community.<\/p>\n<p><strong>To date, the company has raised USD 36.7 mn through five investment rounds<\/strong>, with one of its investors being former chairman of Goldman Sachs Asset Management and former UK government minister Jim O\u2019Neill.<\/p>\n<p><strong>Who they remind us of at home: <\/strong>Paga sounds familiar to followers of the history of fintech giant Fawry, aiming to solve some of the same problems and offering similar services.<\/p>\n<p><strong>#3- <\/strong><strong><a href=\"https:\/\/myterragen.com\/\">TerraGen<\/a><\/strong><strong> \u2014 the fuelless generator: <\/strong>With a mission to eradicate energy poverty by providing clean, affordable, and sustainable renewable energy, TerraGen Energy Solutions\u2019 flagship product is a fuelless generator. The TerraGen generator uses wind, gravity and IoT-based technology to produce an off-grid, battery- and gravity-powered electricity. We heard about them while we were visiting Impact Hub Lagos, who have one such generator installed in their parking lot. The generator is 30% smaller than a diesel generator and can provide uninterrupted power for 72 hours. It can be operated remotely in real-time and is designed to communicate with other IoT devices.<\/p>\n<p><strong>Why is this important? <\/strong>While Lagos is considered the business capital of Nigeria, hour-long power outages as frequently as 3-4 times a day are the norm. That is why (almost) every building in Lagos has its own generator, for which occupants need to pay and provide diesel fuel. Having a generator that does not need to frequently be fed diesel could therefore truly change the lives of locals.<\/p>\n<p><strong>How much have they raised: <\/strong>To-date, Terragen has not closed on any investment rounds but are in talks, company officials tell us.<\/p>\n<p><strong>Who they remind us of at home: <\/strong>No one really. And that\u2019s not necessarily a bad thing. As we\u2019ve <a href=\"https:\/\/enterprise.press\/hardhats\/covid-19-impacting-egypts-renewable-energy-sector-part-3-overcapacity-problem\/\">frequently noted<\/a>, Egypt\u2019s electricity production capacity far outpaces its consumption (by around 30 GW when last we checked). Yes, brownouts here haven\u2019t totally been eradicated. But as <a href=\"https:\/\/enterprise.press\/hardhats\/surplus-electricity-still-get-power-cuts\/\">we noted<\/a> a few years back, that\u2019s a consequence of our transmission systems not catching up with power generation.<\/p>\n<p><strong>#4- <\/strong><strong><a href=\"https:\/\/techcabal.com\/\">TechCabal<\/a><\/strong><strong> \u2014 a window into Africa\u2019s StartupLand: <\/strong>Nigeria\u2019s startup scene is vibrant, and to cover it all, a local media startup emerged. TechCabal, which covers tech and entrepreneurship across Africa, is a subsidiary of Big Cabal Media, a Nigerian digital media company. Currently, TechCabal boasts almost 64k subscribers and over 178k monthly users.<\/p>\n<p><strong>To date, Big Cabal Media has raised USD 2.9 mn<\/strong> from two investment rounds.<\/p>\n<p><strong>Who they remind us of at home: <\/strong>This new media company shares much with Enterprise \u2014 think of it as a smaller version of your favorite morning read that\u2019s more focused on tech and entrepreneurship in Africa. Like us, they have a newsletter and were spawned from a communications firm.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Consumer finance startup Adva <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/543fc5bf-bfa7-4aca-96dd-834ac58c9e48\">closed a USD six-figure seed round<\/a><\/strong> funded entirely by Sawari Ventures.<\/li>\n<li>Insurtech startup <strong>Nice Deer has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27d44c9f-e5fd-4a7b-879c-59df4405a33e\">raised USD 1 mn<\/a><\/strong><strong> in a pre-seed round<\/strong> led by Disruptech Ventures<\/li>\n<li><strong>Trucking startup Naqla is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/27d44c9f-e5fd-4a7b-879c-59df4405a33e\">launching an online store<\/a><\/strong> selling truck tires, batteries and other components.<\/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\/big-cabal-media\/\">Big Cabal Media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cairo-angels-syndicate-fund\/\">Cairo Angels Syndicate Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/entrepreneurship\/\">entrepreneurship<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nigeria\/\">Nigeria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paga\/\">Paga<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/semicolon\/\">Semicolon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/techcabal\/\">TechCabal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/terragen\/\">TerraGen<\/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=\"547183\" 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\/12\/547183\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547183\" class=\"content-area-description single-story post-547183 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>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>25-27 June (Saturday-Monday): <a href=\"https:\/\/www.thebig5constructegypt.com\/lp\/egypts-first-construction-event-of-the-year\/?utm_source=google&utm_medium=cpc&utm_campaign=S%20%7C%20B%20%7C%20Big%205%20Construct%20Egypt%202022%20%7C%20Visprom&gclid=CjwKCAjwkYGVBhArEiwA4sZLuFPGjHXtn7AtCca0mNtaB726ieUKPUKa_G0f53B_komYEEq81zjnzxoCId4QAvD_BwE\">Big 5 Construct<\/a>, Egypt International Exhibition Center.<\/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>First week of July: The national dialogue called for by President Abdel Fattah El Sisi kicks off.<\/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>6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Kobba Palace, Cairo.<\/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> chaired by CBE Governor Tarek Amer, Washington, DC.<\/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":547158,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547157","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"b8655504-eec4-45a5-9a42-8cdd63a84fcb","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/15.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>Inflation hits three-year high on food price hikes but slows on a monthly basis - 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\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation hits three-year high on food price hikes but slows on a monthly basis\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:43:56+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\/15.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\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/\",\"name\":\"Inflation hits three-year high on food price hikes but slows on a monthly basis - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/15.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2022-06-12T04:10:59+00:00\",\"dateModified\":\"2025-12-15T21:43:56+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/15.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/15.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Issues\",\"item\":\"https:\/\/enterpriseam.com\/egypt\/AMarchives\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Inflation hits three-year high on food price hikes but slows on a monthly basis\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"name\":\"EnterpriseAM\",\"description\":\"The State of the Nation\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\",\"name\":\"EnterpriseAM\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/240894.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/240894.svg\",\"caption\":\"EnterpriseAM\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/\"}}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Inflation hits three-year high on food price hikes but slows on a monthly basis - EnterpriseAM Egypt","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/","og_locale":"en_US","og_type":"article","og_title":"Inflation hits three-year high on food price hikes but slows on a monthly basis","og_url":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/","og_site_name":"EnterpriseAM Egypt","article_modified_time":"2025-12-15T21:43:56+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/15.jpg?fit=%2C&ssl=1","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/","url":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/","name":"Inflation hits three-year high on food price hikes but slows on a monthly basis - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/15.jpg?fit=%2C&ssl=1","datePublished":"2022-06-12T04:10:59+00:00","dateModified":"2025-12-15T21:43:56+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/15.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/15.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-hits-three-year-high-on-food-price-hikes-but-slows-on-a-monthly-basis\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/egypt\/"},{"@type":"ListItem","position":2,"name":"Issues","item":"https:\/\/enterpriseam.com\/egypt\/AMarchives\/"},{"@type":"ListItem","position":3,"name":"Inflation hits three-year high on food price hikes but slows on a monthly basis"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/egypt\/#website","url":"https:\/\/enterpriseam.com\/egypt\/","name":"EnterpriseAM","description":"The State of the Nation","publisher":{"@id":"https:\/\/enterpriseam.com\/egypt\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/egypt\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/egypt\/#organization","name":"EnterpriseAM","url":"https:\/\/enterpriseam.com\/egypt\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/240894.svg","contentUrl":"https:\/\/ent.news\/internal\/240894.svg","caption":"EnterpriseAM"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/#\/schema\/logo\/image\/"}}]}},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547157","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/issue"}],"version-history":[{"count":1,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547157\/revisions"}],"predecessor-version":[{"id":547193,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547157\/revisions\/547193"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547158"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547157"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547157"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547157"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}