{"id":547516,"date":"2022-06-26T03:16:04","date_gmt":"2022-06-26T03:16:04","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547516"},"modified":"2025-12-15T21:52:17","modified_gmt":"2025-12-15T21:52:17","slug":"central-bank-of-egypt-leaves-rates-unchanged-in-its-latest-monetary-policy-meeting","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-of-egypt-leaves-rates-unchanged-in-its-latest-monetary-policy-meeting\/","title":{"rendered":"Central Bank of Egypt leaves rates unchanged in its latest monetary policy meeting"},"content":{"rendered":"<section id=\"547518\" 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=\"547518\">\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\/26\/this-morning-from-our-first-event-to-the-g7-summit-climate-is-in-focus-today\/\">\r\n                            THIS MORNING: From our first event to the G7 summit, climate is in focus today                        <\/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\/26\/this-morning-from-our-first-event-to-the-g7-summit-climate-is-in-focus-today\/\" 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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Meanwhile, the Madbouly cabinet is pressing ahead with its consultations on privatization.<\/p>\n<p><strong>Oh, and we got some good news today from the auto sector<\/strong>, which has seen a dearth of good news of late.<\/p>\n<p><strong>And it\u2019s a short week, too, <\/strong>as the nation takes Thursday off in observance of the 30 June Revolution. Prime Minister Moustafa Madbouly <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0QdzZ5kmCRxikbywpEcxyCpyELtsBqisAML57cCZcigBa6S2HqbCgvdg85G9mHWLfl\">confirmed over the weekend<\/a> that public and private sector workers will take the day off.<\/p>\n<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<p><strong>** BUT BEFORE WE GET STARTED, we\u2019re very excited to announce our first official <\/strong><strong>event.<\/strong> Longtime readers will know we often hold lunches and breakfasts with small groups of readers. We\u2019re going much bigger later this year.<\/p>\n<p><strong>This fall, we\u2019re gathering an exclusive group of CEOs, C-suite officers, finance folks and <\/strong><strong>more to talk about how we\u2019ll finance green projects in Egypt <\/strong>in the wake of COP27. The idea is to keep the conversation going post-COP and dive into the nitty gritty of the financing tools, laws, projects, problems and ideas that will be necessary to drive a fundamental shift in our economy.<\/p>\n<p><strong>Want to learn more? Drop us a line.<\/strong> Whether you\u2019re interested in attending or want to discuss how to put your brand front and center, reach out to us on climatex@enterprisemea.com.<\/p>\n<p><strong>Stay tuned for more details\u2026<\/strong><\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY here at home has to be the Central Bank of Egypt (CBE) choosing to hold rates <\/strong>during last Thursday\u2019s crucial Monetary Policy Committee (MPC) meeting. While the decision came as a surprise to some, most of the economists we polled had predicted the move as May\u2019s inflation data was below expectations. And while the Fed had raised rates <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e0ac5ea-b877-4a5d-83df-de7dfd5a94c9\">earlier this month<\/a> for the first time in four years, the CBE does see inflation as being transitory. Not to mention the government emphasizing reliance on FDI over hot money in the past week. We break down what the CBE said in today\u2019s Economy section.<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong> Competition Act debate continues this week: <\/strong>The House Economic Committee will meet today to discuss the contentious amendments to the Competition Act (also known as the Antitrust Act), which give greater powers to the Egyptian Competition Authority (ECA) to regulate M&As. After spending last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c27c4b7-c5f7-4a4c-a763-45bc4873d843\">discussing proposed amendments<\/a> to the Competition Act, officials from the central bank, the Financial Regulatory Authority (FRA), the EGX, and the Egyptian Competition Authority (ECA) had been ironing out differences of opinion on the proposed amendments (likely over jurisdictions).<\/p>\n<p><strong>Where\u2019s the beef?<\/strong> These have largely been settled, said Ahmed Samir, who chairs the House Economic Committee. There are some differences outstanding between the FRA and ECA and today\u2019s discussions are hoped to put these to bed, he said. Once that\u2019s done, the committee is expected to prepare its report on the amendments and debates.<\/p>\n<p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p>\n<p><strong>The government is holding another round of public consultations today over the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">state<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">ownership policy document<\/a><\/strong> \u2014 which will govern how the state plans to exit key sectors of the economy. Every Sunday and Tuesday will see <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1579274-9ae3-4b03-888c-f3b646608976\">workshops<\/a> on how privatization plans will affect specific industries, with each Thursday reserved for workshops with the House of Representatives or the Senate, along with think tanks.<\/p>\n<p><strong>Today\u2019s sector? Electronics manufacturing, <\/strong>according to the cabinet\u2019s <a href=\"http:\/\/eparticipation.idsc.gov.eg\/calendarDetails\/12\">online platform<\/a> for the consultations.<\/p>\n<p><strong>FOR TOMORROW-<\/strong><\/p>\n<p><strong>Will President Abdel Fattah El Sisi travel to Oman <\/strong><strong>tomorrow<\/strong><strong>? <\/strong>El Sisi will hold talks with Omani officials over a two-day visit to the country that kicks off Monday, according to the state-run <a href=\"http:\/\/omannews.gov.om\/topics\/ar\/3\/show\/404056\/ona\">Oman News Agency (ONA<\/a>, which cites a statement from Oman\u2019s Diwan of Royal Court.<\/p>\n<p><strong>Amcham AGM:<\/strong> Our friends over at Amcham will hold their annual general meeting tomorrow at the St. Regis Cairo Hotel. Finance Minister Mohamed Maait will address the gathering.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The Road to COP27: <\/strong>As the clock ticks down towards the all-important COP27 climate conference, Narrative PR is hosting a series of web talks with the organizers, leaders and policymakers shaping the agenda in Sharm El Sheikh this November.<\/p>\n<p><strong>Mohieldin talks investments versus loans:<\/strong> Mahmoud Mohieldin, the special envoy of the UN Secretary General, executive director at the IMF, the UN Climate Change High-Level Champion for Egypt and one of the leading figures building support for COP27\u2019s agenda, makes a second appearance in the talks to call for ramping up investments in renewable energy projects rather than relying on debt. The world needs to implement USD 4 tn-worth of renewable energy projects, which has become an easier task seeing as climate mitigation technology has seen its cost decrease 85-90% over the past decade, he added.<\/p>\n<p><strong>What we\u2019ve been doing right:<\/strong> Egypt has a huge potential for renewable energy projects and has signed several MoUs with international companies in the past period, he said. He also pointed out the importance of implementing other climate mitigation initiatives such as recycling and industrial optimization to reduce emissions. Separately, Mohieldin also <strong>gave a shout out to the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da2a81a3-1162-48a2-9a5d-5768514275c1\">Decent Life initiative<\/a><\/strong> which is now incorporating climate mitigation projects as part of its multi-year infrastructure investment plan designed to develop the country\u2019s rural areas.<\/p>\n<p><strong>You can watch his segment here<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=aAW-ANHtusI\">watch, runtime: 07:51<\/a>).<\/p>\n<p><strong>Speaking of COP27 and financing, African nations are worried the climate <\/strong><strong>commitments <\/strong><strong>could actually hinder development<\/strong>, as concerns over carbon emissions take precedent over developing countries\u2019 growth using traditional energy sources, several leaders said at the African Energy Forum in Brussels on Thursday, <a href=\"https:\/\/www.reuters.com\/business\/environment\/cop27-conference-must-advance-african-energy-development-officials-2022-06-23\/\">Reuters<\/a> reported. \u201cAt COP27, we are expecting the G7 and all developed countries to consider in the energy transition letting African countries develop gas which finances electricity for our citizens and helps industrialize our countries,\u201d said Senegalese Vice Petroleum Minister Cheikh Niane. COP26 in Glasgow failed to deliver financial support to developing countries to mitigate and adapt to the effects of climate change.<\/p>\n<p><strong>COP 27 will focus on agreements to finance fuel and power projects, especially <\/strong><strong>climate-friendly ones<\/strong> like ramping up green ammonia for shipping in the Suez Canal, said Ayman Soliman, CEO of the Sovereign Fund of Egypt. \u201cWe want to do projects and to unlock financing ... we've been trying to speak the language of the rest of the world but now the world needs to look at us and speak our language.\u201d<\/p>\n<hr class=\"grey-line\">\n<p><strong>THE BIG STORY ABROAD continues to be the US Supreme Court\u2019s landmark <\/strong><strong>ruling on Friday<\/strong> that overturned Roe v. Wade, removing women in the country\u2019s constitutional right to abortion and paving the way for states to enact abortion bans. Demonstrators have flocked to the court to protest the ruling. Abortion now already is or is soon to become illegal in <a href=\"https:\/\/www.politico.com\/news\/2022\/06\/24\/abortion-laws-by-state-roe-v-wade-00037695\">at least 16 US states<\/a>. The story is getting ink everywhere: <a href=\"https:\/\/www.reuters.com\/world\/us\/abortion-rights-activists-face-first-day-post-roe-v-wade-american-life-2022-06-25\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/abortion-us-supreme-court-gun-politics-gay-rights-government-and-273d1eb9b6f7af60e1a967e2d47b75df\">AP<\/a>| <a href=\"https:\/\/www.npr.org\/sections\/health-shots\/2022\/06\/24\/1107126432\/abortion-bans-supreme-court-roe-v-wade\">NPR<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/06\/25\/us\/abortion-roe-wade-supreme-court\">New York TImes<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/politics\/2022\/06\/24\/abortion-state-laws-criminalization-roe\/\">Washington Post<\/a>.<\/p>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>More signs that the EU\u2019s rift with Russia is imperiling Europe\u2019s green transition: <\/strong>Germany will propose a delay at the <a href=\"https:\/\/www.consilium.europa.eu\/en\/meetings\/international-summit\/2022\/06\/26-28\/\">G7 summit kicking off today<\/a> to a prior commitment to stop financing overseas fossil fuel projects by the end of 2022, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-25\/germany-pushes-for-g-7-reversal-on-fossil-fuels-in-climate-blow?srnd=premium-uk&sref=mmeFTDW1\">Bloomberg<\/a>reports, citing people it says are familiar with the issue. Per a draft text seen by Bloomberg, Germany wants to push the group of wealthy nations to \u201cacknowledge that publicly supported investment in the gas sector is necessary as a temporary response to the current energy crisis.\u201d Germany is among the nations with most to lose if Moscow withdraws its gas supply to Europe, which sources some 40% of its gas from Russia. <strong>The G7 summit runs from today until Tuesday <\/strong>in Bavaria.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Key stats from OPEC drop Tuesday: <\/strong>The oil cartel will release its annual statistical bulletin on Tuesday, 28 June, the organization announced in a <a href=\"https:\/\/www.opec.org\/opec_web\/en\/press_room\/6929.htm\">press release<\/a>. The flagship publication provides data on the global hydrocarbons industry, with a focus on the 13 OPEC member countries. Market watchers will be paying close attention to the figures this year, given rising energy prices brought on by a major supply-demand imbalance, the ongoing energy crisis in Europe, and ever-louder calls to transition away from polluting fossil fuels.<\/p>\n<p><strong>The deadline for companies to submit bids<\/strong><strong> for the redevelopment of the National <\/strong><strong>Democratic Party headquarters<\/strong> is this Thursday, 30 June.<\/p>\n<p><strong>The government\u2019s fuel pricing committee will likely meet to review fuel prices<\/strong> as part of its quarterly review sometime next week.<\/p>\n<p><strong>The national dialogue to set Egypt\u2019s political and economic roadmap will also kick off <\/strong><strong>next week.<\/strong> President Abdel Fattah El Sisi had called for the dialogue in April. Check out our explainer on the dialogue, its agenda, participants, and targeted outcomes <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/618da10f-a3ed-44b3-92e6-b25ee5ff7eae\">here<\/a>.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p class='web-image' ><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> 2021 was a bumper year for fintech funding in Egypt, with total investments in the sector more than quadrupling to USD 159 mn from 2020. Now, CBE-backed initiative Fintech Egypt released its Fintech Investment-Focused Landscape Review, which looks at what went down in the first half of this year.<\/p>\n<p><strong>***<\/strong><br \/> <strong>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>\n<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 >199k readers by telling stories that matter.<\/strong><\/p>\n<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>\n<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>\n<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>\n<p><strong>***<\/strong><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/g7\/\">G7<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/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\/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=\"547519\" 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=\"547519\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/547519\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547519\" class=\"content-area-description single-story post-547519 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/somabay_unforgettable_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>A sizzling summer awaits you by the bay as we\u2019ve saved you the hassle of planning by bringing you a lineup of unmatched energy and fun packed vacation activities to last you all season long. It\u2019s time to create magical memories with relaxed beach-side days and excitingly fresh nights. From pumping up the adrenaline with Footgolf and Go-Karting to turning up the music and heat at Sobar with Ladies\u2019 nights, groovy beats and lots of dancing. From BBQ beach parties at S-cape to riding horses by the sea \u2014 there\u2019s a little special something for everyone. We look forward to seeing you at the Bay.<\/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=\"547520\" 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=\"547520\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/a-less-hawkish-cbe\/\">\r\n                            A less hawkish CBE?                        <\/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\/26\/a-less-hawkish-cbe\/\" 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\/26\/a-less-hawkish-cbe\/')\">\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\/26\/a-less-hawkish-cbe\/\">\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=A less hawkish CBE?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/a-less-hawkish-cbe\/\">\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\/26\/a-less-hawkish-cbe\/&title=A less hawkish CBE?\">\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=A+less+hawkish+CBE%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F26%2Fa-less-hawkish-cbe%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\/26\/a-less-hawkish-cbe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/295.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547521\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/a-less-hawkish-cbe\/295-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/295.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"295.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/295.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/295.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547520\" class=\"content-area-description single-story post-547520 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-inflation tag-interest-rates tag-monetary-policy tag-treasuries wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>The <\/strong><strong>Central <\/strong><strong>Bank of Egypt (CBE) kept interest rates unchanged <\/strong>in its meeting last Thursday, breaking a run of rate hikes in its two previous meetings to tackle high inflation. The CBE left the overnight deposit rate at 11.25% and the lending rate at 12.25%, while the main operation and discount rates remain at 11.75%, it said in a <a href=\"https:\/\/ent.news\/2022\/6\/MPC-Press-Release-23-June-2022-EN.pdf\">statement (pdf)<\/a> following the meeting. The bank\u2019s monetary policy committee (MPC) has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a2b0a89-0a42-47b7-8172-cdf8ce1d8729\">hiked rates by 300 bps<\/a> since March.<\/p>\n<p><strong>The move was predicted by most analysts we polled: <\/strong>Five of eight analysts and economists <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e0ac5ea-b877-4a5d-83df-de7dfd5a94c9\">surveyed<\/a> by Enterprise expected the MPC to leave rates unchanged in its meeting after inflation in May came in lower than expectations despite reaching a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b70644bd-7dfc-4432-9cf7-635290bed657\">three-year high of 13.5%<\/a>. They forecasted the committee would take some time to weigh the impact of its latest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a2b0a89-0a42-47b7-8172-cdf8ce1d8729\">200 bps hike<\/a>.<\/p>\n<p><strong>But it came as a surprise to others:<\/strong> The decision defied expectations of a 50 bps hike in the benchmark rate and a 25 bps hike in the lending rate in a wider poll conducted by <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-central-bank-expected-raise-rates-inflation-weighs-2022-06-21\/\">Reuters<\/a>. Only<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-23\/egypt-holds-key-interest-rate-to-weigh-effects-of-recent-hikes\">three of 13 analysts<\/a> Bloomberg surveyed expected rates to remain unchanged.<\/p>\n<p><strong>Rationale #1: High inflation is an import resulting from the war in Ukraine, and will likely prove transitory. <\/strong>\u201cThe MPC treats the developments stemming from the Russo-Ukrainian conflict to be among the exogenous shocks that are outside the scope of monetary policy and yet may lead to transitory deviations from pre-announced target rates,\u201d the CBE said in its statement.<\/p>\n<p><strong>Rationale #2: The CBE needs time to assess the impact of prior hikes. <\/strong>\u201cThe MPC takes note of its policy rate hikes in the previous two meetings and will continue to assess their impact on inflation expectations and other macroeconomic developments over the medium term,\u201d the committee said. With its recent rate hikes, the MPC has already \u201cfrontloaded expectations of marginal increases in future inflation,\u201d Naeem Brokerage\u2019s Allen Sandeep said in a note, adding that he expects inflation to stabilize in the coming months \u201cas global commodity indices cool off.\u201d<\/p>\n<p><strong>Most expect inflation to peak this summer: <\/strong>Beltone, CI Capital, and Arqaam all expect inflation to peak in August, with estimates ranging from c.15-18%, and to end the year above the CBE\u2019s target range.<\/p>\n<p><strong>A less hawkish CBE? <\/strong>The central bank reiterated that inflation rates above its 7% (\u00b12%) target will be \u201ctemporarily tolerated\u201d until 2023, when it expects rates to decline.<\/p>\n<p><strong>What about our carry trade?<\/strong> The central bank\u2019s earlier hikes have yet to reflect on treasury yields, according to Beltone\u2019s Alia Mamdouh, adding that \u201cthe decision was key to assess the pace of treasury yields developments in the meantime.\u201d Our real yields remain in negative territory as a result of inflationary pressures.<\/p>\n<p><strong>FDI > hot money: <\/strong>Government officials <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55d004cc-aecf-4c66-80e3-5e677f18f682\">have been emphasizing<\/a> the need to shift our priorities to FDI and increased exports over hot money in recent weeks, after risk-off sentiment and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">global monetary tightening<\/a> spurred some<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">USD 20 bn in capital outflows<\/a> since the start of the year.<\/p>\n<p><strong>Slower economic growth<\/strong><strong> expected in the near term:<\/strong> The CBE is expecting economic activity to \u201cexpand at a slower than projected pace, mainly as a result of the unfavorable spillovers emanating from the Russo-Ukrainian conflict,\u201d it wrote.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monetary-policy\/\">monetary policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/treasuries\/\">treasuries<\/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=\"547522\" 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=\"547522\">\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\">Transport<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/usd-659-mn-in-contracts-signed-for-cairos-metro-line-4\/\">\r\n                            USD 659 mn in contracts signed for Cairo\u2019s Metro Line 4                        <\/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\/26\/usd-659-mn-in-contracts-signed-for-cairos-metro-line-4\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img 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data-attachment-id=\"547523\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/usd-659-mn-in-contracts-signed-for-cairos-metro-line-4\/297-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/297.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"297.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/297.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/297.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547522\" class=\"content-area-description single-story post-547522 post type-post status-publish format-standard has-post-thumbnail hentry category-transport tag-colas-rail tag-enterpriseam tag-metro-line-4 tag-orascom-construction tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Thales, Orascom Construction and Colas Rail have landed a contract for <\/strong><strong>construction work on the first phase of Cairo\u2019s fourth metro line<\/strong>, Thales said in a <a href=\"https:\/\/www.thalesgroup.com\/fr\/monde\/transport\/press_release\/thales-has-been-awarded-new-contract-egyptian-national-authority\">statement<\/a> last week.<\/p>\n<p><strong>The contract is worth some USD 659 mn<\/strong>, with USD 159 mn of that for Colas, the company said in a <a href=\"https:\/\/ent.news\/2022\/6\/CP_Metro-du-Caire_EN-1.pdf\">separate April statement (pdf)<\/a>.<\/p>\n<p><strong>About Cairo Metro Line 4: <\/strong>The first, 19-km phase of the line will connect Cairo, Giza and Sixth of October City. It will feature 16 stations, and provide access to the Grand Egyptian Museum and the Giza Pyramids. It is expected to take six years to complete. The second, 23.5-km phase, will connect to New Cairo.<\/p>\n<p><strong>Who\u2019s doing what:<\/strong> Colas will be responsible for overseeing the project as well as installing the power supply and assisting with building the track and signaling. Orascom will handle the civil engineering works and build the control center, while Thales will supply and install the comms, control and ticketing systems.<\/p>\n<p><strong>Financing:<\/strong> The project is being financed by a JPY loan provided by the Japanese International Corporation Agency (JICA).<\/p>\n<p><strong>It isn\u2019t clear exactly what Mitsubishi\u2019s role is now:<\/strong> Mitsubishi and Orascom <a href=\"https:\/\/ent.news\/2020\/11\/Orascom-Contruction-Press-Release-24-11-2020.pdf\">signed an initial USD 800 mn contract (pdf)<\/a> in October 2020 to carry out most of the works, including the signaling, power supply, comms, ticketing, track work and the depot. Under the agreement, the Japanese conglomerate <a href=\"https:\/\/www.mitsubishicorp.com\/jp\/en\/pr\/archive\/2020\/html\/0000046321.html\">will supply<\/a> equipment for the railway systems. Mitsubishi will also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a59711e-961d-4304-9ac3-b76ecef25fbc\">supply 23 trains<\/a> for the line under a EGP 5.8 bn contract.<\/p>\n<p><strong>Other parties: <\/strong>A consortium of Hassan Allam Construction, Arab Contractors, Petrojet, and Concord are <a href=\"https:\/\/ent.news\/2020\/11\/HA-NR-Metro-Line-4-Contract-E-Final-1.pdf\">building (pdf)<\/a> 12 of the stations along the line.<\/p>\n<p><strong>ELSEWHERE ON THE METRO -<\/strong><\/p>\n<p><strong>Alstom will submit its bid for <\/strong><strong>Cairo <\/strong><strong>Metro Line 6<\/strong><strong> by the end of July,<\/strong> Andrew DeLeone, president of Alstom for Africa, Middle East and Central Asia, said at a meeting with International Cooperation Minister Rania Al Mashat. (<a href=\"https:\/\/bit.ly\/3ODUVtY\">Statement<\/a>). An Alstom-led French consortium is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/381f6db8-2a18-499c-ab1e-e6ecbc572fae\">set to work on<\/a> systems, tracks, and the manufacture and supply of \u201cmobile units\u201d for the new line.<\/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\/colas-rail\/\">Colas Rail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/metro-line-4\/\">Metro Line 4<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547524\" 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=\"547524\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/\">\r\n                            GB Auto\u2019s Drive closes first bond issuance                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=GB Auto\u2019s Drive closes first bond issuance&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/&title=GB Auto\u2019s Drive closes first bond issuance\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=GB+Auto%E2%80%99s+Drive+closes+first+bond+issuance+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F26%2Fgb-autos-drive-closes-first-bond-issuance%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/gb-autos-drive-closes-first-bond-issuance\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547524\" class=\"content-area-description single-story post-547524 post type-post status-publish format-standard hentry category-debt-watch tag-debt-watch tag-enterpriseam tag-gb-auto tag-securitization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a><strong> GB Auto\u2019s car finance arm Drive Finance has closed its first EGP 700 mn corporate bond <\/strong><strong>issuance<\/strong> as part of a wider EGP 2 bn program, according to a <a href=\"https:\/\/ent.news\/2022\/6\/GB-PR-Drive-Bond-offering-E-.pdf\">press release (pdf)<\/a>.<\/p>\n<p><strong>Where the money\u2019s going: <\/strong>The proceeds will be used to \u201cdeleverage Drive\u2019s balance sheet\u201d and unlock further chances for growth, the release read. The issuance is designed to diversify Drive's sources of funding, Marina Kamal, investor relations head at GB Auto, told Enterprise.<\/p>\n<p><strong>Further down the road: <\/strong>Drive expects to go ahead with the rest of the program over the next two years, Kamal told us.<\/p>\n<p><strong>About Drive:<\/strong> A subsidiary of GB Auto\u2019s financing arm, GB Capital, Drive offers factoring and car loans to individuals and companies. The company landed a consumer finance license in 2021.<\/p>\n<p><strong>Advisers: <\/strong>CIB was the sole arranger and adviser for the issuance. Dreny and Partners acted as the legal advisor, and Change Consultants audited the issuance, Kamal told Enterprise.<\/p>\n<p><em>EDITOR'S NOTE- Corrected on 26 June, 2022<\/em><\/p>\n<p><em>An earlier version of this story incorrectly stated that the program is for securitized bonds. Drive's program is for regular corporate bonds. The story has also been updated to reflect that CIB was the sole arranger and adviser for the issuance.<\/em><\/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\/gb-auto\/\">GB Auto<\/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=\"547525\" 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=\"547525\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/german-egyptian-ev-aldi-setting-up-shop\/\">\r\n                            German-Egyptian EV + Aldi setting up shop?                        <\/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\/26\/german-egyptian-ev-aldi-setting-up-shop\/\" 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\/26\/german-egyptian-ev-aldi-setting-up-shop\/')\">\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\/26\/german-egyptian-ev-aldi-setting-up-shop\/\">\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=German-Egyptian EV + Aldi setting up shop?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/german-egyptian-ev-aldi-setting-up-shop\/\">\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\/26\/german-egyptian-ev-aldi-setting-up-shop\/&title=German-Egyptian EV + Aldi setting up shop?\">\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=German-Egyptian+EV+%2B+Aldi+setting+up+shop%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F26%2Fgerman-egyptian-ev-aldi-setting-up-shop%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\/26\/german-egyptian-ev-aldi-setting-up-shop\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/299.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547526\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/german-egyptian-ev-aldi-setting-up-shop\/299-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/299.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"299.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/299.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/299.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547525\" class=\"content-area-description single-story post-547525 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-aldi tag-el-nasr-automotive tag-enterpriseam tag-evs tag-germany tag-investment-watch tag-madbouly-government tag-trade 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>German-Egyptian EV cooperation in the works: <\/strong>An as of yet unnamed German car manufacturer will soon sign an agreement with an Egyptian company to cooperate on the local production of electric vehicles, Trade Minister Nevine Gamea said following a visit to Berlin, according to a ministry <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/pfbid0ra9E9PoqM3CxiFxV86UJXEvkHp33UyQnUA6cMhrtGkeNhZtk6caoHRrxUbWVrCjfl\">statement<\/a> on Thursday. Gamea did not disclose the names of the companies.<\/p>\n<p><strong>The government is looking to attract more German automakers to Egypt<\/strong> to produce both conventional and electric cars for the Egyptian market and for export across the region, as part of government efforts to localize the automobile industry, Gamea said. The minister discussed potential cooperation with German companies through the localization of German auto industry tech. She also spoke with an unnamed German firm that manufactures steel for the automobile industry about partnering with an Egyptian firm to set up a factory here.<\/p>\n<p><strong>We already have a German partner in EV batteries: <\/strong>Enterprise <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/963ef0b4-e370-4987-94ff-0db53c2aada9\">recently learned<\/a> that El Nasr Automotive is partnering with Germany\u2019s FEV Group to consult on how to build the EV battery sector from scratch while also looking for a Chinese partner to help with the manufacturing.<\/p>\n<p>Separately, Mercedes-Benz <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc48ca82-dcd0-49b1-b556-84367a62dc41\">recently received<\/a> a plot of land in the Suez Canal Economic Zone (SCZone) for a logistics base that will distribute cars locally and for re-export, raising hopes that the company could restart local assembly in Egypt after it shut it down in 2015.<\/p>\n<p><strong>IN OTHER INVESTMENT NEWS- <\/strong><\/p>\n<p><strong>Is Aldi coming to Egypt?<\/strong> Supermarket chain <a href=\"https:\/\/www.aldi.de\/\">Aldi<\/a> is also looking at potentially expanding to Egypt, according to the Trade Ministry statement, which said Gamea held \u201cextensive meetings\u201d with the chain\u2019s officials to discuss the plans. Aldi officials are expected to visit Cairo in September to look into opening up branches here. Aldi operates over 10k stores in 20 countries.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aldi\/\">Aldi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/el-nasr-automotive\/\">El Nasr Automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/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\/madbouly-government\/\">Madbouly Government<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"547527\" 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=\"547527\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/were-not-done-with-auto-news-just-yet\/\">\r\n                            We\u2019re not done with auto news just yet                        <\/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\/26\/were-not-done-with-auto-news-just-yet\/\" 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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Abou Ghaly is conducting feasibility studies and the two sides are now finalizing details including pricing, volumes, local component usage rates, and what kits to import, he explained. Geely is expected to provide the know-how, technical support, and quality control.<\/p>\n<p><strong>Contracts are expected to be signed by the end of July, with an eye to starting production in August 2023<\/strong>, Kotb added. The cars will be produced at the factories of the Arab Organization for Industrialization\u2019s Arab American Vehicles Company in West Cairo. The company plans to start by producing 4k cars in the first year and grow output by 20% annually until it reaches 7k cars per year, Kotb said.<\/p>\n<p><strong>Abou Ghaly is accelerating the timeline as importing cars to the Egyptian market <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">becomes more difficult<\/a><\/strong>, Kotb added. The move also comes amid the state\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/09cecb3d-18ae-4a0b-9231-3de978ce8881\">local manufacturing push<\/a> \u2014 including the launch of its Egyptian Automotive Industry Development Program (<a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">AIDP<\/a>). The automaker will begin by using 45% local components and gradually increase that percentage with time, he told us.<\/p>\n<p><strong>The local automaker will start with <\/strong><strong>one of Geely\u2019s traditional economy lines<\/strong><strong> before moving into EVs: <\/strong>Abou Ghaly plans to soon shift to manufacturing Geely\u2019s electric vehicles (EVs), but is waiting for local demand to grow and the infrastructure to develop, Kotb explained.<\/p>\n<p><strong>The longer-term strategy is to build a dedicated factory for Geely cars<\/strong> with the aim of making Egypt the Chinese company\u2019s manufacturing hub for MENA and later Europe, Kotb told us. The factory will have the capacity to manufacture 20k cars every year, but a timeline has not yet been set for its launch.<\/p>\n<p><strong>IN OTHER AUTOMOTIVE NEWS- <\/strong><\/p>\n<p><strong>Some 20k vehicles were delivered in FY2021-2022 in the government\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.press\/hardhats\/feasible-plan-convert-vehicles-natgas-gasoline-national-scale\/\">natgas vehicle<\/a><\/strong><strong><a href=\"https:\/\/enterprise.press\/hardhats\/feasible-plan-convert-vehicles-natgas-gasoline-national-scale\/\">replacement strategy<\/a><\/strong>, where traditional passenger cars, taxis, and microbuses are replaced by dual-fuel vehicles that run on natural gas, a <a href=\"https:\/\/bit.ly\/3NqqqXo\">statement<\/a> by the Finance Ministry read. The government has received some 39k requests to participate to date in the scheme.<\/p>\n<p><strong>The state has so far spent some EGP 465 mn on the plan <\/strong>and recently added Sharm El Sheikh to the initiative, which now includes Luxor, Aswan, Cairo, Giza, Qalubiya, Alexandria, Port Said, Suez and the Red Sea, the statement read.<\/p>\n<p><strong>The <\/strong><strong>plan was expected to see <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a946047f-ec53-4300-942f-165509dbcc68\">250k old cars<\/a><\/strong><strong> swapped out with natgas-run cars by the <\/strong><strong>end of 2023<\/strong>, Trade Minister Nevine Gamea said in 2020, but shortages and price hikes for raw materials have caused issues. Companies participating in the program were last month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c754a0f8-8f24-49ea-8813-675c86ea07ea\">given the greenlight to hike prices<\/a> by up to 45% in response to rising inflation.<\/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\/arab-american-vehicles-company\/\">Arab American Vehicles Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/geely\/\">Geely<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tamer-kotb\/\">Tamer Kotb<\/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=\"547529\" 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=\"547529\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/qatari-emir-is-in-cairo-ethiopia-accused-the-eu-of-taking-sides\/\">\r\n                            Qatari Emir is in Cairo + Ethiopia accused the EU of taking sides                        <\/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\/26\/qatari-emir-is-in-cairo-ethiopia-accused-the-eu-of-taking-sides\/\" 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\/26\/qatari-emir-is-in-cairo-ethiopia-accused-the-eu-of-taking-sides\/')\">\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\/26\/qatari-emir-is-in-cairo-ethiopia-accused-the-eu-of-taking-sides\/\">\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=Qatari Emir is in Cairo + Ethiopia accused the EU of taking sides&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/qatari-emir-is-in-cairo-ethiopia-accused-the-eu-of-taking-sides\/\">\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\/26\/qatari-emir-is-in-cairo-ethiopia-accused-the-eu-of-taking-sides\/&title=Qatari Emir is in Cairo + Ethiopia accused the EU of taking sides\">\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=Qatari+Emir+is+in+Cairo+%2B+Ethiopia+accused+the+EU+of+taking+sides+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F26%2Fqatari-emir-is-in-cairo-ethiopia-accused-the-eu-of-taking-sides%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\/26\/qatari-emir-is-in-cairo-ethiopia-accused-the-eu-of-taking-sides\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547529\" class=\"content-area-description single-story post-547529 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-ethiopia tag-qatar 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>Qatari emir in Cairo as tensions thaw further: <\/strong>Qatari Emir Sheikh Tamim bin Hamad Al Thani held discussions with President Abdel Fattah El Sisi on Saturday, during the Sheikh\u2019s first visit to Egypt since the two countries <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/036bdfbe-0680-448e-a011-b607497ac279\">normalized relations in early 2021<\/a>.<\/p>\n<p><strong>Investment at the top of the agenda: <\/strong>The two leaders discussed boosting cooperation in energy and agriculture, upping trade flows, and \u201cmaximizing Qatari investments in Egypt,\u201d according to an Ittihadiya <a href=\"https:\/\/bit.ly\/3Nk1Rvd\">statement<\/a>. However, no concrete investments were announced by the time the emir left Cairo on Saturday evening.<\/p>\n<p><strong>We\u2019re expecting inflows from Qatar: <\/strong>Trade Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe5bc403-5093-4d4c-89f4-e6604446a767\">Nevine Gamea<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/86e5c98f-26ec-4505-a0c3-3f85a5264bc8\">other officials<\/a>have been in Doha to drum up Qatari investor interest in our economy in recent weeks. The country has joined its Gulf neighbors Saudi and the UAE in offering to help shore up our economy amid global headwinds, in March pledging to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c734fc23-c0c0-4322-bf5d-ce3c400e707a\">invest USD 5 bn<\/a>.<\/p>\n<p><strong>It\u2019s a summer of love in the neighborhood: <\/strong>Diplomacy has been a priority for our Gulf neighbors lately. Saudi Crown Prince Mohammed bin Salman last week visited Egypt, Turkey, and Jordan in a landmark tour, in part to pave the way for the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cfb6582-fd28-4b15-89e7-dbd5e0fc46a0\">upcoming July summit<\/a> hosted by Saudi Arabia between US President Joe Biden, GCC countries, Egypt, Jordan, and Iraq. El Sisi and Bin Hamad Al Thani welcomed the approaching summit.<\/p>\n<p><strong>This has renewed calls for a MENA Nato: <\/strong>Jordan\u2019s King Abdullah II yesterday told <a href=\"https:\/\/www.cnbc.com\/2022\/06\/24\/jordans-king-says-he-would-support-a-middle-east-version-of-nato.html\">CNBC<\/a> that he would back the formation of a Middle East version of Nato. \u201cI\u2019m hoping what you\u2019re seeing in 2022 is this new vibe, I guess, in the region to say, \u2018how can we connect with each other and work with each other\u2019,\u201d he said.<\/p>\n<p><strong>Bin Hamad Al Thani\u2019s visit got wide coverage from the international press:<\/strong> <a href=\"https:\/\/apnews.com\/article\/politics-africa-middle-east-cairo-qatar-7b785f6fb996ebe2920a8899d7713edb\">The Associated Press<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/qatars-emir-arrives-egypt-first-official-visit-since-boycott-2022-06-24\/\">Reuters<\/a> | <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220625-qatar-and-egypt-cement-rapprochement-on-emir-s-cairo-visit\">AFP<\/a>| <a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/06\/25\/qatar-emirs-first-official-visit-to-cairo-in-a-decade-boosts-ties-with-egypt\/\">The National<\/a>.<\/p>\n<p><strong>ALSO IN DIPLOMACY-<\/strong><\/p>\n<ul>\n<li><strong>Ethiopia<\/strong> has branded as \u201cbiased\u201d and \u201cunacceptable\u201d a joint <a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2022\/06\/20\/joint-press-statement-9th-association-council-meeting-between-egypt-and-the-european-union\/\">EU-Egypt<\/a><a href=\"https:\/\/www.consilium.europa.eu\/en\/press\/press-releases\/2022\/06\/20\/joint-press-statement-9th-association-council-meeting-between-egypt-and-the-european-union\/\">statement<\/a> that references the need to return to <strong>African-Union led negotiations<\/strong> over the <strong>Grand Ethiopian Renaissance Dam (GERD)<\/strong>. (<a href=\"https:\/\/www.ena.et\/en\/?p=36697\">Ethiopian News Agency<\/a>)<\/li>\n<li><strong>President Abdel Fattah El Sisi<\/strong> gave a virtual speech at a <strong>BRICS summit<\/strong> between Brazil, Russia, India, China and South Africa, where he said developing countries should not be forgotten amid the global economic crisis. (<a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0QvGM7xDckoruHwcb89AknKPrxNmKVCJyGpRnC7V4Vgavv1m8kXAaandBk2jTv48nl\">Speech<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qatar\/\">Qatar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547530\" 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=\"547530\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/547530\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547530\" class=\"content-area-description single-story post-547530 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Ad-REVEAL_Bike_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=\"547531\" 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=\"547531\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/qatari-emir-sheikh-tamims-visit-takes-top-billing\/\">\r\n                            Qatari Emir Sheikh Tamim\u2019s visit takes top billing                        <\/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\/26\/qatari-emir-sheikh-tamims-visit-takes-top-billing\/\" 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\/26\/qatari-emir-sheikh-tamims-visit-takes-top-billing\/')\">\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\/26\/qatari-emir-sheikh-tamims-visit-takes-top-billing\/\">\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=Qatari Emir Sheikh Tamim\u2019s visit takes top billing&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/qatari-emir-sheikh-tamims-visit-takes-top-billing\/\">\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\/26\/qatari-emir-sheikh-tamims-visit-takes-top-billing\/&title=Qatari Emir Sheikh Tamim\u2019s visit takes top billing\">\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=Qatari+Emir+Sheikh+Tamim%E2%80%99s+visit+takes+top+billing+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F26%2Fqatari-emir-sheikh-tamims-visit-takes-top-billing%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\/26\/qatari-emir-sheikh-tamims-visit-takes-top-billing\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547531\" class=\"content-area-description single-story post-547531 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-covid-19 tag-enterpriseam tag-financial-inclusion tag-hayah-karima tag-last-nights-talk-shows tag-qatar tag-state-privatization-program tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The visit by Qatari Emir Sheikh Tamim bin Hamad Al Thani to Egypt led the <\/strong><strong>conversation at home<\/strong> with coverage from Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=UgXtSkTGtKQ\">watch, runtime: 1:41<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=yQXlLD3C0lU\">watch, runtime: 3:4<\/a>7), Al Youm (w<a href=\"https:\/\/www.youtube.com\/watch?v=Z-TwE_QLZm0\">atch, runtime: 2:48<\/a>) and others.<\/p>\n<p><strong>In business news: The final draft of the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">state ownership policy<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">document<\/a><\/strong><strong> will be released after public consultations conclude<\/strong>, Cabinet Spokesperson Nader Saad told Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=9N3Jvod2YFo\">watch, runtime: 6:43<\/a>). The final version will be ready in three months, he said.<\/p>\n<p><strong>What state ownership policy? <\/strong>The Madbouly government has laid out in a document its<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">plans to double the private sector\u2019s role<\/a> in the economy over the next three years in a bid to attract bns of USD of fresh investment into the country. It is aiming to raise USD 40 bn over the next four years by selling stakes in state-owned assets to local and international investors.<\/p>\n<p><strong>The state last week began a series of public consultations on the document<\/strong>, and has so far had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18e2c586-6504-44dd-b177-1092c1299114\">economists<\/a> as well as the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/333e8408-4299-4cd4-b53a-df301c90ab50\">agriculture<\/a> and food industries chime in. You can find more details on the <a href=\"http:\/\/eparticipation.idsc.gov.eg\/?fbclid=IwAR0roLUuQGFnSW2sa39MgFCj0jUqiG6_A-_Kya6SN4IhBJNhIqbHzMv5wdw\">online platform<\/a> for the consultations, and read the latest draft of the <a href=\"https:\/\/bit.ly\/3xOYdFk\">document (pdf)<\/a> here.<\/p>\n<p><strong>Government health officials took the airwaves to warn us that covid is still a thing.<\/strong> Covid remains present and people are still contracting it, Ittihadiya health advisor Mohamed Awad Tag El Din told El Hekaya\u2019s Amr Adib during the weekend (<a href=\"https:\/\/twitter.com\/Elhekayashow\/status\/1540447970000265218?s=20&t=xKeDlp7BQw03K86-n_lndg\">watch, runtime: 8:43<\/a>), adding that we should make face masks a part of our lives to avoid the spread of covid as well as other respiratory diseases.<\/p>\n<p><strong>Could we be getting another booster shot? <\/strong>By October the state will be able to assess whether or not citizens are in need of an additional booster shot, Tag El Din said. The state has so far been administering a booster shot to those who have received both doses of the vaccine.<\/p>\n<p><strong>Our vaccination drive continues in force:<\/strong> The Health Ministry\u2019s door-to-door vaccination initiative has been yielding results, so much so that it is expanding to seaside resorts starting in July, Higher Education Minister and Acting Health Minister Khaled Abdel Ghaffar told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=KXHFlCtpoQQ\">watch, runtime: 3:05<\/a>).<\/p>\n<p><strong>Also getting a mention: <\/strong><\/p>\n<ul>\n<li><strong>Some projects in the presidential Decent Life initiative could be delayed thanks to<\/strong><strong> raw materials shortages <\/strong>triggered by the war in Ukraine<strong>, <\/strong>Cabinet spokesperson Nader Saad said. (Akher El Nahar | <a href=\"https:\/\/www.youtube.com\/watch?v=-VkuMT2X1gc\">watch, runtime: 1:48:02<\/a>)<\/li>\n<li><strong>Citizens will be able to withdraw cash using their bank cards over the counter at <\/strong><strong>over 400 gas stations nationwide, <\/strong>without needing to use an ATM. (Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=KnjFQXBNyrM\">watch, runtime: 0:46<\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-inclusion\/\">financial inclusion<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hayah-karima\/\">Hayah Karima<\/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\/qatar\/\">Qatar<\/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\/vaccines\/\">vaccines<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547532\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div 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NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/egypt-in-the-news-ashraf-murder-continues-to-make-waves\/\">\r\n                            Egypt in the News: Ashraf murder continues to make waves                        <\/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\/26\/egypt-in-the-news-ashraf-murder-continues-to-make-waves\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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data-attachment-id=\"547534\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/egypt-in-the-news-ashraf-murder-continues-to-make-waves\/301-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/301.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"301.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/301.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/301.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547533\" class=\"content-area-description single-story post-547533 post type-post status-publish format-standard has-post-thumbnail hentry category-egypt-in-the-news tag-culture tag-enterpriseam tag-gender wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Not much coverage of Egypt is going on in the foreign press<\/strong> apart from our warming ties with Qatar.<\/p>\n<p><strong>Otherwise, the murder of university student Naira Ashraf by a male classmate <\/strong>is getting more attention in the foreign press, including from <a href=\"https:\/\/edition.cnn.com\/2022\/06\/24\/middleeast\/egypt-woman-killing-mime-intl\/index.html\">CNN<\/a>.<\/p>\n<p>Meanwhile, <strong>planned demolitions of house boats along the Nile are stirring <\/strong><strong>indignation <\/strong>from Cairenes on social media who say they\u2019re an important historical feature, according to <a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/06\/25\/egypts-water-ministry-prepares-for-nile-boat-house-demolition-campaign-amid-public-outcry\/\">The National<\/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\/culture\/\">culture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gender\/\">gender<\/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=\"547535\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547536\" 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=\"547536\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/26\/the-imf-says-the-us-wll-narrowly-avoid-recession-us-stocks-had-a-good-week-for-once\/\">\r\n                            The IMF says the US wll \u201cnarrowly avoid\u201d recession + US stocks had a good week for once                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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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> Not predicting a recession in the US this year or next: The IMF, <\/strong>which said in a <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/06\/24\/mcs062422-united-states-of-america-concluding-statement-of-the-2022-article-iv-mission\">s<\/a><a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/06\/24\/mcs062422-united-states-of-america-concluding-statement-of-the-2022-article-iv-mission\">tatement<\/a> Friday that it expects the US to \u201cnarrowly avoid\u201d going into recession before 2023, as curbs to inflation help protect real income and sustain growth over the medium term. Economists and analysts <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/49b1b138-6527-4eff-98cb-dfcb72e3e10d\">have been<\/a> falling over themselves to forecast a recession, with some<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/758d07cb-6364-4515-bfac-3d307abb9653\">predicting a 50% chance<\/a> of a downturn in the US this year or the next.<\/p><p><strong>The lender expects the Fed\u2019s tightening to work:<\/strong> The US Federal Reserve\u2019s hawkish cycle will result in an \u201cupfront tightening of financial conditions which will quickly bring inflation back to target,\u201d IMF Managing Director Kristalina Georgieva told reporters, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-24\/us-economy-to-narrowly-avoid-recession-in-2022-23-imf-says\">Bloomberg<\/a>,<\/p><p><strong>That doesn\u2019t mean it\u2019ll be plain sailing:<\/strong> The IMF slashed its growth forecast for the US this year to 2.9%, down from the 3.7% it had predicted as recently as April. Georgieva stressed that there are \u201cvery significant\u201d downside risks for the US economy both this year and next.<\/p><p><strong>A rare good Friday for US stocks helped snap their three-week losing streak<\/strong>, the <a href=\"https:\/\/www.washingtonpost.com\/business\/2022\/06\/24\/stock-market-today\/\">Washington Post<\/a> reports. After the worst week for global stocks since March 2020 the week before, US indices rallied on Friday and managed to stage a comeback for the week. The S&amp;P 500 was up 6.5% on the week before, the Dow Jones climbed 5.4%, and the tech-heavy Nasdaq \u2014 which has taken a battering in a tighter monetary environment \u2014 gained 7.5%.<\/p><p><strong>Don\u2019t get your bull horns on just yet: <\/strong>\u201cEven though the market has started to recover, the concerns that caused the bear market are still with us, such as inflation, an aggressive Federal Reserve, high oil prices and geopolitical tensions,\u201d one chief investment officer said in a note cited by the paper.<\/p><p><strong>ALSO IN PLANET FINANCE- <\/strong><\/p><ul>\n<li><strong>Ride-hailing service turned super app Careem has acquired UAE food delivery <\/strong><strong>subscription platform MUNCH:ON <\/strong>for an undisclosed sum. (<a href=\"https:\/\/www.wamda.com\/2022\/06\/careem-acquires-food-delivery-startup-munchon\">Press release<\/a>)<\/li>\n<li><strong>Barclays has approved buying UK specialist mortgage lender Kensington <\/strong><strong>Mortgage <\/strong>from Blackstone Inc. and Sixth Street in a GBP 2.3 bn (USD 2.8 bn) transaction. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-24\/barclays-to-buy-uk-mortgage-lender-kensington-for-2-3-billion#xj4y7vzkg\">Bloomberg<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,439.85<\/p>\n<\/td>\n<td>\n<p>-1.8% (YTD: -21.0%)<\/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-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,311<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,238<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +8.8%)<\/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>3,202<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +0.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,912<\/p>\n<\/td>\n<td>\n<p>+3.1% (YTD: -17.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,209<\/p>\n<\/td>\n<td>\n<p>+2.7% (YTD: -2.4%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,533<\/p>\n<\/td>\n<td>\n<p>+2.8% (YTD: -17.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 113.12<\/p>\n<\/td>\n<td>\n<p>+2.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.22<\/p>\n<\/td>\n<td>\n<p>-0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,830.30<\/p>\n<\/td>\n<td>\n<p>+0.0%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,481<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: -53.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.8% at Thursday\u2019s close<\/strong> on turnover of EGP 386 mn (53.7% below the 90-day average). Foreign investors were net sellers. The index is down 21.0% YTD.<\/p><p><strong>In the green: <\/strong>Abu Dhabi Islamic Bank (+2.6%), Rameda (+0.9%) and AMOC (+0.6%).<\/p><p><strong>In the red: <\/strong>MM Group (-4.9%), Madinet Nasr Housing (-4.1%) and CIB (-3.0%).<\/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\/barclays\/\">Barclays<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emaar-properties\/\">Emaar Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n              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K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header 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2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"547538\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/fintech-startups-raised-record-usd-167-mn-in-1h2022\/302-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/302.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"302.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/302.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/302.png?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547537\" class=\"content-area-description post-547537 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-central-bank-of-egypt tag-enterprise-whats-next tag-enterpriseam tag-fintech tag-fintech-egypt tag-investment-watch tag-khazna tag-paymob tag-startup-watch 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>Who is investing<\/strong><strong> in Egypt\u2019s fintech startups?<\/strong> 2021 was a bumper year for fintech funding in Egypt, <a href=\"https:\/\/enterprise.press\/whatsnexts\/2021-bumper-year-fintech-funding-egypt-cbe\/\">we wrote earlier this year<\/a>, as per the Central Bank of Egypt\u2019s (CBE) fintech data, which were released by CBE-backed initiative <a href=\"https:\/\/fintech-egypt.com\/\">Fintech Egypt<\/a>. Total investments in the sector more than quadrupled to USD 159 mn last year, up from USD 37.1 mn in 2020. Now, Fintech Egypt released its <a href=\"https:\/\/ent.news\/2022\/6\/Why-Egypt-is-a-promising-market-for-FinTech-Investments-Report.pdf\">Fintech Investment-Focused Landscape Review (pdf)<\/a>, which looks at what went down in the first half of this year \u2014 and boy, did Egypt do well.<\/p>\n<p><strong>The value of investments in Egypt\u2019s fintech startups reached an all-time high of USD 167 mn across 31 transactions in 1H2022<\/strong>, according to the report. This includes five investment rounds that surpassed USD 10 mn each, while series A and B funding accounted for some 90% of total investments. The biggest rounds we heard of in the sector were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08438889-d1a6-4753-9417-acba84ec6fa4\">Paymob\u2019s USD 50 mn<\/a>series B, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53b52ec5-1a0b-49c0-be83-a299f554c1da\">Khazna\u2019s USD 38 mn<\/a> series A, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51710abc-abe2-41fc-a5bf-465d12117001\">Lucky\u2019s USD 25 mn<\/a> series A.<\/p>\n<p><strong>There are several factors driving this growth:<\/strong> The report attributes the growth to the regulatory reforms implemented over the last few years, coupled with the increase in the total number of investors who started to invest in Egypt over the last few years. The report also points to a large ripe domestic market given our population size and a vast reservoir of young talent and tech calibers as key driving factors. Lastly, there\u2019s mega initiatives in place to support the sector, such as the CBE\u2019s Regulatory Sandbox, fintech fund \u201cNclude,\u201d and fintech innovation hub \u201cGrid\u201d that will open its doors in 2022.<\/p>\n<p><strong>Bootstrapping is still the most common source of funding for fintechs<\/strong>, with some 42% of surveyed startups finding it to be the easiest route, the report finds. However, their growth from one stage to the next compels them to seek VC funding, which 37% state is the second-easiest and common source of funding. This is followed by angel investors (29%), PE (27%), incubators and accelerators (16%), debt financing (4%), banks and asset management (4%), and M&A (2%).<\/p>\n<p><strong>So which sub-sectors dominated VC fintech investments in 1H2022? Mainly payments and remittances<\/strong>, the data says. Some 58% (USD 96.8 mn) of the funding amount was directed to startups operating in the payments and remittance sphere, according to the report. This was followed by lending and alternative finance (26%) and wealth management and savings (12%). The remaining 6% were distributed among other sub-sectors, including B2B marketplaces, data analytics, insurtech, and payroll and benefits.<\/p>\n<p><strong>And who is investing in them? <\/strong>Among the 26 surveyed fintech investors, 69% were VCs, 23% were accelerators, and 8% were angel investors. Some 27% of them have a fintech-focused fund or program, and just over a quarter of the portfolio of 19 investors consists of fintech or fintech-enabled startups, the report adds.<\/p>\n<p><strong>More regional and international investors have started funding Egyptian fintechs. <\/strong>While 53% of fintech investors of 1H 2022 are headquartered in Egypt, 19% are based in the US, 8% in Saudi Arabia, 4% in Jordan, and 4% in China, according to the study.<\/p>\n<p><strong>What are those investors looking for? A solid team, unanimously. <\/strong>All surveyed investors named a startup\u2019s team as the main priority when making investment decisions. Unit economics and post-revenue generation came in second place (86%), and investment thesis fit and impact both came in third (71% each). Other key areas of focus included founders\u2019 leadership ability, revenue model, and innovative product (57% each), as well as track record, sector-specificity, serviceable obtainable market, and reasonable money burn rate (29% each).<\/p>\n<p><strong>And what are startups looking for when approaching VCs? <\/strong>Almost half of those surveyed cited connection and expertise, followed by the name and reputation of the VC (46%). Previous track record and past transactions came in a close third at 42%, with support services (besides funding) coming in fourth at 39%. Those were followed by terms of agreement (33%), industry focus of the VC (26%), alignment (22%), financing amount (21%), startup autonomy (6%), and location of the VC (1%).<\/p>\n<p><strong>Funding is far and away the most-needed support area fintechs and fintech-enabled startups seek from investors<\/strong>, with 86% citing it as their top priority. This is followed by networking (44%), mentorship (22%), and PR and marketing (13%). Other areas include talent management (5%), coworking space (1%), and domain expertise (1%).<\/p>\n<p><strong>So what\u2019s next for fintech startups seeking funding?<\/strong> Some 70% of investors have pre-set future plans for fintech or fintech-enabled investments in the next three years in Egypt, according to the report. Of those, 29% want to invest USD 10-20 mn and 24% are looking to invest more than USD 50 mn. Ticket sizes of up to USD 5 mn and between USD 20-50 mn come tied in third place (18% each), and 11% are planning to write USD 5-10 mn checks.<\/p>\n<p><strong>Currently, 108 startups are seeking over USD 600 mn in funding \u2014 with the vast majority seeking early-stage funding<\/strong>, the report states. Almost half of them are seeking to raise funding in the next 12 months. Some 45% are approaching VCs now, and 7% are looking to join an acceleration program. More than half (55%) are looking for seed rounds, 21% are looking at pre-seed, and the remainder is divided between series A (19%), series B (4%), and series C (1%).<\/p>\n<p><strong>EGX IPOs are seen as a future potential exit strategy for startups, <\/strong>according to 53% of surveyed investors and 26% of startups. Investment firm Foundation Ventures is quoted as saying that even \u201cdual-listing between the EGX and other global stock exchanges are hopefully going to become more prevalent in the future.\u201d<\/p>\n<p><strong>Investors are keeping an eye on the open banking trend, <\/strong>the survey suggests. Open banking is the idea that financial institutions and ins. companies open up their APIs for fintech companies to capture and pass data. Three-quarter of the surveyed investors believe that the open banking and infrastructure sub-sector has a high growth potential in the near future in Egypt.<\/p>\n<p><strong>Lending and alternative finance, B2B marketplaces, and insurtech are a close second at 70%. <\/strong>They are followed by payments and remittance (65%) and agritech (45%). 40% of the investors see high growth potential in payroll and benefits, personal finance management and financial literacy, and data analytics and AI. The trends to watch out for also include proptech (35%), accounting and expense management (30%), wealth management and savings (30%), regtech (25%), and rotating savings and credit associations (ROSCA) \u2014 think \u201cgameya\u201d (25%).<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>MNT\u2013Halan has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/deb3012e-5206-4449-adde-e78c5b5dc6a6\">acquired<\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/deb3012e-5206-4449-adde-e78c5b5dc6a6\">Cairo-based B2B e-commerce platform<\/a> <strong>Talabeyah<\/strong> for an undisclosed amount.<\/li>\n<li>Furniture and home goods marketplace <strong>Homzmart<\/strong> will open<strong> two showrooms<\/strong> in <strong>New Cairo and Sheikh Zayed<\/strong> next month. (<a href=\"https:\/\/bit.ly\/3OuIsbW\">Al Mal<\/a>)<\/li>\n<li><strong>Local AI tech startup Synapse Analytics has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08c66de3-22d4-4619-9577-033f5a000666\">raised over USD 2 mn<\/a><\/strong> in a pre-series A round led by Egypt Ventures.<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech-egypt\/\">Fintech Egypt<\/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\/khazna\/\">Khazna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/paymob\/\">Paymob<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"547539\" 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\/26\/547539\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547539\" class=\"content-area-description single-story post-547539 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>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>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>September: The sixth session of the <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/pfbid034CjQppGScajHW83ktsmyHavSTQRys9Ezbp9KXCNfPg61XwgzSvHVYi7RfHWxsTESl\">Egyptian-German Joint Economic Committee<\/a>.<\/p>\n<p>September: A delegation from Germany\u2019s Aldi will visit Egypt to look at potential investments.<\/p>\n<p>6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Kobba Palace, Cairo.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>26\u201327 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 October (Saturday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>10-16 October (Monday-Sunday): <a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Annual-Spring-Meetings\">World Bank and IMF annual meetings<\/a> chaired by CBE Governor Tarek Amer, Washington, DC.<\/p>\n<p>18-20 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October-14 November: 3Q2022 earnings season.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>3-5 November (Thursday-Saturday): Egypt Fashion Week.<\/p>\n<p>4-6 November (Friday-Sunday): The <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition kicks off at the Cairo International Exhibition and Convention Center.<\/p>\n<p>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>December: The Sixth of October dry port <a href=\"https:\/\/bit.ly\/3u3uB4u\">will begin operations<\/a>.<\/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":547517,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547516","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"811b4305-df41-4045-81ee-d24a5c65c07e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/39.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>Central Bank of Egypt leaves rates unchanged in its latest monetary policy meeting - 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\/central-bank-of-egypt-leaves-rates-unchanged-in-its-latest-monetary-policy-meeting\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Central Bank of Egypt leaves rates unchanged in its latest monetary policy meeting\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-of-egypt-leaves-rates-unchanged-in-its-latest-monetary-policy-meeting\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:52:17+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/39.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\/central-bank-of-egypt-leaves-rates-unchanged-in-its-latest-monetary-policy-meeting\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/central-bank-of-egypt-leaves-rates-unchanged-in-its-latest-monetary-policy-meeting\/\",\"name\":\"Central Bank of Egypt leaves rates unchanged in its latest monetary policy meeting - 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