{"id":547912,"date":"2022-07-19T03:54:30","date_gmt":"2022-07-19T03:54:30","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=547912"},"modified":"2025-12-15T22:01:35","modified_gmt":"2025-12-15T22:01:35","slug":"infinity-afc-buy-lekela-in-africas-largest-ever-renewables-acquisition","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/infinity-afc-buy-lekela-in-africas-largest-ever-renewables-acquisition\/","title":{"rendered":"Infinity + AFC buy Lekela in Africa\u2019s largest-ever renewables acquisition"},"content":{"rendered":"<section id=\"547914\" 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=\"547914\">\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\/19\/this-morning-from-signs-of-the-times-you-need-to-know-about-to-a-nasty-no-good-horrible-day-for-climate\/\">\r\n                            THIS MORNING: From signs of the times you need to know about to a nasty, no good, horrible day for climate                        <\/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\/19\/this-morning-from-signs-of-the-times-you-need-to-know-about-to-a-nasty-no-good-horrible-day-for-climate\/\" 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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Do you now remember who you are, where you work, and what you were doing before the Eid break?<\/p><p><strong>THE BIG STORY here at home is the latest sign that the boomlet in M&amp;A activity we\u2019ve <\/strong><strong>seen<\/strong><strong> in recent months has legs<\/strong> as our our friends at Infinity and AFC snap up Lekela in what\u2019s being billed as the largest-ever renewables acquisition in Africa. We have chapter and verse on this and other transactions in this morning\u2019s news well, below.<\/p><p><strong>SIGNS OF THE TIMES- <\/strong><\/p><p><strong>#1- Major corporations are firing people\u2026<\/strong> <a href=\"https:\/\/www.ft.com\/content\/5c0c341f-6a02-4996-9b6c-e927e69273ea\">Goldman Sachs<\/a> warned yesterday that it may cut staff and slow hiring, <a href=\"https:\/\/fortune.com\/2022\/07\/18\/tiktok-layoffs-goldman-sachs-apple-slow-hiring-black-monday\/\">TikTok<\/a> and <a href=\"https:\/\/www.businessinsider.com\/vimeo-conducts-layoffs-job-cuts-2022-7#:~:text=Vimeo%20is%20conducting%20layoffs%2C%20a,the%20company's%2520annual%2520regulatory%2520filing.\">Vimeo<\/a> are slashing jobs, and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-18\/apple-to-slow-hiring-and-spending-for-some-teams-next-year?sref=mmeFTDW1\">Apple<\/a> is slowing spending, including (likely) on new staff. They\u2019re just the latest major corporations to announce jobs cuts or hiring slowdowns after HR pros at startups began swinging the axe in late spring.<\/p><p><strong>#2- \u2026at the same time as businesses in the West complain they can\u2019t find qualified staff.<\/strong> And it\u2019s not just in the service industry (restaurants in particular) or retail: Microsoft\u2019s Brad Smith is warning that \u201cUS <a href=\"https:\/\/www.reuters.com\/technology\/microsoft-president-sees-new-era-stagnating-labor-pool-2022-07-18\/\">companies are facing a \u2018new era\u2019 in which fewer people are entering the workforce<\/a> and pressure to pay higher salaries may become permanent.\u201d<\/p><p><strong>#3- Are fintech players falling from grace? Some USD 500 bn has been wiped off the <\/strong><strong>value of US <\/strong><strong>fintech startups <\/strong>in the recent equity sell-off<strong>, <\/strong>according to the <a href=\"https:\/\/www.ft.com\/content\/338eda46-04e5-46b3-a71d-a429d21c490c\">Financial Times<\/a>. The more than 30 fintechs that listed during the recent IPO boom have lost USD 460 bn and are down more than 50% on average since the start of this year (compared to 29% for the tech-heavy Nasdaq). Fintechs have been hit hard by tighter financial conditions, in which investors are less ready to sink funding into businesses whose earning ability is untested, the salmon-coloured paper says.<\/p><p><strong>#4- It\u2019s just not a great time to be a VC. <\/strong>2Q 2022 was really bad for venture capital-backed IPOs, <a href=\"https:\/\/www.axios.com\/newsletters\/axios-pro-rata-37c7ed1c-118a-4cef-8c86-b4a794b485c1.html\">Axios Pro Rata<\/a> reports, citing data from PitchBook. \u201cThe IPO window was virtually shut in 2Q 2022, and VC-backed public listings reached a 13-year quarterly low with eight completed.\u201d Throw in a big fundraising slowdown and its shaping up to be somthing of an annus horribilis for VCs.<\/p><p><strong>#5- Is the Gulf IPO boom losing steam?<\/strong> That\u2019s what <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-18\/dubai-s-union-coop-slumps-on-debut-as-gulf-ipo-boom-loses-steam\">Bloomberg<\/a> is wondering after Dubai\u2019s Union Coop slumped 13% in its trading debut. Union followed Tecom Group (down 17% on the first day of trading this month), while the Dubai Electricity and Water Authority has recently given up almost all of the gains it posted since its debut in March.<\/p><p><strong>#6- <\/strong><strong><a href=\"https:\/\/www.wsj.com\/articles\/armpit-hair-back-emma-corrin-vogue-11657925530\">Armpit hair is back<\/a><\/strong><a href=\"https:\/\/www.wsj.com\/articles\/armpit-hair-back-emma-corrin-vogue-11657925530\">whether we like it or not<\/a>, the Wall Street Journal kindly informs us all.<\/p><p><strong>ONE RAY OF SUNSHINE- Haleon, GSK\u2019s now-former consumer healthcare unit, just <\/strong><strong>pulled off Europe\u2019s largest listing in more than a decade <\/strong>despite particularly challenging market and macro conditions. With the spinoff, Haleon immediately became one of 20 largest companies in the FTSE with a market cap of about USD 36 bn. The world\u2019s largest standalone healthcare business, Haleon controls brands including Advil, Voltaren and Otrivin. The company is led in North Africa by Nabil Besri. Haleon executed the demerger despite clear macro challenges including the erosion in consumer sentiment amid rising inflation. In parallel, the FTSE 100 is down about 3.8% year-to-date. You can catch the <a href=\"https:\/\/ent.news\/2022\/7\/Haleon-Demerger-PRL-EG_final-NB-final-1-1.pdf\">Haleon press release here (pdf)<\/a> or check out coverage in the global business press: <a href=\"https:\/\/www.cnbc.com\/2022\/07\/18\/gsk-spins-off-haleon-in-biggest-european-listing-for-a-decade.html\">CNBC<\/a> | <a href=\"https:\/\/www.ft.com\/content\/45dc4b67-f4a5-4fac-8c35-1d63b823c065\">Financial Times<\/a> | <a href=\"https:\/\/www.reuters.com\/markets\/europe\/gsk-spins-off-haleon-biggest-european-listing-decade-2022-07-18\/\">Reuters<\/a>.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>The state\u2019s national dialogue meetings resume today:<\/strong> The board overseeing the Sisi administration\u2019s national dialogue will hold its second meeting today, during which it will set a schedule of debate, discuss the agenda and form subcommittees.<\/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>The government\u2019s public consultations on its state ownership policy continue today<\/strong> with representatives from the wholesale and retail sectors having their say. Sunday\u2019s session brought leather manufacturers together to discuss the state\u2019s privatization plans. Every Sunday, Tuesday and Thursday 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>Russian President Vladimir Putin is making a rare trip to the Middle East today<\/strong>, traveling to Tehran to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/066021fc-c04f-49fa-9b81-1c393343803c\">attend a summit<\/a> with Iranian President Ebrahim Raisi and Turkish President Recep Tayyip Erdogan.<\/p><p><strong>On the agenda at the summit: An agreement to unlock Ukrainian grain via the Black Sea<\/strong>, according to a Kremlin spokesperson, according to <a href=\"https:\/\/www.reuters.com\/world\/turkey-says-ukraine-russia-un-meeting-this-week-grain-corridor-probable-2022-07-18\/?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosworld&amp;stream=world\">Reuters<\/a>. A Turkish official said that \u201csmall problems\u201d remain but expressed optimism that Ukraine and Russia will sign an agreement this week.<\/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><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><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>THE BIG STORY ABROAD- Climate is dominating the international front <\/strong><strong>pages this morning<\/strong> as ministers from 40 countries gathered in Berlin for the Petersberg Climate Dialogue amid expectations of record temperatures in Europe. With heat waves and wildfires sweeping countries on the continent, UN Secretary-General Antonio Guterrres said that humanity was on the verge of committing \u201ccollective suicide.\u201d Temperatures in the UK are expected to reach record highs this week (<strong>prompting the declaration of a national emergency<\/strong>) while wildfires are raging in France, Spain, Portugal and Greece. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/southern-europe-battles-wildfires-heatwave-spreads-north-2022-07-18\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/wildfires-france-fires-heat-waves-b7c3ecaba66d9851ba0381e68d207784\">AP<\/a> | <a href=\"https:\/\/www.ft.com\/content\/5fc8f41e-c66d-44cd-9abe-803d1008feaa\">FT<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-18\/london-s-scorching-tube-raises-alarm-over-europe-s-brutal-heat?srnd=premium-europe\">Bloomberg<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/news\/world-europe-62206006\">BBC<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/07\/18\/world\/europe\/uk-london-extreme-heat.html\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/07\/18\/heat-wave-uk-temperatures-40c-record\/?itid=hp-top-table-main\">Washington Post<\/a>)<\/p><p><strong>Energy was at the top of the priority list in talks between German Chancellor Olaf Scholz <\/strong><strong>and President Abdel Fattah El Sisi<\/strong>, who is co-chairing the summit as Egypt prepares to host COP27 this fall. We have more details on this in this morning\u2019s Diplomacy section, below.<\/p><p><strong>Germany\u2019s energy situation is looking increasingly grim:<\/strong> Speculation is growing that Russia might not resume gas flows through the vital Nord Stream 1 pipeline next week after Gazprom yesterday told buyers in Europe that it could not guarantee shipments due to \u201cextraordinary\u201d circumstances, according to a letter seen by <a href=\"https:\/\/www.reuters.com\/business\/energy\/russias-gazprom-declares-force-majeure-gas-supplies-europe-2022-07-18\/\">Reuters<\/a>. The Russian gas giant has shut the pipeline for 10 days while it conducts annual maintenance and there are fears that it might not turn the gas back on when it finishes on Thursday as Moscow ratchets up the pressure on energy-starved Europe. Before last week, Gazprom had already cut flows through Nordsteam by 40%, leaving Germany\u2019s largest gas provider <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-18\/uniper-draws-2-billion-kfw-credit-line-amid-bailout-talks?sref=mmeFTDW1\">on the verge of collapse<\/a> and forcing cities to <a href=\"https:\/\/finance.yahoo.com\/news\/situation-more-dramatic-germany-rationing-174650335.html\">ration hot water<\/a> and dim the lights.<\/p><p><strong>Brussels could turn to emergency measures:<\/strong> The EU could move to force member states to cut gas consumption if the energy crisis intensifies in the coming weeks and months, the <a href=\"https:\/\/www.ft.com\/content\/0b42d3c8-e5ab-4be7-ae1c-1b973e0f47d5\">Financial Times<\/a> reports.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>Our combined wind and solar power generation capacity is the highest of any Arabic-speaking country, according to a new report from nonprofit renewables researcher Global Energy Monitor. But as our once oil-reliant neighbors go all in on the energy transition with ambitious plans to ramp up renewables output, we could lose our edge on wind and solar by the time 2030 rolls around.<\/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\/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\/climate\/\">Climate<\/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\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"547915\" 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=\"547915\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/547915\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547915\" class=\"content-area-description single-story post-547915 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Somabay-unforgettable-summer-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p>A sizzling summer awaits you by the bay: We\u2019ve saved you the hassle of planning by bringing you a lineup of unmatched energy and fun-packed vacation activities to last you all season long. It\u2019s time to create magical memories with relaxed beachside days and excitingly fresh nights. From pumping up the adrenaline with Footgolf and Go-Karting to turning up the music and heat at Sobar with ladies\u2019 nights, groovy beats, and lots of dancing. From BBQ beach parties at S-cape to riding horses by the sea \u2014 there\u2019s a little special something for everyone. We look forward to seeing you at the bay.<\/p>\n\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=\"547916\" 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=\"547916\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/infinity-will-become-africas-largest-renewables-player-through-lekela-acquisition\/\">\r\n                            Infinity will become Africa\u2019s largest renewables player through Lekela acquisition                        <\/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\/19\/infinity-will-become-africas-largest-renewables-player-through-lekela-acquisition\/\" 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 acquisition will give Infinity and AFC a 2.8 GW portfolio of wind projects across Africa, <strong>making Infinity the largest renewables company on the continent<\/strong>. Representatives from Infinity declined to disclose the value of the transaction when we approached them yesterday, though <a href=\"https:\/\/www.marketwatch.com\/story\/mainstream-renewable-power-and-actis-to-sell-africa-s-lekela-power-271658131671\">Dow Jones<\/a> suggests that it values Lekela at USD 1.5 bn.<\/p>\n<p><strong>The sellers:<\/strong> Private equity firm <a href=\"https:\/\/www.act.is\/\">Actis<\/a> is selling its 60% stake in Lekela alongside Irish wind \/ solar developer <a href=\"https:\/\/www.mainstreamrp.com\/projects\/\">Mainstream Renewable Power<\/a>, which owns the remaining 40% of the company. The two firms founded Lekela in 2015.<\/p>\n<p><strong>What they\u2019re buying:<\/strong> Lekela is Africa\u2019s largest independent power producer (IPP) and has >1 GW of installed capacity at projects located in Egypt, South Africa and Senegal. It has another 1.8 GW of projects in the pipeline that are expected to close \u201cin the near future,\u201d Infinity and AFC said. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c5c730b4-4705-43f2-bfea-72fc0ba4e2db\">brought online<\/a> its 250-MW wind farm in West Bakr last November.<\/p>\n<p><strong>Watch this space:<\/strong> The acquisition is expected to close in 4Q, subject to regulatory approvals and customary closing conditions, Infinity co-founder and chairman Mohamed Ismail Mansour told Enterprise.<\/p>\n<p><strong>What they said: <\/strong>\u201cOur acquisition of Africa\u2019s largest independent power producer in the renewables sector is a major milestone in our strategy for growth across the African continent,\u201d Mansour said in the statement. Actis said the exit \u201creflects the successful culmination of Actis and Mainstream\u2019s partnership strategy for Lekela.\u201d<\/p>\n<p><strong>In the pipeline:<\/strong> Infinity and AFC plan to more than double the capacity of the company\u2019s operating assets over the next four years.<\/p>\n<p><strong>What\u2019s happening with management and operations?<\/strong> Nothing has been decided yet, but Infinity is keen on integrating Lekela into the company, Mansour told us. \u201cWe will assess with Lekela\u2019s management how we structure this new integrated company to achieve our aggressive plans for future growth,\u201d he said.<\/p>\n<p><strong>Lekela had plenty of suitors:<\/strong> Actis was reported earlier this year to be in negotiations to exit the firm. Pan-African financial services outfit <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b4cd083-cba9-4ff6-8c4d-372796ef6feb\">Old Mutual<\/a> to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7930b05c-8650-45aa-ae77-0991be2b63bf\">Chinese state fund CNIC<\/a> were reported to be among the final bidders, while Mainstream had apparently also considered buying Actis out of the firm.<\/p>\n<p><strong>Masdar<\/strong> <strong>was originally in AFC\u2019s shoes:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e185c13-a72b-4d44-b284-beb8ae19b082\">Reports last month<\/a> suggested that Emirati renewables player Masdar was in talks alongside Infinity to acquire Actis\u2019 stake in Lekela.<\/p>\n<p><strong>It\u2019s not only Lekela that Actis wants to exit:<\/strong> Actis is looking to sell its South African business BTE Renewables for around USD 1 bn and has hired Citigroup as advisors, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-14\/buyout-firm-actis-hires-citi-to-sell-african-renewables-firm\">Bloomberg<\/a>reported last week, citing people familiar with the matter.<\/p>\n<p><strong>ADVISORS-<\/strong> Cantor Fitzgerald, ABSA and Norton Rose Fulbright advised Infinity and AFC on the acquisition, while Citi and Clifford Chance advised Actis and Mainstream.<\/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\/actis\/\">Actis<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/africa-finance-corporation\/\">Africa Finance Corporation<\/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\/infinity\/\">Infinity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/lekela-power\/\">Lekela Power<\/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\/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=\"547918\" 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=\"547918\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/\">\r\n                            Has Banque du Caire pushed its IPO back again?                        <\/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\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/\" 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\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/')\">\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\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/\">\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=Has Banque du Caire pushed its IPO back again?&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/\">\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\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/&title=Has Banque du Caire pushed its IPO back again?\">\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=Has+Banque+du+Caire+pushed+its+IPO+back+again%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F19%2Fhas-banque-du-caire-pushed-its-ipo-back-again%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\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/189.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"547919\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/has-banque-du-caire-pushed-its-ipo-back-again\/189-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/189.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"189.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/189.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/189.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547918\" class=\"content-area-description single-story post-547918 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-banking tag-banque-du-caire tag-banque-misr tag-egx tag-enterpriseam tag-ipo-watch tag-state-privatization-program wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Banque du Caire\u2019s IPO may have been kicked down the road once more:<\/strong> State-owned Banque du Caire is postponing its long-awaited IPO due to unfavorable market conditions, <a href=\"https:\/\/alborsaanews.com\/2022\/07\/16\/1558338\">Al Borsa<\/a> reports, citing unnamed sources. The bank had been set to make its EGX debut by the end of the year, but the sources suggested that poor liquidity on the EGX had led the offering to be postponed \u201cuntil market conditions improve.\u201d Banque du Caire and EFG Hermes \u2014 which is managing the offering alongside HSBC \u2014 declined to comment when we reached out this week.<\/p>\n<p><strong>This shouldn\u2019t come as a big shock: <\/strong>The EGX 30 has entered a bear market this year amid a tough time for equities markets globally, as war in Ukraine, inflationary pressure, rising interest rates and supply \/ demand imbalances spur risk-off sentiment among investors. The benchmark index is currently trading at lows not seen since November 2016 and has lost 26% from its recent peak in January.<\/p>\n<p><strong>And don\u2019t be surprised if the state decides to privatize Banque du Caire through a trade sale. <\/strong>The Banque Misr-owned institution has attracted interest from strategics in the past. We think a one-and-done trade sale at a reasonable valuation would go a long way toward showing the state is serious about its plan to generate USD 10 bn per year through asset sales in each of the nexts four years. (Just don\u2019t expect the transaction to hit the high-water-mark for valuation posted by the sale of Bank of Alexandria to Italy\u2019s Intesa Sanpaolo in 2006\u2026)<\/p>\n<p><strong>BdC is ready to make its debut<\/strong> and has major Gulf and foreign institutional players interested in subscribing to the offering, the sources told the newspaper. The bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34da67d5-60e3-4fd7-8218-3ee03ba98409\">underwent a restructuring in May<\/a> ahead of the offering which saw its majority shareholder Banque Misr purchase nearly all of the remaining shares from its investment arm, Misr Capital, giving it direct ownership of 99.99% of its shares.<\/p>\n<p><strong>But flagging equity markets in Egypt and far beyond suggest IPOs are not likely to soon be on the menu.<\/strong> Public Enterprises Minister Hisham Tawfik <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b912062-af35-4fac-b882-66cd72c07fb3\">said last month<\/a> that when the government resumes offering shares on the EGX will depend on when demand picks up. The government began 2022 targeting <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/341bd556-a758-49d4-9aa9-1852ae8a3d9f\">as many as 10 stake sales<\/a> through the year but the deterioration of market conditions has put its plans on hold.<\/p>\n<p><strong>The BdC sale has been a long time coming:<\/strong> The state has waned to sell a stake in the bank since 2016 but has pulled back multiple times, primarily due to poor market conditions. BdC, Egypt\u2019s third largest state-owned bank, was hoping to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/061abaa9-10b4-484c-9ad1-ffc2aef8a84c\">raise some USD 500 mn<\/a> from the sale back in 2020 \u2014 making it the country\u2019s biggest sale of state assets since 2006 \u2014 before the covid-19 pandemic <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40690e96-1782-465c-b1ae-4e96bd528bea\">forced it to delay its plans<\/a>. At the time, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e0bdf8f-3e92-41bc-bca8-0c446b77dea7\">the European Bank for Reconstruction and Development<\/a>, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/163fbf90-6fe3-4c26-8f1a-da075ede540c\">Sovereign Fund of Egypt and Abu Dhabi Development Holding<\/a> were reportedly considering purchasing a stake.<\/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-du-caire\/\">Banque du Caire<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547920\" 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=\"547920\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/mnhd-wants-sodic-to-cough-up-a-lot-more\/\">\r\n                            MNHD wants SODIC to cough up a lot more                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/mnhd-wants-sodic-to-cough-up-a-lot-more\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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MNHD\u2019s undeveloped land has \u201cvery promising potential to be developed and become residential and commercial projects,\u201d Salam said, adding that this is what makes it so valuable.<\/p>\n<p><strong>SODIC earlier this month <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ac0d2951-4c12-4a13-827a-1941b1904444\">launched a takeover bid<\/a><\/strong><strong> for MNHD<\/strong> and offered to pay EGP 3.20-3.40 per share, valuing the cross-town company at as much as EGP 6.36 bn.<\/p>\n<p><strong>But MNHD wants more:<\/strong> MNHD this week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/924be7f7-4920-4a96-a8f3-3bf27cf02099\">rejected<\/a> the offer and called on SODIC to submit a new bid that reflects the fair value of the company.<\/p>\n<p><strong>What\u2019s a fair value?<\/strong> Salam\u2019s statements yesterday seem to suggest that the company might demand an offer as high as EGP 12.40 a share for it to agree to a sale, valuing it as much as EGP 25 bn.<\/p>\n<p><strong>Putting this in context:<\/strong> That\u2019s more than three times greater than SODIC\u2019s valuation priced by Aldar Properties and ADQ when <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ff33ea0-89c5-479c-87c3-bace1f57c63c\">they acquired the company<\/a> last year.<\/p>\n<p><strong>MNHD\u2019s shares closed at EGP 2.87<\/strong> yesterday on the EGX (+7%). Its shares have gained about 17% since SODIC made its offer.<\/p>\n<p><strong>MNHD\u2019s land bank:<\/strong> MNHD owns around 10 mn square meters of land, 5 mn of which are developed or under development, while 4.5 mn square meters are still undeveloped, mainly split between two main projects <a href=\"https:\/\/www.mnhd.com\/communities\/taj-city.php\">Taj City<\/a> and <a href=\"https:\/\/www.mnhd.com\/communities\/sarai.php\">Sarai<\/a>, Salam said.<\/p>\n<p><strong>Sallam took the helm at MNHD and became a shareholder as the developer acquired his <\/strong><strong>Minka Developments <\/strong>in a transaction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/24bc8308-5529-4e7b-afc5-72dadf4be449\">announced late last fall<\/a>. Sallam used MNHD\u2019s <a href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/mnhd\/MNHD%20-%20ER%20-%201Q22%20-%20E%20-%20Final%20-%202.pdf\">1Q 2022 earnings release (pdf)<\/a> to signpost what he called \u201cexciting times\u201d for the developer, saying the company is entering \u201cperiod of change and reinvention that will challenge our team to envision new ways for our business to grow sustainably and create value for stakeholders.\u201d MNHD wants to double deliveries in 2022 and develop recurring revenue streams (including through a push into the commercial property market and through community management fees).<\/p>\n<p><strong>SODIC, meanwhile, is ramping up its competitive metabolism under new ownership. <\/strong>The company\u2019s new Emirati owners are supporting CEO Magued Sherif and his team to think aggressively about growth opportunities. The high-end developer, now celebrating 25 years in the business, reported record 1Q gross contracted sales and profitability, it said in its <a href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/sodicv2\/1Q22-Earnings-Release-vf.pdf\">first-quarter earnings release (pdf)<\/a>, setting up what Sherif said at the time would be a \u201crecord year for SODIC\u201d despite a industry backdrop that is being marred by high inflation, rising interest rates and supply chain kinks.<\/p>\n<p><strong>Watch this space: <\/strong>MNHD will convene its general assembly on 16 August to decide whether to allow SODIC to go ahead with due diligence on its takeover bid, MNHD said in <a href=\"https:\/\/ent.news\/2022\/7\/%D9%85%D8%AF%D9%8A%D9%86%D8%A9-%D9%86%D8%B5%D8%B1-%D8%AF%D8%B9%D9%88%D8%A9-18-07-2022.pdf\">a disclosure (pdf)<\/a> to the EGX yesterday.<\/p>\n<p><strong>MNHD and SODIC have been dancing (on and off) for years: <\/strong>With different shareholding structures on both sides and a different management team at MNHD at the time, the two started talking about combining their businesses in <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/12\/sodic-mnhd-talks-to-begin-today-source\/\">early 2018<\/a>, which months later saw SODIC make an offer to acquire <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/16\/exclusive-magued-sherif-and-hazem-barakat-on-what-could-be-egypts-largest-ever-ma\/\">at least 51% of MNHD<\/a> through a direct share swap that the two positioned as what would have been Egypt\u2019s largest-ever M&A at the time. Talks <a href=\"https:\/\/enterprise.press\/stories\/2019\/01\/27\/sodic-calls-off-all-share-acquisition-of-mnhd\/\">fell through<\/a> after they failed to reach an agreement on the share-swap ratio.<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/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=\"547922\" 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=\"547922\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/547922\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547922\" class=\"content-area-description single-story post-547922 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/whatsnext.enterprise.press\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\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=\"547923\" 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=\"547923\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/shareholder-to-block-sdx-merger-with-tenaz\/\">\r\n                            Shareholder to block SDX merger with Tenaz                        <\/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\/19\/shareholder-to-block-sdx-merger-with-tenaz\/\" 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\/19\/shareholder-to-block-sdx-merger-with-tenaz\/')\">\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\/19\/shareholder-to-block-sdx-merger-with-tenaz\/\">\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=Shareholder to block SDX merger with Tenaz&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/shareholder-to-block-sdx-merger-with-tenaz\/\">\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\/19\/shareholder-to-block-sdx-merger-with-tenaz\/&title=Shareholder to block SDX merger with Tenaz\">\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=Shareholder+to+block+SDX+merger+with+Tenaz+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F19%2Fshareholder-to-block-sdx-merger-with-tenaz%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\/19\/shareholder-to-block-sdx-merger-with-tenaz\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547923\" class=\"content-area-description single-story post-547923 post type-post status-publish format-standard hentry category-ma-watch tag-energy tag-enterpriseam tag-london-stock-exchange tag-ma-watch tag-oil-and-gas tag-sdx-energy 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>SDX shareholder to block planned merger with Tenaz: <\/strong>A planned merger between UK-based, Egypt-focused <a href=\"https:\/\/www.sdxenergygroup.com\/\">SDX Energy<\/a> with Canadian firm <a href=\"https:\/\/www.tenazenergy.com\/\">Tenaz Energy<\/a> has been thrown into doubt after a group of shareholders said they would vote to block the transaction. SDX was sent a letter by trading group Aleph Commodities informing it that Aleph holds some 25.65% of SDX and intends to vote against the transaction at a meeting of shareholders scheduled for 29 July, SDX said in a <a href=\"https:\/\/www.londonstockexchange.com\/news-article\/SDX\/update-on-equity-ownership-of-the-company\/15543785\">statement<\/a> to the London Stock Exchange.<\/p>\n<p><strong>Aleph says no: <\/strong>Fully 75% of shareholders need to okay the merger for it to go through, giving Aleph the power to block it, Tenaz said in <a href=\"https:\/\/www.londonstockexchange.com\/news-article\/market-news\/response-to-sdx-announcement\/15545336\">a response<\/a> filed to the London bourse.<\/p>\n<p><strong>The story so far: <\/strong>SDX <a href=\"https:\/\/www.londonstockexchange.com\/news-article\/SDX\/recommended-all-share-combination\/15467759\">agreed to the all-share takeove<\/a><a href=\"https:\/\/www.londonstockexchange.com\/news-article\/SDX\/recommended-all-share-combination\/15467759\">r<\/a> with Tenaz in May in a transaction that would value the London-listed company at around GBP 21.4 mn. SDX shareholders would receive roughly 0.075 shares in Tenaz for each SDX share, handing them ownership of around 36% of the new company. Tenaz shareholders would hold the remaining 64%. At the end of June, the companies <a href=\"https:\/\/www.londonstockexchange.com\/news-article\/SDX\/recommended-all-share-combination-with-cash-alter\/15518527\">announced<\/a> a cash alternative that would allow SDX shareholders to receive cash instead of shares.<\/p>\n<p><strong>Why do we care? <\/strong>SDX owns 36.9% of the South Disouq concession in Egypt\u2019s Nile Delta, and 50% of the West Gharib concession in the Eastern Desert, where it first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7974ce84-5d1d-4160-a6d8-fafc8faea18b\">struck oil<\/a> last month.<\/p>\n<p><strong>Aleph doesn\u2019t want to dilute SDX: <\/strong>\u201c[We welcome] the opportunity to engage with management and the board of directors to explore opportunities to provide financial, commercial and technical support to SDX to ensure the growth of the company and its production base, with minimal dilution,\u201d SDX reported Aleph as saying in the letter.<\/p>\n<p><strong>What\u2019s next? <\/strong>Both SDX and Tenaz will go ahead with their shareholder meetings on 29 July to vote on the merger, though it now seems unlikely to go through. Tenaz said it was exploring all its options with regard to the transaction.<\/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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/london-stock-exchange\/\">London Stock Exchange<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sdx-energy\/\">SDX Energy<\/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=\"547924\" 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=\"547924\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/\">\r\n                            Investors to bid for rating agency license this quarter                        <\/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\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/\" 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\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/')\">\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\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/\">\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=Investors to bid for rating agency license this quarter&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/\">\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\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/&title=Investors to bid for rating agency license this quarter\">\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=Investors+to+bid+for+rating+agency+license+this+quarter+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F19%2Finvestors-to-bid-for-rating-agency-license-this-quarter%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\/19\/investors-to-bid-for-rating-agency-license-this-quarter\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547924\" class=\"content-area-description single-story post-547924 post type-post status-publish format-standard hentry category-capital-markets tag-capital-markets tag-egx tag-egyptian-modern-education-systems tag-enterpriseam tag-financial-regulatory-authority wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>A <\/strong><strong>second <\/strong><strong>local credit rating agency could be in the works: <\/strong>A group of investors led by MGM Banking and Financial Consultants Chairman Gamal Moharram is in talks with the Financial Regulatory Authority (FRA) for a license to operate a credit rating agency, Dreny and Partners Founding Partner Moataz Dreny told Enterprise. The investors are finalizing the company\u2019s structure and plan to file a request for a license sometime this quarter, he said, without disclosing their identities. They will also hire an ex-Moody\u2019s industry expert to head the firm, Dreny said.<\/p>\n<p><strong>The FRA wants more local rating agencies:<\/strong> The Financial Regulatory Authority (FRA) in February made it easier for credit rating companies to get operating licenses in Egypt by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d087ef18-4b4b-4559-ac5d-ac851785b9eb\">scrapping a requirement<\/a> for them to be at least 10% owned by international firms.<\/p>\n<p><strong>Egypt currently only has one credit rating agency:<\/strong> Middle East Rating and Investors Service (<a href=\"https:\/\/merisratings.com\/\">MERIS<\/a>), a joint venture between Moody\u2019s and Finance and Banking Consultants International (FinBi).<\/p>\n<p><strong>The rationale:<\/strong> A single rating agency can only rate so many bonds, and with the growing popularity of asset-backed securities in Egypt more firms are needed to expand capacity.<\/p>\n<p><strong>IN OTHER CAPITAL MARKETS NEWS-<\/strong><\/p>\n<p><strong>Egyptian Modern Education Systems<\/strong> <strong>has completed the move from small-cap <\/strong><strong>index Nilex to the EGX<\/strong>, with an initial market cap of EGP 100.5 mn, it said in <a href=\"https:\/\/ent.news\/2022\/7\/press_release_09-06-2022_in_en_english.pdf\">a disclosure (pdf)<\/a> yesterday. Shares closed up 0.7% on Monday at EGP 0.14.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-modern-education-systems\/\">Egyptian Modern Education Systems<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547925\" 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=\"547925\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/547925\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547925\" class=\"content-area-description single-story post-547925 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/2\/V-editions-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\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=\"547926\" 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=\"547926\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/talking-heads-cover-el-sisis-trip-to-berlin-the-final-of-the-african-handball-championship\/\">\r\n                            Talking heads cover El Sisi\u2019s trip to Berlin + the final of the African Handball Championship                        <\/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\/19\/talking-heads-cover-el-sisis-trip-to-berlin-the-final-of-the-african-handball-championship\/\" 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\/19\/talking-heads-cover-el-sisis-trip-to-berlin-the-final-of-the-african-handball-championship\/')\">\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\/19\/talking-heads-cover-el-sisis-trip-to-berlin-the-final-of-the-african-handball-championship\/\">\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=Talking heads cover El Sisi\u2019s trip to Berlin + the final of the African Handball Championship&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/talking-heads-cover-el-sisis-trip-to-berlin-the-final-of-the-african-handball-championship\/\">\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\/19\/talking-heads-cover-el-sisis-trip-to-berlin-the-final-of-the-african-handball-championship\/&title=Talking heads cover El Sisi\u2019s trip to Berlin + the final of the African Handball Championship\">\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=Talking+heads+cover+El+Sisi%E2%80%99s+trip+to+Berlin+%2B+the+final+of+the+African+Handball+Championship+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F19%2Ftalking-heads-cover-el-sisis-trip-to-berlin-the-final-of-the-african-handball-championship%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\/19\/talking-heads-cover-el-sisis-trip-to-berlin-the-final-of-the-african-handball-championship\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547926\" class=\"content-area-description single-story post-547926 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-germany tag-grand-egyptian-museum tag-last-nights-talk-shows wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Diplomacy and sports dominated the airwaves last night<\/strong> with the nation\u2019s talking heads focused on President Abdel Fattah El Sisi\u2019s trip to Berlin and Egypt\u2019s victory in African Handball Championship final.<\/p>\n<p><strong>El Sisi in Berlin:<\/strong> El Sisi co-chaired the Petersberg Climate Dialogue in Berlin and held talks with German Chancellor Olaf Scholz yesterday. The news received coverage from El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=po1kPa3E_18\">watch, runtime: 2:25<\/a>), Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=VUuFom5Z6dk\">watch, runtime: 6:40<\/a>, Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=6JxX-Nz3mBE\">watch, runtime: 2:06<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=HAEMcu_4s7o\">watch, runtime: 2:08<\/a>). We have more in this morning\u2019s Diplomacy section, below.<\/p>\n<p><strong>Egypt was crowned African <\/strong><strong>handball champion<\/strong> for the second year running last night, defeating first-time finalists Cape Verde 37-25. This is the eighth time the Pharaohs have taken home the trophy. <a href=\"https:\/\/www.instagram.com\/omarbakkar31\/\">Omar<\/a><a href=\"https:\/\/www.instagram.com\/omarbakkar31\/\"><\/a><a href=\"https:\/\/www.instagram.com\/omarbakkar31\/\">El Wakil<\/a> was named the man of the match. Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=2OvfEIqihyE\">watch, runtime: 0:53<\/a>), Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=Ofrd2LxFpHA\">watch, runtime: 1:33<\/a>), El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=_qFg3HpUrqo\">watch, runtime: 2:25<\/a>) and Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=ZFsENNyQYkM\">watch, runtime: 0:59<\/a>) all had the story.<\/p>\n<p><strong>GEM delayed again:<\/strong> The Grand Egyptian Museum (GEM) is set to be completely finished before the end of the year, Tourism Minister Khaled El Enany told El Hekaya\u2019s Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=3IQUvp6e5xc\">watch, runtime: 2:32<\/a>). The inauguration date would be determined by global conditions and other events the state is working on, he said. Secretary-general of the Supreme Council for Antiquities Mostafa Waziri <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4ced200-06f7-4257-84d2-bc069293343a\">said<\/a> just a few weeks ago that the museum will be finished within three months.<\/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\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/grand-egyptian-museum\/\">Grand Egyptian Museum<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547927\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div 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href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-iuygf18\" data-v=\"4\" data-block-id=\"iuygf18\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-iuygf18-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-iuygf18-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n 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<\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547928\" 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=\"547928\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/egypt-in-the-news-el-sisi-scholz-talk-energy-and-climate\/\">\r\n                            Egypt in the News: El Sisi, Scholz talk energy and climate                        <\/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\/19\/egypt-in-the-news-el-sisi-scholz-talk-energy-and-climate\/\" 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\/19\/egypt-in-the-news-el-sisi-scholz-talk-energy-and-climate\/')\">\n                    Copy Link                <\/a>\n\n           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target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/egypt-in-the-news-el-sisi-scholz-talk-energy-and-climate\/&title=Egypt in the News: El Sisi, Scholz talk energy and climate\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+in+the+News%3A+El+Sisi%2C+Scholz+talk+energy+and+climate+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F19%2Fegypt-in-the-news-el-sisi-scholz-talk-energy-and-climate%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\/19\/egypt-in-the-news-el-sisi-scholz-talk-energy-and-climate\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547928\" class=\"content-area-description single-story post-547928 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-abdel-fattah-el-sisi tag-climate tag-enterpriseam tag-germany tag-green-hydrogen tag-human-rights tag-olaf-scholz tag-swvl wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>\u064f<strong>El Sisi\u2019s meeting with German Chancellor Olaf Scholz is leading the conversation <\/strong><strong>on Egypt in the foreign press this morning: <\/strong>President Abdel Fattah El Sisi held a meeting followed by a joint presser with German Chancellor Olaf Scholz on the sidelines of the Petersberg Climate Dialogue in Berlin yesterday. <a href=\"https:\/\/www.reuters.com\/article\/idUSS8N2Y20ED\">Reuters<\/a> covers the chancellor's comments about Egypt\u2019s nascent green hydrogen industry, and <a href=\"https:\/\/www.thenationalnews.com\/mena\/2022\/07\/18\/el-sisi-challenges-berlin-reporters-on-egypts-human-rights-record\/\">the National<\/a> reports on El Sisi\u2019s response to questions from German reporters on Egypt\u2019s human rights record.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Higher oil prices have been good for Swvl:<\/strong> More people are switching from driving to using Swvl for their commute in bigger markets such as Egypt and Pakistan amid rising inflation and surging oil prices. (<a href=\"https:\/\/www.reuters.com\/technology\/dubai-transport-start-up-swvl-sees-more-customers-ditch-cars-buses-2022-07-18\/\">Reuters<\/a>) <\/li>\n<li><strong>Luxor grounds hot air balloons after accident: <\/strong>Authorities have <a href=\"https:\/\/tinyurl.com\/bdcv936z\">suspended hot air ballooning<\/a> in Luxor while they investigate an incident that left two tourists with minor injuries. (<a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-cairo-accidents-90a83ed28f7661916ef8715ff77426ad\">Associated Press<\/a>)<\/li>\n<li><strong>Beau Rivage beach is being sacrificed for clearer streets:<\/strong> Alexandria locals are up in arms about the decision to <a href=\"https:\/\/www.dostor.org\/Upload\/libfiles\/376\/7\/908.jpg\">build<\/a><a href=\"https:\/\/www.dostor.org\/Upload\/libfiles\/376\/7\/908.jpg\">a bridge<\/a> across the popular Beau Rivage beach, which they say will ruin the area. (<a href=\"https:\/\/www.thenationalnews.com\/mena\/egypt\/2022\/07\/18\/row-in-alexandria-over-building-work-at-beachfront\/\">The National<\/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\/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\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/olaf-scholz\/\">Olaf Scholz<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/swvl\/\">Swvl<\/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=\"547929\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"547930\" 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=\"547930\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/new-regs-could-make-it-easier-for-film-crews-to-get-permits\/\">\r\n                            New regs could make it easier for film crews to get permits                        <\/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\/19\/new-regs-could-make-it-easier-for-film-crews-to-get-permits\/\" 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\/19\/new-regs-could-make-it-easier-for-film-crews-to-get-permits\/')\">\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\/19\/new-regs-could-make-it-easier-for-film-crews-to-get-permits\/\">\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=New regs could make it easier for film crews to get permits&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/new-regs-could-make-it-easier-for-film-crews-to-get-permits\/\">\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\/19\/new-regs-could-make-it-easier-for-film-crews-to-get-permits\/&title=New regs could make it easier for film crews to get permits\">\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=New+regs+could+make+it+easier+for+film+crews+to+get+permits+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F19%2Fnew-regs-could-make-it-easier-for-film-crews-to-get-permits%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\/19\/new-regs-could-make-it-easier-for-film-crews-to-get-permits\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547930\" class=\"content-area-description single-story post-547930 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-regulation 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_408146\"\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\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>It could be getting easier for foreign photographers + film crews to get permits: <\/strong>Ministers are planning to introduce new regulations that would see the photography permit process for foreign media outlets and film and TV producers streamlined, introducing a single-window system for applications and fee payments that could be accessed digitally, according to a cabinet <a href=\"https:\/\/tinyurl.com\/55fjz62w\">statement<\/a>. The decision would include rules obliging producers not to film children, adults without their consent, or scenes considered \u201coffensive\u201d to the country and its people, Tourism Minister Khaled El Enany said.<\/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\/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\/regulation\/\">regulation<\/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=\"547931\" 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=\"547931\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/us-pe-firms-want-record-amounts-of-new-funding\/\">\r\n                            US PE firms want record amounts of new funding                        <\/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\/19\/us-pe-firms-want-record-amounts-of-new-funding\/\" 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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Some 2.8k firms are now trying to fundraise, including nine megafunds looking to raise USD 216 bn \u2014 a jump of over 60% compared to the beginning of 2021, swamping potential limited partners at pension funds, family offices and endowments with meeting requests.<\/p><p><strong>But fundraising is already down c. 43% year-on-year in 1H 2022<\/strong>, according to industry date.<\/p><p><strong>A messy backdrop: <\/strong>The fundraising drive by PE players comes despite a paucity of exits (whether through private por public markets). Valuations are falling (good for would-be acquirers, bad for folks with holdings they need to exit), debt finance is getting more expensive every time the Fed meets, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8bd86ea-a53c-4861-a67c-29605af025cc\">global buyouts tanked in the second quarter<\/a>.<\/p><p><strong>So who\u2019s going to close? H<\/strong>eavyweights with proven track records including Blackstone and Apollo, the WSJ suggests.<\/p><p><strong>EARNINGS WATCH- Goldman, BoA report better-than-expected earnings: <\/strong>Bulge bracket stalwart Goldman Sachs reported a 47% drop in net income in 2Q, beating analysts\u2019 estimates, according to its latest <a href=\"https:\/\/www.goldmansachs.com\/media-relations\/press-releases\/current\/pdfs\/2022-q2-results.pdf\">financial results (pdf)<\/a>. The bank reported a USD 2.9 bn profit for the quarter due a fall in dealmaking and said it would slow hiring and could make job cuts. Analysts had predicted income to fall to USD 2.6 bn. It was a similar story at Bank of America, where analysts were surprised to the upside by a 32% fall in earnings to USD 6.2 bn, its <a href=\"https:\/\/d1io3yog0oux5.cloudfront.net\/_c5d52e14900202252d476ce00e798788\/bankofamerica\/db\/806\/9723\/earnings_release\/The+Press+Release+2Q22.pdf\">financial results (pdf)<\/a> showed. <a href=\"https:\/\/www.cnbc.com\/2022\/07\/18\/bank-of-america-bac-2q-2022-earnings-.html\">CNBC<\/a> and the <a href=\"https:\/\/www.wsj.com\/articles\/goldman-sachs-profit-falls-47-11658144481?mod=hp_lead_pos2\">Wall Street Journal<\/a> have more.<\/p><p><strong>AND- Has crypto bottomed out?<\/strong> (Don\u2019t hold your breath.) Major cryptocurrencies staged a recovery on Monday following a three-month long crash, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-18\/bitcoin-rallies-to-trade-above-22-000-ether-avalanche-advance-l5qgw59v\">Bloomberg<\/a> reports. BTC, the largest of the bunch, surged as much as 7% to trade above USD 22k for the first time since early June, while ETH jumped 10%. Some digital currencies had seen more than 50% of their value wiped out so far this year as risky assets plummet on surging inflation, rising interest rates and geopolitical crises.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>8,868<\/p>\n<\/td>\n<td>\n<p>+1.1% (YTD: -25.8%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.85<\/p>\n<\/td>\n<td>\n<p>Sell 18.93<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.87<\/p>\n<\/td>\n<td>\n<p>Sell 18.93<\/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>11,555<\/p>\n<\/td>\n<td>\n<p>+2.3% (YTD: +2.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,260<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +9.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,171<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -0.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,831<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -19.6%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,223<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: -2.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,512<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: -18.3%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 105.76<\/p>\n<\/td>\n<td>\n<p>+4.6%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 7.48<\/p>\n<\/td>\n<td>\n<p>+6.6%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,710.20<\/p>\n<\/td>\n<td>\n<p>+0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,674<\/p>\n<\/td>\n<td>\n<p>+3.2% (YTD: -53.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.1% at yesterday\u2019s close<\/strong> on turnover of EGP 930.2 mn (11.7% above the 90-day average). Local investors were net buyers. The index is down 25.8% YTD.<\/p><p><strong>In the green: <\/strong>Credit Agricole Egypt (+ 13.4%), Madinet Nasr for Housing and Development (+7.1%) and GB Auto (+5.1%).<\/p><p><strong>In the red: <\/strong>Abu Dhabi Islamic Bank-Egypt (-1.1%), Telecom Egypt (-1.1%) and Cleopatra Hospital (-0.7%).<\/p><p><strong>Asian markets are mostly in the red this morning<\/strong>, and it\u2019s looking a similarly patchy open for European markets, according to stock futures. US shares are on course to open in the green 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\/bank-of-america\/\">Bank of America<\/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\/earnings\/\">earnings<\/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\/goldman-sachs\/\">Goldman Sachs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/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=\"547932\" 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=\"547932\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/germany-agrees-to-help-develop-egypts-green-hydrogen-industry\/\">\r\n                            Germany agrees to help develop Egypt\u2019s green hydrogen industry                        <\/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\/19\/germany-agrees-to-help-develop-egypts-green-hydrogen-industry\/\" 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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In a joint presser following the meeting (<a href=\"https:\/\/www.youtube.com\/watch?v=snKYWiADGB0\">watch, runtime: 22:16<\/a>), Scholz told reporters that the two sides agreed to cooperate on developing Egypt\u2019s green hydrogen industry in a bid to help Europe diversify its energy supplies away from Russia. Exporting hydrogen to Germany will be a \u201cvery big opportunity\u201d for countries like Egypt, he said.<\/p>\n<p><strong>Egypt wants to help ease the current European gas crisis<\/strong>, El Sisi said during the press conference, adding that the country \u201ccould export all the natural gas that it can produce from the Eastern Mediterranean.\u201d Egypt recently signed an agreement with Israel and the EU to increase gas exports to Europe as the continent looks to phase out its reliance on Russian fossil fuels. The agreement will see Israel send more gas to Egypt\u2019s LNG facilities before exporting it on tankers to European shores.<\/p>\n<p><strong>El Sisi called on international financial institutions to help Egypt overcome the current crisis: <\/strong>\u201cWe\u2019re asking our friends in Europe and international financial institutions, like the IMF and the World Bank, to help us until the current crisis is over.\u201d Egypt and the IMF are <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19d96164-776b-492a-ad5a-a55d8ea4f6e2\">currently in talks<\/a>over a fresh assistance program to prevent a balance of payments crisis caused by soaring food and energy prices.<\/p>\n<p><strong>Also from Berlin:<\/strong> The president met the heads of major German industrial companies during a business roundtable, who expressed interest in expanding their activities in Egypt, according to <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0wBB9tutDkkkQkjLKvRYY1mhZZnUPoBFXmJ2HmupPWnAU32fVg6sZkbQgv8EUNTWzl\">Ittihadiya<\/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\/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\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/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\/green-hydrogen\/\">green hydrogen<\/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\/olaf-scholz\/\">Olaf Scholz<\/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=\"547934\" 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=\"547934\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/one-step-closer-to-peace-in-yemen\/\">\r\n                            One step closer to peace in Yemen?                        <\/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\/19\/one-step-closer-to-peace-in-yemen\/\" 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\/19\/one-step-closer-to-peace-in-yemen\/')\">\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\/19\/one-step-closer-to-peace-in-yemen\/\">\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=One step closer to peace in Yemen?&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/19\/one-step-closer-to-peace-in-yemen\/\">\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\/19\/one-step-closer-to-peace-in-yemen\/&title=One step closer to peace in Yemen?\">\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=One+step+closer+to+peace+in+Yemen%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F19%2Fone-step-closer-to-peace-in-yemen%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\/19\/one-step-closer-to-peace-in-yemen\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547934\" class=\"content-area-description single-story post-547934 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-diplomacy tag-energy tag-enterpriseam tag-france tag-politics tag-uae tag-un tag-yemen wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>One step closer towards resolving the seven-year war in Yemen? <\/strong>The UN is pushing warring parties in Yemen to extend the current truce by another six months, sources familiar with the matter told <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/un-presses-yemen-warring-parties-six-month-truce-extension-sources-2022-07-18\/\">Reuters<\/a>. The truce would mark the most prominent step in the UN\u2019s efforts towards resolving the ongoing conflict between the Yemeni government and the Houthi movement. The UN\u2019s Yemen envoy, Hans Grundberg, will be heading to Oman soon to talk to the Houthis' chief negotiator, followed by a visit to the Yemeni southern city of Aden, where the Yemeni government is headquartered.<\/p>\n<p><strong>France, UAE boost energy cooperation: <\/strong>France and the UAE signed a strategic agreement to strengthen energy ties during UAE President Mohamed bin Zayed\u2019s visit to the French capital yesterday, <a href=\"https:\/\/www.reuters.com\/business\/energy\/france-uae-sign-energy-cooperation-deal-2022-07-18\/\">Reuters<\/a> reports. The pact will see the two countries work together on investment projects in the hydrogen, renewable and nuclear energy sectors. Abu Dhabi National Oil Company (ADNOC) and the French TotalEnergies also signed a strategic partnership, according to Emirati state news agency <a href=\"https:\/\/www.wam.ae\/en\/details\/1395303067183\">WAM<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yemen\/\">Yemen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"547935\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/were-the-biggest-wind-and-solar-power-in-the-region-but-that-could-change\/\">\r\n                            We\u2019re the biggest wind and solar power in the region \u2014 but that could change<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/were-the-biggest-wind-and-solar-power-in-the-region-but-that-could-change\/\" 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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size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"547936\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/were-the-biggest-wind-and-solar-power-in-the-region-but-that-could-change\/195-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/195.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"195.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/195.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/195.png?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-547935\" class=\"content-area-description post-547935 goinggreen type-goinggreen status-publish has-post-thumbnail hentry tag-climate-change tag-energy-security tag-enterprise-going-green tag-enterpriseam tag-global-energy-monitor tag-green-hydrogen tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a><strong> Our neighbors in MENA are following our lead on wind and solar energy \u2014 and <\/strong><strong>could overtake us: <\/strong>Egypt is a solar and wind powerhouse, with local utility-scale projects generating a total of around 3.5 GW of energy each year, according to a <a href=\"https:\/\/ent.news\/2022\/7\/Global-Energy-Monitor-wind-and-solar-Arab-countries-EN.pdf\">new report (pdf)<\/a> from US-based nonprofit <a href=\"https:\/\/globalenergymonitor.org\/\">Global Energy Monitor<\/a>, which tracks renewables projects. That\u2019s more than any other Arabic-speaking country, and nearly 1 GW more than second-place UAE. But as the Arab League pursues an ambitious plan to push regional renewable energy capacity to 80 GW by 2030, megaprojects slated by our neighbors could see us slip regionally, the report says.<\/p>\n<p><strong>Right now, we\u2019re leading the pack: <\/strong>Egypt \u201cis the region\u2019s wind leader,\u201d according to the report, with a current capacity of 1.6 GW. And when it comes to solar we generate 1.9 GW, second only to the UAE, which produces some 2.6 GW of renewable energy from the sun\u2019s rays (but has no current wind power capacity).<\/p>\n<p><strong>There\u2019s a huge amount of fresh capacity in the works across the region: <\/strong>Total utility-scale solar and wind capacity across the region is currently only 12 GW, but that figure could grow more than sixfold to hit 73 GW by 2030 if all the projects that have been slated come to fruition, Global Energy Monitor says.<\/p>\n<p><strong>New kids on the block: <\/strong>Oil rich countries with little current renewables capacity like Oman, Algeria, and Kuwait have big plans to pivot to renewables through mega wind and solar projects, while Morocco is also angling to become a regional renewables leader. Morocco plans to add some 15.3 GW by 2030 \u2014 which would make it the new regional leader in wind and solar with 16.3 GW.<\/p>\n<p><strong>The report projects that we\u2019ll have slipped to fifth place by 2030 <\/strong>with a total 6.8 GW of wind and solar capacity \u2014 nearly double our current capacity, but not enough to keep up with those emerging new top four. That said, 100% of the additional 3.3 GW the report expects us to add should come online by 2024 \u2014 meaning there\u2019s plenty of upside potential for us to overshoot. And another caveat: The report only covers large-scale projects of more than 10 MW.<\/p>\n<p><strong>Prospective wind projects in Egypt are estimated to bring about 2.3 GW in new capacity<\/strong> by 2030, with some 750 MW of that already in construction or development, and the rest announced but not yet underway.<\/p>\n<p><strong>Not as much new solar capacity is coming online by the end of the decade<\/strong>, with only around 800 MW in construction or development and another 100 MW announced. Meanwhile, some 740 MW worth of new local solar projects have been shelved and almost 550 MW canceled, according to the data.<\/p>\n<p><strong>Why have we slowed our game? <\/strong>The global collapse of oil prices and reduced electricity demand during the pandemic saw <a href=\"https:\/\/enterprise.press\/hardhats\/covid-19-impacting-egypts-renewable-energy-sector-part-3-overcapacity-problem\/\">overcapacity become an issue<\/a>. The government in summer 2020 set limits on renewables generation to tackle that, leading sector insiders to predict a slowdown in investment in the following 18-24 months.<\/p>\n<p><strong>Though we\u2019re now seeing signs of what could be the start of a rebound: <\/strong>Players from the Gulf have been investing more heavily in our local renewables sector in recent weeks, as the state pushes for more FDI amid global volatility. Alhokair Group subsidiary FAS Energy recently announced <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/495756fd-2671-4978-b10a-7f23f4bcea99\">plans to invest<\/a> some USD 450 mn to construct a 500 MW solar plant. Meanwhile, Saudi Arabia\u2019s ACWA Power and Hassan Allam Holding last month said they would <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/031ecccd-f816-4657-ae61-58d9c32a706d\">develop<\/a> a 1.1 GW wind farm in the Gulf of Suez. The USD 1.5 bn project will be one of the largest onshore wind farms in the world, and the largest in the Middle East.<\/p>\n<p><strong>That\u2019s not counting other forms of renewables: <\/strong>Egypt\u2019s overall renewable capacity is set to rise by 68% or 4 GW over the coming five years, according to an International Energy Agency (IEA) report we covered in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c906162-b3b5-48d7-bce5-b0a5c87d967b\">Going Green<\/a> late last year. That would bring the country\u2019s total renewables capacity to around 10.1 GW from 6.1 GW currently, including wind, solar, biofuels, and hydropower.<\/p>\n<p><strong>And we\u2019re forging new frontiers in green energy:<\/strong> \u201cWhen it comes to green energy storage, Egypt again looks to be a frontrunner in the region\u2019s renewables energy space,\u201d the report reads, noting plans by the Sovereign Fund of Egypt alongside Scatec, Fertiglobe and Orascom Construction to launch our first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">green hydrogen plant<\/a> in Ain Sokhna as soon as this year. The government has signed <a href=\"https:\/\/www.rystadenergy.com\/newsevents\/news\/press-releases\/COP27-host-Egypt-commits-40bn-to-green-hydrogen-economy-to-attract-foreign-investment\/\">some USD 14 bn<\/a> worth of preliminary agreements for further green hydro and green ammonia projects, giving it a potential pipeline of 11.6 GW (equal to around 1.57 mn tons of hydrogen a year). That\u2019s more than triple the planned wind and solar expansion, giving a sense of how the state\u2019s priorities have shifted.<\/p>\n<p><strong>So what\u2019s behind this \u201crace to the top\u201d in regional solar and wind generation? Europe\u2019s scramble to replace Russian fossil fuels, in part. <\/strong>Setting up renewable energy capacity for export to foreign markets is partially behind the push, \u201cespecially given the increasing urgency with which European countries are seeking alternatives to gas imports,\u201d the report says, in a nod to the continent\u2019s need to find alternative energy sources to reduce its reliance on Russian gas after relations soured over the invasion of Ukraine.<\/p>\n<p><strong>We\u2019re no exception: <\/strong>Hopes of becoming a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4bc9d7d8-f464-497b-8e60-270e76b44180\">green energy hub<\/a> for export to our friends across the Med is driving some of our most ambitious green hydrogen and other green energy investments right now.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top green <\/strong><strong>economy stories<\/strong><strong> for the week:<\/strong><\/p>\n<ul>\n<li><strong>SuperJet goes green:<\/strong> Transport Ministry affiliated SuperJet plans to <a href=\"https:\/\/tinyurl.com\/yckhh74n\">invest EGP<\/a><a href=\"https:\/\/tinyurl.com\/yckhh74n\">1 bn<\/a> in electric buses.<\/li>\n<li><strong>Sharm airport solar plant:<\/strong> Infinity, Hassan Allam Holding and Madkour will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/236b23b9-eacf-422d-aaaf-0adbf24dfd84\">reportedly<\/a> bid to install a solar power plant at Sharm El Sheikh International Airport ahead of COP27.<\/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\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy-security\/\">Energy security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/global-energy-monitor\/\">Global energy monitor<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"547937\" 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\/19\/547937\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-547937\" class=\"content-area-description single-story post-547937 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>18-19 July (Monday-Tuesday): <a href=\"https:\/\/climatenetwork.org\/can-event\/pcd13\/\">Petersberg Climate Dialogue<\/a>, Berlin.<\/p>\n<p>19 July (Tuesday): The government hosts public consultations on its state ownership policy document with wholesale and retail players.<\/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>21 July (Thursday): The government hosts public consultations on its state ownership policy document with medical device manufacturers.<\/p>\n<p>21-22 July (Thursday-Friday): The Arab Organisation for Human Rights (AOHR) and Supreme Standing Committee for Human Rights (SSCHR) <a href=\"https:\/\/english.ahram.org.eg\/News\/471632.aspx\">human rights conference<\/a>.<\/p>\n<p>24 July (Sunday): The government hosts public consultations on its state ownership policy document with healthcare players.<\/p>\n<p>26 July (Tuesday): The government hosts public consultations on its state ownership policy document with pharma players.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>28 July (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.<\/p>\n<p>29 July (Friday): Aleph Commodities shareholder meeting to vote on potential merger with Tenaz Energy Corp.<\/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>14 August (Sunday): Conference of Egyptian entities abroad.<\/p>\n<p>16 August (Tuesday): MNHD\u2019s general assembly meeting to decide whether to allow SODIC to go ahead with due diligence on its takeover bid.<\/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: <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>, Egypt\u2019s first naval defense expo<\/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: <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>September: Government to launch an <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0QKmVCxurac4PGgrxGiVR7LN5BgQi5aCPpHahEzKda36Q1obcfw1w2P3M7eVm4Tujl\">international promotional campaign<\/a> for Egyptian tourism.<\/p>\n<p>6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Kobba Palace, Cairo.<\/p>\n<p>7-9 September (Wednesday-Friday): African Finance Ministers to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid034TbdNfjuu5yHr2NAycih1ggLyA8CPUgnE4AB8MF3SD1Zpv5rTvBmitm7sb4GyiqDl\">meet in Cairo<\/a> to coordinate an African-led position during COP27.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>26&ndash;27 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>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.<\/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): <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition, 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":547913,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-547912","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"493455da-80be-4829-8f3d-8dc3b380343d","teaser":"","photo_url":"https:\/\/ent.news\/2022\/7\/19.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>Infinity + AFC buy Lekela in Africa\u2019s largest-ever renewables acquisition - 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\/infinity-afc-buy-lekela-in-africas-largest-ever-renewables-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infinity + AFC buy Lekela in Africa\u2019s largest-ever renewables acquisition\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/infinity-afc-buy-lekela-in-africas-largest-ever-renewables-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:01:35+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\/19.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\/infinity-afc-buy-lekela-in-africas-largest-ever-renewables-acquisition\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/infinity-afc-buy-lekela-in-africas-largest-ever-renewables-acquisition\/\",\"name\":\"Infinity + AFC buy Lekela in Africa\u2019s largest-ever renewables acquisition - 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