{"id":548266,"date":"2022-08-02T03:45:02","date_gmt":"2022-08-02T03:45:02","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=548266"},"modified":"2025-12-15T22:10:00","modified_gmt":"2025-12-15T22:10:00","slug":"maait-shoots-down-talk-of-a-usd-15-bn-imf-facility","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/maait-shoots-down-talk-of-a-usd-15-bn-imf-facility\/","title":{"rendered":"Maait shoots down talk of a USD 15 bn IMF facility"},"content":{"rendered":"<section id=\"548268\" 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=\"548268\">\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\/02\/this-morning-fdi-up-in-3q-2021-2022-us-china-relations-could-hit-a-new-low-today-after-pelosi-confirms-shes-heading-to-taiwan\/\">\r\n                            THIS MORNING: FDI up in 3Q 2021-2022 + US-China relations could hit a new low today after Pelosi confirms she\u2019s heading to Taiwan                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548268\" class=\"content-area-description single-story post-548268 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-china tag-cryptocurrency tag-diplomacy tag-enterpriseam tag-fdi tag-politics tag-ukraine tag-us 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<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Happy hump day, wonderful people. <\/strong>It\u2019s a busy news day today \u2014 and just a little bit tense as we warily look eastward to see what comes of US House of Representatives Speaker Nancy Pelosi\u2019s visit to Taiwan. Beijing is furious at the prospect of Pelosi visiting Taipei to meet with Taiwan\u2019s president.<\/p><p><strong>THE BIG STORY HERE AT HOME is Finance Minister Mohamed Maait shooting down <\/strong><strong>the notion that we\u2019re seeking USD 15 bn in financing from the IMF. <\/strong>We have the rundown on all of this and more, below.<\/p><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>DATA POINT #1- Net FDI inflows to Egypt almost tripled to USD 4.1 <\/strong><strong>bn<\/strong> <strong>in the three months ending 31 March<\/strong>, up from USD 1.4 bn in the same period last year, which corresponds to the third quarter of the state\u2019s fiscal year. That marks the strongest single quarter of FDI inflows since 2018, according to central bank data picked up by the <a href=\"https:\/\/bit.ly\/3zM1OF0\">local press<\/a> yesterday.<\/p><p><strong>Where is the BOP?<\/strong> We\u2019re still waiting for the central bank to publish full balance of payments figures for 3Q 2021-2022, which will give us a look at how the spillover effects from the war in Ukraine has affected the flow of goods, services and capital in and out of the country.<\/p><p><strong>DATA POINT #2- We\u2019re reproducing (a little) slower than we used to be: <\/strong>Egypt succeeded in lowering the birth rate to 21.2 per 1k in 2021, down from 30.2 per 1k in 2015, Education and Acting Health Minister Khaled Abdul Ghaffar said in a <a href=\"https:\/\/www.facebook.com\/egypt.mohp\/posts\/pfbid02BjpCLaWzsvzybrenWL84Wdt3AWVyPANciFdJWwM7mTNR7zwqWYu8PxYCzxVfrmZRl\">speech<\/a> to mark <a href=\"https:\/\/sis.gov.eg\/Story\/104353\/First-national-population-day\">national population<\/a><a href=\"https:\/\/sis.gov.eg\/Story\/104353\/First-national-population-day\">day<\/a>.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>The Madbouly government\u2019s public consultations on its state ownership policy <\/strong><strong>continue today<\/strong>, with a workshop for representatives from the textiles sector. Every Sunday, Tuesday, and Thursday see workshops on how privatization plans will affect specific industries. You can find more details on the schedule of the meetings <a href=\"http:\/\/eparticipation.idsc.gov.eg\/?fbclid=IwAR0roLUuQGFnSW2sa39MgFCj0jUqiG6_A-_Kya6SN4IhBJNhIqbHzMv5wdw\">here<\/a>.<\/p><p><strong>Egypt and the UN will today convene the first in a series of <\/strong><strong><a href=\"https:\/\/climatechampions.unfccc.int\/uns-global-climate-investor-roadshow-kicks-off-in-africa\/\">regional climate<\/a><\/strong><strong><a href=\"https:\/\/climatechampions.unfccc.int\/uns-global-climate-investor-roadshow-kicks-off-in-africa\/\">roundtables<\/a><\/strong> <strong>in the lead-up to COP27 in November<\/strong>. African climate negotiators are in Addis Ababa, Ethiopia for the next three days to discuss climate financing mechanisms. COP27 President Sameh Shoukry, Mark Carney, UN climate envoy and co-chair of the Glasgow Financial Alliance for Net Zero, and UN Deputy Secretary-General Amina Mohamed will be among those in attendance.<\/p><p><strong>TOMORROW-<\/strong><\/p><p><strong>Our friends at Chimera should find out tomorrow how much of Beltone Financial they <\/strong><strong>have acquired <\/strong>via a mandatory tender offer. Shareholders have until Wednesday, 3 August, to subscribe to Chimera Investment\u2019s MTO for the financial services firm. The Abu Dhabi-based outfit has already locked in 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><p><strong>PMI figures are out tomorrow: <\/strong>We\u2019ll get an idea of how the private sector fared in July when S&amp;P Global releases its latest purchasing managers\u2019 index (PMI) tomorrow. 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><p><strong>National Dialogue board will talk about the economy:<\/strong> The board of trustees overseeing preparations for the National Dialogue will meet tomorrow to discuss the economic agenda.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD-<\/strong><\/p><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>BECAUSE ONE GLOBAL POLITICAL CRISIS JUST ISN\u2019T ENOUGH\u2026 <\/strong><strong>Washington and Beijing<\/strong> appear to be on a collision course after sources confirmed yesterday that House Speaker Nancy Pelosi will travel to Taipei on Tuesday and will reportedly meet with Taiwan\u2019s president, defying warnings from China that her visit could provoke a military response. Beijing <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/china-warns-its-military-will-not-sit-idly-by-if-pelosi-visits-taiwan-2022-08-01\/\">said yesterday<\/a> that its military will \u201cnot sit idly by\u201d if Pelosi visits the island and its president, Xi Jinping, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0477ae5-099a-4099-a2f3-32e61efb28f9\">last week warned Joe Biden<\/a> not to \u201cplay with fire\u201d and said that China would \u201cresolutely\u201d defend its territorial claims over Taiwan. Beijing, which claims Taiwan as part of China, has been <a href=\"https:\/\/apnews.com\/article\/biden-beijing-xi-jinping-nancy-pelosi-taiwan-5b1155308f6fa87cef51f0857f3d8608\">holding military exercises<\/a> in the South China Sea this week ahead of Pelosi\u2019s trip to the region.<\/p><p><strong>Asian markets are down sharply this morning <\/strong>\u2014 traders aren\u2019t welcoming the news any more than is the editorial board of the Financial Times, which is calling Pelosi\u2019s visit <a href=\"https:\/\/www.ft.com\/content\/1221fae6-c5d0-4cc0-8e6b-227a041098d9\">\u201cill-conceived and ill-timed\u201d<\/a>. The salmon-coloured paper urged both sides to show restraint if the visit does prompt a furious reaction from Beijing. <strong>Markets in Europe look set to come under selling pressure at the opening bell<\/strong>, and futures also suggest Wall Street and Bay Street will open lower today.<\/p><p><strong>The news is everywhere in the foreign press: <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-01\/pelosi-plans-to-visit-taiwan-according-to-the-liberty-times?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/pelosi-begins-closely-watched-asia-tour-singapore-2022-08-01\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/a2a69c08-b327-4a4d-99ff-20f92a4437f3\">Financial Times<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/08\/01\/us-house-speaker-pelosi-is-reportedly-said-to-visit-taiwan-on-tuesday.html\">CNBC<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/nancy-pelosi-begins-asian-tour-in-singapore-as-china-again-warns-against-visiting-taiwan-11659358264\">WSJ<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/08\/01\/us\/politics\/taiwan-pelosi.html\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/08\/01\/taiwan-nancy-pelosi-china-military\/?itid=hp-top-table-main-t-5\">Washington Post<\/a>.<\/p><p><strong>ALSO GETTING PLAY in the global business press this morning:<\/strong> The US securities regulator <a href=\"https:\/\/ent.news\/2022\/8\/comp-pr2022-134.pdf\">has charged (pdf)<\/a> 11 people with allegedly operating a huge crypto pyramid scheme that fraudulently raised USD 300 mn from investors. <a href=\"https:\/\/www.reuters.com\/business\/finance\/us-sec-charges-11-individuals-300-million-crypto-pyramid-scheme-2022-08-01\/\">Reuters<\/a>, <a href=\"https:\/\/www.cnbc.com\/2022\/08\/01\/sec-charges-11-people-in-alleged-300-million-crypto-ponzi-scheme.html\">CNBC<\/a>and the <a href=\"https:\/\/www.ft.com\/content\/c011817f-7f1f-4462-95b5-d4e0fecd9004\">Financial Times<\/a> have more.<\/p><p><strong>IN NON-BUSINESS NEWS- A US drone strike has killed Ayman El Zawahiri<\/strong>, a top leader of Al Qaeda, US President Joe Biden announced overnight. The story is getting prominent billing on the front pages from the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/08\/01\/us\/al-qaeda-leader-killed\/al-qaeda-strike-afghanistan?smid=url-share\">New York Times<\/a> to the <a href=\"https:\/\/www.wsj.com\/articles\/u-s-carried-out-first-known-counterrorism-strike-in-afghanistan-since-exit-11659391683?mod=hp_lead_pos3&amp;mod=hp_lead_pos1\">Wall Street Journal<\/a> and beyond. The terrorist leader, 71, was an Egyptian national.<\/p><hr class=\"grey-line\"><p><strong>ICYMI #1- <\/strong><strong>Ukraine is officially a wheat exporter again\u2026<\/strong> A vessel <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4d3750d6-fe43-4368-9797-d2b305c3f19f\">left the port of Odesa<\/a> for Lebanon yesterday, becoming the first ship to carry grain out of Ukraine via the Black Sea since Russia invaded the country in February. The ship is carrying 26k tons of corn and is expected to arrive at the inspection location in Turkey\u2019s territorial waters tomorrow before taking its cargo to Lebanon.<\/p><p><strong>\u2026but things aren\u2019t back to normal just yet: <\/strong>Ukrainian exports are still in a \u201ctrial period,\u201d with a limit of three ships a day traversing the new safe-passage corridors established as part of the country\u2019s pact with Russia and Turkey, Ukraine\u2019s Infrastructure Minister Oleksandr Kubrakov told Bloomberg TV yesterday (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-01\/ukraine-plots-cautious-return-of-grain-exports-as-world-watches?srnd=premium-middle-east#xj4y7vzkg\">watch, runtime: 4:53<\/a>). \u201cIt\u2019s important for us to make it clear that this route is safe, and then we\u2019ll start increasing the number of vessels,\u201d Kubrakov said.<\/p><p><strong>Exports could rise to as much as 3 mn tons a month in the next four to six weeks<\/strong> if all goes well, Kubrakov added.<\/p><p><strong>ICYMI #2- The women\u2019s Euro 2022 wrapped on Sunday night:<\/strong> England won their first major tournament with a 2-1 victory against Germany at Wembley. The tournament hosts were drawn 1-1- with the eight-time champions heading into extra time \u2014 and got the deciding goal with 10 minutes left on the clock when substitute Chloe Kelly scored at close range. The BBC has the highlights here (<a href=\"https:\/\/www.youtube.com\/watch?v=Df_79PkE45M\">watch, runtime: 3:50<\/a>).<\/p><hr class=\"grey-line\"><p><strong>** CORRECTION- Toyota has sold a 50% stake in the Egyptian Offshore Drilling <\/strong><strong>Company: <\/strong>In <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e1f356c7-6b4f-4ee4-b299-695380b15b16\">an article<\/a> last week, we reproduced an error in <a href=\"https:\/\/alborsaanews.com\/2022\/07\/19\/1559463\">the domestic press<\/a> that claimed Toyota had sold a 30% stake in the company to EGAS; the story cited Shawkat Elmaraghy, the managing director of transaction broker Prime Securities. We got on the phone with Elmaraghy yesterday, who confirmed information published in <a href=\"https:\/\/tinyurl.com\/msm27w4e\">an Oil Ministry statement<\/a> yesterday that Toyota had actually sold half of the company. EGAS now owns 85% of Egyptian Offshore Drilling Company, while Ganope (South Valley Egyptian Petroleum Holding Company) holds the remaining 15%.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>We\u2019re on the lookout for a number of key macro figures <\/strong>this week and next:<\/p><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<\/ul><p><strong>The Central Bank of Egypt will meet to discuss interest rates<\/strong> on Thursday, 18 August.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><div class=\"stand-out\">\n***\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>***\n<\/p><\/div><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/3\/INFINITY-Top-banner-EN-1600x675-v2-02.png?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Going Green day \u2014 your weekly briefing of all things green in Egypt:<\/strong> Enterprise\u2019s green economy vertical focuses each Tuesday on the business of renewable energy and sustainable practices in Egypt, everything from solar and wind energy through to water, waste management, sustainable building practices and how you can make your business greener, whatever the sector.<\/p><p><strong>In today\u2019s issue: <\/strong>Could there be a wellspring of untapped energy beneath our feet? We\u2019ve been a pioneer for the region on harnessing wind and solar energy, and we\u2019re now forging the way on green hydrogen \u2014 but there\u2019s been little attempt to date to map and tap Egypt\u2019s geothermal potential. In this week\u2019s Gong Green, we take a look at whether thermal springs in places like the Gulf of Suez could be a viable source of renewable energy.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/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\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"548269\" 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=\"548269\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/548269\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548269\" class=\"content-area-description single-story post-548269 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 18 November, 2022. Get ready for an unforgettable night of captivating performances and electric energy.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548270\" 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=\"548270\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/maait-dials-down-expectations-for-imf-loan\/\">\r\n                            Maait dials down expectations for IMF loan                        <\/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\/02\/maait-dials-down-expectations-for-imf-loan\/\" 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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Maait maintained the number is definitely lower, without disclosing an exact figure, and emphasized that Egypt\u2019s goal is to secure support from the Fund for structural reforms.<\/p>\n<p><strong>Who said we need USD 15 bn?<\/strong> Goldman Sachs estimated in July that Egypt may need to secure USD 15 bn from the IMF to meet its financing needs over the next three years, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-01\/goldman-s-15-billion-view-of-egypt-imf-needs-too-high-for-maait#xj4y7vzkg\">Bloomberg<\/a>. BNP Paribas has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19d96164-776b-492a-ad5a-a55d8ea4f6e2\">said previously<\/a> that we could secure as much as USD 10 bn from the IMF to plug our funding gap.<\/p>\n<p><strong>Maait is not the first to dial back expectations for a super-sized package:<\/strong> Central Bank of Egypt Governor Tarek Amer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5ac83b64-39ec-4a4d-9127-30c5818f81c2\">said earlier this year<\/a> that negotiations are focused on a \u201climited\u201d amount of funding since Egypt has exhausted its borrowing quota. The country has borrowed USD 20 bn from the IMF since 2016, and though repayments on 2016\u2019s USD 12 bn EFF started last year, we\u2019re still far beyond our quota. This means that further borrowing will be under exceptional access criteria, likely requiring us to comply with more stringent conditions.<\/p>\n<p><strong>We need to iron out some differences with the IMF before agreeing on the loan:<\/strong> The IMF\u2019s executive board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c1d4faf-a5be-4238-a39f-fb90d897192a\">last week called<\/a> on the government to take \u201cdecisive\u201d steps on fiscal and structural reforms to reduce its exposure to external shocks. Though neither side has gone into details about the substance of the negotiations, the Fund will likely want to see more flexibility in the exchange rate.<\/p>\n<p><strong>The government has called on the IMF to ease up on its demands:<\/strong> El Sisi in June <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42ff1336-a520-498c-aef3-1023c9fc2fd5\">made an indirect appeal to the IMF<\/a> to ease up on some of its lending conditions, intimating that the country \u201ccannot tolerate\u201d some aspects of the reforms IMF officials were advocating. In response to a question about El Sisi\u2019s statements, Maait suggested that the Fund should respond to Egypt\u2019s loan request in the same as it did in 2020 when it borrowed USD 8 bn to support it through the covid crisis. \u201cEconomic reforms need a relatively stable economic environment to succeed,\u201d Maait said, adding that the current monetary environment is even more difficult than during the pandemic because of the pressure on global supply chains and the inflated prices of essential commodities. \u201cWe cannot approach the current moment as though it\u2019s normal.\u201d<\/p>\n<p><strong>Background: <\/strong>Egypt was forced to request fresh financing from the IMF earlier this year due to headwinds caused by the fallout from the Ukraine war and tightening global financial conditions. Egypt\u2019s balance of payments has come under pressure from surging food and energy prices as well as a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">heavy sell-off from global emerging markets<\/a>, while rising interest rates in the developed world are raising questions about the affordability of our large external debt load, which has more than doubled over the past five years.<\/p>\n<hr class=\"grey-line\">\n<p><strong>SPEAKING OF THE EGP- Capital Economics expects the EGP to ease another 10% <\/strong><strong>against the greenback this year<\/strong> as rising external pressures force policy makers to act. Going against the consensus \u2014 which sees the EGP at around 19.00 to the USD by the end of the year \u2014 Capital Economics thinks it\u2019ll be closer to 21.00, followed by a further fall towards 25.00 by the end of 2024. The CBE has already allowed the currency to decline about 20% this year; 19.00 to the greenback represents the EGP\u2019s lowest level since December 2016.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/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=\"548272\" 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=\"548272\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/aldar-could-invest-usd-1-5-bn-in-egypt-saudi-the-uae-over-the-next-year\/\">\r\n                            Aldar could invest USD 1.5 bn in Egypt, Saudi + the UAE over the next year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/aldar-could-invest-usd-1-5-bn-in-egypt-saudi-the-uae-over-the-next-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We\u2019re in a number of discussions on expanding our land bank,\u201d Al Dhiyebi said.<\/p>\n<p><strong>Still holding out hope for MNHD?<\/strong> SODIC will <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2b6aaff5-9a04-4a73-858a-2394943ce11f\">not consider raising its offer<\/a> for Madinet Nasr Housing and Development (MNHD) until it is allowed to do due diligence and get a deeper understanding of the company\u2019s assets, Al Dhiyebi said. MNHD\u2019s board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/924be7f7-4920-4a96-a8f3-3bf27cf02099\">rejected last month SODIC\u2019s non-binding offer<\/a> of EGP 3.20-3.40 per share and suggested that it would not allow the company to do due diligence until it ups its bid. \u201cThe ball is really back in their court,\u201d Al Dhiyebi said.<\/p>\n<p><strong>The company is also interested in the retail + education sectors: <\/strong>Aldar\u2019s CFO said in February that the company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5d6f0c04-8e30-4538-9629-141f925e1e6d\">could spend at least AED 5 bn (c. USD 1.4 bn)<\/a> on acquisitions in Egypt, the UAE and Saudi Arabia but at that time its focus was on retail and education assets.<\/p>\n<p><strong>\u201cEgypt is a market that we really believe in for the long term<\/strong>. It\u2019s self-sustained, the population is there,\u201d Al Dhiyebi added. \u201c<strong>There\u2019s some macroeconomic headwinds, but long term we think the prospects are very positive<\/strong>.\u201d<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aldar-properties\/\">Aldar Properties<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/madinet-masr-for-housing-and-development\/\">Madinet Masr for Housing and Development<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/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=\"548274\" 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=\"548274\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/homzmart-closes-usd-23-mn-pre-series-b-round\/\">\r\n                            Homzmart closes USD 23 mn pre-series B round                        <\/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\/02\/homzmart-closes-usd-23-mn-pre-series-b-round\/\" 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\/02\/homzmart-closes-usd-23-mn-pre-series-b-round\/')\">\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\/02\/homzmart-closes-usd-23-mn-pre-series-b-round\/\">\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=Homzmart closes USD 23 mn pre-series B round&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/homzmart-closes-usd-23-mn-pre-series-b-round\/\">\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\/02\/homzmart-closes-usd-23-mn-pre-series-b-round\/&title=Homzmart closes USD 23 mn pre-series B round\">\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=Homzmart+closes+USD+23+mn+pre-series+B+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2Fhomzmart-closes-usd-23-mn-pre-series-b-round%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\/02\/homzmart-closes-usd-23-mn-pre-series-b-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/118.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548275\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/homzmart-closes-usd-23-mn-pre-series-b-round\/118-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/118.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"118.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/118.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/118.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548274\" class=\"content-area-description single-story post-548274 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-enterpriseam tag-homzmart tag-investment-watch tag-startup-watch tag-startups tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>Homzmart <\/strong><strong>just closed<\/strong><strong> one of Egypt\u2019s largest funding rounds <\/strong><strong>this year:<\/strong> Furniture and home goods marketplace <a href=\"https:\/\/homzmart.com\/\">Homzmart<\/a> has closed a USD 23 mn pre-series B round, it said in a <a href=\"https:\/\/ent.news\/2022\/8\/Homzmart-investment-round-PRL-FINAL.pdf\">statement (pdf)<\/a> yesterday. The round saw participation from Saudi VC <a href=\"https:\/\/stv.vc\/\">STV<\/a> as well as existing investors including <a href=\"https:\/\/impact46.co\/welcome.html\">Impact46<\/a>, <a href=\"https:\/\/outlierventures.io\/\">Outlier Venture Capital<\/a>, <a href=\"https:\/\/www.risecapital.com\/\">Rise Capital<\/a> and <a href=\"https:\/\/www.nuwacapital.io\/\">Nuwa Capital<\/a>.<\/p>\n<p><strong>About Homzmart: <\/strong>Founded in 2019 by former Jumia execs Mahmoud Ibrahim (<a href=\"https:\/\/eg.linkedin.com\/in\/mahmoud-ibrahim-889ab553\">LinkedIn<\/a>) and Ibrahim Mohamed (<a href=\"https:\/\/www.linkedin.com\/in\/ibrahim-mohamed-670ba4143\/?originalSubdomain=eg\">LinkedIn<\/a>), the platform\u2019s B2C marketplace allows customers to purchase furniture products from a variety of brands and merchants. The company serves 25 mn households in Egypt and Saudi Arabia and has more than 150k products in its marketplace, it said.<\/p>\n<p><strong>The company has raised some USD 40 mn to date<\/strong>, having completed a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/52260fc8-f1aa-4e34-ba4d-a17fc5d9e42b\">USD 15 mn Series A round<\/a> in 2021 and a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4a36927e-7f47-424a-8a77-d38aa4d072e6\">USD 1.3 mn seed round<\/a> a year prior.<\/p>\n<p><strong>Homzmart <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9360858a-d6b1-4069-9770-596cd65aec4a\">entered the Saudi market<\/a><\/strong><strong> at the end of last year<\/strong> after tripling its local operations and in January said it was eyeing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a740d1ee-5cb2-45eb-97c7-0ca6cbd4efb8\">expansion into South Asian markets<\/a>. It also made a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a44b2156-5a18-4ffb-9aea-e3e1438a2aa3\">pretty interesting M&A transaction<\/a> back in March, adding a core technology to its business with the acquisition of Berlin-based AI interior design startup <a href=\"https:\/\/www.f6s.com\/mockupstudio\">MockUp Studio<\/a>.<\/p>\n<p><strong>** Mahmoud Ibrahim was recently our <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/95e9da20-deda-44c7-89ad-a4eefd198d93\">Founder of the Week<\/a><\/strong><strong>:<\/strong> He talked to us about what led him to setting up his own company and shared some advice for aspiring founders.<\/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\/homzmart\/\">Homzmart<\/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\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548276\" 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=\"548276\">\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\">A MESSAGE FROM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/548276\/\">\r\n                                                    <\/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\/02\/548276\/\" 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\/02\/548276\/')\">\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\/02\/548276\/\">\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=&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/548276\/\">\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\/02\/548276\/&title=\">\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=+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2F548276%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\/02\/548276\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/NEW-LOGO-SPRITE-1600x.png?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548277\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/548276\/new-logo-sprite-1600x-png-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/NEW-LOGO-SPRITE-1600x.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"NEW-LOGO-SPRITE-1600x.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/NEW-LOGO-SPRITE-1600x.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/NEW-LOGO-SPRITE-1600x.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548276\" class=\"content-area-description single-story post-548276 post type-post status-publish format-standard has-post-thumbnail hentry category-a-message-from tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>The Coca-Cola Company launched a more sustainable product by replacing the memorable green Sprite bottle with a transparent (clear PET) one. The Coca-Cola Company, with its World Without Waste program, aims to help in collecting and recycling the same number of bottles for every bottle sold, leading to plastic neutrality by 2030, as well as to use up to 50% of recycled materials in the bottles and cans by the same year. <a href=\"https:\/\/www.coca-colacompany.com\/faqs\/what-is-world-without-waste\">Learn more here<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548278\" 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=\"548278\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/efg-hermes-tops-egx-brokerage-table-in-july\/\">\r\n                            EFG Hermes tops EGX brokerage table in July                        <\/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\/02\/efg-hermes-tops-egx-brokerage-table-in-july\/\" 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\/02\/efg-hermes-tops-egx-brokerage-table-in-july\/')\">\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\/02\/efg-hermes-tops-egx-brokerage-table-in-july\/\">\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=EFG Hermes tops EGX brokerage table in July&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/efg-hermes-tops-egx-brokerage-table-in-july\/\">\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\/02\/efg-hermes-tops-egx-brokerage-table-in-july\/&title=EFG Hermes tops EGX brokerage table in July\">\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=EFG+Hermes+tops+EGX+brokerage+table+in+July+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2Fefg-hermes-tops-egx-brokerage-table-in-july%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\/02\/efg-hermes-tops-egx-brokerage-table-in-july\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548278\" class=\"content-area-description single-story post-548278 post type-post status-publish format-standard hentry category-capital-markets tag-capital-markets tag-efg-hermes tag-egx tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EFG Hermes once again topped the EGX\u2019s brokerage league table in July<\/strong>, with a market share of 16.7%, according to <a href=\"https:\/\/ent.news\/2022\/8\/Periodicals-Monthly-Ranking-of-Brokerage-Firms-Ar-2.pdf\">figures from the EGX (pdf)<\/a>. Rounding out the top five were CI Capital (14.6%), Prime Securities (6.5%), Arqaam (4.8%), and Cairo Capital Securities (3.9%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548279\" 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=\"548279\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/macro-group-profits-rise-in-2q-2022-despite-economic-headwinds\/\">\r\n                            Macro Group profits rise in 2Q 2022 despite economic headwinds                        <\/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\/02\/macro-group-profits-rise-in-2q-2022-despite-economic-headwinds\/\" 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\/02\/macro-group-profits-rise-in-2q-2022-despite-economic-headwinds\/')\">\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\/02\/macro-group-profits-rise-in-2q-2022-despite-economic-headwinds\/\">\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=Macro Group profits rise in 2Q 2022 despite economic headwinds&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/macro-group-profits-rise-in-2q-2022-despite-economic-headwinds\/\">\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\/02\/macro-group-profits-rise-in-2q-2022-despite-economic-headwinds\/&title=Macro Group profits rise in 2Q 2022 despite economic headwinds\">\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=Macro+Group+profits+rise+in+2Q+2022+despite+economic+headwinds+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2Fmacro-group-profits-rise-in-2q-2022-despite-economic-headwinds%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\/02\/macro-group-profits-rise-in-2q-2022-despite-economic-headwinds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548279\" class=\"content-area-description single-story post-548279 post type-post status-publish format-standard hentry category-earnings-watch tag-earnings tag-earnings-watch tag-enterpriseam tag-macro-group 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-07\"><\/a> <strong>Macro Group saw its bottom line grow <\/strong><strong>36% y<\/strong><strong>-o-y to EGP 40.7 mn<\/strong> in 2Q 2022, according to the company\u2019s latest <a href=\"https:\/\/ent.news\/2022\/8\/%D9%85%D8%AC%D9%85%D8%B9%D8%A9-%D9%85%D8%A7%D9%83%D8%B1%D9%88-01-08-2022.pdf\">financial statement (pdf)<\/a>. Revenues jumped 47% y-o-y to EGP 170.2 mn in the April-June period. The results marked a \u201cstrong performance amidst what has been a challenging period, both locally and globally,\u201d Chairman Ahmed Elnayeb said in the company\u2019s accompanying <a href=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/MACRO\/MACRO-1H22-Earnings-Release-E.pdf\">earnings release (pdf)<\/a>. \u201cWe believe that Macro\u2019s healthy balance sheet, implementation of disciplined cost controls, and multi-channel growth strategy uniquely positions the group to achieve sustainable growth.\u201d<\/p>\n<p><strong>Driving growth: <\/strong>Macro Group attributed revenue growth during the first half of the year to the company\u2019s decision to hike prices, which rose 20% y-o-y. Sales volumes increased 9% y-o-y during the six-month period. Revenues from the company\u2019s premium brands more than doubled y-o-y in 2Q 2022 to EGP 15.4 mn. Macro also launched six new products during the quarter, and moved to raise overseas sales to hedge against the recent currency devaluation, it said.<\/p>\n<p><strong>M&A Watch: <\/strong>The cosmeceutical firm is in the process of finalizing its acquisition of nutraceutical company Zimmer, pending the signing of final contracts, according to the release.<\/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\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/macro-group\/\">Macro Group<\/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=\"548280\" 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=\"548280\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/548280\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548280\" class=\"content-area-description single-story post-548280 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_EXPERIENCES_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548281\" 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=\"548281\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/train-metro-fare-hikes-coming-this-month-military-to-build-huge-polyethylene-facility\/\">\r\n                            Train, metro fare hikes coming this month + military to build huge polyethylene facility                        <\/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\/02\/train-metro-fare-hikes-coming-this-month-military-to-build-huge-polyethylene-facility\/\" 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\/02\/train-metro-fare-hikes-coming-this-month-military-to-build-huge-polyethylene-facility\/')\">\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\/02\/train-metro-fare-hikes-coming-this-month-military-to-build-huge-polyethylene-facility\/\">\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=Train, metro fare hikes coming this month + military to build huge polyethylene facility&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/train-metro-fare-hikes-coming-this-month-military-to-build-huge-polyethylene-facility\/\">\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\/02\/train-metro-fare-hikes-coming-this-month-military-to-build-huge-polyethylene-facility\/&title=Train, metro fare hikes coming this month + military to build huge polyethylene facility\">\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=Train%2C+metro+fare+hikes+coming+this+month+%2B+military+to+build+huge+polyethylene+facility+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2Ftrain-metro-fare-hikes-coming-this-month-military-to-build-huge-polyethylene-facility%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\/02\/train-metro-fare-hikes-coming-this-month-military-to-build-huge-polyethylene-facility\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548281\" class=\"content-area-description single-story post-548281 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-industry tag-kamel-el-wazir tag-last-nights-talk-shows tag-national-security tag-national-service-products-organization tag-social-welfare tag-takaful-and-karama tag-transport 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>Metro and train fare hikes will likely be implemented later this month<\/strong>, in tandem with the government\u2019s measures to expand social security, Transport Minister Kamel El Wazir told Sada El Balad last night (<a href=\"https:\/\/www.youtube.com\/watch?v=i7o9QHwFdbk\">watch, runtime: 1:06:06<\/a>). Prices will not rise by more than 25%, the minister said, adding that the proceeds will be used to help the Egyptian National Railways (ENR) reduce its debt.<\/p>\n<p><strong>Breaking down the costs of widening and upgrading the Ring Road:<\/strong> The first phase of the Ring Road\u2019s expansion \u2014 which covered 76 km, spanning the Alexandria Agriculture road to New Cairo \u2014 cost around EGP 11.21 bn, El Wazir said. The bill for the second phase of expansion \u2014 34 km spanning the Alexandria Agriculture Road to El Warraq and Wahat road \u2014 will come in at around EGP 15 bn, he said. The costs are higher for the second phase due to inflation and rising prices, he added, and denied rumors that the ministry plans to impose toll fees on the newly-expanded road.<\/p>\n<p><strong>Expanding social security:<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7f5d914-1be8-4dfe-93c8-767c06de3057\">addition of 1 mn families<\/a> to the Takaful and Karama social security program will bring the total number of families in the program to 5 mn, accounting for about 20% of the population, Prime Minister Moustafa Madbouly said at a press conference (<a href=\"https:\/\/www.youtube.com\/watch?v=3-U4bPJnUiA\">watch, runtime: 12:02<\/a>) yesterday. Madbouly\u2019s press conference also got airtime on Sada El Balad (watch, runtime: <a href=\"https:\/\/www.youtube.com\/watch?v=rR2W44HBmCA\">8:33<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=L0R4is8ztBg\">4:03<\/a>), and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=-gsGYp3LHeY\">watch, runtime: 2:24<\/a>).<\/p>\n<p><strong>Arm of the military will build Middle East\u2019s largest polyethylene complex:<\/strong> President Abdel Fattah El Sisi <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02cteFqpGU38D4uUZ5ugejvjZWqhuzRPqpNJeqXV1PE91TeqAUWTojuaSpwA7FTE9Jl\">yesterday ordered<\/a> the construction of an industrial polyethylene complex in Upper Egypt. The news came out of a meeting with the military\u2019s National Service Products Organization. The facility, which is being billed as the largest of its kind in the region, will produce plastic for the local market, reducing reliance on imports. The meeting got coverage from Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=0UdNAiql9YA\">watch, runtime: 3:13<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=2fAob6ydAJ8\">watch, runtime: 8:04<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kamel-el-wazir\/\">Kamel El Wazir<\/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\/national-security\/\">national security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-service-products-organization\/\">National Service Products Organization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/takaful-and-karama\/\">Takaful and Karama<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                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      <\/a>\r\n                    <span>Powering with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-blrhm30\" data-v=\"4\" data-block-id=\"blrhm30\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-blrhm30-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-blrhm30-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button 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         class=\"\r\n                story-section            \"\r\n            id=\"548283\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/egyptian-premier-league-champions-to-inaugurate-qatar-stadium-ahead-of-november-world-cup\/\">\r\n                            Egyptian Premier League champions to inaugurate Qatar stadium ahead of November World Cup                        <\/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      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target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/egyptian-premier-league-champions-to-inaugurate-qatar-stadium-ahead-of-november-world-cup\/&title=Egyptian Premier League champions to inaugurate Qatar stadium ahead of November World Cup\">\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=Egyptian+Premier+League+champions+to+inaugurate+Qatar+stadium+ahead+of+November+World+Cup+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2Fegyptian-premier-league-champions-to-inaugurate-qatar-stadium-ahead-of-november-world-cup%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\/02\/egyptian-premier-league-champions-to-inaugurate-qatar-stadium-ahead-of-november-world-cup\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548283\" class=\"content-area-description single-story post-548283 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-world-cup wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s another quiet morning for Egypt in the foreign press:<\/strong> The champions of this year\u2019s Egyptian Premier League will inaugurate Qatar\u2019s <a href=\"https:\/\/www.qatar2022.qa\/en\/stadiums\/lusail-stadium\">Lusail stadium<\/a> ahead of the World Cup in November in a game against Saudi league champions Al Hilal on 9 September, <a href=\"https:\/\/www.barrons.com\/news\/egypt-and-saudi-champions-to-inaugurate-qatar-s-world-cup-final-stadium-01659384007?refsec=topics_afp-news\">AFP<\/a> reported yesterday. At the moment that looks to be Zamalek, who are seven points clear at the top of the table with six games left to be played. The final games of the 2021-2022 season will take place on 29 August.<\/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\/world-cup\/\">World Cup<\/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=\"548284\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548285\" 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=\"548285\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/egypt-is-getting-closer-to-being-able-to-export-home-made-covid-vaccines\/\">\r\n                            Egypt is getting closer to being able to export home-made covid vaccines                        <\/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\/02\/egypt-is-getting-closer-to-being-able-to-export-home-made-covid-vaccines\/\" 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\/02\/egypt-is-getting-closer-to-being-able-to-export-home-made-covid-vaccines\/')\">\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\/02\/egypt-is-getting-closer-to-being-able-to-export-home-made-covid-vaccines\/\">\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=Egypt is getting closer to being able to export home-made covid vaccines&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/egypt-is-getting-closer-to-being-able-to-export-home-made-covid-vaccines\/\">\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\/02\/egypt-is-getting-closer-to-being-able-to-export-home-made-covid-vaccines\/&title=Egypt is getting closer to being able to export home-made covid vaccines\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+is+getting+closer+to+being+able+to+export+home-made+covid+vaccines+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2Fegypt-is-getting-closer-to-being-able-to-export-home-made-covid-vaccines%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\/02\/egypt-is-getting-closer-to-being-able-to-export-home-made-covid-vaccines\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548285\" class=\"content-area-description single-story post-548285 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-banque-misr tag-cit tag-covid-19 tag-egyptian-financial-and-industrial tag-enterpriseam tag-gold tag-hayah-karima tag-midfert-misr tag-mining tag-vaccines tag-world-health-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>A step closer to exporting covid vaccines: <\/strong>Egyptian medical authorities are the first in the region to achieve the World Health Organization\u2019s (WHO) second-highest regulatory classification, bringing the country closer to exporting covid-19 jabs, the global health body said in <a href=\"http:\/\/www.emro.who.int\/media\/news\/egyptian-national-regulatory-authority-reaches-second-highest-level-in-who-classification.html\">a statement<\/a> yesterday. Reaching the ML-3 level of national vaccine regulation allows Egyptian vaccine makers to apply to the WHO to have their products pre-qualified and <a href=\"https:\/\/www.who.int\/teams\/regulation-prequalification\/eul\">listed for emergency use<\/a>. This will allow Egyptian companies to export covid vaccines outside our borders, the WHO said.<\/p><p><strong>The first phase of the Decent Life initiative is set to be completed by the end of <\/strong><strong>2022<\/strong>, Prime Minister Moustafa Madbouly said in a press conference yesterday (<a href=\"https:\/\/www.youtube.com\/watch?v=3-U4bPJnUiA\">watch, runtime: 12:02<\/a>). The initial phase was originally scheduled for completion before the start of the current fiscal year in July. Read <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/da2a81a3-1162-48a2-9a5d-5768514275c1\">this<\/a> for more information on the Decent Life initiative.<\/p><p><strong>Oh, Canada: Oil Minister Tarek El Molla <\/strong>and the head of the <strong><a href=\"https:\/\/www.royalmint.com\/beta\/\">Royal Canadian Mint<\/a><\/strong> discussed potential cooperation in Egypt\u2019s gold mining industry. (<a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02ivzKsyTUFGj32w93QHt5MYRTfBUzjAW7g8Xmn1QexieuVeBMdFKy3NVYoXZ57S1jl\">Statement<\/a>)<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li><strong>Banque Misr <\/strong>sold its entire 10% stake in <strong>Egyptian Financial and Industrial <\/strong><strong>(EFIC)<\/strong> to <strong><a href=\"http:\/\/midfert.com\/index.php\/en\">Midfert Misr Investment<\/a><\/strong> for EGP 145.3 mn. Midfert now owns c. 22% of the company. (<a href=\"https:\/\/ent.news\/2022\/8\/banque-misr-01-08-2022.pdf\">Statement, pdf<\/a>| <a href=\"https:\/\/ent.news\/2022\/8\/Egyptian-Financial-and-Industrial-EFIC-banque-misr-egx.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Egyptians<\/strong> can travel visa-free to <strong>Serbia<\/strong> in August and September as long as the trip is booked through a Serbian travel agency and they have proof of a return trip. (<a href=\"http:\/\/www.cairo.mfa.gov.rs\/consularservicestext.php?subaction=showfull&amp;id=1658917062&amp;ucat=17&amp;template=MeniENG\">Statement<\/a>)<\/li>\n<li>The <strong>National Telecom Regulatory Authority (NTRA)<\/strong> handed out EGP 21 mn of fines to telecom companies in 2Q 2022 for failing to meet service quality standards. (<a href=\"https:\/\/bit.ly\/3PTjSmi\">Al Borsa<\/a>)<\/li>\n<\/ul>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cit\/\">CIT<\/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-financial-and-industrial\/\">Egyptian Financial and Industrial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gold\/\">gold<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hayah-karima\/\">Hayah Karima<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/midfert-misr\/\">Midfert Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mining\/\">mining<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-health-organization\/\">World Health Organization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548286\" 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=\"548286\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/global-ma-isnt-in-kansas-anymore\/\">\r\n                            Global M&#038;A isn\u2019t in Kansas anymore                        <\/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\/02\/global-ma-isnt-in-kansas-anymore\/\" 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\/02\/global-ma-isnt-in-kansas-anymore\/')\">\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\/02\/global-ma-isnt-in-kansas-anymore\/\">\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=Global M&#038;A isn\u2019t in Kansas anymore&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/global-ma-isnt-in-kansas-anymore\/\">\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\/02\/global-ma-isnt-in-kansas-anymore\/&title=Global M&#038;A isn\u2019t in Kansas anymore\">\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=Global+M%26%23038%3BA+isn%E2%80%99t+in+Kansas+anymore+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2Fglobal-ma-isnt-in-kansas-anymore%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\/02\/global-ma-isnt-in-kansas-anymore\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548286\" class=\"content-area-description single-story post-548286 post type-post status-publish format-standard hentry category-planet-finance tag-aramco tag-deutsche-bank tag-earnings tag-energy tag-enterpriseam tag-financial-markets tag-hong-kong tag-ma-watch tag-oil-and-gas tag-planet-finance wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a id=\"tldr-story-10\" class=\"content-anchor\"><\/a> <strong>Global M&amp;A activity has slowed dramatically this year:<\/strong> The value of global M&amp;A transactions has fallen almost a third so far this year as the conditions that enabled an explosion of dealmaking in 2020 and 2021 go into reverse. Mergers worth USD 2.4 tn had been announced globally as of late July, down 30% from the same period in 2021, according to Dealogic data cited by the <a href=\"https:\/\/www.wsj.com\/articles\/market-mayhem-triggers-deal-making-drought-11659309178\">Wall Street Journal<\/a>.<\/p><p><strong>The culprits:<\/strong> Rising interest rates, soaring inflation and economic uncertainty fuelled by the war in the Ukraine are all putting a damper on activity. This comes after a booming year for M&amp;A activity, where loose monetary conditions spurred a buying spree that saw mergers worth almost USD 6 tn.<\/p><p><strong>It\u2019s not looking good for 2H 2022 either:<\/strong> \u201cUncertainty is never helpful for M&amp;A,\u201d Anu Aiyengar, global co-head of M&amp;A at JPMorgan Chase, told the newspaper, adding that she expects activity in the second half of the year to be even lower than the first half. This is partly because of the war and the fact that \u201cprivate-equity, which has been a significant driver of the overall market, seems to be a little bit more on the sidelines,\u201d she said.<\/p><p><strong>MEANWHILE- Saudi crude exports rose in July to their highest levels since 2020<\/strong>, according to tanker-tracking data compiled by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-01\/saudi-crude-exports-jump-to-highest-in-more-than-two-years\">Bloomberg<\/a>, which shows that 7.5 mn barrels a day left the country on average last month, up 14% from June. This came following the visit from US President Joe Biden to the kingdom earlier last month, where he lobbied Riyadh to increase export volumes to calm global oil prices, which have surged following Russia\u2019s invasion of Ukraine.<\/p><p><strong>EARNINGS WATCH- HSBC comf<\/strong><strong>ortably beat earnings estimate<\/strong><strong>s for 2Q 2022<\/strong>, yesterday reporting a post-tax profit of USD 5.8 bn as rising interest rates boost the bank\u2019s loan income. The bank said it will move to gradually restore its full pre-pandemic dividend on the back of the strong earnings. (<a href=\"https:\/\/ent.news\/2022\/8\/HSBC-Q2-22-interim-results-2022-media-release.pdf\">Earnings release, pdf<\/a>)<\/p><p><strong>ALSO FROM PLANET FINANCE- <\/strong><\/p><ul>\n<li><strong>M&amp;A Watch:<\/strong> Saudi Aramco will buy motor oil and lubricant producer Valvoline\u2019s global products unit in a USD 2.65 bn transaction. (<a href=\"https:\/\/mediaroom.valvoline.com\/2022-08-01-Valvoline-Announces-Agreement-for-Sale-of-Global-Products-Business-for-2-65-Billion-in-Cash\">Statement<\/a>)<\/li>\n<li><strong>Recession Watch:<\/strong> Hong Kong has fallen into its second recession in three years as China\u2019s zero-covid policy takes its toll on the financial hub. The city\u2019s economy contracted 1.4% during 2Q 2022, following a 3.9% drop in 1Q. (<a href=\"https:\/\/www.ft.com\/content\/eaa7b80f-73ca-4d19-8f36-308a9e9f8f04\">Financial Times<\/a>)<\/li>\n<li><strong>Crime Watch:<\/strong> Deutsche Bank is under fire for allegedly helping clients commit tax fraud, costing the German government mns in revenues. (<a href=\"https:\/\/www.ft.com\/content\/8bc32764-d833-43fd-9439-19d60c085d60\">Financial Times<\/a>)<\/li>\n<\/ul><table class=\"markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>9,423<\/td>\n<td>-0.5% (YTD: -21.1%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>USD (CBE)<\/strong><\/td>\n<td>Buy 18.90<\/td>\n<td>Sell 19.01<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>USD at CIB<\/strong><\/td>\n<td>Buy 18.93<\/td>\n<td>Sell 18.99<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>Interest rates CBE<\/strong><\/td>\n<td>11.25% deposit<\/td>\n<td>12.25% lending<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>12,339<\/td>\n<td>+1.2% (YTD: +9.4%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>ADX<\/strong><\/td>\n<td>9,778<\/td>\n<td>+1.2% (YTD: +15.2%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>DFM<\/strong><\/td>\n<td>3,377<\/td>\n<td>+1.2% (YTD: +5.7%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>S&amp;P 500<\/strong><\/td>\n<td>4,119<\/td>\n<td>-0.3% (YTD: -13.6%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>7,413<\/td>\n<td>-0.1% (YTD: +0.4%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>Euro Stoxx 50<\/strong><\/td>\n<td>3,707<\/td>\n<td>0.0% (YTD: -13.8%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 100.20<\/td>\n<td>-3.6%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 8.28<\/td>\n<td>+0.7%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Gold<\/strong><\/td>\n<td>USD 1,787.70<\/td>\n<td>+0.3%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>B<\/strong><strong>T<\/strong><strong>C<\/strong><\/td>\n<td>USD 23,011<\/td>\n<td>-2.5% (YTD: -50.2%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.5% at yesterday\u2019s close<\/strong> on turnover of EGP 1.11 bn (26.8% above the 90-day average). Foreign investors were net sellers. The index is down 21.1% YTD.<\/p><p><strong>In the green: <\/strong>GB Auto (+2.5%), e-Finance (+2.2%) and Alexandria Container and Cargo Handling (+2.1%).<\/p><p><strong>In the red: <\/strong>Heliopolis Housing (-3.8%), Medinet Nasr Housing (-2.8%) and Fawry (-2.5%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aramco\/\">Aramco<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/deutsche-bank\/\">Deutsche Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/hong-kong\/\">Hong Kong<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548287\" 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=\"548287\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/algeria-is-interested-in-joining-the-brics-iran-nuclear-talks-could-resume-in-coming-days\/\">\r\n                            Algeria is interested in joining the BRICS + Iran nuclear talks could resume in coming days                        <\/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\/02\/algeria-is-interested-in-joining-the-brics-iran-nuclear-talks-could-resume-in-coming-days\/\" 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\/02\/algeria-is-interested-in-joining-the-brics-iran-nuclear-talks-could-resume-in-coming-days\/')\">\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\/02\/algeria-is-interested-in-joining-the-brics-iran-nuclear-talks-could-resume-in-coming-days\/\">\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=Algeria is interested in joining the BRICS + Iran nuclear talks could resume in coming days&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/02\/algeria-is-interested-in-joining-the-brics-iran-nuclear-talks-could-resume-in-coming-days\/\">\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\/02\/algeria-is-interested-in-joining-the-brics-iran-nuclear-talks-could-resume-in-coming-days\/&title=Algeria is interested in joining the BRICS + Iran nuclear talks could resume in coming days\">\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=Algeria+is+interested+in+joining+the+BRICS+%2B+Iran+nuclear+talks+could+resume+in+coming+days+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F02%2Falgeria-is-interested-in-joining-the-brics-iran-nuclear-talks-could-resume-in-coming-days%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\/02\/algeria-is-interested-in-joining-the-brics-iran-nuclear-talks-could-resume-in-coming-days\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548287\" class=\"content-area-description single-story post-548287 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-diplomacy tag-enterpriseam tag-iran tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Algeria is the latest MENA country to want in on BRICS: <\/strong>Algerian President Abdelmadjid Tebboune said that his country wants to join the BRICS group of major emerging economies, <a href=\"https:\/\/www.france24.com\/en\/live-news\/20220801-algeria-talks-of-joining-russia-linked-brics-group\">AFP<\/a> reports. The group, which currently includes China, Russia, India, Brazil and South Africa, has received more attention this year as developing countries hedge against the economic warfare between the G7 and Russia and opt for multipolarity. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/38683f56-7b87-43b1-bea6-ad261ad4908c\">Iran and Argentina<\/a> have both applied to become members this year, while <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/21ab2964-2247-49c5-9382-21eb9d2a5620\">Egypt<\/a>, Saudi Arabia and Turkey have also been said to be considering joining. Bids from new countries will reportedly be discussed at next year\u2019s summit in South Africa.<\/p>\n<p><strong>Could Iran nuclear talks finally restart? <\/strong>A new round of talks on reviving the US-Iran 2015 nuclear agreement will \u201cprobably\u201d kick off within days in Vienna, according to a senior Iranian official, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-01\/iran-lawmaker-says-nuclear-talks-likely-to-resume-in-days?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section going-green wp-block-group issue-section\" id=\"548288\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27465.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into the green economy and ESG issue in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27483.png?ssl=1\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Tuesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/goinggreen\/\">\r\n                            Read going Green                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">12<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/whats-egypts-geothermal-potential\/\">\r\n                            What\u2019s Egypt\u2019s geothermal potential?<\/a>\r\n                        <\/h3>\r\n\r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/goinggreens\/whats-egypts-geothermal-potential\/\" 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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Now, attention is turning to nascent technologies like <a href=\"https:\/\/enterprise.press\/greeneconomys\/egypt-lead-region-green-hydrogen-need-make-happen\/\">green hydrogen<\/a> as the new frontier for our renewables ambitions. But there\u2019s one type of renewable energy that has been around for a while and seems to have passed us by: geothermal. Some researchers and officials are beginning to look into whether there\u2019s untapped power potential underneath our feet.<\/p>\n<p><strong>Egypt has no geothermal capacity at present \u2014 <\/strong>but that\u2019s hardly surprising when you consider that adoption of the technology has been slow around the world. The technology to capture sub-surface heat for power has existed for over a century, but only 27 countries currently use geothermal energy, according to US <a href=\"https:\/\/www.eia.gov\/energyexplained\/geothermal\/use-of-geothermal-energy.php\">Energy Information Administration (EIA) data<\/a>. Iceland is the poster child for the renewable power source, using it to <a href=\"https:\/\/nea.is\/geothermal\/\">generate about a quarter of its electricity needs<\/a> and some 90% of its heating requirements.<\/p>\n<p><strong>On a global scale, geothermal capacity increased only 2% y-o-y in 2020. <\/strong>That\u2019s slower than the average for the preceding five years, and well below the double-digit growth that would be needed to produce enough geothermal energy for the target mix that would get us to net zero carbon emissions by 2050, according to Paris-based multilateral energy organization the <a href=\"https:\/\/www.iea.org\/reports\/geothermal-power\">International Energy Agency (IEA)<\/a>.<\/p>\n<p><strong>One multilateral initiative is looking to build the expertise to get the sector off the ground here.<\/strong> Launched last year, the <a href=\"https:\/\/www.geb-project.info\/?fbclid=IwAR1Sc8LUMfPSB2KVUVBt_-nh4Orvbtok0Skc9mQYffic44yU4LlqLZDgpWk\">Geothermal Energy Capacity Building in Egypt (GEB)<\/a> project aims to offer the first local graduate diploma in geothermal engineering, as well as launch our first educational pilot plant, geothermal labs at Egyptian universities, and establish a national geothermal society, all by 2024.<\/p>\n<p><strong>\u201cThis project will provide the opportunity for building an engineering knowledge foundation<\/strong>, both theoretical and practical, for the future use of geothermal energy in Egypt,\u201d according to the academics leading the <a href=\"https:\/\/ent.news\/2022\/7\/GeothermalEnergyCapacityBuildinginEgypt_WGC_20201.pdf\">program (pdf)<\/a>.<\/p>\n<p><strong>Who\u2019s involved:<\/strong> The government\u2019s New and Renewable Energy Authority (NREA); the Oil Ministry\u2019s South Valley Egyptian Petroleum Holding Company (Ganope); five Egyptian universities including project coordinator Cairo University; and European universities Bologna, Zagreb and Valladolid. Private sector industrial and engineering companies are also on board in the form of Spain\u2019s Telur and Ecoforest, local infrastructure firm <a href=\"https:\/\/www.boniangroup.com\/\">Bonian<\/a>, and German-Egyptian environmental consulting company <a href=\"https:\/\/www.facebook.com\/GeorencoEgypt\/\">Georenco International<\/a>. GEB is funded through a <a href=\"https:\/\/erasmus-plus.ec.europa.eu\/projects\/search\/details\/618455-EPP-1-2020-1-EG-EPPKA2-CBHE-JP\">EUR 957k grant<\/a>from the European Union\u2019s Erasmus+ program.<\/p>\n<p><strong>But geothermal potential doesn\u2019t exist everywhere. So do we have it? <\/strong>Geothermal reservoirs are concentrated along the boundaries of the Earth\u2019s tectonic plates and need to be drilled and tested for their potential, much like an oil or gas reservoir, the <a href=\"https:\/\/www.eia.gov\/energyexplained\/geothermal\/where-geothermal-energy-is-found.php\">EIA explains<\/a>. Here at home, the most significant sources of that potential lie in the Gulf of Suez, the Red Sea, and the Western Desert, according to <a href=\"https:\/\/ent.news\/2022\/6\/Egypt.pdf\">a 2020 geological study (pdf)<\/a> by researchers at Saudi\u2019s King Saud University and Egypt\u2019s Benha University.<\/p>\n<p><strong>We\u2019re not sitting on a wellspring of geothermal energy: <\/strong>The \u201cmajority of geothermal resources in Egypt can be categorized as medium to low-temperature potentials,\u201d the 2021 paper\u2019s authors write. The high-temperature assets that would be needed to produce on an industrial scale are few and far between, the study says, while low-grade resources make up the bulk of Suez and Western Desert assets and cannot be exploited for significant power generation.<\/p>\n<p><strong>The country\u2019s total geothermal power potential <\/strong>is estimated to be somewhere in the range of 95 -221 mn kWh, according to <a href=\"https:\/\/ent.news\/2022\/6\/2016-geothermal-study.pdf\">a 2016 study (pdf)<\/a>. By comparison, some <a href=\"https:\/\/enterprise.press\/greeneconomys\/strategic-investment-egypts-solar-energy-among-effective-ways-decarbonize-says-new-africa-wide-study\/\">165.7 bn kWh of<\/a>our <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0be44afe-e78a-448e-a629-739e4176d803\">generated electricity<\/a> is currently produced by fossil fuels.<\/p>\n<p><strong>But there is at least one promising site: <\/strong>The Hammam Pharaoun thermal spring area in the Gulf of Suez is \u201cthe best candidate area for installing the first power plant in Egypt,\u201d the study\u2019s authors say, citing the area\u2019s accessibility, high potentiality, and high geothermal gradient. The area lies about 45 km outside of Suez and could hold between around 12-20 MW of thermal power potential. To put that into perspective, the smallest industrial-scale wind and solar power plants tend to start at 10 MW, while our mega Benban solar park produces some <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dfa1ca1a-9262-4fdc-95d8-c2ff06562910\">1.5 GW annually.<\/a><\/p>\n<p><strong>There could be exploration of the area: <\/strong>In April 2016, the Oil Ministry\u2019s Ganope and the NREA <a href=\"https:\/\/egyptoil-gas.com\/news\/ganope-to-generate-power-from-geothermal-energy\/\">signed an MoU<\/a> to explore geothermal energy potential around the Gulf of Suez, including Hammam Pharaoun and the Ayoun Moussa spring, but no work has been carried out since.<\/p>\n<p><strong>Though not suitable for power plants, our low-grade geothermal resources hold value for local communities: <\/strong>\u201cSome direct low-grade geothermal applications are now in use in Egypt in the form of district heating, fish farming, agricultural applications and green houses,\u201d the 2021 report reads. Besides being used in the majority of greenhouses in Western Desert oases, thermal waters are also a draw for tourists, it says, both as bathing spots and for medical treatments.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top green economy stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Microfinance player Tamweely is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/410b5af8-bb7e-46ca-9680-93c7c1e0ec52\">rolling out green financing products<\/a><\/strong> geared towards helping farmers and small factory owners buy solar panels.<\/li>\n<li><strong>Egypt and India <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce61f67c-28db-4deb-a5d0-adb8f2b34a7f\">could establish a USD 8 bn green hydrogen plant<\/a><\/strong><strong>:<\/strong> Egyptian government agencies signed an MoU with Indian renewables company ReNew Power to establish a green hydrogen plant in the Suez Canal Economic Zone (SCZone).<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/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\/geothermal\/\">Geothermal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/going-green\/\">going green<\/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=\"548290\" 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\/02\/548290\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548290\" class=\"content-area-description single-story post-548290 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>2 August (Tuesday): The government hosts public consultations on its state ownership policy document with textiles players.<\/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>4 August (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.<\/p>\n<p>7 August (Sunday): The government hosts public consultations on its state ownership policy document with pre-K and K12 education players.<\/p>\n<p>9 August (Tuesday): The government hosts public consultations on its state ownership policy document with higher education players.<\/p>\n<p>11 August (Sunday): The government hosts public consultations on its state ownership policy document with experts and think tanks.<\/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>14 August (Sunday): The government hosts public consultations on its state ownership policy document with finance and ins. players.<\/p>\n<p>16 August (Tuesday): The government hosts public consultations on its state ownership policy document with wood manufacturers.<\/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): The government hosts public consultations on its state ownership policy document with experts and think tanks.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>23 August (Tuesday): The government hosts public consultations on its state ownership policy document with chemical producers.<\/p>\n<p>25 August (Thursday): Second regional climate roundtable, Bangkok, Thailand.<\/p>\n<p>25 August (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.<\/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>28 August (Sunday): The government hosts public consultations on its state ownership policy document with mining and petroleum refining players.<\/p>\n<p>30 August (Tuesday): The government hosts public consultations on its state ownership policy document with minerals players.<\/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 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.<\/p>\n<p>1-2 September (Thursday-Friday): Third regional climate roundtable, Santiago, Chile.<\/p>\n<p>4 September (Sunday): The government hosts public consultations on its state ownership policy document with electricity players.<\/p>\n<p>6 September (Tuesday): The government hosts public consultations on its state ownership policy document with building and construction players.<\/p>\n<p>6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Qubba 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>8 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.<\/p>\n<p>11 September (Sunday): The government hosts public consultations on its state ownership policy document with accommodation and food services players.<\/p>\n<p>13 September (Tuesday): The government hosts public consultations on its state ownership policy document with sports industry players.<\/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): The government hosts public consultations on its state ownership policy document with water and sewage utilities players.<\/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<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/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\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":548267,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-548266","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"af0d2add-b539-4654-8ca8-acabc80de2b2","teaser":"","photo_url":"https:\/\/ent.news\/2022\/8\/3.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>Maait shoots down talk of a USD 15 bn IMF facility - 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\/maait-shoots-down-talk-of-a-usd-15-bn-imf-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maait shoots down talk of a USD 15 bn IMF facility\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-shoots-down-talk-of-a-usd-15-bn-imf-facility\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:10:00+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\/3.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\/maait-shoots-down-talk-of-a-usd-15-bn-imf-facility\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-shoots-down-talk-of-a-usd-15-bn-imf-facility\/\",\"name\":\"Maait shoots down talk of a USD 15 bn IMF facility - 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