{"id":547808,"date":"2022-07-07T03:57:09","date_gmt":"2022-07-07T03:57:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547808"},"modified":"2025-12-15T21:58:57","modified_gmt":"2025-12-15T21:58:57","slug":"inflation-weakens-private-sector-activity-in-june","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-weakens-private-sector-activity-in-june\/","title":{"rendered":"Inflation weakens private sector activity in June"},"content":{"rendered":"<section id=\"547810\" 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=\"547810\">\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\/07\/07\/this-morning-inflation-foreign-reserves-figures-out-today-fed-could-step-up-rate-hikes-to-tame-inflation\/\">\r\n                            THIS MORNING: Inflation + foreign reserves figures out today; Fed could step up rate hikes to tame inflation                        <\/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\/07\/07\/this-morning-inflation-foreign-reserves-figures-out-today-fed-could-step-up-rate-hikes-to-tame-inflation\/\" 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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Fed could step up rate hikes to tame inflation\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Inflation+%2B+foreign+reserves+figures+out+today%3B+Fed+could+step+up+rate+hikes+to+tame+inflation+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F07%2Fthis-morning-inflation-foreign-reserves-figures-out-today-fed-could-step-up-rate-hikes-to-tame-inflation%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\/07\/07\/this-morning-inflation-foreign-reserves-figures-out-today-fed-could-step-up-rate-hikes-to-tame-inflation\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547810\" class=\"content-area-description single-story post-547810 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-commodities tag-enterpriseam tag-foreign-reserves tag-inflation tag-interest-rates tag-oil-and-gas tag-pmi tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>We\u2019re almost there, ladies and gentlemen:<\/strong> One working day remains before we all depart for a well-earned week off to mark the Eid holiday \u2014 although judging by the news flow right now, most of the country already seems to be in vacation mode. The <a href=\"https:\/\/www.egx.com.eg\/ar\/NewsDetails.aspx?NewsID=226056\">EGX (pdf)<\/a> confirmed yesterday that the stock exchange will be closed for the week, following announcements by the <a href=\"https:\/\/ent.news\/2022\/7\/cbe-eid.pdf\">central bank (pdf)<\/a> and the <a href=\"https:\/\/tinyurl.com\/vd2fhc97\">Manpower Ministry<\/a> earlier this week confirming that the banks and private sector will take the full week off.<\/p><p><strong>Enterprise <\/strong><strong>is following suit:<\/strong> You\u2019ll find us on the beach after we hit \u201csend\u201d on this afternoon\u2019s PM edition. We\u2019ll be back in your inboxes at the appointed hour on Sunday, 17 July.<\/p><p><strong>Speaking of Eid, Saudi Arabia is likely to have received around 1 mn pilgrims for this year\u2019s hajj <\/strong>\u2014 the largest since the covid-19 pandemic began in 2020, <a href=\"https:\/\/apnews.com\/article\/covid-health-religion-middle-east-saudi-arabia-84670747d7b3ee77576737d7d86416ad\">the Associated Press<\/a> reports. Around 850k foreign pilgrims \u2014 selected through an online lottery \u2014 are participating in the first hajj in three years open to non-Saudis. Last year saw just 60k pilgrims travel to the religious site, down from 2.5 mn in 2019.<\/p><p><strong>Saudi has lifted nearly all virus-related restrictions<\/strong>, including an indoor mask mandate \u2014 but those performing hajj this year must be under 65 and vaccinated, and test negative for covid-19 within 72 hours of travel.<\/p><hr class=\"grey-line\"><p><strong>THE BIG STORY TODAY was<\/strong> the <strong>impact of inflation on Egypt\u2019s non-oil private sector:<\/strong> Business activity contracted at its fastest pace since June 2020 last month as rising inflation weighed on output and demand, according to the June PMI reading that dropped yesterday.<\/p><p><strong>The silver lining:<\/strong> Not all businesses were impacted and the rate of job cuts slowed down. More on this in the news well, below.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a><strong> The pre-Eid data dump:<\/strong> We\u2019re expecting Capmas and the central bank to publish June\u2019s inflation and foreign reserves data today ahead of the Eid break. Neither of the indicators were particularly promising last month, with inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b70644bd-7dfc-4432-9cf7-635290bed657\">accelerating at its fastest pace in three years<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fd1785e9-8500-4af1-80d3-59a53249f79d\">foreign reserves falling<\/a> by USD 2 bn to USD 35.5 bn.<\/p><p><strong>MAKING GLOBAL HEADLINES THIS MORNING-<\/strong><\/p><p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>A new sign that the Federal Reserve could go full Volcker is dominating the front pages of <\/strong><strong>the business press:<\/strong> Federal Reserve officials are prepared to raise interest rates at an even faster rate to avoid the \u201csignificant risk\u201d that soaring inflation becomes entrenched, <a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/files\/fomcminutes20220615.pdf\">minutes (pdf)<\/a> from last month\u2019s policy meeting showed yesterday. The US central bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2e32b82-0b55-40a2-a5cb-edd2bcc2f1a0\">raised rates by 75 bps<\/a> in its June meeting \u2014 its most aggressive hike since 1994 \u2014 and signaled that a hike of the same magnitude could be coming when it next meets at the end July as it battles to control inflation which reached new 40-year highs in May. But the minutes yesterday showed a willingness among policymakers to become \u201ceven more restrictive\u201d if inflation continues to rise, even if that means provoking an economic slowdown. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-06\/fed-sees-more-restrictive-rates-possible-if-inflation-persists?srnd=premium&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/8d7d4cca-02d9-4673-8ed4-fdf9e9d47343\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/inflation-fears-drove-larger-fed-rate-increase-in-june-11657130611?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/07\/06\/fed-minutes-june-2022.html\">CNBC<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/07\/06\/business\/economy\/fed-rate-increase-inflation.html\">NYT<\/a>)<\/p><p><strong>Another day in the slow-mo downfall of Boris Johnson:<\/strong> British Prime Minister Boris Johnson is refusing to step down amid growing rebellion in his party demanding his ouster. More than 40 ministers \u2014 including the chancellor and the health secretary \u2014 have resigned from the government in the past two days in protest at his leadership. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/uks-boris-johnson-brink-ministers-quit-2022-07-06\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/boris-johnson-london-sajid-javid-9b824c051d4524dc0efed20cec309453\">AP<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/uk-politics-62065534\">BBC<\/a> | <a href=\"https:\/\/www.ft.com\/content\/d2a3654b-5ba0-47b7-b0d9-5a85ade121fc\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/u-k-s-boris-johnson-looks-to-ride-out-latest-storm-after-raft-of-resignations-11657103815?mod=hp_lead_pos3\">WSJ<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-06\/defiant-boris-johnson-tells-uk-cabinet-colleagues-he-won-t-quit?srnd=premium-uk\">Bloomberg<\/a>)<\/p><p><strong>In the US press:<\/strong> The aftermath of the July Fourth mass shooting in Chicago is still getting plenty of attention. (<a href=\"https:\/\/apnews.com\/article\/gun-violence-chicago-shootings-lake-michigan-9fd3e23a6396aa5e008943fbb260551b\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/us\/suspect-chicago-area-parade-shooting-due-court-face-7-counts-murder-2022-07-06\/\">Reuters<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/nation\/2022\/07\/06\/highland-park-parade-shooting-live-updates\/\">Washington Post<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/07\/06\/us\/highland-park-shooting-guns.html\">NYT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/highland-park-honors-parade-shooting-victims-11657109685?mod=hp_lead_pos6\">WSJ<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-06\/-taken-too-soon-remembering-highland-park-shooting-victims?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>MARKET WATCH-<\/strong><\/p><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>Have recession fears ended the commodity price shock?<\/strong> Commodity prices are falling across the board as financial markets respond to the increasing threat of recession, the <a href=\"https:\/\/www.ft.com\/content\/bdf6ef35-9ae4-4ea0-92e9-a2a4b251501f\">Financial Times<\/a> reports. Energy, metals and food commodities have all gone into reverse as investors bet that an oncoming economic downturn will curb global demand, and temper the impact of the supply shock that sent them to record highs earlier this year. Oil is down markedly from its recent post- Ukraine invasion peak, S&amp;P GSCI agricultural prices index has lost 28% since its record high in May, and a London Metal Exchange benchmark has fallen by a third since March.<\/p><p><strong>Oil continued to fall yesterday:<\/strong> Brent crude fell for a second day, ending the session below the USD 100 mark for the first time since April. The global benchmark has fallen around 10% this week, leaving it down almost a third from its recent peak in March. Citigroup analysts said this week that oil could be selling at USD 65 a barrel by the end of the year if forecasts of a recession are proved correct.<\/p><p><strong>But Goldman thinks the markets are being too hasty:<\/strong> \u201cWhile the odds of a recession are indeed rising, it\u2019s premature for the oil market to be succumbing to such concerns,\u201d analysts wrote in a note picked up by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-05\/oil-steadies-above-100-after-plunging-on-recession-concerns?sref=mmeFTDW1\">Bloomberg<\/a>. \u201cThe global economy is still growing, with the rise in oil demand this year set to significantly outperform GDP growth.\u201d<\/p><p><strong>There\u2019s a risk of further supply shocks as relations between Russia and the West <\/strong><strong>deteriorate:<\/strong> JPMorgan recently made the headline-making claim that prices could spiral to USD 380 a barrel if Moscow makes further cuts to supply as its energy standoff with the West intensifies.<\/p><p><strong>Also putting pressure on prices:<\/strong> A growing list of oil producers are offering large discounts as they look to compete with crude from Russia, which has slashed prices to attract Asian buyers in response to Western sanctions. Saudi Arabia became the latest country to lower its prices to Asia yesterday and is offering its Arab Heavy and Arab Medium grades at its largest discount to Arab Light since 2014, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-06\/saudi-oil-pricing-signals-strains-of-rising-competition-in-asia?sref=mmeFTDW1\">Bloomberg<\/a>. Iran, Venezuela and Iraq have all lowered prices in recent days to compete with the Russians.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Officials from Egypt, the UAE and Jordan will hold talks in Cairo later this month <\/strong>to discuss the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\">new industrial partnership<\/a> agreed in May, cabinet <a href=\"https:\/\/www.google.com\/url?q=https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0rKxBLovk69BWvTA5H7LXexzbsrEA5BDC15x9XzS8gJTsFVaap4wtQrP9SG3138Kbl&amp;sa=D&amp;source=docs&amp;ust=1657130728569791&amp;usg=AOvVaw3YAKLMY_IKdQH7EGCXMhdM\">said<\/a> Tuesday. Abu Dhabi sovereign wealth fund ADQ will invest USD 10 bn in industrial projects under the initiative, which will see the three countries collaborate to boost manufacturing and exports. Egypt and the UAE will also sign an agreement to establish a huge 10 GW wind plant following the Eid Al Adha holiday, according to the statement.<\/p><p><strong>Public consultations on the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">state ownership policy document<\/a><\/strong><strong> that outlines its <\/strong><strong>privatization plans will resume on Sunday, 17 July<\/strong>, with air transport industry players taking center stage<strong>.<\/strong> Every Sunday and Tuesday sees workshops on how privatization plans will affect specific industries. You can find more details on the schedule of the meetings <a href=\"https:\/\/bit.ly\/3noxSrm\">here<\/a>.<\/p><p><strong>National Dialogue meetings to resume 19 July:<\/strong> The board overseeing the National Dialogue will hold its second meeting on 19 July, during which it will discuss the agenda and form subcommittees. Board members <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53d3e057-585d-4d12-a094-cc926538a933\">met for the first time yesterday<\/a>.<\/p><p><strong>Need a refresher on the national dialogue?<\/strong> We\u2019ve <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/618da10f-a3ed-44b3-92e6-b25ee5ff7eae\">got you covered<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/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=\"547811\" 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=\"547811\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/547811\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547811\" class=\"content-area-description single-story post-547811 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/SOMA-ENTERPRISEEID22-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>As the Eid vacation approaches, Somabay has an exciting lineup of events and activities planned for family and friends alike; making sure to keep you entertained and captivated all week long. From beach BBQs, live entertainment and sangria sundowns, to fitness and kids entertainment, to adrenaline-pumping games of footgolf, we\u2019ve got you covered. Let\u2019s celebrate happiness and togetherness for a beautiful life full of festivities. Eid Mubarak.<\/p>\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=\"547812\" 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=\"547812\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/inflation-is-hurting-the-private-sector\/\">\r\n                            Inflation is hurting the private sector                        <\/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\/07\/07\/inflation-is-hurting-the-private-sector\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/inflation-is-hurting-the-private-sector\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/inflation-is-hurting-the-private-sector\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Inflation is hurting the private sector&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/inflation-is-hurting-the-private-sector\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/inflation-is-hurting-the-private-sector\/&title=Inflation is hurting the private sector\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Inflation+is+hurting+the+private+sector+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F07%2Finflation-is-hurting-the-private-sector%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\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\/07\/07\/inflation-is-hurting-the-private-sector\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/154.png?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547813\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/inflation-is-hurting-the-private-sector\/154-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/154.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"154.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/154.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/154.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547812\" class=\"content-area-description single-story post-547812 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-devaluation tag-economy tag-egp tag-enterpriseam tag-inflation tag-pmi wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Activity in Egypt\u2019s non-oil private sector recorded its worst performance in <\/strong><strong>two <\/strong><strong>years in June<\/strong>, contracting at a faster pace as client demand dropped on supply-side pressures, rising inflation and the devaluation of the EGP. The S&P Global <a href=\"https:\/\/ent.news\/2022\/7\/Egypt-PMI-June.pdf\">purchasing managers\u2019 index (pdf)<\/a> fell to 45.2 from 47.0 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad51f2da-3fef-4dd6-a3a7-6188c4fbede5\">in May<\/a>, the lowest reading since June 2020 and marking the 19th consecutive month of contraction.<\/p>\n<p><strong>\u201cEgyptian companies suffered from a sharp downturn in new business in June<\/strong>,\u201d said S&P Global economist David Owen. \u201cThe sharp drop-off in demand came from rising inflation and tightening monetary policy.\u201d<\/p>\n<p><strong>Costs rose at their fastest pace in years:<\/strong> The rate of input cost inflation hit its highest level in almost four years high, leading almost half of surveyed companies to report a rise in expenses. Wages are also exerting pressure, with increases hitting an eight-month high.<\/p>\n<p><strong>Businesses are done absorbing cost increases: <\/strong>Companies raised prices at the fastest rate since February 2017, with the month-on-month uptick in inflation \u201cthe largest seen\u201d since the survey began in April 2011. \u201cThe sharp uptick [in output charges] suggested that firms were ready to pass on a greater bulk of their costs to customers amid sinking hopes that discounts would help spur a demand recovery,\u201d S&P Global wrote.<\/p>\n<p><strong>Output + demand suffered as a result: <\/strong>Both output and new orders saw \u201cmarked contractions,\u201d falling to their lowest levels since 2Q2020.<\/p>\n<p><strong>Inflation hit a three-year high in May: <\/strong>Annual urban inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b70644bd-7dfc-4432-9cf7-635290bed657\">hit 13.5% in May<\/a>, its highest level since May 2019, on the back of surging commodity prices and the falling EGP.<\/p>\n<p><strong>The tighter global environment is tough on us:<\/strong> \u201cThe Fed's <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2e32b82-0b55-40a2-a5cb-edd2bcc2f1a0\">latest rate rise<\/a> of 75 basis points adds to these concerns,\u201d Owen said.<\/p>\n<p><strong>Not all sectors had it bad: <\/strong>Business conditions in the construction sector stabilized during the month, with output and new orders even growing slightly. On the other hand, retailers, wholesale and manufacturers reported weaker sales.<\/p>\n<p><strong>The rate of job cuts slowed:<\/strong> Firms continued to cut staff, but at the slowest pace since March, the survey said.<\/p>\n<p><strong>Confidence rebounded after <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/601312ea-2a96-485a-83db-cae4a0955962\">hitting record lows earlier this year<\/a><\/strong>, reaching a five-month high amid hopes that activity could begin to recover from its current slump. That could have something to do with the fact that inflation slowed on a monthly basis last month, leading some analysts to predict peak price hikes by July or August.<\/p>\n<p><strong>But heightened inflation looks like it\u2019s here to stay:<\/strong> \u201cThe June PMI data shows that hawkish monetary policy in the US and a rising USD value is likely to keep supply-side inflation running high,\u201d said Owen.<\/p>\n<p><strong>The story got ink in the foreign press:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-06\/inflation-sends-egypt-private-sector-into-worst-slump-since-2020#xj4y7vzkg\">Bloomberg<\/a> | <a href=\"https:\/\/www.nasdaq.com\/articles\/egypt-pmi-contracts-in-june-at-fastest-in-two-years-as-prices-rise\">Reuters<\/a>.<\/p>\n<p><strong>ELSEWHERE- <\/strong><\/p>\n<p><strong>Things went smoother for the GCC\u2019s private sector:<\/strong> Private sector activity in KSA and the UAE continued to grow in June despite rising inflationary pressures. Higher prices failed to dent demand in Saudi, which saw its private sector grow at its fastest pace since September, while the UAE continued to see solid growth even as prices rose at their quickest rate in 11 years. Check out the releases here:<a href=\"https:\/\/ent.news\/2022\/7\/Saudi-Arabia-PMI-June-2022.pdf\">Saudi Arabia (pdf)<\/a> | <a href=\"https:\/\/ent.news\/2022\/7\/UAE-PMI-June-2022.pdf\">UAE (pdf)<\/a>.<\/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\/devaluation\/\">devaluation<\/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\/egp\/\">EGP<\/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\/pmi\/\">PMI<\/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=\"547814\" 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=\"547814\">\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\">Development finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/smes-get-a-little-help-from-the-eib\/\">\r\n                            SMEs get a little help from the EIB                        <\/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\/07\/07\/smes-get-a-little-help-from-the-eib\/\" 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 second initiative \u2014 part of the EU\u2019s Trade and Competitiveness Program \u2014 will allow Banque Misr to \u201cidentify bankable sustainable private sector investment projects and develop new financial products targeted for SMEs,\u201d which will help the bank support companies that were hardest hit by the pandemic.<\/p>\n<p><strong>What they said: <\/strong>\u201cThe EIB is committed to supporting private sector investment in cooperation with leading local financial partners \u2026 This builds on the success of EUR 1.75 bn of EIB backed credit lines managed by Banque Misr agreed over the last five years,\u201d EIB VP Gelsomina Vigliotti said. This came during Vigliotti\u2019s four-day visit to Egypt, during which she discussed the bank\u2019s support for Egypt\u2019s climate goals and food and energy security with senior government officials.<\/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\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/european-investment-bank\/\">European Investment Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smes\/\">SMEs<\/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=\"547816\" 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=\"547816\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/547816\/\">\r\n                    <div class=\"photo photo--above\">\r\n          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id=\"547817\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/20-egyptians-on-forbes-top-middle-east-ceos-list\/\">\r\n                            20 Egyptians on Forbes\u2019 top Middle East CEOs list                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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<\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547817\" class=\"content-area-description single-story post-547817 post type-post status-publish format-standard hentry category-kudos tag-allianz-egypt tag-allianz-life-ins tag-enterpriseam tag-forbes tag-insurance tag-kudos wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Forbes is out with its annual ranking of the <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/\">Middle East\u2019s top 100 CEOs<\/a><\/strong> \u2014 and 20 Egyptians have made the list:<\/p>\n<ul>\n<li><strong>#10 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/osama-rabie\/\">Osama Rabie<\/a><\/strong>, head of the Suez Canal Authority<\/li>\n<li><strong>#16 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/hatem-dowidar\/\">Hatem Dowidar<\/a><\/strong>, CEO of e&<\/li>\n<li><strong>#41 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/mohamed-eletreby\/\">Mohamed Eletreby<\/a><\/strong>, chairman of Banque Misr<\/li>\n<li><strong>#47 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/hussein-abaza\/\">Hussein Abaza<\/a><\/strong>, CEO and managing director of CIB<\/li>\n<li><strong>#49 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/ahmed-abdelaal\/\">Ahmed Abdelaal<\/a><\/strong>, CEO of Mashreq Bank<\/li>\n<li><strong>#50 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/bassel-gamal\/\">Bassel Gamal<\/a><\/strong>, CEO of Qatar Islamic Bank<\/li>\n<li><strong>#60 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/ahmed-el-hoshy\/\">Ahmed El Hoshy<\/a><\/strong>, CEO of Fertiglobe<\/li>\n<li><strong>#61 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/hisham-talaat-moustafa\/\">Hisham Talaat Moustafa<\/a><\/strong>, CEO and managing director of Talaat Moustafa Group<\/li>\n<li><strong>#64 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/amr-abuelenein\/\">Amr Abuelenein<\/a><\/strong>, chairman and CEO of EgyptAir Holding<\/li>\n<li><strong>#65 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/adel-a-el-labban\/\">Adel El Labban<\/a><\/strong>, CEO of Ahli United Bank<\/li>\n<li><strong>#68 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/osama-bishai\/\">Osama Bishai<\/a><\/strong>, CEO of Orascom Construction<\/li>\n<li><strong>#70 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/elham-yousry-mahfouz\/\">Elham Yousry Mahfouz<\/a><\/strong>, CEO of Commercial Bank of Kuwait<\/li>\n<li><strong>#74 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/adel-hamed\/\">Adel Hamed<\/a><\/strong>, managing director and CEO of Telecom Egypt<\/li>\n<li><strong>#78 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/karim-awad\/\">Karim Awad<\/a><\/strong>, CEO and chairman of EFG Hermes<\/li>\n<li><strong>#79 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/sherif-beshara\/\">Sherif Beshara<\/a><\/strong>, CEO of Mohamed & Obaid Almulla Group<\/li>\n<li><strong>#<\/strong><strong>84 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/yasser-zaghloul\/\">Yasser Zagh<\/a><\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/yasser-zaghloul\/\">loul<\/a><\/strong>, CEO of National Marine Dredging Company<\/li>\n<li><strong>#87 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/sherif-elwy\/\">Sherif Elwy<\/a><\/strong>, managing director and vice chairman of Arab African International Bank<\/li>\n<li><strong>#88 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/omar-el-hamamsy\/\">Omar El Hamamsy<\/a><\/strong>, CEO of Orascom Development Egypt<\/li>\n<li><strong>#91 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/essam-mohamed\/\">Essam Mohamed<\/a><\/strong>, CEO of Gulf Pharmaceutical Industries<\/li>\n<li><strong>#93 <\/strong><strong><a href=\"https:\/\/www.forbesmiddleeast.com\/lists\/top-100-ceos-in-the-middle-east-2022\/tarek-youssef-hosni\/\">Tarek Youssef Hosni<\/a><\/strong>, CEO of Jamjoom Pharma<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><strong>Allianz Life Ins. was awarded the African ins. company of the year award for 2022<\/strong> by the <a href=\"https:\/\/www.africa-re.com\/\">African Reinsurance Corporation<\/a>, Allianz Egypt said in a <a href=\"https:\/\/ent.news\/2022\/7\/Alliance-Egypt_Statement_6-7-22.pdf\">press release (pdf)<\/a>.<\/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\/allianz-egypt\/\">Allianz Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/allianz-life-ins\/\">Allianz Life Ins.<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/forbes\/\">Forbes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/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=\"547818\" 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=\"547818\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/547818\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547818\" class=\"content-area-description single-story post-547818 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Ad-REVEAL_Bike_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\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=\"547819\" 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=\"547819\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/last-nights-talk-shows-on-the-new-capitals-high-rent\/\">\r\n                            Last Night\u2019s Talk Shows on the new capital\u2019s high rent                        <\/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\/07\/07\/last-nights-talk-shows-on-the-new-capitals-high-rent\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            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href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows+on+the+new+capital%E2%80%99s+high+rent+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F07%2Flast-nights-talk-shows-on-the-new-capitals-high-rent%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\/07\/07\/last-nights-talk-shows-on-the-new-capitals-high-rent\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547819\" class=\"content-area-description single-story post-547819 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-digitization tag-enterpriseam tag-houseboats tag-last-nights-talk-shows tag-new-administrative-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>The nation\u2019s talking heads focused mainly on the new administrative capital <\/strong><strong>last night<\/strong> following a speech from President Abdel Fattah El Sisi, while the national dialogue and the destruction of the Nile\u2019s historic houseboats also got attention.<\/p>\n<p><strong>The cost of the new capital\u2019s government district: EGP 4 bn a year.<\/strong> The owner and developer of the new administrative capital will charge the state EGP 4 bn a year in rent to use the government district, President Abdel Fattah El Sisi <a href=\"https:\/\/akhbarelyom.com\/news\/newdetails\/3814114\/1\/%D8%A7%D9%84%D8%B3%D9%8A%D8%B3%D9%8A--%D8%B4%D8%B1%D9%83%D8%A9-%D8%A7%D9%84%D8%B9%D8%A7%D8%B5%D9%85%D8%A9-%D8%A7%D9%84%D8%A5%D8%AF%D8%A7%D8%B1%D9%8A%D8%A9-%D8%AA%D8%B1%D9%8A%D8%AF-%D8%AA%D8%A3%D8%AC%D9%8A%D8%B1-%D8%A7%D9%84%D8%AD%D9%8A-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D9%8A-%D8%A8%D9%80-4-%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AC%D9%86%D9%8A%D9%87\">said in a speech<\/a> yesterday. The government is not having to fund any of the city\u2019s construction, but will have to pay rent to the Administrative Capital for Urban Development (ACUD) to use the district, which houses government ministries, the House of Representatives and the Senate, and the central bank, the president said during the launch of the <a href=\"https:\/\/digital.gov.eg\/\">Digital Egypt platform<\/a>. The company is 51% owned by the military, while a unit of the Housing Ministry holds the remainder. Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=oLvaO_NQ1sM\">watch, runtime: 2:26<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=XKRnMJj4YFQ\">watch, runtime: 1:24<\/a>) had the story.<\/p>\n<p><strong>How much is it costing to make the new capital \u201csmart\u201d? <\/strong>The price tag for the new administrative capital\u2019s digital infrastructure is EGP 100 bn, El Sisi said, according to state news agency <a href=\"https:\/\/www.mena.org.eg\/ar\/news\/dbcall\/table\/textnews\/id\/9659184\">MENA<\/a>.<\/p>\n<p><strong>Digital Egypt also received attention on the airwaves <\/strong>with Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=kcQxiK3W22o\">watch, runtime: 4:29<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=rwv1W1tPdk4\">watch, runtime: 4:21<\/a>) covering its launch. The platform allows the public to access a range of government services online.<\/p>\n<p><strong>Various political parties have received invites to take part in the national dialogue<\/strong>, Emad El Din Hussein, senator and one of the 19 members on the board of trustees overseeing the process, told Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=2mXv7gjrwx8\">watch, runtime: 4:01<\/a>). The board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53d3e057-585d-4d12-a094-cc926538a933\">held its first meeting<\/a>earlier this week, during which it agreed on its bylaws. <strong>Need a refresher on the national dialogue?<\/strong> You can read our explainer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/618da10f-a3ed-44b3-92e6-b25ee5ff7eae\">here<\/a>.<\/p>\n<p><strong>Eviction on the Nile:<\/strong> The decision to remove the Nile\u2019s houseboats to make way for new commercial developments continued to get coverage last night, with Ala Mas\u2019ouleety\u2019s Ahmed Moussa reporting that the president told one resident, Ekhlas Helmy, <a href=\"https:\/\/www.wsj.com\/articles\/end-of-cairos-historic-houseboats-spells-heartache-for-residents-11656774000\">who appealed directly to him<\/a> to let her keep the boat, that she would not be evicted until the government provides her with a new place to live (<a href=\"https:\/\/www.youtube.com\/watch?v=uyNcnLZmbfo\">watch, runtime: 11:07<\/a>). <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220630-cairo-s-floating-heritage-risks-being-towed-away-by-grand-projects\">International media outlets<\/a> have reported that residents of the boats have not been provided compensation or offered new accommodation after being evicted.<\/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\/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\/digitization\/\">digitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/houseboats\/\">houseboats<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-administrative-capital\/\">new administrative capital<\/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=\"547820\" 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=\"547820\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/human-rights-is-still-the-hot-topic-in-the-foreign-press\/\">\r\n                            Human rights is still the hot topic in the foreign press                        <\/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\/07\/07\/human-rights-is-still-the-hot-topic-in-the-foreign-press\/\" 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 downturn has left the benchmark index down 27% since the start of the year. And don\u2019t mention the bond spreads. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-blue-chip-stock-index-trading-near-6-year-lows-2022-07-06\/\">Reuters<\/a> | <a href=\"https:\/\/www.nasdaq.com\/articles\/egypt-hard-currency-bond-spreads-blow-out-to-fresh-record\">Reuters<\/a>)<\/li>\n<li><strong>The demolition of iconic Nile houseboats<\/strong> continues to get ink in the foreign press. (<a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-cairo-50933f7aa52925b57363fda61c43fb46\">AP<\/a>)<\/li>\n<li><strong>Women across the Arab world are using YouTube to turn their kitchens into <\/strong><strong>a source of income and influence<\/strong>. (<a href=\"https:\/\/www.nytimes.com\/2022\/07\/05\/dining\/arab-women-youtube-cooking-videos.html\">New York Times<\/a>)<\/li>\n<\/ul>\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\/egx\/\">EGX<\/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\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/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\/07\/07\/globeleq-is-interested-in-investing-in-egypts-renewables-clean-energy-projects\/\">\r\n                            Globeleq is interested in investing in Egypt\u2019s renewables, clean energy projects                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/globeleq-is-interested-in-investing-in-egypts-renewables-clean-energy-projects\/&title=Globeleq is interested in investing in Egypt\u2019s renewables, clean energy projects\">\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=Globeleq+is+interested+in+investing+in+Egypt%E2%80%99s+renewables%2C+clean+energy+projects+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F07%2Fglobeleq-is-interested-in-investing-in-egypts-renewables-clean-energy-projects%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\/07\/07\/globeleq-is-interested-in-investing-in-egypts-renewables-clean-energy-projects\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547822\" class=\"content-area-description single-story post-547822 post type-post status-publish format-standard hentry category-also-on-our-radar tag-abu-dhabi-islamic-bank tag-also-on-our-radar tag-consumer-finance tag-energy tag-enterpriseam tag-globalcorp tag-globeleq tag-investment-watch tag-non-banking-financial-services tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Globeleq eyes Egypt energy investment:<\/strong> Africa-focused power producer Globeleq is looking to invest in electricity, renewable energy, green hydrogen and green ammonia projects in Egypt, the company\u2019s renewables chief told Electricity Minister Mohamed Shaker yesterday, according to <a href=\"https:\/\/gate.ahram.org.eg\/News\/3594624.aspx\">Ahram Gate<\/a>.<\/p>\n<p><strong>Globeleq set foot in Egypt last year:<\/strong> The UK-based company entered the Egyptian renewables space last year when it <a href=\"https:\/\/www.globeleq.com\/blog\/globeleq-acquires-egyptian-solar-plant\/\">acquired a 66-MW Benban solar plant<\/a> from a consortium of Italian and Saudi companies.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>GlobalCorp<\/strong> is investing EGP 150 mn into a new consumer finance platform dubbed <strong>Ollin<\/strong>, that will operate as a one stop shop allowing users to obtain auto loans, mortgages, education loans and more. The NBFS player <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/28f14adc-579c-484d-a5d7-8e9a79802350\">was acquired<\/a> by the European Bank of Reconstruction and Development (EBRD), SPE Capital, and Amethis earlier this year. (<a href=\"https:\/\/ent.news\/2022\/7\/GlobalCorp-launches-Ollin_04072022_V2_Clean.pdf\">Statement<\/a><a href=\"https:\/\/ent.news\/2022\/7\/GlobalCorp-launches-Ollin_04072022_V2_Clean.pdf\">, pdf<\/a>)<\/li>\n<li><strong>Abu Dhabi Islamic Bank Egypt (ADIB)<\/strong> has increased the capital of its consumer finance unit by EGP 68.6 mn to EGP 98 mn. (<a href=\"https:\/\/ent.news\/2022\/7\/ADIB-EGX-filing.pdf\">EGX filing, (pdf)<\/a> <\/li>\n<li>The <strong>National Authority for Tunnels<\/strong> and <strong>RATP Dev Mobility Cairo<\/strong> are considering legal action against design studio <strong><a href=\"https:\/\/walisstudio.com\/heliopolis-station-branding\">Wali\u2019s Studio<\/a><\/strong> for allegedly plagiarizing the designs of a Russian artist on the walls of a Cairo Metro Line 3 station. (<a href=\"https:\/\/tinyurl.com\/r2fjvf69\">Statement<\/a>)<\/li>\n<\/ul>\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\/abu-dhabi-islamic-bank\/\">Abu Dhabi Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\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\/consumer-finance\/\">consumer finance<\/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\/globalcorp\/\">GlobalCorp<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/globeleq\/\">Globeleq<\/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\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547823\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547824\" 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=\"547824\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/one-of-the-years-biggest-banking-takeovers-just-took-place-in-the-middle-east\/\">\r\n                            One of the year\u2019s biggest banking takeovers just took place in the Middle East                        <\/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\/07\/07\/one-of-the-years-biggest-banking-takeovers-just-took-place-in-the-middle-east\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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               <\/a>\r\n\r\n                \n<article id=\"post-547824\" class=\"content-area-description single-story post-547824 post type-post status-publish format-standard hentry category-planet-finance tag-ahli-united-bank tag-banking tag-cryptocurrency tag-enterpriseam tag-financial-markets tag-kuwait-finance-house tag-ma-watch tag-microsoft tag-planet-finance 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>Kuwaiti bank makes one of the year\u2019s biggest banking acquisitions: <\/strong><a href=\"https:\/\/www.kfh.com\/en\/home\/Personal.html\">Kuwait Finance House<\/a> is acquiring Bahrain\u2019s <a href=\"https:\/\/www.google.com\/aclk?sa=l&amp;ai=DChcSEwiZvqGHt-T4AhUTkGgJHXu1CysYABAAGgJ3Zg&amp;ae=2&amp;sig=AOD64_3O8X359WdxpA0GXFzIhy8AprIKJw&amp;q&amp;adurl&amp;ved=2ahUKEwiz9peHt-T4AhV8if0HHWk4DN0Q0Qx6BAgCEAE\">Ahli United Bank<\/a> (AUB) for almost USD 11.6 bn in an agreement announced by the two banks in disclosures (<a href=\"https:\/\/ent.news\/2022\/7\/AUB-BB-Dislcosure-6-July-2022_.pdf_62140.pdf\">here, pdf<\/a>) and (<a href=\"https:\/\/ent.news\/2022\/7\/1-KFH-Disclosure-23-06-2022.pdf\">here, pdf<\/a>) yesterday. Kuwait Finance House will offer AUB one share for every 2.695 shares of Ahli United, implying an offer price of USD 1.04 per share \u2014 a 13% premium on its share price at Wednesday\u2019s close, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-06\/kuwait-lender-kfh-to-buy-bahrain-s-ahli-united-for-11-6-billion?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg\u2019s<\/a> calculations. The acquisition, which has been on the table for years but was pushed to the backburner at the start of the pandemic, ranks among the biggest in the banking sector this year. The combined entity will hold some USD 115 bn in assets, making it one of the Gulf\u2019s largest lenders.<\/p><p><strong>ALSO IN PLANET FINANCE-<\/strong><\/p><ul>\n<li><strong>Another crypto player bites the dust:<\/strong> US crypto lender Voyager has filed for bankruptcy protection, becoming the latest victim to a deepening crypto winter. (<a href=\"https:\/\/www.investvoyager.com\/pressreleases\/voyager-digital-commences-financial-restructuring-process-to-maximize-value-for-all-stakeholders\">Statement<\/a>)<\/li>\n<li><strong>Tyson buys two Tanmiah subsidiaries: <\/strong>US meat producer Tyson Foods will acquire stakes in two of Saudi-based Tanmiah Food subsidiaries for USD 70 mn. (<a href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/tadawul\/home\/announcement-details\/!ut\/p\/z1\/pZJNT4NAEIZ_Sw-cZ1igUG8rICCUZEupZS9mW-lHwlcq1dBf7xZNTJMWNc5tkueZybwZ4LAEXom3_Va0-7oShewzPn6O_cj20SKh5841pGNnas_igCAiPPUAIbalTnSMMDJVCXgYsKmuIdOA_8n3gthEyqi_eFhI1CL_81H_nY83iuJPfiZ98xvANJ1IQLMZcwyCngEJcOCvuTisd-yYHzrICLFUuZdfjkafONJ0w9CxpXlvfAFD0V4CV7IbBM7h9MDA9Y_At0W9-vyEXds2dwoq2IoX8X4sFJnOui4bUXVJV65qCfW3JXkFTZmm6fI03zTuzD9FG0pHow8Mi-xL\/dz\/d5\/L0lDU0lKQ2dwUkNpQ2xFQSEvb01vUUFBSVF4QkFJRW95akNVNXdYQlNnakhBIS80SkNpanNZcE1oVGpVRTF1MGxzcHFhUSEvWjdfTkhMQ0gwODJLMFRORjBBUVZPQ0JNRUtVMjIvWjZfTkhMQ0gwODJLMFRORjBBUVZPQ0JNRUtVSzYvQU5OT1VOQ0VNRU5UX05VTUJFUi82OTIwMS9odHRwOiUwJTB0YWRhd3VsJTAvYW5uQ2F0LzE!\/\">Bourse filing<\/a>)<\/li>\n<li><strong>Microsoft\u2019s Activision takeover under the microscope:<\/strong> The UK\u2019s antitrust regulator has launched an investigation into Microsoft\u2019s planned USD 68.7 bn acquisition of video games publisher Activision. (<a href=\"https:\/\/www.gov.uk\/cma-cases\/microsoft-slash-activision-blizzard-merger-inquiry\">Statement<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>8,670<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -27.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.83<\/p>\n<\/td>\n<td>\n<p>Sell 18.91<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.85<\/p>\n<\/td>\n<td>\n<p>Sell 18.91<\/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>11,417<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,251<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,062<\/p>\n<\/td>\n<td>\n<p>-1.9% (YTD: -4.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,845<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -19.3%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,108<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: -3.8%)<\/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>3,422<\/p>\n<\/td>\n<td>\n<p>+1.9% (YTD: -20.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 99.90<\/p>\n<\/td>\n<td>\n<p>-2.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 5.51<\/p>\n<\/td>\n<td>\n<p>-0.2%<\/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 1,736.50<\/p>\n<\/td>\n<td>\n<p>-1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,341<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -55.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 486.02 mn (41.5% below the 90-day average). Foreign investors were net sellers. The index is down 27.4% YTD.<\/p><p><strong>In the green: <\/strong>GB Auto (+10%), Elsewedy Electric (+6.4%) and EFG Hermes (+4%).<\/p><p><strong>In the red: <\/strong>Cleopatra Hospitals (-4.6%), Housing and Development Bank (-4.5%) and Credit Agricole Egypt (-4.1%).<\/p><p><strong>Asian markets are mostly in the green this morning<\/strong> as investors react to minutes from the Federal Reserve\u2019s June meeting which showed that policymakers are willing to act more decisively to combat inflation. US and European stock futures suggest shares will also see early gains when markets open later today.<\/p>\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\/ahli-united-bank\/\">Ahli United Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/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\/kuwait-finance-house\/\">Kuwait Finance House<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microsoft\/\">microsoft<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547825\" 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=\"547825\">\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\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/my-morning-routine-sherif-mohsen-chief-strategy-officer-of-trukker\/\">\r\n                            My Morning Routine: Sherif Mohsen, chief strategy officer of Trukker                        <\/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\/07\/07\/my-morning-routine-sherif-mohsen-chief-strategy-officer-of-trukker\/\" 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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Speaking to us this week is Sherif Mohsen (<a href=\"https:\/\/eg.linkedin.com\/in\/sherif-mohsen-08708436\">LinkedIn<\/a>), chief strategy officer of Trukker.<\/p>\n<p><strong>My name is Sherif Mohsen, and I\u2019m the chief strategy officer of Trukker.<\/strong> Before I joined Trukker as the chief strategy officer, I co-founded StarWallet, a startup that was focused on developing loyalty programs, and co-founded trucking startup Naqla in 2016. I left Naqla when I felt like I had achieved all the milestones I had in mind, and when the company was generating seven-figures USD in monthly revenues. I wanted to master one product and grow vertically, whereas Naqla\u2019s investors wanted to grow horizontally; they wanted to capture the full supply chain cycle.<\/p>\n<p><strong>I was introduced to Trukker, the largest tech-enabled truck aggregator in the Middle East and Central Asia, <\/strong><strong>through<\/strong><strong> the International Finance Corporation. <\/strong>The CEO and I bonded within 10 minutes of the first meeting because we shared the same hunger for tackling real problems, vertically, on a regional scale. I joined the team as a partner and chief strategy officer.<\/p>\n<p><strong>My role as the chief strategy officer is to explore opportunities at home and abroad<\/strong>, align our existing projects, and generate new ideas that complement our business and the industry as a whole.<\/p>\n<p><strong>When I first joined the company, Trukker was operating in the UAE and Saudi Arabia<\/strong>, and within six months we expanded to Egypt and started generating a lot more capital, scaled the team considerably, and opened more than six offices in different countries. We are very proud of the fact that we became the market leader locally, surpassing companies that have been in the market for years.<\/p>\n<p><strong>We are expanding aggressively, and currently have a 12K fleet of trucks in Egypt. <\/strong>When I joined, Trukker operated in 2 countries only, now we operate in 9 different nations, and will be launching in 4 new countries in Europe within the next 2 quarters.<\/p>\n<p><strong>My job is very challenging but is equally insightful and exhilarating: <\/strong>The trucking industry is connected with everything; every single thing a human being wants is transported via trucks. The industry exposes us to all kinds of commodities and the trends related to these items. I also love the fact that I get to meet people from different cultures; I get to learn something new everyday.<\/p>\n<p><strong>My morning routine depends on where I am. <\/strong>I\u2019m always on the road; every week I'm in a different country. I usually wake up at 7 AM, jump in the shower, then have a cup of joe and get into meetings. Because we are operating in different markets and timezones, we work seven days a week and get calls 24\/7; even when I\u2019m on a plane I have to stay connected. The work never ends for me [laughs].<\/p>\n<p><strong>To relax and switch off from work, <\/strong>I like to travel and spend some quality time with my children. I\u2019m always on the road so I cherish every second I spend with the family. A daily constant for me is calling my kids everyday.<\/p>\n<p><strong>Traveling all the time is challenging and can take a toll on you.<\/strong> To stay focused and centered, I like to delve into new business content. Business-related research is very calming for me, and I like to constantly learn new things, so whenever I get the chance, I like to do some research about the industries we invest in.<\/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\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sherif-mohsen\/\">Sherif Mohsen<\/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=\"547827\" 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\/07\/07\/547827\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547827\" class=\"content-area-description single-story post-547827 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>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>8 July (Friday): Arafat Day.<\/p>\n<p>9-14 July (Saturday-Thursday): Eid Al Adha, national holiday.<\/p>\n<p>19 July (Tuesday): The national dialogue\u2019s board to <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/64\/471198\/Egypt\/Politics-\/UPDATED-Egypt%E2%80%99s-national-dialogue-board-of-trustee.aspx\">reconvene<\/a>.<\/p>\n<p>21 July (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July-14 August: 2Q2022 earnings season.<\/p>\n<p><strong>AUGUST<\/strong><\/p>\n<p>August: Work to extend the capacity of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a> to 600 MW to be completed.<\/p>\n<p>August: Sharm El Sheikh will host the African Sumo Championship.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER<\/strong><\/p>\n<p>September: Egypt will display its first naval exhibition, <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Estate Waves Egypt <a href=\"https:\/\/bit.ly\/3zH4mEK\">real estate exhibition<\/a> through metaverse technology.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>September: The sixth session of the <a href=\"https:\/\/www.facebook.com\/mift.media\/posts\/pfbid034CjQppGScajHW83ktsmyHavSTQRys9Ezbp9KXCNfPg61XwgzSvHVYi7RfHWxsTESl\">Egyptian-German Joint Economic Committee<\/a>.<\/p>\n<p>September: A delegation from Germany\u2019s Aldi will visit Egypt to look at potential investments.<\/p>\n<p>6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Kobba Palace, Cairo.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>26\u201327 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: 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>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\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":547809,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547808","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c515f96f-cdf9-496b-a767-ae78608ac399","teaser":"","photo_url":"https:\/\/ent.news\/2022\/7\/10.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>Inflation weakens private sector activity in June - 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\/inflation-weakens-private-sector-activity-in-june\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation weakens private sector activity in June\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-weakens-private-sector-activity-in-june\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T21:58:57+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/10.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\/inflation-weakens-private-sector-activity-in-june\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/inflation-weakens-private-sector-activity-in-june\/\",\"name\":\"Inflation weakens private sector activity in June - 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