{"id":547341,"date":"2022-06-19T04:47:05","date_gmt":"2022-06-19T04:47:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547341"},"modified":"2025-12-15T21:48:08","modified_gmt":"2025-12-15T21:48:08","slug":"cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/","title":{"rendered":"CBE likely to leave rates unchanged at Thursday's policy meeting -Analyst Poll"},"content":{"rendered":"<section id=\"547343\" 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=\"547343\">\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\/19\/this-morning-its-rate-week-a-big-week-for-diplomacy\/\">\r\n                            THIS MORNING: It\u2019s rate week + a big week for diplomacy                        <\/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\/19\/this-morning-its-rate-week-a-big-week-for-diplomacy\/\" 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\/19\/this-morning-its-rate-week-a-big-week-for-diplomacy\/')\">\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\/19\/this-morning-its-rate-week-a-big-week-for-diplomacy\/\">\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: It\u2019s rate week + a big week for diplomacy&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/this-morning-its-rate-week-a-big-week-for-diplomacy\/\">\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\/19\/this-morning-its-rate-week-a-big-week-for-diplomacy\/&title=THIS MORNING: It\u2019s rate week + a big week for diplomacy\">\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+It%E2%80%99s+rate+week+%2B+a+big+week+for+diplomacy+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Fthis-morning-its-rate-week-a-big-week-for-diplomacy%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\/19\/this-morning-its-rate-week-a-big-week-for-diplomacy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547343\" class=\"content-area-description single-story post-547343 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-covid-19 tag-enterpriseam tag-eu tag-food-security tag-interest-rates tag-lebanon tag-saudi-arabia tag-travel 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<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>It\u2019s shaping up to be a big week for visits from neighbors + all things diplomacy, <\/strong>ladies and gentlemen<strong>.<\/strong> We may well host a summit with Bahrain and Jordan today after President Abdel Fattah El Sisi met with Bahrain\u2019s king over the weekend. Saudi Crown Prince Mohammed bin Salman could land in Egypt Monday; and we may sign a long-awaited agreement to send our gas to Lebanon the day after that. In other words, this looks to be the start of a flurry of friendly activity in the neighborhood as the KSA gears up to welcome US President Joe Biden to this neck of the woods next month.<\/p><p><strong>Staying with diplomacy,<\/strong> <strong>we\u2019ve started receiving funding from the ITFC: <\/strong>The International Islamic Trade Finance Corporation (ITFC) has started dispersing the USD 3 bn credit extension agreed earlier this month, which will help us finance our food and energy imports, ITFC head Hani Sonbol said during the Afreximbank annual meetings over the weekend, according to <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/itfc-disbursing-new-financing-egypt-ready-provide-more-ceo-2022-06-16\/\">Reuters<\/a>. The ITFC recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1bbb7936-ae6f-4b29-80b5-4ac3132946f5\">raised the ceiling<\/a> for its financing agreement with Egypt to USD 6 bn from USD 3 bn to help us meet our food and energy needs.<\/p><p><strong>And there\u2019s more support in the pipeline: <\/strong>Sonbol said that the corporation will sign another financing agreement with Egypt as soon as this one is over, without disclosing a timeframe. \u201cWe are here to support,\u201d he said.<\/p><hr class=\"grey-line\"><p><strong>PSA #1: Goodbye (hopefully forever), covid entry paperwork:<\/strong> The government has lifted all covid-related entry restrictions for both Egyptian nationals and foreigners traveling to Egypt, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0iD8xVwC7RCcZVdFGkCNw7hTwuVbKrv5VpbFt2LtruqFgqN8qKFGZgBigbGkbcB7Ul\">a cabinet statement<\/a>. Travelers to Egypt had been required to present a vaccination certificate or a negative PCR test taken at least 72 hours before departure. The decision came into effect on Friday, sources from the health ministry confirmed to Enterprise. Abdel Fattah Al Assi, Assistant Minister of Tourism and Antiquities, told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=DVS3-XuSVkQ\">watch, runtime: 13:17<\/a>) that the disinfection of hotel facilities would continue despite the lifting of restrictions.<\/p><p><strong>PSA #2- You can\u2019t get into the KSA on your Shengen \/ UK \/ US visa until after Hajj. <\/strong>Saudi Arabia has suspended until July 9 a rule allowing Egyptians with valid Schengen, US or UK travel visas to get tourist visas on arrival when visiting Saudi, EgyptAir announced in a<a href=\"https:\/\/bit.ly\/3aZj13I\">statement,<\/a> based on instructions from Saudi Arabia\u2019s General Authority of Civil Aviation.<\/p><p><strong>THE BIG STORY here at home: <\/strong>Most of the analysts we surveyed in <strong>our regular interest rate poll<\/strong> think the Central Bank of Egypt (CBE) will leave rates just as they are when its monetary policy committee meets this Thursday.<\/p><p>Meanwhile, our <strong>imports of Russian wheat rose in recent months <\/strong>despite the disruptions brought on by the war in Ukraine.<\/p><p><strong>THE BIG STORY ABROAD is trouble in BTC-land: <\/strong>The business press is taking some (understandable) pleasure in splashing the latest tumult in the crypto markets across the front pages this morning. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9b5f5a8-1813-4499-8c19-c194d49ec3d0\">meltdown in BTC<\/a> that took a turn for the worse last week continued yesterday, as the flagship digital currency plunged below the USD 20k threshold to approach its lowest since the end of 2020. The digital token had fallen more than 5% in 24 hours to around USD 19,354 just after midnight local time, marking a record-breaking 12th consecutive daily decline, and at one point sank as low as USD 17.6k.<\/p><p><strong>And it wasn't just BTC: <\/strong><a href=\"https:\/\/www.coindesk.com\/price\/ethereum\/\">Ether fell below USD 1k yesterday<\/a> to trade as low as USD 880.93. The crypto crash comes amid pressure on a wide range of what are considered riskier assets (including many types of equities), as global policy \u2014 led by the US Fed \u2014 tightens to tame surging inflation.<\/p><p><strong>The crypto winter is getting ink<\/strong> from the <a href=\"https:\/\/www.ft.com\/content\/97b5a774-d817-4d3b-82b2-6bbe22c3d59b\">Financial Times<\/a>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-18\/bitcoin-breaches-20-000-for-the-first-time-since-2020-l4jjjy7z?srnd=premium-middle-east\">Bloomberg<\/a>, <a href=\"https:\/\/www.cnbc.com\/2022\/06\/18\/bitcoin-price-drops-below-18600-as-sell-off-accelerates.html\">CNBC<\/a>, and <a href=\"https:\/\/www.reuters.com\/markets\/currencies\/bitcoin-drops-65-below-20000-2022-06-18\/\">Reuters<\/a>.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>Look out for a tripartite summit between Egypt, Jordan and Bahrain today<\/strong>, Kelma Akhira\u2019s Lamees El Hadidi said last night (<a href=\"https:\/\/www.youtube.com\/watch?v=pS2VeDV5xSg\">watch, runtime: 1:06<\/a>). Jordan\u2019s King Abdullah will land in Egypt today ahead of the summit, according to Lamees. Bahrain\u2019s King Hamad bin Isa Al Khalifa is already in Egypt, arriving yesterday in Sharm El Sheikh where he held talks with President Abdel Fattah El Sisi (<a href=\"https:\/\/www.youtube.com\/watch?v=dicSgmYdQhA\">watch, runtime: 3:04<\/a>).<\/p><p><strong>On the El Sisi-Al Khalifa talks: <\/strong>The pair discussed upping economic and political coordination, according to an <a href=\"https:\/\/bit.ly\/39Gusgp\">Ittihadiya<\/a>statement. They also welcomed an upcoming summit hosted by Saudi Arabia between the US, GCC countries, Egypt, Jordan, and Iraq in July (prompted by US President <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cfb6582-fd28-4b15-89e7-dbd5e0fc46a0\">Joe Biden<\/a>\u2019s visit to the KSA).<\/p><p><strong>MbS to land in Egypt<\/strong><strong> on Monday:<\/strong> Saudi Crown Prince Mohammed bin Salman will visit Egypt on Monday as part of a three-day tour that will also take in Jordan and Turkey, Saudi newspaper <a href=\"https:\/\/www.okaz.com.sa\/news\/local\/2107963\">Okaz<\/a>reported. Two diplomatic sources told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/saudi-crown-prince-visit-egypt-june-20-regional-tour-sources-2022-06-18\/\">Reuters<\/a> yesterday that the Crown Prince will meet President Abdel Fattah El Sisi for talks on the impact of the crisis in Ukraine in the region and preparations related to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cfb6582-fd28-4b15-89e7-dbd5e0fc46a0\">Biden\u2019s trip to Saudi Arabia<\/a> in July.<\/p><p><strong>And then on to Turkey:<\/strong> President Recep Tayyip Erdogan told reporters on Friday that MbS will visit Turkey on Wednesday, <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220617-saudi-crown-prince-to-visit-turkey-in-first-since-khashoggi-murder\">AFP<\/a> reported, in the biggest sign so far that the two countries are looking to bridge the rift between them. Ankara is expected to lobby for Saudi funding to shore up its finances amid <a href=\"https:\/\/www.cnbc.com\/2022\/06\/03\/turkeys-inflation-soars-to-73percent-as-food-and-energy-costs-skyrocket.html\">soaring inflation<\/a>, the newswire reports.<\/p><p><strong>A final agreement to ship natural gas from Egypt to Lebanon via the Arab Gas <\/strong><strong>Pipeline could be signed this Tuesday<\/strong>, Lebanese Energy Minister Walid Fayad told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/lebanon-egypt-sign-final-gas-deal-june-21-spokesperson-2022-06-17\/\">Reuters<\/a>. Under <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4c45896-375b-4b81-9134-30471a8c90d8\">a US-backed plan<\/a> hatched last year to mitigate Lebanon\u2019s acute energy crisis, Egypt would ship <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfe7607a-1e8a-44f3-b3bd-69a00b463d71\">60-65 mn cbf \/ d of natural gas<\/a> to the north of the country via a pipeline that transits Jordan and Syria.<\/p><p><strong>We could still be waiting several weeks before we can turn on the spigot: <\/strong>The US still needs to determine whether the plan would violate its sanctions on Syria that penalize countries from doing business with the Assad government. US energy envoy Amos Hochstein <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">said last week<\/a> that Washington was waiting on Egypt and Lebanon to come to a final agreement before assessing whether it breaches the sanctions.<\/p><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a><strong> IT\u2019S BUDGET WEEK IN THE HOUSE-<\/strong> MPs will begin discussing the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">draft 2022-2023 budget<\/a> and the <a href=\"https:\/\/ent.news\/2022\/5\/%D8%A8%D9%8A%D8%A7%D9%86-%D9%85%D8%B4%D8%B1%D8%B9-%D8%AE%D8%B7%D8%A9-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D9%85%D8%B3%D8%AA%D8%AF%D8%A7%D9%85%D8%A9-2022-2023-1-2.pdf\">development plan<\/a> in the House of Representatives today. Representatives will debate for three days with a final vote likely coming on Tuesday, House Budget and Planning Committee Chairman Fakhri El Fiqi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2e32b82-0b55-40a2-a5cb-edd2bcc2f1a0\">said last week<\/a>.<\/p><hr class=\"grey-line\"><p><strong>The Road to COP27:<\/strong> As the clock ticks down towards the all-important COP27 climate conference, Narrative PR is hosting a series of web talks with the organizers, leaders and policymakers shaping the agenda in Sharm El Sheikh this November.<\/p><p><strong>Up first: Mahmoud Mohieldin<\/strong>, the special envoy of the UN Secretary General, executive director at the IMF, the UN Climate Change High-Level Champion for Egypt and one of the leading figures building support for COP27\u2019s agenda. His role, as he tells it, is to rally support and the participation of leading financial institutions, NGOs, universities, and civil society groups.<\/p><p><strong>The voice of the global South: <\/strong>Part of why it was important for Egypt to host this year\u2019s conference is to stress the issues of developing nations \u2014 who despite being among the least contributors to climate change, are asked to take on costs beyond their fiscal means, he notes.<\/p><p><strong>COP of implementation:<\/strong> Ultimately, we have strayed collectively from the goals set out in the Paris Climate Accords, with financing pledges going unmet and targets going unfulfilled. This COP27 will focus on reversing that, Mohieldin said.<\/p><p><strong>You can watch his brief explainer on the road to COP27 here<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=QcoBNcowpIQ\">watch, runtime: 06:<\/a><a href=\"https:\/\/www.youtube.com\/watch?v=QcoBNcowpIQ\">50<\/a>).<\/p><p><em>CORRECTED ON 19 June 2022<\/em><\/p><p><em>Dr Mahmoud Moheildin is is the special envoy of the UN Secretary General and Executive Director at the International Monetary Fund, in addition to being the UN Climate Change High-Level Champion for Egypt. He is no longer the World Bank Group's senior vice president for the 2030 Development Agenda, as a previous version of the story incorrectly stated.<\/em><\/p><p>\u00a0<\/p><p><strong>SMART POLICY- We have joined the <\/strong><strong><a href=\"https:\/\/www.globalmethanepledge.org\/\">Global Methane Pledge<\/a><\/strong><strong>:<\/strong> That\u2019s according to President Abdel Fattah El Sisi, who made the announcement during a virtual address to the Major Economies Forum on Energy and Climate Leaders at the weekend, according to <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02irABoR9YhtAndvmhbgV7xaqd1YD6DjAUqUMCJptVQYsYNdK9inNV5wsoAkAjBMbtl\">Ittihadiya<\/a>. The pledge commits Egypt to reduce methane emissions by at least 30% of 2020 levels by the end of the decade. Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bf432030-e895-44d5-9174-9820327d514e\">declined to sign onto the pledge<\/a> at last year\u2019s COP26 in Glasgow.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>Rising interest rates trigger the worst week for global stocks since March 2020:<\/strong> Global stocks suffered their worst week since the covid-induced market crash last week as investors worried about the impact of rising interest rates on the global economy, according to <a href=\"https:\/\/www.ft.com\/content\/80d79903-415b-4c8e-8715-2eeb86e09300?shareType=nongift\">the Financial Times<\/a>. The FTSE All-World index lost 5.6% during the five-day period, its heaviest weekly loss since March 2020. This came during a week where central banks around the world doubled down on their missions to quell soaring inflation, with the US Federal Reserve accelerating its tightening cycle with a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9b5f5a8-1813-4499-8c19-c194d49ec3d0\">75-bps rate hike<\/a>, a further <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1579274-9ae3-4b03-888c-f3b646608976\">25-bps increase<\/a> in the UK, and the Swiss central bank <a href=\"https:\/\/www.ft.com\/content\/f9c5fc13-3101-4046-984b-c9fa3a5daabc\">raising rates for the first time since 2007<\/a>.<\/p><p><strong>Gas rationing could soon be the new reality for Europe: <\/strong>More EU countries are mulling government controls for gas consumption and distribution as Russia continues cutting gas supplies to the continent, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-18\/europe-is-bracing-for-gas-rationing-after-russia-curbs-supplies\">Bloomberg<\/a> reports. Italy could trigger an emergency gas rationing plan as soon as next week if Russian oil giant Gazprom \u2014 which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">cut its supplies<\/a> to the country by about 15% last week \u2014 does not restore its supplies.<\/p><p><strong>And that\u2019s bad news for climate goals:<\/strong> The plan could see Italy <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-17\/italy-may-trigger-emergency-gas-plan-if-russian-curbs-continue\">move to dirtier fossil fuels<\/a> like coal to shore up its supplies and limit industrial consumption. Gazprom has also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3e6c6253-1803-495d-8f85-a2335097bd97\">cut flows<\/a> through the key Nord Stream pipeline by 60%, hitting Germany\u2019s gas supply due to what it said was a malfunction at one of the pumping stations.<\/p><hr class=\"grey-line\"><p><strong>WTO meeting concludes with at least some agreements on global <\/strong><strong>trade:<\/strong> Over a hundred trade ministers reached agreements on fisheries, vaccine manufacturing and food security at the World Trade Organization after days of tough negotiations, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-17\/nations-pull-wto-back-from-the-brink-with-vaccine-fishery-deals?sref=mmeFTDW1#xj4y7vzkg\">Bloomberg<\/a> reports. The agreements included an accord to limit subsidies for illegal and unregulated fishing; and waivers of some intellectual property protections to allow developing countries to produce and export covid-19 vaccines \u2014 though the move was criticized by many for leaving out other crucial medical tools like tests and treatment, and doing little to help healthcare industries in developing countries. Finally, officials agreed to do more to plug food shortages in developing countries, though they made little concrete headway on reversing a recent wave of food protectionism.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The government\u2019s fuel pricing committee will meet in the first week of July<\/strong>, before Eid, to decide on prices at the pump, Oil Minister Tarek El Molla confirmed to Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=X-yPtM_AloQ\">watch, runtime: 2:13<\/a>). The committee\u2019s last quarterly meeting saw it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9aaaa681-2b1d-4712-b895-3c5d9795c8ce\">raise fuel prices by around 3%<\/a> amid a rise in global prices triggered by the war in Ukraine.<\/p><p><strong>The pricing mechanism for gas for households and factories is not tied to global prices<\/strong>, El Molla said (<a href=\"https:\/\/www.youtube.com\/watch?v=0Jpg-NeAezU\">watch, runtime: 6:40<\/a>). We\u2019re not likely to see any price increases on household gas in the immediate future, El Molla predicted.<\/p><p><strong>Amcham AGM this week:<\/strong> Our friends over at Amcham will hold their annual general meeting on Monday 27 June at the St. Regis Cairo Hotel. Finance Minister Mohamed Maait will address the gathering.<\/p><p><strong>Conferences coming up this week and next: <\/strong><\/p><ul>\n<li>The <strong><a href=\"https:\/\/buildersofegypt.com\/\">Egyptian Builders Forum<\/a><\/strong> takes place tomorrow at the JW Marriott Hotel Cairo.<\/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 week on 21-22 June (Tuesday-Wednesday).<\/li>\n<li><strong>The <\/strong><strong><a href=\"\">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><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><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><p><strong>In today\u2019s issue:<\/strong> <strong>Are local startups about to see down rounds coming their way? <\/strong>Less than halfway into 2022, startups are finding themselves in a radically different environment than where they were this time last year: VCs are now tightening their belts as interest rates rise, tech assets sell off, and valuations come back down to earth. As a result, some startups are facing the very real prospect of down round financing and falling valuations. But what would down rounds really look like for local startups, and should they tread cautiously?<\/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\/covid-19\/\">covid-19<\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lebanon\/\">Lebanon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/travel\/\">travel<\/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=\"547344\" 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=\"547344\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/547344\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547344\" class=\"content-area-description single-story post-547344 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 decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/SOMA-ENTERPRISE-STAYREDIT4-1600px-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>Experience the Bay Life Rentals: A new era of holiday magic provides a first-class selection of luxurious vacation rentals with a holistic luxury concierge service, expertly combining personalized hospitality with a refined local touch to transform your vacation into a one-of-a-kind experience. Book now: <a href=\"https:\/\/holidays.somabay.com\/stayr\/\">https:\/\/holidays.somabay.com\/stayr\/<\/a> or call +2016390.<\/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=\"547345\" 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=\"547345\">\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\">POLL<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/cbe-to-leave-rates-on-hold-at-23-june-meeting-poll\/\">\r\n                            CBE to leave rates on hold at 23 June meeting -POLL                        <\/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\/19\/cbe-to-leave-rates-on-hold-at-23-june-meeting-poll\/\" 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\/19\/cbe-to-leave-rates-on-hold-at-23-june-meeting-poll\/')\">\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\/19\/cbe-to-leave-rates-on-hold-at-23-june-meeting-poll\/\">\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=CBE to leave rates on hold at 23 June meeting -POLL&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/cbe-to-leave-rates-on-hold-at-23-june-meeting-poll\/\">\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\/19\/cbe-to-leave-rates-on-hold-at-23-june-meeting-poll\/&title=CBE to leave rates on hold at 23 June meeting -POLL\">\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=CBE+to+leave+rates+on+hold+at+23+June+meeting+-POLL+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Fcbe-to-leave-rates-on-hold-at-23-june-meeting-poll%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\/19\/cbe-to-leave-rates-on-hold-at-23-june-meeting-poll\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/EGP-1600px1.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547346\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/cbe-to-leave-rates-on-hold-at-23-june-meeting-poll\/egp-1600px1-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/EGP-1600px1.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"EGP-1600px1.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/EGP-1600px1.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/EGP-1600px1.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547345\" class=\"content-area-description single-story post-547345 post type-post status-publish format-standard has-post-thumbnail hentry category-poll tag-central-bank-of-egypt tag-enterprise-poll tag-enterpriseam tag-inflation tag-interest-rates tag-poll 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>The Central Bank of Egypt (CBE) is likely to leave i<\/strong><strong>nterest rates unchanged<\/strong> this week despite rising inflation and accelerating global monetary tightening, according to our regular analyst poll. Five of eight analysts and economists surveyed by Enterprise see the Monetary Policy Committee (MPC) holding rates when it meets on Thursday.<\/p>\n<p><strong>Where do rates stand currently: <\/strong>The overnight deposit rate currently stands at 11.25%, and the lending rate is 12.25%, while the main operation and disc. rates are at 11.75%. The CBE has hiked rates by 300 bps since March in a bid to curb rising inflation and bring foreign investors back into the local market.<\/p>\n<p><strong>May\u2019s inflation data was below expectations:<\/strong> \u201cWe don\u2019t expect the CBE to deliver another rate hike at the next meeting because inflation in May was lower than expectations and it needs time to assess the impact of the last 200-bps hike,\u201d said economist Mona Bedeir.<\/p>\n<p><strong>Policymakers may wait and see on inflation:<\/strong> Annual inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b70644bd-7dfc-4432-9cf7-635290bed657\">hit a three-year high of 13.5% in May<\/a> as rising global commodity prices and the devaluation of the EGP put upwards pressure on consumer prices, leaving it further outside of the central bank\u2019s 7% (\u00b1 2%) target range. \u201cThe effect of raising interest rates will take time to fully reflect on inflation. We expect the central bank to keep interest rates unchanged,\u201d said Alia Mamdouh, director of macro and strategy at Beltone Financial.<\/p>\n<p><strong>The central bank is going to need policy space if inflation does continue to rise:<\/strong> \u201cThe CBE also needs room to maneuver for the expected rise in inflation in the coming months,\u201d Bedeir added.<\/p>\n<p><strong>Carry traders could be less of a consideration for policymakers:<\/strong> \u201cThe fear of foreign investors leaving the country has become less important as the bulk of these portfolio flows have already exited in the past few months,\u201d said banking expert Hany Aboul Fotouh, who also expects the MPC to leave rates on hold. Egypt saw some USD 20 bn in capital outflows during the first five months of the year, Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">said last month<\/a>.<\/p>\n<p><strong>A rate hike at this juncture may do little to turn inflation-adjusted rates positive<\/strong> and restore the attractiveness of the carry trade due to the EM risk-off and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e115975f-e507-4f53-a7c0-99b9d67b43e3\">changed Moody\u2019s outlook<\/a>, Monette Doss, chief economist at HC Securities, wrote in a note. The rate on 12-month T-bills has risen only 90 bps since March despite the policy rate being 300 bps higher, she said.<\/p>\n<p><strong>Policymakers will have an eye on the current account deficit<\/strong>, which is likely to widen this year due to the weaker EGP, said James Swanston, MENA economist at Capital Economics, who sees the CBE raising rates by 100 bps. \u201c[Higher commodity prices and a weaker EGP] will also push up Egypt\u2019s import bill and cause the current account deficit to widen this year. Against this backdrop, policymakers at the CBE will continue to tighten monetary policy on Thursday,\u201d he wrote in a note.<\/p>\n<p><strong>The contrarian view: <\/strong>\u201cAlthough we acknowledge the costs of high interest rates on the fiscal front, we believe the CBE might prefer to act boldly \u2026 with another considerable rate hike that could be as much as 200 bps\u201d said Esraa Ahmed, economist at Al Ahly Pharos.<\/p>\n<p><strong>Higher energy costs will factor<\/strong><strong>: <\/strong>Arqaam is predicting a hike in the 150-200 bps range at the central bank\u2019s next meeting, citing the need to keep a handle on the inflation arising from higher energy costs. Associate Director Noaman Khalid tells Enterprise that he sees the Madbouly cabinet move to restructure prices sometime in the second half of the year. Electricity prices for residential consumers will remain unchanged until at least the end of 2022, Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6738af87-afde-4aee-befb-5234cb2ccc14\">said last week<\/a>.<\/p>\n<p><strong>Going forward:<\/strong> How rates change from here will depend on when inflation peaks and how high global rates go. Rates could rise by another 200 bps through the year depending on inflation and the actions of the Federal Reserve, Aboul Fotouh said. Swanston sees an additional 50 bps hike coming before 2023 while EFG Hermes\u2019 Mohamed Abu Basha expects rates to be 200 bps higher by the end of the 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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-poll\/\">Enterprise Poll<\/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\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/poll\/\">POLL<\/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=\"547347\" 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=\"547347\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/\">\r\n                            Our Russian wheat imports jumped 84% March-May + We\u2019ve started receiving funding from the ITFC                        <\/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\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/\" 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\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/')\">\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\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/\">\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 Russian wheat imports jumped 84% March-May + We\u2019ve started receiving funding from the ITFC&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/\">\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\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/&title=Our Russian wheat imports jumped 84% March-May + We\u2019ve started receiving funding from the ITFC\">\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+Russian+wheat+imports+jumped+84%25+March-May+%2B+We%E2%80%99ve+started+receiving+funding+from+the+ITFC+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Four-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc%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\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/wheat-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547348\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/our-russian-wheat-imports-jumped-84-march-may-weve-started-receiving-funding-from-the-itfc\/wheat-1600px-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/wheat-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"wheat-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/wheat-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/wheat-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547347\" class=\"content-area-description single-story post-547347 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-fertilizers tag-inflation tag-international-islamic-trade-finance-corporation tag-russia tag-russia-ukraine-conflict tag-ukraine tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Egypt\u2019s imports of Russian wheat climbed 84% y-o-y in the three months from <\/strong><strong>March to May <\/strong>despite disruption caused by the war in Ukraine, <a href=\"https:\/\/www.reuters.com\/article\/egypt-wheat-idAFL8N2Y146P\">Reuters<\/a> reports. Freight data shows that Egypt imported almost 1.1 mn tons during the three-month period, up from 573k during the same period in 2021.<\/p>\n<p><strong>Wheat imports have still fallen this year, including from Russia:<\/strong> Egypt imported about 30% less grain \u2014 some 1.7 mn tons \u2014 from Russia between January and May. Total wheat imports fell 24% to 3.3 mn tons \u2014 meaning more than half of the grain we imported came from Russia, according to the newswire.<\/p>\n<p><strong>A bumper local harvest has helped to plug the supply gap: <\/strong>The state has now bought more than 4.1 mn tons of local wheat, marking the first time its buy in the local harvest has exceeded 4 mn tons, <a href=\"https:\/\/www.cnbcarabia.com\/news\/view\/97879\">CNBC<\/a> reports, citing Kamal Hashem, head of the state-owned Holding Company for Silos and Storage. The government is targeting the purchase of 6 mn tons this harvest season, which ends in August. Reserves are currently sufficient to last until the end of the year.<\/p>\n<p><strong>This isn\u2019t to say that sanctions haven\u2019t been a problem:<\/strong> Some Egyptian banks have been hesitant to transact with Russian banks due to Western financial sanctions on Moscow, according to traders. Importers have bought shipments from suppliers in other countries, such as the UAE and Switzerland, three traders said. Banks are requiring extra documents for cargoes of Russian wheat, one said.<\/p>\n<p><strong>The state has been working to ensure continued grain supply <\/strong>as Russia\u2019s war in Ukraine stymies shipments and pressures global prices. The two countries accounted for some 80% of our imported wheat supply before the conflict broke out \u2014 and while some Russian shipments have continued, it\u2019s been all but impossible for Ukrainian wheat to leave the country. Earlier this month we bagged our biggest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b942fd02-9eaa-4563-87e3-f3b7b635eb0b\">wheat buy<\/a> since the war in Ukraine broke out, with state grain buyer GASC purchasing 465k tons of Romanian, Russian, and Bulgarian wheat for shipment in July and August.<\/p>\n<p><strong>Ukrainian grain still isn\u2019t moving \u2014 or is it? <\/strong>Russia is facilitating the movement of grain and oilseed exports from Ukraine through its occupied transit points on the Azov Sea, <a href=\"https:\/\/www.reuters.com\/world\/europe\/exclusive-russia-delay-some-climate-projects-will-stay-paris-accord-deputy-pm-2022-06-16\/\">Reuters<\/a> reported Russian officials as saying. \u201cRussia is securing a 'green [safe] corridor' for grains and any other foodstuff such as oilseeds ... so it can be exported from Ukraine without hurdles,\u201d Russian Deputy Prime Minister Viktoria Abramchenko said, without clarifying from whom the goods had been procured. Ukraine has accused Russia of trying to sell its stolen crops, while Egypt has in the past <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bd4741db-d379-45a0-aaa3-41c4a00387d0\">turned away Russian ships<\/a> allegedly carrying stolen Ukrainian wheat. Earlier UN-backed talks to establish a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601eada0-bdcc-4f65-829e-5751a06208bc\">safe route to export Ukrainian grain<\/a> through the blockaded Odessa port came to nothing.<\/p>\n<p><strong>Some food security diplomacy?<\/strong> President Abdel Fattah El Sisi used his virtual address at the opening of the 25th St. Petersburg International Economic Forum (SPIEF) to call for \u201can international effort and cooperation from all parties\u201d to restore maritime traffic and grain and oil supply chains to normal, according to the <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02ytxyjuMGPkwK2JtEYqZUKe5Aer7SSbUgX49V4X3t2ToaCq9BDANSQpyWCzoxT4FMl\">Ittihadiya<\/a> statement. He also said there should be \u201cwork to restore calm and stability at the international level, in order to alleviate the effects of this economic crisis.\u201d<\/p>\n<p><strong>Meanwhile, we\u2019ve been helping Russia secure new seed supplies: <\/strong>The Russian deputy PM said that the country has secured seed supplies from 11 nations, including Egypt, in a bid to ensure food security amid the sanctions.<\/p>\n<p><strong>IN OTHER COMMODITIES NEWS-<\/strong><\/p>\n<p><strong>The global market could see less Romanian wheat: <\/strong>Romania is expecting a smaller grain harvest this year after last year\u2019s record haul, thanks to weather conditions and higher production costs, <a href=\"https:\/\/www.reuters.com\/article\/idUSL8N2Y326L\">Reuters<\/a> quotes the country\u2019s agriculture minister as saying. Romania harvested its most wheat ever (11.3 mn tons of grain) in 2021 \u2014 but while its expecting a smaller figure this year, there will still be a surplus for export, Agriculture Minister Adrian Chesnoiu said.<\/p>\n<p><strong>Romania is playing a role in our efforts to diversify supply: <\/strong>The state\u2019s recent wheat purchase from Romania came as we look to add new grain suppliers \u2014 and we are eating more Romanian wheat, with Egypt l<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/47455fdd-e237-4cbb-ad9a-c402d82a437c\">ooking into a potential barter agreement<\/a> with the country that would see us trade fertilizer for its wheat.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/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\/international-islamic-trade-finance-corporation\/\">International Islamic Trade Finance Corporation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/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=\"547349\" 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=\"547349\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/banking-services-led-revenue-growth-for-fawry\/\">\r\n                            Banking services led revenue growth for Fawry                        <\/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\/19\/banking-services-led-revenue-growth-for-fawry\/\" 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\/19\/banking-services-led-revenue-growth-for-fawry\/')\">\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\/19\/banking-services-led-revenue-growth-for-fawry\/\">\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=Banking services led revenue growth for Fawry&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/banking-services-led-revenue-growth-for-fawry\/\">\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\/19\/banking-services-led-revenue-growth-for-fawry\/&title=Banking services led revenue growth for Fawry\">\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=Banking+services+led+revenue+growth+for+Fawry+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Fbanking-services-led-revenue-growth-for-fawry%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\/19\/banking-services-led-revenue-growth-for-fawry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/7\/Fawry-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547350\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/banking-services-led-revenue-growth-for-fawry\/fawry-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/7\/Fawry-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"Fawry-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/7\/Fawry-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/7\/Fawry-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547349\" class=\"content-area-description single-story post-547349 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings tag-earnings-watch tag-enterpriseam tag-fawry tag-fintech 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>Fawry grew its revenue streams in 1Q2022<\/strong><strong>:<\/strong> Fawry\u2019s net income fell 63% y-o-y to EGP 28.2 mn in 1Q2022, according to the company\u2019s latest <a href=\"\">earnings release (pdf)<\/a>. The fintech giant\u2019s bottom line was impacted by nonrecurring items, including a noncash EGP 19.1 mn expense for its newly introduced employee stock ownership plan (ESOP). Revenues rose 38.4% during the quarter to come in at EGP 483.0 mn.<\/p>\n<p><strong>The company\u2019s banking services led revenue stream growth in the first three months of the year<\/strong>, more than doubling y-o-y as its agent banking and acceptance business expanded. Fawry also continued to grow its microfinance and supply chain solutions revenue.<\/p>\n<p><strong>Fawry <\/strong><strong>says the outlook is positive despite the global weather: <\/strong>\u201cFawry continues to leverage the digital transformation of Egypt\u2019s economy to drive rapid growth across our lines of business,\u201d CEO Ashraf Sabry said in the release. \u201cDespite the global macroeconomic instability we have witnessed since the start of the year, Fawry remains as optimistic as ever in the power of digital solutions to create positive outcomes across the Egyptian economy and in the ability of the company to create sustainable value for its shareholders,\u201d Sabry added.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fawry\/\">Fawry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547351\" 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=\"547351\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/ksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif\/\">\r\n                            KSA\u2019s Khwarizmi gains an Egyptian partner in BasharSoft\u2019s Ameer Sherif                        <\/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\/19\/ksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif\/\" 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\/19\/ksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif\/')\">\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\/19\/ksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif\/\">\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=KSA\u2019s Khwarizmi gains an Egyptian partner in BasharSoft\u2019s Ameer Sherif&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/ksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif\/\">\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\/19\/ksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif\/&title=KSA\u2019s Khwarizmi gains an Egyptian partner in BasharSoft\u2019s Ameer Sherif\">\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=KSA%E2%80%99s+Khwarizmi+gains+an+Egyptian+partner+in+BasharSoft%E2%80%99s+Ameer+Sherif+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Fksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif%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\/19\/ksas-khwarizmi-gains-an-egyptian-partner-in-basharsofts-ameer-sherif\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547351\" class=\"content-area-description single-story post-547351 post type-post status-publish format-standard hentry category-moves tag-basharsoft tag-egypt-air tag-enterpriseam tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> Saudi-based VC <strong><a href=\"https:\/\/www.khwarizmivc.com\/\">Khwarizmi Ventures<\/a><\/strong> has appointed BasharSoft\u2019s <strong>Ameer Sherif<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/ameersherif\/\">LinkedIn<\/a>) as a partner in the firm, according to <a href=\"\">a statement (pdf)<\/a>. Sherif is the cofounder and chairman of <a href=\"https:\/\/basharsoft.com\/\">BasharSoft<\/a>, which owns recruitment platforms <a href=\"https:\/\/wuzzuf.net\/jobs\/egypt\">Wuzzuf<\/a> (for white collar workers) and <a href=\"https:\/\/forasna.com\/jobs\/egypt\">Forasna<\/a> (for blue collar workers).<\/p>\n<p><strong>EgyptAir Holding Company<\/strong> has appointed <strong>Ahmed Shahin<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/ahmed-shahin-43074414a\/\">LinkedIn<\/a>) as chairman of <strong>EgyptAir Ground Services<\/strong>, succeeding Mossad Moussa, <a href=\"https:\/\/bit.ly\/3xUJ6tI\">Al Mal<\/a> reports. Gasser Hussein will take over Shahin\u2019s former position as chairman and managing director of EgyptAir Cargo.<\/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\/basharsoft\/\">BasharSoft<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-air\/\">Egypt Air<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547352\" 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=\"547352\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/547352\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547352\" class=\"content-area-description single-story post-547352 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 decoding=\"async\" data-recalc-dims=\"1\" 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=\"547353\" 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=\"547353\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/last-nights-talk-shows-food-prices-are-set-to-rise-again-well-be-frying-some-more-of-our-own-oil\/\">\r\n                            Last Night\u2019s Talk Shows: Food prices are set to rise again + We\u2019ll be frying some more of our own oil                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/last-nights-talk-shows-food-prices-are-set-to-rise-again-well-be-frying-some-more-of-our-own-oil\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/last-nights-talk-shows-food-prices-are-set-to-rise-again-well-be-frying-some-more-of-our-own-oil\/')\">\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\/19\/last-nights-talk-shows-food-prices-are-set-to-rise-again-well-be-frying-some-more-of-our-own-oil\/\">\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: Food prices are set to rise again + We\u2019ll be frying some more of our own oil&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/last-nights-talk-shows-food-prices-are-set-to-rise-again-well-be-frying-some-more-of-our-own-oil\/\">\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\/19\/last-nights-talk-shows-food-prices-are-set-to-rise-again-well-be-frying-some-more-of-our-own-oil\/&title=Last Night\u2019s Talk Shows: Food prices are set to rise again + We\u2019ll be frying some more of our own oil\">\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+Food+prices+are+set+to+rise+again+%2B+We%E2%80%99ll+be+frying+some+more+of+our+own+oil+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Flast-nights-talk-shows-food-prices-are-set-to-rise-again-well-be-frying-some-more-of-our-own-oil%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\/19\/last-nights-talk-shows-food-prices-are-set-to-rise-again-well-be-frying-some-more-of-our-own-oil\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547353\" class=\"content-area-description single-story post-547353 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-commodities tag-enterpriseam tag-inflation tag-last-nights-talk-shows tag-supply-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the airwaves yesterday: Watch out for (yet more) rises in commodities <\/strong><strong>prices <\/strong>as the war in Ukraine continues to choke grain supplies, Internal Trade Development Authority (ITDA) head Ibrahim Ashmawy told El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=__ehQMOkh4A\">watch, runtime: 3:20<\/a>).<\/p>\n<p><strong>\u201cWe don\u2019t know when this war will end,<\/strong> [hence] predictions of further price increases on several commodities with inflation surging,\u201d Ashmawy said. \u201cThe state bears EGP 0.70 per loaf of the subsidized baladi bread it sells at EGP 0.05. The cost will be even higher if wheat prices rise,\u201d he said, without suggesting that the price of subsidized bread for beneficiaries is set to change.<\/p>\n<p><strong>More local cooking oil: <\/strong>The Supply Ministry will invite private sector companies to invest in and manage five new cooking oil companies it is setting up, Ashmawy said (<a href=\"https:\/\/www.youtube.com\/watch?v=JMdrLw9ZiL4\">watch, runtime: 3:31<\/a>). Production at the new facilities could begin in 2025, he said, adding that we currently import around 97% of cooking oil from abroad.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547354\" 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-6nzadgq\" data-v=\"4\" data-block-id=\"6nzadgq\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-6nzadgq-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-6nzadgq-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-i3vkmkg\" data-v=\"4\" data-block-id=\"i3vkmkg\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-i3vkmkg-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-i3vkmkg-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-2jg6ups\" data-v=\"4\" data-block-id=\"2jg6ups\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-2jg6ups-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-2jg6ups-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-zu25mfu\" data-v=\"4\" data-block-id=\"zu25mfu\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-zu25mfu-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-zu25mfu-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=\"547355\" 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=\"547355\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/egypt-in-the-news-from-geopolitics-to-sawiris-on-the-decks\/\">\r\n                            Egypt in the News: From geopolitics to Sawiris on the decks                        <\/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\/19\/egypt-in-the-news-from-geopolitics-to-sawiris-on-the-decks\/\" 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\/19\/egypt-in-the-news-from-geopolitics-to-sawiris-on-the-decks\/')\">\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\/19\/egypt-in-the-news-from-geopolitics-to-sawiris-on-the-decks\/\">\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: From geopolitics to Sawiris on the decks&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/egypt-in-the-news-from-geopolitics-to-sawiris-on-the-decks\/\">\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\/19\/egypt-in-the-news-from-geopolitics-to-sawiris-on-the-decks\/&title=Egypt in the News: From geopolitics to Sawiris on the decks\">\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+From+geopolitics+to+Sawiris+on+the+decks+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Fegypt-in-the-news-from-geopolitics-to-sawiris-on-the-decks%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\/19\/egypt-in-the-news-from-geopolitics-to-sawiris-on-the-decks\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547355\" class=\"content-area-description single-story post-547355 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-abdel-fattah-el-sisi tag-alaa-abdel-fattah tag-enterpriseam tag-human-rights tag-naguib-sawiris tag-politics tag-russia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>There\u2019s no clear theme<\/strong> running through mentions of Egypt in the international press this morning.<\/p>\n<p><strong>President Abdel Fattah El Sisi\u2019s address to the St. Petersburg International Economic <\/strong><strong>Forum<\/strong> is getting attention from the <a href=\"https:\/\/www.nytimes.com\/2022\/06\/17\/world\/europe\/egypt-americas-middle-eastern-ally-maintains-warm-relations-with-putin.html\">New York Times<\/a>. Other stories worth noting include:<\/p>\n<ul>\n<li><strong>The EU is reportedly paying Egypt\u2019s coastguard EUR 80 mn to stop boats carrying refugees <\/strong><strong>across the Mediterranean<\/strong>, European Commission documents reportedly show. (<a href=\"https:\/\/euobserver.com\/migration\/155245\">EU Observer<\/a>)<\/li>\n<li>A <strong>collapse of an apartment building in Cairo<\/strong> on Friday killed a family of six. (<a href=\"https:\/\/apnews.com\/article\/cairo-middle-east-egypt-africa-building-collapses-91ed2960af1871e80982c98c71fcdb43\">Associated Press<\/a>)<\/li>\n<li><strong>Naguib Sawiris\u2019 <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f5df67aa-4a09-4b34-a156-ef8dc4ccb20a\">DJ debut<\/a><\/strong><strong> this week<\/strong> is getting ink. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-18\/gold-billionaire-to-moonlight-as-dj-at-sold-out-cairo-club?sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li>The sister of imprisoned activist <strong>Alaa Abdel Fattah<\/strong> is lobbying UK PM Boris Johnson to secure his release. (<a href=\"https:\/\/news.sky.com\/story\/alaa-abd-el-fattah-boris-johnson-could-free-british-egyptian-activist-detained-in-egypt-his-family-says-12635089\">Sky News<\/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\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/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\/naguib-sawiris\/\">Naguib Sawiris<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/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=\"547356\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547357\" 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=\"547357\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/\">\r\n                            Qalaa Holdings will fight to clear chairman Ahmed Heikal\u2019s name                        <\/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\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/\" 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\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/')\">\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\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/\">\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=Qalaa Holdings will fight to clear chairman Ahmed Heikal\u2019s name&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/\">\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\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/&title=Qalaa Holdings will fight to clear chairman Ahmed Heikal\u2019s name\">\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=Qalaa+Holdings+will+fight+to+clear+chairman+Ahmed+Heikal%E2%80%99s+name+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Fqalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name%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\/19\/qalaa-holdings-will-fight-to-clear-chairman-ahmed-heikals-name\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547357\" class=\"content-area-description single-story post-547357 post type-post status-publish format-standard hentry category-also-on-our-radar tag-ahmed-heikal tag-also-on-our-radar tag-cleopatra-hospitals-group tag-commodities tag-enterpriseam tag-infrastructure tag-pfizer tag-qalaa-holdings tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Qalaa Holdings has said it will appeal against a <\/strong><strong>court ruling <\/strong><strong>handed to its chairman <\/strong><strong>Ahmed Heikal <\/strong>over USD 18 mn of bounced checks, the company said in a <a href=\"\">statement (pdf)<\/a>. Qalaa said the preliminary ruling over a commercial dispute was made in absentia without the knowledge of its representatives. The statement comes after <a href=\"https:\/\/www.dostor.org\/4111590\">local media reported<\/a> that a Giza court had sentenced Heikal to several years in prison and an EGP 10k fine over the bounced checks.<\/p>\n<p><strong>It\u2019s a not-uncommon feature of our legal landscape for verdicts to be handed down <\/strong><strong>without the defendant even being notified<\/strong> that they\u2019re taking place. Verdicts issued in absentia are automatically set aside when the defendant appears and the court then re-hears the case. Legal scholars and lawmakers have for years <a href=\"https:\/\/alwafd.news\/essay\/52183\">called for<\/a> the provision to be scrapped, most recently during <a href=\"https:\/\/www.elbalad.news\/3516332\">a 2018 debate<\/a> about the overhaul of the penal code. Heikal last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5367477-911f-4727-a7a1-37b6673c874b\">settled a case<\/a> involving a single USD 4 mn check, which saw him slapped with a travel ban as the result of a court ruling handed down to him in absentia.<\/p>\n<p><strong>In other Qalaa Holding news<\/strong>, the Transport Ministry has signed an MoU with Qalaa Holdings subsidiary National River Port Management Company (NRPMC) to help develop, operate, and manage two multi-purpose stations at the Dekheila and the Ain Sokhna ports, according to a ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Rz5DQKjzE8uvmeZ9k4vTeFppKKJ64CWxTCKkq2t4aNy7ZhCqXWu5o6tH45h9bmdGl\">statement<\/a>.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Cleopatra Hospitals Group<\/strong> began operations at its first<strong> robotic surgery center<\/strong> at the company\u2019s<strong> Al Shorouk Hospital<\/strong> in Giza\u2019s Mohandeseen. (<a href=\"https:\/\/ent.news\/2022\/6\/Cleo-Robotic-Surgery-PR-E-v1-copy-copy.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Passenger and cruise ships<\/strong> stopping at Mediterranean and Red Sea ports will get a <strong>50% rebate<\/strong> on its transit fees. (<a href=\"https:\/\/ent.news\/2022\/6\/Periodical-concerning-the-amendment-circ.7.2020-till-01.07.22.pdf\">Circular, pdf<\/a>)<\/li>\n<li><strong>Al Nowais subsidiary AMEA Power expects to raise USD 1 bn in <\/strong><strong>investments for its two Egyptian renewables projects by the end of the year<\/strong> and to finish construction within 18-24 months. (<a href=\"https:\/\/www.asharqbusiness.com\/article\/38637\">Bloomberg Asharq<\/a>)<\/li>\n<li><strong>Pfizer <\/strong>will provide <strong>Egypt<\/strong> with the technology to produce vaccines that prevent <a href=\"https:\/\/www.cdc.gov\/pneumococcal\/about\/infection-types.html\">pneumococcal infections<\/a>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ZXF2EpqyvMKYz8nCumctpbooidRzoAQkUGC4WwRsmnKZV6MsEUoGr5QLFZbzNCKdl\">Statement<\/a>)<\/li>\n<li><strong>A Zamalek couple has been sentenced <\/strong>to five years in prison and fines of EGP 1 mn each after they were convicted of <strong>antiquities trafficking<\/strong> from their apartment, which prosecutors say contained <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dce8fa62-fc9d-476f-b046-287a8eecd5b3\">almost 2k artifacts<\/a>. (<a href=\"https:\/\/bit.ly\/3y2tqor\">Masrawy<\/a>)<\/li>\n<li><strong>Gamea talks RIZ: <\/strong>Trade and Industry Minister Nevine Gamea discussed updates on the planned Russian Industrial Zone (RIZ) with Russian counterpart Denis Manturov during her participation in SPIEF. (<a href=\"https:\/\/bit.ly\/3xCtPwp\">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\/ahmed-heikal\/\">Ahmed Heikal<\/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\/cleopatra-hospitals-group\/\">Cleopatra Hospitals Group<\/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\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pfizer\/\">Pfizer<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547358\" 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=\"547358\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/global-ceos-spy-recession-on-horizon-more-on-the-crisis-in-em-debt-markets\/\">\r\n                            Global CEOs spy recession on horizon + More on the crisis in EM debt markets                        <\/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\/19\/global-ceos-spy-recession-on-horizon-more-on-the-crisis-in-em-debt-markets\/\" 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\/19\/global-ceos-spy-recession-on-horizon-more-on-the-crisis-in-em-debt-markets\/')\">\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\/19\/global-ceos-spy-recession-on-horizon-more-on-the-crisis-in-em-debt-markets\/\">\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=Global CEOs spy recession on horizon + More on the crisis in EM debt markets&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/19\/global-ceos-spy-recession-on-horizon-more-on-the-crisis-in-em-debt-markets\/\">\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\/19\/global-ceos-spy-recession-on-horizon-more-on-the-crisis-in-em-debt-markets\/&title=Global CEOs spy recession on horizon + More on the crisis in EM debt markets\">\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=Global+CEOs+spy+recession+on+horizon+%2B+More+on+the+crisis+in+EM+debt+markets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F19%2Fglobal-ceos-spy-recession-on-horizon-more-on-the-crisis-in-em-debt-markets%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\/19\/global-ceos-spy-recession-on-horizon-more-on-the-crisis-in-em-debt-markets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547358\" class=\"content-area-description single-story post-547358 post type-post status-publish format-standard hentry category-planet-finance tag-debt tag-dubai tag-economy tag-emerging-markets tag-enterpriseam tag-financial-markets tag-jpmorgan-embi-global-index tag-oil-and-gas tag-planet-finance tag-tecom 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>\n  <a class=\"content-anchor\" id=\"tldr-story-09\"><\/a><br>\n  <strong>CEOs across the world are bracing themselves for a recession:<\/strong><br>\n  Only a quarter of business leaders across the world expect their economies to<br>\n  avoid recession between now and the end of 2023, according to<br>\n  <a href=\"https:\/\/www.conference-board.org\/topics\/c-suite-outlook\/c-suite-midyear-2022-views-on-volatility-war-risks-business-growth\">a survey<\/a>. Conference Board\u2019s poll of 750 CEOs and other C-suite execs found that more<br>\n  than 60% now expect their areas to fall into a recession by the end of next<br>\n  year while 15% believe that recession is already here.\n<\/p><p>\n  <strong>What a difference six months makes:<\/strong> Just 22% of respondents<br>\n  predicted a recession in the firm\u2019s survey in late 2021.\n<\/p><p>\n  <strong>It\u2019s a really, really bad time for EM d<\/strong><strong>ebt:<\/strong> Rising rates and disruptions to the energy and<br>\n  commodities markets are adding a wave of unprecedented pressures on emerging<br>\n  market debt, the<br>\n  <a href=\"https:\/\/www.ft.com\/content\/187c1d61-78b1-4b9e-88a2-2d07db0127ad\">Financial Times<\/a><br>\n  and<br>\n  <a href=\"https:\/\/www.wsj.com\/articles\/rising-inflation-and-interest-rates-heap-pressure-on-emerging-markets-11655544600\">Wall Street Journal<\/a><br>\n  are both reporting. The difference in yields between the JPMorgan EMBI Global<br>\n  index \u2014 a benchmark index of USD-denominated EM sovereign bonds \u2014 and US<br>\n  treasuries has leapt in recent days. Over the past year, the index has risen<br>\n  from 300 bps to more than 400 bps, according to Bloomberg data cited by FT.\n<\/p><p>\n  <strong>Foreign investors are rushing for the exits:<\/strong> Foreign<br>\n  participation in local debt markets has fallen to just 18%, its lowest level<br>\n  since 2009 as central banks remove the punchbowl of ultra-cheap money and<br>\n  raise interest rates, the salmon-colored paper cites the Institute of<br>\n  International Finance as saying.\n<\/p><p><strong>ALSO FROM PLANET FINANCE-<\/strong><\/p><ul>\n<li>\n    <strong>All of Dubai\u2019s Tecom shares snapped up in IPO:<\/strong> Investors<br>\n    reportedly bought 100% of the shares offered in Dubai business-park operator<br>\n    <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bed6358d-0e86-4fb9-b1e0-4639792420e7\">Tecom's IPO<\/a><br>\n    in the hours after subscription opened. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-16\/dubai-seeks-to-raise-as-much-as-454-million-from-tecom-ipo?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>)\n  <\/li>\n<li>\n    <strong>China wants a piece of Qatar\u2019s huge natgas field:<\/strong> Chinese<br>\n    oil companies want to invest in Qatar\u2019s North Field East \u2014 the world\u2019s<br>\n    largest LNG project \u2014 and purchase gas under long-term contracts, according<br>\n    to people familiar with the matter. (<a href=\"https:\/\/www.reuters.com\/business\/energy\/exclusive-china-firms-advanced-talks-with-qatar-gas-field-stakes-lng-offtake-2022-06-17\/\">Reuters<\/a>)\n  <\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>EGX30 <\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          9,867\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -1.0% (YTD: -17.4%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets\">\n            <use xlink:href=\"#e-TypeMarkets\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>USD (CBE)<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          Buy 18.71\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          Sell 18.79\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets\">\n            <use xlink:href=\"#e-TypeMarkets\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>USD at CIB<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          Buy 18.73\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          Sell 18.79\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets\">\n            <use xlink:href=\"#e-TypeMarkets\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Interest rates CBE<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          11.25% deposit\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          12.25% lending\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Tadawul<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          11,824\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -1.3% (YTD: +4.8%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>ADX<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          9,457\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -0.5% (YTD: +11.4%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>DFM<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          3,262\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -0.6% (YTD: +2.1%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>S&amp;P 500<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          3,675\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +0.2% (YTD: -22.9%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>FTSE 100<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          7,016\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -0.4% (YTD: -5.0%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets11\">\n            <use xlink:href=\"#e-TypeMarkets11\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Euro Stoxx 50<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          3,438\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          +0.3% (YTD: -20.0%)\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Brent crude<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          USD 113.12\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -5.6%\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Natural gas <\/strong>(Nymex)\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          USD 6.94\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -7.0%\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>Gold<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          USD 1,840.60\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -0.5%\n        <\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p>\n          <svg class=\"e-icon e-TypeMarkets1\">\n            <use xlink:href=\"#e-TypeMarkets1\"><\/use>\n          <\/svg>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          <strong>BTC<\/strong>\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          USD 19,354\n        <\/p>\n<\/td>\n<td colspan=\"1\" rowspan=\"1\" style=\"\n          border-right-style: solid;\n          padding: 5pt 5pt 5pt 5pt;\n          border-bottom-border-top-width: 1pt;\n          border-right-width: 1pt;\n          border-left-border-right-border-left-width: 1pt;\n          border-top-style: solid;\n          border-left-style: solid;\n          border-bottom-width: 1pt;\n          width: 139.2pt;\n          border-top-border-bottom-style: solid;\n        \">\n<p style=\"padding: 0; margin: 0; line-height: 1; text-align: left\">\n          -5.2% (YTD: -60.0%)\n        <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p>\n  <strong>The EGX30 fell 1.0% at Thursday\u2019s close<\/strong> on turnover of EGP<br>\n  1.23 bn (32% above the 90-day average). Foreign investors were net sellers.<br>\n  The index is down 17.4% YTD.\n<\/p><p>\n  <strong>In the green: <\/strong>Orascom Development Egypt (+2.2%), GB Auto<br>\n  (+2.0%) and Rameda (+1.9%).\n<\/p><p>\n  <strong>In the red: <\/strong>Egypt Kuwait Holding-EGP (-3.0%), Cleopatra<br>\n  Hospitals (-2.8%) and Madinet Nasr Housing (-2.4%).<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jpmorgan-embi-global-index\/\">JPMorgan EMBI Global Index<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tecom\/\">Tecom<\/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=\"547359\">\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\">9<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/down-rounds-are-happening-in-egypt\/\">         \r\n                            Down rounds are happening in Egypt<\/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\/down-rounds-are-happening-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\/whatsnext\/down-rounds-are-happening-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\/whatsnext\/down-rounds-are-happening-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=Down rounds are happening in Egypt&url=https:\/\/enterpriseam.com\/egypt\/whatsnext\/down-rounds-are-happening-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\/whatsnext\/down-rounds-are-happening-in-egypt\/&title=Down rounds are happening 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=Down+rounds+are+happening+in+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fwhatsnext%2Fdown-rounds-are-happening-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>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/down-rounds-are-happening-in-egypt\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/scared-1600px.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"547360\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/down-rounds-are-happening-in-egypt\/scared-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/scared-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"scared-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/scared-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/scared-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547359\" class=\"content-area-description post-547359 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-avanz-capital-management-egypt tag-enterprise-whats-next tag-enterpriseam tag-falak-startups tag-founder tag-investor tag-karmsolar tag-naqla tag-nclude tag-shorooq-partners tag-startups tag-venture-capital 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>Has the down round boogeyman come to Egypt?<\/strong> The ultra-loose financial conditions that allowed VCs to pour <a href=\"https:\/\/www.reuters.com\/breakingviews\/red-hot-startups-face-year-down-rounds-2021-12-29\/#:~:text=Private%20companies%20seeking%20to%20raise,to%20retain%20or%20attract%20staff.\">USD 600 bn<\/a> into startups last year are coming to an end. Less than halfway into 2022, startups are finding themselves in a radically different environment than where they were this time last year: <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bba991e8-413d-4ca5-9d74-71a8095ff1c2\">VCs are now tightening their belts<\/a> as interest rates rise, tech assets sell off, and sky-high valuations <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-31\/fidelity-slashes-reddit-stripe-valuations-after-tech-rout?sref=mmeFTDW1\">come back down to earth<\/a>. Forge Global, which operates a platform for trading private companies, has reported a <a href=\"https:\/\/forgeglobal.com\/private-market-update\/june-2022\/\">record amount of sell-side interest<\/a> in June and a <a href=\"https:\/\/forgeglobal.com\/private-market-update\/may-2022\/\">significant fall<\/a> in valuations during the first quarter.<\/p>\n<p><strong>And if you\u2019re an overvalued startup, a down round might be heading your way:<\/strong> A down round is when a company sells shares at a lower price than its previous funding round. The fall in valuation could occur for a plethora of reasons \u2014 failing to hit targets, falling investor confidence and new competitors, to name just a few \u2014 but never are they a pleasant experience for entrepreneurs.<\/p>\n<p><strong>In the US, VC tightening hasn\u2019t yet been accompanied by a swell of down rounds:<\/strong> Down rounds only accounted for 5% of transactions during the first quarter, according to <a href=\"https:\/\/pitchbook.com\/news\/articles\/us-venture-capital-valuation-trends-charts\">Pitchbook<\/a>. And while it warns that this figure could increase later this year if the current poor market conditions continue, it expects a rebound in transactions more friendly to investors before this happens.<\/p>\n<p><strong>But what about in Egypt?<\/strong> A number of startups in Egypt are facing the prospect of down round financing, Falak Startups CEO Ahmed Hazem Dakroury and Basil Moftah, general partner at Global Ventures\u2019 fintech fund Nclude, tell us. \u201cI\u2019m already hearing about a number of transactions where local startups are either looking at down rounds or flat rounds,\u201d Moftah says. Flat rounds refer to investment rounds being raised at the same company valuation of previous rounds, with no increase.<\/p>\n<p><strong>Expect a correction in valuations this year:<\/strong> While 2021 saw valuations soar due to the availability of capital, 2022 will see a reversal of this trend, Moftah says.<\/p>\n<p><strong>But a local correction won\u2019t happen at the same scale as the US:<\/strong> Any corrections and down rounds in Egypt will not be as dramatic as they are in the West because local funding capabilities and valuations pale in comparison to the capabilities of the Western market, he says.<\/p>\n<p><strong>Valuations are falling even among early-stage companies:<\/strong> Though growth-stage companies have been <a href=\"https:\/\/news.crunchbase.com\/venture\/global-venture-capital-funding-data-monthly-recap-may-2022\/\">most affected<\/a> by the pullback in VC funding globally, early-stage companies in Egypt are also being hit by reduced valuations. Some startups searching for first-time investment have seen their valuations halved or reduced by a third, compared to six months ago, CEO of the Cairo Angels Syndicate Fund (CASF) Aly Shalakany tells us. Some startups are also looking for round extensions, raising at the same valuations as their last investment round, he adds.<\/p>\n<p><strong>Still, down rounds tend to be more prevalent internationally in the global market than in <\/strong><strong>Egypt and Africa:<\/strong> This is because the international market entails considerably higher funding capabilities, capital burn rates, and higher valuations for startups, according to Moftah.<\/p>\n<p><strong>The Egypt scene is yet to see a serious slow down in financing:<\/strong> The amount of capital raised by local startups in the first five months of 2022 has far outpaced the levels seen in 2021. Companies have attracted at least USD 322 mn in financing in the January-May period this year, up from just USD 39 mn in 2021, according to data collected by Enterprise.<\/p>\n<p><strong>But valuations are too high: <\/strong>Many of the current valuations of local startups are too high and do not reflect the reality of actual growth expectations, Sequence Ventures Chairman Karim Helal tells us, adding that he wouldn\u2019t be surprised if down round financing becomes more prevalent locally in the near future.<\/p>\n<p><strong>So why are we now talking about down rounds?<\/strong> Funds in the global VC industry are battening down the hatches amid economic uncertainty caused by rising interest rates, soaring inflation, and geopolitical tensions. The dot-com-esque swell in valuations of US tech companies that accompanied the pandemic lockdowns has fast been replaced with a bear market, while the speculative investments that benefited handsomely from central bank stimulus \u2060\u2014 among them crypto assets and SPAC mergers \u2014 have sold off across the board.<\/p>\n<p><strong>It\u2019s not just the macro picture, though:<\/strong> There are plenty of other factors that determine whether or not a company is forced into a down round. A higher burn rate that exceeds expectations, the emergence of new competitors, and a lack of investor confidence in certain markets can all result in startups being forced to cut valuations.<\/p>\n<p><strong>The need for more capital in itself can also push down a startup\u2019s valuation: <\/strong>Raising capital from different asset classes can impact how the company is valued. When a startup that was backed by angel investors seeks to onboard VCs, the expected valuation can differ, according to co-founder and chief portfolio risk officer of Avanz Capital Management Egypt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fb7ed686-93ab-46d6-b074-0cab3a2c115c\">Hany Assaad<\/a>. VCs usually set a different valuation than the one set by angels, because \u201cthey\u2019re the big guys coming in with the big funds,\u201d Assaad explains.<\/p>\n<p><strong>Another culprit is the \u201cgrowth at all costs\u201d mentality \u2014 but this is not a founder-only or <\/strong><strong>an investor-only problem. <\/strong>VCs prioritize growth at all costs, which pushes founders to model their business based on rapid expansion, says Ahmed Zahran, co-founder and CEO of KarmSolar. Assaad says that founders should be responsible for managing their growth goals from the outset, and should not be tempted by unrealistic appetites for funding and high initial valuations.<\/p>\n<p><strong>What\u2019s so bad about a down round anyway? <\/strong>Down rounds can spur investor hesitancy which will make it harder for startups to find funding, co-founder and CEO of Naqla Sherif Taher tells ys. For a founder, seeing your company\u2019s valuation plummet can compromise the morale of the team, ultimately extinguishing the passion that fuels the growth of your startup, Zahran says. For investors, the downside is the loss of value in their initial investments. Having a startup that went through a down round in your investment portfolio means that you've lost value, says partner at Shorooq Partners Tamer Azer.This is frustrating for investors, but is a natural part of their job, he adds.<\/p>\n<p><strong>Bouncing back: <\/strong>A down round does not necessarily mean the end of the line. The fact that they are still raising funds is a good indicator that investor confidence isn\u2019t waning entirely, Azer tells us. If the company addresses the underlying problems the next round may be an \u201cup-round\u201d that would see its valuation rebound.<\/p>\n<p><strong>Down rounds can also serve as a crucial lesson:<\/strong> They will force affected companies to become leaner, more resourceful, and more resilient, Azer says. Startups that have strong fundamentals, are solving a real problem, and are able to address the underlying problems that caused the down round, will be able to withstand the setback, dust themselves off, and come back stronger, our sources tell us. So, founders, fret not: there is light at the end of the tunnel.<\/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>Khazenly raises USD 2.5 mn:<\/strong> B2B logistics firm Khazenly has closed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/85802b86-df08-4651-90c2-e4872850eeb9\">USD 2.5 mn seed round<\/a> led by Arzan Venture Capital and Shorooq Partners.<\/li>\n<li><strong>Valify secures USD 1 mn seed funding:<\/strong> Regtech startup Valify Solutions has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/85802b86-df08-4651-90c2-e4872850eeb9\">closed a USD 1 mn seed round<\/a> led by 4DX Ventures and Alsara Investment Group. The capital will be used to fund regional expansion.<\/li>\n<li><strong>CASF goes to Nigeria:<\/strong> The Cairo Angels Syndicate Fund (CASF) has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d81d39b-c3ce-477c-b37f-7c7003920b32\">invested USD six figures<\/a> in Nigerian BNPL fintech startup CredPal. The capital will be used to finance the company\u2019s expansion into Egypt, Kenya, Ghana, and Cameroon.<\/li>\n<li><strong>Boyot gets funding from Kuwait:<\/strong> Property payment startup Boyot has raised a six-figure pre-seed round led by a Kuwait-based real estate firm. (<a href=\"https:\/\/www.wamda.com\/2022\/06\/egypts-boyot-raises-fresh-funding-digitise-real-estate-payments\">Wamda<\/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\/avanz-capital-management-egypt\/\">Avanz Capital Management Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/falak-startups\/\">falak startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/founder\/\">founder<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investor\/\">Investor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/karmsolar\/\">KarmSolar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/naqla\/\">Naqla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nclude\/\">Nclude<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shorooq-partners\/\">Shorooq Partners<\/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>\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=\"547361\" 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\/19\/547361\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547361\" class=\"content-area-description single-story post-547361 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>20 June (Monday): Egyptian Builders Forum, JW Marriott Hotel Cairo.<\/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 (Monday): Amcham annual general meeting, St. Regis Cairo Hotel.<\/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: Actis\u2019 expected sale of its majority stake in Lekela to Infinity and Masdar\u2019s Infinity Power.<\/p>\n<p>First week of July: Fuel pricing committee meets to decide quarterly fuel prices.<\/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>August: Sharm El Sheikh will host the African Sumo Championship<\/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: Estate Waves Egypt will launch <a href=\"https:\/\/bit.ly\/3zH4mEK\">its first real estate exhibition<\/a> through metaverse technology in September.<\/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&ndash;27 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":547342,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547341","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"b6758f6f-7b20-411b-9e25-5864e094c442","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/26.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>CBE likely to leave rates unchanged at Thursday&#039;s policy meeting -Analyst Poll - 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\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE likely to leave rates unchanged at Thursday&#039;s policy meeting -Analyst Poll\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:48:08+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\/26.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\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/\",\"name\":\"CBE likely to leave rates unchanged at Thursday's policy meeting -Analyst Poll - EnterpriseAM Egypt\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/26.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2022-06-19T04:47:05+00:00\",\"dateModified\":\"2025-12-15T21:48:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/26.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/26.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#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\":\"CBE likely to leave rates unchanged at Thursday&#8217;s policy meeting -Analyst Poll\"}]},{\"@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":"CBE likely to leave rates unchanged at Thursday's policy meeting -Analyst Poll - 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\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/","og_locale":"en_US","og_type":"article","og_title":"CBE likely to leave rates unchanged at Thursday's policy meeting -Analyst Poll","og_url":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/","og_site_name":"EnterpriseAM Egypt","article_modified_time":"2025-12-15T21:48:08+00:00","twitter_card":"summary_large_image","twitter_image":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/26.jpg?fit=%2C&ssl=1","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/","url":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/","name":"CBE likely to leave rates unchanged at Thursday's policy meeting -Analyst Poll - EnterpriseAM Egypt","isPartOf":{"@id":"https:\/\/enterpriseam.com\/egypt\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/26.jpg?fit=%2C&ssl=1","datePublished":"2022-06-19T04:47:05+00:00","dateModified":"2025-12-15T21:48:08+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/26.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2022\/6\/26.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-likely-to-leave-rates-unchanged-at-thursdays-policy-meeting-analyst-poll\/#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":"CBE likely to leave rates unchanged at Thursday&#8217;s policy meeting -Analyst Poll"}]},{"@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\/547341","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\/547341\/revisions"}],"predecessor-version":[{"id":547370,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547341\/revisions\/547370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547342"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547341"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547341"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547341"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}