{"id":548025,"date":"2022-07-24T04:00:10","date_gmt":"2022-07-24T04:00:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=548025"},"modified":"2025-12-15T22:04:12","modified_gmt":"2025-12-15T22:04:12","slug":"russia-ukraine-reach-landmark-grain-export-agreement","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/russia-ukraine-reach-landmark-grain-export-agreement\/","title":{"rendered":"Russia, Ukraine reach landmark grain export agreement"},"content":{"rendered":"<section id=\"548027\" 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=\"548027\">\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\/24\/this-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency\/\">\r\n                            THIS MORNING: Lavrov in town today; WHO declares monkeypox a global health emergency                        <\/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\/24\/this-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency\/\" 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\/24\/this-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency\/')\">\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\/24\/this-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=THIS MORNING: Lavrov in town today; WHO declares monkeypox a global health emergency&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/this-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency\/\">\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\/24\/this-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency\/&title=THIS MORNING: Lavrov in town today; WHO declares monkeypox a global health emergency\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Lavrov+in+town+today%3B+WHO+declares+monkeypox+a+global+health+emergency+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F24%2Fthis-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency%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\/24\/this-morning-lavrov-in-town-today-who-declares-monkeypox-a-global-health-emergency\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548027\" class=\"content-area-description single-story post-548027 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-diplomacy tag-enterpriseam tag-industry tag-jordan tag-monkeypox tag-politics tag-russia tag-russia-ukraine-conflict tag-sergei-lavrov tag-uae tag-what-were-tracking-today tag-wheat tag-world-health-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Call us Mark Mobius Stans. We don\u2019t care: <\/strong>In life, it is very rare to meet actual living legends that started a field you\u2019re in. It is even rarer when that person actually remembers you. So you can pretty much imagine that it was birthday, Christmas, and New Years all rolled into one when we found an autographed copy of <a href=\"https:\/\/www.amazon.com\/Manga-Mark-Mobius-Illustrated-Biography\/dp\/4775930400\">Manga Mark Mobius - An Illustrated Biography of the Father of Emerging Markets Funds<\/a> waiting for us at the office.<\/p><p><strong>For those who don\u2019t know who he is, the title says it all.<\/strong> As the investment guru at the helm of Templeton Emerging Markets Group for over a quarter of a century, Mark Mobius effectively opened the eyes of the world\u2019s largest financial institutions to emerging markets and almost single-handedly made it the asset class it is today. Many in our part of the world and beyond owe USD bns (and at this point USD tns) in investments and the development of our capital markets to him. His work continues as the founding partner of Mobius Capital Partners.<\/p><p><strong>But don\u2019t take it from us. <\/strong>Do yourself a favor and pick up a copy. Afterall, how many businessmen get manga biographies (well, Carlos Ghosn, but we won\u2019t get into that).<\/p><hr class=\"grey-line\"><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>Egypt, the UAE and Jordan are discussing their new industrial partnership in <\/strong><strong>Cairo:<\/strong> Emirati and Jordanian officials are continuing high-level talks on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\">joint industrial partnership<\/a> in Cairo today, the Trade Ministry <a href=\"https:\/\/tinyurl.com\/vj48m8e3\">said<\/a> Thursday. The talks started yesterday and wrap tomorrow.<\/p><p><strong>What industrial partnership?<\/strong> The three countries agreed in May to partner on a joint industrial strategy to support economic growth, increase industrial production, and strengthen regional supply chains. Abu Dhabi wealth fund ADQ has committed to investing USD 10 bn in industrial projects in the three countries.<\/p><p><strong>On the agenda: <\/strong>The meetings will look into agreements on several projects in various sectors, including agriculture, food, fertilizers and pharma, according to the statement.<\/p><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>Russian Foreign Minister Sergey Lavrov will meet several Egyptian officials in<\/strong><strong> Cairo later today<\/strong>, <a href=\"https:\/\/asharq.com\/latest-news\/1A78YZMoKiy8aNDEv4NTik\/\">Bloomberg Asharq<\/a> reports, citing sources in the know. Lavrov is also set to meet Arab League Secretary General Ahmed Aboul Gheit and several representatives of the league\u2019s member states. The visit comes as part of the minister\u2019s African tour that includes Ethiopia, Uganda and the Democratic Republic of the Congo.<\/p><p><strong>The government\u2019s public consultations on its state ownership policy continue today with <\/strong><strong>healthcare players having their say.<\/strong> Pharma industry representatives are also up next this Tuesday. Every Sunday, Tuesday, and Thursday see 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>THIS WEEK-<\/strong><\/p><p><strong>The IMF drops its updated World Economic Outlook on Tuesday \u2014 and don\u2019t expect <\/strong><strong>good news.<\/strong> The Fund has warned that it will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/066021fc-c04f-49fa-9b81-1c393343803c\">\u201csubstantially\u201d downgrade<\/a> its 2022 global growth forecast as a litany of headwinds \u2014 from the war in Ukraine and soaring food and energy costs, to rising interest rates and a slowdown in China \u2014 bear down on the global economy.<\/p><p><strong>It\u2019s Fed week<\/strong><strong>:<\/strong> Expect the Federal Reserve to go ahead with another 75-bps rate hike when it meets later this week. Policymakers meet to discuss interest rates on Tuesday and Wednesday and analysts are expecting the central bank to keep its foot down on the tightening cycle as it battles to get inflation under control. Inflation reached a fresh 40-year high in June, increasing pressure on the Fed to raise rates despite warnings that it could push the economy into recession.<\/p><p><strong>Recession warnings are flashing red:<\/strong> Private sector activity in the US hit a 26-month low in June and contracted for the first time since June 2020, according to the <a href=\"https:\/\/twitter.com\/k_miniawi\/status\/1550369800043495426?s=21&amp;t=o3tPrJtImCKFdAIAFnZ_0g\">flash PMI (pdf)<\/a> out Thursday. Activity in the manufacturing and services sectors both contracted during the month, indicating a \u201cworrying deterioration\u201d in the economy amid surging inflation and weakening demand.<\/p><p><strong>All eyes are on preliminary GDP figures out at the end of the week<\/strong>, which the Atlanta Fed <a href=\"https:\/\/www.atlantafed.org\/cqer\/research\/gdpnow?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=newsletter_axiosmacro&amp;stream=business\">is expecting<\/a> to indicate that the US economy contracted for the second consecutive quarter in 2Q, putting it in a technical recession. In preparation for a disappointing figure, Biden administration officials are briefing that two quarters of negative growth doesn\u2019t necessarily indicate a recession, and some economists are arguing that we shouldn\u2019t be paying too much attention to the GDP figures. Should we treat the figures seriously? <a href=\"https:\/\/www.axios.com\/2022\/07\/21\/biden-recession-gdp\">Axios<\/a> and <a href=\"https:\/\/www.reuters.com\/business\/finance\/gdp-may-fall-again-q2-does-it-mean-recession-2022-07-21\/\">Reuters<\/a> have more on the debate.<\/p><div class=\"stand-out\">\n<p class=\"web-image\"><a href=\"#\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Climate-Teaser-1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p><strong>This fall, we\u2019re gathering an exclusive group of CEOs, C-suite officers, finance folks and <\/strong><strong>more to talk about how we\u2019ll finance green projects in Egypt <\/strong>in the wake of COP27. The idea is to keep the conversation going post-COP and dive into the nitty gritty of the financing tools, laws, projects, problems and ideas that will be necessary to drive a fundamental shift in our economy.<\/p>\n<p><strong>Want to learn more? Drop us a line.<\/strong> Whether you\u2019re interested in attending or want to discuss how to put your brand front and center, reach out to us on climatex@enterprisemea.com.<\/p>\n<p><strong>Stay tuned for more details\u2026<\/strong><\/p>\n<\/div><hr class=\"grey-line\"><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>Russia appears to have broken the wheat export pact with Ukraine just hours <\/strong><strong>after signing it:<\/strong> Ukraine has accused Russia of firing missiles at the Ukrainian port city of Odesa, less than 24 hours after signing a landmark accord with Ukraine on Thursday that is hoped to pave the way for Ukraine to resume exporting grain from its Black Sea ports. Under the agreement, Russia committed not to attacking ports involved with grain exports. The airstrikes were described by Ukraine\u2019s Foreign Ministry as a \u201cspit in the face\u201d to the UN and Turkey, which brokered the agreement. Turkey\u2019s defense minister <a href=\"https:\/\/www.reuters.com\/article\/us-ukraine-crisis-odesa-turkey-idAFKBN2OY0A4\">said yesterday<\/a> that Moscow denied responsibility for the attack. We have more on the agreement in this morning\u2019s news well, below. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/us-pledges-more-military-aid-ukraine-peace-seems-far-off-2022-07-22\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-kyiv-global-trade-c1a004db6eef64d2aea48990a3080017\">AP<\/a> | <a href=\"https:\/\/www.ft.com\/content\/3ad4fba3-79c8-4cd0-bece-9001401e6850\">FT<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-23\/russia-strikes-odesa-port-a-day-after-grain-export-deal-signed?srnd=premium-europe\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/russian-hits-military-airport-and-railway-station-in-fresh-ukraine-attack-11658571374?mod=hp_lead_pos2\">WSJ<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/07\/22\/russia-and-ukraine-sign-deal-to-resume-grain-exports-in-black-sea.html\">CNBC<\/a>)<\/p><p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>Is it officially time to worry about monkeypox? The WHO thinks so:<\/strong> The World Health Organization (WHO) <a href=\"https:\/\/www.who.int\/news\/item\/23-07-2022-second-meeting-of-the-international-health-regulations-(2005)-(ihr)-emergency-committee-regarding-the-multi-country-outbreak-of-monkeypox\">has declared<\/a> monkeypox a global health emergency and issued a number of recommendations aimed at stopping the spread of the virus, which has spread to 72 countries. The organization has so far recorded 14.5k monkeypox cases, five of which were fatal. The last time the group issued its highest alert was January 2020 at the beginning of the covid-19 outbreak. (<a href=\"https:\/\/apnews.com\/article\/covid-health-united-nations-animals-epidemics-1ca2fccd89474f51a36d961f3ce38301\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/business\/healthcare-pharmaceuticals\/monkeypox-outbreak-constitutes-global-health-emergency-who-2022-07-23\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-23\/who-declares-monkeypox-outbreak-an-international-emergency?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/07\/23\/health\/monkeypox-pandemic-who.html\">NYT<\/a> | <a href=\"https:\/\/www.ft.com\/content\/562fc24e-1b34-4ac6-a32a-42172a5f82b6\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/who-declares-monkeypox-a-global-health-emergency-11658586983?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/07\/23\/who-declares-spreading-monkeypox-outbreak-a-global-health-emergency.html\">CNBC<\/a>)<\/p><p><strong>SIGNS OF THE TIMES- <\/strong><\/p><p><strong>#1- Global fintech funding is falling fast:<\/strong> Fintech funding fell by a third q-o-q and 46% y-o-y in 2Q 2022 to USD 20.4 bn, its lowest level since 4Q 2020, according to figures from CB Insights. Blockbuster funding rounds of more than USD 100 mn fell 45% q-o-q while M&amp;As in the sector saw their largest quarterly drop in years.<\/p><p><strong>#2- A common African digital currency?<\/strong> The Bank of Central African States is looking into launching a common digital currency to be used among its six member states: Cameroon, Gabon, Chad, the Republic of Congo, Equatorial Guinea and the Central African Republic, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-22\/central-african-regional-bank-seeks-common-digital-currency?sref=mmeFTDW1\">Bloomberg<\/a> reports. This comes as several African nations \u2014 including Nigeria \u2014 adopt digital currencies, and shortly after the bank <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-13\/bitcoin-s-first-african-adopter-faces-backlash-from-central-bank\">publicly voiced<\/a> its disapproval of the Central African Republic adopting BTC as a legal tender.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Leaders from across Africa are scheduled to convene in Washington for <\/strong><strong>the US-Africa Leaders Summit from 13-15 December.<\/strong> The summit will bring together leaders to discuss pressing matters including food security and climate change, according to a <a href=\"https:\/\/www.whitehouse.gov\/briefing-room\/speeches-remarks\/2022\/07\/20\/statement-by-president-biden-on-the-u-s-africa-leaders-summit\/\">White House statement<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><hr class=\"grey-line\"><p><strong>CORRECTION-<\/strong> We incorrectly stated in an article on Thursday that Averroes Ventures acquired local sportswear brand Magma. Mohamed El Sewedy, who was already a partner and investor at Magma, acquired the firm. We\u2019ve since updated <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/107f70dc-4b46-4c5b-8d4c-bf26fb8b9d6e\">the story<\/a> on our website.<\/p><p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue: <\/strong>As global funding for startups dry up in the midst of global macro turbulence, VCs everywhere have been warning startups to be more prudent about their spending. Egypt\u2019s VCs are no different. Today, we speak with insiders who give us their two cents on how startups at home should go about their belt-tightening.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/monkeypox\/\">Monkeypox<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sergei-lavrov\/\">Sergei Lavrov<\/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\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-health-organization\/\">World Health Organization<\/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=\"548028\" 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=\"548028\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/548028\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548028\" class=\"content-area-description single-story post-548028 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/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=\"548029\" 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=\"548029\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/russia-ukraine-reach-landmark-grain-export-agreement\/\">\r\n                            Russia, Ukraine reach landmark grain export agreement                        <\/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\/24\/russia-ukraine-reach-landmark-grain-export-agreement\/\" 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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Russian Defence Minister Sergei Shoigu and Ukrainian Infrastructure Minister Oleksandr Kubrakov inked the agreement in Istanbul on Thursday following weeks of negotiations brokered by the UN and Turkey. The pact will unblock 20 mns tons of grain stranded at Ukrainian ports, a development that UN Secretary-General Antonio Guterres hailed as a \u201cbeacon of hope\u201d that will alleviate the hunger of mns of people facing record food prices due to the war in Ukraine.<\/p>\n<p><strong>What\u2019s what: <\/strong>Under the agreement, Russia has pledged not to attack cargo ships carrying wheat or Ukrainian ports involved in the shipping of grain, according to a document obtained by <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-middle-east-global-trade-a2c89d94a0f8473b40a1fcde5710bda8\">the Associated Press<\/a>. In return, Ukraine will allow the ships to be inspected to assuage Moscow\u2019s concerns that they\u2019re being used to smuggle weapons and troops into the country. A UN-led joint coordination center will be set up in Istanbul, allowing Turkish, Ukrainian and Russian officials to monitor shipping in the Black Sea. The initiative runs for 120 days and will be extended automatically.<\/p>\n<p><strong>Normal service to resume soon: <\/strong>Guterres is expecting grain shipments to restart \u201cwithin the next two weeks,\u201d the newswire reported, citing statements from UN deputy spokesman Farhan Haq. The agreement sees shipments unlocked from Ukrainian ports of Odesa, Chornomorsk and Pivdennyi. Ukraine would be looking for some assurances about the safe corridors, needing around 10 days to prepare its ports, a senior UN official said. The goal would be to export 5 mn tons of wheat every month to help unload Ukraine\u2019s silos in time for this year\u2019s grain harvest.<\/p>\n<p><strong>Ukraine has a lot to sell:<\/strong> Ukraine has around USD 10 bn worth of grain to sell, Ukrainian President Volodymyr Zelensky said in an address Friday, according to <a href=\"https:\/\/www.reuters.com\/article\/ukraine-crisis-zelenskiy-grain-idAFKBN2OX1QG\">Reuters<\/a>. \u201cApproximately 20 mn tons of last year\u2019s grain harvest will be exported. There will also be a chance to sell this year\u2019s harvest ... at the moment we have about USD 10 bn worth of grains available,\u201d he said.<\/p>\n<p><strong>Shoukry hails Russia-Ukraine wheat pact:<\/strong> Foreign Ministry Sameh Shoukry welcomed the agreement during a phone-in on Ala Mas\u2019ouleety last night. \u201cIt is a positive step that will ease the pressure on many countries that depend on imports from Ukraine and Russia, led by Egypt,\u201d he told show host Ahmed Moussa (<a href=\"https:\/\/www.youtube.com\/watch?v=eJMOZiUxqRY\">watch, runtime: 2:31<\/a>).<\/p>\n<p><strong>Why this is important for us: <\/strong>Egypt, the world\u2019s largest wheat importer, is among the countries most affected by the grain shortage triggered by the conflict. Egypt purchased more than 20% of its wheat imports from Ukraine prior to the war, leaving it scrambling to find new suppliers after Russia blockaded the nation\u2019s ports.<\/p>\n<p><strong>It has been costing us a lot:<\/strong> Surging wheat prices added <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90dbcce6-c13b-4758-8275-21fd871e7ef4\">an extra EGP 15 bn<\/a> to Egypt\u2019s import bill in the final four months of the previous fiscal year, and Finance Minister Mohamed Maait said in June that wheat imports will cost <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ac17049-0088-4ed8-a391-d2e876d5d91b\">an additional USD 3 bn<\/a> this year if prices remained at their current levels.<\/p>\n<p><strong>Thankfully, wheat prices have fallen far from recent highs:<\/strong> US wheat futures have plunged more than 40% since peaking in mid-May as supply shortages have eased. The benchmark futures in Chicago fell as much as 6.6% after the agreement was announced on Thursday.<\/p>\n<p><strong>MEANWHILE-<\/strong> State grains buyer GASC has reportedly purchased an additional 120k tonnes of Russian and French wheat on Thursday, <a href=\"https:\/\/www.zawya.com\/en\/markets\/commodities\/egypts-gasc-buys-another-120-000-t-of-wheat-in-direct-talks-q59wfq3p\">Reuters<\/a> reported, citing traders. The purchase came a day after it booked 640k tonnes of wheat a day earlier. It has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d278241a-bb02-4e38-a1b6-c6f9e9e2bee5\">canceled a wheat tender<\/a> on Tuesday due to high prices.<\/p>\n<p><strong>REMEMBER- <\/strong>GASC can now book the wheat directly from commodity traders. The authority typically purchases wheat via international tenders but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\">in May<\/a> the cabinet gave the go-ahead for the authority to buy directly from suppliers.<\/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\/commodities\/\">commodities<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/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\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548031\" 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=\"548031\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/let-the-negotiations-over-pachin-begin\/\">\r\n                            Let the negotiations over Pachin begin                        <\/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\/24\/let-the-negotiations-over-pachin-begin\/\" 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\/24\/let-the-negotiations-over-pachin-begin\/')\">\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\/24\/let-the-negotiations-over-pachin-begin\/\">\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=Let the negotiations over Pachin begin&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/let-the-negotiations-over-pachin-begin\/\">\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\/24\/let-the-negotiations-over-pachin-begin\/&title=Let the negotiations over Pachin begin\">\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=Let+the+negotiations+over+Pachin+begin+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F24%2Flet-the-negotiations-over-pachin-begin%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\/24\/let-the-negotiations-over-pachin-begin\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/240.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548032\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/let-the-negotiations-over-pachin-begin\/240-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/240.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"240.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/240.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/240.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548031\" class=\"content-area-description single-story post-548031 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-enterpriseam tag-ma-watch tag-saybad wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The board of state-owned, EGX-listed paint maker Paint and Chemicals Industries (Pachin) has rejected Saybad Industrial I<\/strong><strong>nvestment\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be49d19c-306f-4ee9-b6ee-b0dba42a18be\">acquisition bid<\/a><\/strong>, saying in a <a href=\"https:\/\/ent.news\/2022\/7\/Pachin-BoD-Saybad.pdf\">filing to the bourse (pdf)<\/a> on Thursday that it undervalues the company. Saybad earlier this month offered to pay EGP 16.00-16.50 per share to acquire up to 90% of the company, valuing it at EGP 384-396 mn, a price tag that Pachin said \u201cdoes not reflect the true value of the company and its assets.\u201d<\/p>\n<p><strong>It\u2019s still a premium:<\/strong> Shares in Pachin were up nearly 2% to EGP 15.92 at the close of trading on Thursday.<\/p>\n<p><strong>It\u2019s not over, folks: <\/strong>The company plans to hold talks with the Saybad to negotiate a price that\u2019s more amenable, the statement reads. Pachin will decide on whether to proceed with due diligence on the transaction at the next general assembly meeting.<\/p>\n<p><strong>Refresher:<\/strong> Saybad Industrial Investment is an Egyptian outfit consisting of a group of local investors who are active in the paint industry here and across Asia, according to the EGX disclosure. Around 54% of Pachin is currently owned by state-owned companies and banks, making the sale a part of the state\u2019s privatization plans, a source with first-hand knowledge of the transaction told Enterprise <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/492e9b9d-39c5-42a6-9c78-44f514ed32bb\">last week<\/a>.<\/p>\n<p><strong>Even with the current climate, acquisition targets are feeling lowballed<\/strong>: This is the second rejection by a major listed M&A target in as many days, after Madinet Nasr Housing and Development\u2019s (MNHD) board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/924be7f7-4920-4a96-a8f3-3bf27cf02099\">last w<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/924be7f7-4920-4a96-a8f3-3bf27cf02099\">eek said<\/a> SODIC\u2019s bid was too low, and asked the company to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2075d60b-bc11-44a6-b86b-0a960406de38\">substantially raise its offer<\/a>.<\/p>\n<p><strong>Advisors: <\/strong>Catalyst Partners is acting as Pachin's financial advisor. Adsero\u2013Raji Soliman & Associates is the firm\u2019s legal advisor.<\/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\/saybad\/\">Saybad<\/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=\"548033\" 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=\"548033\">\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\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/femco-eyes-egx-debut\/\">\r\n                            FEMCO eyes EGX debut                        <\/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\/24\/femco-eyes-egx-debut\/\" 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\/24\/femco-eyes-egx-debut\/')\">\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\/24\/femco-eyes-egx-debut\/\">\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=FEMCO eyes EGX debut&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/femco-eyes-egx-debut\/\">\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\/24\/femco-eyes-egx-debut\/&title=FEMCO eyes EGX debut\">\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=FEMCO+eyes+EGX+debut+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F24%2Ffemco-eyes-egx-debut%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\/24\/femco-eyes-egx-debut\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/241.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548034\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/femco-eyes-egx-debut\/241-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/241.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"241.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/241.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/241.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548033\" class=\"content-area-description single-story post-548033 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-egx tag-enterpriseam tag-femco-engineering-and-contracting tag-ipo-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Engineering and contracting company <\/strong><strong><a href=\"https:\/\/femco-eg.com\/\">FEMCO<\/a><\/strong><strong> is looking at potentially IPOing on <\/strong><strong>the EGX within the next two years<\/strong>, <a href=\"https:\/\/bit.ly\/3zt71Bq\">Al Mal<\/a> cites Managing Director Ahmed Hassan as saying. The company would list 49% of its shares on the bourse to finance its expansion plans, which include a foray into real estate development by setting up a new company under FEMCO\u2019s umbrella, according to Hassan. FEMCO is also looking to expand into education, sports, and hotels in a second phase of its expansion plans.<\/p>\n<p><strong>About FEMCO:<\/strong> FEMCO is an EPC contractor working in the oil and gas, petrochemicals, and power industries established in 2016.<\/p>\n<p><strong>FEMCO would need to grow its capital 50x to qualify for entry on the EGX:<\/strong> The company\u2019s capital currently stands at EGP 10 mn and plans to kick off several rounds of capital increases as of the beginning of next year to bring that figure to EGP 500 mn to be able to list on the bourse, Hassan said.<\/p>\n<p><strong>The company might also look at bringing in a strategic investor as an alternative to IPOing<\/strong>, Hassan said. Opting for equity sales to strategic investors is also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad594bfd-50a6-46b2-a0f8-598df16b006a\">gaining steam<\/a> in the state\u2019s privatization plans. Public Enterprises Minister Hisham Tawfik had said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/330b3729-74cc-48ec-91f5-1d3276107b0f\">earlier this year<\/a> that the state plans to sell a 25-30% stake in EGX-listed EgyptAlum to a strategic investor, and also plans to offer a stake of up to 25% in the company it will create through a merger of seven or eight state-owned hotels.<\/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\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/femco-engineering-and-contracting\/\">FEMCO Engineering and Contracting<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548035\" 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=\"548035\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/cira-profits-fall-revenues-rise-in-3q-2021-2022\/\">\r\n                            CIRA profits fall, revenues rise in 3Q 2021-2022                        <\/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\/24\/cira-profits-fall-revenues-rise-in-3q-2021-2022\/\" 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\/24\/cira-profits-fall-revenues-rise-in-3q-2021-2022\/')\">\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\/24\/cira-profits-fall-revenues-rise-in-3q-2021-2022\/\">\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=CIRA profits fall, revenues rise in 3Q 2021-2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/cira-profits-fall-revenues-rise-in-3q-2021-2022\/\">\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\/24\/cira-profits-fall-revenues-rise-in-3q-2021-2022\/&title=CIRA profits fall, revenues rise in 3Q 2021-2022\">\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=CIRA+profits+fall%2C+revenues+rise+in+3Q+2021-2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F24%2Fcira-profits-fall-revenues-rise-in-3q-2021-2022%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\/24\/cira-profits-fall-revenues-rise-in-3q-2021-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548035\" class=\"content-area-description single-story post-548035 post type-post status-publish format-standard hentry category-earnings-watch tag-cira-education tag-earnings tag-earnings-watch tag-education tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>CIRA reports growing revenue, lower bottomline in 3Q 2021-2022<\/strong><strong>:<\/strong> EGX-listed education outfit CIRA reported EGP 149.5 mn in net income in 3Q 2021-2022, down 30% from the same period last year, according to an <a href=\"https:\/\/ent.news\/2022\/7\/CIRA-Earnings-3Q22-E-Final.pdf\">earnings release (pdf)<\/a>. Revenues during the March-May quarter rose slightly to EGP 520.1 mn, up from EGP 511.2 mn in 3Q 2020-2021. Profits fell 3% to EGP 448.3 mn during the first nine months of the year, while revenues increased 15% to EGP 1.46 bn on the back of higher enrollment rates across its K-12 and higher education segments. CIRA attributed the drop in net income to increased financing costs and debt incurred as a result of the group\u2019s continued expansion plans, as well as a 31% y-o-y increase in operating costs such as rising salaries and wages.<\/p>\n<p><strong>Strong financial performance despite rising inflationary pressure + global turbulence:<\/strong> \u201cWe are without doubt going through a challenging period given recent market turbulence and uncertainty on both the global and local level. However, we believe that CIRA has the right fundamentals and risk controls in place to weather current economic challenges and deliver on its growth objectives, as we have done year over year, demonstrating the strong potential and conservative nature of CIRA\u2019s business model,\u201d said CEO Mohamed El Kalla.<\/p>\n<p><strong>Looking ahead:<\/strong> CIRA plans to kick off shortly its EGP 2 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/29988310-2cd9-40cf-9191-6e141f4b0cac\">future flow securitization program<\/a> to finance investments over the next three years, El Kalla noted. These expansions include adding two new nurseries to its portfolio, after launching KidzGround in Suez earlier this year. CIRA is also expecting to break ground on its Cairo Saxony University \u201cby early September of this year with plans to launch the university\u2019s first phase by September 2023.\u201d<\/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\/cira-education\/\">CIRA Education<\/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\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/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=\"548036\" 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=\"548036\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/548036\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548036\" class=\"content-area-description single-story post-548036 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_EXPERIENCES_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=\"548037\" 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=\"548037\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/last-nights-talk-shows-on-diplomacy-diplomacy-diplomacy\/\">\r\n                            Last Night\u2019s Talk Shows on diplomacy, diplomacy, diplomacy                        <\/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\/24\/last-nights-talk-shows-on-diplomacy-diplomacy-diplomacy\/\" 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\/24\/last-nights-talk-shows-on-diplomacy-diplomacy-diplomacy\/')\">\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\/24\/last-nights-talk-shows-on-diplomacy-diplomacy-diplomacy\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows on diplomacy, diplomacy, diplomacy&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/last-nights-talk-shows-on-diplomacy-diplomacy-diplomacy\/\">\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\/24\/last-nights-talk-shows-on-diplomacy-diplomacy-diplomacy\/&title=Last Night\u2019s Talk Shows on diplomacy, diplomacy, diplomacy\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows+on+diplomacy%2C+diplomacy%2C+diplomacy+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F24%2Flast-nights-talk-shows-on-diplomacy-diplomacy-diplomacy%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\/24\/last-nights-talk-shows-on-diplomacy-diplomacy-diplomacy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548037\" class=\"content-area-description single-story post-548037 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-diplomacy tag-emaar-misr tag-enterpriseam tag-environment tag-gerd tag-last-nights-talk-shows tag-north-coast tag-russia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was a diplomacy-heavy night on the airwaves last night<\/strong>, as the nation\u2019s talking heads discussed the Russian foreign minister\u2019s visit to Cairo, the latest on the GERD crisis, and El Sisi\u2019s overseas visits last week.<\/p>\n<p><strong>On the agenda for Lavrov talks: <\/strong>Russian Foreign Minister Sergey Lavrov is in Cairo today for the first time since the war on Ukraine broke out for talks with Egyptian and Arab League officials. Arab League Assistant Secretary-General Hossam Zaki told Kelma Akhira\u2019s Lamees El Hadidi that the situation with the Grand Ethiopian Renaissance Dam (GERD) and Syria will likely feature in the conversation (<a href=\"https:\/\/www.youtube.com\/watch?v=qSKyXp5aGP8\">watch, runtime: 10:32<\/a>).<\/p>\n<p><strong>El Sisi\u2019s whereabouts over the past week got some coverage: <\/strong>President Abdel Fattah El Sisi\u2019s travels over the past week \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9e7eec51-9809-4b44-be93-858195b6d3cc\">Saudi Arabia<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55d7a1c2-637d-4164-bdeb-e1b048be5a63\">Germany<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/10658985-e2e8-4c67-8263-f2aa2ffdf9fc\">Serbia<\/a> and, most recently, <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02HW6sKMj2P55D8yZMbvtVu551g83quT9gF1pH1wpFV7YhycB1vrFGLtzi66LYN492l\">France<\/a> \u2014 reflect his interest to coordinate with Egypt\u2019s many partners, Foreign Minister Sameh Shoukry said on Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=f7mlxRtEIv8\">watch, runtime: 8:07<\/a>). Egypt has the capabilities to provide Europe with gas, electricity and renewable energy but in turn it\u2019s calling for more direct European investments and employment opportunities, Shoukry said. Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=qDoj3WnJkqA\">watch, runtime:13:42<\/a>) also covered the story.<\/p>\n<p><strong>Egypt is balancing its international relations in an increasingly polarized world:<\/strong> \u201cWe are maintaining our relations with various partners and will continue to manage these relations in a balanced manner,\u201d Shoukry said. (<a href=\"https:\/\/www.youtube.com\/watch?v=eJMOZiUxqRY\">watch, runtime: 2:31<\/a>).<\/p>\n<p><strong>Ethiopia has started filling the GERD for the third year running:<\/strong> The country is currently halfway through the third filling which started 11 July, and and has so far stored around 2 bn cubic meters of water, Cairo University water resources professor Abbas Sharaki said on El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=VgjWOUhFPFs\">watch, runtime: 5:10<\/a>). Ethiopia is set to store an additional 3 bn cubic meters over the coming two weeks, he added.<\/p>\n<p><strong>Emaar Misr under fire: <\/strong>The Environment Ministry has ordered all dredging work happening near the north coast cities of Marassi and Stella to stop after a number of people took to social media to complain about environmental damage, El Hekaya reported (<a href=\"https:\/\/www.youtube.com\/watch?v=zHd1WiRBGLA\">watch, runtime: 3:08<\/a>). Social media users, including <a href=\"https:\/\/twitter.com\/hishamezzalarab\/status\/1546046427247386624\">Hisham Ezz Alarab<\/a>, have <a href=\"https:\/\/www.facebook.com\/747846111\/posts\/pfbid0yzZ81LcAS7kJSuN4VSPBhwudowW9wZ1mFdFVhoFLfYHF1dYDPZLbDzCmvzKBfGfVl\/\">accused<\/a> Emaar Misr\u2019s Marassi Marina development of causing \u201c<a href=\"https:\/\/twitter.com\/k_miniawi\/status\/1550369800043495426?s=21&t=o3tPrJtImCKFdAIAFnZ_0g\">catastrophic<\/a>\u201d damage to the shoreline, and called on the ministry to intervene.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emaar-misr\/\">Emaar Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/environment\/\">environment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/north-coast\/\">north coast<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548038\" 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            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alt=\"\">\r\n                    <\/a>\r\n                    <span>Realize More<\/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-r5nguxh\" data-v=\"4\" data-block-id=\"r5nguxh\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-r5nguxh-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-r5nguxh-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\/240924.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.sodic.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img 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22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-right\" class=\"svg-inline--fa fa-chevron-right\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M285.476 272.971L91.132 467.314c-9.373 9.373-24.569 9.373-33.941 0l-22.667-22.667c-9.357-9.357-9.375-24.522-.04-33.901L188.505 256 34.484 101.255c-9.335-9.379-9.317-24.544.04-33.901l22.667-22.667c9.373-9.373 24.569-9.373 33.941 0L285.475 239.03c9.373 9.372 9.373 24.568.001 33.941z\"><\/path><\/svg><\/button><\/div><\/div><div class=\"stk-block-carousel__dots\" role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548039\" 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=\"548039\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/el-sisi-macron-talks-lead-the-conversation-in-the-foreign-press\/\">\r\n                            El Sisi-Macron talks lead the conversation in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/el-sisi-macron-talks-lead-the-conversation-in-the-foreign-press\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/el-sisi-macron-talks-lead-the-conversation-in-the-foreign-press\/')\">\n                    Copy Link              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class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/el-sisi-macron-talks-lead-the-conversation-in-the-foreign-press\/&title=El Sisi-Macron talks lead the conversation in the foreign press\">\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=El+Sisi-Macron+talks+lead+the+conversation+in+the+foreign+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F24%2Fel-sisi-macron-talks-lead-the-conversation-in-the-foreign-press%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\/24\/el-sisi-macron-talks-lead-the-conversation-in-the-foreign-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548039\" class=\"content-area-description single-story post-548039 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-abdel-fattah-el-sisi tag-ancient-egypt tag-diplomacy tag-economy tag-enterpriseam tag-france tag-fuel tag-gdp wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>President Abdel Fattah El Sisi\u2019s visit to Paris for talks with Emmanuel Macron led <\/strong><strong>coverage of Egypt in the foreign press over the weekend.<\/strong> We have more on the visit in this morning\u2019s Diplomacy section, below. (<a href=\"https:\/\/www.france24.com\/en\/europe\/20220722-macron-hosts-egypt-s-al-sisi-in-paris-for-talks-on-security-and-defence\">AFP<\/a> | <a href=\"https:\/\/abcnews.go.com\/International\/wireStory\/france-egypt-pressed-missing-backpacker-leader-visits-87246397\">A<\/a><a href=\"https:\/\/abcnews.go.com\/International\/wireStory\/france-egypt-pressed-missing-backpacker-leader-visits-87246397\">ssociated Press<\/a> | <a href=\"https:\/\/english.aawsat.com\/home\/article\/3774466\/macron-sisi-discuss-regional-int%E2%80%99l-issues\">Asharq Alawsat<\/a>)<\/p>\n<p><strong>Also featuring heavily in the news:<\/strong> A radiographer scanned the head of an ancient Egyptian mummy \u2014 found in the UK in someone\u2019s attic \u2014 to learn more about its origins. The head was found to have belonged to an adult female whose brain was removed, and is estimated to be around 2k years old. The story got coverage in the UK press: <a href=\"https:\/\/www.thetimes.co.uk\/article\/mystery-mummy-stashed-attic-latest-kztbxdscv#:~:text=The%20head%2C%20thought%20to%20be,replica%20of%20the%20mummy's%2520head.\">The Times<\/a> | <a href=\"https:\/\/www.independent.co.uk\/tv\/news\/egyptian-mummy-eygpt-ct-scan-b2129091.html\">The Independent<\/a> | <a href=\"https:\/\/metro.co.uk\/2022\/07\/22\/decapitated-egyptian-mummy-head-gets-ct-scan-to-discover-its-origins-17050500\/\">Metro<\/a>.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Solid economic growth ahead:<\/strong> Egypt\u2019s economy is forecast to grow at a 5.5% pace next year and steadily over the next three years, while inflation will average 10% this year and 10.4% in 2023-2024. (<a href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-economy-seen-growing-steadily-over-next-three-years-2022-07-21\/\">Reuters<\/a>)<\/li>\n<li><strong>The implications of rising fuel prices for Egypt\u2019s poorest:<\/strong> Egypt\u2019s recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">fuel<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">price hike<\/a> has delivered a blow to the country\u2019s most vulnerable people, with everyone from taxi drivers to regular grocery shoppers having to make changes to adapt. (<a href=\"https:\/\/www.france24.com\/en\/video\/20220722-egypt-hit-once-more-by-rise-in-petrol-prices\">AFP<\/a>)<\/li>\n<li><strong>Why is Egypt considering <\/strong><strong>a BRICS bid?<\/strong> Egypt, Saudi Arabia and Turkey\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21ab2964-2247-49c5-9382-21eb9d2a5620\">apparent interest in joining the BRICS<\/a> \u2014 a group of major emerging economies including China, Russia, India, Brazil and South Africa \u2014 comes as Moscow and Beijing try to build support around the world amid escalating tensions with the US. (<a href=\"https:\/\/www.arabnews.com\/node\/2127586\">Arab<\/a><a href=\"https:\/\/www.arabnews.com\/node\/2127586\">News<\/a>)<\/li>\n<li><strong>Egypt eases its restrictions on street photography:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c8d5f0c-e3f9-439f-828c-68bfb1acc5cb\">The decision<\/a> last week to allow amateur street photography without permits is getting attention in the UK. (<a href=\"https:\/\/www.theguardian.com\/world\/2022\/jul\/21\/egypt-relaxes-street-photography-ban-for-tourists-up-to-a-point\">The Guardian<\/a> | <a href=\"https:\/\/www.telegraph.co.uk\/world-news\/2022\/07\/21\/smile-holiday-snaps-now-allowed-egypt-ban-photos-street-lifted\/\">Telegraph<\/a>)<\/li>\n<li><strong>The 23 July Revolution, 70 years on: <\/strong>On its 70th anniversary, Arab News talks to experts about the historical significance of the 23 July revolution. (<a href=\"https:\/\/www.arabnews.com\/node\/2127971\/middle-east\">Arab News<\/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\/ancient-egypt\/\">Ancient Egypt<\/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\/economy\/\">economy<\/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\/fuel\/\">fuel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gdp\/\">GDP<\/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=\"548040\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548041\" 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=\"548041\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\">\r\n                            Nigerian auto startup plans to launch EVs in Egypt next year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/')\">\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\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\">\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=Nigerian auto startup plans to launch EVs in Egypt next year&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\">\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\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/&title=Nigerian auto startup plans to launch EVs in Egypt next year\">\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=Nigerian+auto+startup+plans+to+launch+EVs+in+Egypt+next+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F24%2Fnigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year%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\/24\/nigerian-auto-startup-plans-to-launch-evs-in-egypt-next-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548041\" class=\"content-area-description single-story post-548041 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-automotive tag-development-finance tag-enterpriseam tag-eu tag-metro-africa-xpress tag-nigeria tag-qalaa-holdings tag-startups 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>This Nigerian startup is planning to launch EVs in Egypt:<\/strong> <a href=\"https:\/\/www.max.ng\/\">Metro Africa Xpress<\/a> plans to debut its electric vehicles in eight countries in Africa by 2023, including Egypt, Cameroon and Uganda, CEO Adetayo Bamiduro told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-21\/nigeria-startup-to-expand-electric-vehicle-use-in-african-push\">Bloomberg<\/a>. The Nigerian startup, backed by private equity firm Lightrock, raised USD 31 mn last year, which will enable it to increase its vehicles to 100k by 2023 from 8k currently, and grow the percentage of EVs in its fleet to 20% from 4%.<\/p><p><strong>Your Swvl ride is getting 5% more expensive: <\/strong>Swvl is raising its fares by 5% in response to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">recent hike in petrol prices<\/a>, CFO Youssef Salem reportedly told <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=23072022&amp;id=f1031647-2d11-496d-b30c-3837106f30c8\">Al Shorouk<\/a>. The mass transport company follows Uber, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff7982c7-4ab3-4841-bbb8-400e551485ef\">last week raised prices<\/a> in response to the higher fuel costs, and public transport, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">hiked fares by 5-7%<\/a>.<\/p><p><strong>Qalaa Holdings\u2019 shareholders voted to continue the company\u2019s operations during <\/strong><strong>an extraordinary general assembly on Wednesday<\/strong>, despite incurring losses of more than half of its shareholders\u2019 equity, the company said in <a href=\"https:\/\/ent.news\/2022\/7\/Qalaa-holdings-disclosure.pdf\">a disclosure (pdf)<\/a> to the EGX. The devaluation of the EGP caused the company\u2019s losses to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2abe87ac-6bdd-40b9-84cc-f3045510ef8f\">widen to EGP 584.1 mn in 1Q2022<\/a>, offsetting a surge in revenues.<\/p><p><strong>The CBE wants exporters to use Buna:<\/strong> The Central Bank of Egypt (CBE) is calling on exporting companies to use the Arab Monetary Fund\u2019s regional <a href=\"https:\/\/buna.co\/\">payment system Buna<\/a> for cross-border bank transfers, <a href=\"https:\/\/www.alborsaanews.com\/2022\/07\/23\/1560413\">Al Borsa<\/a> reported. The platform was launched by the AMF in 2020 to increase the use of local currencies in settling payments. It offers instant transfers and charges fixed fees.<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li><strong>The EU<\/strong> is providing <strong>Egypt <\/strong>with a EUR 117.9 mn grant for water and energy efficiency, the <strong>International Cooperation Ministry<\/strong> said. (<a href=\"https:\/\/www.facebook.com\/MOICEgypt\/posts\/pfbid0Kx5Gh7DoLLkn74UVY656hWYQSyorJoT7khjYVfkRYJKSEWUooRt61s5dNhoB6jcfl\">Statement<\/a>)<\/li>\n<li>The <strong>National Bank of Egypt<\/strong> is granting real estate developer <strong>Ardak <\/strong>an EGP 300 mn loan to restructure its debts. (<a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=23072022&amp;id=f8255f5e-2a4b-43b4-9c19-377044892920\">Al Shorouk<\/a>)<\/li>\n<\/ul>\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\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/metro-africa-xpress\/\">Metro Africa Xpress<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nigeria\/\">Nigeria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/qalaa-holdings\/\">Qalaa Holdings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548042\" 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=\"548042\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/bri-blowback\/\">\r\n                            BRI blowback                        <\/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\/24\/bri-blowback\/\" 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\/24\/bri-blowback\/')\">\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\/24\/bri-blowback\/\">\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=BRI blowback&url=https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/bri-blowback\/\">\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\/24\/bri-blowback\/&title=BRI blowback\">\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=BRI+blowback+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F07%2F24%2Fbri-blowback%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\/24\/bri-blowback\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548042\" class=\"content-area-description single-story post-548042 post type-post status-publish format-standard hentry category-planet-finance tag-belt-and-road-initiative tag-china tag-didi tag-earnings tag-emerging-markets tag-enterpriseam tag-evergrande tag-financial-markets tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>China\u2019s Belt and Road Initiative could be in trouble as <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/005f7bf8-8ca8-471f-ba41-596b2bb2a954\">debt crises loom<\/a><\/strong><strong> in <\/strong><strong>emerging markets: <\/strong>The ambitious overseas lending scheme that sees China pouring investments into countries across Africa, Asia, and the Middle East, to further trade and foreign policy is struggling under a mountain of non-performing debt and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bca22e31-fce7-4249-824f-5a44d357855d\">claims of corruption and mismanagement<\/a>, the <a href=\"https:\/\/www.ft.com\/content\/ccbe2b80-0c3e-4d58-a182-8728b443df9a\">Financial Times<\/a> reports. The value of projects related to the initiative reached USD 838 bn by the end of 2021, according to data collected by Washington-based think-tank the American Enterprise Institute. However, a record USD 52 bn in loans that finance these projects had to be renegotiated over the past two years, more than triple the USD 16 bn that had turned bad in the previous two years.<\/p><p><strong>The problem:<\/strong> Countries that are already indebted are struggling to meet loan repayments as many of the initiative\u2019s high-profile projects have failed to yield commercial returns, the FT writes. China has now resolved to issue tens of bns of USD in \u201crescue\u201d loans \u2014 short-term liquidity injections that allow debtors to service their loans and avoid default \u2014 in an attempt to put out the fire it has helped spark emerging markets.<\/p><p><strong>China doesn\u2019t have much exposure to Egypt:<\/strong> Egypt has borrowed the equivalent of 2.1% of GDP in sovereign and hidden debt, according to <a href=\"https:\/\/ent.news\/2022\/7\/Banking_on_the_Belt_and_Road__Insights_from_a_new_global_dataset_of_13427_Chinese_development_projects.pdf\">data (pdf)<\/a> compiled by AidData. Egypt is one of 21 emerging markets <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/005f7bf8-8ca8-471f-ba41-596b2bb2a954\">currently at risk of default<\/a>, with the number of sovereign bonds falling into distressed territory climbing higher to reach record levels over the past months.<\/p><p><strong>IN OTHER NEWS-<\/strong><\/p><ul>\n<li><strong>Hyundai reports highest net income in eight years in 2Q 2022: <\/strong>Hyundai Motors\u2019s bottom line jumped 56% in the second quarter of the year, recording USD 2.8 tn. (<a href=\"https:\/\/www.hyundai.com\/worldwide\/en\/company\/newsroom\/hyundai-motor-announces-2022-q2-business-results-0000016866\">Statement<\/a>)<\/li>\n<li><strong>Abu Dhabi Wealth Fund gets stake in TMF<\/strong>: Abu Dhabi Investment Authority has bought a significant minority stake in CVC Capital Partners\u2019 business service provider TMF Group. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-22\/abu-dhabi-s-wealth-fund-said-to-buy-stake-in-cvc-owned-tmf-group?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>China\u2019s Evergrande CEO, CFO forced to resign:<\/strong> The CEO and CFO of crisis-hit Chinese developer Evergrande have been forced to step down after an internal probe found they allowed a creditor to take USD 2 bn as the company was trying to restructure its USD 300 bn debt pile. (<a href=\"https:\/\/www.ft.com\/content\/05ace76a-8774-4d54-a07a-c689edab98b5\">FT<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-22\/china-evergrande-ceo-haijun-resigns-shawn-named-successor?srnd=premium-middle-east\">Bloomberg<\/a>)<\/li>\n<li><strong>China slaps ride-hailing group Didi with a fine of USD 1 bn over data law <\/strong><strong>breach: <\/strong>Chinese regulators said Didi had committed a violation of China\u2019s data collection laws and \u201cseriously impacted national security\u201d with data processing activities. (<a href=\"https:\/\/www.ft.com\/content\/a7f0ac8a-ba8a-495b-9981-b784e7b9cd8f\">Financial Times<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,290<\/p>\n<\/td>\n<td>\n<p>+1.9% (YTD: -22.3%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.89<\/p>\n<\/td>\n<td>\n<p>Sell 18.97<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.91<\/p>\n<\/td>\n<td>\n<p>Sell 18.97<\/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>11,988<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,662<\/p>\n<\/td>\n<td>\n<p>+0.7% (YTD: +13.8%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,257<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +1.9%)<\/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>3,962<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -16.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,276<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -1.5%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,596<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -16.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 103.20<\/p>\n<\/td>\n<td>\n<p>-0.6%<\/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 8.30<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,745.30<\/p>\n<\/td>\n<td>\n<p>+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 22,301<\/p>\n<\/td>\n<td>\n<p>-1.9% (YTD: -51.7%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.9% at Thursday\u2019s close<\/strong> on turnover of EGP 975 mn (15.1% above the 90-day average). Local investors were net buyers. The index is down 22.3% YTD.<\/p><p><strong>In the green: <\/strong>Ibn Sina Pharma (+10.9%), Qalaa Holdings (+9.8%) and EFG Hermes (+6.8%).<\/p><p><strong>In the red: <\/strong>Eastern Company (-0.6%).<\/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\/belt-and-road-initiative\/\">Belt and Road Initiative<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/didi\/\">Didi<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evergrande\/\">Evergrande<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548043\" 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=\"548043\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/24\/el-sisi-holds-talks-with-macron-in-paris\/\">\r\n                            El Sisi holds talks with Macron in Paris                        <\/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\/24\/el-sisi-holds-talks-with-macron-in-paris\/\" 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 two heads of state discussed regional issues, the war in Ukraine, and COP27, according to an Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0DefA8goCXdE7rHew1UoePShvK2MB3GzbgWY8QBJ4oQyYWawATRpvT7P1VarZc5Gel\">statement<\/a>, in what was their first one-on-one meeting since Macron\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d69f67ca-4a47-4014-9416-a15331ddcadd\">re-election<\/a> in April.<\/p>\n<p><strong>Human rights issues came up during the visit: <\/strong>The family of a 27-year-old French backpacker who went missing in Egypt last year used El Sisi\u2019s visit to call for an investigation into his disappearance, the <a href=\"https:\/\/apnews.com\/article\/travel-middle-east-africa-france-6dee36d104fbbf8679bd0ad0358fdb3e\">Associated Press<\/a> reported. The family says their pleas to Egyptian police have been met with \u201csilence or stonewalling\u201d for months.<\/p>\n<p><strong>El Sisi also met with French Finance Minister Bruno Le Maire<\/strong> to discuss French investments in Egypt\u2019s development projects, particularly in the renewable sector ahead of COP27, according to a separate Ittihadiya <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02Fhv1FYRq35rAW94BdQuuyxjYf5Q4cYbTCH7eveRvXoHVAqAeE99iavyycJEAPnx7l\">statement<\/a>.<\/p>\n<p><strong>US peacekeepers <\/strong><strong>in the Red Sea\u2019s Tiran Strait<\/strong><strong> will be replaced by <\/strong><strong>remote-controlled cameras<\/strong>, which will now be responsible for ensuring uninhibited movement in and out of the Gulf of Aqaba, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/cameras-replace-peacekeepers-strategic-red-sea-strait-2022-07-21\/\">Reuters<\/a> reports, citing unnamed officials. Securing the coastline used to be a job delegated to the Multinational Force and Observers (MFO) as a result of the 1979 US-brokered peace accord between Egypt and Israel.<\/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\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emmanuel-macron\/\">Emmanuel Macron<\/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\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"548044\">\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\/27716.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27488.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Sunday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">10<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/do-egyptian-startups-need-to-start-tightening-their-belts\/\">         \r\n                            Do Egyptian startups need to start tightening their belts?<\/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\/whatsnext\/do-egyptian-startups-need-to-start-tightening-their-belts\/\" 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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What\u2019s the advice for Egyptian startups? <\/strong>The pandemic era startup gravy train train is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bba991e8-413d-4ca5-9d74-71a8095ff1c2\">slowing down<\/a>, with global VC funding plummeting 20% and 16.6% year-on-year in March and April. Consequently, VCs are pushing the message to their founders to forget \u201cgrowth at all costs.\u201d Here in Egypt, we are already seeing <a href=\"https:\/\/enterprise.press\/whatsnexts\/rounds-happening-egypt\/\">down rounds<\/a> in the Egyptian startup scene given the economic turbulence, cash drying up and startups being unable to raise at the same amounts and valuations as they used to, General Partner at Algebra Ventures Laila Hassan explains.<\/p>\n<p><strong>Egypt\u2019s startups seem to be getting the same message from their VCs: <\/strong>All VCs will be quite concerned about their startups\u2019 burn rates especially in the coming period given the economic downturn, chairman of Sequence Ventures Karim Helal says. These developments in the local startup scene will drive home the need for prudence in terms of startups\u2019 spending, Helal adds. Now, Both VCs and startups are prioritizing profitability and surviving for as long as possible, startupland insiders tell us.<\/p>\n<p><strong>Which startups will be the most affected? Growth stage startups relying on int\u2019l investors: <\/strong>These include businesses who are at the series B funding stage and have to rely on international investors\u2019 higher funding capabilities to fuel their growth, managing director of Openner Ahmed Elsherif explains. Most affected are obviously companies that did not have strong fundamentals, and companies that have been subsidizing their revenues and offering products at steep discounts just to show their numbers growing, Hassan says.<\/p>\n<p><strong>Early stage startups, however, will not be as affected<\/strong> because businesses in their formative stages rely on local and regional investors for their funding and growth plans, most of our sources agree.<\/p>\n<p><strong>On the contrary, this funding slowdown may serve as an opportunity for early stage startups, <\/strong>Elsherif says. Early stage companies are the least dependent on public markets, he adds. \u201cBy the time they find a product market fit and raise a series A round, it will take them 12-18 months at least,\u201d he adds. This would give them enough breathing room to allow for market forces to change, Elsherif adds.<\/p>\n<p><strong>So has the VC tap been shut off? No, but it will be more measured: <\/strong>In the coming period of uncertainty, VCs will likely allocate more capital to their portfolio companies to help them get through this downturn, Elsherif explains. That said, investors will be a lot more prudently and will be looking to invest in startups at lower valuations compared to more stable times, he adds. Companies with the right unit economics will always be able to raise, but their investment rounds may not be as big as they hoped and it may take them longer, especially if they are raising larger rounds, Hassan says. Later stage investors which could potentially have public market exposure may not have as much liquidity as they anticipated, she adds.<\/p>\n<p><strong>What are startups advised to do? Extend their runway:<\/strong> \u201cWe advise our portfolio companies to extend runways for 18 to 24 months to be on the safe side until we rebound from this period of funding decline,\u201d Hassan says, adding that startups that extend runways for six months or less may find themselves in a tricky situation. \u201cWe do not know how long this funding slowdown will last,\u201d Elsherif says. Therefore, startups should have a 30-month runway, trim sales and marketing costs, and focus on \"product-led growth\" tactics, so they can drive growth organically and drastically reduce customer acquisition costs.<\/p>\n<p><strong>Sustainable growth does not mean slash costs, but rather spending prudently and automating processes, <\/strong>our sources explain. If you need to hire for tech, continue to do that, Hassan advises. If you need to build a product, build, test, and experiment in that arena, instead of experimenting in the marketing arena and considerably increasing your burn rates, she explains. While startups should retain their existing talent and acquire new essential employees, startups can limit their spending by automating their businesses as much as possible, CEO of Falak Startups Ahmed Hazem Dakroury tells us.<\/p>\n<p><strong>M&As in startupland may be on the rise: <\/strong>The coming period may see an increase in terms of consolidations, mergers and acquisitions, Elsherif says. Startups that have good products, tech, and teams, but are unable to get much needed capital to fuel their growth may be acquired by bigger companies, Hassan explains. \u201cWe expect to start seeing more consolidation in the market,\u201d she says. \u201cIt makes sense now more than ever to be stronger together, given the tighter liquidity situation for companies,\u201d she adds. Consolidating stronger teams and bigger market share will offer the business a bigger competitive advantage and a stronger footing in the market, Hassan states.<\/p>\n<p><strong>The bottomline is forget growth at all costs and focus on having a solid, profitable business model<\/strong>. Startups should work on building a robust business model that solves real problems for a customer segment that can clearly benefit from it and are willing to pay for this service, Elsherif said. For early-stage startups, the focus should be on attaining a sustainable revenue stream and on practicing financial prudence so they can have positive long-term growth, he adds. Businesses that have good value propositions, and sound business models will not only survive the coming period, they will also thrive, Dakroury explains.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Swvl expands into Mexico\u2026: <\/strong>Cairo-born mass transport app Swvl has expanded into Mexico in its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">fourth acquisition this year<\/a> after acquiring Urbvan Mobility in a share-swap agreement.<\/li>\n<li><strong>\u2026but its losses could double this year:<\/strong> The company expects its losses to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/51e97c71-5a8b-463a-9397-53449e0d78a2\">widen to USD 90 mn<\/a> this year, from USD 50 mn in 2021.<\/li>\n<li><strong>DMZ opens applications: <\/strong>Universities of Canada in Egypt-based incubator DMZ Cairo has opened applications for its second eight-month incubation program for tech startups, which begins in November, according to a <a href=\"https:\/\/ent.news\/2022\/7\/PR-1-DMZ-Cairo-Cycle-2.pdf\">statement (pdf)<\/a>.<\/li>\n<li><strong>AFS to enter Egypt:<\/strong> Bahrain-based payment solutions provider Arab Financial Services (AFS) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b3e5f7fb-dcd6-410c-aceb-5a7ee37fee4b\">plans to expand to Egypt<\/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\/algebra-ventures\/\">Algebra Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/falak-startups\/\">falak startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/openner\/\">Openner<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sequence-ventures\/\">Sequence Ventures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"548046\" 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\/24\/548046\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548046\" class=\"content-area-description single-story post-548046 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>23-25 July (Saturday-Monday): Egypt, UAE and Jordan discuss industrial partnership in Cairo.<\/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\u201327 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>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><strong>DECEMBER<\/strong><\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>13-15 December (Tuesday-Thursday): US-Africa Leaders Summit.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/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":548026,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-548025","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1f9a69f8-4bcf-451f-a034-f661f815efe7","teaser":"","photo_url":"https:\/\/ent.news\/2022\/7\/25.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>Russia, Ukraine reach landmark grain export agreement - 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\/russia-ukraine-reach-landmark-grain-export-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russia, Ukraine reach landmark grain export agreement\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/russia-ukraine-reach-landmark-grain-export-agreement\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:04:12+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\/25.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\/russia-ukraine-reach-landmark-grain-export-agreement\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/russia-ukraine-reach-landmark-grain-export-agreement\/\",\"name\":\"Russia, Ukraine reach landmark grain export agreement - 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