{"id":547371,"date":"2022-06-20T04:18:15","date_gmt":"2022-06-20T04:18:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547371"},"modified":"2025-12-15T21:48:56","modified_gmt":"2025-12-15T21:48:56","slug":"some-mps-criticize-debt-spend-in-next-fiscal-years-budget-call-for-more-austerity","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/some-mps-criticize-debt-spend-in-next-fiscal-years-budget-call-for-more-austerity\/","title":{"rendered":"Some MPs criticize debt spend in next fiscal year\u2019s budget, call for more austerity"},"content":{"rendered":"<section id=\"547373\" 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=\"547373\">\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\/20\/this-morning-could-war-in-ukraine-drag-on-for-years-file-your-taxes\/\">\r\n                            THIS MORNING: Could war in Ukraine drag on for years? + File your taxes                        <\/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\/20\/this-morning-could-war-in-ukraine-drag-on-for-years-file-your-taxes\/\" 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\/20\/this-morning-could-war-in-ukraine-drag-on-for-years-file-your-taxes\/')\">\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\/20\/this-morning-could-war-in-ukraine-drag-on-for-years-file-your-taxes\/\">\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: Could war in Ukraine drag on for years? + File your taxes&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/this-morning-could-war-in-ukraine-drag-on-for-years-file-your-taxes\/\">\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\/20\/this-morning-could-war-in-ukraine-drag-on-for-years-file-your-taxes\/&title=THIS MORNING: Could war in Ukraine drag on for years? + File your taxes\">\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+Could+war+in+Ukraine+drag+on+for+years%3F+%2B+File+your+taxes+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F20%2Fthis-morning-could-war-in-ukraine-drag-on-for-years-file-your-taxes%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\/20\/this-morning-could-war-in-ukraine-drag-on-for-years-file-your-taxes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547373\" class=\"content-area-description single-story post-547373 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-climate tag-emmanuel-macron tag-enterpriseam tag-fintech tag-france tag-russia tag-ukraine tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s the unofficial legislation and policy issue, <\/strong>ladies and gentlemen, with debates in the House of Representatives over the budget and key legislation and public discussions on privatization begin.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>MbS in town today:<\/strong> Diplomacy continues to feature heavily as well, especially as Saudi Crown Prince Mohamed bin Salman <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88d8dcc6-b490-4893-b4bd-1ed8ea465d9a\">is in Cairo today<\/a> for talks with President Abdel Fattah El Sisi. This is part of a three-day tour that will take the kingdom\u2019s de facto leader to Jordan and Turkey. On the agenda: the impact of Russia\u2019s war in Ukraine on the region and US President Joe Biden\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cfb6582-fd28-4b15-89e7-dbd5e0fc46a0\">visit to Riyadh<\/a> next month.<\/p>\n<p><strong>Lebanon gas pact tomorrow?<\/strong> Egypt could <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88d8dcc6-b490-4893-b4bd-1ed8ea465d9a\">sign a final agreement<\/a> to export gas to Lebanon tomorrow, a step which would \u2014 assuming the US approves the arrangement \u2014 pave the way for gas shipments to begin later this year.<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY here at home- Some MPs are registering their criticism of the Finance <\/strong><strong>Ministry\u2019s draft FY 2022-23 budget<\/strong>, saying it doesn\u2019t go far enough to combat rising debt service costs.<\/p>\n<p><strong>Budget discussions continue today in the House:<\/strong> MPs will discuss the government\u2019s FY 2022-2023 budget and socio-economic development plan for a second day today ahead of a possible vote tomorrow.<\/p>\n<p><strong>In brighter news, it\u2019s full steam ahead for the government\u2019s privatization strategy<\/strong> as it gauges the temperature in public consultations that kicked off yesterday with the agriculture sector.<\/p>\n<p><strong>THE BIG STORY ABROAD- It\u2019s bad news for French President Emmanuel Macron<\/strong> this morning, who has lost majority control of the National Assembly (the lower chamber in France\u2019s bicameral parliament) in a shock result following yesterday\u2019s elections. Both left and far-right candidates saw an upswing in popularity, leading to fears of an ever-more fragmented and divisive political landscape in the country. More from the <a href=\"https:\/\/www.bbc.co.uk\/news\/world-europe-61859881\">BBC<\/a>, <a href=\"https:\/\/www.politico.eu\/article\/macron-to-lose-parliamentary-majority-in-stunning-upset\/\">Politico<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/594a1d27-53f9-4409-b97f-e6de9e4c6fe1\">Financial Times<\/a>, <a href=\"https:\/\/edition.cnn.com\/2022\/06\/19\/europe\/france-parliamentary-election-macron-intl\/index.html\">CNN<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/europe\/far-right-sends-shockwaves-france-after-electoral-breakthrough-2022-06-19\/\">Reuters<\/a>, and <a href=\"https:\/\/www.france24.com\/en\/france\/20220619-a-seismic-event-le-pen-s-party-makes-historic-breakthrough-in-french-parliament\">France24<\/a>.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><strong>The Central Bank of Egypt\u2019s (CBE) <\/strong><strong><a href=\"https:\/\/www.egyptvcsummit.com\/\">first VC summit<\/a><\/strong><strong> wraps up today <\/strong>at the Nile Ritz-Carlton in Cairo, according to a <a href=\"\">statement (pdf)<\/a>. Billed as Egypt\u2019s largest venture capital event, the two-day conference is in partnership with GIZ Egypt and German fund of funds <a href=\"https:\/\/africagrow.allianzgi.com\/\">AfricaGrow<\/a>, and organized by accelerator <a href=\"https:\/\/changelabsme.org\/\">Changelabs<\/a>. It brings together some 400 participants \u2014 including VC experts, high-profile LPs and GPs, commercial banks, and officials \u2014 to talk VC funding for fintech and fintech-enabled firms.<\/p>\n<p>The <strong><a href=\"https:\/\/buildersofegypt.com\/\">Egyptian Builders Forum<\/a><\/strong> takes place today at the JW Marriott Hotel Cairo. The event brings together business leaders, investors and policymakers involved in the construction and contracting sectors to discuss the industry in Egypt, the Middle East and Africa.<\/p>\n<p><strong>LATER THIS WEEK-<\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">Aswan Forum for Sustainable Peace and Development<\/a><\/strong> will kick off in Cairo tomorrow and runs until Wednesday.<\/p>\n<p><strong>It\u2019s interest rate week: The Central Bank of Egypt will meet on Thursday to discuss <\/strong><strong>interest rates.<\/strong> A majority of analysts and economists we surveyed expect policymakers to leave rates unchanged, according to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e0ac5ea-b877-4a5d-83df-de7dfd5a94c9\">our customary poll<\/a>.<\/p>\n<hr class=\"grey-line\">\n<p><strong>DATA POINT- Almost 70k people have applied to take part in the upcoming <\/strong><strong>national dialogue<\/strong>, <a href=\"https:\/\/bit.ly\/3y4ruvB\">El Watan<\/a> reports. The state has invited more than 400 public figures to participate in the forum, set to kick off during the first week of July.<\/p>\n<p><strong>What national dialogue?<\/strong> Head to our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/618da10f-a3ed-44b3-92e6-b25ee5ff7eae\">explainer<\/a> to learn more.<\/p>\n<p><strong>KUDOS- The IMF has given a nod to our climate change efforts,<\/strong> acknowledging <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/06\/15\/CF-Egypt-Nile-Delta-sea-level-rise?cid=em-COM-123-44960\">last<\/a><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/06\/15\/CF-Egypt-Nile-Delta-sea-level-rise?cid=em-COM-123-44960\">Thursday<\/a> policies such as our National Climate Change Strategy and issuing the region\u2019s first sovereign green bonds. It also noted the increased role the private sector is having in our climate adaptation efforts.<\/p>\n<p><strong>CORRECTION- Apologies to Dr Mahmoud Mohieldin<\/strong>, whose title we goofed on yesterday. Mohieldin 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 we incorrectly said yesterday. Apologies again to Dr Mohieldin, whose work we\u2019re very familiar with and are fans of at Enterprise. The story has since been corrected on our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/88d8dcc6-b490-4893-b4bd-1ed8ea465d9a\">website<\/a>.<\/p>\n<p><strong>More expensive <\/strong><s>cancer sticks<\/s><strong> cigarettes around the corner?<\/strong> Local tobacco maker Eastern Company will meet at the end of the month to discuss its prices amid rising production costs and raw materials shortages, CEO Hany Aman reportedly told <a href=\"https:\/\/bit.ly\/3OtEuAv\">Hapi Journal<\/a>. Supply chain snags are posing problems for the company, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/56f6db98-2f7f-4022-b306-80ac97a256eb\">Aman said<\/a> last month is facing shortages and shipping disruptions.<\/p>\n<p><strong>PSA- A friendly neighborhood reminder to FILE YOUR TAXES<\/strong> <strong>before 30 June<\/strong> to benefit from a potential <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58bdf3fd-37d9-4f4a-be10-bd71314fd4c2\">partial waiver on late fees<\/a><strong>.<\/strong> Legislation being prepared by the Finance Ministry would waive a portion of interest payments and late fees on overdue income tax, VAT, stamp duty, and development fees. The bill got coverage last night from DMC\u2019s Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=dYbDeRjo5fg\">watch, runtime: 4:33<\/a>) and Sada El Salad\u2019s Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=C5SBcuEUoPI\">watch, runtime: 5:48<\/a>).<\/p>\n<hr class=\"grey-line\">\n<p><strong>WAR WATCH- Ukraine war could last for \u201cyears,\u201d says Nato chief: <\/strong>Supplying Ukraine with additional arms is crucial if the country is to push Russian forces out of the country, which could potentially take \u201cyears,\u201d Nato Secretary-General Jens Stoltenberg said, according to <a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/nato-warns-long-ukraine-war-russian-assaults-follow-eu-boost-kyiv-2022-06-19\/\">Reuters<\/a>.<\/p>\n<p><strong>But Ukrainian grain can\u2019t wait years for export:<\/strong> As Ukrainian farmers prepare for the new harvest, silos remain at near full capacity with last year\u2019s grain as Russia\u2019s blockade in the Black Sea leaves the country unable to export, the <a href=\"https:\/\/www.wsj.com\/articles\/ukraines-farmers-start-harvest-with-few-places-to-store-grain-11655636400?mod=hp_lead_pos8\">Wall Street Journal<\/a> writes. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601eada0-bdcc-4f65-829e-5751a06208bc\">Some 30 mn tons of grain are trapped<\/a> inside the country, and with little capacity for the new harvest the government says it\u2019ll need another 10-15 mn tons of capacity once the harvest begins later this year.<\/p>\n<p><strong>The EU and US could lend a hand: <\/strong>The EU has offered to store Ukrainian grain while the US says it will build temporary silos on the Polish border.<\/p>\n<p><strong>And the EU is still hoping for a corridor to get grain past the Russian blockade: <\/strong>EU Foreign Ministers will discuss today at a meeting in Luxembourg how to move forward plans for a UN-backed corridor to get Ukrainian grain through blockaded Black Sea ports, <a href=\"https:\/\/www.reuters.com\/world\/europe\/eu-seeks-release-ukrainian-grain-stuck-due-russias-sea-blockade-2022-06-19\/\">Reuters<\/a>reports, after talks between Russia and Turkey on the plan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b55749d1-4160-4fed-836b-cafd5b40f7bf\">collapsed earlier<\/a> this month. It\u2019s not yet clear whether the EU is considering offering military escorts for any ships that might navigate through the blockade.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>The <\/strong><strong><a href=\"\">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.<\/p>\n<p><strong>Amcham AGM later this month:<\/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>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt='enterprise'><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> <strong>What are the key factors that will shape the future of MENA\u2019s K-12 <\/strong><strong>education sector? <\/strong>The education sector is growing in importance across Egypt, KSA, and Dubai, and increasingly accounting for more of GDP. Rising population figures have made it essential to increase investments in K-12 education, with both the public and private sectors playing a role in making sure there are enough seats to accommodate new students. However, affordability when it comes to quality education remains a hurdle for the region.<\/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\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emmanuel-macron\/\">Emmanuel Macron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/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\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547374\" 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=\"547374\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/547374\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547374\" class=\"content-area-description single-story post-547374 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-STAYREDIT5-1600px.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=\"547375\" 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=\"547375\">\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\">BUDGET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/mps-want-more-austerity\/\">\r\n                            MPs want \u2026 more austerity?                        <\/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\/20\/mps-want-more-austerity\/\" 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\/20\/mps-want-more-austerity\/')\">\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\/20\/mps-want-more-austerity\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=MPs want \u2026 more austerity?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/mps-want-more-austerity\/\">\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\/20\/mps-want-more-austerity\/&title=MPs want \u2026 more austerity?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=MPs+want+%E2%80%A6+more+austerity%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F20%2Fmps-want-more-austerity%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\/20\/mps-want-more-austerity\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/1600-Egyptian-Parliament-BW.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547376\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/mps-want-more-austerity\/1600-egyptian-parliament-bw-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/1600-Egyptian-Parliament-BW.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"1600-Egyptian-Parliament-BW.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/1600-Egyptian-Parliament-BW.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/12\/1600-Egyptian-Parliament-BW.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547375\" class=\"content-area-description single-story post-547375 post type-post status-publish format-standard has-post-thumbnail hentry category-budget-watch tag-budget-watch tag-enterpriseam tag-fy-2022-2023-budget tag-house-of-representatives tag-mohamed-maait 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>MPs aren\u2019t happy with borrowing plans in FY2022-2023 budget:<\/strong> The government\u2019s estimates for sovereign debt in the upcoming fiscal year\u2019s budget drew criticism from MPs during the first day of budget debate in a plenary session at the House of Representatives yesterday. Representatives from various parties voiced their concerns that the government should rein in its borrowing plans and impose more austerity measures to put a cap on the country\u2019s debt levels.<\/p>\n<p><strong>Debt service was of particular concern:<\/strong> Debt service costs <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">are expected<\/a> to account for around a third of the total budget spend, while the government\u2019s interest bill will rise 19% to EGP 690.1 bn next fiscal year, accounting for a third of spending and 49% of revenues. \u201cI wonder why these frustrating figures have not compelled the government to resort to real austerity measures and fiscal discipline,\u201d Reform and Development Party Spokesperson Ayman Aboul Ela said.<\/p>\n<p><strong>The government has already committed to cutting our debt-to-GDP ratio<\/strong>, which next fiscal year\u2019s budget aims to bring down to 84%. The goal is to bring that figure down to 75% over the next four years, \u201ceven though this is not an easy goal, considering unfavorable global conditions,\u201d Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ceb2979-5a6e-4103-99b7-c45f12a9b4be\">said last month<\/a>.<\/p>\n<p><strong>FinMin reminds everyone this is a crisis budget and that it\u2019s subject to change:<\/strong> \u201cWe drafted the budget as a tentative spending plan, with the expectation that worsening global economic conditions will force us to spend more in the new fiscal year,\u201d Finance Minister Mohamed Maait said during the session. Madbouly had also stressed the same notion to MPs last month, telling them that global conditions continue to shift the goalposts.<\/p>\n<p><strong>As if we needed reminding: The price of commodities such as oil and wheat have skyrocketed<\/strong> over the past few months, with Brent crude currently trading at USD 113.12 per barrel (up from USD 60 penciled into the FY 2021-2022 budget) and a ton of wheat rising to USD 500 (up from USD 250-320 before the Russia-Ukraine war), Maait reminded MPs. \u201cWe are under severe financial pressure,\u201d the minister said.<\/p>\n<p><strong>And monetary tightening = higher interest bill:<\/strong> Global central banks, including the US Federal Reserve, have been raising interest rates in the past few months, which is driving up our debt service costs, Maait said. \u201cWe were borrowing money at an interest rate of 5%, but now we\u2019re borrowing at 11% interest. We had to hedge against this pressure by increasing our allocations for debt interest to EGP 690 bn, from EGP 630 bn previously,\u201d he said.<\/p>\n<p><strong>Ultimately, expect the budget to pass through parliament (albeit begrudgingly): <\/strong>A handful of MPs have flat out said they will not endorse the budget, including Maha Abdel Nasser, speaking on behalf of the Egyptian Socialist Democratic Party, and independent MP Diaa Eldin Dawoud. But the wider majority of independent MPs and parties \u2014 including Al Wafd and Protectors of the Nation (Homat El Watan) \u2014 signaled that they would vote in favor of the budget, despite their reservations on borrowing and certain areas of spending that they see as unnecessary. Both Al Wafd spokesperson Soliman Wahdan and House Economics Committee head Ahmed Samir called for gradually scaling back foreign borrowing and said the government should do more to achieve greater fiscal discipline.<\/p>\n<p><strong>In a league of his own: MP Mostafa Bakry<\/strong>, who decided he doesn\u2019t want to endorse the budget because of the state privatization program and the government\u2019s plans to liquidate what he calls \u201cproductive factories\u201d' (aka the financially-stricken El Nasr for Coke and Chemicals). Bakry had a theatrical moment in parliament <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/750edb4f-028c-4036-a98d-58f6856f1b18\">earlier this month<\/a> during which he (falsely) claimed that the company has sound financials that do not warrant liquidation. Public Enterprises Minister Hisham Tawfik has since provided parliament with the company\u2019s financials, which showed it ended last year in the red.<\/p>\n<p><strong>WHAT\u2019S NEXT-<\/strong> Representatives will likely put the budget to a final vote 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>\n<p><strong>Need a refresher on the full budget process?<\/strong> We\u2019ve got you covered with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/167c6aaf-a05f-4942-be61-e7dfb4d72673\">our explainer<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/budget-watch\/\">budget watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fy-2022-2023-budget\/\">FY 2022-2023 budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/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=\"547377\" 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=\"547377\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/house-discusses-amendments-to-competition-act\/\">\r\n                            House discusses amendments to Competition Act                        <\/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\/20\/house-discusses-amendments-to-competition-act\/\" 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\/20\/house-discusses-amendments-to-competition-act\/')\">\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\/20\/house-discusses-amendments-to-competition-act\/\">\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=House discusses amendments to Competition Act&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/house-discusses-amendments-to-competition-act\/\">\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\/20\/house-discusses-amendments-to-competition-act\/&title=House discusses amendments to Competition Act\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=House+discusses+amendments+to+Competition+Act+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F20%2Fhouse-discusses-amendments-to-competition-act%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\/20\/house-discusses-amendments-to-competition-act\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/HouseofReps-1600px-fx-e1606665898323.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547378\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/house-discusses-amendments-to-competition-act\/houseofreps-1600px-fx-e1606665898323-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/HouseofReps-1600px-fx-e1606665898323.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"HouseofReps-1600px-fx-e1606665898323.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/HouseofReps-1600px-fx-e1606665898323.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2020\/11\/HouseofReps-1600px-fx-e1606665898323.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547377\" class=\"content-area-description single-story post-547377 post type-post status-publish format-standard has-post-thumbnail hentry category-legislation-watch tag-competition-act tag-egyptian-competition-authority tag-enterpriseam tag-legislation-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>House gets down to business on Competition Act amendments:<\/strong> The House\u2019s Economic Affairs Committee yesterday discussed giving greater powers to the Egyptian Competition Authority (ECA) under<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3582805e-b867-4076-9e5e-bff71e01f886\">proposed amendments<\/a> to the Competition Act. The amendments, which have been up in the air since last year, will regulate mergers and acquisitions and place them under the supervision of the ECA to prevent monopolistic practices in the market.<\/p>\n<p><strong>Want an M&A? You\u2019ll have to get through the ECA first: <\/strong>ECA would have the power to approve or block M&As under the legislation, said Ahmed Samir, head of the House\u2019s Economic Affairs Committee. Fending off monopolistic practices would require that the ECA is given more power to stand up to M&As that could be a threat to competition on the market.<\/p>\n<p><strong>How it\u2019s done now: <\/strong>The ECA\u2019s role is currently limited to raising red flags, but only after a transaction is concluded. Successive antitrust bosses have sought the power to approve or reject M&As <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/25\/egypt-competition-watchdog-warns-uber-and-careem-of-fines-up-to-egp-500-mn-each-in-case-of-merger\/\">for years now<\/a>.<\/p>\n<p><strong>As to what constitutes an approved M&A, from what we\u2019re hearing, the definition is shaky at best.<\/strong> We\u2019re told that the ECA would only greenlight those transactions that help save defaulting companies or improve economic efficiency, without an explanation on what that would mean.<\/p>\n<p><strong>The amendments would also change the definition of \u201ceconomic concentration,\u201d<\/strong> a key principle in evaluating the potential market impact of a transaction. M&A transactions would be banned by the ECA that are found to restrict or cause harm to freedom of market competition, especially when the consolidation leads to a \u201ccontrolling position\u201d or reinforces an existing \u201ccontrolling position,\u201d Samir said.<\/p>\n<p><strong>This is all too vague for comfort: <\/strong>We\u2019re still getting the same, general antitrust statements we\u2019ve been hearing since the amendments were first announced and we\u2019ve yet to hear any details on what constitutes bad corporate practice. Is it the unfair quashing of competitors or the fleecing of customers? Can I still acquire companies if I am the dominant player? Can I acquire a company and still become a dominant player? Where does that leave current market and sector regulators (FRA on capital markets)? As always, the devil will be in the details.<\/p>\n<p><strong>A positive: The House wants some transparency from the ECA:<\/strong> The House committee recommended that the ECA submit quarterly reports on its performance and targets to the chamber. It also wanted a report on the ECA\u2019s supervisory powers and how much money was transferred to the state treasury from settling competition disputes in FY 2021-2022.<\/p>\n<p><strong>The ECA got a boost in finances recently<\/strong>, with the House committee approving an EGP 50.5 mn budget for the authority in the upcoming fiscal year that starts in July, up from EGP 40.8 mn this fiscal 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\/competition-act\/\">Competition Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-competition-authority\/\">Egyptian Competition Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/legislation-watch\/\">Legislation Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547379\" 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=\"547379\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point\/\">\r\n                            Fitch slashes Egypt\u2019s GDP growth forecast for next fiscal year by more than 1 point                        <\/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\/20\/fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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      <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Fitch slashes Egypt\u2019s GDP growth forecast for next fiscal year by more than 1 point&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point\/\">\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\/20\/fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point\/&title=Fitch slashes Egypt\u2019s GDP growth forecast for next fiscal year by more than 1 point\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" 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              <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/3\/Fitch-1600px-e1607166889853.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547380\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/fitch-slashes-egypts-gdp-growth-forecast-for-next-fiscal-year-by-more-than-1-point\/fitch-1600px-e1607166889853-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/3\/Fitch-1600px-e1607166889853.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"Fitch-1600px-e1607166889853.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/3\/Fitch-1600px-e1607166889853.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2019\/3\/Fitch-1600px-e1607166889853.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547379\" class=\"content-area-description single-story post-547379 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-fitch tag-gdp tag-inflation tag-north-africa wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Fitch has cut Egypt\u2019s GDP growth forecast for FY2022-2023 to 4.4% <\/strong>from a prior projection of 5.5%, saying the economy will grow more slowly next fiscal year due to inflationary pressures, it said in its monthly outlook on North Africa.<\/p>\n<p><strong>What they said:<\/strong> \u201cWe estimate that growth has slowed to 3.6% in 1H2022 and will continue to weaken over the coming quarters as a double-digit inflation weighs on household income, public investment slows and a full recovery in the tourism sector is delayed,\u201d Fitch Solutions said.<\/p>\n<p><strong>REMINDER- <\/strong>Egypt\u2019s 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.<\/p>\n<p><strong>It\u2019s not only us: Fitch says it holds a \u201cpessimistic macroeconomic outlook\u201d for most North African countries<\/strong> after the Russian invasion of Ukraine sent food and energy prices soaring. Hardest hit will be the region\u2019s net oil importers Morocco, Egypt and Tunisia, as the crisis weighs on their economic activity and fiscal and external deficits, it said.<\/p>\n<p><strong>North Africa\u2019s real GDP growth will decelerate from 5.4% in 2021 to 4.2% in 2022 and 3.8% in 2023<\/strong>, Fitch predicts, as inflation and monetary tightening continue to impact private consumption and slower economic growth in Europe hits exports.<\/p>\n<p><strong>Higher rates across the region? <\/strong>Central banks will continue a monetary tightening cycle, Fitch predicts, forecasting the Central Bank of Egypt (CBE) to hike interest rates by an additional 100 bps during the remainder of 2022 in a bid to bring inflation down. The CBE has hiked rates by 300 basis points (bps) since March, when it also allowed the EGP to slip against the USD. Most <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e0ac5ea-b877-4a5d-83df-de7dfd5a94c9\">analysts we polled<\/a> expect the bank to keep rates unchanged in its upcoming meeting on Thursday, though many are also predicting another 50-200 bps in hikes 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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fitch\/\">Fitch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/north-africa\/\">North Africa<\/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=\"547381\" 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=\"547381\">\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\">Privatization<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/public-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years\/\">\r\n                            Public weighs in on state plans to fully exit from parts of agriculture sector within three years                        <\/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\/20\/public-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years\/\" 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\/20\/public-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years\/')\">\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\/20\/public-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years\/\">\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=Public weighs in on state plans to fully exit from parts of agriculture sector within three years&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/public-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years\/\">\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\/20\/public-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years\/&title=Public weighs in on state plans to fully exit from parts of agriculture sector within three years\">\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=Public+weighs+in+on+state+plans+to+fully+exit+from+parts+of+agriculture+sector+within+three+years+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F20%2Fpublic-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years%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\/20\/public-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Upper-Egypt-village-field-agriculture.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547382\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/public-weighs-in-on-state-plans-to-fully-exit-from-parts-of-agriculture-sector-within-three-years\/upper-egypt-village-field-agriculture-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Upper-Egypt-village-field-agriculture.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"Upper-Egypt-village-field-agriculture.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Upper-Egypt-village-field-agriculture.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/3\/Upper-Egypt-village-field-agriculture.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547381\" class=\"content-area-description single-story post-547381 post type-post status-publish format-standard has-post-thumbnail hentry category-privatization-watch tag-agriculture tag-enterpriseam tag-idsc tag-privatization-watch tag-state-ownership-policy-document tag-water 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-04\"><\/a> <strong>The gov\u2019t is taking the public\u2019s pulse on its privatization plans. First up: <\/strong><strong>Agriculture.<\/strong> The government yesterday began the first of a series of public consultations on its ambitious <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">state ownership policy document<\/a>, according to a cabinet <a href=\"https:\/\/bit.ly\/39AMUHt\">statement<\/a>. Cabinet\u2019s Information and Decision Support Center (IDSC) laid out the state\u2019s plans to exit from parts of the agricultural sector in a workshop with officials and businessmen involved in the sector.<\/p>\n<p><strong>REFRESHER- <\/strong>The government wants to double the private sector\u2019s role in the economy over the next three years in a bid to attract bns of USD of fresh investment into the country. It is aiming to raise USD 40 bn over the next four years by selling stakes in state-owned assets to local and international investors.<\/p>\n<p><strong>IDSC head Osama El Gohary laid out government plans to exit parts of the agriculture sector<\/strong>, including:<\/p>\n<ul>\n<li><strong>An exit within three years from most farming activity<\/strong>, including fruit and vegetable farming, all grain farming except for wheat, forestry, fishing and fish farming, and livestock. The state would maintain its presence in the dairy sector, though it could lower its investments.<\/li>\n<\/ul>\n<ul>\n<li><strong>The lease of livestock and fish farms<\/strong> to the private sector, community associations, and foreign investors.<\/li>\n<li><strong>Boosting the private sector\u2019s role in national agriculture projects<\/strong>, including the mega 1.5 mn-feddan reclamation project.<\/li>\n<\/ul>\n<p><strong>USD 10 bn in export potential \u2014 if challenges can be addressed:<\/strong> Obstacles facing growth in the sector include water scarcity, wasted crops, financing hurdles, underemployment, and a lack of modern production technologies and R&D funding, the IDSC said. But if the private sector can step in to help address these challenges, there are gains to be made \u2014 with an estimated USD 10 bn in untapped export potential alone.<\/p>\n<p><strong>Participants welcomed the plans \u2014 with some pushback: <\/strong>Some agricultural industries might need continued government support, for example on modern irrigation techniques and exports, said former agriculture minister Adel El Beltagy. The state would need to enforce regulating the use of water by the private sector following exits and to continue to criminalize encroachment on agricultural land, he added. Ayman Farid Abu Hadid, another former agriculture minister, said a three-year timeframe for exits could be hard for some parts of the sector \u2014 particularly land reclamation.<\/p>\n<p><strong>REMEMBER- Every Sunday and Tuesday <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1579274-9ae3-4b03-888c-f3b646608976\">will see workshops<\/a><\/strong><strong> on how privatization plans will affect specific industries<\/strong>, with a food industries-focused workshop planned for this Tuesday. Each Thursday is reserved for workshops with the House of Representatives or the Senate, along with think tanks. You can find more details on the <a href=\"http:\/\/eparticipation.idsc.gov.eg\/?fbclid=IwAR0roLUuQGFnSW2sa39MgFCj0jUqiG6_A-_Kya6SN4IhBJNhIqbHzMv5wdw\">online platform<\/a> for the consultations.<\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/idsc\/\">IDSC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-ownership-policy-document\/\">State ownership policy document<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/water\/\">water<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"547383\" 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=\"547383\">\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\">Spotlight<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/asdcs-ibrahim-el-missiri-on-putting-soma-bay-on-the-map-building-its-identity-and-making-it-a-first-home-destination\/\">\r\n                            ASDC\u2019s Ibrahim El Missiri on putting Soma Bay on the map, building its identity, and making it a first-home destination                        <\/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\/20\/asdcs-ibrahim-el-missiri-on-putting-soma-bay-on-the-map-building-its-identity-and-making-it-a-first-home-destination\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Fast forward to today and developer Abu Soma Touristic Development Company (ASDC) has made Somabay a home to a wide selection of luxury hotels and residential properties that exude a certain lifestyle.<\/p>\n<p><strong>Enterprise sat down with Ibrahim El Messiri, the CEO of ASDC \u2014 the master developers of <\/strong><strong>Somabay <\/strong>\u2014 who talks us through his strategy to make Somabay a first-home destination where people and families can live, work, study, and enjoy themselves. For El Messiri, this meant finding the right target market and creating the right identity and lifestyle for Somabay.<\/p>\n<p><strong>El Messiri is no stranger to creating communities and developing cities<\/strong>, having worked with the likes of Bechtel for 15 years and Madinet Nasr Housing for three. His career saw him work on projects such as the Doha International Airport, the Channel Tunnel in the UK, and Abu Dhabi Port.<\/p>\n<p><strong>** LISTEN TO THE DISCUSSION AS A PODCAST<\/strong> on our website (<a href=\"https:\/\/enterprise.press\/podcasts\/spotlight-make-somabay-first-home-destination-asdc-ceo-ibrahim-el-messiri\/\">runtime: 48:48<\/a>) or tune in via <a href=\"https:\/\/podcasts.apple.com\/eg\/podcast\/spotlight-how-to-make-somabay-a-first-home\/id1617987136?i=1000567064043\">Apple Podcasts<\/a> | <a href=\"https:\/\/play.anghami.com\/episode\/1061585300?adj_t=dgl0aa8_64v1dnl&adj_campaign=ios&adj_adgroup=song&adj_creative=76952495\">Anghami<\/a> | <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWE1NmQ3YzMtZjI4MS00NTU3LThlMzEtYWFjODAxN2NjZjA2LzY4NmNmYTU5LTAwOTMtNDEyMS1hMTRjLWFlNmYwMDk3ZjEyMi81NDI0MGE5Ni04YWY5LTRkZGQtODExNi1hZTZmMDA5OTgxMzYvcG9kY2FzdC5yc3M\/episode\/YTk2NTQ5MDQtYTY1MS00N2Q2LWFiOWMtYWViOTAxNWUxNzc2?sa=X&ved=0CAUQkfYCahcKEwjwq5OMvbr4AhUAAAAAHQAAAAAQAQ\">Google Podcasts<\/a> | <a href=\"https:\/\/open.spotify.com\/episode\/0dCgAH27SkHiO0KqaqBBa6\">Spotify<\/a>). Or you can read edited excerpts of his own words below:<\/p>\n<p><strong>The origin story of Somabay is quite interesting: <\/strong>The story I hear is that people from the Swedish Embassy were touring the area to see the progress of projects in the area at the time and they saw this bay and all its reefs and people slowly started going there for diving.<\/p>\n<p><strong>Private developers soon acquired the land <\/strong>and there was a gentleman called Wagih Hanna who worked with the original shareholders to start building hotels on the property. The idea of Somabay began in the late \u201880s and the company was set up officially in 1991 with financing from the World Bank. The first hotels opened in 1998 which were the Sheraton and the Robinson.<\/p>\n<p><strong>I joined Somabay in November 2014 <\/strong>and I inherited a business that had five hotels \u2014 most of them at the end of their lifecycle and needing renovation \u2014 a golf course, a spa, and a semi-finished marina. This was at a tumultuous time for the tourism industry and the company was under a lot of duress and our staff were loyal, but demotivated.<\/p>\n<p><strong>Transforming Somabay to what it is now was quite a daunting task. <\/strong>The first thing we needed to do was plug the cashflow gap so that I could pay salaries. The second thing is that we needed to rebuild everything in a way where it was both functional and stylish.<\/p>\n<p><strong>There were certain aspects that we couldn\u2019t ignore if we wanted to turn Somabay into a first-home destination.<\/strong> The three biggest components to make Somabay family-friendly were shopping, education, and healthcare. Initially we started with a medical center \u2014 it picks up maybe 95% of all cases, while more critical cases go to Hurghada or El Gouna. As for education, we recently signed with GEMS to launch a school, and I think it's a necessary investment because there\u2019s a big gap in the Red Sea when it comes to quality education. We\u2019re now going through the final steps to get approvals from the necessary ministries.<\/p>\n<p><strong>Somabay was for those too young to have bought into El Gouna: <\/strong>When I was younger I would spend my vacations in El Gouna and by the time I was established enough to buy something there, I realized I had missed the boat. Everything was already sold and young people who wanted to be part of that community could only find small units that were far away from the sea. So these people in their late 20s and 30s \u2014 who want to wake up, put on their flip-flops, and head to the beach \u2014 are one of our main target markets. We said, \u201cOkay we need to bring like-minded people and they\u2019ll bring their friends.\u201d And that\u2019s what happened. One person would bring 10 more and so on, and it grows with time.<\/p>\n<p><strong>And a big part of it is sports: <\/strong>The activities we provide at Somabay reflect a growing trend among our generation here in Egypt. However, the international community is also taking notice and we realized that a lot of sports teams set up camps in Somabay. We\u2019re very close to signing an agreement to launch an aquatic center for premier league swimmers who would prefer to swim and train here than in cold European countries. We\u2019ve also previously signed a long-term agreement with TriFactory to host their endurance festival and last year we introduced the Oceanman race. Soma also has lawn tennis, foot golf, kite surfing, and much more.<\/p>\n<p><strong>We wanted to create a new architectural design that would define our character. <\/strong>El Gouna already had that Nubian style architecture so we wanted to do something different. We engaged one of the coolest architects in town, Raef Fahmi Architects, and they made us this really avante-garde design. You know it\u2019s going to work when people hate it when they first see it [laughs]. If something is controversial, then it starts a conversation.<\/p>\n<p><strong>The current real estate climate is a bit difficult amid the surge in building materials prices <\/strong><strong>\u2014 but history has taught us well: <\/strong>In 2016 during the devaluation, we learned a very harsh lesson and we were able \u2014 with difficulty \u2014 to mitigate and absorb the hardships at the time. We\u2019ve actually taken a lot of hits in the past 10 years, and over time you learn how to get through it. First of all is understanding that this is a crisis that will end and then you start using different tactics. The biggest risk is finishing materials so you start off with building your inventory and securing those rates even if it puts a lot of burden on your cashflow.<\/p>\n<p><strong>Looking forward, we\u2019re now adding three new hotels to the mix<\/strong>, but we haven\u2019t yet signed contracts so I can\u2019t say much.<\/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\/asdc\/\">ASDC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/spotlight\/\">SPOTLIGHT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/the-enterprise-podcast\/\">The Enterprise Podcast<\/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=\"547385\" 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=\"547385\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/telecom-egypt-gets-a-new-ir-head\/\">\r\n                            Telecom Egypt gets a new IR head                        <\/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\/20\/telecom-egypt-gets-a-new-ir-head\/\" 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\/20\/telecom-egypt-gets-a-new-ir-head\/')\">\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\/20\/telecom-egypt-gets-a-new-ir-head\/\">\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=Telecom Egypt gets a new IR head&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/telecom-egypt-gets-a-new-ir-head\/\">\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\/20\/telecom-egypt-gets-a-new-ir-head\/&title=Telecom Egypt gets a new IR head\">\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=Telecom+Egypt+gets+a+new+IR+head+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F20%2Ftelecom-egypt-gets-a-new-ir-head%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\/20\/telecom-egypt-gets-a-new-ir-head\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547385\" class=\"content-area-description single-story post-547385 post type-post status-publish format-standard hentry category-moves tag-enterpriseam tag-moves tag-telecom-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Telecom Egypt (TE) has appointed its senior finance director Wael Hanafy as the <\/strong><strong>company\u2019s new head of investor relations<\/strong>, TE said in an email to Enterprise. Hanafy replaces Sarah Shabayek, who said she is taking on an unspecified new role outside telecoms but will continue to serve TE as an investment advisor for capital markets transactions.<\/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\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/telecom-egypt\/\">Telecom Egypt<\/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=\"547386\" 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=\"547386\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/547386\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547386\" class=\"content-area-description single-story post-547386 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=\"547387\" 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=\"547387\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/last-nights-talk-shows-the-bahraini-egyptian-jordanian-get-together\/\">\r\n                            Last Night\u2019s Talk Shows: The Bahraini-Egyptian-Jordanian get-together                        <\/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\/20\/last-nights-talk-shows-the-bahraini-egyptian-jordanian-get-together\/\" 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\/20\/last-nights-talk-shows-the-bahraini-egyptian-jordanian-get-together\/')\">\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\/20\/last-nights-talk-shows-the-bahraini-egyptian-jordanian-get-together\/\">\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: The Bahraini-Egyptian-Jordanian get-together&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/last-nights-talk-shows-the-bahraini-egyptian-jordanian-get-together\/\">\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\/20\/last-nights-talk-shows-the-bahraini-egyptian-jordanian-get-together\/&title=Last Night\u2019s Talk Shows: The Bahraini-Egyptian-Jordanian get-together\">\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+The+Bahraini-Egyptian-Jordanian+get-together+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F20%2Flast-nights-talk-shows-the-bahraini-egyptian-jordanian-get-together%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\/20\/last-nights-talk-shows-the-bahraini-egyptian-jordanian-get-together\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547387\" class=\"content-area-description single-story post-547387 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-bahrain tag-enterpriseam tag-gcc tag-jordan tag-last-nights-talk-shows tag-north-coast tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the airwaves:<\/strong> Yesterday\u2019s tripartite summit between Egypt, Jordan and Bahrain in Sharm El Sheikh got coverage from Kelma Akhira <a href=\"https:\/\/www.youtube.com\/watch?v=JfKGsKlcVsY\">(watch, runtime: 1:00<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=BP0BLgDrQsQ\">watch, runtime: 1:59<\/a>).<\/p>\n<p><strong>The Egyptian, Jordanian and Bahraini leaders welcomed the upcoming Riyadh summit in July<\/strong> that will see US President Joe Biden meet with the leaders of the GCC countries, Egypt, Iraq, and Jordan, a <a href=\"https:\/\/bit.ly\/3b16E7g\">statement<\/a> by Ittihadiya read. President Abdel Fattah El Sisi, Jordan\u2019s King Abdullah, and Bahrain\u2019s King Hamad bin Isa Al Khalifa also discussed ties between the three countries, and developments in the region and 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\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gcc\/\">GCC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jordan\/\">Jordan<\/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\/north-coast\/\">north coast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547388\" 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 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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-qoz51ub\" data-v=\"4\" data-block-id=\"qoz51ub\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-qoz51ub-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-qoz51ub-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   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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-pe29daz\" data-v=\"4\" data-block-id=\"pe29daz\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-pe29daz-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-pe29daz-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=\"547389\" 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=\"547389\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/egypt-in-the-news-the-ukrainian-tourists-stuck-in-red-sea-resorts\/\">\r\n                            Egypt in the News: The Ukrainian tourists stuck in Red Sea resorts                        <\/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\/20\/egypt-in-the-news-the-ukrainian-tourists-stuck-in-red-sea-resorts\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n              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stuck in Red Sea resorts&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/egypt-in-the-news-the-ukrainian-tourists-stuck-in-red-sea-resorts\/\">\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\/20\/egypt-in-the-news-the-ukrainian-tourists-stuck-in-red-sea-resorts\/&title=Egypt in the News: The Ukrainian tourists stuck in Red Sea resorts\">\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+The+Ukrainian+tourists+stuck+in+Red+Sea+resorts+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F20%2Fegypt-in-the-news-the-ukrainian-tourists-stuck-in-red-sea-resorts%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\/20\/egypt-in-the-news-the-ukrainian-tourists-stuck-in-red-sea-resorts\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547389\" class=\"content-area-description single-story post-547389 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-auc tag-energy tag-enterpriseam tag-red-sea tag-tourism tag-ukraine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>In a quiet day for mentions of Egypt in the foreign press, <a href=\"https:\/\/www.reuters.com\/video\/watch\/ukrainians-live-with-uncertainty-in-egyp-idOV590419062022RP1\">Reuters<\/a> takes a look at the <strong>small community of stranded Ukrainian tourists<\/strong> <strong>forging a new normal on our Red Sea coast. <\/strong><\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li>Hollywood celebrities read out an extract of the book written by <strong>activist Alaa Abdel Fattah. <\/strong>(<a href=\"https:\/\/www.standard.co.uk\/news\/uk\/british-egyptian-liz-truss-mark-ruffalo-hollywood-b1007035.html\">Evening Standard<\/a>)<\/li>\n<li><strong>AUC students\u2019 invention could help us save energy: <\/strong>Four AUC undergraduate students created a glow-in-the-dark concrete as part of their graduation project. (<a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/06\/egyptian-students-develop-luminescent-concrete\">Al Monitor<\/a>) <\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/auc\/\">AUC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/red-sea\/\">Red Sea<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547390\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547391\" 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=\"547391\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/yet-more-of-us-are-now-getting-online-through-our-phones\/\">\r\n                            Yet more of us are now getting online through our phones                        <\/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\/20\/yet-more-of-us-are-now-getting-online-through-our-phones\/\" 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\/20\/yet-more-of-us-are-now-getting-online-through-our-phones\/')\">\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\/20\/yet-more-of-us-are-now-getting-online-through-our-phones\/\">\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=Yet more of us are now getting online through our phones&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/yet-more-of-us-are-now-getting-online-through-our-phones\/\">\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\/20\/yet-more-of-us-are-now-getting-online-through-our-phones\/&title=Yet more of us are now getting online through our phones\">\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=Yet+more+of+us+are+now+getting+online+through+our+phones+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F20%2Fyet-more-of-us-are-now-getting-online-through-our-phones%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\/20\/yet-more-of-us-are-now-getting-online-through-our-phones\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547391\" class=\"content-area-description single-story post-547391 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-beyoot tag-cit tag-digitization tag-e-commerce tag-el-gouna-film-festival tag-enterpriseam tag-green-economy tag-hsbc tag-startups tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The number of mobile internet users in Egypt grew 12.8% in 1Q2022 <\/strong>to some 64.6 mn users, according to a CIT Ministry <a href=\"\">report (pdf)<\/a>. ADSL subscribers rose 11.6% y-o-y during the January-March period to 10.3 mn subscribers. Mobile subscribers in Egypt dropped some 5.7% y-o-y to 94.1 mn subscribers, read the report, which attributed the drop to a switch in methodology to only count active lines rather than all registered lines.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>HSBC Egypt<\/strong> is now offering low-interest <strong>personal green loans<\/strong> that can be used to purchase electric vehicles and household solar panels. (<a href=\"https:\/\/ent.news\/2022\/6\/HSBC-Green-Personal-Loans-press-release-Final-002.pdf\">Stat<\/a><a href=\"https:\/\/ent.news\/2022\/6\/HSBC-Green-Personal-Loans-press-release-Final-002.pdf\">ement, pdf<\/a>)<\/li>\n<li>The <strong>El Gouna Film Festival<\/strong>, which was scheduled for October, has been <strong>postponed <\/strong>until next year, with the festival\u2019s organizing committee citing \u201ccurrent global challenges.\u201d (<a href=\"https:\/\/bit.ly\/3tJbsoA\">Statement<\/a>)<\/li>\n<li>Cairo-based furniture e-commerce startup <strong><a href=\"https:\/\/www.beyooot.com\/\">Beyooot<\/a><\/strong> has launched its platform in <strong>Egypt<\/strong>. The company is targeting customers in <strong>Saudi Arabia<\/strong> and <strong>the UAE<\/strong> and plans to expand to other GCC countries by the end of the year. (<a href=\"https:\/\/ent.news\/2022\/6\/Beyooot-launching-English-PR.pdf\">Statement<\/a><a href=\"https:\/\/ent.news\/2022\/6\/Beyooot-launching-English-PR.pdf\">, pdf<\/a>)<\/li>\n<li>The <strong>Tourism and Antiquities Ministry<\/strong> will offer a <strong>50% discount on tickets <\/strong>for Egyptians and foreign tourists visiting <strong>archeological sites and museums in Upper Egypt <\/strong>until the end of August. (<a href=\"https:\/\/bit.ly\/3OnTiAv\">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\/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\/beyoot\/\">Beyoot<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-commerce\/\">e-commerce<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-gouna-film-festival\/\">El Gouna Film Festival<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-economy\/\">Green Economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"547392\" 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=\"547392\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/the-global-financial-mood-has-well-and-truly-turned\/\">\r\n                            The global financial mood has well and truly turned                        <\/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\/20\/the-global-financial-mood-has-well-and-truly-turned\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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As the US Federal Reserve focuses on fighting inflation, Chairman Jerome<br>\n  Powell said he wouldn\u2019t \u201cdeclare victory\u201d over inflation until it has been<br>\n  falling for months and spoke of the need to figure out which level of interest<br>\n  rates will slow the economy.<br>\n  <strong>This likely means that the Fed will continue hiking rates until \u201csomething<br>\n    breaks,\u201d<\/strong><br>\n  Mackintosh writes.\n<\/p><p>\n  <strong>Don\u2019t expect any quick fixes: <\/strong>One Fed official yesterday said<br>\n  it could take \u201ca couple of years\u201d for inflation to fall back to the US central<br>\n  bank\u2019s 2% target, the<br>\n  <a href=\"https:\/\/www.ft.com\/content\/17eac72f-bd54-490a-9a4d-845952d9d666\">Financial Times<\/a><br>\n  reports.\n<\/p><p>\n  <strong>This is more than just a strategy shift \u2014 its a sea change for policy: <\/strong>The Fed\u2019s move to hike rates marks an end to decades of easy money policy<br>\n  ready to back the markets whenever they wobbled, the<br>\n  <a href=\"https:\/\/www.washingtonpost.com\/business\/2022\/06\/19\/fed-rates-economy-markets\/\">Washington Post<\/a><br>\n  says, heralding the start of tougher times ahead for almost every asset class<br>\n  and corner of the economy.\n<\/p><p>\n  <strong>And it\u2019s not just VCs who are bunkering down for the nuclear winter:<br>\n    Private equity giants are getting nervous, too<\/strong>, as the cheap borrowing used by the industry to fund a transactions spree<br>\n  over the past two years comes to an end, the<br>\n  <a href=\"https:\/\/www.ft.com\/content\/24e4a1d2-ee85-40b9-9a11-7538e9d71b56\">Financial Times<\/a><br>\n  reports. New buyout funds are now struggling to find new cash, while listed<br>\n  firms have seen their share prices fall heavily since November.<br>\n  <strong>\u201cThis is a time of reckoning for our industry,\u201d<\/strong> said Phillip<br>\n  Freise, co-head of European PE at KKR.\n<\/p><p>\n  <strong>None of this bodes well for stock markets: <\/strong>IPOs are on track<br>\n  for the weakest first half since 2005, according to data compiled by<br>\n  <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-19\/once-hot-stock-offering-market-buckles-under-recession-risk?srnd=premium-middle-east\">Bloomberg<\/a>, which counts just USD 198 bn worth of IPOs and follow-on sales raised so<br>\n  far this year.\n<\/p><p>\n  <strong>On the bright side: Many see M&amp;A activity continuing in earnest despite<br>\n    fears of a <\/strong><strong>recession<\/strong> because companies cannot afford to ignore<br>\n  disruptions in their industries from new technologies, experts at one of Wall<br>\n  Street\u2019s top investment banks, Centerview, tell the<br>\n  <a href=\"https:\/\/www.ft.com\/content\/99cc54ed-c337-4d5e-ab9e-0e892e39e5c8\">Financial Times<\/a>. Centerview expects M&amp;A activity this year to match the record USD 4 tn<br>\n  achieved in 2021, as companies look to add new, innovative products and<br>\n  services to their portfolio to stay ahead of the competition, representatives<br>\n  from the bank tell the salmon-colored paper. Global M&amp;A volumes hit USD 1.88<br>\n  tn in the first five months of the year, down from USD 2.92 tn in 2021 but<br>\n  still above pre-pandemic levels of USD 1.57 tn, Refinitiv data shows.\n<\/p><p><strong>Also worth noting:<\/strong><\/p><ul>\n<li>\n    <strong>Eni gets a piece of Qatar\u2019s mega gas project:<\/strong> Italian<br>\n    energy firm Eni has acquired a stake in Qatar\u2019s USD 29 bn North Field East<br>\n    (NFE) expansion project, becoming the second foreign firm to invest in the<br>\n    expansion project after<br>\n    <a href=\"https:\/\/totalenergies.com\/media\/news\/qatar-totalenergies-first-company-selected-partner-qatarenergy-giant-north-field-east\">TotalEnergies<\/a>. (<a href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2022\/06\/eni-entra-grande-progetto-gnl-qatar.html\">Statement<\/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-down\">\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          9,728\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          -1.4% (YTD: -18.6%)\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-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>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 20,662\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          +8.1% (YTD: -55.9%)\n        <\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p>\n  <strong>The EGX30 fell 1.4% at yesterday\u2019s close<\/strong> on turnover of EGP<br>\n  431 mn (48.7% below the 90-day average). Foreign investors were net sellers.<br>\n  The index is down 18.6% YTD.\n<\/p><p>\n  <strong>In the green: <\/strong>Abu Dhabi Islamic Bank Egypt (+3.5%), Cleopatra<br>\n  Hospitals (+2.3%) and Housing and Development Bank (+0.5%).\n<\/p><p>\n  <strong>In the red: <\/strong>Qalaa Holdings (-4.7%), GB Auto (-4.5%) and MM<br>\n  Group (-4.2%).\n<\/p><p>\n  <strong>Asian markets are showing a mixed picture in early trading this<br>\n    morning<\/strong><br>\n  and futures suggest a similarly checkered start for European markets, while<br>\n  Wall Street looks set to open in the green across the board later on today.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/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\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547393\" 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=\"547393\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/20\/egypt-eu-agree-on-priorities-for-the-next-five-years\/\">\r\n                            Egypt + EU agree on priorities for the next five years                        <\/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\/20\/egypt-eu-agree-on-priorities-for-the-next-five-years\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The two men met in Luxembourg yesterday for the EU-Egypt Association Council.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"547394\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/the-trends-across-menas-education-sector\/\">\r\n                            The trends across MENA\u2019s education sector<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/the-trends-across-menas-education-sector\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/blackboards\/the-trends-across-menas-education-sector\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/blackboards\/the-trends-across-menas-education-sector\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=The trends across MENA\u2019s education sector&url=https:\/\/enterpriseam.com\/egypt\/blackboards\/the-trends-across-menas-education-sector\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/blackboards\/the-trends-across-menas-education-sector\/&title=The trends across MENA\u2019s education sector\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+trends+across+MENA%E2%80%99s+education+sector+https%3A%2F%2Fenterpriseam.com%2Fegypt%2Fblackboards%2Fthe-trends-across-menas-education-sector%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>                    <\/div>\r\n\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/the-trends-across-menas-education-sector\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/school-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=\"547395\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/the-trends-across-menas-education-sector\/school-1600px-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/school-1600px.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"school-1600px.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/school-1600px.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2021\/8\/school-1600px.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547394\" class=\"content-area-description post-547394 blackboard type-blackboard status-publish has-post-thumbnail hentry tag-dubai tag-education tag-enterprise-blackboard tag-enterpriseam tag-mena tag-private-schools tag-saudi-arabia tag-uae 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>Comparing education markets in Egypt + KSA + UAE and how they\u2019re <\/strong><strong>expected to <\/strong><strong>grow:<\/strong> Although their demographics and geographic distribution vary, Egypt, Saudi Arabia, and the UAE have similar education market dynamics. All three markets have similar distributions of private and public schooling \u2014 and all three are expected to see more investments as the market grows to accommodate new students and increase the quality of education for existing ones.<\/p>\n<p><strong>By the (student) numbers:<\/strong> As the Arab world\u2019s most populated country, Egypt has the largest student population among the three countries, with an estimated 23 mn K-12 students in 2020. Greater Cairo houses around 20% of the total K-12 students (or 4.6 mn), according to a <a href=\"\">report (pdf)<\/a> by Colliers. This is a massive number that is more than double the <a href=\"https:\/\/ent.news\/2022\/6\/K12-Market-in-Kingdom-of-Saudi-Arabia-2019.pdf\">9.1 mn K-12 students (pdf)<\/a> Colliers says were in Saudi Arabia as of 2019.<\/p>\n<p><strong>State investments in public education : <\/strong>Egypt has <a href=\"http:\/\/fy2021-2022\">earmarked nearly 26.8%<\/a> of its 2.1 tn budget for FY2022-2023 to the education sector, with the EGP 555.6 mn to go towards plugging teacher and classroom shortages and developing school infrastructure. Meanwhile, Saudi Arabia is putting aside <a href=\"https:\/\/english.alarabiya.net\/business\/economy\/2021\/12\/13\/Breakdown-of-Saudi-Arabia-s-2022-budget-in-numbers\">19.4% of its SAR 955 bn budget<\/a> for FY2022 for education, which is a smaller percentage of its overall spending plan but a larger monetary figure than at approximately EGP 922.4 bn. In the UAE, the government is spending <a href=\"https:\/\/www.mof.gov.ae\/en\/resourcesandbudget\/pages\/budget2022.aspx#:~:text=The%20UAE%20federal%20budget%202022%20amounts%20to%20AED58.&text=The%20UAE%20Cabinet%2C%20chaired%20by,the%202022%2D2026%20budget%20cycle.\">16.27% of the total budget<\/a> \u2014 AED 9.6 bn (c.EGP 48.9 bn) \u2014 to public and university education programs.<\/p>\n<p><strong>And private schools are growing their share of the region\u2019s education market in Egypt\u2026:<\/strong> In Egypt, private schools accounted for only 10.6% of the total student population in 2020. However, private sector student enrolment rates hit a compound annual growth rate (CAGR) of 6.3% versus 3.6% in the public sector, which Colliers notes indicates \u201ca growing preference towards private schools.\u201d Meanwhile, in Greater Cairo, the private sector represented 29% of total student enrolment.<\/p>\n<p><strong>\u2026And the GCC: <\/strong>The trend holds true as well in Saudi, where less than 20% of all schools are private, and only 6% of all schools are internationally branded. On the other side of the spectrum, UAE started its expansion of the private sector in education long ago, with <a href=\"https:\/\/www.mordorintelligence.com\/industry-reports\/uae-private-k12-education-market\">73% of schools<\/a> in the Emirates being owned by private players as of 2017.<\/p>\n<p><strong>Ultimately, both public and private schooling are expected to grow further to accommodate rising populations: <\/strong>Egypt\u2019s population growth by 2030 is expected to increase the demand for additional school seats by 11 mn nationwide with 2.3 mn in Greater Cairo, based on Colliers projections. Out of the total seats, 2.1 mn are expected to be delivered by the private sector nationwide with 1 mn in Greater Cairo. Saudi\u2019s population is expected to grow to 44.9 mn by 2030 compared to 33.4 mn in 2019, with Colliers estimating that the kingdom will need an additional 1.1 to 2.1 mn student seats by 2030. While a similar comparison wasn\u2019t available for the UAE, Dubai alone will need <a href=\"https:\/\/www.arabianbusiness.com\/gcc\/uae\/uae-culture-society\/442461-why-mid-market-schools-are-set-to-see-highest-demand-in-dubai\">370k private schools by 2030<\/a>, compared to 290k in 2018, according to Colliers estimates.<\/p>\n<p><strong>Private sector growth is being primed by reductions in foreign ownership limits: <\/strong>The Egyptian government in late 2019 imposed a 20% cap on foreign ownership of both <a href=\"https:\/\/enterprise.press\/stories\/2019\/10\/03\/egypt-imposes-20-cap-on-foreign-ownership-of-private-schools\/\">private<\/a> and <a href=\"https:\/\/enterprise.press\/stories\/2019\/09\/19\/egypts-education-ministry-limits-foreign-ownership-in-intl-schools\/\">international<\/a> schools but later allowed all K-12 schools to <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/24\/education-ministry-to-allow-exceptions-to-new-school-foreign-ownership-limits-6857\/\">formally apply for exemptions<\/a> to the ownership cap if needed. The UAE <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/uae-allow-100-foreign-ownership-companies-june-wam-2021-05-19\/\">also eased<\/a> its investment process for schools and other sectors last year. Early to the party, Saudi Arabia <a href=\"https:\/\/www.reuters.com\/article\/us-saudi-privatisation-idUSKCN1B41IZ\">fully lifted<\/a> its foreign ownership limitations back in 2017 to allow investors from abroad to own 100% of K-12 schools. The move was effective, with Colliers writing \u201cthe education sector has become one of Saudi Arabia\u2019s leading investment sectors with many regional, international investors, and operators actively planning or entering the K12 market.\u201d<\/p>\n<p><strong>But affordability is key to making sure the private sector can attract enough students: <\/strong>The issue of affordability was flagged as a major obstacle to increasing demand for private education <a href=\"\">by Colliers (pdf)<\/a> a few years back as well as the more recent analysis on Saudi that we\u2019ve cited above. In Egypt, while the amount of households that can afford upper-middle or high-priced schooling is expected to grow, the vast majority of schools will need to continue to serve middle-income households and below. In 2020, around 97% of schools nationwide were affordable for middle-income, low-middle, economic, and low-cost households. If the private sector will expand its education offerings, it will need to incorporate these households into its pricing strategy.<\/p>\n<p><strong>And rolling out new curriculums could also make them stand out: <\/strong>As of 2020, Egypt\u2019s most prevalent curriculum among top private school in Greater Cairo is the British System at 31%, followed by the International Baccalaureate (29%), American (26%), Canadian (7%), and French, German, and other systems contributing the final 7%. Almost 35% of these schools offer more than one curriculum, Colliers notes.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Senate wants the gov\u2019t to up education spending:<\/strong> The Senate Financial and Economic Affairs Committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34a64cf2-d570-4629-9a52-b137b847d994\">has recommended<\/a> the government allocate another EGP 2.5 bn to education in FY 2022-2023.<\/li>\n<li><strong>A transport-focused research college <\/strong><strong><a href=\"https:\/\/bit.ly\/3Oih8xv\">will be set up<\/a><\/strong> under an agreement signed by the higher education and transport ministries.<\/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\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mena\/\">MENA<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-schools\/\">private schools<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"547396\" 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\/20\/547396\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547396\" class=\"content-area-description single-story post-547396 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>June: Eastern Company <a href=\"https:\/\/bit.ly\/3OtEuAv\">meets to decide on prices of its tobacco products<\/a> amid rising production costs and scarcity of raw materials.<\/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":547372,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547371","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"71cf24bd-76bf-46a4-8171-cc45f4c86b93","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/28.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>Some MPs criticize debt spend in next fiscal year\u2019s budget, call for more austerity - 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\/some-mps-criticize-debt-spend-in-next-fiscal-years-budget-call-for-more-austerity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Some MPs criticize debt spend in next fiscal year\u2019s budget, call for more austerity\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/some-mps-criticize-debt-spend-in-next-fiscal-years-budget-call-for-more-austerity\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:48:56+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/28.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\/some-mps-criticize-debt-spend-in-next-fiscal-years-budget-call-for-more-austerity\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/some-mps-criticize-debt-spend-in-next-fiscal-years-budget-call-for-more-austerity\/\",\"name\":\"Some MPs criticize debt spend in next fiscal year\u2019s budget, call for more austerity - 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