{"id":547617,"date":"2022-06-29T04:00:28","date_gmt":"2022-06-29T04:00:28","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547617"},"modified":"2025-12-15T21:54:41","modified_gmt":"2025-12-15T21:54:41","slug":"house-debate-heats-up-over-amendments-to-competition-act-regulating-ma","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/house-debate-heats-up-over-amendments-to-competition-act-regulating-ma\/","title":{"rendered":"House debate heats up over amendments to Competition Act regulating M&#038;A"},"content":{"rendered":"<section id=\"547619\" 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=\"547619\">\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\/29\/this-morning-enjoy-the-long-weekend-well-see-you-next-fiscal-year\/\">\r\n                            THIS MORNING: Enjoy the long weekend \u2014 we\u2019ll see you next fiscal year                        <\/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\/29\/this-morning-enjoy-the-long-weekend-well-see-you-next-fiscal-year\/\" 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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We\u2019ll be back to our usual 6am \/ 3:30pm CLT publication schedule on Sunday.<\/p><p><strong>That means that next time we write to you, it\u2019s going to be a new month \u2014 and a new fiscal year.<\/strong> With the start of the new month come the usual suspects on our news calendar:<\/p><ul>\n<li><strong>PMI:<\/strong> Purchasing managers\u2019 index figures for June will be released on Wednesday, 6 July. Data for Saudi Arabia and the UAE data will be out one day earlier, on Tuesday, 5 July;<\/li>\n<li><strong>Foreign reserves figures<\/strong> for June should be announced sometime next week;<\/li>\n<li><strong>Inflation<\/strong> figures for June are due out on Sunday, 10 July.<\/li>\n<li><strong>The central bank won\u2019t meet to discuss interest rates in July. <\/strong>Its next meeting is on Thursday, 18 August. <\/li>\n<\/ul><p><strong>PSA-<\/strong> <strong>ATM and other banking fees could be back by the time we next land in your inbox. <\/strong>Covid-era measures waiving fees on inter-bank EGP transfers, ATM withdrawals, point-of-sale transactions, contactless payment cards, mobile wallets, e-payments, and more will lapse at the end of June, unless the Central Bank of Egypt decides to extend them once again, <a href=\"https:\/\/bit.ly\/3AhHA6R\">Masrawy<\/a> reports. The measures were introduced during the first wave of the pandemic in March 2020 and have been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/35e6ef99-0cd7-49b6-8c5f-a164d1bdd1ec\">periodically extended<\/a> ever since, most recently at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bcfb262f-b3a9-4a65-85f7-ae377d713cfd\">end of 2021<\/a>.<\/p><p><strong>THE BIG STORY here at home is the shake-up in competition law currently making its <\/strong><strong>way through the House. <\/strong>We\u2019re taking advantage of a somewhat slower newsflow this morning to bring you the details so far on amendments to the Competition Act that would give the Egyptian Competition Authority (ECA) more power to regulate M&amp;A.<\/p><p><strong>Elsewhere, passenger car sales are down for a third month running;<\/strong> B Healthcare has closed its acquisition of Egyptian IVF Center; and BP has landed fresh gas exploration rights in the Med.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a><strong> Deadlines for offers in state grain buyer GASC\u2019s latest <\/strong><strong>international tender close today. <\/strong>The General Authority for Supply Commodities (GASC) is <a href=\"http:\/\/www.gasc.gov.eg\/wheat%20bids_en.htm\">seeking an unspecified amount of wheat<\/a> on a free-on-board (FOB) basis 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><p><strong>OPEC+ meets today and tomorrow \u2014 but don\u2019t expect any changes to the <\/strong><strong>schedule<\/strong>, as industry watchers expect the cartel to proceed with a pre-agreed modest production increase in August, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-28\/opec-set-for-brief-respite-before-tough-decision-on-new-deal?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>reports. The August ramp-up would complete the two-year reversal of output cuts that were made during the onset of covid-19 in 2020.<\/p><p><strong>The big question will be what happens after August:<\/strong> The alliance faces pressure to intervene and bring down soaring oil prices \u2014 which have breached USD 110 per barrel \u2014 by upping its supplies to fill the Russian-oil sized gap in the energy market, while still keeping in mind the effect on their dwindling reserves, Bloomberg notes.<\/p><p><strong>Another big question: Does OPEC have the capacity to up supply?<\/strong> The cartel has supplied more than 500 mn fewer barrels of oil since its covid-era supply agreement began, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-28\/opec-oil-output-is-half-a-billion-barrels-behind-on-supply-deal?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>reports, citing data from OPEC\u2019s Joint Technical Committee. A lack of investment and ongoing supply chain snarls have had many members struggling to keep up with production increases.<\/p><p><strong>Caught on camera: <\/strong>French President Emmanuel Macron telling US President Joe Biden at the G7 that Saudi Arabia and the UAE are approaching their maximum oil pumping capacity \u2014 which would contradict official data. Reuters TV picked up Macron\u2019s comments without his knowledge, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-27\/macron-tells-biden-that-uae-and-saudi-pumping-near-oil-limits?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>. UAE Energy Minister Suhail Al Mazrouei suggested in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b942fd02-9eaa-4563-87e3-f3b7b635eb0b\">tweet<\/a> that Macron had been referring to OPEC production limits.<\/p><p><strong>How did <\/strong><strong>OPEC do in 2021? <\/strong>The cartel\u2019s oil revenue surged 77% last year on the back of rising prices and post-covid demand to hit USD 561 bn, according to its <a href=\"https:\/\/ent.news\/2022\/6\/ASB_2022.pdf\">annual statistical bulletin (pdf)<\/a>, which was released yesterday. That said, the number of active oil rigs rose by only a modest 11% to 489, while the number of completed new wells declined. \u201cThese figures are worrying and indicate a reduction in OPEC spare capacity in the near term,\u201d an unnamed OPEC source told <a href=\"https:\/\/www.reuters.com\/business\/energy\/opec-boosts-oil-income-2021-well-completions-drop-2022-06-28\/\">Reuters.<\/a><\/p><p><strong>FOR TOMORROW-<\/strong><\/p><p><strong>NDP HQ revamp deadline:<\/strong> Tomorrow is the deadline for companies to submit bids for the redevelopment of the National Democratic Party headquarters.<\/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>THE BIG STORY ABROAD is that Finland and Sweden have managed to <\/strong><strong>assuage Turkish concerns over their bid to join Nato<\/strong>, bringing the two nations a step closer to being welcomed into the fold of the Western military alliance. They signed an agreement with Ankara yesterday agreeing \u201cto address Turkey\u2019s legitimate security concerns,\u201d a<a href=\"https:\/\/www.nato.int\/cps\/en\/natohq\/news_197251.htm\">statement<\/a> by NATO read, paving the way for Nato members to invite the two countries to join. Ankara got pledges on sticking points including the two countries\u2019 alleged support of Kurdish groups that Turkey deems terrorists. Finland and Sweden will still have to get the sign-off of all 30 NATO members to join. The <a href=\"https:\/\/www.ft.com\/content\/3801a72c-791c-4b0e-ab09-5fa583e6b6a5\">Financial Times<\/a>, <a href=\"https:\/\/www.reuters.com\/world\/europe\/us-press-turkey-finland-sweden-hope-nato-breakthrough-2022-06-28\/\">Reuters<\/a>, the <a href=\"https:\/\/www.wsj.com\/articles\/nato-allies-to-focus-on-threats-from-russia-and-beyond-at-summit-11656408633?mod=hp_lead_pos1\">Wall Street Journal<\/a>, and the <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-nato-biden-turkey-madrid-0441ed4a13ea31aad5df316572f082bf\">Associated Press<\/a> all have coverage.<\/p><p><strong>MEANWHILE- China takes another big step toward removing covid-19 restrictions.<\/strong> The country cut quarantine requirements for overseas travelers to seven days in centralized quarantine followed by three days of home isolation, down from 14-21 days in centralized quarantine, <a href=\"https:\/\/www.cnbc.com\/2022\/06\/28\/china-cuts-quarantine-for-overseas-travelers-easing-covid-controls.html\">CNBC<\/a> reports. China has been working to ease years-long restrictions that have taken a toll on its economy, exacerbated global supply bottlenecks, and curtailed citizens\u2019 freedoms.<\/p><p><strong>DATA POINT-<\/strong> <strong>US car sales are projected to plunge 17.3% this year to their lowest <\/strong><strong>level in a decade <\/strong>amid supply chain constraints and component shortages, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-28\/auto-sales-are-seen-falling-17-this-year-amid-supply-chain-woes\">Bloomberg<\/a> reported, citing data from researcher Cox Automotive. \u201cWe don\u2019t think a recession is inevitable,\u201d Cox Chief Economist Jonathan Smoke said. \u201cWe still have pent-up demand in retail. There are people who can\u2019t get what they want.\u201d<\/p><p><strong>Sound familiar?<\/strong> Auto sales here at home have been dropping as economic headwinds and import restrictions continue to impact the sector. Sales of passenger vehicles dropped for a third consecutive month in May, down 22% y-o-y. Catch the full story in our Automotive section, below.<\/p><p><strong>MARKET WATCH-<\/strong><\/p><p><strong>The ECB is going to get tough on inflation: <\/strong>The European Central Bank (ECB) will act in a \u201cdetermined and sustained manner\u201d to fight Eurozone inflation, ECB head Christine Lagarde said during the bank\u2019s annual forum yesterday, the <a href=\"https:\/\/www.ft.com\/content\/f9801a5c-e864-4c9d-87a2-1e7450300bc7\">Financial Times<\/a> reports. \u201cInflation in the euro area is undesirably high and it is projected to stay that way for some time to come,\u201d she said. Earlier this month, the ECB held <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9b5f5a8-1813-4499-8c19-c194d49ec3d0\">an emergency meeting<\/a>, after which it signaled that it will begin raising interest rates in July to curb soaring inflation, triggering fresh concerns over debt levels in the euro area.<\/p><p><strong>Soft landing is still possible, Fed insists:<\/strong> US Federal Reserve officials talked down recession worries for the economy even as they mull another aggressive 50 or 75 basis-point rate hike for July, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-28\/fed-s-williams-sees-50-or-75-basis-point-hike-debated-in-july\">Bloomberg<\/a> reports. \u201cI see us tapping on the brakes to slow to a more sustainable pace, rather than slamming on the brakes, going over the handlebars and having the proverbial recession,\u201d said San Francisco\u2019s Fed President Mary Daly at an online event, while New York Fed President John Williams told <a href=\"https:\/\/www.cnbc.com\/2022\/06\/28\/new-york-fed-president-john-williams-says-a-us-recession-is-not-his-base-case.html\">CNBC<\/a> that \u201crecession is not my base case right now.\u201dTht said, both predict an economic slowdown, with growth dipping below 2%.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/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>Public consultations on the state\u2019s privatization plans will resume next Sunday, 3 July.<\/strong> Every Sunday and Tuesday sees workshops on how privatization plans will affect specific industries. Sunday\u2019s session will cover the transport sector, covering maritime, river, and land transport. You can find more details on the schedule of the meetings <a href=\"https:\/\/bit.ly\/3noxSrm\">here<\/a>.<\/p><p><strong>WANT TO CATCH UP ON THE CONSULTATIONS?<\/strong> In <a href=\"https:\/\/enterprise.press\/industries\/fmcg-players-think-states-privatization-plans-merit-want-see-additional-clarity-changes\/\">this week\u2019s Inside Industry<\/a>, we talked to FMCG business leaders about what they think of the state\u2019s plans to privatize the sector. They also discuss with us what else needs to happen in the food sector for the privatization push to play out well.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue:<\/strong> Amid the government\u2019s infrastructure diplomacy push, Egyptian contractors and construction companies are keen to export their services to African and Arab countries. They\u2019re calling on local banks and international financial institutions to help them access financing, which industry players say is the biggest obstacle to their regional expansion ambitions.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nato\/\">NATO<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/opec\/\">OPEC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547620\" 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=\"547620\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/547620\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547620\" class=\"content-area-description single-story post-547620 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=\"547621\" 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=\"547621\">\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\">LEGISLATION WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/business-community-holds-its-breath-as-competition-authority-jockeys-for-more-power-to-regulate-ma\/\">\r\n                            Business community holds its breath as competition authority jockeys for more power to regulate M&#038;A                        <\/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\/29\/business-community-holds-its-breath-as-competition-authority-jockeys-for-more-power-to-regulate-ma\/\" 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 Madbouly cabinet provided a little clarity earlier this week on what it hopes to achieve with the bill, and we got a <a href=\"https:\/\/bit.ly\/3QRdmNK\">glimpse of the articles of the existing law<\/a> that could be changed.<\/p>\n<p><strong>The amendments, which have been up in the air since <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3582805e-b867-4076-9e5e-bff71e01f886\">last year<\/a><\/strong>, would give the ECA the power to approve or block mergers and acquisitions before they are concluded if the regulator feels the transaction would be anti-competitive. As it stands today, the ECA can only raise red flags, typically after a sale is concluded. That hasn\u2019t stopped the authority in recent years from loudly warning that it doesn\u2019t want to see specific acquisitions go through.<\/p>\n<p><strong>The guiding philosophy behind the changes:<\/strong> If the amendments pass, the ECA would be allowed to intervene in M&A transactions if it believes competition could be \u201charmed or restricted.\u201d<\/p>\n<p><strong>A \u201cpro-consumer\u201d set of changes?<\/strong> The amendments also suggest that the ECA would be inclined to greenlight transactions that it thinks could benefit consumers. That suggests the authority is more concerned about the impact of potential monopolies on individual consumers than on smaller businesses who could be squeezed out by a larger player.<\/p>\n<p><strong>Here\u2019s what we know about the changes that MPs are now debating \u2014 and how the <\/strong><strong>business community views them:<\/strong><\/p>\n<p><strong>#1- How much time would the ECA have to review a transaction?<\/strong> Under a proposed amendment to the third clause of Article 19, a specialized committee at the ECA would have 30 business days to decide whether to a) approve the transaction as it stands, b) approve the transaction with conditions, or c) decide that the transaction falls outside the organization\u2019s scope or jurisdiction. There would be an option to extend this initial review by a further 15 business days. The clock begins ticking once the parties submit the required documents.<\/p>\n<p><strong>If the ECA is prepared to claim that a transaction would harm or restrict competition, it <\/strong><strong>gets another period of time in which to complete its investigation. <\/strong>That stage needs to wrap up within 60 business days of the parties to the transaction filing their initial paperwork. This extended review period is designed to give the authority some breathing room to complete its investigation rather than resorting to a \u201cpremature\u201d rejection,\u00a0Al Kamel Law Firm Partner Shahira Khaled tells Enterprise.<\/p>\n<p><strong>A transaction would automatically be considered approved if the 60 business days <\/strong><strong>elapse<\/strong> before the ECA makes a decision.<\/p>\n<p><strong>This timeline isn\u2019t sitting particularly well with several stakeholders:<\/strong> \u201cThe 30-day period should be 15 days only because the longer the investigation period, the more negative impact it causes,\u201d EGX boss Mohamed Farid told MPs at the House Economic Committee.<\/p>\n<p><strong>Regulatory delays are already a persistent challenge to businesses<\/strong> that need to make decisions on whether or not to go ahead with an investment \u2014 including, most recently, the suggestion in some quarters that bureaucratic delays <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/003314c4-b1ce-48c1-8c81-d789953d2a6b\">prompted the UAE\u2019s FAB to drop its bid for EFG Hermes<\/a>.<\/p>\n<p><strong>#2- When does the ECA want to be notified of a potential M&A?<\/strong> The bill originally proposed requiring parties to notify the ECA of a potential consolidation or takeover before they even sign an agreement or start due diligence. This would require the parties to pay fees to the ECA regardless of whether or not they decide to move forward with the agreement, Khaled explains.<\/p>\n<p><strong>What the business community wants to see instead:<\/strong> A counter-proposal that came up in discussion at the House Economic Committee would instead require the ECA be notified before an M&A is executed, according to Khaled. This would give businesses a chance to conduct due diligence and decide that they want to go ahead with the process before getting the green light from the authority, eliminating the need to pay fees prematurely, she said. The ECA has so far been relatively receptive to making this change, but nothing has been decided yet, according to Khaled.<\/p>\n<p><strong>#3- The ECA wants to be paid more:<\/strong> Today, the ECA can claim a fee of EGP 10k to look into requests from companies that want to exempt anticompetitive agreements from being subject to the law. In other words, if an agreement is proven to be anticompetitive, a company can argue that its benefits outweigh the potential harm to competition and that it should be allowed. The ECA now wants to collect fees for reviewing potential transactions, which it wants to set at 0.025% of the total transaction value (or of the total value of assets merged under the transaction, whichever is higher), with an EGP 1 mn cap. This amount would also cover publishing fees. The authority\u2019s argument is that EGP 10k doesn\u2019t fairly value the work it does.<\/p>\n<p><strong>After pushback from the business community, a new proposal now with MPs would cap <\/strong><strong>the ECA\u2019s fees at EGP 100k per transaction<\/strong>, Khaled told Enterprise. The proposal is not yet final, Khaled stressed. The bill also still needs to specify the exact \u201cservices\u201d the ECA will provide in exchange for the fees, since it is unconstitutional to collect fees for an undefined service, she told us.<\/p>\n<p><strong>OTHER POINTS OF CONTENTION on the law so far include proposed penalties. <\/strong>The original bill stipulates that any breaches \u2014 including failing to notify the ECA of an M&A \u2014 would give the authority the right to block a sale entirely. Penalties and other consequences for violating the bill were the focus of discussions that continued at the House Economic Committee on Monday and Tuesday. Expect more of the same in the days ahead.<\/p>\n<p><strong>We\u2019re also looking for clarity<\/strong> on (a) who is legally required to notify the ECA of a potential transaction; (b) who is on the hook for the ECA\u2019s fees; and (c) what powers the ECA is looking for when it comes to mandatory tender offers (MTOs), which are presently regulated by the folks at the Financial Regulatory Authority.<\/p>\n<p><strong>Farid wants the process to be more streamlined:<\/strong> \u201cCompetition laws in many countries allow investors to get approval from the concerned regulatory authorities without being required to submit so many documents, statements, and information, and pay such huge sums in fees,\u201d he said during debate in the House.<\/p>\n<p><strong>The ECA\u2019s defense:<\/strong> \u201cThese procedures would not negatively impact the flow of investment and the ECA will not use its new powers arbitrarily or to create more bureaucracy,\u201d ECA Chairman Mahmoud Momtaz told MPs.<\/p>\n<p><strong>WHAT\u2019S NEXT- <\/strong>The committee is expected to resume its work on the bill next week before referring it, along with the committee report, to the House general assembly for further discussion and a final vote.<\/p>\n<p><em>EDITOR'S NOTE- Corrected on 29 June, 2022<\/em><\/p>\n<p><em>An earlier version of this story incorrectly stated that the ECA currently collects EGP 10k in fees to review M&A transactions post-closing.<\/em><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/competition-act\/\">Competition Act<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span 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story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"547624\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/car-sales-fall-22-in-may-as-industry-struggles-continue\/\">\r\n                            Car sales fall 22% in May as industry struggles continue                        <\/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       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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/car-sales-fall-22-in-may-as-industry-struggles-continue\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/334.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547625\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/car-sales-fall-22-in-may-as-industry-struggles-continue\/334-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/334.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"334.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/334.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/334.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547624\" class=\"content-area-description single-story post-547624 post type-post status-publish format-standard has-post-thumbnail hentry category-automotive tag-amic tag-automotive tag-enterpriseam tag-l-cs 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>Passenger car sales fell for the third consecutive month in May<\/strong> against a backdrop of continued economic headwinds and import restrictions, according to industry data. Passenger vehicle sales dropped by more than 22% y-o-y last month to record 11.8k vehicles, according to figures provided by the Automotive Information Council (AMIC), the industry association to which most distributors report sales.<\/p>\n<p><strong>Bus and truck sales staged a partial recovery: <\/strong>Truck sales were down 10.6% y-o-y to 3.5k and bus sales dipped 1.9% y-o-y to 1.8k \u2014 an improvement on April, when bus sales were down 40% on an annual basis while truck sales fell 38%. Total vehicle sales dropped 18.4% y-o-y last month.<\/p>\n<p><strong>Sales have been dropping since March<\/strong>: Total sales <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e741126-acb8-4223-897b-f46b574f9fa2\">fell 9.4%<\/a> y-o-y in March and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/345adc37-b12e-4009-958d-0b59063d4bd7\">25%<\/a> y-o-y in April. Challenges have been piling up for the industry since Russia\u2019s invasion of Ukraine hit global trade. They include a lack of financing for imports and import restrictions, surging inflation, parts shortages, and the EGP devaluation.<\/p>\n<p><strong>The figures could have been worse:<\/strong> May\u2019s figures could have been substantially worse than April\u2019s, given that <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">as many as 13 global car manufacturers<\/a> have suspended sales here, after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">new import rules<\/a> requiring distributors to use letters of credit (L\/Cs) created challenges getting shipments through ports.<\/p>\n<p><strong>This could help: <\/strong>Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b521c67f-bdc2-4553-8a27-57bd7f7553fc\">on Monday directed<\/a>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.<\/p>\n<p><strong>REMEMBER- Distributors now have to compensate consumers for being unable to deliver vehicles<\/strong>, per a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0ec541c-b791-48a1-987e-0736ddb39eff\">decision<\/a> by the Consumer Protection Agency last month. Buyers who made a down payment on a vehicle prior to 12 April are entitled to a refund from the dealer plus 18% interest if their car doesn\u2019t materialize. Buyers also have the option of not taking a refund and instead working out a better arrangement with the distributor.<\/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\/amic\/\">AMIC<\/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\/l-cs\/\">L\/Cs<\/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=\"547626\" 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=\"547626\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/547626\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547626\" class=\"content-area-description single-story post-547626 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=\"547627\" 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=\"547627\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/b-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center\/\">\r\n                            B Healthcare Investments now owns a controlling stake in Egyptian IVF Center                        <\/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\/29\/b-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center\/\" 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\/29\/b-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center\/')\">\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\/29\/b-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center\/\">\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=B Healthcare Investments now owns a controlling stake in Egyptian IVF Center&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/b-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center\/\">\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\/29\/b-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center\/&title=B Healthcare Investments now owns a controlling stake in Egyptian IVF Center\">\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=B+Healthcare+Investments+now+owns+a+controlling+stake+in+Egyptian+IVF+Center+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F29%2Fb-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center%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\/29\/b-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/336.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547628\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/b-healthcare-investments-now-owns-a-controlling-stake-in-egyptian-ivf-center\/336-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/336.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"336.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/336.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/336.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547627\" class=\"content-area-description single-story post-547627 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-b-investments tag-enterpriseam tag-healthcare tag-investment-watch tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a><strong> B Investments subsidiary <\/strong><strong><a href=\"https:\/\/binvestmentsegypt.com\/portfolio\/b-healthcare-investments\/\">B Healthcare Investments<\/a><\/strong><strong> has completed the acquisition of a <\/strong><strong>51% stake in the Egyptian IVF Center in an EGP 126 mn transaction<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/6\/%D8%A8%D9%89-%D8%A7%D9%86%D9%81%D8%B3%D8%AA%D9%85%D9%86%D8%AA%D8%B3-%D8%A8%D9%8A%D8%A7%D9%86-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-28-6-2022.pdf\">disclosure to the EGX (pdf)<\/a>. The acquisition wrapped after securing regulatory approvals, B Investments IR head Omar El Labban told Enterprise. Procedures began in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36ab74bc-5da8-4373-8d72-ed3d2e4a8d74\">December<\/a> for the acquisition, which marked the first venture for B Investments\u2019 100%-owned healthcare company after it launched last year.<\/p>\n<p><strong>Advisors: <\/strong>Zaki Hashem & Partners was the buy-side counsel, while Bahaa-Eldin Law Office acted as sell-side counsel. Beltone Financial brokered the transaction, El Labban confirmed to us.<\/p>\n<p><strong>B Healthcare Investments is studying up to EGP 200 mn worth of new acquisitions in the fertility treatment sector<\/strong>, after its parent company committed the capital, El Labban said, without naming the firms under consideration.<\/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\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547629\" 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=\"547629\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/bp-gets-a-new-mediterranean-gas-block\/\">\r\n                            BP gets a new Mediterranean gas block                        <\/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\/29\/bp-gets-a-new-mediterranean-gas-block\/\" 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\/29\/bp-gets-a-new-mediterranean-gas-block\/')\">\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\/29\/bp-gets-a-new-mediterranean-gas-block\/\">\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=BP gets a new Mediterranean gas block&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/bp-gets-a-new-mediterranean-gas-block\/\">\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\/29\/bp-gets-a-new-mediterranean-gas-block\/&title=BP gets a new Mediterranean gas block\">\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=BP+gets+a+new+Mediterranean+gas+block+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F29%2Fbp-gets-a-new-mediterranean-gas-block%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\/29\/bp-gets-a-new-mediterranean-gas-block\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/339.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547630\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/bp-gets-a-new-mediterranean-gas-block\/339-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/339.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"339.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/339.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/339.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547629\" class=\"content-area-description single-story post-547629 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-bp tag-energy tag-enterpriseam tag-oil-and-gas tag-oil-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a><strong> BP lands new gas exploration rights in Mediterranean: <\/strong>Egypt awarded BP an offshore exploration block in the western Mediterranean\u2019s King Mariout Offshore concession, giving it 100% of the exploration rights for the area, the company said in a <a href=\"https:\/\/ent.news\/2022\/6\/bp-awarded-new-exploration-block-in-the-Western-Mediterranean-offshore-Egypt.pdf\">statement (pdf)<\/a>. The 2.6k sq km area has potential for material gas discoveries that could be developed using existing infrastructure, BP said.<\/p>\n<p><strong>This is one of the blocks included in last year\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c4454f8-c6d8-46dc-a04b-f1d3ab0b9291\">oil and gas exploration tender<\/a><\/strong><strong>.<\/strong> The Oil Ministry had awarded eight of the 24 blocks from the tender to seven companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5f11f01-49af-4e27-a91e-3410f499133d\">earlier this year<\/a>. These blocks include Egy-Med-E5 in Port Said, which was <a href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2022\/01\/eni-awarded-five-exploration-licenses-egypt.html\">awarded to Eni and BP<\/a> on a 50-50 basis. It\u2019s unclear so far what happened with the remaining blocks.<\/p>\n<p><strong>Our Med gas is hot right now: <\/strong>We haven\u2019t had any updates on the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce9b4988-61d7-4dc2-8fed-0de99cc256e6\">latest oil and gas bid round<\/a>, which was set to be launched before June. But there\u2019s been no shortage of announcements on fresh FDI to our Mediterranean gas industry. Firms including <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92b9645-ae04-4f9e-8dea-489b8ecef1e4\">Chevron<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3eb0e0b-08be-4be3-8313-8ac638d3c02c\">Shell<\/a>, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3447a945-6e65-40df-be0e-8cb09f5d1167\">Eni<\/a> have all recently signed agreements to help us up capacity, as Europe looks to new suppliers amid global shortages and the fresh rift with Russia over its war in Ukraine.<\/p>\n<p><strong>IN <\/strong><strong>OTHER ENERGY NEWS-<\/strong> <strong>Prime Minister Moustafa Madbouly set the price of <\/strong><strong>natural gas for electricity plants <\/strong>at USD 3 \/ MMBtu, down from the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78b3ac0c-8571-47a4-802c-abf1b65a5044\">USD 3.25 \/ MMBtu set in 2020<\/a>, according to a decree published in the <a href=\"https:\/\/ent.news\/2022\/6\/Official-Gazette-natgas.pdf\">official gazette (pdf)<\/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\/bp\/\">BP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-ministry\/\">Oil Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547631\" 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=\"547631\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/547631\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547631\" class=\"content-area-description single-story post-547631 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\/6\/Enterprise-Ad-REVEAL_Bike_1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547632\" 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=\"547632\">\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\/29\/last-nights-talk-shows-mansoura-court-issues-death-sentence-for-students-murder\/\">\r\n                            Last Night\u2019s Talk Shows: Mansoura court issues death sentence for student\u2019s murder                        <\/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\/29\/last-nights-talk-shows-mansoura-court-issues-death-sentence-for-students-murder\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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<a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: Mansoura court issues death sentence for student\u2019s murder&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/last-nights-talk-shows-mansoura-court-issues-death-sentence-for-students-murder\/\">\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\/29\/last-nights-talk-shows-mansoura-court-issues-death-sentence-for-students-murder\/&title=Last Night\u2019s Talk Shows: Mansoura court issues death sentence for student\u2019s murder\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" 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                                     <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547632\" class=\"content-area-description single-story post-547632 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-gender tag-gendered-violence tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the airwaves yesterday: The preliminary death sentence handed to the <\/strong><strong>killer of Naira Ashraf<\/strong>. The university student\u2019s murder at the hands of a male classmate made local and international headlines this week and reignited the discussion on violence against women and girls. The ruling will now be sent to the Grand Mufti for approval.<\/p>\n<p><strong>Most talking heads praised the ruling. <\/strong>Kelma Akhira\u2019s Lamis El Hadidi said it demonstrated \u201cswift justice\u201d (<a href=\"https:\/\/www.youtube.com\/watch?v=O_2VSQZXCWg\">watch, runtime: 3:11<\/a>). Ala Mas\u2019ouleety\u2019s Ahmed Mousa said the trial was one of the fastest ever (<a href=\"https:\/\/www.youtube.com\/watch?v=0aWj9-C_9uE\">watch, runtime: 3:13<\/a>), with the ruling coming only days after the prosecution referred the defendant to court.<\/p>\n<p><strong>Masa\u2019a DMC (<\/strong><strong><a href=\"https:\/\/www.youtube.com\/watch?v=8Jn2acdSnDI\">watch, runtime: 3:19<\/a><\/strong><strong>), Yahduth Fe Masr<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=fjfeOnwqiZA\">watch, runtime: 2:43<\/a>) and Hadith El Qahera (<a href=\"https:\/\/www.youtube.com\/watch?v=zG9MPmtIc70\">watch, runtime: 4:28<\/a>) also had coverage.<\/p>\n<p><strong>Taking note of the sentencing in the international press this morning<\/strong> were <a href=\"https:\/\/english.alarabiya.net\/News\/middle-east\/2022\/06\/28\/Egypt-sentences-man-to-death-over-high-profile-femicide-Source\">Al Arabiya<\/a> and <a href=\"https:\/\/www.africanews.com\/2022\/06\/28\/egypt-death-sentence-for-students-murder-judicial-source\/\">AF<\/a><a href=\"https:\/\/www.africanews.com\/2022\/06\/28\/egypt-death-sentence-for-students-murder-judicial-source\/\">P<\/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\/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\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span 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      <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-dpgfsw1\" data-v=\"4\" data-block-id=\"dpgfsw1\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-dpgfsw1-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-dpgfsw1-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button 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         class=\"\r\n                story-section            \"\r\n            id=\"547634\">\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\/29\/egypt-in-the-news-layoffs-hit-vezeeta\/\">\r\n                            Egypt in the News: Layoffs hit Vezeeta                        <\/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 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            <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News%3A+Layoffs+hit+Vezeeta+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F29%2Fegypt-in-the-news-layoffs-hit-vezeeta%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\/29\/egypt-in-the-news-layoffs-hit-vezeeta\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547634\" class=\"content-area-description single-story post-547634 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-economy tag-enterpriseam tag-startups tag-vezeeta wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong><a href=\"https:\/\/techcrunch.com\/2022\/06\/28\/egyptian-healthtech-startup-vezeeta-cuts-10-of-500-person-staff\/\">TechCrunch<\/a><\/strong><strong> reports that digital healthcare platform <\/strong><strong><a href=\"https:\/\/www.vezeeta.com\/en\">Vezeeta<\/a><\/strong><strong> let go of around 10% of <\/strong><strong>its 500-person staff last week.<\/strong> The news comes as the latest sign that it\u2019s not only Silicon Valley startups bunkering down for tough times ahead (including a potential recession), after mass transport app Swvl <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1c783ee0-2afb-4dfd-802d-3296cbbf08c4\">said it would lay off<\/a> up to a third of its staff. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1c0683b-e4eb-4df0-b64f-ac65a2593b64\">Born-in-Egypt Vezeeta moved its headquarters to Dubai in 2020<\/a>.<\/p>\n<p><strong>Also making headlines this morning:<\/strong><\/p>\n<ul>\n<li><strong>The mother of imprisoned Egyptian-British activist Alaa Abd El Fattah <\/strong>shares concerns for the health of her son \u201cdespite some improvements in his prison conditions.\u201d (<a href=\"https:\/\/www.reuters.com\/world\/africa\/jailed-egyptian-blogger-entering-danger-zone-hunger-strike-mother-2022-06-28\/\">Reuters<\/a>)<\/li>\n<li><strong>Ten people were handed death sentences<\/strong> over Muslim Brotherhood-linked attacks against security forces between 2013 and 2015. (<a href=\"http:\/\/reuters.com\/world\/africa\/egyptian-court-sentences-10-death-terrorism-charges-2022-06-28\/\">Reuters<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vezeeta\/\">Vezeeta<\/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=\"547635\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547636\" 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=\"547636\">\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\/29\/elsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad\/\">\r\n                            Elsewedy Electric gets USD 150 mn from IFC to fund renewables investments abroad                        <\/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\/29\/elsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad\/\" 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\/29\/elsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad\/')\">\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\/29\/elsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad\/\">\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=Elsewedy Electric gets USD 150 mn from IFC to fund renewables investments abroad&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/elsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad\/\">\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\/29\/elsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad\/&title=Elsewedy Electric gets USD 150 mn from IFC to fund renewables investments abroad\">\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=Elsewedy+Electric+gets+USD+150+mn+from+IFC+to+fund+renewables+investments+abroad+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F29%2Felsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad%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\/29\/elsewedy-electric-gets-usd-150-mn-from-ifc-to-fund-renewables-investments-abroad\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547636\" class=\"content-area-description single-story post-547636 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-debt-watch tag-e-finance tag-elsewedy-electric tag-enterpriseam tag-international-finance-corporation tag-renewable-energy tag-uber 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>Elsewedy Electric will use a USD 150 mn loan from the International Finance <\/strong><strong>Corporation (IFC)<\/strong><strong> to acquire <\/strong><strong>renewable energy plants<\/strong><strong> outside of Egypt, <\/strong>company VP and CFO Sherif Elzeiny told CNBC Arabia in an interview (<a href=\"https:\/\/tinyurl.com\/5x4khv5p\">watch, runtime: 4:00<\/a>). \u201cThe funds will also be used to support projects related to sustainability\u2026 [and] new investments in Africa or GCC or Asian countries,\u201d Elzeiny said. Elsewedy earlier this week disclosed the seven-year loan agreement to the <a href=\"https:\/\/ent.news\/2022\/6\/elsewedy-IFC-loan.pdf\">EGX (pdf)<\/a>.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>EGX-listed e-Finance<\/strong> will set up money withdrawal and electronic payments at<strong> petrol stations<\/strong> by the end of July under a partnership with the <strong>Oil Ministry.<\/strong> (<a href=\"https:\/\/ent.news\/2022\/6\/e-finance-Investment-Group-Partners-with-Ministry-of-Petroleum.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Uber <\/strong>has rebranded its <strong>Uber Bus<\/strong> service to <strong>Uber Shuttle <\/strong>under a \u201cstrategy to unify the service name internationally.\u201d (<a href=\"https:\/\/ent.news\/2022\/6\/Press-Release-Uber-Shuttle-An-Internationally-Unified-Bus-Experience-Coming-to-a-Stop-Next-to-you.pdf\">Statement, pdf<\/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\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-finance\/\">e-finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uber\/\">Uber<\/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=\"547637\" 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=\"547637\">\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\/29\/it-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look\/\">\r\n                            It might not be a bad time to get in on riskier EM bonds \u2014 if you know where to look                        <\/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\/29\/it-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look\/\" 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\/29\/it-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look\/')\">\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\/29\/it-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=It might not be a bad time to get in on riskier EM bonds \u2014 if you know where to look&url=https:\/\/enterpriseam.com\/egypt\/2022\/06\/29\/it-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look\/\">\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\/29\/it-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look\/&title=It might not be a bad time to get in on riskier EM bonds \u2014 if you know where to look\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=It+might+not+be+a+bad+time+to+get+in+on+riskier+EM+bonds+%E2%80%94+if+you+know+where+to+look+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F06%2F29%2Fit-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look%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\/29\/it-might-not-be-a-bad-time-to-get-in-on-riskier-em-bonds-if-you-know-where-to-look\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547637\" class=\"content-area-description single-story post-547637 post type-post status-publish format-standard hentry category-planet-finance tag-cryptocurrency tag-debt tag-emerging-markets tag-enterpriseam tag-financial-markets tag-planet-finance tag-sri-lanka wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>More investors are looking past frontier debt sell-offs for buying potential <\/strong>as rising yields tempt them to look past fears of default on junk-rated bonds, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-06-26\/frontier-debt-buyers-look-past-default-risk-in-hunger-for-yield#xj4y7vzkg\">Bloomberg<\/a> reports, citing investors. Even in the event of debt restructuring, frontier-market bonds will offer greater recovery values than current bond prices, asset managers told the business information service. \u201cIn some cases, [risk premiums] have been pricing in way below recovery levels,\u201d one analyst said. \u201cI\u2019m not saying all of these credits will survive but some surely will. Being selective in that space clearly offers value.\u201d High coupon rates mean attractive total returns even if bond prices prove volatile, analysts say.<\/p><p><strong>Egypt is still attractive:<\/strong> \u201cThe selloff has created buying [potential] \u2026 in Egypt and Kenya, where the rise in yields has outstripped fundamentals,\u201d one economist said.<\/p><p><strong>ALSO FROM PLANET FINANCE-<\/strong><\/p><ul>\n<li><strong>Could BRICS get BRICSIA?<\/strong> Iran and Argentina have applied to become members of the EM organization BRICS, which includes Brazil, Russia, India, China and South Africa. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/iran-applies-join-brics-group-emerging-countries-2022-06-27\/\">Reuters<\/a>)<\/li>\n<li><strong>Sri Lanka in recession? <\/strong>The Sri Lankan economy fell into contraction in 1Q2022, recording a 1.6% decline, as the economy reels from red-hot inflation and years of mounting debt. (<a href=\"https:\/\/ent.news\/2022\/6\/Sri-Lankan-economy-q1-22.pdf\">Statement, pdf<\/a>). <\/li>\n<li><strong>Signs of a deepening crypto winter<\/strong>: Prominent crypto hedge fund Three Arrows Capital (3AC) has defaulted on a USD 670 mn loan from Voyager Digital. (<a href=\"https:\/\/www.investvoyager.com\/pressreleases\/voyager-digital-provides-market-update-1\">Press release<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,180<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -23.2%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.73<\/p>\n<\/td>\n<td>\n<p>Sell 18.81<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.75<\/p>\n<\/td>\n<td>\n<p>Sell 18.81<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,671<\/p>\n<\/td>\n<td>\n<p>+2.1% (YTD: +3.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,443<\/p>\n<\/td>\n<td>\n<p>+1.9% (YTD: +11.3%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,253<\/p>\n<\/td>\n<td>\n<p>+1.1% (YTD: +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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,822<\/p>\n<\/td>\n<td>\n<p>-2.0% (YTD: -19.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,323<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: -0.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,549<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -17.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 118.59<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.55<\/p>\n<\/td>\n<td>\n<p>+0.8%<\/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 1,820.00<\/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 20,293<\/p>\n<\/td>\n<td>\n<p>-2.1% (YTD: -56.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.8% at yesterday\u2019s close<\/strong> on turnover of EGP 861 mn (3.9% above the 90-day average). Local investors were net buyers. The index is down 23.2% YTD.<\/p><p><strong>In the green: <\/strong>GB Auto (+5.4%), Orascom Development Egypt (+3.4%) and Heliopolis Housing (+2.3%).<\/p><p><strong>In the red: <\/strong>Elsewedy Electric (-6.3%), Ezz Steel (-5.5%) and Sidi Kerir Petrochemicals (-5.1%).<\/p><p><strong>Asian markets are in the red across the board in early trading this morning<\/strong>. Futures suggest a more mixed picture for European indices when they open later on today, while Wall Street looks set to start in the green.<\/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\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sri-lanka\/\">Sri Lanka<\/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=\"547638\" 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=\"547638\">\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\/29\/el-sisis-gulf-tour-continues\/\">\r\n                            El Sisi\u2019s Gulf tour continues                        <\/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\/29\/el-sisis-gulf-tour-continues\/\" 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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Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=lB9Boi_imHs\">watch, runtime: 3:10<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=ueBJkAcAw08\">watch, runtime: 2:45<\/a>) also had coverage.<\/p>\n<p><strong>Getting ready for Biden: <\/strong>We\u2019ve seen a wave of diplomacy in the region in recent days, in part spurred by the upcoming <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cfb6582-fd28-4b15-89e7-dbd5e0fc46a0\">July summit<\/a>hosted by Saudi Arabia between US President Joe Biden, GCC countries, Egypt, Jordan, and Iraq.<\/p>\n<p><strong>El Sisi arrived in Bahrain yesterday<\/strong> for the second leg of his GCC tour, a <a href=\"https:\/\/tinyurl.com\/4xx5vax6\">statement<\/a> by Ittihadiya read.<\/p>\n<p><strong>ALSO WORTH NOTING- El Sisi yesterday called Jordan\u2019s King Abdullah II to offer his condolences <\/strong>over a <a href=\"https:\/\/www.bbc.co.uk\/news\/world-middle-east-61950965\">toxic chlorine gas leak<\/a> in Jordan\u2019s Aqaba Port that killed 13 and injured over 260 people, a <a href=\"https:\/\/tinyurl.com\/mrxh6vbp\">statement<\/a> by Ittihadiya read.<\/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\/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\/jordan\/\">Jordan<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"547639\">\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 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data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/contractors-want-financial-institutions-to-step-up-their-support-for-infrastructure-diplomacy\/341-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/341.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"341.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/341.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/341.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547639\" class=\"content-area-description post-547639 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-afreximbank tag-construction tag-enterprise-hardhat tag-enterpriseam tag-infrastructure-diplomacy tag-infrastructure-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>Egyptian contractors and construction companies want financial institutions to<\/strong><strong> do more to support their work in Arab and African countries:<\/strong> With the government continuing to push its <a href=\"https:\/\/enterprise.press\/hardhats\/regional-infrastructure-diplomacy-whetting-appetite-egyptian-contractors\/\">infrastructure diplomacy policy<\/a>, Egyptian contractors and construction players are keen to export more of their services to African and Arab countries. But many of them also want local banks and international financial institutions to play a more active role in growing our contracting exports, according to companies attending the Builders of Egypt conference earlier this month. By providing the funding needed to implement projects abroad with a social and environmental impact, these institutions can help resolve issues with access to financing, which industry players say is the main obstacle for their regional expansion ambitions.<\/p>\n<p><strong>Our industry is no stranger to regional infrastructure development:<\/strong> Egyptian companies have already signed agreements to work on developing infrastructure in <a href=\"https:\/\/enterprise.press\/stories\/2021\/09\/16\/this-morning-its-interest-rate-day-the-semi-finals-of-the-cib-egyptian-squash-open-take-place-today-egypt-libya-committee-meeting-today-53676\/\">Libya<\/a> (including roads, bridges, and ports) and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8bd78d32-e156-46dd-9bb4-8cc773b033a6\">Iraq<\/a> (for oil and water resources, construction, housing, and transport), and are looking at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5bdb7de2-4df2-41ec-ac13-b0df798021dd\">Jordan<\/a> as well.<\/p>\n<p><strong>Now, we\u2019re diving deeper into African infrastructure development, including housing + roads:<\/strong> Companies signed a handful of agreements on the sidelines of the conference, including a USD 415 mn MoU for that will see Sabbour Consulting and LMS Construction designing and constructing 20k social housing units and administrative towers in C\u00f4te d\u2019Ivoire\u2019s Abidjan, while Samcrete Egypt is working to construct a USD 380 mn 210 km-long road in Congo and is studying another roadworks projects valued at USD 500 mn. There\u2019s also<\/p>\n<p>an agreement with the <a href=\"https:\/\/egaad.net\/\">Egyptian African Arab Co. for Development<\/a> (EGAAD) \u2014 a consortium of 22 Egyptian contracting companies \u2014 to develop a 76 km road in C\u00f4te d\u2019Ivoire\u2019s Dengu\u00e9l\u00e9 District. Meanwhile, Sudanese and Egyptian contracting companies are currently discussing implementing seven different projects within two years for a combined USD 700 mn, Secretary-General of the Sudanese Contractors Association Hisham Khalil told us.<\/p>\n<p><strong>And water + energy + maritime infrastructure projects are also in the works:<\/strong><\/p>\n<p>The company is also currently studying several large water, power and construction projects in several countries including Tanzania, C\u00f4te d\u2019Ivoire, Benin and Senegal. Madkour Group and the Republic of Congo also signed an MoU to implement national infrastructure, including energy production, electricity transmission, and irrigation. Several EGAAD companies are developing a river port in Congo and a USD 300 mn road construction project in Madagascar. A handful of companies will also soon ink a contract to construct a solar energy project in Algeria, along with studying a number of projects in C\u00f4te d\u2019Ivoire and Senegal, according to EGAAD CEO Reda Boulos.<\/p>\n<p><strong>But to do more, there are a few things industry players need on the financing side:<\/strong><\/p>\n<p><strong>#1- Financing with flexible terms: <\/strong>The majority of African countries need financing for development plans with flexible terms, which is currently only available through Afreximbank, which regularly cooperates with Egyptian companies to help them implement projects in Africa, Regional Director of Samcrete Egypt Rami Bassim told Enterprise.<\/p>\n<p><strong>African countries prefer soft loans: <\/strong>Many African countries that need funding do not have the ability to provide sufficient guarantees, which requires conducting feasibility studies for projects and the participation of flexible financing entities, according to Mohamed Sakr, Commercial Director at Madkour Group.<\/p>\n<p><strong>#2- Establish a fund to support Egyptian construction companies:<\/strong> EGAAD\u2019s Boulos wants to see a specialized fund to support construction companies in their path to expand project implementation in Africa. EGAAD is currently in talks with the Sovereign Fund of Egypt (SFE), which vowed to move on this proposed fund \u201cat a later time,\u201d Boulos told us. EGAAD currently only works with sub-funds at international institutions such as the European Bank for Reconstruction and Development, the European Investment Bank, and Afreximbank.<\/p>\n<p><strong>#3- An Egyptian banking alliance would also go a long way<\/strong> in supporting Egyptian contractors, alongside Afreximbank, Bassim said. This alliance would be particularly useful in helping them secure letters of guarantee and financing, Bassim said. Contractors already work with Egyptian banks to finance some projects in Africa, but what\u2019s lacking from banks is development facilities.<\/p>\n<p><strong>Afreximbank is already a significant backer of development projects in the continent<\/strong>, and has allocated some USD 2 bn for projects Egyptian contracting companies are working on in Africa, according to head of Trade & Corporate Finance Ayman Elzoghby. The bank is also working to launch a platform to offer technical advice on market information, including securing guarantees. Boutique investment firm Stronghold Global Finance is also interested in developing the industrial sector and infrastructure in Africa, according to firm head Tohib Iyiola. Stronghold also signed an agreement with EGAAD to fund its projects in Africa at the conference.<\/p>\n<p><strong>On a wider scale, African countries need to work to become more appealing to investors<\/strong> by introducing initiatives to improve the business and economic environment, which will in turn make access to financing a more straightforward process, said Sierra Leone\u2019s Deputy Finance Minister Bockarie Kalokoh. The continent has massive economic potential and several projects that need funding and investments, Kalokoh noted. Investors will be more likely to pour in if African countries improve their infrastructure and introduce better digital infrastructure, he said.<\/p>\n<p><strong>The Islamic Corporation for the Ins. of Investment and Export Credit (ICIEC) is also looking to provide ins. solutions <\/strong>to the private sector in Islamic countries with the aim of effectively contributing to plans to enhance economic and trade cooperation and support infrastructure during the coming period, according to ICIEC Senior Underwriter Moataz Zawam. The ICIEC is also looking to provide the necessary guarantees for the risks facing development projects, foremost of which are political risks such as civil wars, as well as the risks of difficulties transferring earnings and revenues to foreign investors working within Islamic countries, Zawam said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Siemens Egypt, El Attal Holding, and Sigma Consulting<\/strong> are equipping a residential complex in the new administrative capital with artificial intelligence and IoT technology. (<a href=\"https:\/\/ent.news\/2022\/6\/press-release-final-26062022-Siemens-Egypt-El-Attal-Holding-and-Sigma.pdf\">Press release, pdf<\/a>)<\/li>\n<li>The <strong>IFC <\/strong>will advise private healthcare developer <strong>Egyptians for Health Care Services<\/strong> on its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3053d272-9665-4c15-a6ba-ed305a45f5cd\">mega medical complex<\/a> in Badr City.<\/li>\n<li><strong>Honeywell<\/strong> will use its tech to <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6625fdd-0a56-401a-82c9-0a0f97d9c578\">automate<\/a><\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d6625fdd-0a56-401a-82c9-0a0f97d9c578\">systems<\/a> at the <strong>Anchor Benitoite <\/strong><strong>petrochemicals complex<\/strong> in the Suez Canal Economic Zone.<\/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\/afreximbank\/\">AfreximBank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure-diplomacy\/\">infrastructure diplomacy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure-watch\/\">infrastructure watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"547641\" 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\/29\/547641\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547641\" class=\"content-area-description single-story post-547641 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":547618,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547617","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"6899c78d-e07a-42ae-9f74-1529e279c0db","teaser":"","photo_url":"https:\/\/ent.news\/2022\/6\/46.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>House debate heats up over amendments to Competition Act regulating M&amp;A - 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\/house-debate-heats-up-over-amendments-to-competition-act-regulating-ma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House debate heats up over amendments to Competition Act regulating M&amp;A\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/house-debate-heats-up-over-amendments-to-competition-act-regulating-ma\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:54:41+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/46.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\/house-debate-heats-up-over-amendments-to-competition-act-regulating-ma\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/house-debate-heats-up-over-amendments-to-competition-act-regulating-ma\/\",\"name\":\"House debate heats up over amendments to Competition Act regulating M&A - 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