{"id":547583,"date":"2022-06-28T04:27:21","date_gmt":"2022-06-28T04:27:21","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547583"},"modified":"2025-12-15T21:53:54","modified_gmt":"2025-12-15T21:53:54","slug":"govt-is-working-to-get-car-imports-flowing-again-pm-madbouly","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/govt-is-working-to-get-car-imports-flowing-again-pm-madbouly\/","title":{"rendered":"Gov\u2019t is working to get car imports flowing again -PM Madbouly"},"content":{"rendered":"<section id=\"547585\" 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=\"547585\">\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\/28\/this-morning-good-news-for-the-auto-industry-more-on-gcc-investments\/\">\r\n                            THIS MORNING: Good news for the auto industry? + More on GCC investments                        <\/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\/28\/this-morning-good-news-for-the-auto-industry-more-on-gcc-investments\/\" 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\/28\/this-morning-good-news-for-the-auto-industry-more-on-gcc-investments\/')\">\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\/28\/this-morning-good-news-for-the-auto-industry-more-on-gcc-investments\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Good news for the auto industry? 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And so far, the news has been very positive this week, particularly on the FDI front, and now for the auto sector.<\/p><p><strong>THE BIG STORY here at home is a possible chink of light at the end of the tunnel for the <\/strong><strong>local automotive industry<\/strong>, after Prime Minister Moustafa Madbouly directed his ministers, the central bank, and the banking sector to coordinate on setting up \u201ca mechanism for the orderly release of car shipments\u201d from ports. Local car dealers have faced challenges in recent months getting vehicles imported to the country, after a change in rules that required importers to get letters of credit (L\/Cs) in order to purchase non-essential goods.<\/p><p><strong>We also have more potential investments from our neighbors<\/strong>, with Finance Minister Mohamed Maait revealing that some USD 2-3 bn in potential FDI could be coming in from Qatar. <strong>Maait made a speech during the Amcham annual meetings,<\/strong> where he said that attracting local and foreign investors is a \u201cpresidential priority,\u201d according to a <a href=\"https:\/\/tinyurl.com\/2t3jf3r4\">statement<\/a> by the Finance Ministry. More on that in today\u2019s Investment Watch.<\/p><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>We\u2019re getting Kudos for our GCC push: <\/strong>Gulf investments coming into the country will act as \u201cstabilizers for the EGP\u201d in the medium term, giving the currency upside potential towards the end of the year, Standard Chartered MENA economist Carla Slim told Bloomberg TV (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-06-27\/stanchart-s-slim-on-saudi-egypt-liquidity-woes-video\">watch, runtime: 5:25<\/a>). We\u2019ve received <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/173a4bd1-68e9-478a-8422-135f238e0210\">some USD 7 bn<\/a> of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">more than USD 22 bn<\/a> pledged by our Gulf neighbors to support our economy, with the remainder expected to come through in coming months, Slim noted. The EGP is now trading at EGP 18.79 to the USD.<\/p><p><strong>This is particularly important as it has not been a great month for the EGX:<\/strong> After a slight reprieve that saw the benchmark index rise less than 0.1% at Sunday\u2019s close, the EGX30 fell by 2.0% yesterday with a turnover of EGP 828 mn (0.1% above the 90-day average). By our count, the index has now lost around 10% of its value in less than three weeks.<\/p><p><strong>As long as demand remains weak, we won\u2019t likely be seeing sales of stakes in <\/strong><strong>state-owned companies on the bourse. <\/strong>Delays to public offerings in the state privatization program are down to weakness in demand on the EGX as well as global headwinds triggered by conflict in Ukraine<strong>, <\/strong>Public Enterprise Minister Hisham Tawfik suggested to <a href=\"https:\/\/english.ahram.org.eg\/News\/470670.aspx\">Ahram Online<\/a> in an interview. \u201cThe EGX is currently not at its best,\u201d Tawfik said, adding that the <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/03\/in-surprise-move-govt-kickstarts-ipo-program-with-a-successful-eastern-tobacco-secondary-offering\/\">offering of Eastern Company<\/a> in 2019, and of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23beb734-9f6f-4c55-9143-7c6935ecf804\">state-owned fintech firm e-finance<\/a> last year, had thrown up \u201csome structural issues in the local demand that need to be considered before resuming the program.\u201d<\/p><p><strong>Pay attention, advisors:<\/strong> It is \u201cthe job of investment banks that set the stake that will be offered for the private sector and the shares that will be offered\u201d to tackle those issues, he added.<\/p><p><strong>Egypt had hoped to sell shares in as many as 10 state-owned companies on the EGX in 2022,<\/strong> before Russia\u2019s invasion of Ukraine upended the global economy. It\u2019s hoped that stake sales <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b2c33be-7c85-4d39-ac7e-87db30be13b4\">will resume in September<\/a>, Tawfik said back in May.<\/p><hr class=\"grey-line\"><p><strong>THE BIG STORY ABROAD this morning continues to be shifting geopolitical tectonics in <\/strong><strong>Europe<\/strong>, as the G7 summit continues against the backdrop of the Russian war on Ukraine and discussions to bring new members into the Nato security alliance to combat fears of aggression from Moscow. Here are the headlines leading the conversation:<\/p><ul>\n<li><strong>Russian missiles struck a crowded shopping mall in central Ukraine<\/strong>. Ukrainian officials say at least 16 people were killed and 59 wounded. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/russian-forces-turn-sights-lysychansk-battle-eastern-ukraine-2022-06-27\/\">Reuters<\/a>)<\/li>\n<li><strong>G7 leaders condemned the \u201cab<\/strong><strong>ominable\u201d attack as a war crime<\/strong>. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-27\/ukraine-latest-us-pledges-air-defense-system-russia-in-default\">Bloomberg<\/a>).<\/li>\n<li><strong>Ukraine\u2019s Volodymyr Zelensky called on G7 nations to back hi<\/strong><strong>s country\u2019s military against Russia<\/strong> in a video address to the summit. (<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-nato-g-7-summit-zelenskyy-boris-johnson-3437ebe5d3e167e399af96665d1354b6\">Associated Press<\/a>).<\/li>\n<li><strong>The G7 continued discussions of a potential price cap on Russ<\/strong><strong>ian oil, <\/strong>pushing Brent crude up 1.7% above USD 115 per barrel. (<a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-slides-more-than-1-g7-debate-iran-nuclear-deal-russia-2022-06-27\/\">Reuters<\/a>)<\/li>\n<\/ul><p><strong>AND ON NATO-<\/strong><\/p><ul>\n<li><strong>The leaders of Sweden and Finland are <\/strong><strong>set to meet with Turkish<\/strong><strong> President Recep Tayyip Erdogan in Madrid today <\/strong>to discuss his objections to their NATO membership. Erdogan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cae3060-d4f6-40d6-bd40-68db01d5c511\">effectively blocked<\/a> their bid to join the alliance earlier this month. (<a href=\"https:\/\/twitter.com\/TPKanslia\/status\/1541300458706374656\">Twitter<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/europe\/go-slow-turkey-unlikely-reach-nordics-deal-nato-meet-sources-2022-06-27\/\">Reuters<\/a>)<\/li>\n<\/ul><p><strong>MEANWHILE- Russia has defaulted on its foreign debt for the first time in over a <\/strong><strong>century, <\/strong>after months of attempts to maneuver around Western sanctions. The country missed a Sunday deadline to meet a 30-day grace period on interest payments of USD 100 mn on two Eurobonds, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-26\/russia-defaults-on-foreign-debt-for-first-time-since-1918?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports. Taiwanese holders of Russian Eurobonds also claim they have not received interest payments due from Russia, two sources told <a href=\"https:\/\/www.reuters.com\/markets\/europe\/russia-slides-towards-default-payment-deadline-expires-2022-06-26\/\">Reuters<\/a>.<\/p><p><strong>Sweeping sanctions from the West have effectively cut off the Kremlin from the global financial system<\/strong> by freezing its FX reserves abroad. Moscow says the default is \u201cartificial\u201d because it has the means to make the payments, but is blocked from doing so. <a href=\"https:\/\/www.theguardian.com\/world\/2022\/jun\/27\/russia-defaults-on-foreign-debt-for-first-time-since-1917-revolution-reports\">The Guardian<\/a>, <a href=\"https:\/\/www.cnbc.com\/2022\/06\/27\/russia-on-the-brink-of-historic-debt-default-as-payment-period-expires.html\">CNBC<\/a> and the <a href=\"https:\/\/www.wsj.com\/articles\/sanctions-push-russia-near-first-foreign-default-since-bolshevik-revolution-11656248212\">Wall Street Journal<\/a> also had the story.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY- <\/strong><\/p><p><strong>President Abdel Fattah El Sisi is in Bahrain today <\/strong>for talks with Bahraini King Hamad bin Isa Al Khalifa, according to a State Information Service (SIS) <a href=\"https:\/\/www.sis.gov.eg\/Story\/169744\/President-Sisi's-trip-to-Bahrain-reflects-the-depth-of-bilateral-relations?lang%3Den-us\">statement<\/a>. The visit comes on the heels of El Sisi\u2019s trip to Oman yesterday, where he discussed increasing Omani investment to Egypt with Sultan Haitham bin Tareq. The trip topped coverage on the airwaves last night, the details of which you can find in Last Night\u2019s Talk Shows.<\/p><p><strong>Public consultations on the state\u2019s privatization <\/strong><strong>plans continue. Today it\u2019s the turn of the ICT sector, including telecoms. <\/strong>The government will today hold the latest in its series of public consultations over its state ownership policy document laying out privatization plans. Every Sunday and Tuesday sees workshops on how privatization plans will affect specific industries. The government has already heard from the electronics, <a href=\"https:\/\/enterprise.press\/industries\/fmcg-players-think-states-privatization-plans-merit-want-see-additional-clarity-changes\/\">food<\/a>, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/333e8408-4299-4cd4-b53a-df301c90ab50\">agriculture<\/a> industries and today the ICT sector gets its say. Look for detailed coverage on the talks in EnterpriseAM or across our various industry features. You can find more details on the schedule of the meetings <a href=\"https:\/\/bit.ly\/3noxSrm\">here<\/a>.<\/p><p><strong>SMART POLICY- The Madbouly cabinet\u2019s new<\/strong> <strong>ministerial committee for competitive neutrality<\/strong> held its first meeting yesterday, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ZjhMdXfLQAmXypNkA8wVts9gzkVrFmn7uMwsKq1EgFxWPCZpJgeBSGwm74sgCXo7l\">cabinet statement<\/a>. The committee will work alongside the Egyptian Competition Authority (ECA) to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/376e7a71-78ad-4b6d-98fe-c906d4eb2e4b\">set policies<\/a> that allow a level playing field between private and state-owned companies.<\/p><p><strong>Speaking of competition, will we get some news on amendments to the Competition Act today?<\/strong> The House Economic Affairs Committee had been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52d09420-21a2-4b38-af7a-07f465a64049\">expected yesterday<\/a> to wrap its discussions on the contentious amendments to the Competition Act, which give greater powers to the ECA to regulate M&amp;As \u2014 but we haven\u2019t heard any updates yet.<\/p><p><strong>A week of competition controversy: <\/strong>This week has been one of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c27c4b7-c5f7-4a4c-a763-45bc4873d843\">discussions<\/a> between officials from the central bank, the Financial Regulatory Authority (FRA), the EGX, and the Egyptian Competition Authority (ECA) to iron out differences of opinion on the proposed amendments, including on (but not limited to) the fees the ECA would collect for looking into proposed M&amp;A transactions.<\/p><p><strong>What\u2019s next?<\/strong> Once the committee\u2019s done with discussions, it is expected to prepare its report on the amendments and debates, before sending them to be discussed in a House-wide plenary session.<\/p><hr class=\"grey-line\"><p><strong>AND TOMORROW-<\/strong> <strong>State grain buyer GASC launches a fresh wheat tender. <\/strong>The General Authority for Supply Commodities (GASC) is seeking an unspecified amount of wheat on a free-on-board (FOB) basis in an international tender, the state-run <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=27062022&amp;id=edc7883c-ce53-4feb-b698-93d5c681905e\">MENA agency<\/a> reported, citing a statement from the authority. The deadline for offers is tomorrow, with the grain set to be shipped between August and October. If successful, this will be only <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b942fd02-9eaa-4563-87e3-f3b7b635eb0b\">GASC\u2019s third purchase<\/a> since war broke out in Ukraine, sending international wheat prices sky-high.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>Another blow to global oil supply? OPEC member Libya may suspend oil exports<\/strong><strong> from its key export terminals in the Gulf of Sirte for three days<\/strong> due to ongoing political turmoil, Libya\u2019s state oil company <a href=\"https:\/\/noc.ly\/index.php\/en\/new-4\/8211-noc-as-the-closures-continue,-we-are-considering-declaring-a-state-of-force-majeure-in-the-gulf-of-sirte-region\">National Oil Corp.(NOC)<\/a> said yesterday. The country\u2019s crude production has almost halved since mid-April to 600k barrels a day, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-27\/libya-says-it-may-suspend-oil-exports-from-key-terminals?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> estimates \u2014 piling pressure on a market already struggling to contain price hikes on the back of Russia\u2019s war on Ukraine and an already tight supply chain.<\/p><p><strong>Better news out of Libya\u2019s oil sector: Egypt\u2019s Petrojet will make a comeback to <\/strong><strong>the country after a 11-year hiatus<\/strong>, NOC announced in a<a href=\"https:\/\/tinyurl.com\/42eecy9s\">statement<\/a> on Facebook. Petroject representatives were briefed on how NOC envisages the company helping to up production capacity by renovating dilapidated infrastructure and reopening closed fields.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The deadline for companies to submit bids for the redevelopment of the National <\/strong><strong>Democratic Party headquarters<\/strong> is this Thursday, 30 June.<\/p><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><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><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>As Egypt jumps on the growing global interest in green hydrogen facilities as a clean energy source, New York-headquartered energy firm H2-Industries recently signed an MoU to set up Egypt\u2019s first waste-to-hydrogen facility in East Port Said. We sat down with H2-Industries\u2019 founder and CEO Michael Stusch for details on the planned facilities and his views on how Egypt can best capitalize on the push towards green hydrogen.<\/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\/bahrain\/\">Bahrain<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/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\/gcc\/\">GCC<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/privatization-watch\/\">privatization watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547586\" 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=\"547586\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/547586\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547586\" class=\"content-area-description single-story post-547586 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/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=\"547587\" 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=\"547587\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/could-the-auto-industry-get-some-much-needed-reprieve\/\">\r\n                            Could the auto industry get some much-needed reprieve?                        <\/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\/28\/could-the-auto-industry-get-some-much-needed-reprieve\/\" 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\/28\/could-the-auto-industry-get-some-much-needed-reprieve\/')\">\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\/28\/could-the-auto-industry-get-some-much-needed-reprieve\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Could the auto industry get some much-needed reprieve?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/could-the-auto-industry-get-some-much-needed-reprieve\/\">\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\/28\/could-the-auto-industry-get-some-much-needed-reprieve\/&title=Could the auto industry get some much-needed reprieve?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Could+the+auto+industry+get+some+much-needed+reprieve%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F28%2Fcould-the-auto-industry-get-some-much-needed-reprieve%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\/28\/could-the-auto-industry-get-some-much-needed-reprieve\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/321.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547588\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/could-the-auto-industry-get-some-much-needed-reprieve\/321-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/321.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"321.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/321.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/321.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547587\" class=\"content-area-description single-story post-547587 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-automobile-industry tag-automotive tag-enterpriseam tag-moustafa-madbouly 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-01\"><\/a><strong> PM Madbouly seeks to reassure automotive players on stymied car imports: <\/strong>Prime Minister Moustafa Madbouly has directed his ministers, the central bank, and the banking sector to coordinate on setting up \u201ca mechanism for the orderly release of car shipments\u201d from ports, according to a <a href=\"https:\/\/tinyurl.com\/2p94w836\">cabinet statement<\/a>. Madbouly\u2019s directive came during a meeting with automotive industry reps, cabinet ministers, and banking officials meant to address supply constraints in the industry, after new import rules created challenges for local car dealers to get shipments through ports.<\/p>\n<p><strong>Measures have been taken to accelerate the release of imported vehicles<\/strong>, Trade and Industry Minister Nevine Gamea said, without providing any details. Industry reps, meanwhile, expressed their thanks to the government, the central bank, and the banking sector for efforts to facilitate imports, adding that they understand \u201cthe exceptional circumstances the world is going through, and that this situation is temporary and imposed by the unprecedented current events.\u201d<\/p>\n<p><strong>Finding a balance: <\/strong>The state is keen to find a balance between meeting import needs for basic commodities like food and oil, and \u201cmaintaining market movement\u201d for local car companies and dealerships \u201cdespite the difficult and unfavorable global economic conditions,\u201d Madbouly said.<\/p>\n<p><strong>Background: <\/strong>Several foreign car manufacturers have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">suspended sales to Egypt<\/a> after a change to how imports are paid for left local dealers incapable of purchasing vehicles, industry sources told Enterprise last month, with one estimating that some 29k vehicles are stranded at ports. This followed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">new rules<\/a> handed down by the Central Bank of Egypt (CBE) in March requiring importers to use letters of credit (L\/Cs) to purchase non-essential goods, instead of documentary collection.<\/p>\n<p><strong>Dire straits:<\/strong> Car sales collapsed almost <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/345adc37-b12e-4009-958d-0b59063d4bd7\">20% y-o-y in April<\/a> for the second consecutive month, as the automotive sector is being buffeted by a multitude of headwinds, including a lack of financing for imports, rising inflation, component shortages and the EGP devaluation in March.<\/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\/automobile-industry\/\">Automobile industry<\/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\/moustafa-madbouly\/\">Moustafa Madbouly<\/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=\"547589\" 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=\"547589\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/more-promising-sounds-on-incoming-qatari-investment-this-time-from-maait\/\">\r\n                            More promising sounds on incoming Qatari investment, this time from Maait                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" 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\/28\/more-promising-sounds-on-incoming-qatari-investment-this-time-from-maait\/\" 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\/28\/more-promising-sounds-on-incoming-qatari-investment-this-time-from-maait\/')\">\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\/28\/more-promising-sounds-on-incoming-qatari-investment-this-time-from-maait\/\">\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=More promising sounds on incoming Qatari investment, this time from Maait&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/more-promising-sounds-on-incoming-qatari-investment-this-time-from-maait\/\">\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\/28\/more-promising-sounds-on-incoming-qatari-investment-this-time-from-maait\/&title=More promising sounds on incoming Qatari investment, this time from Maait\">\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=More+promising+sounds+on+incoming+Qatari+investment%2C+this+time+from+Maait+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F28%2Fmore-promising-sounds-on-incoming-qatari-investment-this-time-from-maait%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\/28\/more-promising-sounds-on-incoming-qatari-investment-this-time-from-maait\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/322.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547590\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/more-promising-sounds-on-incoming-qatari-investment-this-time-from-maait\/322-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/322.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"322.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/322.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/322.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547589\" class=\"content-area-description single-story post-547589 post type-post status-publish format-standard has-post-thumbnail hentry category-investment-watch tag-adq tag-enterpriseam tag-gcc tag-investment-watch tag-mohamed-maait tag-qatar tag-saudi-arabia tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Qatari officials have discussed investing USD 2-3 bn in the local market in talks <\/strong><strong>with the Madbouly government,<\/strong> Finance Minister Mohamed Maait told reporters on the sidelines of Amcham\u2019s annual general meeting yesterday, according to <a href=\"https:\/\/tinyurl.com\/caxeknsk\">Al Mal<\/a>. The inflows would come in the form of purchases in \u201ccompany stakes and the real estate sector,\u201d Maait said, without providing further details.<\/p>\n<p><strong>That\u2019s only around half of the total investments pledged by Doha<\/strong>, which in March said it would invest USD 5 bn in Egypt to help shore up our finances amid the crisis in Ukraine \u2014 part of more than USD 22 bn of support pledged by Gulf neighbors, led by the KSA and the UAE.<\/p>\n<p><strong>There\u2019s been plenty of promising signs that Qatari inflows are on the way \u2013 but no concrete agreements yet. <\/strong>A landmark visit over the weekend by Qatari Emir Sheikh Tamim bin Hamad Al Thani to Cairo saw him discuss \u201cmaximizing Qatari investments in Egypt.\u201d 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 investment in the past few weeks, where big Qatari names including Ezdan Holding and Qatari Diar expressed their interest. That said, we\u2019re still waiting for Doha firms to sign on the dotted line.<\/p>\n<p><strong>The gov\u2019t still wants to slash dependency on hot money,<\/strong> with Finance Minister Mohamed Maait echoing during the Amcham gathering <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55d004cc-aecf-4c66-80e3-5e677f18f682\">earlier statements<\/a>on the necessity of boosting foreign direct investments,<a href=\"https:\/\/www.reuters.com\/markets\/europe\/egypt-can-no-longer-depend-hot-money-budget-finance-minister-2022-06-27\/\">Reuters<\/a> reported him as saying.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gcc\/\">GCC<\/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\/mohamed-maait\/\">Mohamed Maait<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547591\" 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=\"547591\">\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\/28\/tasaheel-securitizes-usd-150-mn-of-its-loan-book\/\">\r\n                            Tasaheel securitizes USD 150 mn of its loan book                        <\/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\/28\/tasaheel-securitizes-usd-150-mn-of-its-loan-book\/\" 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\/28\/tasaheel-securitizes-usd-150-mn-of-its-loan-book\/')\">\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\/28\/tasaheel-securitizes-usd-150-mn-of-its-loan-book\/\">\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=Tasaheel securitizes USD 150 mn of its loan book&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/tasaheel-securitizes-usd-150-mn-of-its-loan-book\/\">\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\/28\/tasaheel-securitizes-usd-150-mn-of-its-loan-book\/&title=Tasaheel securitizes USD 150 mn of its loan book\">\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=Tasaheel+securitizes+USD+150+mn+of+its+loan+book+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F28%2Ftasaheel-securitizes-usd-150-mn-of-its-loan-book%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\/28\/tasaheel-securitizes-usd-150-mn-of-its-loan-book\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/324.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547592\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/tasaheel-securitizes-usd-150-mn-of-its-loan-book\/324-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/324.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"324.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/324.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/324.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547591\" class=\"content-area-description single-story post-547591 post type-post status-publish format-standard has-post-thumbnail hentry category-debt-watch tag-cib tag-debt-watch tag-enterpriseam tag-microfinance tag-mnt-halan tag-tasaheel wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>MNT-Halan\u2019s microfinance subsidiary Tasaheel has closed a USD 150 mn (c.EGP <\/strong><strong>2.8 bn) securitized bond issuance<\/strong> as part of a wider USD 600 mn securitization program with CIB, backed by Tasaheel\u2019s loan book, according to a <a href=\"https:\/\/ent.news\/2022\/6\/MNT-Halan-Securitization-Final-6-27-2022.pdf\">press release (pdf)<\/a>. MNT-Halan did not disclose the total value of Tasaheel\u2019s loan book when asked by Enterprise.<\/p>\n<p><strong>The details:<\/strong> The issuance was 2x oversubscribed, and is being billed as the largest securitization in Egypt\u2019s microfinance sector to date. Proceeds from the bonds will be used to finance \u201cthe company\u2019s accelerated growth across multiple lending business lines and MNT-Halan\u2019s expansion into new verticals,\u201d the press release said.<\/p>\n<p><strong>MNT-Halan will issue the rest of the progra<\/strong><strong>m through Tasaheel and its consumer finance arm over the next three years<\/strong>, Andre Valavanis, vice president of investments and corporate strategy, told Enterprise.<\/p>\n<p><strong>Who bought in? <\/strong>Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Al Baraka Bank, Agricultural Bank of Egypt and the Housing and Development Bank.<\/p>\n<p><strong>What they said: <\/strong>\u201cThis transaction marks our first securitization and ensures our continued growth as we expect our loan book to exceed USD 2 bn over the next couple of years,\u201d MNT-Halan CEO Mounir Nakhla said.<\/p>\n<p><strong>By our count, MNT-Halan\u2019s offering takes the total value of securitized bonds sold this year to almost <\/strong><strong>EGP 14.3 bn<\/strong><strong>.<\/strong> That\u2019s just north of 90% of the total value of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0fcbee26-6e79-473b-acfe-a8c7c7de76c1\">EGP 15.8 bn taken to market last year<\/a>.<\/p>\n<p><strong>Advisors: <\/strong>CIB acted as financial advisor and general arranger of the transaction, while the National Bank of Egypt acted as co-financial advisor and underwriter. Arab African International Bank and NI Capital served as underwriters, and Matouk Bassiouny & Hennawy served as counsel.<\/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\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microfinance\/\">microfinance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mnt-halan\/\">MNT-Halan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tasaheel\/\">Tasaheel<\/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=\"547593\" 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=\"547593\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/547593\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547593\" class=\"content-area-description single-story post-547593 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547594\" 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=\"547594\">\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\">Healthcare<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/ifc-ehcs-partner-on-mega-medical-complex-in-badr-city\/\">\r\n                            IFC, EHCS partner on mega medical complex in Badr City                        <\/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\/28\/ifc-ehcs-partner-on-mega-medical-complex-in-badr-city\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The IFC is set to advise on \u201cdesigning, structuring, budgeting, and managing the project while identifying strategic investors,\u201d according to the statement.<\/p>\n<p><strong>Construction has already begun on the first phase of the project, <\/strong>which should open its doors next year and is set to cost EGP 5.5 bn split between equity and debt, EHCS Chairman and Managing Director Hassan El Kalla told Enterprise. The IFC will manage the equity side of the financing, he said.<\/p>\n<p><strong>Further down the line: <\/strong>The private medical complex is set to include a general hospital and 19 specialist centers, and hopes to serve some 20 mn people. El Kalla described the project \u2014 which local media has previously reported to be worth <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/712c90c6-bbf3-4971-906f-67acee8ae97c\">EGP 18 bn overall<\/a> \u2014- as \u201cthe largest ever development for healthcare in Egypt,\u201d adding that its four phases will take 10-12 years to complete. Huawei is reportedly responsible for the park\u2019s smart infrastructure.<\/p>\n<p><strong>What they said: <\/strong>\u201cGiven the challenges facing the public healthcare system, increasing the role of private providers will be essential if Egypt wants to meet its ambitious goal of universal healthcare coverage within the next eight years,\u201d said Cheick-Oumar Sylla, IFC regional director for North Africa.<\/p>\n<p><strong>WORTH NOTING-<\/strong> The IFC <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2704b129-d47d-4a31-bf58-815f400e9b7a\">last year<\/a> launched a three-year advisory program that aims to help at least 100 local private-sector healthcare providers improve patient care<\/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\/egyptians-for-health-care-services-ehcs\/\">Egyptians for Health Care Services (EHCS)<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/international-finance-corporation\/\">International Finance Corporation<\/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=\"547596\" 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=\"547596\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/547596\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547596\" class=\"content-area-description single-story post-547596 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547597\" 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=\"547597\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/last-nights-talk-shows-el-sisi-in-muscat\/\">\r\n                            Last Night\u2019s Talk Shows: El Sisi in Muscat                        <\/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\/28\/last-nights-talk-shows-el-sisi-in-muscat\/\" 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\/28\/last-nights-talk-shows-el-sisi-in-muscat\/')\">\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\/28\/last-nights-talk-shows-el-sisi-in-muscat\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: El Sisi in Muscat&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/last-nights-talk-shows-el-sisi-in-muscat\/\">\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\/28\/last-nights-talk-shows-el-sisi-in-muscat\/&title=Last Night\u2019s Talk Shows: El Sisi in Muscat\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+El+Sisi+in+Muscat+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F28%2Flast-nights-talk-shows-el-sisi-in-muscat%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\/28\/last-nights-talk-shows-el-sisi-in-muscat\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547597\" class=\"content-area-description single-story post-547597 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-diplomacy tag-enterpriseam tag-last-nights-talk-shows tag-oman tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the airwaves yesterday:<\/strong> A two-day visit by President Abdel Fattah El Sisi to Oman led the conversation among the talking heads yesterday. El Sisi will land in Bahrain today, Ittihadiya Spokesperson Bassam Rady told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=hX1OWIXpU5I\">watch, runtime: 4:25<\/a>).<\/p>\n<p><strong>Investment from Muscat?<\/strong> Oman's Sultan Haitham bin Tariq told President Abdel Fattah El Sisi that he wants to increase the country\u2019s investments in Egypt during their meeting in Muscat yesterday, according to an Ittihadiya <a href=\"https:\/\/tinyurl.com\/386vxm7k\">readout<\/a>.<\/p>\n<p><strong>Yesterday\u2019s meeting was the first between the duo<\/strong> since bin Tareq assumed power in 2020, Rady said, describing the meetings between the two leaders as \u201cproductive.\u201d Al Hayah Al Youm also covered the story (<a href=\"https:\/\/www.youtube.com\/watch?v=8vxQ47YOrUE\">watch, runtime: 1:13<\/a>).<\/p>\n<p><strong>Kelma Akhira\u2019s Lamis El Hadidi highlighted the USD 586.2 mn worth of trade between Egypt and Oman last year<\/strong>, up 7.2% y-o-y, according to figures from statistics agency Capmas (<a href=\"https:\/\/www.youtube.com\/watch?v=jzQ-4ouhScI\">watch, runtime: 1:50<\/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\/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\/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\/oman\/\">Oman<\/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=\"547598\" 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        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class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-46c5f99\" data-v=\"4\" data-block-id=\"46c5f99\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-46c5f99-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-46c5f99-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240922.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.hsbc.com.eg\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/27489.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Opening up a world of opportunity<\/span>\r\n      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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547599\" 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=\"547599\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/egypt-in-the-news-wheat-crunch-charity-campaign-for-sick-toddler\/\">\r\n                            Egypt in the News: Wheat crunch + charity campaign for sick toddler                        <\/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\/28\/egypt-in-the-news-wheat-crunch-charity-campaign-for-sick-toddler\/\" 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\/28\/egypt-in-the-news-wheat-crunch-charity-campaign-for-sick-toddler\/')\">\n                    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-->\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\/28\/egypt-in-the-news-wheat-crunch-charity-campaign-for-sick-toddler\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547599\" class=\"content-area-description single-story post-547599 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-commodities tag-enterpriseam tag-gender tag-gendered-violence tag-social-media tag-subsidies tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a quiet Tuesday for mentions of Egypt in the international press.<\/strong> Making headlines:<\/p>\n<ul>\n<li><strong>The impact of the global wheat crunch on our bread subsidy program <\/strong>continues to make international headlines. (<a href=\"https:\/\/www.wsj.com\/story\/a-bread-crisis-in-egypt-fuels-fears-of-unrest-742bac89?mod=Searchresults_pos1&page=1\">Wall Street Journal<\/a>)<\/li>\n<li><strong>Egyptians raised EGP 40 mn through social media to give a life-saving injection <\/strong>of the world\u2019s most expensive prescription drug to an Egyptian toddler with spinal muscular atrophy. (<a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/06\/27\/egyptians-raise-2m-in-a-week-for-toddlers-life-saving-injection\/\">The National<\/a>)<\/li>\n<li><strong>University student Naira Ashraf\u2019s murder at the hands of a male classmat<\/strong><strong>e <\/strong>is garnering more international attention. (<a href=\"https:\/\/www.cbsnews.com\/news\/nayera-ashraf-video-death-murder-egypt-violence-against-women\/\">CBS News<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gendered-violence\/\">gendered violence<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-media\/\">social media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsidies\/\">subsidies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547600\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547601\" 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=\"547601\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/penalties-on-farmers-meant-to-boost-the-local-harvest-might-get-tweaked\/\">\r\n                            Penalties on farmers meant to boost the local harvest might get tweaked                        <\/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\/28\/penalties-on-farmers-meant-to-boost-the-local-harvest-might-get-tweaked\/\" 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\/28\/penalties-on-farmers-meant-to-boost-the-local-harvest-might-get-tweaked\/')\">\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\/28\/penalties-on-farmers-meant-to-boost-the-local-harvest-might-get-tweaked\/\">\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=Penalties on farmers meant to boost the local harvest might get tweaked&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/penalties-on-farmers-meant-to-boost-the-local-harvest-might-get-tweaked\/\">\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\/28\/penalties-on-farmers-meant-to-boost-the-local-harvest-might-get-tweaked\/&title=Penalties on farmers meant to boost the local harvest might get tweaked\">\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=Penalties+on+farmers+meant+to+boost+the+local+harvest+might+get+tweaked+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F28%2Fpenalties-on-farmers-meant-to-boost-the-local-harvest-might-get-tweaked%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\/28\/penalties-on-farmers-meant-to-boost-the-local-harvest-might-get-tweaked\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547601\" class=\"content-area-description single-story post-547601 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-competitive-neutrality tag-efg-hermes tag-enterpriseam tag-honeywell tag-investment-watch tag-real-estate tag-saudi-arabia tag-south-sudan tag-valu wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>The government has formed a committee to reconsider some of the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29183830-0b02-47ca-9b6f-7227de89b93e\">penalties<\/a><\/strong><strong> it <\/strong><strong>imposed this harvest season on wheat farmers <\/strong>who fail to sell the required grain quotas to the state, <a href=\"https:\/\/alborsaanews.com\/2022\/06\/28\/1553237\">Al Borsa<\/a> reports, citing comments by Supply Minister Ali El Moselhy on the sidelines of his <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f2f16b19-feb0-48bb-9bb2-30d9c022fd79\">big presser on wheat<\/a> earlier this week. The state is reportedly finding it hard to impose some of the penalties \u2014 including money fines and withholding fertilizer subsidies for next year\u2019s crop from those who don\u2019t provide the required amount of wheat \u2014 due to confusion over whether landowners or their tenant farmers should be penalized, and land changing ownership, unnamed sources told Al Borsa.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Honeywell<\/strong> will use its tech to automate systems at the <strong>Anchor Benitoite <\/strong><strong>petrochemicals complex <\/strong>in the Suez Canal Economic Zone, under an MoU it signed with<strong> Anchorage Investments<\/strong>. (<a href=\"https:\/\/ent.news\/2022\/6\/HONEYWELL-AND-ANCHORAGE-INVESTMENTS.pdf\">Press release, pdf<\/a>)<\/li>\n<li>EFG Hermes\u2019 buy-now-pay-later platform<strong> valU <\/strong>has partnered with real estate developer<strong> Arab Developers Holding <\/strong>to provide residents with home improvement and maintenance finance. (<a href=\"https:\/\/ent.news\/2022\/6\/valU-Arab-Developers-Holding-English.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>The National Bank of Egypt<\/strong> is opening its first branch in Juba, South Sudan today. (<a href=\"https:\/\/www.facebook.com\/Egypt.SouthSudan\/posts\/pfbid02bZxX6j23hnCbukTmqGHKoi5nnGWZLMAS5QRqBdVUcakcosp7MNDwXWqit2Sfm9b7l\">Statement<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/competitive-neutrality\/\">competitive neutrality<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/honeywell\/\">Honeywell<\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-sudan\/\">South Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"547602\" 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=\"547602\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/new-sharia-compliant-etfs-from-chimera-etfs-at-large-expose-ems-to-shocks\/\">\r\n                            New sharia-compliant ETFs from Chimera + ETFs at large expose EMs to shocks                        <\/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\/28\/new-sharia-compliant-etfs-from-chimera-etfs-at-large-expose-ems-to-shocks\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The first of the Abu Dhabi-based investment management firm\u2019s new indices will track the S&amp;P Composite 1500\u2019s 30 most liquid sharia-compliant value stocks, including Johnson &amp; Johnson, Procter &amp; Gamble, and Exxon Mobil. The second index will cover the S&amp;P 500\u2019s 30 biggest sharia-compliant value-stock constituents, such as Apple, Tesla, and Amazon. Chimera will list both ETFs on the ADX, giving investors direct access to the US market. Authorized participants (who can create and redeem the ETFs\u2019 shares) are International Securities, EFG Hermes, Arqaam Capital, Daman Securities, and BHM Capital. BNY Mellon is the ETFs\u2019 global custodian.<\/p><p><strong>Speaking of ETFs: Their heavy penetration in emerging markets leaves EMs <\/strong><strong>exposed to global shocks<\/strong> because \u201cpassive funds and ETFs investing in EMEs assets are more subject to redemption pressures during periods of market turbulence,\u201d economists at Italy\u2019s central bank said in a <a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4110067\">research paper<\/a>.<\/p><p><strong>For example:<\/strong> When markets are volatile, passive funds were more likely than active funds to drop EM bonds, the researchers found in their analysis of global market data. ETFs tend to be fickle with their investments, meaning they are not \u201ca reliable long-term source of investment that countries need,\u201d Renaissance Capital Chief Economist Charles Robertson told the <a href=\"https:\/\/www.ft.com\/content\/66c70d86-9333-4e06-b3b8-5b4da27710ab\">Financial Times<\/a>.<\/p><p><strong>Egypt saw that ETF volatility firsthand back in 2018 during the emerging market <\/strong><strong>meltdown.<\/strong> Our portfolio investments had jumped to USD 70 bn in 2018 from USD 70 mn in 2016. Around half of these investments left the country in mid-2018, only to flow back a year later, Robertson notes.<\/p><p><strong>ALSO IN PLANET FINANCE- <\/strong><\/p><ul>\n<li><strong>Tecom IPO was massively oversubscribed:<\/strong> Dubai business park operator Tecom Group drew USD 9.6 bn in orders for its USD 454 mn IPO as the Gulf IPO rush continues. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-27\/dubai-s-tecom-draws-9-6-billion-in-orders-for-454-million-ipo?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg)<\/a><\/li>\n<li><strong>VW\u2019s EV charging business worth bns of USD?<\/strong> Volkswagen is close to selling a minority stake in its US EV-charging business Electrify to a Siemens subsidiary. The transaction would value Electrify at more than USD 2 bn. (<a href=\"https:\/\/www.wsj.com\/articles\/germanys-volkswagen-nears-deal-to-sell-stake-in-electrify-america-to-siemens-11656363210?mod=hp_lead_pos3\">WSJ<\/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-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,255<\/p>\n<\/td>\n<td>\n<p>-2.0% (YTD: -22.5%)<\/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>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>11,427<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +1.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,268<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +9.2%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,218<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +0.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,900<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -18.2%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,258<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: -1.7%)<\/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>3,539<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -17.7%)<\/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 115.09<\/p>\n<\/td>\n<td>\n<p>+1.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.39<\/p>\n<\/td>\n<td>\n<p>-1.8%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1823.90<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,716<\/p>\n<\/td>\n<td>\n<p>-1.6% (YTD: -55.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 2.0% at yesterday\u2019s close<\/strong> on turnover of EGP 828 mn (0.1% above the 90-day average). Local investors were net buyers. The index is down 22.5% YTD.<\/p><p><strong>In the green: <\/strong>Oriental Weavers (+0.8%) and Eastern Company (+0.6%).<\/p><p><strong>In the red: <\/strong>GB Auto (-11.0%), Fawry (-9.6%) and Orascom Development Egypt (-7.2%).<\/p><p><strong>Asian markets are up\/down in early trading this morning<\/strong> and futures suggest xx<\/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\/chimera-investment\/\">Chimera Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/etfs\/\">ETFs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ev-charging\/\">EV charging<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/siemens\/\">Siemens<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tecom\/\">Tecom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547603\" 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=\"547603\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/negev-steering-summit-aims-for-closer-us-israel-arab-ties\/\">\r\n                            Negev steering summit aims for closer US-Israel-Arab ties                        <\/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\/28\/negev-steering-summit-aims-for-closer-us-israel-arab-ties\/\" 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\/28\/negev-steering-summit-aims-for-closer-us-israel-arab-ties\/')\">\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\/28\/negev-steering-summit-aims-for-closer-us-israel-arab-ties\/\">\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=Negev steering summit aims for closer US-Israel-Arab ties&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/negev-steering-summit-aims-for-closer-us-israel-arab-ties\/\">\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\/28\/negev-steering-summit-aims-for-closer-us-israel-arab-ties\/&title=Negev steering summit aims for closer US-Israel-Arab ties\">\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=Negev+steering+summit+aims+for+closer+US-Israel-Arab+ties+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F28%2Fnegev-steering-summit-aims-for-closer-us-israel-arab-ties%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\/28\/negev-steering-summit-aims-for-closer-us-israel-arab-ties\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547603\" class=\"content-area-description single-story post-547603 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-bahrain tag-diplomacy tag-enterpriseam tag-israel tag-negev tag-oman tag-sultan-haitham-bin-tariq tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Second Negev meeting sees US, Israel, Arab allies form working groups on key issues:<\/strong> Officials from Bahrain, Egypt, Israel, Morocco, the UAE and the US agreed to form working groups for closer ties on clean energy, education, food and water security, health, regional security, and tourism at a steering meeting of the recently formed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f8e2b8d2-ea9c-40ff-bf75-77e728973ef8\">Negev forum<\/a> in Manama yesterday, a <a href=\"https:\/\/www.state.gov\/negev-forum-steering-committee-joint-statement\/\">joint statement<\/a>released by the State Department read. The statement made no mention of the Iranian nuclear threat, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/61e97a92-22a0-4933-8cc8-e0e453d516e0\">Israeli officials had suggested<\/a> ahead of the meeting would be on the table.<\/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\/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\/bahrain\/\">Bahrain<\/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\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/negev\/\">Negev<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oman\/\">Oman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sultan-haitham-bin-tariq\/\">Sultan Haitham bin Tariq<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547604\" 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=\"547604\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/sudan-appeals-to-unsc-over-alleged-killings-by-ethiopian-army-could-we-see-direct-hajj-flights-from-israel\/\">\r\n                            Sudan appeals to UNSC over alleged killings by Ethiopian army + Could we see direct hajj flights from Israel?                        <\/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\/28\/sudan-appeals-to-unsc-over-alleged-killings-by-ethiopian-army-could-we-see-direct-hajj-flights-from-israel\/\" 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\/28\/sudan-appeals-to-unsc-over-alleged-killings-by-ethiopian-army-could-we-see-direct-hajj-flights-from-israel\/')\">\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\/28\/sudan-appeals-to-unsc-over-alleged-killings-by-ethiopian-army-could-we-see-direct-hajj-flights-from-israel\/\">\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=Sudan appeals to UNSC over alleged killings by Ethiopian army + Could we see direct hajj flights from Israel?&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/28\/sudan-appeals-to-unsc-over-alleged-killings-by-ethiopian-army-could-we-see-direct-hajj-flights-from-israel\/\">\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\/28\/sudan-appeals-to-unsc-over-alleged-killings-by-ethiopian-army-could-we-see-direct-hajj-flights-from-israel\/&title=Sudan appeals to UNSC over alleged killings by Ethiopian army + Could we see direct hajj flights from Israel?\">\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=Sudan+appeals+to+UNSC+over+alleged+killings+by+Ethiopian+army+%2B+Could+we+see+direct+hajj+flights+from+Israel%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F28%2Fsudan-appeals-to-unsc-over-alleged-killings-by-ethiopian-army-could-we-see-direct-hajj-flights-from-israel%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\/28\/sudan-appeals-to-unsc-over-alleged-killings-by-ethiopian-army-could-we-see-direct-hajj-flights-from-israel\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547604\" class=\"content-area-description single-story post-547604 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-ethiopia tag-hajj tag-israel tag-palestine tag-saudi-arabia tag-sudan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Sudan is submitting a formal complaint to the UN Security Council against <\/strong><strong>Ethiopia for allegedly kidnapping and killing seven Sudanese soldiers and a civilian<\/strong> last week, according to <a href=\"https:\/\/www.suna-sd.net\/read?id=743082\">SUNA<\/a>. Sudan has also summoned Ethiopia\u2019s ambassador in Khartoum over the incident, for which President Abdel Fattah El Sisi extended his condolences to Sudan\u2019s military leader General Abdel Fattah Al Burhan over the incident, according to an Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0SSckgP5VVDY9PzWCKTHYZUssauK3cRjtsCGDGkG1ty2nk7HYCfPJxGKD2LrFVWael\">statement<\/a>, while Ethiopia\u2019s foreign ministry denied the accusation, <a href=\"https:\/\/www.reuters.com\/world\/africa\/sudan-accuses-ethiopia-executing-7-sudanese-soldiers-civilian-2022-06-26\/\">Reuters<\/a> reports.<\/p>\n<p><strong>Warming Israel-KSA ties through easier Hajj access?<\/strong> Israel and Saudi Arabia are reportedly negotiating a potential agreement that would see Riyadh allow Palestinians with Israeli citizenship to board flights from Israel to conduct Hajj and Umrah, the <a href=\"https:\/\/www.ft.com\/content\/0ec338ba-d73c-464a-9caf-5d4f3dc6d711\">Financial Times<\/a> reports, citing people with knowledge of the matter. The negotiations are backed by the US and come ahead of US President Joe Biden\u2019s trip to the two countries next month.<\/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\/around-the-world\/\">Around the World<\/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\/hajj\/\">hajj<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"547605\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday 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\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/enterprise-sits-down-with-michael-stusch-executive-chairman-of-the-company-hoping-to-build-egypts-first-waste-to-hydrogen-plant\/\">\r\n                            Enterprise sits down with Michael Stusch, executive chairman of the company hoping to build Egypt\u2019s first waste-to-hydrogen plant<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/enterprise-sits-down-with-michael-stusch-executive-chairman-of-the-company-hoping-to-build-egypts-first-waste-to-hydrogen-plant\/\" 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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Scatec, Fertiglobe and Orascom Construction are beginning work on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">the country\u2019s first hydrogen facility<\/a> in Ain Sokhna and the government has signed some USD 14 bn worth of preliminary agreements for further green hydro and green ammonia projects, giving it a potential pipeline of <a href=\"https:\/\/www.rystadenergy.com\/newsevents\/news\/press-releases\/COP27-host-Egypt-commits-40bn-to-green-hydrogen-economy-to-attract-foreign-investment\/\">11.62 GW<\/a> (equal to around 1.57 mn tons of hydrogen a year).<\/p>\n<p><strong>One such project is H2-Industries\u2019 proposed waste-to-hydrogen facility: <\/strong>New York-headquartered energy firm <a href=\"https:\/\/h2-industries.com\/en\/\">H2-Industries<\/a> plans to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb26a4bf-4862-42a3-8668-8cb2bd9a7a01\">establish Egypt\u2019s first waste-to-hydrogen plant<\/a> in East Port Said, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04b8d362-f915-49cd-8204-7e5366a0be03\">signed a memorandum of understanding<\/a> with the Suez Canal Economic Zone (SCZone) this month. The USD 3 bn facility would produce 300k tons of hydrogen each year, consuming 4 mn tons of municipal solid waste. The company, founded in 2010 by Michael Stusch, has <a href=\"https:\/\/www.biofuelsdigest.com\/bdigest\/2022\/04\/24\/h2-industries-to-develop-1-4b-waste-to-hydrogen-plant\/\">also announced<\/a> plans to build a USD 1.4 bn plant in Oman, and is also working on projects to generate, transport and store green energy in 20 countries including Germany, Botswana, South Africa, Namibia, and other countries in the MENA region.<\/p>\n<p><strong>We sat down with H2-Industries\u2019 founder, executive chairman and CEO Michael Stusch (<\/strong><strong><a href=\"https:\/\/www.linkedin.com\/in\/michael-stusch-a704251\/\">LinkedIn<\/a><\/strong><strong>) to discuss plans for the facility<\/strong>, and why Egypt is well placed to capitalize on the turn towards green hydrogen \u2014 and potentially ease its waste management challenges in the process.<\/p>\n<p><strong>Key takeaways: <\/strong>H2-Industries could sign final agreements on its waste-to-hydrogen facility at COP27. The facility is unique in that it uses only water and waste (and solar power), Stusch says. Given the rising demand for our green energy from European offtakers, our strategic location, and our waste management challenges, Stusch sees Egypt as an ideal location in which to locate the project.<\/p>\n<p><strong>Edited excerpts from our conversation follow. <\/strong><\/p>\n<p><strong>ENTERPRISE:<\/strong> What is H2-Industries\u2019 timeframe to get Egypt\u2019s first waste-to-hydrogen plant up and running, and how will it be financed?<\/p>\n<p><strong>MICHAEL STUSCH:<\/strong> After <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04b8d362-f915-49cd-8204-7e5366a0be03\">signing an initial agreement<\/a> last month, we\u2019re now conducting a feasibility study for the plant which is subject to final approval by the SCZone. Final agreements could be signed at COP27. Once approved, we\u2019ll begin site-specific development.<\/p>\n<p>We plan to implement the project in three phases: Phase one will cover 20% of the plant\u2019s total capacity, and should take approximately 24 months to start producing green hydrogen. phase two should be operational a year later, and phase three a year after that.<\/p>\n<p>The project will be financed by a combination of equity investment from foreign investors and financing from international banks, including development finance institutions. We are currently speaking to financial partners and development experts but can\u2019t disclose names at this stage.<\/p>\n<p><strong>E:<\/strong> You\u2019re aiming to produce 300k tons of hydrogen each year at half the cost of current production technologies, consuming 4 mn tons of organic waste and non-recyclable plastics in the process. What can you tell us about how it works?<\/p>\n<p><strong>MS: <\/strong>H2-Industries\u2019 power plants use only water and waste. There\u2019s no outside electricity or other fuels used as feedstock, so we\u2019re not dependent on power or fuel prices. It\u2019ll be powered by 1.5 MW of roof-top solar systems and some of the hydrogen produced by the plant. This makes our process not just energy autarch and truly emission-free, but also opens chances to set-up power plants where electrical grids are weak or non-existing.<\/p>\n<p>Generally, the challenge in making electrolysis cost-competitive is the cost of the electricity itself. Electricity has to either be generated from polluting fossil fuels or renewable sources, which are expensive and not readily available.<\/p>\n<p>With fuel prices increasing as a result of the war in Ukraine, our costs are lower than fossil-fuel based hydrogen production. And they\u2019re less than half the levelized cost of current green hydrogen production.<\/p>\n<p>The output from our thermo-chemical process \u2014 which doesn\u2019t involve burning waste \u2014 is hydrogen and captured CO2, both high-value products that can be sold on the world market.<\/p>\n<p><strong>E:<\/strong> How much CO2 do you expect to be capturing from the facility?<\/p>\n<p><strong>MS: <\/strong>In the final phase, we will capture roughly 4 mn tons of CO2 per year.<\/p>\n<p><strong>E:<\/strong> What do you plan to do with the hydrogen produced by the facility?<\/p>\n<p><strong>MS:<\/strong> Green, emission-free hydrogen is currently a highly sought-after energy source. Governments and large industrial producers are trying to secure supplies to meet their energy needs amid national decarbonization efforts.<\/p>\n<p>Potential off-takers for emission-free hydrogen \u2014 besides governments and government entities in Europe and Asia \u2014 are private companies in the German and US aviation industries, as well as European utilities, gas and fuel, cement, glass, and steel sectors. Whether we also supply local Egyptian offtakers will depend on the demand. H2-Industries will use <a href=\"https:\/\/pubs.rsc.org\/en\/content\/articlelanding\/2019\/ee\/c8ee02700e\">liquid organic hydrogen carrier (LOHC)<\/a> technology to store and transport the hydrogen produced by our plant.<\/p>\n<p>Another possible use for the green hydrogen we will produce in Egypt is as essential feedstock for <a href=\"https:\/\/www.bosch.com\/stories\/synthetic-fuels\/#:~:text=Synthetic%20fuels%20are%20made%20solely,from%20the%20air%20using%20filters.\">synthetic fuel production<\/a>. Over 1.4 bn vehicles, some 27k aircraft and over 100k ships worldwide will continue to form the basis for global mobility for the coming two decades at least. Carbon-neutral fuels are a sustainable solution for better climate protection.<\/p>\n<p><strong>E:<\/strong> What makes green hydrogen \u201cgreen\u201d is the fact that its primary feedstock is renewable energy, like wind or solar. So would the hydrogen produced by H2\u2019s waste-to-hydrogen facility be considered green?<\/p>\n<p><strong>MS:<\/strong> As waste-to-hydrogen is such a new concept, it\u2019s yet to be classified within the current <a href=\"https:\/\/www.nationalgrid.com\/stories\/energy-explained\/hydrogen-colour-spectrum\">hydrogen color spectrum<\/a>, but this process is underway.<\/p>\n<p>Waste isn\u2019t considered a renewable energy source, but the hydrogen it produces is closer to green than any other color on the spectrum as the CO2 is captured. We know that plastic waste is harmful, but it\u2019s also a feedstock society will continue to produce in the future. Using waste as an energy source helps to clean up our planet.<\/p>\n<p>In the future, some of the hydrogen colors may fade in importance or new ones may appear. What\u2019s certain is that the hydrogen rainbow will play a significant role in decarbonizing our homes, businesses and transport. Specific technologies and their environmental impact will determine the real value of any kind of hydrogen \u2014 not the color allocated by a certification body.<\/p>\n<p><strong>E:<\/strong> Egypt\u2019s waste-to-energy sector <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b8e85f3-4abd-445e-8890-22baac2066c3\">has faced challenges<\/a> getting off the ground, with players in the field saying it just isn\u2019t financially viable without other incentives. Why is Egypt an appealing destination for this waste-to-hydrogen project?<\/p>\n<p><strong>MS:<\/strong> Egypt generates <a href=\"https:\/\/enterprise.press\/greeneconomys\/regs-legislation-supposed-solve-egypts-growing-waste-problem\/\">approximately 22 mn tons<\/a> of waste per year and faces waste management challenges, as do many other countries worldwide. With COP27 coming up, Egypt has also been ramping up its green hydrogen ambitions and has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/eee36486-1f7c-4403-bb96-7b6160f927d3\">set targets to accelerate renewable energy use<\/a>. The amount of waste produced by the region, renewable energy targets, and the government\u2019s willingness to implement green hydrogen projects have naturally resulted in Egypt being an attractive market for hydrogen production.<\/p>\n<p>The SCZone is also a perfect location for our project. It\u2019s centered between Europe, Africa and Asia, and provides modern infrastructure, access to waste, water, and skilled human resources. It also has a supportive and committed administration.<\/p>\n<p>Egyptian authorities have so far been very responsive and willing to work with us. The challenges are known and are being constantly addressed. In our case, the regulation of the waste sector is vital, since a regular supply of waste is key to our production process. We require the right regulatory and market framework for us to secure this input for at least the next 35 years.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Concrete giant CEMEX is partnering with the <\/strong><strong><a href=\"http:\/\/verynile.org\/\">VeryNile<\/a><\/strong><strong> initiative to expand solid waste collection<\/strong> at the Nile River under a <a href=\"https:\/\/tinyurl.com\/5bhu69uz\">three-year cooperation protocol<\/a>.<\/li>\n<li><strong>COP27 will help ramp up agreements in Egypt\u2019s green ammonia sector: <\/strong>The summit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0ab7545-fd1e-4916-b5b8-543ef4194d0c\">will<\/a><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0ab7545-fd1e-4916-b5b8-543ef4194d0c\"><\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0ab7545-fd1e-4916-b5b8-543ef4194d0c\">focus<\/a> on agreements to finance fuel and power projects, especially climate-friendly ones like ramping up green ammonia for shipping in the Suez Canal.<\/li>\n<li><strong>We\u2019re getting a new solar plant:<\/strong> Alhokair Group subsidiary FAS Energy <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/495756fd-2671-4978-b10a-7f23f4bcea99\">is<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/495756fd-2671-4978-b10a-7f23f4bcea99\">planning<\/a> to invest some USD 450 mn to construct a 500 MW solar plant in Egypt in partnership with the Electricity Ministry and the Egyptian Electricity Transmission Company (EETC).<\/li>\n<li><strong>And one of the largest onshore wind farms in the world:<\/strong> Saudi Arabia\u2019s ACWA Power and Hassan Allam Holding <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/031ecccd-f816-4657-ae61-58d9c32a706d\">signed<\/a> a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to develop a 1.1 GW wind farm in the Gulf of Suez.<\/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\/east-port-said\/\">East Port Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/h2-industries\/\">H2 industries<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/waste-management\/\">waste management<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"547607\" 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\/28\/547607\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547607\" class=\"content-area-description single-story post-547607 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>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&ndash;27 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>October: The finals of the IEEE\u2019s <a href=\"https:\/\/www.zawya.com\/en\/press-release\/events-and-conferences\/ieee-announces-the-launch-of-arab-iot-and-ai-challenge-in-11-arab-countries-wnf45bg1\">Arab IoT & AI Challenge<\/a> will be held during GITEX Technology Week in Dubai next October, with participants from 11 Arab countries.<\/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>7-13 November (Mon-Sun): The International University Sports Federation (FISU) <a href=\"https:\/\/www.worldsquash.org\/2022-fisu-world-university-championship-squash-to-take-place-in-egypt\/\">World University<\/a> Squash Championships, New Giza.<\/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":547584,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547583","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"e49088d7-e879-4211-b830-bc3e2d7fae70","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/44.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>Gov\u2019t is working to get car imports flowing again -PM Madbouly - 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\/govt-is-working-to-get-car-imports-flowing-again-pm-madbouly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t is working to get car imports flowing again -PM Madbouly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/govt-is-working-to-get-car-imports-flowing-again-pm-madbouly\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:53:54+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\/44.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\/govt-is-working-to-get-car-imports-flowing-again-pm-madbouly\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/govt-is-working-to-get-car-imports-flowing-again-pm-madbouly\/\",\"name\":\"Gov\u2019t is working to get car imports flowing again -PM Madbouly - 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