{"id":548233,"date":"2022-08-01T03:30:55","date_gmt":"2022-08-01T03:30:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=548233"},"modified":"2025-12-15T22:09:09","modified_gmt":"2025-12-15T22:09:09","slug":"could-b-investments-preempt-adnocs-bid-to-acquire-half-of-totalenergies-egypt","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/could-b-investments-preempt-adnocs-bid-to-acquire-half-of-totalenergies-egypt\/","title":{"rendered":"Could B Investments preempt Adnoc\u2019s bid to acquire half of TotalEnergies Egypt"},"content":{"rendered":"<section id=\"548235\" 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=\"548235\">\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\/08\/01\/this-morning-ukrainian-wheat-exports-could-start-today-no-backsliding-on-global-climate-targets-says-shoukry\/\">\r\n                            THIS MORNING: Ukrainian wheat exports could start today; \u201cNo backsliding\u201d on global climate targets, says Shoukry                        <\/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\/08\/01\/this-morning-ukrainian-wheat-exports-could-start-today-no-backsliding-on-global-climate-targets-says-shoukry\/\" 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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\u201cNo backsliding\u201d on global climate targets, says Shoukry\">\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+Ukrainian+wheat+exports+could+start+today%3B+%E2%80%9CNo+backsliding%E2%80%9D+on+global+climate+targets%2C+says+Shoukry+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F01%2Fthis-morning-ukrainian-wheat-exports-could-start-today-no-backsliding-on-global-climate-targets-says-shoukry%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\/08\/01\/this-morning-ukrainian-wheat-exports-could-start-today-no-backsliding-on-global-climate-targets-says-shoukry\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548235\" class=\"content-area-description single-story post-548235 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-automotive-directive tag-climate tag-commodities tag-cop27 tag-efg-hermes tag-enterpriseam tag-ipo-watch tag-russia-ukraine-conflict tag-sameh-shoukry tag-valu tag-what-were-tracking-today tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Good morning, nice people, and welcome to the month of August. <\/strong>It feels a bit as if the volume of news is slowing (as is traditionalf or the first two weeks of August), but we nonetheless have a meaty issue for you this morning with plenty of FX, M&A, capital markets and investment news.<\/p>\n<p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>EGP WATCH-<\/strong><strong> The EGP has broken the 19.00 barrier against the <\/strong><strong>greenback for the first time since December 2016<\/strong>, when the currency hit an all-time low after the Central Bank of Egypt allowed the currency to move freely against the USD. The currency settled at 19.0084 against the USD during trading yesterday, leaving it down more than 20% since March when the central bank devalued the currency.<\/p>\n<p><strong>Also yesterday: Remittances <\/strong>from Egyptians working abroad declined 8% y-o-y in May to USD 2.4 bn. Flows were down 23% from USD 3.1 bn in April, according to <a href=\"https:\/\/ent.news\/2022\/7\/%D8%A8%D9%8A%D8%A7%D9%86-%D8%B5%D8%AD%D9%81%D9%89-%D8%A8%D8%B4%D8%A7%D9%86-%D8%AA%D8%AD%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D9%85%D8%A7%D9%8A%D9%88-2022.pdf\">Central Bank of Egypt figures (pdf)<\/a>.<\/p>\n<p><strong>FROM THE RUMOR MILL-<\/strong><\/p>\n<p><strong>#1- Is EFG planning to IPO valU?<\/strong> Rumor has it that our friends at EFG Hermes are cooking up an IPO on the EGX for its consumer finance subsidiary, valU, within the next two years. That\u2019s according to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=30072022&id=1c5ccf3c-27d6-4a4e-8d54-3247166f453d\">Al Shorouk<\/a>, which published a piece Saturday citing an \u201cinformed source\u201d as saying that the offering will likely go ahead during 2023 and that EFG has already started preparing.<\/p>\n<p><strong>#2- Has cabinet just finalized the automotive strategy? <\/strong>That\u2019s what <a href=\"https:\/\/bit.ly\/3JjcTjT\">Al Mal<\/a> is reporting, citing a source at the Trade and Industry Ministry. The strategy \u2014 which has been on the government\u2019s to-do list since <a href=\"https:\/\/enterprise.press\/industries\/%f0%9f%8f%ad-inside-industry\/\">2016<\/a> \u2014 should go up for debate at the House next October. We\u2019re looking into this and will bring you more as soon as we have it.<\/p>\n<p><strong>HAPPENING TODAY- <\/strong><\/p>\n<p><a id=\"tldr-story-07\" class=\"content-anchor\"><\/a> <strong>The first wheat shipment could leave Ukraine today<\/strong>, Turkey\u2019s presidential spokesperson said yesterday. \u201cIf all (details) are completed by [Monday], it seems like there is a high possibility that the first ship will leave the port [Monday] \u2026 We will see ships leaving the ports the next day at the latest,\u201d Ibrahim Kalin told a Turkish broadcaster yesterday. This would be the first grain shipment to leave one of Ukraine\u2019s Black Sea ports since Russia invaded the country on 24 February, and comes less than two weeks after the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1933af3-aebe-45a8-88cc-f95f09cc11fd\">UN and Turkey brokered a landmark pact<\/a> between Kyiv and Moscow to allow Ukraine to resume wheat exports via sea. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/first-grain-carrying-ship-could-leave-ukraine-aug-1-turkish-presidential-2022-07-31\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-31\/ukraine-s-first-grain-ship-may-depart-on-monday-turkey-says?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>)<\/p>\n<p><strong>How much is ready to go?<\/strong> Sixteen ships carrying 580k tons of grain are currently docked in the country\u2019s Black Sea ports, according to <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/ukraine-ready-ship-grain-awaits-signal-first-shipment-2022-07-29\/\">Reuters<\/a>.<\/p>\n<p><strong>Ukraine is leading the international front pages this morning:<\/strong><\/p>\n<ul>\n<li><strong>Donetsk region is being evacuated:<\/strong> Ukrainian President Volodymyr Zelenskiy has ordered the evacuation of civilians in Donetsk region as Russian troops close in around the remaining population centers in the Donbas.<\/li>\n<li><strong>Russian strikes kill Ukrainian wheat tycoon:<\/strong> Oleksiy Vadatursky, one of Ukraine's richest people and owner of the grain exporter Nibulon, died in Russian airstrikes in the southern city of Mykolaiv yesterday.<\/li>\n<li><strong>Europe is easing off its energy sanctions on Moscow: <\/strong>The EU will delay plans to ban ships carrying Russian crude from the Lloyd\u2019s of London ins. market in an effort to prevent the global energy market from destabilizing further. It has also backtracked on one of its sanctions against Russian oil, and will now allow European companies to pay Russian state-owned entities, such as Rosneft, for the purpose of transporting oil to countries outside the bloc under \u201cstrictly necessary\u201d circumstances.<\/li>\n<\/ul>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/europe\/russia-invites-un-red-cross-experts-probe-ukraine-jail-deaths-2022-07-31\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-explosions-black-sea-crimea-ddf4744077bac371392763b5cd77f25d\">AP<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/07\/31\/world\/europe\/ukraine-eastern-evacuation.html\">NYT<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-31\/ukraine-latest-donbas-evacuation-plea-drone-hits-sevastopol?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/333f7447-aed8-40d2-87e9-f8d289162707\">FT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/war-ukraine-russia-kherson-11659281575?mod=hp_lead_pos8\">WSJ<\/a> | <a href=\"https:\/\/www.bbc.co.uk\/news\/world-europe-62367356\">BBC<\/a>.<\/p>\n<p><strong>HAPPENING THIS WEEK-<\/strong><\/p>\n<p><strong>We\u2019ll find out how much of Beltone Financial will be acquired by Chimera this week: <\/strong>Shareholders have until Wednesday, 3 August, to subscribe to Chimera Investment\u2019s mandatory tender offer for the financial services firm. The Abu Dhabi-based investment firm has already acquired a 56% stake in Beltone after Orascom Financial <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d08b767-4583-4e55-bec6-5c9c8aca0637\">last week agreed to sell its shares<\/a>. Chimera is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/87891e6c-e1e4-43e2-b979-03cc61acde2a\">offering to pay EGP 1.485 per share<\/a> for up to 90% of Beltone, valuing it at around EGP 690 mn.<\/p>\n<p><strong>PMI out on Wednesday: <\/strong>We\u2019ll get an idea of how the private sector fared in July when S&P Global releases its latest purchasing managers\u2019 index (PMI) on Wednesday. The index fell to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45596e8c-f127-4f62-b1cb-402f45ae4a0b\">its lowest level in two years in June<\/a> as surging inflation hit demand and output.<\/p>\n<p><strong>The National Dialogue board will talk about the economy this week:<\/strong> The board of trustees overseeing preparations for the National Dialogue will meet Wednesday to discuss the economic agenda.<\/p>\n<p><strong>LATER THIS MONTH-<\/strong><\/p>\n<ul>\n<li><strong>Foreign reserves figures<\/strong> for July will likely be released at the end of this week or the beginning of the next;<\/li>\n<li><strong>Inflation data<\/strong> for July will land on Wednesday, 10 August.<\/li>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt will meet to discuss interest rates on 18 August.<\/li>\n<\/ul>\n<p><strong>PSA- Kids have another few days to apply to STEM schools for the coming school <\/strong><strong>year:<\/strong> The Education Ministry will continue to accept applications to STEM schools via its <a href=\"https:\/\/emis.gov.eg\/\">website<\/a> <strong>until Wednesday, 3 August<\/strong>, after receiving many requests from students who were not able to register in time, it announced in a <a href=\"https:\/\/moe.gov.eg\/what-s-on\/news\/reopening-of-the-website-stem\/\">statement<\/a> yesterday.<\/p>\n<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>\n<p><strong>COP27 WATCH-<\/strong><\/p>\n<p><a id=\"tldr-story-08\" class=\"content-anchor\"><\/a> <strong>You know global climate goals are under threat when the German Green party starts <\/strong><strong>firing up the coal plants:<\/strong> It\u2019s backtracking like this that Foreign Minister and COP27 President Sameh Shoukry tells <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-31\/egypt-aims-to-raise-ambitions-at-climate-talks-despite-energy-crisis?sref=mmeFTDW1\">Bloomberg<\/a> that Egypt wants to prevent. The country\u2019s central focus for the summit \u2014 being held in Sharm El Sheikh in November \u2014 is to ensure there is \u201cno backsliding or backtracking on commitments and pledges\u201d made at previous gatherings, he says. \u201cWe hope that COP27 will first confirm the political commitment to climate change and the agreed transition at the highest level.\u201d<\/p>\n<p><strong>CBE, BoE to talk climate finance in run-up to COP27: <\/strong>The Bank of England (BoE) is sharing its experience of managing climate risks in the world of finance in a three-day workshop with the Central Bank of Egypt (CBE), according to a <a href=\"https:\/\/ent.news\/2022\/7\/BoECBE-EN-PR.pdf\">statement (pdf)<\/a>. The workshop will also cover the work of the <a href=\"https:\/\/www.ngfs.net\/en\">Network for Greening the Financial System<\/a>, a network of central banks \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9fab1d7a-ea9b-47d1-afab-8b4fb98f4dd9\">CBE included<\/a> \u2014 and financial regulators that aims to mobilize green finance and manage climate risks in the banking sector.<\/p>\n<p><strong>ICYMI- <\/strong><\/p>\n<p><strong>Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at <a href=\"https:\/\/enterprise.press\/industries\/pharma-players-want-revised-pricing-scheme-incentives-ramp-investments\/\">what pharma players want<\/a> to see from the state\u2019s privatization program to give the sector a boost.<\/p>\n<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<\/p><\/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    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>MARKET WATCH-<\/strong><\/p>\n<p><strong>Wall Street is taking bullish positions on the greenback<\/strong>, as the Federal Reserve\u2019s fastest tightening cycle in years and rising fears of recession cause investors to pile into the currency. The USD has been on a tear this year, reaching a record high according to some measures and prompting bullish positions to hit their highest level in seven years, according to a survey of fund managers picked up by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-28\/how-a-strong-usd-dxy-is-pushing-the-global-economy-to-recession?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>.<\/p>\n<p><strong>Should we be preparing for a \u201cdoom loop\u201d? <\/strong>As demand for the USD grows stronger, it is hitting economies worldwide that rely on the currency for imports and are desperate to keep foreign investors in their markets. This creates a cycle of interest rate hikes that has knock-on effects on investment and fuel inflation. \u201cThere is simply no alternative to the USD no matter where you look and it's pummeling everything else as a result \u2014 economies, other currencies, corporate earnings,\u201d a senior banking executive tells Bloomberg.<\/p>\n<p><strong>In Asia, the strengthening USD is posing a bigger problem than inflation:<\/strong> \u201cWe\u2019re not particularly worried about inflation driving policy, but exchange rate weakness, USD liquidity drying up, those things [are] a bigger issue, [and issues such as] the balance of payments angle,\u201d Taimur Baig, managing director at DBS Bank, <a href=\"https:\/\/www.cnbc.com\/2022\/07\/29\/dollar-strength-is-more-worrisome-than-inflation-for-asia-economist-says.html\">told CNBC<\/a>.<\/p>\n<div class=\"stand-out\">\n***<\/p>\n<p><strong>WE\u2019RE LOOKING FOR A SMART, TALENTED HEAD OF PEOPLE<\/strong> to help us develop and deliver a comprehensive people strategy to help grow Enterprise and our sister company, Inktank Communications. Attracting and retaining top talent is the lifeblood of our business \u2014 are you the right person to help us do it? .<\/p>\n<p><strong>WHO YOU ARE-<\/strong> Our Head of People is responsible for aligning HR practices with business objectives and works alongside some very smart people, including our C-level and leadership teams, to design and develop HR strategies and monitor their effectiveness. Candidates should have at least 10 years of experience in human resources, with extensive knowledge of key HR disciplines including performance and talent. We are looking for someone who isn\u2019t afraid to challenge, innovate, experiment, and move at a fast pace \u2014 not to mention creating some very cool new things to drive people engagement and improve a high-performance culture.<\/p>\n<p><strong>INTERESTED IN APPLYING?<\/strong> To apply for the Head of People, drop us a line at jobs@enterprisemea.com and mention \u201cNoha\u201d in your subject line \u2014 she\u2019s our outgoing Head of People and the first person who\u2019s going to be reading your application. Please send a solid cover letter telling us a bit about who you are and why you\u2019re a good fit for our team. We want to see your CV, but the most important thing is a cover letter that makes us want to pick up the phone and give you a call.<\/p>\n<p>***<\/p><\/div>\n<p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\" \/><\/p>\n<p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p>\n<p><strong>In today\u2019s issue:<\/strong> <strong>Why future flow securitization could be the debt instrument of choice <\/strong><strong>for education players moving forward:<\/strong> Last year, the Financial Regulatory Authority (FRA) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7329833c-65a7-4bdc-b31e-eb4ecc30d055\">approved amendments<\/a> to the Capital Markets Act that would allow service providers to raise capital by selling securitized bonds to investors after pooling together so-called \u201cfuture flows\u201d \u2014 promising to pay back using money they can reasonably expect to make at a future date. Months later, EGX-listed private sector education outfit CIRA became the first company to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/050674a7-23fa-4fa6-b397-6d54503705d5\">get approval<\/a> to take a future flow program to market, putting the spotlight on the possibilities this debt instrument could offer for the education sector. We spoke with industry stakeholders to learn why this debt instrument is suitable for private-sector education providers and what it will take for more players to consider it.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive-directive\/\">Automotive Directive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548236\" 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=\"548236\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/548236\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548236\" class=\"content-area-description single-story post-548236 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\/2Cellos-Somabay1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p><strong>Live music at Somabay: 2CELLOS<\/strong>. World-renowned and wildly popular cellist duo, 2CELLOS, are bringing the magic of music to Somabay on the 18th of November 2022. Get ready for an unforgettable night of captivating performances and electric energy.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548237\" 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=\"548237\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/b-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt\/\">\r\n                            B investments has a month to pre-empt Adnoc\u2019s play for half of TotalEnergies Egypt                        <\/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\/08\/01\/b-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt\/\" 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\/08\/01\/b-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt\/')\">\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\/08\/01\/b-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=B investments has a month to pre-empt Adnoc\u2019s play for half of TotalEnergies Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/b-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt\/\">\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\/08\/01\/b-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt\/&title=B investments has a month to pre-empt Adnoc\u2019s play for half of TotalEnergies Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=B+investments+has+a+month+to+pre-empt+Adnoc%E2%80%99s+play+for+half+of+TotalEnergies+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F01%2Fb-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt%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\/08\/01\/b-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/97.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548238\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/b-investments-has-a-month-to-pre-empt-adnocs-play-for-half-of-totalenergies-egypt\/97-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/97.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"97.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/97.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/97.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548237\" class=\"content-area-description single-story post-548237 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-adnoc tag-b-investments tag-enterpriseam tag-ma-watch tag-totalenergies-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Could B Investments pre-empt Adnoc\u2019s bid for TotalEnergies Egypt? <\/strong>Private equity outfit B Investments is \u201cevaluating all options\u201d after Adnoc Distribution agreed to buy 50% of TotalEnergies Egypt last week, B Investments IR head Omar El Labban told Enterprise.<\/p>\n<p><strong>B Investments is the only<\/strong><strong> minority shareholder in TotalEnergies Egypt<\/strong><strong>: <\/strong>Under the agreement, Adnoc would acquire the entirety of its c. 15.4% stake in the fuel distributor, B Investments said in a <a href=\"https:\/\/ent.news\/2022\/7\/B-Investments-on-Total-EN.pdf\">disclosure to the EGX (pdf)<\/a> yesterday. Total Energies Marketing Afrique (TEMA), which holds the 84.6% majority stake, would sell 34.6% to Adnoc, handing the two companies 50-50 ownership.<\/p>\n<p><strong>B Investments has the right of first refusal<\/strong>, allowing it to pre-empt Adnoc\u2019s bid and buy the 34.6% stake that TEMA plans to sell to the Emirati firm. Alternatively, B Investments can allow the transaction with Adnoc to go ahead and exit TotalEnergies entirely.<\/p>\n<p><strong>B Investments\u2019 board has until 29 August to decide how to respond to Adnoc\u2019s bid<\/strong>. The board \u201cshould meet soon\u201d to make a decision on the offer, El Labban said. <strong>\u201c<\/strong>We\u2019re in a good position to evaluate all our options and determine which option is best suitable for us.\u201d<\/p>\n<p><strong>ICYMI- Adnoc subsidiary Adnoc Distribution <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9feab20-0529-4fc8-b246-002709a00f77\">last week agreed<\/a><\/strong><strong> to acquire 50% of TotalEnergies Egypt for up to USD 203 mn<\/strong>, which the company said would be the largest acquisition in its history. It is pending regulatory approval and should be completed in 1Q 2023.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adnoc\/\">ADNOC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/totalenergies-egypt\/\">TotalEnergies Egypt<\/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=\"548239\" 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=\"548239\">\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\/08\/01\/delta-sugar-denies-its-the-subject-of-an-adq-takeover-bid\/\">\r\n                            Delta Sugar denies it\u2019s the subject of an ADQ takeover bid                        <\/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\/08\/01\/delta-sugar-denies-its-the-subject-of-an-adq-takeover-bid\/\" 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\/08\/01\/delta-sugar-denies-its-the-subject-of-an-adq-takeover-bid\/')\">\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\/08\/01\/delta-sugar-denies-its-the-subject-of-an-adq-takeover-bid\/\">\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=Delta Sugar denies it\u2019s the subject of an ADQ takeover bid&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/delta-sugar-denies-its-the-subject-of-an-adq-takeover-bid\/\">\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\/08\/01\/delta-sugar-denies-its-the-subject-of-an-adq-takeover-bid\/&title=Delta Sugar denies it\u2019s the subject of an ADQ takeover bid\">\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=Delta+Sugar+denies+it%E2%80%99s+the+subject+of+an+ADQ+takeover+bid+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F01%2Fdelta-sugar-denies-its-the-subject-of-an-adq-takeover-bid%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\/08\/01\/delta-sugar-denies-its-the-subject-of-an-adq-takeover-bid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548239\" class=\"content-area-description single-story post-548239 post type-post status-publish format-standard hentry category-ma-watch tag-abu-dhabi-islamic-bank tag-adq tag-delta-sugar tag-enterpriseam tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>ADQ is being linked to everyone right now:<\/strong> Delta Sugar has denied knowledge of a rumored acquisition bid by Abu Dhabi wealth fund ADQ, saying in <a href=\"https:\/\/ent.news\/2022\/7\/280513_1.pdf\">a disclosure (pdf)<\/a> to the EGX yesterday that it has not received any offers. A report in the domestic press last week that ADQ is considering making an offer for the EGX-listed company, and quoted sources that claimed it was in talks with Delta\u2019s parent company. In an interview with Amwal Al Ghad yesterday, Delta Chairman Ahmed Abu El Yazid said that the company has not held any talks with ADQ and said the report was untrue.<\/p>\n<p><strong>Obourland issued a similar statement this time last week:<\/strong> The EGX-listed cheesemaker last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4cf6bbcb-da81-4b79-ba24-ad978bf51e69\">denied links with ADQ<\/a> after press reports claimed that the fund\u2019s food and beverage subsidiary, Agthia Group, was planning to submit a non-binding offer for the company. Agthia earlier this month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be49d19c-306f-4ee9-b6ee-b0dba42a18be\">agreed to purchase 60% of Abu Auf parent company Auf Group<\/a> for EGP 2.9 bn.<\/p>\n<p><strong>IN OTHER M&A NEWS-<\/strong><\/p>\n<p><strong>ADIB exits Cairo National Company for Securities: <\/strong>A consortium <a href=\"https:\/\/www.linkedin.com\/company\/solid-capital---africa-&-gcc-group\/?originalSubdomain=eg\">Solid Capital<\/a> and <a href=\"https:\/\/www.linkedin.com\/company\/digitizeinvestment\/?originalSubdomain=eg\">Digitize for Investment and Technology<\/a> has acquired Abu Dhabi Islamic Bank\u2019s 50.88% stake in Cairo National Company for Securities, marking its first entry in the securities sector, <a href=\"https:\/\/www.mubasher.info\/news\/3989019\/%D8%B3%D9%88%D9%84%D9%8A%D8%AF-%D9%83%D8%A7%D8%A8%D9%8A%D8%AA%D8%A7%D9%84-%D8%AA%D8%B3%D8%AA%D8%AD%D9%88%D8%B0-%D8%B9%D9%84%D9%89-%D8%AD%D8%B5%D8%A9-%D9%85%D8%B5%D8%B1%D9%81-%D8%A3%D8%A8%D9%88%D8%B8%D8%A8%D9%8A-%D8%A7%D9%84%D8%A5%D8%B3%D9%84%D8%A7%D9%85%D9%8A-%D9%81%D9%8A-%D8%A7%D9%84%D9%82%D8%A7%D9%87%D8%B1%D8%A9-%D8%A7%D9%84%D9%88%D8%B7%D9%86%D9%8A%D8%A9-\/\">Mubasher<\/a> reported, citing a statement from Solid Capital. Solid Capital will restructure the brokerage firm and hopes to expand its portfolio and increase its market share.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abu-dhabi-islamic-bank\/\">Abu Dhabi Islamic Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adq\/\">ADQ<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/delta-sugar\/\">Delta Sugar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548240\" 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=\"548240\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/govt-has-ambitious-fdi-export-targets-this-year\/\">\r\n                            Gov\u2019t has ambitious FDI + export targets this 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\/08\/01\/govt-has-ambitious-fdi-export-targets-this-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\/08\/01\/govt-has-ambitious-fdi-export-targets-this-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\/08\/01\/govt-has-ambitious-fdi-export-targets-this-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=Gov\u2019t has ambitious FDI + export targets this year&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/govt-has-ambitious-fdi-export-targets-this-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\/08\/01\/govt-has-ambitious-fdi-export-targets-this-year\/&title=Gov\u2019t has ambitious FDI + export targets this 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=Gov%E2%80%99t+has+ambitious+FDI+%2B+export+targets+this+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F01%2Fgovt-has-ambitious-fdi-export-targets-this-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\/08\/01\/govt-has-ambitious-fdi-export-targets-this-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/98.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548241\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/govt-has-ambitious-fdi-export-targets-this-year\/98-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/98.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"98.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/98.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/98.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548240\" class=\"content-area-description single-story post-548240 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-fdi tag-hala-el-said tag-investment-watch tag-planning-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Egypt wants to attract USD 10 bn of foreign direct investment during the current <\/strong><strong>fiscal year<\/strong>, Planning Minister Hala El Said said last week, according to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid023EjFEbL9w1C1AuCAAjN51uqAaXn2NodKYho8N2w16poxHEGmEAZnDMrmn3L84E76l\">a statement<\/a>.<\/p>\n<p><strong>This would be a significant step up:<\/strong> FDI has averaged USD 7.3 bn a year over the past five years, according to our in-house calculations of balance of payments figures.<\/p>\n<p><strong>Fresh FDI has been near the top of the government\u2019s priority list in recent weeks<\/strong> as it looks to attract foreign capital back to the country amid rising pressure on the balance of payments caused by the spillover effects from the war in Ukraine. Prime Minister Moustafa Madbouly and senior government officials have in recent weeks held talks with companies in the Gulf, the US and Europe in a bid to draw fresh investment. The UAE, Saudi Arabia and Qatar have already pledged to provide <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">USD 22 bn<\/a> in investment and central bank deposits this year.<\/p>\n<p><strong>Ambitious export targets:<\/strong> The government wants the country\u2019s non-oil exports to hit USD 35 bn this year, El Said said. This is 75% higher than the USD 20.1 bn exported in FY 2020-2021. Egypt\u2019s non-oil exports totalled USD 12.8 bn in the first half of FY 2021-2022, according to the most recent figures.<\/p>\n<p><strong>FDI + exports > hot money:<\/strong> Both <a href=\"https:\/\/bit.ly\/3LUJbla\">El Said<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/55d004cc-aecf-4c66-80e3-5e677f18f682\">Finance Minister Mohamed Maait<\/a> have in past weeks signaled that the government will try and dial back its reliance on portfolio inflows and focus on attracting sustainable FDIs.<\/p>\n<p><strong>The government wants to attract USD 40 bn in new investment over the next four years<\/strong> by selling state-owned assets to local and international investors. This comes under the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0894c99e-e18e-473e-a869-64812c50988b\">in-progress revamp of its privatization strategy<\/a>, which it says will more than double the private sector\u2019s role in the economy over the next three years.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fdi\/\">FDI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said\/\">Hala El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planning-ministry\/\">Planning Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548242\" 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=\"548242\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/fra-could-double-egx-freefloat-requirements-to-boost-liquidity\/\">\r\n                            FRA could double EGX freefloat requirements to boost liquidity                        <\/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\/08\/01\/fra-could-double-egx-freefloat-requirements-to-boost-liquidity\/\" 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 FRA chief says the move would increase liquidity and trading volumes on the bourse, with Omran saying yesterday that some 72% of the shares owned by institutional investors on EGX are not traded, according to <a href=\"https:\/\/bit.ly\/3Jk8FZs\">Al Mal<\/a>. His statements come as the FRA holds public hearings this week on its <a href=\"https:\/\/ent.news\/2022\/5\/FRA-Strategy-2022-2026-Print-Final-1.pdf\">2022-2026 strategy<\/a>.<\/p>\n<p><strong>But market stability + the state\u2019s privatization push come first: <\/strong>Attracting fresh listings to the bourse and helping push forward the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">state\u2019s plan to boost private participation<\/a> in state-owned entities are the FRA\u2019s priorities, Omran was reported as saying by <a href=\"https:\/\/www.asharqbusiness.com\/article\/40184\">Bloomberg Asharq<\/a>. He added that upping freefloat requirements would only be considered once the markets are stable and have recovered from current volatility.<\/p>\n<p><strong>REMEMBER- The government is still holding out hope that it could sell stakes in as many as 10 companies <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/356bf5ad-541f-41d3-a8de-71232ef2b9cb\">before the end of the year<\/a><\/strong>, though the bourse is down more than 20% YTD amid global investor pullback from emerging markets, anemic volumes, rising US interest rates, redemptions from equity funds around the world, and talk of recessions in developed economies. The FRA <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d8882ad-0530-40c5-b5e5-e472122c978d\">last year moved to reduce<\/a> the amount of capital that companies need to offer in freefloat in a move designed to encourage share sales on the bourse.<\/p>\n<p><strong>OTHER BITS & PIECES-<\/strong><\/p>\n<p><strong>The regulator could cut fees to brokerage firms or postpone their collection by a year <\/strong>to help companies out until market conditions improve, Omran added, according to <a href=\"https:\/\/alborsaanews.com\/2022\/07\/31\/1562912\">Al Borsa<\/a>.<\/p>\n<p><strong>ESG bonds and carbon certificates on the horizon? <\/strong>Cabinet could issue amendments to the executive regulations of the Capital Markets Act, paving the way for the issuance of various kinds of sustainable bonds and carbon certificates, Omran said, according to <a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1553708782869438465\">Bloomberg Asharq<\/a> and <a href=\"https:\/\/bit.ly\/3vtYyLY\">Hapi Journal<\/a>. This comes a few days after the FRA <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c0d1571-8db4-4e2e-9b0c-aebf04bd20de\">reportedly received a request<\/a> from a \u201clocal authority\u201d to set up a fund for trading carbon credits to coincide with the COP27 summit in November.<\/p>\n<p><strong>Unnamed US investors are interested in setting up an agricultural investment fund<\/strong> ranging between EGP 750 mn and EGP 1 bn<strong>, <\/strong>Omran told <a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1553708782869438465\">Bloomberg Asharq<\/a>, as the regulator looks to encourage inflows into agriculture and precious metals.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/carbon-credits\/\">carbon credits<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/regulation-watch\/\">regulation 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=\"548244\" 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=\"548244\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/\">\r\n                            Only 22% of companies are helping employees cope with rising inflation \u2013Mercer                        <\/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\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/\" 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\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/')\">\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\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/\">\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=Only 22% of companies are helping employees cope with rising inflation \u2013Mercer&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/\">\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\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/&title=Only 22% of companies are helping employees cope with rising inflation \u2013Mercer\">\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=Only+22%25+of+companies+are+helping+employees+cope+with+rising+inflation+%E2%80%93Mercer+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F01%2Fonly-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer%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\/08\/01\/only-22-of-companies-are-helping-employees-cope-with-rising-inflation-mercer\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548244\" class=\"content-area-description single-story post-548244 post type-post status-publish format-standard hentry category-economy tag-economy tag-egp tag-enterpriseam tag-inflation tag-labor 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>Only a fifth of Egyptian firms have provided financial support to employees to <\/strong><strong>help them cope with rising inflation<\/strong>, according to <a href=\"https:\/\/ent.news\/2022\/7\/Mercer_Over-20-per-cent-of-companies-in-Egypt-address-employee-compensation-amid-currency-devaluation-based-on-survey_Press-Release_EN_20220801.pdf\">a poll (pdf)<\/a> from HR consulting firm Mercer. The survey of more than 200 local and international companies operating in Egypt finds that 22% have either raised salaries or offered temporary allowances in response to the economic uncertainty caused by the declining currency.<\/p>\n<p><strong>It hasn\u2019t been a great year for the currency:<\/strong> External pressures have caused the EGP to fall more than 20% against the greenback since March. The currency yesterday broke the 19.00 handle for the first time since December 2016. This has helped turbocharge inflation \u2014 already facing sharp upward pressure from soaring global energy and food prices, before and then as a result of Russia\u2019s war in Ukraine \u2014 to accelerate and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5767f10-3fb8-45c0-bc85-701b182e66d7\">hit three-year highs<\/a> this year.<\/p>\n<p><strong>But almost half of companies aren\u2019t sure how to act:<\/strong> Around 46% of respondents told the survey that they plan to provide some sort of support to their staff but haven\u2019t taken a final decision. Around 15% said they were planning to compensate employees but haven\u2019t yet done so.<\/p>\n<p><strong>How employers are helping employees:<\/strong> About 13% of companies have hiked salaries by an average 12.8% to offset the rising cost of living. Some 4% are providing temporary allowances, 2% paid out a single lump sum, and 3% are providing other forms of compensation.<\/p>\n<p><strong>Inflation is hurting the private sector: <\/strong>Activity in Egypt\u2019s non-oil private sector <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45596e8c-f127-4f62-b1cb-402f45ae4a0b\">recorded its worst performance<\/a> in two years in June, contracting at a faster pace as client demand dropped on supply-side pressures, rising inflation and the devaluation. The S&P Global purchasing managers\u2019 index fell to 45.2 from 47.0 in May, the lowest reading since June 2020 and marking the 19th consecutive month of contraction.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/labor\/\">labor<\/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=\"548245\" 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=\"548245\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/548245\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548245\" class=\"content-area-description single-story post-548245 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\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=\"548246\" 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=\"548246\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/last-nights-talk-shows-the-nasser-medical-institute-is-getting-a-face-lift\/\">\r\n                            Last Night\u2019s Talk Shows: The Nasser Medical Institute is getting a face lift                        <\/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\/08\/01\/last-nights-talk-shows-the-nasser-medical-institute-is-getting-a-face-lift\/\" 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\/08\/01\/last-nights-talk-shows-the-nasser-medical-institute-is-getting-a-face-lift\/')\">\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\/08\/01\/last-nights-talk-shows-the-nasser-medical-institute-is-getting-a-face-lift\/\">\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: The Nasser Medical Institute is getting a face lift&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/last-nights-talk-shows-the-nasser-medical-institute-is-getting-a-face-lift\/\">\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\/08\/01\/last-nights-talk-shows-the-nasser-medical-institute-is-getting-a-face-lift\/&title=Last Night\u2019s Talk Shows: The Nasser Medical Institute is getting a face lift\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+The+Nasser+Medical+Institute+is+getting+a+face+lift+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F01%2Flast-nights-talk-shows-the-nasser-medical-institute-is-getting-a-face-lift%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\/08\/01\/last-nights-talk-shows-the-nasser-medical-institute-is-getting-a-face-lift\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548246\" class=\"content-area-description single-story post-548246 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-covid-19 tag-egyptian-competition-authority tag-enterpriseam tag-imf tag-last-nights-talk-shows tag-nasser-medical-institute wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the conversation on the airwaves last night: <\/strong>President Abdel Fattah El Sisi directed the Armed Forces Engineering Authority to renovate the Nasser Medical Institute in Cairo, according to a <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02sRk8DwYPNTVMG4DtniFfEkM1Tvq7CoKfvYVwNJeGogBfScAAumDJdemWpoKhvv13l\">cabinet statement<\/a>. The revamp, which will expand the institute\u2019s capacity and develop its infrastructure, got coverage from Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=6zIqViCmGow\">watch, runtime: 2:24<\/a>), Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=dKMMjxUzS5Y\">watch, runtime: 1:04<\/a>), and Sada El Balad (<a href=\"https:\/\/www.youtube.com\/watch?v=zfKgygWyGl4\">watch, runtime: 3:08<\/a>).<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>ECA cracks down on egg cartel over alleged price-fixing: <\/strong>The Egyptian Competition Authority (ECA) has referred four egg distributors to prosecution over allegedly monopolistic practices that led to an \u201cunprecedented\u201d surge in prices, ECA head Mahmoud Momtaz said on Saturday. The traders are accused by the regulator of forming a cartel to fix egg prices and could be fined EGP 500 mn each. The ECA has not publicly named the four companies. (Ala Mas\u2019ouleety | <a href=\"https:\/\/www.youtube.com\/watch?v=NpcnSxFMB5Y\">watch, runtime: 9:34<\/a>)<\/li>\n<li><strong>The IMF\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43f314c5-e264-4aba-bf1f-140ac60b9f2f\">updated World Economic Outlook<\/a><\/strong><strong> continued to get attention <\/strong>in the wake of its release last Wednesday. Al Hayah Al Youm picked up <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0XLh5w6vpxTNQtwAhkTYmN9ACQbj2xBEUYGQp26v7EWjFkMHFd5ma5Vxg3P9Vynp1l\">a cabinet statement<\/a> emphasizing that Egypt will be the fourth-fastest-growing economy next year in a basket of 30 countries assessed by the Fund. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=1S7kS7-RRKs\">watch, runtime: 16:08<\/a>).<\/li>\n<li><strong>A new antiviral covid med is on the market:<\/strong> Masaa DMC gave an inside look into the local factories manufacturing the antiviral covid-19 drug Molnupiravir, which became available in pharmacies last week. (Masaa DMC | <a href=\"https:\/\/www.youtube.com\/watch?v=nCexkzpQ8HI\">watch, runtime: 22:15<\/a>).<\/li>\n<li>Egypt will add 1 mn feddans of cultivated area for wheat during the next season, saving us about USD 1 bn from the wheat import budget. (Ala Mas\u2019ouleety | <a href=\"https:\/\/www.youtube.com\/watch?v=1WXN-4j-AvQ\">watch, runtime: 6:40<\/a>)<\/li>\n<li><strong>More on the National Dialogue:<\/strong> Al Hayah Al Youm continued to cover the weekend\u2019s meetings by the board of trustees preparing for the forthcoming National Dialogue, during which they highlighted the issues of housing and overpopulation as two crucial topics of discussion for the social agenda. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=zgJPVl4LgUY\">watch, runtime: 4:14<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-competition-authority\/\">Egyptian Competition Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/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\/nasser-medical-institute\/\">Nasser Medical Institute<\/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=\"548247\" 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                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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/startup-slowdown-new-archaeological-finding-get-attention-in-the-foreign-press\/\">\r\n                            Startup slowdown + new archaeological finding get attention 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\/08\/01\/startup-slowdown-new-archaeological-finding-get-attention-in-the-foreign-press\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" 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             <\/a>\r\n\r\n                \n<article id=\"post-548248\" class=\"content-area-description single-story post-548248 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-ancient-egypt tag-enterpriseam tag-history tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>There\u2019s not a lot happening in the international press this morning as far as <\/strong><strong>Egypt is concerned:<\/strong> <a href=\"https:\/\/www.thenationalnews.com\/business\/start-ups\/2022\/07\/31\/egyptian-start-ups-brace-for-funding-crunch\/\">The National<\/a> takes a look at funding slowdown in Egypt\u2019s startup scene while UK newspaper <a href=\"https:\/\/metro.co.uk\/2022\/07\/31\/egypt-long-lost-sun-temple-found-buried-in-desert-after-4500-years-17098377\/\">Metro<\/a> picks up <a href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/pfbid07ENAW9JW7Vwp9NCqMsBGgXfVQk6ZExroiHEbQ6BzSKcRwrji9CEeZ72kMPW1u8R7l\">the discovery<\/a> of a new \u201csun temple\u201d in Abusir, north of Saqqara.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/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=\"548249\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548250\" 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=\"548250\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/jordan-is-reconsidering-restrictions-on-egyptian-imports\/\">\r\n                            Jordan is reconsidering restrictions on Egyptian imports                        <\/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\/08\/01\/jordan-is-reconsidering-restrictions-on-egyptian-imports\/\" 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\/08\/01\/jordan-is-reconsidering-restrictions-on-egyptian-imports\/')\">\n        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  <\/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\/08\/01\/jordan-is-reconsidering-restrictions-on-egyptian-imports\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548250\" class=\"content-area-description single-story post-548250 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-axa-egypt tag-egypt-post tag-enterpriseam tag-food tag-insurance tag-jordan tag-new-urban-communities-authority wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Jordan has agreed to reconsider <\/strong><strong>imposing import restrictions on Egyptian exporters<\/strong> following a meeting between Egyptian and Jordanian officials, an official at the Trade Ministry told us yesterday. Jordan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/80162103-66b8-4e93-a086-07666f6090b5\">said last week<\/a>that it would move to impose pre-clearance fees for Egyptian imports and require the use of letters of credit (L\/Cs) in response to fees charged by Egypt\u2019s new digital customs system and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">new requirement<\/a> for Egyptian importers to use L\/Cs. A joint working group will be formed to facilitate procedures and deal with any future challenges, a Trade Ministry <a href=\"https:\/\/tinyurl.com\/2p8kzzan\">statement<\/a> said, without providing further details.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>The New Urban Communities Authority<\/strong> will put plots of land that it failed to sell previously back up for auction. Buyers need to be able to stump up at least 35% of the land\u2019s value in hard currency, though investors who pay more than this will be prioritized. (<a href=\"https:\/\/bit.ly\/3BymOQO\">Al Mal<\/a>)<\/li>\n<li><strong>Axa Egypt<\/strong> and <strong>Egypt Post\u2019s<\/strong> investment arm, <strong>Post for Investment<\/strong>, want to set up a micro ins. company. (<a href=\"https:\/\/www.alborsaanews.com\/2022\/07\/31\/1563111\">Al Borsa<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/axa-egypt\/\">AXA Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egypt-post\/\">Egypt Post<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food\/\">food<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/insurance\/\">insurance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/jordan\/\">Jordan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-urban-communities-authority\/\">New Urban Communities Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548251\" 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=\"548251\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/01\/emerging-market-investors-are-turning-to-the-eur-to-fund-carry-trades\/\">\r\n                            Emerging-market investors are turning to the EUR to fund carry trades                        <\/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\/08\/01\/emerging-market-investors-are-turning-to-the-eur-to-fund-carry-trades\/\" 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 EUR is the new funding currency of choice for <\/strong><strong>EM carry traders:<\/strong> Investors trading emerging-market currencies with borrowed EUR have seen as much as 29% gains this year as the EUR\u2019s fall against the greenback helps prop up some popular EM carry trades, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-31\/carry-traders-are-using-weak-euro-to-win-big-in-emerging-markets?srnd=premium-middle-east\">Bloomberg<\/a> reports. The EUR has fallen 10% against the USD so far this year on geopolitical tensions and fears of recession, briefly reaching parity last month for the first time in decades. The greenback, meanwhile, has been on a tear this year due to rising interest rates and increasing market instability, and according to some gauges has reached record highs. This, coupled with rising yields, has eaten into gains on USD carry trades and turned to losses on most EM currencies.<\/p><p><strong>This has left the EUR looking attractive to EM traders:<\/strong> Though EM currencies have also been hard hit by the USD\u2019s ascent, many are continuing to hold their own against the EUR. Eighteen of the 23 currencies tracked by Bloomberg have risen against EUR since the start of the year, making them potentially profitable carry trades.\u201cFunding carry trades by selling EUR is becoming more common,\u201d said one currency strategist at Wells Fargo. \u201cThe EU looks more likely to fall into recession and geopolitical developments should weigh on the currency, making EM carry trades funded by the EUR an interesting option.\u201d<\/p><p><strong>Investors expect this to last through the year\u2019s end:<\/strong> \u201cIt doesn\u2019t look good for the EUR, in the second half,\u201d said Marek Drimal, strategist at Societe Generale. \u201cEven if the ECB surprises with another large hike, there are still substantial risks for the EUR before we see a turnaround.\u201d<\/p><p><strong>Want more on the carry trade?<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1eb6d15c-55a3-4fd5-a26e-b11c728512b4\">Enterprise Explains<\/a> has you covered.<\/p><p><strong>Oil prices are super-charging the Saudi economy:<\/strong> The Saudi economy grew at its quickest pace in more than a decade in 2Q 2022, according to <a href=\"https:\/\/ent.news\/2022\/7\/GDP-FQ22022E-._.pdf\">preliminary estimates (pdf)<\/a> out yesterday. The economy grew at a 11.8% clip during the quarter on the back of heightened oil prices, which caused growth in the oil economy to surge 23.1% y-o-y. Non-oil GDP expanded at just 5.4%.<\/p><p><strong>Libya could help to calm oil prices:<\/strong> Libya\u2019s crude output has rebounded to 1.2 mn barrels per day, more than three months after <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/521f1d67-55c0-4cb2-b377-d7073b681987\">protesters shuttered much of the country\u2019s oil industry<\/a>, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-07-31\/libya-s-oil-production-recovers-to-pre-blockade-level?srnd=premium-middle-east\">Bloomberg<\/a>.<\/p><p><strong>ALSO FROM PLANET FINANCE- <\/strong><\/p><ul>\n<li><strong>No more growth for UK business this summer: <\/strong>The British private sector isn\u2019t expecting to see any growth over the next three months, according to a <a href=\"https:\/\/www.cbi.org.uk\/media-centre\/articles\/private-sector-treading-water-cbi-growth-indicator\/\">Confederation of British Industry (CBI)<\/a> survey, as business brace themselves for the Bank of England (BoE) to on Thursday announce what could be its largest rate hike since 1995. (<a href=\"https:\/\/www.reuters.com\/markets\/europe\/uk-businesses-expect-zero-growth-over-next-3-months-cbi-2022-07-30\/\">Reuters<\/a>)<\/li>\n<li><strong>More poor data out of China:<\/strong> Chinese manufacturing activity unexpectedly contracted in July as the country\u2019s zero-covid policy continues to weigh on its economy. (<a href=\"https:\/\/www.reuters.com\/markets\/asia\/chinas-factory-activity-contracts-unexpectedly-july-official-pmi-2022-07-31\/\">Reuters<\/a>)<\/li>\n<\/ul><ul>\n<li><strong>Facebook is trying to recalibrate expectations:<\/strong> Meta chief exec Mark Zuckerberg reportedly acknowledged to employees his company\u2019s pandemic-era forecasts on growth were too optimistic and failed to account for a potential downturn. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c9c5eb6-c95c-4fd1-8155-4ff308566938\">posted its first-ever quarterly decline in revenues<\/a> in 2Q 2022 and issued a gloomy forecast for the rest of the year. (<a href=\"https:\/\/www.reuters.com\/technology\/metas-mark-zuckerberg-companys-pandemic-era-forecast-was-too-rosy-2022-07-29\/\">Reuters<\/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>9,467<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: -20.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.90<\/p>\n<\/td>\n<td>\n<p>Sell 19.01<\/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 18.93<\/p>\n<\/td>\n<td>\n<p>Sell 18.99<\/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>12,199<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +8.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,663<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,338<\/p>\n<\/td>\n<td>\n<p>+1.1% (YTD: +4.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,130<\/p>\n<\/td>\n<td>\n<p>+1.4% (YTD: -13.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,423<\/p>\n<\/td>\n<td>\n<p>+1.1% (YTD: +0.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,708<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: -13.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 103.97<\/p>\n<\/td>\n<td>\n<p>+2.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.23<\/p>\n<\/td>\n<td>\n<p>+1.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,781.80<\/p>\n<\/td>\n<td>\n<p>+0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 23,593<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: -48.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 649.29 mn (20.3% below the 90-day average). Local investors were net buyers. The index is down 20.77% YTD.<\/p><p><strong>In the green: <\/strong>Heliopolis Housing (+3.4%), EFG Hermes (+3.3%) and Ibnsina Pharma (+2.5%).<\/p><p><strong>In the red: <\/strong>Rameda (-2.8%), GB Auto (-2.1%) and ADIB Egypt (-1.8%).<\/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\/carry-trade\/\">carry trade<\/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\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/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                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/meta\/\">meta<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"548252\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure 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           <\/a>\r\n                        \n<article id=\"post-548252\" class=\"content-area-description post-548252 blackboard type-blackboard status-publish has-post-thumbnail hentry tag-cira-education tag-debt tag-education tag-enterprise-blackboard tag-enterpriseam tag-financial-regulatory-authority tag-inflation 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-09\"><\/a> <strong>Why future flow securitization could be the debt instrument of choice for<\/strong><strong> education players moving forward:<\/strong> Last year, the Financial Regulatory Authority (FRA) <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7329833c-65a7-4bdc-b31e-eb4ecc30d055\">approved amendments<\/a> to the Capital Markets Act that would allow service providers to raise capital by selling securitized bonds to investors after pooling together so-called \u201cfuture flows\u201d \u2014 promising to pay back using money they can reasonably expect to make at a future date. We are now on the cusp of Egypt\u2019s first-ever future flow securitization issuance, after EGX-listed private sector education outfit CIRA became the first company to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/050674a7-23fa-4fa6-b397-6d54503705d5\">receive approval<\/a> from the FRA to take a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f78500b4-13c4-4259-8aa7-be70e7514995\">EGP 2 bn future flow securitized bond program<\/a> to market, putting the spotlight on the possibilities this debt instrument could offer for the education sector.<\/p>\n<p><strong>What is future flow securitization?<\/strong> The newly-introduced financing tool involves creating bonds with a promise to create assets in the future. Future income \u2014 whether from club memberships, phone bills, utility payments, tuition fees or rents, all of which can typically be predicted and are more or less consistent flows \u2014 is packaged into securities and offered to investors in order to raise capital. This gives public- and private-sector companies such as utilities providers, healthcare companies, telecom players, and education outfits a new way to access liquidity. <strong>We have a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53784ce0-1cc5-4f9a-9385-02aac05494ab\">handy explainer<\/a><\/strong> on the tool breaking down exactly how it works.<\/p>\n<p><strong>Why does it work for the education sector? <\/strong>\u201cThe education sector is known for its very defensive cashflows,\u201d CIRA CEO Mohamed El Kalla tells Enterprise. \u201cThe minimum a client stays with us is four years, which is the university tenure, and it can go up to 12 years for K12,\u201d he said. \u201cNo one will stop sending their students to schools,\u201d said Zulficar and Partners founding partner and head of capital markets Anwar Zeidan. The firm \u2014 led by Zeidan and another one of Zulficar\u2019s founding partners, Ashraf Ihab \u2014 provided legal counsel to CIRA and helped the company prepare its first EGP 800 mn issuance. \u201cThat\u2019s why, in my view, education is the most suitable sector for this tool,\u201d he adds.<\/p>\n<p><strong>For education players, cashflow > physical assets. <\/strong>The strengths of an education management company lie not in its physical assets, but in the fact that schools are operating and bringing in consistent cashflows in the form of tuition fees, El Kalla said. \u201cThe issue with other types of loans and bonds is that they rely on physical assets for collateral, and in education players\u2019 case, an empty physical asset means nothing compared with its stable cashflow,\u201d he said.<\/p>\n<p><strong>That means debtors will be looking at cashflow instead of asset value:<\/strong> \u201cCompanies have to build a solid case for the business\u2019 expected performance over the next ten years, specifically on the revenue angle,\u201d El Kalla explained. The regulator then does due diligence on the company\u2019s debt history and current debt levels, he added. \u201cYou\u2019re basically building a case around the bankability of your cashflow, rather than the value of your assets,\u201d El Kalla said.<\/p>\n<p><strong>The absence of asset valuation makes the debt-raising process more straightforward: <\/strong>\u201cThis tool takes away the legwork of obtaining guarantees and asset valuations before every issuance you take to the market,\u201d El Kalla said. \u201cDuring such difficult times for markets, even agreeing on asset valuations is very complicated,\u201d he added, noting that cashflows, on the other hand, are a much more transparent and \u201cnon-debatable\u201d form of collateral to work with.<\/p>\n<p><strong>Access to liquidity also helps eliminate risk:<\/strong> \u201cAny debt has its own risks,\u201d El Kalla said. \u201cThe usefulness of this tool is that when your guarantee is your top line, you have access to cash coming in rather than standing on stagnant, physical assets,\u201d he explained.<\/p>\n<p><strong>That makes it very appealing to investors:<\/strong> \u201cOur program is already getting a strong appetite from investors,\u201d El Kalla said. \u201cThere\u2019s direct access to [liquidity] for debtors,\u201d he added, which makes it a relatively safe investment. The fact that future flow securities receive investment-grade ratings from ratings agencies also helps attract a wider class of investors.<\/p>\n<p><strong>The tool comes at a crucial time for education players:<\/strong> \u201cEquity markets are currently in a very bad place, so the only viable capital raising method at the moment is debt,\u201d Zeidan said. Education shares have not been spared the volatility of the markets since the beginning of the year, as we\u2019ve <a href=\"https:\/\/enterprise.press\/blackboards\/sector-normally-defensive-education-industry-tracking-wider-market\/\">reported<\/a> previously. Private schools <a href=\"https:\/\/enterprise.press\/blackboards\/private-schools-egypt-feeling-pinch-inflation\/\">have also been struggling<\/a> with meeting additional CAPEX costs on the back of rising inflation.<\/p>\n<p><strong>Rising CAPEX costs could push more education players to use this tool:<\/strong> \u201cIncreased inflation has definitely been putting pressure on both OPEX and CAPEX costs,\u201d Omar El Bakry, BalancED Education\u2019s group business development director, told us.\u201d Higher land and building costs specifically have severely increased CAPEX costs for new green field projects, making it essential to explore all possible financing options.\u201d BalancED could look towards future flow securities to help fund new projects\u2019 CAPEX costs, El Bakry said. But the company is \u201cstill seeking more clarity on details such as market appetite, process, and pricing compared to more traditional debt tools,\u201d he added. CIRA is also using the funds to finance CAPEX costs associated with its growth plans in the next three years, including expanding its university and K-12 offering, El Kalla said previously.<\/p>\n<p><strong>And for some, interest rates will be a major deciding factor:<\/strong> \u201cWe would consider future flow securitization if we were actively pursuing debt financing and if future flow securitization enabled us to obtain debt financing at reasonable rates,\u201d Tammam Abu Shakra, advisor to the chairman of <a href=\"https:\/\/www.esoleducation.com\/about-us\/chairmans-message\">Esol Education<\/a>, told us.<\/p>\n<p><strong>Securitized bonds generally have lower interest rates than non-securitized bonds<\/strong>, making future flow securities a cheaper alternative to expensive bank loans. El Kalla pegs future flow securities\u2019 interest rates \u201cat the lower margins\u201d of interest rates of sukuk and securitized bond issuances.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>One step closer to future flows:<\/strong> EGX-listed education provider CIRA\u2019s planned EGP 800 mn future flow securitization program <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/050674a7-23fa-4fa6-b397-6d54503705d5\">got the go-ahead<\/a> from the Financial Regulatory Authority.<\/li>\n<li><strong>Portuguese uni coming to Egypt:<\/strong> President Abdel Fattah El Sisi has <a href=\"https:\/\/bit.ly\/3zMMpUI\">ratified a decree<\/a> to bring a branch of Portugal\u2019s <a href=\"https:\/\/www.unl.pt\/en\">Nova University<\/a> to Egypt.<\/li>\n<li><strong>Egyptian and Japanese researchers <\/strong><strong><a href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/pfbid02LfUDPzKdWTfWmQKgH6FCJSBsubJ3sfQwSVmQXTsv3w6RDCfDMU31gYEbTqTaGZEul\">can now apply<\/a><\/strong><strong> for funding to pursue joint <\/strong><strong>projects<\/strong> from the <a href=\"https:\/\/stdf.eg\/\">Science, Technology & Innovation Funding Authority<\/a> (STDF) and <a href=\"https:\/\/www.jsps.go.jp\/english\/\">Japan Society for the Promotion of Science<\/a>.<\/li>\n<li><strong>Swiss pharma company Sandoz <\/strong><strong><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0LB5LU3iBtK6BygDHtwzgbpM5Ctx6h8L2BM8Vj1TnFXXxYu7BPPm6Hgt3E5cuDEkal\">is launching<\/a><\/strong><strong> a summer training program<\/strong> for pharmacy students in partnership with the Egyptian Drug Authority (EDA).<\/li>\n<li><strong>AUF in town for talks:<\/strong> Higher Education Minister Khaled Abdel Ghaffar <a href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/pfbid0yC9TqjSTUMADdTSbmoEngQobmvUkhoMmDfRJetYEbR9dNPcnSwTKH39xD1pXLpERl\">held talks<\/a> with officials from the Francophone University Agency (AUF).<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"548254\" 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\/08\/01\/548254\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548254\" class=\"content-area-description single-story post-548254 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>AUGUST<\/strong><\/p>\n<p>Late July-14 August: 2Q2022 earnings season.<\/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>2-4 August (Tuesday-Thursday): First regional climate roundtable, Addis Ababa, Ethiopia.<\/p>\n<p>3 August (Wednesday): Deadline for Beltone shareholders to respond to Chimera MTO.<\/p>\n<p>3 August (Wednesday): National Dialogue board of trustees meets to discuss economic agenda.<\/p>\n<p>3 August (Wednesday): OPEC+ meeting.<\/p>\n<p>14 August (Sunday): Conference of Egyptian entities abroad.<\/p>\n<p>14 August (Sunday): Retail portion of Ghazl El Mahalla IPO ends.<\/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>25 August (Thursday): Second regional climate roundtable, Bangkok, Thailand.<\/p>\n<p>25-27 August (Thursday-Saturday): <a href=\"https:\/\/www.kansascityfed.org\/research\/jackson-hole-economic-symposium\/\">Jackson Hole Economic Symposium<\/a>.<\/p>\n<p>31 August (Wednesday): <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7f89a2f-4c16-45fd-be3d-952c1caf480f\">Late tax payment deadline<\/a>.<\/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>1-2 September (Thursday-Friday): Third regional climate roundtable, Santiago, Chile.<\/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>11-13 September (Tuesday-Thursday): <a href=\"https:\/\/ed-forum.org\/\">Environment and Development Forum (EDF)<\/a>, InterContinental City Stars, Cairo.<\/p>\n<p>15 September (Thursday): Fourth regional climate roundtable, Beirut, Lebanon.<\/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 September (Tuesday): Fifth regional climate roundtable, Geneva, Switzerland.<\/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>1 October (Saturday): 2022- 2023 academic year begins for public universities.<\/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 November (Monday): The inauguration of the first line of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e2356273-f17c-4a5b-a987-663aab9a2e29\">high-speed rail<\/a>.<\/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>7 January (Saturday): Coptic Christmas.<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday) \u2014 First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/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>JUNE 2023<\/strong><\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <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>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of Urbvan Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/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>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":548234,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-548233","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3728c36d-74dd-40a8-8626-bf32e0fec87a","teaser":"","photo_url":"https:\/\/ent.news\/2022\/8\/1.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>Could B Investments preempt Adnoc\u2019s bid to acquire half of TotalEnergies Egypt - 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\/could-b-investments-preempt-adnocs-bid-to-acquire-half-of-totalenergies-egypt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Could B Investments preempt Adnoc\u2019s bid to acquire half of TotalEnergies Egypt\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/could-b-investments-preempt-adnocs-bid-to-acquire-half-of-totalenergies-egypt\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:09:09+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/1.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\/could-b-investments-preempt-adnocs-bid-to-acquire-half-of-totalenergies-egypt\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/could-b-investments-preempt-adnocs-bid-to-acquire-half-of-totalenergies-egypt\/\",\"name\":\"Could B Investments preempt Adnoc\u2019s bid to acquire half of TotalEnergies Egypt - 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