{"id":547441,"date":"2022-06-22T04:26:57","date_gmt":"2022-06-22T04:26:57","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547441"},"modified":"2025-12-15T21:50:41","modified_gmt":"2025-12-15T21:50:41","slug":"ksa-firms-sign-to-invest-usd-bns-in-egyptian-energy-tech-food-pharma-and-more","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/ksa-firms-sign-to-invest-usd-bns-in-egyptian-energy-tech-food-pharma-and-more\/","title":{"rendered":"KSA firms sign to invest USD bns in Egyptian energy, tech, food, pharma and more"},"content":{"rendered":"<section id=\"547443\" 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=\"547443\">\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\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/\">\r\n                            THIS MORNING: Our latest import: recession fears + Russia drama continues to roil the energy markets                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Our latest import: recession fears + Russia drama continues to roil the energy markets&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/&title=THIS MORNING: Our latest import: recession fears + Russia drama continues to roil the energy markets\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Our+latest+import%3A+recession+fears+%2B+Russia+drama+continues+to+roil+the+energy+markets+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Fthis-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/this-morning-our-latest-import-recession-fears-russia-drama-continues-to-roil-the-energy-markets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547443\" class=\"content-area-description single-story post-547443 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-economy tag-enterpriseam tag-green-bonds tag-mohamed-maait tag-oil-and-gas tag-russia tag-saudi-arabia tag-state-privatization-program tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>It\u2019s a packed issue today, <\/strong>ladies and gentlemen, as we hit the dash to the weekend. Our friends from the GCC continue to come through for us, with KSA leading the pack.<\/p><p><strong>THE BIG STORY here at home: the Saudis making it rain. <\/strong>We bring you an unofficial KSA-themed issue this morning, as the local press digests the news of the USD 7.7 bn worth of Saudi investment that was signed off on yesterday to coincide with Crown Prince Mohammed bin Salman\u2019s trip to Cairo.<\/p><p><strong>MbS bid us farewell with a promise that the KSA will lead on bringing some USD 30 bn<\/strong> of investments. We have all the details below.<\/p><p><strong>We also have an approved budget for the next fiscal year<\/strong>, courtesy of the House of Representatives, who put their grandstanding aside and got the job done before 30 June.<\/p><p><strong>PRIVATIZATION WATCH- Public consultations continue: <\/strong>The government yesterday held the second of a series of public consultations over its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">state ownership policy document<\/a> laying out privatization plans, according to a cabinet <a href=\"https:\/\/bit.ly\/39DLSKU\">statement<\/a>.<\/p><p><strong>This time, the focus was on food industries<\/strong>, with industry reps laying out their recommendations on how best and where to start bringing the private sector on board as well as their views and issues.<\/p><p><strong>Look for an expanded coverage of the sessions this week and in our weekly industry features. <\/strong><\/p><p><strong>Also guiding the conversation locally is the prospect of the<\/strong><strong> Central Bank of Egypt raising interest rates tomorrow. <\/strong>Finance Minister Mohamed Maait yesterday said he is \u201cworried\u201d about the economic impact of any potential further rate hikes. A majority of analysts and economists we surveyed expect policymakers to leave rates unchanged, according to our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e0ac5ea-b877-4a5d-83df-de7dfd5a94c9\">customary poll<\/a>, More on that in our Economy section, below.<\/p><hr class=\"grey-line\"><p><strong>THE BIG STORY ABROAD<\/strong>-<strong> Are we or are we not in contraction territory? <\/strong>The chorus of voices predicting an oncoming recession in the US and Europe is getting louder, with Goldman Sachs, tech bn\u2019aire Elon Musk and economist Nouriel Roubini all joining in this week, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-21\/elon-musk-says-us-recession-more-likely-than-not-in-near-term?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports. Goldman sees a 30% probability of entering a recession over the next year, while Roubini expects a US recession by the end of the year. The Tesla boss said he would lay off <a href=\"https:\/\/www.reuters.com\/markets\/deals\/musk-says-there-are-still-few-unresolved-matters-with-twitter-offer-2022-06-21\/\">10% of salaried employees<\/a> over three months in anticipation of the downturn.<\/p><p><strong>Germany is also likely facing a recession<\/strong> \u2014 particularly if Russia severs all gas supplies into the country as it has seemingly been threatening to do lately, an industry body said in a statement cited by <a href=\"https:\/\/www.reuters.com\/markets\/europe\/germany-risks-recession-russian-gas-crisis-deepens-2022-06-21\/\">Reuters<\/a>.<\/p><p><strong>Finance Minister Mohamed Maait attempted to address that question for Egypt.<\/strong> You can catch highlights in the news well below.<\/p><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>The US wants to impose a price cap on Russian oil: <\/strong>The US is in talks with its allies to apply a price cap on Russian oil in efforts to \u201cpush down the price of Russian oil and depress Putin's revenues, while allowing more oil supply to reach the global market,\u201d Treasury Secretary Janet Yellen said yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=prqXE8fRm08\">watch, runtime: 1:09<\/a>).<\/p><p><strong>The EU isn\u2019t happy: <\/strong>Introducing a price cap would force the EU to once again put up its sanctions package up for discussion, after spending weeks bringing all 27 nations onboard, people familiar with the matter tell <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-21\/germany-warns-of-difficulty-in-capping-the-price-of-russian-oil?srnd=premium-middle-east\">Bloomberg<\/a>. Italy appears to be the exception, saying a price cap is the \u201conly solution\u201d to rising prices, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-21\/italy-says-proposal-to-cap-gas-prices-is-gaining-support-in-eu?srnd=premium-middle-east\">Bloomberg<\/a>.<\/p><p><strong>Price cap or no price cap, we could be looking at three to five years of oil market <\/strong><strong>turbulence <\/strong>as investors continue to shy away from the sector, Exxon Mobil CEO Darren Woods said during the Qatar Economic Forum, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-21\/exxon-ceo-warns-oil-markets-may-be-tight-for-up-to-five-years?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>. Woods said that oil companies will need time to up investments and thereby increase supply.<\/p><p><strong>Could the region help ease the squeeze? <\/strong>Middle Eastern refiners are working to expand their capacity over the next year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-20\/world-looks-to-refiners-in-saudi-arabia-and-kuwait-for-diesel?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> writes. The International Energy Agency now forecasts refiners to process 8.8 mn barrels of crude per day next year, 1 mn more than in 2019. This would be enough to plug the shortfall of diesel in Europe, the business newswire writes.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p>The two-day <strong><a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">Aswan Forum for Sustainable Peace and Development<\/a><\/strong> concludes today.<\/p><p><strong>The <\/strong><strong><a href=\"https:\/\/ent.news\/2022\/6\/Press-Release-The-Big-5-Construct-Egypt-exhibition-returns-in-June-with-the-participation-of-the-Egyptian-Armed-Forces-Engineering-Authority.pdf\">Big 5 Construct Egypt (pdf)<\/a><\/strong><strong> construction industry exhibition<\/strong> runs from 25-27 June at the Egypt International Exhibition Center (EIEC) in Cairo.<\/p><p><strong>Amcham AGM next week:<\/strong> Our friends over at Amcham will hold their annual general meeting on Monday 27 June at the St. Regis Cairo Hotel. Finance Minister Mohamed Maait will address the gathering.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: How an operator fund hopes to harmonize Egypt\u2019s healthcare <\/strong><strong>industry:<\/strong> Investment banking outfit Elevate Capital\u2019s Elevate Healthcare fund is one of the region\u2019s largest specialist funds of its kind and aims to help fill the gaps in Egypt\u2019s healthcare industry. We sat down with CEO Tarek Moharram to talk about the fund\u2019s strategy, which involves nontraditional consolidation methods, franchising leading global healthcare institutions and investing in tech that can disrupt the industry.<\/p><p><strong>***<br> WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things.<\/strong> Today, we run two daily publications, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p><p><strong>We have tons more in the pipeline \u2014 come help us build new publications.<\/strong> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: <strong>To create value for our growing community of &gt;199k readers by telling stories that matter.<\/strong><\/p><p><strong>We\u2019re looking for editors who want to run publications and teams, editors to help reporters craft stories and talented reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p><p><strong>Apply directly to <\/strong><strong><a href=\"mailto:jobs@enterprisemea.com\">jobs@enterprisemea.com<\/a><\/strong><strong> and mention Patrick in your subject line. <\/strong><\/p><p><strong><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a><\/strong> It\u2019s worth it \u2014 trust us.<\/p><p><strong>***<\/strong><\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/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                            <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\/russia\/\">Russia<\/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\/state-privatization-program\/\">state privatization program<\/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=\"547444\" 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=\"547444\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/547444\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547444\" class=\"content-area-description single-story post-547444 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=\"547445\" 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=\"547445\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/usd-8-bn-from-ksa-and-much-morepossibly-usd-30-bn-more\/\">\r\n                            USD 8 bn from KSA and much more\u2026Possibly USD 30 bn more.                        <\/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\/22\/usd-8-bn-from-ksa-and-much-morepossibly-usd-30-bn-more\/\" 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 agreements cover key sectors including energy, tech, food, and pharma and were signed during a meeting of Egyptian and Saudi companies and key officials.<\/p>\n<p><strong>And there\u2019s plenty more where that came from:<\/strong> Saudi Arabia intends to \u201clead\u201d USD 30 bn in investments in Egypt, the two countries wrote in a <a href=\"https:\/\/bit.ly\/3tNv36U\">joint final communique<\/a> marking the end of bin Salman\u2019s visit, without giving any further details.<\/p>\n<p><strong>REMEMBER- Saudi Arabia recently pledged USD 15 bn to support Egypt: <\/strong>In March, Saudi <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">deposited USD 5 bn<\/a> with the Central Bank of Egypt (CBE), to help shore up our finances amid global fallout from Russia\u2019s war in Ukraine. In parallel, the Saudi sovereign wealth fund said it was looking to invest USD 10 bn in Egypt\u2019s healthcare, education, agriculture and financial services sectors.<\/p>\n<p><strong>Here\u2019s the breakdown on where that USD 7.7 bn of KSA money is headed: <\/strong><\/p>\n<p><strong>ENERGY- Ajlan & Bros to build oil storage complex:<\/strong> Saudi conglomerate Ajlan & Bros inked a <strong>USD 3.3 bn agreement<\/strong> to build a facility for storing petroleum products with the Egyptian Arab Supply Chain Group Company, according to <a href=\"https:\/\/www.arabnews.com\/node\/2107726\/business-economy\">Arab News<\/a>.  The storage complex made up more than 40%  of the value agreements signed with KSA yesterday. The company signed six agreements worth a total of almost <strong>USD 5 bn<\/strong> yesterday, Chairman Ajlan Al Ajlan told <a href=\"https:\/\/tinyurl.com\/bdh5nv6t\">CNBC Arabia.<\/a><\/p>\n<p><strong>One of the largest onshore wind farms in the world: <\/strong>Saudi Arabia\u2019s ACWA Power and Hassan Allam Holding signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to develop a 1.1 GW wind farm in the Gulf of Suez, it announced in <a href=\"https:\/\/www.acwapower.com\/news\/acwa-power-led-consortium-comprising-hassan-allam-holding-signs-project-agreement-for-11gw-wind-project-in-egypt-worth-us15-billion\/\">a statement<\/a> and in a <a href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/tadawul\/home\/announcement-details\/!ut\/p\/z1\/fY3LDoIwFES_hS-4FeW1rIg8bBCEUNsNaUhFwsug4O9LE7c6m8lJTmaAwxX4IJamFq9mHES3MuNmqeuuvXF2iPhhbCGc4qA4FvkWIQMocOD_lN1XQD-C0brBuFXGAXEDZOsnO0rUwt4xAjNEfmQCneRznKdKwgUTUsYezcoi9CiklajukshFdomoJWTqrBNDPSticlB8wAxYflb1aNtbj3v7jTXtA3oD1CI!\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN19OSExDSDA4MkswVE5GMEFRVk9DQk1FS1UyMi9aNl9OSExDSDA4MkswVE5GMEFRVk9DQk1FS1VLNi9BTk5PVU5DRU1FTlRfTlVNQkVSLzY4OTQyL2dsb2JhbC9odHRwOiUwJTB0YWRhd3VsJTAvYW5uQ2F0LzEvY29tcGFueVN5bWJvbC8yMDgy\/\">Tadawul<\/a> filing. The <strong>USD 1.5 bn project <\/strong>will be one of the largest onshore wind farms in the world, and the largest in the Middle East, the company said.<\/p>\n<p><strong>The details:<\/strong> The project will be built under a build-own-operate framework, and ACWA will also be responsible for obtaining financing, it said. Hassan Allam will work alongside the company to prepare the site and secure financing.<\/p>\n<p><strong>The project is expected to reach financial close by 4Q 2024<\/strong> and begin commercial operations by the end of 2026.<\/p>\n<p><strong>KSA industrial conglomerate <\/strong><strong><a href=\"https:\/\/www.alfanar.com\/\">Alfanar<\/a><\/strong><strong> is also getting involved in Egypt\u2019s wind + green hydro sectors:<\/strong> Alfanar signed an agreement with the Arab Organization for Industrialization (AOI) for the production of wind energy and green hydrogen, the cabinet said.<\/p>\n<p><strong>TECH + FINTECH- <\/strong><strong>Benya and Al Fanar to set up tech-focused JV:<\/strong> Al Fanar signed an agreement with IT infrastructure contractor Benya Group to set up a <strong>USD 200 mn joint venture<\/strong> in Saudi Arabia that will focus on data centers, smart cities, and cybersecurity, Benya Chairman Ahmed Mekky told <a href=\"https:\/\/www.asharqbusiness.com\/article\/38811\">Bloomberg Asharq<\/a>. The companies plan to increase investments in the next five years to reach USD 1 bn, he added. The final agreement will take place in 3Q, and the company will begin operating before the end of the year. Benya had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/998ae088-0400-47f2-85dd-761a55f95112\">previously told<\/a> Enterprise it plans to set up a Saudi investment arm by the end of 2022.<\/p>\n<p><strong>Fawry for remittances?<\/strong> Saudi business development company T2 signed an investment agreement with Fawry to develop fintech solutions for trade and money transfers between the two countries, the cabinet statement read.<\/p>\n<p><strong>Also in fintech:<\/strong> Saudi VC Khwarizmi Ventures and local startup Khazna signed an investment agreement that could see Khazna expand to provide mobile financial services for employees in the kingdom, cabinet said.<\/p>\n<p><strong>PHARMA- <\/strong><strong>Pharco to set up pharma complex in Saudi:<\/strong> Egyptian pharma player Pharco will establish a <strong>USD <\/strong><strong>150 mn <\/strong>pharma manufacturing complex in Medina, Chairman Sherine Helmy told <a href=\"https:\/\/www.asharqbusiness.com\/article\/38806\">Bloomberg Asharq<\/a>. The company will start working immediately to set up the city, and has plans to produce medicines and vaccines. Production is expected to begin within two years, he said.<\/p>\n<p><strong>FOOD- <\/strong><strong>Saudi\u2019s Albaik might be coming here: <\/strong>The fried chicken chain\u2019s products could be manufactured locally by the Egyptian subsidiary of Saudi\u2019s Halwani Bros and sold to local franchisees, the company said in <a href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/tadawul\/home\/announcement-details\/!ut\/p\/z1\/fY3LDoIwFES_hS-4FeW1rIg8bBCEUNsNaUhFwsug4O9LE7c6m8lJTmaAwxX4IJamFq9mHES3MuNmqeuuvXF2iPhhbCGc4qA4FvkWIQMocOD_lN1XQD-C0brBuFXGAXEDZOsnO0rUwt4xAjNEfmQCneRznKdKwgUTUsYezcoi9CiklajukshFdomoJWTqrBNDPSticlB8wAxYflb1aNtbj3v7jTXtA3oD1CI!\/dz\/d5\/L0lHSklna0tDbEVKSUtJS1VRb2dwUkEhIS9vSHdRQUVNSUFBQ0VFaGdDS000emxHWUVLVWxTVUtXdEcwWVdnQSEhLzRKQ2lqc1lwTWhUalVFNWxFbXQyVXR0TlF6VzdLVzFtbzVBIS9aN19OSExDSDA4MkswVE5GMEFRVk9DQk1FS1UyMi9aNl9OSExDSDA4MkswVE5GMEFRVk9DQk1FS1VLNi9BTk5PVU5DRU1FTlRfTlVNQkVSLzY4OTM5L2dsb2JhbC9odHRwOiUwJTB0YWRhd3VsJTAvYW5uQ2F0LzEvY29tcGFueVN5bWJvbC82MDAx\/\">a filing<\/a> to the Saudi stock exchange. Halwani Bros signed a non-binding agreement with Albaik sister firm Aquat Food Industries on the possible partnership. Aquat is conducting a technical and logistical evaluation of Halwani Bros\u2019 factories in Egypt, with investments for the plan estimated at <strong>EGP 1 bn (USD 53 mn).<\/strong><\/p>\n<p><strong>More food investment coming our way: <\/strong>Hadhim Dates plans to invest here and work with private-sector companies to cultivate palm trees in Al Wadi Al Gadeed governorate, head of the company Abdulaziz Al Tuwaijri told <a href=\"https:\/\/alborsaanews.com\/2022\/06\/21\/1551406\">Al Borsa.<\/a><\/p>\n<p><strong>And that\u2019s not all, folks: <\/strong>The Saudi investment ministry <a href=\"https:\/\/twitter.com\/MISA\/status\/1539202854803718146\/photo\/1\">tweeted a handy infographic<\/a>of every company involved in the investments announced yesterday, and we expect more details to trickle through in the coming days.<\/p>\n<p><strong>The story is getting coverage in international business press, <\/strong>including: <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypt-saudi-arabia-sign-14-deals-worth-77-bln-saudi-minister-2022-06-21\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-21\/saudi-arabia-egypt-sign-14-investment-deals-worth-7-7-billion\">Bloomberg<\/a> | <a href=\"https:\/\/www.thenationalnews.com\/gulf-news\/saudi-arabia\/2022\/06\/21\/saudi-arabia-to-sign-77-billion-of-deals-with-egypt\/\">The National<\/a> | <a href=\"https:\/\/apnews.com\/article\/biden-politics-africa-middle-east-aaa9233d134b34769728ac1422c90227\">AP<\/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\/acwa-power\/\">ACWA Power<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohammed-bin-salman\/\">Mohammed bin Salman<\/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\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia-egypt\/\">Saudi Arabia. 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=\"547447\" 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=\"547447\">\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\">BUDGET WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/\">\r\n                            No more grandstanding. And right in the nick of time.                        <\/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\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/\" 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\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/')\">\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\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/\">\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=No more grandstanding. And right in the nick of time.&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/\">\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\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/&title=No more grandstanding. And right in the nick of time.\">\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=No+more+grandstanding.+And+right+in+the+nick+of+time.+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Fno-more-grandstanding-and-right-in-the-nick-of-time%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\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/269.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547448\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/no-more-grandstanding-and-right-in-the-nick-of-time\/269-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/269.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"269.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/269.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/269.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547447\" class=\"content-area-description single-story post-547447 post type-post status-publish format-standard has-post-thumbnail hentry category-budget-watch tag-budget-watch tag-enterpriseam tag-finance-ministry tag-fy-2022-2023-budget tag-house-of-representatives 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>MPs give the green light to FY 2022-2023 budget:<\/strong> The House of Representatives approved in a plenary session yesterday the state\u2019s budget for the upcoming fiscal year that begins in July. The final spending plan passed yesterday is unchanged from the one Finance Minister Mohamed Maait and Planning Minister Hala El Said presented to the House <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59023cb0-be71-414c-9041-8118c08c2965\">last month<\/a>, despite MPs raising concerns about borrowing plans, social safety net allocations, and the government\u2019s forecasted wheat and oil prices.<\/p>\n<p><strong>Breaking down the budget:<\/strong> The budget \u2014 which was redrafted <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/69470760-13ca-4936-83f2-59c11fea41f7\">in March<\/a> on instructions from Prime Minister Moustafa Madbouly following Russia\u2019s invasion of Ukraine \u2014 sees the government spending EGP 2.07 tn in the upcoming fiscal year, up 12% y-o-y. Revenues are expected to increase 11% to EGP 1.52 tn, which will widen the budget deficit to EGP 558.2 bn from EGP 475.6 bn in FY 2021-2022. The government plans to increase healthcare and education spending, while rising commodity prices will force our hand and push up the subsidy bill. The budget is prioritizing bread subsidy spending, Maait told MPs yesterday.<\/p>\n<p><strong>MPs had complained that gov\u2019t wasn\u2019t planning to spend enough \u2014 and then that it was spending too much<\/strong>: Members of the House Planning and Budgeting Committee had suggested that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51f62891-ad04-47b0-93d4-1087a0721dd7\">spending plans<\/a> on commodity subsidies and social safety programs were not sufficient, while MPs also raised concerns that the government\u2019s forecasted wheat price was too low considering current market prices. Earlier this week, the criticism took a different direction, with some MPs saying the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4528010-3217-4f4b-b86d-87734a8aae55\">plans to borrow and spend too much<\/a> and should double down on austerity measures to cut the public debt.<\/p>\n<p><strong>It\u2019s official: No mud tax for another year \u2014 and likely another <\/strong><strong>year after that. <\/strong>The House gave its final approval to suspend the 14% agricultural land tax (known as \u201cmud tax\u201d) for another year to July 2023, and granted the option to cabinet to extend the suspension again until July 2024. A <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7e87c52-f3e1-49dd-93ae-3d18b8287074\">final vote<\/a> on the bill was delayed earlier this month, after a number of MPs urged that the tax be postponed for another three years rather than just one in a bid to support farmers amid the current food supply squeeze. The House approved in 2020 a two-year suspension of the tax, extending an <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/372c56bb-e3eb-4519-8c8d-d1db9667805b\">existing three-year suspension<\/a> approved in 2017.<\/p>\n<p><strong>The House also approved the state\u2019s sustainable development plan for FY2022-2023...<\/strong> Catch our breakdown of the key spending targets in the plan for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af559576-7f45-426b-992d-600acc96ef42\">education<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10c56e49-b468-4b6e-844a-e67a4a1b76af\">infrastructure development<\/a>.<\/p>\n<p><strong>WHAT\u2019S NEXT-<\/strong> President Abdel Fattah El Sisi is expected to ratify the budget before the start of the fiscal year on 1 July.<\/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\/finance-ministry\/\">Finance Ministry<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547449\" 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=\"547449\">\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\/22\/recession-is-inevitable-if-the-economy-continues-in-this-direction-maait\/\">\r\n                            Recession is \u201cinevitable\u201d if the economy continues in this direction -Maait                        <\/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\" 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data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"270.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/270.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/270.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547449\" class=\"content-area-description single-story post-547449 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-finance-ministry tag-green-bonds tag-mohamed-maait wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>We\u2018re not in a recession \u2014 but the risk is very much there, says Maait: <\/strong>\u201cWe are not yet in a recession\u201d despite the World Bank, IMF, and others have reduced their expectations for economic growth, Finance Minister Maait said in an interview with Bloomberg TV (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-06-21\/egypt-s-finance-minister-we-are-not-in-a-recession-video?sref=mmeFTDW1\">watch, runtime: 10:02<\/a>) on the sidelines of the Qatar Economic Forum in Doha. \u201cBut if the current direction continues and even escalates, I believe that inevitably we will go for recession,\u201d Maait said, without putting a timeframe on the prediction.<\/p>\n<p><strong>Maait pinpointed \u201celements leading us to recession,\u201d<\/strong> including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b70644bd-7dfc-4432-9cf7-635290bed657\">years-high inflation<\/a>, high financing costs, food security issues, concern about the war in Ukraine, and pressure on many developing countries globally.<\/p>\n<p><strong>Maait is \u201cworried\u201d that the CBE could hike rates yet further tomorrow: <\/strong>Maait expressed his concern that the central bank could push interest rates yet higher to curb inflationary pressures. \u201cYes, I am worried [about further significant rate hikes] and I hope that we can let the Egyptian economy grow. The high cost of financing will be a problem for industry, for the economy.\u201d<\/p>\n<p><strong> A majority of <\/strong><strong>analysts and economists <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e0ac5ea-b877-4a5d-83df-de7dfd5a94c9\">we surveyed<\/a><\/strong><strong> expect central bank policymakers to leave rates unchanged when they <\/strong><strong>meet tomorrow <\/strong>to discuss interest rates<strong>. <\/strong>A separate poll from <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-central-bank-expected-raise-rates-inflation-weighs-2022-06-21\/\">Reuters<\/a> suggests the CBE could enact a 50 bps rate hike in the face of persistent inflationary pressures.<\/p>\n<p><strong>Each 100 bps hike in rates costs the public purse around EGP 30 bn<\/strong>, Maait told Bloomberg Asharq in a separate interview (<a href=\"https:\/\/www.asharqbusiness.com\/article\/38808\">watch, runtime: 11:24<\/a>).<\/p>\n<p><strong>But inflation needs to be brought under control:<\/strong> \u201cInflation control is part of the core business of the central bank,\u201d Maait said, adding that inflation has not peaked and he expects prices to continue to rise on the back of higher costs for imported food and fuel.<\/p>\n<p><strong>ALSO FROM MAAIT- <\/strong><\/p>\n<p><strong>Green bonds don\u2019t come cheap:<\/strong> Maait reiterated his statements from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/adab6889-a105-45a7-9be6-37f9f42cc243\">earlier this month<\/a> that green bonds cost the country more than traditional eurobonds, Maait said during a panel at the Qatar Economic Forum organized by Bloomberg (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-06-21\/finance-ministers-for-qatar-egypt-on-economy-video?sref=mmeFTDW1\">watch, runtime: 20:58<\/a>) . \u201cThere was no advantage from green bonds, it was the opposite. Egypt had to do a lot of additional work [which] cost me more than the traditional eurobonds,\u201d he said. <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-green-bonds-cost-it-more-than-conventional-bonds-would-have-minister-says-2022-06-21\/\">Reuters<\/a> also had the story.<\/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\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-bonds\/\">green bonds<\/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=\"547451\" 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=\"547451\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/egypt-lebanon-syria-sign-gas-import-agreement\/\">\r\n                            Egypt, Lebanon + Syria sign gas import agreement                        <\/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\/22\/egypt-lebanon-syria-sign-gas-import-agreement\/\" 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\/22\/egypt-lebanon-syria-sign-gas-import-agreement\/')\">\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\/22\/egypt-lebanon-syria-sign-gas-import-agreement\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt, Lebanon + Syria sign gas import agreement&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/egypt-lebanon-syria-sign-gas-import-agreement\/\">\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\/22\/egypt-lebanon-syria-sign-gas-import-agreement\/&title=Egypt, Lebanon + Syria sign gas import agreement\">\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%2C+Lebanon+%2B+Syria+sign+gas+import+agreement+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Fegypt-lebanon-syria-sign-gas-import-agreement%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\/22\/egypt-lebanon-syria-sign-gas-import-agreement\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/271.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547452\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/egypt-lebanon-syria-sign-gas-import-agreement\/271-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/271.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"271.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/271.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/271.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547451\" class=\"content-area-description single-story post-547451 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-electricity tag-energy tag-enterpriseam tag-lebanon tag-oil-and-gas tag-syria tag-us tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>We\u2019re one step closer to shipping natural gas to Lebanon:<\/strong> Egypt, Lebanon and Syria have inked an agreement to import gas from Egypt to Lebanon under an emergency US-backed plan to ease the country\u2019s electricity shortage, the three countries <a href=\"https:\/\/bit.ly\/3zUgPoM\">announced<\/a>at a press conference yesterday.<\/p>\n<p><strong>The pact will see Egypt ship 650 mn cubic meters of gas per year<\/strong> via the newly-renovated Arab Gas pipeline, which transits Jordan and Syria into northern Lebanon. The gas shipments would allow an extra four hours of electricity a day to be generated in Lebanon, which has been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/669d0fe9-df59-4e06-826f-713052a1e8dd\">suffering crippling electricity shortages<\/a> after its central bank lifted fuel subsidies last year as the country grapples with a devastating economic crisis.<\/p>\n<p><strong>The sides did not disclose how much Lebanon will be paying for the gas <\/strong>but Magdy Galal, chairman of Egypt\u2019s state-owned gas company EGAS, said that Egypt would \u201coffer an appropriate and preferential price.\u201d<\/p>\n<p><strong>It\u2019s all in Washington\u2019s hands now:<\/strong> The US government and the World Bank still need to give their blessings to the agreement before the gas can begin to flow, Lebanon\u2019s caretaker energy minister Walid Fayad told <a href=\"https:\/\/www.reuters.com\/business\/energy\/lebanon-syria-egypt-sign-gas-import-agreement-2022-06-21\/\">Reuters<\/a>. Washington will assess whether the arrangement is in breach of its sanctions on the Syrian government, while the Bank is waiting on Beirut to implement <a href=\"https:\/\/middle-east-online.com\/en\/lebanon-cabinet-approves-electricity-reform-plan\">electricity reforms<\/a> before it agrees to help finance the initiative. \u201cAs soon as they [the World Bank and the US] approve the financing we're good to go,\u201d Fayad said.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/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\/lebanon\/\">Lebanon<\/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\/syria\/\">Syria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-bank\/\">World Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547453\" 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=\"547453\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/547453\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547453\" class=\"content-area-description single-story post-547453 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547454\" 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=\"547454\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/efg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm\/\">\r\n                            EFG Hermes closes the first securitization for an Egyptian mortgage firm                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/efg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/efg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm\/')\">\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\/22\/efg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=EFG Hermes closes the first securitization for an Egyptian mortgage firm&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/efg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm\/\">\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\/22\/efg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm\/&title=EFG Hermes closes the first securitization for an Egyptian mortgage firm\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=EFG+Hermes+closes+the+first+securitization+for+an+Egyptian+mortgage+firm+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Fefg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm%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\/22\/efg-hermes-closes-the-first-securitization-for-an-egyptian-mortgage-firm\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547454\" class=\"content-area-description single-story post-547454 post type-post status-publish format-standard hentry category-debt-watch tag-debt-watch tag-efg-hermes tag-enterpriseam tag-mortgage-finance tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>EFG Hermes has closed an EGP 651.2 mn securitized bond issuance on <\/strong><strong>behalf of <\/strong><strong>mortgage provider <\/strong><strong><a href=\"https:\/\/www.bedayamortgage.com\/\">Bedaya<\/a><\/strong>, it said in a <a href=\"https:\/\/ent.news\/2022\/6\/EFG-Hermes-x-Bedaya-Securitization-English.pdf\">statement (pdf)<\/a> yesterday. The eight-tranche bond is backed by a mortgage portfolio of around EGP 1.02 bn, and is the first ever for a real estate mortgage firm in Egypt, according to the statement. This is the first issuance of a EGP 3 bn securitization program, which EFG expects to complete in the next three years depending on the business\u2019 operational needs, sources tell us.<\/p>\n<p><strong>Who bought in? <\/strong>The National Bank of Egypt (NBE), Banque du Caire (BdC), and Baraka Bank, Mai Hamdy, head of debt capital markets at EFG, told us.<\/p>\n<p><strong>What they said:<\/strong> \u201cWe are proud to have advised on the first real estate mortgage securitization transaction in the Egyptian market, which has been met with extensive interest from investors, bearing in mind the almost 10-year tenor notwithstanding the current market uncertainty,\u201d Hamdy said.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6f9163ea-5084-4bf3-a9a8-6793be542e0c\">By our count<\/a><\/strong><strong>, Bedaya\u2019s offering takes the total value of securitized bonds sold this year to almost <\/strong><strong>EGP 11.5 bn<\/strong>. That\u2019s nearly three-quarters of the total value of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0fcbee26-6e79-473b-acfe-a8c7c7de76c1\">EGP 15.8 bn taken to market last year<\/a>.<\/p>\n<p><strong>Advisors: <\/strong>EFG Hermes acted as the sole financial advisor, sole transaction manager, bookrunner, underwriter, and arranger on the issuance. NBE and BdC acted as underwriters, while Baraka Bank was the subscription bank. The legal advisor for the issuance was Dreny and Partners and the auditor was KPMG.<\/p>\n<p><strong>About Bedaya: <\/strong>The mortgage provider is a joint venture between EFG Hermes Holding, Talaat Moustafa Group, and GB Capital.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mortgage-finance\/\">mortgage finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/securitization\/\">securitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547455\" 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=\"547455\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/547455\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547455\" class=\"content-area-description single-story post-547455 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='#'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Climate-Teaser-1600.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=\"547456\" 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=\"547456\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/chimera-makes-official-offer-for-beltone-financial\/\">\r\n                            Chimera makes official offer for Beltone Financial                        <\/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\/22\/chimera-makes-official-offer-for-beltone-financial\/\" 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\/22\/chimera-makes-official-offer-for-beltone-financial\/')\">\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\/22\/chimera-makes-official-offer-for-beltone-financial\/\">\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=Chimera makes official offer for Beltone Financial&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/chimera-makes-official-offer-for-beltone-financial\/\">\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\/22\/chimera-makes-official-offer-for-beltone-financial\/&title=Chimera makes official offer for Beltone Financial\">\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=Chimera+makes+official+offer+for+Beltone+Financial+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Fchimera-makes-official-offer-for-beltone-financial%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\/22\/chimera-makes-official-offer-for-beltone-financial\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547456\" class=\"content-area-description single-story post-547456 post type-post status-publish format-standard hentry category-ma-watch tag-chimera-investments tag-enterpriseam tag-financial-regulatory-authority tag-financial-services tag-ma-watch tag-wm-consultancy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>The Financial Regulatory Authority (FRA) has received an official offer by <\/strong><strong>Chimera <\/strong><strong>Investments <\/strong><strong>to acquire up to 90% of Beltone Financial<\/strong>, the regulator said in a <a href=\"https:\/\/ent.news\/2022\/6\/279340_1.pdf\">disclosure to the EGX (pdf)<\/a> yesterday. The Abu Dhabi-based investment firm has offered to purchase up to 417.1 mn shares in the financial services company for EGP 1.485 a piece in a mandatory tender offer, the regulator said, valuing the company at around EGP 690 mn by our math. Chimera will need to acquire a minimum 51% stake in Beltone for the offer \u2014 which will trigger an MTO \u2014 to go through, the statement reads.<\/p>\n<p><strong>Is WM Consultancy out of the picture?<\/strong> This comes a week after Chimera first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/54f13234-9150-43b7-a812-a475d9cb8d89\">lodged its interest<\/a> in acquiring Beltone with a bid that offered a 10% premium on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/58e5b389-f835-4be0-8bf6-a54cceba59ed\">the offer made by WM Consultancy<\/a> a week earlier. The consultancy \u2014 helmed by a former Beltone exec and representing an unidentified consortium of investors \u2014 had offered to purchase the shares for EGP 1.35 apiece. The financial services firm initially <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2733515d-1548-449f-ab0b-9ccfe1d3727e\">gave WM the go-ahead<\/a> to start due diligence but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e86cb85a-1953-4a6c-abc4-e18241f883fd\">asked the FRA to halt the process<\/a> after receiving Chimera\u2019s rival bid.<\/p>\n<p><strong>The regulator is mulling it over:<\/strong> The FRA is currently studying Chimera\u2019s offer, it said yesterday.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chimera-investments\/\">Chimera Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/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\/wm-consultancy\/\">WM Consultancy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547457\" 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=\"547457\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/local-ai-startup-snags-usd-2-mn-pre-series-a-round\/\">\r\n                            Local AI startup snags USD 2 mn+ pre-series A round                        <\/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\/22\/local-ai-startup-snags-usd-2-mn-pre-series-a-round\/\" 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\/22\/local-ai-startup-snags-usd-2-mn-pre-series-a-round\/')\">\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\/22\/local-ai-startup-snags-usd-2-mn-pre-series-a-round\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Local AI startup snags USD 2 mn+ pre-series A round&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/local-ai-startup-snags-usd-2-mn-pre-series-a-round\/\">\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\/22\/local-ai-startup-snags-usd-2-mn-pre-series-a-round\/&title=Local AI startup snags USD 2 mn+ pre-series A round\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Local+AI+startup+snags+USD+2+mn%2B+pre-series+A+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Flocal-ai-startup-snags-usd-2-mn-pre-series-a-round%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\/22\/local-ai-startup-snags-usd-2-mn-pre-series-a-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547457\" class=\"content-area-description single-story post-547457 post type-post status-publish format-standard hentry category-startup-watch tag-ai tag-enterpriseam tag-startup-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-06\"><\/a> <strong> Local AI tech startup <\/strong><strong><a href=\"https:\/\/www.synapse-analytics.io\/\">Synapse Analytics<\/a><\/strong><strong> has raised over USD 2 mn in a pre-series <\/strong><strong>A round<\/strong>, it said in a <a href=\"https:\/\/ent.news\/2022\/6\/Synapse-Analytics-Press-Release-for-publish.pdf\">press release (pdf<\/a>). The round was led by Egypt Ventures, with participation from Cloudera founder Amr Awadallah, Africa Platform founder Simon Rowlands, and existing investors.<\/p>\n<p><strong>Synapse wants to accelerate AI adoption for companies,<\/strong> aiming to \u201cbuilding trust between AI and the businesses trying to adopt machine learning in their operations,\u201d the statement read. Founded by Ahmed Abaza and Galal El Beshbishy in 2018, the company advises firms in industries including financial services, logistics and fast-moving consumer goods (FMCG) on how best to infuse AI into their businesses.<\/p>\n<p><strong>ICYMI- Synapse co-founder <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1cfa9d4a-8c9c-4e87-a92f-7a65037fb9a5\">Ahmed Abaza<\/a><\/strong><strong> participated in our recent roundtable discussion <\/strong>on how companies can best leverage their AI potential. <a href=\"https:\/\/enterprise.press\/whatsnexts\/build-companys-ai-strategy\/\">Read it here<\/a>, or listen to the discussion as a podcast on our website (<a href=\"https:\/\/enterprise.press\/podcasts\/whats-next-egypts-ai-sector\/\">runtime: 44:01<\/a>) or via your favorite podcasting platform.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ai\/\">AI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup 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=\"547458\" 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=\"547458\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/aibank-returns-to-the-black-in-1q2022\/\">\r\n                            aiBank returns to the black in 1Q2022                        <\/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\/22\/aibank-returns-to-the-black-in-1q2022\/\" 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\/22\/aibank-returns-to-the-black-in-1q2022\/')\">\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\/22\/aibank-returns-to-the-black-in-1q2022\/\">\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=aiBank returns to the black in 1Q2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/aibank-returns-to-the-black-in-1q2022\/\">\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\/22\/aibank-returns-to-the-black-in-1q2022\/&title=aiBank returns to the black in 1Q2022\">\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=aiBank+returns+to+the+black+in+1Q2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Faibank-returns-to-the-black-in-1q2022%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\/22\/aibank-returns-to-the-black-in-1q2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547458\" class=\"content-area-description single-story post-547458 post type-post status-publish format-standard hentry category-earnings-watch tag-banking tag-earnings tag-earnings-watch tag-efg-hermes tag-enterpriseam tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Arab Investment Bank (aiBank) bounced back from losses last year to <\/strong><strong>generate a net <\/strong><strong>income of EGP 140 mn in 1Q2022<\/strong>, it announced in a <a href=\"https:\/\/ent.news\/2022\/6\/aiBank-Press-Release-21-June-2022-Arabic.docx.pdf\">statement (pdf)<\/a> yesterday. The bank had reported a EGP 1 mn loss in the same period in 2021 but entered the black this year on the back of a 41% rise in net interest income. The bank also attributed the improved performance to its restructuring and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a015541a-1a21-48dd-80d4-3dd23dd9d76b\">EFG Hermes and the Sovereign Fund of Egypt\u2019s acquisition<\/a> of a controlling stake late last year. The bank\u2019s growth in profitability \u201creflects the success of the bank's new strategy,\u201d said CEO and Managing Director Tamer Seif El Din.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547459\" 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=\"547459\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/547459\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547459\" class=\"content-area-description single-story post-547459 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=\"547460\" 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=\"547460\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/last-nights-talk-shows-the-unofficial-saudi-edition\/\">\r\n                            Last Night\u2019s Talk Shows: The unofficial Saudi edition                        <\/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\/22\/last-nights-talk-shows-the-unofficial-saudi-edition\/\" 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\/22\/last-nights-talk-shows-the-unofficial-saudi-edition\/')\">\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\/22\/last-nights-talk-shows-the-unofficial-saudi-edition\/\">\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 unofficial Saudi edition&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/last-nights-talk-shows-the-unofficial-saudi-edition\/\">\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\/22\/last-nights-talk-shows-the-unofficial-saudi-edition\/&title=Last Night\u2019s Talk Shows: The unofficial Saudi edition\">\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+unofficial+Saudi+edition+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Flast-nights-talk-shows-the-unofficial-saudi-edition%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\/22\/last-nights-talk-shows-the-unofficial-saudi-edition\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547460\" class=\"content-area-description single-story post-547460 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-gafi tag-investment-watch tag-last-nights-talk-shows tag-mohammed-bin-salman tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was Saudi Arabia-mania on the airwaves last night: <\/strong>News of the USD 7 bn and more in investment agreements signed between Egypt and Saudi Arabia on Crown Prince Mohammed bin Salman\u2019s visit to Cairo dominated the airwaves last night. Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=jCTAlAiI-sQ\">watch, runtime: 14:48<\/a>), Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=3jFA09UekTc\">watch, runtime: 7:43<\/a>), and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=IEGmMLOlNOY\">watch, runtime: 6:16<\/a>) were among those with in-depth coverage.<\/p>\n<p><strong>A privatization tie-in: <\/strong>Almost all the agreements signed yesterday were between private Egyptian and Saudi firms, General Authority for Investment and Freezones (GAFI) chief Mohamed Abdel Wahab told Kelma Akhira\u2019s Lamis El Hadidi (<a href=\"https:\/\/www.youtube.com\/watch?v=jCTAlAiI-sQ\">watch, runtime: 14:48<\/a>). The state\u2019s role was to \u201cwitness and support,\u201d Abdel Wahab said.<\/p>\n<p><strong>The fresh economic agreements are a \u201cnatural outcome of historical trade relations between the two countries,\u201d <\/strong>Saudi Ambassador to Cairo Osama El Nokaly told Ala Mas\u2019ouleety\u2019s Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=IEGmMLOlNOY\">watch, runtime: 6:16<\/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\/gafi\/\">GAFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/mohammed-bin-salman\/\">Mohammed bin Salman<\/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=\"547461\" 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 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class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/efghldg.com\/en\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27488.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-ger1m4n\" data-v=\"4\" data-block-id=\"ger1m4n\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-ger1m4n-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-ger1m4n-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" 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class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/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-uzzpvkx\" data-v=\"4\" data-block-id=\"uzzpvkx\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-uzzpvkx-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-uzzpvkx-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 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0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547462\" 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=\"547462\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/egypt-in-the-news-sharm-el-sheikh-in-decline-on-the-back-of-war-in-europe\/\">\r\n                            Egypt in the News: Sharm El Sheikh in decline on the back of war in Europe?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/egypt-in-the-news-sharm-el-sheikh-in-decline-on-the-back-of-war-in-europe\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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          \n<article id=\"post-547462\" class=\"content-area-description single-story post-547462 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-enterpriseam tag-russia-ukraine-war tag-sharm-el-sheikh tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The international press had plenty to say this morning on the USD bns in new Saudi <\/strong><strong>investments headed our way <\/strong>(catch all the details in the newswell, above).<\/p>\n<p>Beyond that, <strong><a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-sharm-el-sheikh-reels-ukrainian-russian-exodus-2022-06-21\/\">Reuters<\/a><\/strong> <strong>reports that Russia\u2019s war in Ukraine is taking its toll on Egypt\u2019s Sharm El Sheikh<\/strong>, once a top destination for tourists from both countries.<\/p>\n<p>And <strong>UK Foreign Secretary Liz Truss told lawmakers she is working on securing the release<\/strong> of imprisoned dual-national activist Alaa Abdel Fattah, according to the <a href=\"https:\/\/www.bbc.com\/news\/world-middle-east-61879386\">BBC<\/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\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sharm-el-sheikh\/\">Sharm El Sheikh<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"547463\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547464\" 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=\"547464\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/abou-ghaly-could-get-egp-175-mn-from-ebrd-to-electrify-london-cab-fleet\/\">\r\n                            Abou Ghaly could get EGP 175 mn from EBRD to electrify London Cab fleet                        <\/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\/22\/abou-ghaly-could-get-egp-175-mn-from-ebrd-to-electrify-london-cab-fleet\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Abou Ghaly could get EGP 175 mn from EBRD to electrify London Cab fleet&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/abou-ghaly-could-get-egp-175-mn-from-ebrd-to-electrify-london-cab-fleet\/\">\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\/22\/abou-ghaly-could-get-egp-175-mn-from-ebrd-to-electrify-london-cab-fleet\/&title=Abou Ghaly could get EGP 175 mn from EBRD to electrify London Cab fleet\">\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=Abou+Ghaly+could+get+EGP+175+mn+from+EBRD+to+electrify+London+Cab+fleet+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Fabou-ghaly-could-get-egp-175-mn-from-ebrd-to-electrify-london-cab-fleet%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\/22\/abou-ghaly-could-get-egp-175-mn-from-ebrd-to-electrify-london-cab-fleet\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547464\" class=\"content-area-description single-story post-547464 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-cit tag-development-finance tag-ebrd tag-enterpriseam tag-evs tag-greece tag-healthcare tag-logistics tag-manufacturing wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Abou Ghaly looks to EBRD for EV funding:<\/strong> Abou Ghaly Motors (AGM) could receive up to EGP 175 mn (EUR 9 mn) from the European Bank for Reconstruction and Development (EBRD) to fund the acquisition of electric vehicles (EVs), according to the lender\u2019s <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/53556.html\">website<\/a>.<\/p>\n<p><strong>The money will finance<\/strong><strong> the electrification of AGM\u2019s entire London Cab fleet<\/strong>, Chief Operating Officer Tamer Kotb told Enterprise. The cabs are used to provide taxi services as well as airport transfers in Cairo, Sharm El Sheikh and Hurghada. The company aims to transform 350 cars into EVs by November of this year ahead of the COP27 summit in Sharm El Sheikh, Kotb said.<\/p>\n<p><strong>The total cost of the project is expected to be EGP 325.5 mn:<\/strong> The EBRD said that its loan is expected to be joined by an investment grant from another international donor, while AGM will contribute some of its own capital, Kotb told us. The loan has passed the EBRD\u2019s concept review, and is now pending final review in July.<\/p>\n<p><strong>IN COMMODITIES- <\/strong><strong>Portugal <\/strong><strong>has become the latest country to be added to Egypt\u2019s list of wheat suppliers:<\/strong> Egypt has added Portugal as a country of origin for wheat imports, Supply Minister Al El Moselhy reportedly told <a href=\"https:\/\/almalnews.com\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%86-%D9%85%D8%B5%D8%B1-%D8%A8%D8%AD%D8%A7%D8%AC%D8%A9-%D9%84%D8%A5%D8%B3%D8%AA%D9%8A%D8%B1%D8%A7%D8%AF-5-%D9%85%D9%84%D8%A7%D9%8A%D9%8A\/\">Reuters<\/a>. This comes a few months after Egypt first added India to the list as it went in search for new suppliers following the outbreak of war in Ukraine.<\/p>\n<p><strong> India is still considering <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42fc30fa-9136-4971-a9b5-8844e2991226\">exporting up to 500k tons<\/a><\/strong><strong> of wheat to <\/strong><strong>Egypt<\/strong> and Jordan and exempting the two countries from its ban on wheat exports due to rising food insecurity, officials in the country\u2019s food ministry told <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/agriculture\/062122-india-may-allow-exports-up-to-500000-mt-wheat-fourth-tranche-since-ban-sources\">S&P Global Commodity Insights<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/logistics\/\">logistics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547465\" 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=\"547465\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/new-tech-could-propel-the-wealth-of-africas-richest-business-owners-saudi-investors-are-keen-for-a-slice-of-dominos\/\">\r\n                            New tech could propel the wealth of Africa\u2019s richest business owners + Saudi investors are keen for a slice of Domino\u2019s                        <\/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 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                        <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547465\" class=\"content-area-description single-story post-547465 post type-post status-publish format-standard hentry category-planet-finance tag-africa tag-dominos tag-enterpriseam tag-financial-markets tag-planet-finance tag-saudi-arabia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a><strong>Africa\u2019s rich are about to get richer, thanks to tech:<\/strong> As African businesses ramp up their use of technology to raise efficiency, the wealth of business owners is also set to climb, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-21\/africa-s-rich-set-to-get-wealthier-from-technology-boost?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>. The tech-savvy second generation of family-owned firms are driving wealth accumulation as they take over management. \"There\u2019ll be a boom of ultra high net worth individuals in Africa over the next five to 10 years,\" said Faizal Bhana, the director for the Middle East, Africa and India at Jersey Finance. \"They\u2019re still farming, they\u2019re still doing infrastructure projects, but increasingly using technology.\"<\/p><p><strong>Domino\u2019s in high demand in Saudi:<\/strong> Shares offered in the USD 325 mn Saudi IPO of Alamar Foods, which operates the Middle East Domino's Pizza franchise, were fully booked within hours of subscription opening, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-20\/carlyle-seeks-325-million-from-gulf-domino-s-pizza-operator-ipo?srnd=premium-middle-east&amp;sref=mmeFTDW1#xj4y7vzkg\">Bloomberg<\/a> reports.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,698<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -18.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.71<\/p>\n<\/td>\n<td>\n<p>Sell 18.79<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.73<\/p>\n<\/td>\n<td>\n<p>Sell 18.79<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,660<\/p>\n<\/td>\n<td>\n<p>+2.6% (YTD: +3.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,470<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,264<\/p>\n<\/td>\n<td>\n<p>+1.7% (YTD: +2.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,765<\/p>\n<\/td>\n<td>\n<p>+2.5% (YTD: -21.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,153<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -3.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,494<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -18.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 113.14<\/p>\n<\/td>\n<td>\n<p>-1.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.81<\/p>\n<\/td>\n<td>\n<p>+0.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,829.60<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,840<\/p>\n<\/td>\n<td>\n<p>+1.7% (YTD: -55.2%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 642 mn (23.3% below the 90-day average). Foreign investors were net sellers. The index is down 18.9% YTD.<\/p><p><strong>In the green: <\/strong>Heliopolis Housing (+4.7%), e-Finance (+2.2%) and Housing and Development Bank (+2.2%).<\/p><p><strong>In the red: <\/strong>Abu Dhabi Islamic Bank Egypt (-4.0%), Telecom Egypt (-3.0%) and Eastern Company (-1.7%).<\/p><p><strong>Asian markets are checkered in early trading this morning<\/strong>, while futures suggest the major European and US benchmarks are set to open in the red 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\/africa\/\">Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dominos\/\">Domino\u2019s<\/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\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547466\" 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=\"547466\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/its-been-a-big-week-for-diplomacy\/\">\r\n                            It\u2019s been a big week for diplomacy                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/its-been-a-big-week-for-diplomacy\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/its-been-a-big-week-for-diplomacy\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/its-been-a-big-week-for-diplomacy\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=It\u2019s been a big week for diplomacy&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/its-been-a-big-week-for-diplomacy\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/its-been-a-big-week-for-diplomacy\/&title=It\u2019s been a big week for diplomacy\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=It%E2%80%99s+been+a+big+week+for+diplomacy+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F22%2Fits-been-a-big-week-for-diplomacy%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/22\/its-been-a-big-week-for-diplomacy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547466\" class=\"content-area-description single-story post-547466 post type-post status-publish format-standard hentry category-diplomacy tag-cyprus tag-diplomacy tag-enterpriseam tag-greece tag-infrastructure-diplomacy tag-iraq tag-israel tag-qatar tag-textiles tag-water wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt-Qatar business ties continue to grow: <\/strong>Trade and Industry Minister Nevine Gamea invited Qatari companies to visit Egypt to discuss potential investments during talks in Doha this week that saw the two sides revive a joint business council eight years after it was suspended, the ministry said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02A9j6GZTMFEafqqGYW68L4cuNvKNWsUpLtksvvLsYyap7xmVuMii3wuxfmXFLTVMLl\">a statement<\/a> Monday.<\/p>\n<p><strong>We\u2019re expecting bns of USD in fresh investment from the Gulf state:<\/strong> Qatar has joined the UAE and Saudi Arabia in offering to invest bns of USD to help Egypt\u2019s economy and public finances withstand the impact of the war in Ukraine and rising interest rates. The Gulf state said in March that it would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">invest USD 5 bn<\/a>, and earlier this month a number companies, including two of the country\u2019s biggest real estate developers Ezdan Holding and Qatari Diar\u2060, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/86e5c98f-26ec-4505-a0c3-3f85a5264bc8\">expressed interest<\/a> in investing.<\/p>\n<p><strong>ALSO IN DIPLO-<\/strong><\/p>\n<ul>\n<li><strong>Egypt holds EastMed security talks:<\/strong> Defense Minister Mohamed Zaki discussed security issues in the Eastern Mediterranean with his Greek and Cypriot counterparts in Cairo on Monday. (<a href=\"https:\/\/bit.ly\/39E8Dhz\">Statement<\/a>)<\/li>\n<li><strong>An Egyptian delegation is in Iraq to study the establishment of a water <\/strong><strong>treatment plant <\/strong>on the Euphrates River similar to our EGP 18 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7bd53455-008b-49a0-860f-1f17c68cea22\">Bahr El Baqar wastewater treatment plant<\/a>. (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02DzqqLcNuuTcxJH2dmwsQJAzN2RafhVmN3fzop8NnTCsu7uSWXrHQoJyMvYqBNGNVl\">Cabinet statement<\/a>)<\/li>\n<li>(<strong>A trade delegation of execs from the local textile and clothing industries <\/strong><strong>made a rare visit to Israel.<\/strong> (<a href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2022\/06\/20\/Egyptian-trade-delegation-makes-rare-Israel-visit-\">AFP<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cyprus\/\">Cyprus<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure-diplomacy\/\">infrastructure diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/textiles\/\">textiles<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"547467\">\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\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/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\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">14<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/egypts-healthcare-industry-needs-more-synergy-and-elevate-capital-is-helping-achieve-that\/\"> \r\n                            Egypt\u2019s healthcare industry needs more synergy \u2014 and Elevate Capital is helping achieve that<\/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 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/egypts-healthcare-industry-needs-more-synergy-and-elevate-capital-is-helping-achieve-that\/275-jpeg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/275.jpeg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"275.jpeg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/275.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/275.jpeg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547467\" class=\"content-area-description post-547467 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-elevate-capital tag-elevate-healthcare tag-enterprise-hardhat tag-enterpriseam tag-healthcare tag-investment-watch tag-tarek-moharram tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>How an operator fund hopes to harmonize Egypt\u2019s healthcare industry: <\/strong><strong>Enterprise<\/strong><strong> sits down with Elevate\u2019s Tarek Moharram. <\/strong>Investment banking outfit Elevate Capital\u2019s fund, Elevate Healthcare, is one of the region\u2019s largest specialist funds of its kind. The fund is looking to capitalize on its managers\u2019 expertise in strategic management in healthcare to help fill the gaps in Egypt\u2019s healthcare industry, accelerate the adoption of disruptive technologies, and introduce a more synergetic approach to the industry that can see patients receive affordable, end-to-end healthcare services.<\/p>\n<p><strong>The fund, which has a target size of USD 380 mn, aims to invest in verticals spanning hospitals, pharma, medical education and healthtech <\/strong>in Egypt and sub-Saharan Africa. The fund is looking at a USD 150 mn first close, of which USD 75 mn has already been raised, Moharram tells Enterprise. The remaining USD 75 mn have been secured as soft commitments, he says.<\/p>\n<p><strong>Here\u2019s what\u2019s different about this fund: <\/strong>Elevate Healthcare is the only operator fund in Africa. Operator funds are managed by people who have management experience in the sector in which they aim to invest, giving them direct knowledge of the growth cycles and funding stages of their businesses, <a href=\"https:\/\/operatorcollective.com\/operator-investors-what-they-are-why-theyre-important\/\">Operator Collective<\/a> writes. These funds tend to be much more involved in helping businesses scale up than regular investors or funds, it adds. Elevate Healthcare already has a private equity track record with \u201cstrategic management\u201d of fast-growing diagnostics outfit <a href=\"http:\/\/nilescanandlabs.net\/\">Nile Scan & Labs Co<\/a>, which delivered a four-year revenue CAGR of 38%.<\/p>\n<p><strong>The fund knows what the industry needs \u2014 and that\u2019s primarily more specialized beds. <\/strong>The healthcare sector is suffering from a massive shortfall in hospital bed capacity, Moharram tells Enterprise. Egypt currently has 1.3 beds per 1k citizens, based on the <a href=\"https:\/\/www.colliers.com\/en-eg\/research\/cairo\/egypt-healthcare-overview\">latest data<\/a> from 2019. That\u2019s well below the <a href=\"https:\/\/www.oecd-ilibrary.org\/sites\/e5a80353-en\/index.html?itemId=\/content\/component\/e5a80353-en\">4.4 beds per 1k capita<\/a> for most OECD countries during the same year. \u201cThe missing beds are not just generic hospital beds, it\u2019s a specialized oncology bed for cancer treatment, or a neurosurgical bed or a cardiac bed,\u201d Moharram said.<\/p>\n<p><strong>That\u2019s why Elevate is focusing on building centers of excellence, rather than hospitals:<\/strong> Bringing international franchises that build specialized centers of excellence for specialties like cancer treatment and cardiovascular health is crucial to Elevate\u2019s strategy. The fund has already signed technology transfer agreements with institutes like leading cancer research hospital <a href=\"https:\/\/www.gustaveroussy.fr\/en\">Gustave Roussy<\/a> and several other international institutions with different specializations, to help build branches of these leading institutes in Egypt under a single holding company it plans to establish. These agreements span five to seven years, and will see these facilities share know-how in everything from design and clinical processes to admin and training.<\/p>\n<p><strong>It\u2019s not really consolidation as we know it:<\/strong> While Elevate Healthcare is still making acquisitions, it is mostly focusing on acquiring brownfield hospitals that it can then develop into centers of excellence, Moharram explained. \u201cWe don\u2019t want to go through the full process of construction and licensing so we\u2019d like to have a little head start,\u201d he said. This diverts from the trend of consolidations that most healthcare players in Egypt have veered towards in the past years, which saw many healthcare players consolidating and directly acquiring other local clinics and hospitals. The healthcare sector accounted for the bulk of M&A activity in terms of value last year, with some USD 1.6 bn in M&A taking place, according to a <a href=\"https:\/\/www.bakermckenzie.com\/en\/newsroom\/2022\/02\/baker-mckenzie-m-a-report\">report<\/a> by Baker Mackenzie.<\/p>\n<p><strong>The logic is to invest in adding capacity, rather than consolidating existing capacity.<\/strong> \u201cWe want to add capacity to the system, so we\u2019d rather be adding beds to the ecosystem than just consolidating the available beds,\u201d Moharram said. This segment will account for the bulk (40%) of the fund\u2019s investments, he said.<\/p>\n<p><strong>The rest of the breakdown: <\/strong>Some 30% of investments will go towards diagnostics (through expansions and acquisitions made via Nile Scan), while acquisitions and investments in ins. and primary healthcare clinics will represent the rest, Moharram said, adding that these allocations might change in the future.<\/p>\n<p><strong>By covering different verticals, Elevate is looking to streamline the healthcare experience for patients:<\/strong> \u201cWe want to create a one-stop shop, where we can offer diagnosis, imaging and pathology, and then the actual treatment through the best affiliations,\u201d Moharram said. This helps make it easier for patients to seek treatment by providing a single point of referral, he noted.<\/p>\n<p><strong>Elevate is also looking at Egypt\u2019s (relatively small) ins. industry:<\/strong> Potential <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cea77833-386b-467f-8909-3d305087d7d6\">amendments to the Ins. Act<\/a> that could see the minimum paid-in capital requirement for ins. companies raised to EGP 250 mn from a current EGP 150 mn could trigger a wave of sell-offs and consolidations for smaller players, which Elevate hopes to be at the heart of, Moharram said. The amendments have already received a final nod from the Senate, and are now pending final approval from the House of Representatives.<\/p>\n<p><strong>But again, Elevate wants to leverage its management expertise instead of directly entering the market:<\/strong> \u201cWe want to be third-party administrators (TPA), where we manage the ins. process for certain companies and players,\u201d Moharram explained. The fund is weeks away from acquiring a TPA to help it enter the market, he added. TPAs typically help streamline admin processes and can help make the ins. process more efficient.<\/p>\n<p><strong>A second fund could come soon:<\/strong> \u201cWe do plan to launch a second fund for healthcare after we\u2019re sure that our first fund is well deployed and monitored to realize the best returns for our investors,\u201d he said.<\/p>\n<p><strong>Elevate Capital also runs an impact-focused VC \u2014 and healthcare is at its core:<\/strong> \u201cWe\u2019re eyeing 5-6 telehealth startups for investments,\u201d Moharram said, adding that one of the startups caters to rural areas in Upper Egypt and Sinai. \u201cTelehealth startups have seen adoption rates skyrocketing during the pandemic, but they are going through a post-covid slowdown now, though we believe this is temporary,\u201d he said. Elevate has already operated and managed a telehealth startup, <a href=\"https:\/\/www.facebook.com\/PaireHealth\/\">Paire Health<\/a>, and has recently acquired a stake in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0e4d018f-d711-4e9a-b6d0-b3d55b9d67a7\">Doxx<\/a> by participating in a USD 1.5 mn seed round.<\/p>\n<p><strong>And once it\u2019s time for an exit, IPOs are Elevate\u2019s preferred flavor:<\/strong> \u201cWe\u2019re believers in listing; that\u2019s why we work on governance and digitization very early on,\u201d Moharram said. \u201cWhen an investment reaches a size where it\u2019s listable, that\u2019s definitely our preferred route.\u201d<\/p>\n<p><strong>The company is also working on providing healthcare players with alternative financing solutions: <\/strong>Elevate recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/723b1079-f3d5-4456-ab06-f74fe1488854\">landed approval<\/a> in principle from the Financial Regulatory Authority to set up a financial leasing arm. \u201cGrowing companies need one of two things: Either equity or debt,\u201d Moharram explained. \u201cGiven that equity partnerships can be tricky sometimes, we wanted a leasing arm to be able to make our offering more comprehensive,\u201d he added. The leasing arm will focus on multiple impact-focused verticals, including healthcare.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>A regulatory ov<\/strong><strong>erhaul cometh to real est<\/strong><strong>ate developers: <\/strong>The Madbouly cabinet imposed a slate of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/96efd023-2dc2-44a6-9601-6875bed5bec4\">new regulations<\/a>for real estate players yesterday designed to protect consumers and reduce market risk<\/li>\n<li><strong>Egypt, Israel and the EU sign gas export agreement:<\/strong> Egypt and Israel will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">increase gas exports<\/a> to the EU, as the continent looks to phase out its reliance on Russian fossil fuels.<\/li>\n<li><strong>EGAS<\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92b9645-ae04-4f9e-8dea-489b8ecef1e4\">signed an MoU<\/a><\/strong><strong> with Chevron<\/strong> to explore ways to transport, import, liquefy, and re-export gas from the Eastern Mediterranean,<\/li>\n<li><strong>New Capital, stage 2:<\/strong> The state-owned developer of the new administrative capital is preparing to launch the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0eca3b53-c92b-4824-ad77-7ae746f8fdba\">second stage<\/a> of the megaproject.<\/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\/elevate-capital\/\">Elevate Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elevate-healthcare\/\">Elevate Healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-moharram\/\">Tarek Moharram<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"547469\" 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\/22\/547469\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547469\" class=\"content-area-description single-story post-547469 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>21-22 June (Tuesday-Wednesday): <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">Aswan Forum for Sustainable Peace and Development<\/a>.<\/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: 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, <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Estate Waves Egypt <a href=\"https:\/\/bit.ly\/3zH4mEK\">real estate exhibition<\/a> through metaverse technology.<\/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>6-18 November (Sunday-Friday): Egypt will host <a href=\"https:\/\/cop27.eg\/\">COP27<\/a> 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: 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":547442,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547441","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"252ec78c-38a8-4080-a0d8-8661e33dae49","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/34.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>KSA firms sign to invest USD bns in Egyptian energy, tech, food, pharma and more - 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\/ksa-firms-sign-to-invest-usd-bns-in-egyptian-energy-tech-food-pharma-and-more\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"KSA firms sign to invest USD bns in Egyptian energy, tech, food, pharma and more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/ksa-firms-sign-to-invest-usd-bns-in-egyptian-energy-tech-food-pharma-and-more\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:50:41+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\/34.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\/ksa-firms-sign-to-invest-usd-bns-in-egyptian-energy-tech-food-pharma-and-more\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/ksa-firms-sign-to-invest-usd-bns-in-egyptian-energy-tech-food-pharma-and-more\/\",\"name\":\"KSA firms sign to invest USD bns in Egyptian energy, tech, food, pharma and more - 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