{"id":548338,"date":"2022-08-04T03:58:10","date_gmt":"2022-08-04T03:58:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=548338"},"modified":"2025-12-15T22:11:44","modified_gmt":"2025-12-15T22:11:44","slug":"non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/","title":{"rendered":"Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease?"},"content":{"rendered":"<section id=\"548340\" 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=\"548340\">\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\/04\/this-morning-un-publishes-cop27-schedule-opec-just-agreed-to-the-least-significant-supply-hike-ever\/\">\r\n                            THIS MORNING: UN publishes COP27 schedule + OPEC just agreed to the least significant supply hike ever                        <\/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\/04\/this-morning-un-publishes-cop27-schedule-opec-just-agreed-to-the-least-significant-supply-hike-ever\/\" 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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It\u2019s been a busy one, for those of you tuning in from Sahel at week\u2019s end, with plenty of M&amp;A, policy and investment news \u2014 and this morning is no exception.<\/p><p><strong>COUNTDOWN TO COP27- We now have a schedule for COP27<\/strong>, courtesy of the UN, which has released <a href=\"https:\/\/unfccc.int\/process-and-meetings\/conferences\/sharm-el-sheikh-climate-change-conference-november-2022\/high-level-champions-and-marrakech-partnership-programme-for-cop-27\">a basic itinerary<\/a> for the 11-day gathering. The conference will kick off on 7 November in Sharm El Sheikh with a two-day summit of world leaders, which will be followed by nine days of discussions on decarbonization, climate finance, adaptation strategies and others.<\/p><p><strong>COP27 now has an official Facebook page: <\/strong>The Foreign Ministry announced the launch of the official Facebook page for the summit yesterday. <a href=\"https:\/\/www.facebook.com\/COP27Egypt\/\">Check it out here.<\/a><\/p><p><strong>And speaking of climate: It\u2019s the final day of the Egypt- and UN-led <\/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\/\">roundtable<\/a><\/strong><strong> in Addis Ababa, <\/strong><strong>Ethiopia:<\/strong> The event \u2014 the first of five regional roundtables being held around the world ahead of COP27 in November \u2014 brings together African climate negotiators and global officials to discuss climate finance for three days in the Ethiopian capital. 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 are among those in attendance.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>EGP WATCH- The EGP has continued its slide against the greenback this <\/strong><strong>week.<\/strong> The currency has fallen more than 0.8% during the past four days, closing at 19.15 yesterday from 18.98 and edging closer to the record of 19.54 low set in December 2016. The EGP has now fallen more than 21% against the greenback since March, when the central bank <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8b55986a-5bf0-4548-a969-7607bcf4f50e\">devalued the currency<\/a> in response to rising external pressures fuelled by the war in Ukraine.<\/p><p><strong>The Madbouly government\u2019s public consultations on its state ownership policy <\/strong><strong>continue today<\/strong>, with experts and think tanks weighing in on the manufacturing 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><hr class=\"grey-line\"><p><strong>WEEKEND MUST READ-<\/strong> <strong>The <\/strong><strong><a href=\"https:\/\/www.ft.com\/content\/6395df7e-1bab-4ea1-a7ea-afaa71354fa0\">Financial Times<\/a><\/strong> <strong>takes a deep dive into the chill that <\/strong><strong>has come over venture capital in recent months.<\/strong> Regular readers will know that we\u2019ve had a keen eye on the global slowdown in VC funding, as some startups in need of capital \u2014 <a href=\"https:\/\/enterprise.press\/whatsnexts\/rounds-happening-egypt\/\">including local names<\/a> \u2014 face down rounds, while others look to <a href=\"https:\/\/enterprise.press\/whatsnexts\/startups-globally-urged-cut-spending-egyptian-startups-need-start-tightening-belts\/\">tighten their belts<\/a>. Some USD 330 bn of private capital flowed into American tech start-ups last year \u2014 double the figure recorded in 2021, which is itself double 2020\u2019s sum. Now, the signs are that the bubble has burst and the days of easy VC money may be over as economic conditions turn hostile. For the salmon-colored paper, <strong>it all adds up to<\/strong><strong> a \u201csilent crash\u201d that could spell the end of the boom years \u2014 possibly for good.<\/strong><\/p><p><strong>Reset your expectations:<\/strong> We\u2019ll probably see more major devaluations along the lines of the one seen by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3c9c5eb6-c95c-4fd1-8155-4ff308566938\">Klarna<\/a> before the VC world comes to terms with a new reality \u2014 one where earnings matter more than growth and there aren\u2019t suitcases of bills to throw at risky innovation. \u201cThere\u2019s no question, growth at any price is gone for the next few years,\u201d the head of New York VC B Capital tells the FT.<\/p><p><strong>SIGNS OF THE TIMES-<\/strong><\/p><p><strong>#1- What goes up\u2026<\/strong> The layoffs sweeping the US tech sector have come to stock-trading app Robinhood, which rode the wave of frenzied retail trading in 2021 to become a household financial name. In <a href=\"https:\/\/blog.robinhood.com\/news\/2022\/8\/2\/a-message-from-our-ceo-and-co-founder-vlad-tenev\">a blog post<\/a> Tuesday, CEO Vlad Tenev said the company would slash its headcount by nearly a quarter in response to \u201creduced customer trading activity.\u201d The company\u2019s share price has fallen 50% this year and it reported a <a href=\"https:\/\/investors.robinhood.com\/news\/news-details\/2022\/Robinhood-Reports-Second-Quarter-2022-Results\/default.aspx\">44% y-o-y drop in revenues in 2Q 2022<\/a>, as rising interest rates deflate pandemic-era bubble assets such as tech stocks and crypto.<\/p><p><strong>#2-The US\u2019 latest move to hamper China\u2019s semiconductor industry could blow up in its <\/strong><strong>face:<\/strong> The US is reportedly considering imposing restrictions on exports of chip-making equipment to China as it tries to retain its technological supremacy in the critical semiconductor industry, <a href=\"https:\/\/www.reuters.com\/technology\/us-eyes-new-china-chip-curbs-turmoil-looms-global-market-2022-08-03\/\">Reuters<\/a> reports. Unfortunately, a ban isn\u2019t going to pass without inflicting collateral damage on US firms, some industry watchers say, claiming the curbs would be a blow to big manufacturers including Samsung and SK Hyinx, causing further disruption to supply chains and making it harder for the US\u2019 biggest tech companies to get their hands on crucial chips.<\/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-07\" class=\"content-anchor\"><\/a> <strong>There\u2019s single story dominating the narrative in the global press this morning:<\/strong> The US press is focused on the abortion vote in Kansas yesterday, which saw lawmakers in the conservative state back a measure to protect abortion rights in the wake of the Supreme Court\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0ab7545-fd1e-4916-b5b8-543ef4194d0c\">decision to overturn Roe v Wade<\/a>. (<a href=\"https:\/\/apnews.com\/article\/2022-midterm-elections-abortion-biden-us-supreme-court-health-dc870c873aec72e5c266133a01694aa3\">AP<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/08\/03\/us\/politics\/democrats-abortion-kansas.html\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/nation\/2022\/08\/03\/kansas-abortion-amendment\/?itid=hp-top-table-main\">Washington Post<\/a>)<\/p><p><strong>OPEC+\u2019s paltry supply hike yesterday is a topic of conversation:<\/strong> The alliance of oil producers agreed yesterday to increase output by 100k barrels a day in what is one of the smallest production increases in OPEC\u2019s 62-year history.<\/p><p><strong>Putting this into perspective:<\/strong> This amounts to 1\/1000th of global demand \u2014<strong> the world consumes this quantity of oil every 86 seconds<\/strong>. As such, it will make little difference to oil prices, which have refused to fall significantly below USD 100 a barrel since Russia invaded Ukraine in February.<\/p><p><strong>\u201cThat is so little as to be meaningless.<\/strong> From a physical standpoint it is a marginal blip. As a political gesture it is almost insulting,\u201d one analyst said, in reference to US President Joe Biden\u2019s appeal to the Saudis last month to increase production. <a href=\"https:\/\/www.reuters.com\/business\/energy\/opec-oil-output-increase-is-step-forward-white-house-says-2022-08-03\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-03\/opec-s-meager-oil-supply-hike-shows-limited-powers-to-help-biden?srnd=premium-middle-east\">Bloomberg<\/a> have more.<\/p><p><strong>Also in the business press:<\/strong> The <a href=\"https:\/\/www.ft.com\/content\/ca7e1885-055c-43e8-8d2f-96ee5715cf0a\">Financial Times<\/a> reports that <strong>SoftBank has raised USD 22 <\/strong><strong>bn<\/strong> by selling down its stake in Alibaba as the great 2022 tech sell-off forces it into damage limitation mode. Meanwhile, the <a href=\"https:\/\/www.wsj.com\/articles\/walmart-lays-off-hundreds-of-corporate-workers-11659558590\">Wall Street Journal<\/a> says that <strong>Walmart is preparing to shed hundreds of corporate jobs<\/strong>, a week after it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fe52cc34-f37e-4a44-a5f8-fcb1e750c4a2\">issued a bleak outlook<\/a> for the rest of the year as inflation hits consumer demand.<\/p><p><strong>CLOSER TO HOME- Ukraine\u2019s first grain shipment has been cleared to exit the Black <\/strong><strong>Sea.<\/strong> The first Ukrainian grain shipment to make it through a newly-agreed corridor through the Black Sea has passed inspection by Russian, Ukrainian, Turkish, and UN officials and will continue on its journey to Lebanon, the UN said in <a href=\"https:\/\/www.un.org\/sg\/en\/content\/sg\/note-correspondents\/2022-08-03\/note-correspondents-black-sea-grain-initiative-press-release\">a statement<\/a> yesterday. The ship, which departed from the Ukrainian port of Odesa this week, is carrying some 26k tons of Ukrainian grain and should pave the way for more shipments to follow. Ukrainian President Volodymyr Zelenskiy downplayed the importance of the shipment, saying that only time will tell if more grain shipments will follow.<\/p><hr class=\"grey-line\"><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 are expected between today and early next week;<\/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>The 19-member board of trustees of the National Dialogue will hold its next meeting on <\/strong><strong>27 August<\/strong>, where it will choose the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and prepare the agenda and topics of discussion for the dialogue.<\/p><p><strong>PSA- Startups have until Wednesday, 31 August to apply for the fall 2022 cycle of<\/strong><strong> EGBank\u2019s Mint Incubator.<\/strong> The incubator, backed by Cairo Angels, offers a three-month program for startups with existing products. Startups can <a href=\"https:\/\/mint.eg-bank.com\/Home\/Incubator\/Applynow\">apply for the program here<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><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>\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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/semiconductors\/\">semiconductors<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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\/venture-capital\/\">venture capital<\/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=\"548341\" 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=\"548341\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/548341\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548341\" class=\"content-area-description single-story post-548341 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/somabay.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/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\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=\"548342\" 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=\"548342\">\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\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\">\r\n                            Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease?                        <\/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\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\" 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\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/')\">\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\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\">\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=Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease?&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\">\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\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/&title=Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease?\">\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=Non-oil+business+activity+continues+to+fall+in+July+%E2%80%94+but+is+inflation+beginning+to+ease%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F04%2Fnon-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease%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\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/144.png?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548343\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/144-png\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/144.png?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"144.png\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/144.png?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/144.png?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548342\" class=\"content-area-description single-story post-548342 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-enterpriseam tag-inflation tag-pmi tag-saudi-arabia tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Activity in Egypt\u2019s non-oil private sector continued to contract at a rapid <\/strong><strong>pace in <\/strong><strong>July<\/strong> as high inflation weighed on demand and output, according to the S&P Global <a href=\"https:\/\/ent.news\/2022\/8\/PMI_Egypt.pdf\">purchasing managers\u2019 index (pdf)<\/a>. Business activity fell at a slightly slower pace during the month amid signs of softening inflation, though the reading was one of the weakest since the pandemic hit the economy in 2Q 2020. The index rose to 46.4 last month, up from a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/45596e8c-f127-4f62-b1cb-402f45ae4a0b\">two-year low of 45.2 in June<\/a>, marking the biggest increase in the index in just over a year, though still below the 50.0 threshold that separates growth from contraction. This is the 20th consecutive month that activity in Egypt\u2019s private sector has declined..<\/p>\n<p><strong>There\u2019s cause for optimism on inflation:<\/strong> July\u2019s PMI signaled \u201ca softer decline in the health of the non-oil economy,\u201d said S&P Global economist David Owen (<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bae3738e-2a55-4d28-87ee-7289e160fc9e\">My Morning Routine<\/a>). \u201cGood news was seen in inflation metrics, which dropped sharply at the start of the third quarter as fewer companies saw a rise in input costs,\u201d he said. Some 29% of companies reported rising input costs during the month, down from 45% in June, suggesting that the recent <a href=\"https:\/\/www.ft.com\/content\/bdf6ef35-9ae4-4ea0-92e9-a2a4b251501f\">cooling of commodity prices<\/a> is having an impact on business costs.<\/p>\n<p><strong>Headline inflation has risen to <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b70644bd-7dfc-4432-9cf7-635290bed657\">three-year highs<\/a><\/strong><strong> this year<\/strong> as global headwinds spurred by the conflict in Ukraine and the pandemic have hit home, putting pressure on the EGP and causing food, energy and raw materials prices to surge. Inflation <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b5767f10-3fb8-45c0-bc85-701b182e66d7\">slowed for the first time in seven months<\/a> in June, though analysts expect it to pick up again in the coming months.<\/p>\n<p><strong>Demand hit as firms pass costs to customers:<\/strong> Businesses continued to pass higher input costs onto consumers in July, hiking prices at the second-quickest rate in four years, according to the survey. This had knock-on effects on demand that saw output and new orders fall for another month, albeit at slower rates than in June when they hit their lowest levels since 2Q 2020.<\/p>\n<p><strong>Businesses aren\u2019t feeling optimistic: <\/strong>Confidence fell to one of its weakest levels on record after rising to a five-month high in June. Only 13% of companies forecast output growth over the coming year.<\/p>\n<p><strong>Also from the survey:<\/strong><\/p>\n<ul>\n<li><strong>Weaker demand and higher prices again dampened businesses\u2019 spending plans<\/strong>, with the decline in purchasing exacerbated by ongoing supply chain issues and lengthier delivery times.<\/li>\n<li><strong>Employment rates stabilized:<\/strong> July marked a break in an eight-month streak of job losses despite some businesses driving cuts based on lower new orders.<\/li>\n<\/ul>\n<p><strong>The story got ink in the foreign press:<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egyptian-non-oil-sector-continues-contraction-slower-pace-pmi-2022-08-03\/\">Reuters<\/a>.<\/p>\n<p><strong>FROM THE REGION -<\/strong><\/p>\n<p><strong>Private sector activity in the UAE continued to grow in July as demand strengthened<\/strong> despite inflation. The <a href=\"https:\/\/ent.news\/2022\/8\/PMI_UAE.pdf\">PMI (pdf)<\/a> rose to 55.4 from 54.8 in June thanks to strong sales growth caused by companies absorbing higher costs and cutting prices to remain competitive.<\/p>\n<p><strong>The Saudi private sector continued to grow at a fast pace<\/strong> though the <a href=\"https:\/\/ent.news\/2022\/8\/PMI_SaudiArabia.pdf\">PMI (pdf)<\/a> slipped slightly to 56.3 from 57.0 in June. Job growth registered its fastest pace since September 2019 as new business expanded on the back of higher demand, though prices continued to rise.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pmi\/\">PMI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"548344\" 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=\"548344\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/chimera-is-getting-56-of-beltone-and-no-more\/\">\r\n                            Chimera is getting 56% of Beltone, and no more                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/chimera-is-getting-56-of-beltone-and-no-more\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/chimera-is-getting-56-of-beltone-and-no-more\/')\">\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\/04\/chimera-is-getting-56-of-beltone-and-no-more\/\">\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=Chimera is getting 56% of Beltone, and no more&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/chimera-is-getting-56-of-beltone-and-no-more\/\">\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\/04\/chimera-is-getting-56-of-beltone-and-no-more\/&title=Chimera is getting 56% of Beltone, and no more\">\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=Chimera+is+getting+56%25+of+Beltone%2C+and+no+more+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F04%2Fchimera-is-getting-56-of-beltone-and-no-more%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\/04\/chimera-is-getting-56-of-beltone-and-no-more\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548344\" class=\"content-area-description single-story post-548344 post type-post status-publish format-standard hentry category-ma-watch tag-chimera-investments tag-enterpriseam tag-financial-services tag-ma-watch tag-orascom-financial-holding wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>It\u2019s official: <\/strong><strong>Chimera is Beltone\u2019s new majority shareholder:<\/strong> Chimera Investments acquired a 56% stake in Beltone Financial through its mandatory tender offer for up to 90% of the company, which expired yesterday, <a href=\"https:\/\/ent.news\/2022\/8\/Screen-Shot-2022-08-03-at-4.13.14-PM.png\">the EGX said (pdf)<\/a>. The Abu Dhabi-based investment company will acquire the stake from Orascom Financial Holding (OFH), which last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8d08b767-4583-4e55-bec6-5c9c8aca0637\">agreed to sell all of its 259.1 mn shares<\/a> in the company.<\/p>\n<p><strong>No more takers: <\/strong>Other shareholders failed to respond to the offer by the deadline yesterday, with Chimera adding less than 150 shares to the stake acquired from OFH. Only three individual minority shareholders \u2014 each with stakes of less than 1k shares each \u2014 responded to the offer, <a href=\"https:\/\/bit.ly\/3zPTp3j\">Al Mal<\/a>reports, citing unnamed sources. The remaining shares not held by OFH are publicly traded on the EGX.<\/p>\n<p><strong>Not tempting enough? <\/strong>Chimera offered to pay EGP 1.485 per Beltone share, valuing the firm at some EGP 690 mn. Beltone shares closed up 3% at EGP 1.76 yesterday<\/p>\n<p><strong>Advisors: <\/strong>Matouk Bassiouny & Hennawy were counsel to Chimera.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chimera-investments\/\">Chimera Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/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\/orascom-financial-holding\/\">Orascom Financial Holding<\/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=\"548345\" 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=\"548345\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">IPO<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/the-suez-canal-authority-hasnt-given-up-on-its-ipo-plans\/\">\r\n                            The Suez Canal Authority hasn\u2019t given up on its IPO plans                        <\/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\/04\/the-suez-canal-authority-hasnt-given-up-on-its-ipo-plans\/\" 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\/04\/the-suez-canal-authority-hasnt-given-up-on-its-ipo-plans\/')\">\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\/04\/the-suez-canal-authority-hasnt-given-up-on-its-ipo-plans\/\">\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=The Suez Canal Authority hasn\u2019t given up on its IPO plans&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/the-suez-canal-authority-hasnt-given-up-on-its-ipo-plans\/\">\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\/04\/the-suez-canal-authority-hasnt-given-up-on-its-ipo-plans\/&title=The Suez Canal Authority hasn\u2019t given up on its IPO plans\">\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=The+Suez+Canal+Authority+hasn%E2%80%99t+given+up+on+its+IPO+plans+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F04%2Fthe-suez-canal-authority-hasnt-given-up-on-its-ipo-plans%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\/04\/the-suez-canal-authority-hasnt-given-up-on-its-ipo-plans\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/146.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548346\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/the-suez-canal-authority-hasnt-given-up-on-its-ipo-plans\/146-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/146.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"146.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/146.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/146.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548345\" class=\"content-area-description single-story post-548345 post type-post status-publish format-standard has-post-thumbnail hentry category-ipo-watch tag-capital-markets tag-egx tag-enterpriseam tag-ipo-watch tag-osama-rabie tag-suez-canal-authority wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>The SCA still wants to take some of its companies public: <\/strong>The Suez Canal Authority (SCA) is considering listing three of its companies on the EGX by the end of 2022, Chairman Osama Rabie told <a href=\"https:\/\/bit.ly\/3brTuRx\">Al Arabiya<\/a> yesterday.<\/p>\n<p><strong>The authority has scaled back the potential offerings:<\/strong> The SCA chief said that the authority is considering selling 10-15% of the companies to investors on the EGX. Earlier this year, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7849637-9b84-4a89-97c8-555891db3e83\">Rabie said<\/a> the authority was looking to float 20% of the companies on the exchange.<\/p>\n<p><strong>Which companies could sell shares?<\/strong> That\u2019s still TBD, with Rabie saying only that the most profitable firms will be chosen. The authority and the Finance Ministry are currently studying the potential sales, he said.<\/p>\n<p><strong>The SCA seemingly isn\u2019t being deterred by the state of the markets:<\/strong> The EGX has had a tough year as soaring inflation, rising interest rates and the fallout from the war in Ukraine roil financial markets at home and abroad. The benchmark EGX 30 index has rallied in recent weeks, though remains in a bear market and is trading at levels not seen since late 2016.<\/p>\n<p><strong>Two IPOs have been pulled in the past month:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/004a2209-c482-4067-af0e-5ba87566e2d4\">Banque du Caire<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6bafb238-9ada-4c08-9846-30e51c6203ef\">Aman<\/a> have both postponed plans to sell shares on the EGX until conditions stabilize.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/osama-rabie\/\">Osama Rabie<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-authority\/\">Suez Canal Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548347\" 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=\"548347\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/bidding-is-still-open-for-the-ev-charging-private-sector-partner-with-a-reduced-stake\/\">\r\n                            Bidding is still open for the EV charging private sector partner \u2014 with a reduced stake                        <\/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\/04\/bidding-is-still-open-for-the-ev-charging-private-sector-partner-with-a-reduced-stake\/\" 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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Last we heard, bidding <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16f68b1b-62fc-4d71-a4bd-a75a9f1648fb\">had closed<\/a> in March.<\/p>\n<p><strong>Hassan Allam is on board: <\/strong>Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, is set to own 20% of the newly established firm, a source with first-hand knowledge of the situation told us, without disclosing what the company\u2019s role will be.<\/p>\n<p><strong>The <\/strong><strong>winning<\/strong><strong> bidder won\u2019t hold as much of the company as previously planned: <\/strong>The firm selected to manage and operate the company will contribute 20% of its capital, rather than the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5c04d6ac-05ff-45f6-b794-0194678c8093\">25% the ministry announced<\/a> earlier this year, a ministry source confirmed to Enterprise.<\/p>\n<p><strong>And the private sector will no longer control the company:<\/strong> The ministry originally said that 30% of the company would be sold to a private investor, in addition to the 25% given to the winning bidder. But under the plans announced by the ministry yesterday, the Sovereign Fund of Egypt (SFE) and state-owned Misr Ins. Holding will each own a 30% stake in the firm. This would give the private sector \u2060\u2014 HA Utilities + the winning company \u2060\u2014 just 40% of the company between them.<\/p>\n<p><strong>Who\u2019s bidding? <\/strong>Fourteen firms were reported to be vying for the contract back in March, including our friends at renewables giant Infinity.<\/p>\n<p><strong>About the company: <\/strong>The EV charging station company will be tasked with setting up 3k charging stations within 18 months across the country, including in Greater Cairo, Alexandria, and Sharm El Sheikh.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-allam-holding\/\">Hassan Allam Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/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=\"548349\" 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=\"548349\">\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\">A MESSAGE FROM<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/548349\/\">\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\/04\/548349\/\" 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\/04\/548349\/')\">\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\/04\/548349\/\">\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\/04\/548349\/\">\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\/04\/548349\/&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%2F04%2F548349%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\/04\/548349\/\">\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=\"548350\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/548349\/new-logo-sprite-1600x-png-9\/\" 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-548349\" class=\"content-area-description single-story post-548349 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\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=\"548351\" 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=\"548351\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/efg-hermes-appoints-new-nbfi-ceo\/\">\r\n                            EFG Hermes appoints new NBFI CEO                        <\/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\/04\/efg-hermes-appoints-new-nbfi-ceo\/\" 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\/04\/efg-hermes-appoints-new-nbfi-ceo\/')\">\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\/04\/efg-hermes-appoints-new-nbfi-ceo\/\">\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 appoints new NBFI CEO&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/efg-hermes-appoints-new-nbfi-ceo\/\">\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\/04\/efg-hermes-appoints-new-nbfi-ceo\/&title=EFG Hermes appoints new NBFI CEO\">\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+appoints+new+NBFI+CEO+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F04%2Fefg-hermes-appoints-new-nbfi-ceo%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\/04\/efg-hermes-appoints-new-nbfi-ceo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548351\" class=\"content-area-description single-story post-548351 post type-post status-publish format-standard hentry category-moves tag-aladdin-elafifii tag-efg-hermes tag-enterpriseam tag-moves tag-non-banking-financial-services tag-valu wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EFG Hermes\u2019 NBFI business gets a new boss: <\/strong>Our old friend Aladdin ElAfifi (<a href=\"https:\/\/www.linkedin.com\/in\/aladdin-elafifi-663167\">LinkedIn<\/a>) has been appointed CEO of EFG Hermes\u2019 non-bank financial institutions (NBFI) platform, succeeding Walid Hassouna (who is now <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6591df65-a815-40d1-9e03-06cacbd34245\">running the group\u2019s high-profile valU unit<\/a> full time), according to a <a href=\"https:\/\/ent.news\/2022\/8\/Alaadin-El-Afifi-CEO-Announcent-English.pdf\">press release (pdf)<\/a>. ElAfifi will assume responsibility for the bank\u2019s NBFI portfolio (with the exception of BNPL unit valU, where he will be a non-executive board member). ElAfifi has more than 23 years of experience at blue-chip companies including Goldman Sachs and Qalaa Holdings and most recently served as Pharos Holding\u2019s managing director and co-CEO. <a href=\"https:\/\/kashat.com.eg\/en\/\">Kashat<\/a> \u2014 Egypt\u2019s first nano-tech lending startup \u2014 launched in 2020 during ElAfifi\u2019s tenure at Pharos. He was also a co-founder of real estate management and advisory business, 46 Group in Cairo.<\/p>\n<p><strong>What they said:<\/strong> \u201cWith a strong leadership team, ElAfifi is set to implement the firm\u2019s strategy while further institutionalizing the business and readying it for potential monetization when the conditions are right,\u201d EFG said in the release.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/aladdin-elafifii\/\">Aladdin ElAfifii<\/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\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/valu\/\">ValU<\/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=\"548352\" 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=\"548352\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/seven-nbfis-recognized-for-sustainability\/\">\r\n                            Seven NBFIs recognized for sustainability                        <\/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\/04\/seven-nbfis-recognized-for-sustainability\/\" 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\/04\/seven-nbfis-recognized-for-sustainability\/')\">\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\/04\/seven-nbfis-recognized-for-sustainability\/\">\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=Seven NBFIs recognized for sustainability&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/seven-nbfis-recognized-for-sustainability\/\">\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\/04\/seven-nbfis-recognized-for-sustainability\/&title=Seven NBFIs recognized for sustainability\">\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=Seven+NBFIs+recognized+for+sustainability+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F04%2Fseven-nbfis-recognized-for-sustainability%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\/04\/seven-nbfis-recognized-for-sustainability\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548352\" class=\"content-area-description single-story post-548352 post type-post status-publish format-standard hentry category-kudos tag-enterpriseam tag-financial-regulatory-authority tag-kudos tag-non-banking-financial-services tag-sustainability wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Seven non-banking financial institutions have been recognized for their <\/strong><strong>sustainable business practices by the Financial Regulatory Authority<\/strong>, the regulator said in a <a href=\"https:\/\/ent.news\/2022\/8\/%D8%B1%D9%88%D8%A7%D8%AF-%D8%A7%D9%84%D8%A3%D8%B3%D8%AA%D8%AF%D8%A7%D9%85%D8%A9-%D8%A7%D9%84%D9%81%D8%A7%D8%A6%D8%B2%D9%8A%D9%86.pdf\">statement (pdf)<\/a>. EFG Hermes, EFG Hermes Corp-Solutions, Tamweely, AXA Life Ins, <a href=\"http:\/\/www.amig.com.eg\/en\/home.aspx\">Gig Egypt<\/a>, and the ins. funds for employees of the New and Renewable Energy Authority (NREA) and the Central Agency for Public Mobilization and Statistics (Capmas) all were announced winners of a competition hosted by the FRA\u2019s sustainability arm, the Regional Center for Sustainable Finance (RCSF).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sustainability\/\">sustainability<\/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=\"548353\" 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=\"548353\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/548353\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548353\" class=\"content-area-description single-story post-548353 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_EXPERIENCES_1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548354\" 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=\"548354\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/last-nights-talk-shows-talking-heads-discuss-food-prices-suez-canal-revenues\/\">\r\n                            Last Night\u2019s Talk Shows: Talking heads discuss food prices + Suez Canal revenues                        <\/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\/04\/last-nights-talk-shows-talking-heads-discuss-food-prices-suez-canal-revenues\/\" 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\/04\/last-nights-talk-shows-talking-heads-discuss-food-prices-suez-canal-revenues\/')\">\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\/04\/last-nights-talk-shows-talking-heads-discuss-food-prices-suez-canal-revenues\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Last Night\u2019s Talk Shows: Talking heads discuss food prices + Suez Canal revenues&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/last-nights-talk-shows-talking-heads-discuss-food-prices-suez-canal-revenues\/\">\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\/04\/last-nights-talk-shows-talking-heads-discuss-food-prices-suez-canal-revenues\/&title=Last Night\u2019s Talk Shows: Talking heads discuss food prices + Suez Canal revenues\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Last+Night%E2%80%99s+Talk+Shows%3A+Talking+heads+discuss+food+prices+%2B+Suez+Canal+revenues+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F04%2Flast-nights-talk-shows-talking-heads-discuss-food-prices-suez-canal-revenues%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\/04\/last-nights-talk-shows-talking-heads-discuss-food-prices-suez-canal-revenues\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548354\" class=\"content-area-description single-story post-548354 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-abdel-fattah-el-sisi tag-enterpriseam tag-inflation tag-last-nights-talk-shows tag-libya tag-national-alliance-for-civil-development-work tag-suez-canal tag-transport tag-transport-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The latest from President El Sisi led the conversation on the airwaves last night:<\/strong> The president has instructed the government to make available another EGP 1 bn to the National Alliance for Civil Development Work (NACDW) \u2014 an alliance of civil society organizations and associations launched this year to help address the needs of different communities. This would raise total government funding for the NACDW to EGP 10 bn. This came from Talaat Abdel Kawy, head of the general federation of NGOs and associations, who joined Masaa DMC\u2019s Ramy Radwan last night (<a href=\"https:\/\/www.youtube.com\/watch?v=v1_FLOrnEzc\">watch, runtime: 7:20<\/a>). Meanwhile, El Sisi also called for the Transport Ministry to increase its usage of local components by partnering up with the private sector. This got plenty of attention from the talking heads last night, including from Sada El Balad (<a href=\"https:\/\/www.youtube.com\/watch?v=AqGnzbMiKF4\">watch, runtime: 1:57<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=Ya-ZXRJwvqA\">watch, runtime: 3:10<\/a>).<\/p>\n<p><strong>Are food price pressures easing?<\/strong> An increase in the supply of chickens and eggs has helped cool prices from recent highs that reached EGP 70-80 in July. A carton of eggs now sells at EGP 65 and 1kg of chicken costs around EGP 35, a senior official at the Egyptian Poultry Association told Sada El Balad <a href=\"https:\/\/www.youtube.com\/watch?time_continue=109&v=K2D_mb59yPs&feature=emb_title\">(watch, runtime: 4:48<\/a>).<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>The Suez Canal Authority wants to boost its annual revenues to US<\/strong><strong>D 8 bn <\/strong>amid plans to raise the number of ships crossing the canal. This comes after the authority announced that revenues jumped 32% in July to a record high of USD 704 mn. (Mehwar TV | <a href=\"https:\/\/www.youtube.com\/watch?v=B5b02E2ACSo\">watch, runtime: 6:06<\/a>)<\/li>\n<li><strong>Dozens of injured Libyans arrived in Egypt for medical treatment yesterday <\/strong>after planes were sent to rescue them following a fuel tanker explosion. (Extra News | <a href=\"https:\/\/www.youtube.com\/watch?time_continue=35&v=Z544UL2n4vc&feature=emb_title\">watch, runtime: 3:08<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/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\/libya\/\">Libya<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-alliance-for-civil-development-work\/\">National Alliance for Civil Development Work<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport-ministry\/\">Transport Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n          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stk-block-column stk-column stk-block stk-ybhwjeo\" data-v=\"4\" data-block-id=\"ybhwjeo\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-ybhwjeo-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-ybhwjeo-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\/240925.png?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/weareinfinity.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/27483.png?fit=300%2C300&#038;ssl=1\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Powering with nature<\/span>\r\n               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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 stk-block-carousel__button__next\" aria-label=\"Next slide\"><svg aria-hidden=\"true\" focusable=\"false\" 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   \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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/this-morning-in-the-foreign-press-gas-hub-musings-an-interview-with-khazenly-ceo-mohamed-younes-and-a-history-of-cairo-through-literature\/\">\r\n                            This morning in the foreign press: Gas hub musings, an interview with Khazenly CEO Mohamed Younes and a history of Cairo through literature                        <\/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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class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548356\" class=\"content-area-description single-story post-548356 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam tag-film tag-khazenly tag-literature tag-mohamed-younes tag-rushdy-abaza tag-startups tag-terrorism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>This morning in the foreign press:<\/strong> The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">MoU we recently inked with Israel<\/a> to boost gas exports to the EU could consolidate our position as the region\u2019s energy hub, Lynx Senior Advisor Karim Haggag and Economic Policy Analyst Nadine Elnashar write for business platform <a href=\"https:\/\/www.brinknews.com\/the-eastern-mediterranean-could-strengthen-europes-energy-security\/?utm_source=BRINK+Subscribers&utm_campaign=e4534b3b4f-EMAIL_CAMPAIGN_2022_08_02_10_10_COPY_01&utm_medium=email&utm_term=0_c3639d7c98-e4534b3b4f-110966656\">Brink<\/a>. The region could potentially supply 20% of Europe\u2019s gas needs, and Egypt \u201cpresents the most reliable route for exporting Eastern Mediterranean gas,\u201d the piece reads.<\/p>\n<p><strong>Also getting attention: <\/strong><\/p>\n<ul>\n<li><strong>Khazenly CEO Mohamed Younes talks to <\/strong><strong><a href=\"https:\/\/techcabal.com\/2022\/08\/03\/khazenlys-ceo-on-the-fulfilment-gap-in-egypts-logistics-sector\/\">TechCabal<\/a><\/strong> about the challenges and opportunities in Egypt\u2019s logistics and e-commerce industries.<\/li>\n<li><strong>Al Qaeda leader Ayman Al Zawahiri, <\/strong>who was killed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b39236b3-922e-4cfd-86a6-f669879b3012\">earlier this week<\/a> in a US strike, <strong>had a \u201ctotally normal\u201d upbringing in Maadi<\/strong>, his one-time neighbors tell <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/zawahiris-militant-path-surprised-neighbours-cairo-suburb-2022-08-02\/\">Reuters<\/a>.<\/li>\n<li><strong>Journalist and novelist Yasmine El Rashidi traces the history of Cairo<\/strong> in a piece for the <a href=\"https:\/\/www.nytimes.com\/2022\/08\/03\/books\/cairo-egypt-books.html?searchResultPosition=1\">New York Times<\/a> which features some of her favorite books by Egyptian authors.<\/li>\n<li><strong>Iconic Egyptian actor Rushdy Abaza gets an in memoriam feature<\/strong> in <a href=\"https:\/\/www.thenationalnews.com\/arts-culture\/film\/2022\/08\/03\/rushdy-abaza-remembering-the-prolific-actor-who-played-a-starring-role-in-arab-cinema\/\">the National<\/a> on what would have been his 96th birthday.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/film\/\">film<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/khazenly\/\">Khazenly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/literature\/\">literature<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-younes\/\">Mohamed Younes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/rushdy-abaza\/\">Rushdy Abaza<\/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\/terrorism\/\">terrorism<\/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=\"548357\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548358\" 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=\"548358\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/is-russia-using-egypt-to-export-its-crude-plus-el-sisi-establishes-disability-fund\/\">\r\n                            Is Russia using Egypt to export its crude? Plus: El Sisi establishes disability fund                        <\/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\/04\/is-russia-using-egypt-to-export-its-crude-plus-el-sisi-establishes-disability-fund\/\" 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\/04\/is-russia-using-egypt-to-export-its-crude-plus-el-sisi-establishes-disability-fund\/')\">\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\/04\/is-russia-using-egypt-to-export-its-crude-plus-el-sisi-establishes-disability-fund\/\">\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=Is Russia using Egypt to export its crude? Plus: El Sisi establishes disability fund&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/is-russia-using-egypt-to-export-its-crude-plus-el-sisi-establishes-disability-fund\/\">\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\/04\/is-russia-using-egypt-to-export-its-crude-plus-el-sisi-establishes-disability-fund\/&title=Is Russia using Egypt to export its crude? Plus: El Sisi establishes disability fund\">\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=Is+Russia+using+Egypt+to+export+its+crude%3F+Plus%3A+El+Sisi+establishes+disability+fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F04%2Fis-russia-using-egypt-to-export-its-crude-plus-el-sisi-establishes-disability-fund%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\/04\/is-russia-using-egypt-to-export-its-crude-plus-el-sisi-establishes-disability-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548358\" class=\"content-area-description single-story post-548358 post type-post status-publish format-standard hentry category-also-on-our-radar tag-abdel-fattal-el-sisi tag-also-on-our-radar tag-education tag-enterpriseam tag-fintech tag-oil-and-gas tag-palm-hills-developments tag-russia tag-social-welfare tag-taaleem tag-tabby wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Russia appears to be using Egypt as a transit route to sell its crude<\/strong>, ahead of the introduction of western sanctions on its energy exports later this year, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-03\/russia-finds-a-new-route-to-oil-market-via-a-tiny-egyptian-port?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. Tracking data seen by the business newswire showed a vessel depositing 700k barrels of oil at the El Hamra oil terminal on Egypt\u2019s north coast, some or all of which was picked up a few hours later by a second ship. The move, described by Bloomberg as \u201cunusual,\u201d makes oil flows more difficult to monitor and provide opportunities for Moscow to blend its crude with other grades.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>The 19-member board of trustees of the National Dialogue process wrapped i<\/strong><strong>ts <\/strong><strong>fourth meeting yesterday<\/strong> with a decision to form seven committees to coordinate the dialogue\u2019s economic agenda. The board will form committees for inflation and high prices; public debt, budget deficit and fiscal reform; general investment priorities and policy of state ownership; local and foreign private investment; industry; agriculture and food security; and social justice.<\/p>\n<p><strong>The board decided to form five committees for the social agenda <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad5cce11-42b3-4784-9357-a685186e9abc\">earlier this week<\/a><\/strong>, and three committees for the political agenda a few weeks earlier. It has now finished forming the dialogue\u2019s committees and has set the priorities for the political, economic and social tracks.<\/p>\n<p><strong>The board will hold its next meeting on 27 August<\/strong>, where it will choose the rapporteurs for all of the committees and subcommittees of the social, political and economic tracks, and prepare the agenda and topics of discussion for the dialogue.<\/p>\n<hr class=\"grey-line\" \/>\n<p><strong>President Abdel Fattal El Sisi has set up a fund designed to support people with <\/strong><strong>disabilities<\/strong>, according to a decision published in the Official Gazette yesterday. A board of trustees will be formed to set up a detailed plan for the \u201cDifferently-Abled Fund\u201d, which El Sisi had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8cb91eb9-bebf-4941-aac0-92a4ee8a2015\">called to be set up<\/a> last year as part of efforts to improve inclusion of individuals with disabilities in society and the economy.<\/p>\n<p><strong>In detail:<\/strong> The fund will help better integrate individuals with disabilities into the economy by financing various training programs to help them enter the job market, partnering up with different groups to help provide them with jobs, and providing financial support to SMEs led by people with disabilities. It will also establish specialized institutes that can set up programs aimed at boosting social inclusivity, and will help finance the construction and operation of hospitals, health units and care centers catered to people with disabilities.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Emirati buy-now-pay-later fintech <strong><a href=\"https:\/\/tabby.ai\/\">Tabby<\/a><\/strong> plans to enter <strong>Egypt<\/strong>, after raising USD 150 mn in debt financing in what it says is the largest credit facility raised by a fintech in the Gulf region. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-03\/dubai-buy-now-pay-later-firm-tabby-gets-150-million-financing#:~:text=Dubai-based%20buy%20now%2C%20pay%20later%20startup%20Tabby%20secured,deal%20in%20the%20Middle%20East%20and%20North%20Africa.\">Bloomberg<\/a>)<\/li>\n<li><strong>The Financial Regulatory Authority <\/strong>has directed life ins. companies to begin using the first locally-produced life tables, which are used for calculating the probability of death over a person\u2019s life. (<a href=\"https:\/\/ent.news\/2022\/8\/financial-regulatory-authority-life-insurance-actuarial-schedule.pdf\">Statement<\/a>)<\/li>\n<li><strong>Palm Hills Developments<\/strong> and an education provider will partner with <strong><a href=\"https:\/\/www.maastrichtuniversity.nl\/\">Maastricht University<\/a><\/strong> to provide Badya University graduates with a supplementary certificate from the Dutch university. Our friends at Palm Hills hold 40% of Badya University. (<a href=\"https:\/\/ent.news\/2022\/8\/Taaleem-Signs-MoU-with-Maastricht-University-to-Establish-Academic-Partnership-in-Badya-University.pdf\">Statement, pdf<\/a>)<\/li>\n<li>German manufacturer <strong>Knorr-Bremse <\/strong>will equip<strong> 15 high-speed Siemens trains <\/strong>in Egypt with <strong>braking <\/strong>and <strong>entrance systems<\/strong>. (<a href=\"https:\/\/www.knorr-bremse.com\/en\/media\/press-releases\/reproducible-braking-distance-with-this-braking-technology-from-knorr-bremse-trains-run-more-often-and-more-punctually-2.json\">Statement<\/a>)<\/li>\n<li><strong>Seventeen people were killed<\/strong> and 4 others injured <strong>after a microbus collided <\/strong><strong>with a truck<\/strong> on a highway in Sohag province. (<a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-cairo-9f6e8efbee89e0eb5e9397e418babb4e\">Associated Press<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattal-el-sisi\/\">Abdel Fattal El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palm-hills-developments\/\">Palm Hills Developments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taaleem\/\">Taaleem<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tabby\/\">Tabby<\/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=\"548359\" 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=\"548359\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/multilateral-lenders-need-to-do-more-to-support-emerging-economies-through-the-current-crisis-says-pakistans-top-central-banker\/\">\r\n                            Multilateral lenders need to do more to support emerging economies through the current crisis, says Pakistan\u2019s top central banker                        <\/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\/04\/multilateral-lenders-need-to-do-more-to-support-emerging-economies-through-the-current-crisis-says-pakistans-top-central-banker\/\" 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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As attention pivots to the Ukrainian crisis and rising inflation in developed countries, emerging markets risk \"falling through the cracks of the global safety net,\" Murtaza Syed says in a <a href=\"https:\/\/www.ft.com\/content\/f0e2df4c-f64b-4820-b3b3-27389b256ecf\">Financial Times<\/a> op-ed.<\/p><p><strong>\u201cOld-fashioned\u201d and \u201cstandoffish\u201d:<\/strong> At a time when the world is facing a global recession spurred by the Fed's recent rate hike, Syed says multilateral and bilateral donor agencies have been reticent to step in \u2014 and where they have, they\u2019ve insisted on tying help to rigid conditions, leaving many debt-laden developing countries to fend for themselves. Meanwhile, Western multilaterals appear uneasy about engaging with a new world in which China has emerged as a big investor and creditor, he adds.<\/p><p><strong>This may ring some bells: <\/strong>Egypt is currently in talks to secure an assistance package from the IMF \u2014 but there will be strings attached, with the lender\u2019s executive board <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c1d4faf-a5be-4238-a39f-fb90d897192a\">last week calling<\/a> on the government to take \u201cdecisive\u201d steps on fiscal and structural reforms to reduce its exposure to external shocks. President Abdel Fattah El Sisi in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/42ff1336-a520-498c-aef3-1023c9fc2fd5\">June<\/a> made an indirect appeal to the lender to ease up on some of its conditions until we\u2019re through the worst of the economic crisis.<\/p><p><strong>ALSO FROM PLANET FINANCE- <\/strong><\/p><ul>\n<li><strong>Airbus has canceled its entire outstanding order from Qatar Airways<\/strong> for A350 jets in the latest twist in an ongoing saga between the two firms. (<a href=\"https:\/\/www.reuters.com\/business\/aerospace-defense\/exclusive-airbus-axes-remaining-a350-jet-deal-with-qatar-sources-2022-08-03\/\">Reuters<\/a>)<\/li>\n<li><strong>Turkish inflation accelerated to almost 80% in July<\/strong>, and analysts don\u2019t expect it to reverse any time soon as the central bank refuses to tighten policy. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-03\/turkish-inflation-is-likely-to-exceed-80-and-it-has-yet-to-peak?srnd=premium-middle-east#xj4y7vzkg&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<li><strong>Just Eat has slashed the valuation of its US subsidiary Grubhub by almost <\/strong><strong>half to EUR 3 bn<\/strong>, as it looks to sell the company just a year after acquiring it. (<a href=\"https:\/\/www.ft.com\/content\/5a411e19-ff82-47b1-8a31-37b4b3cc272a\">Financial Times<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,539<\/p>\n<\/td>\n<td>\n<p>+1.0% (YTD: -20.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.04<\/p>\n<\/td>\n<td>\n<p>Sell 19.15<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.07<\/p>\n<\/td>\n<td>\n<p>Sell 19.13<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,292<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +9.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,846<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +16.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,339<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +4.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,155<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: -12.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,446<\/p>\n<\/td>\n<td>\n<p>+0.5% (YTD: +0.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,733<\/p>\n<\/td>\n<td>\n<p>+1.3% (YTD: -13.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 97.10<\/p>\n<\/td>\n<td>\n<p>-3.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.27<\/p>\n<\/td>\n<td>\n<p>+7.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,781.80<\/p>\n<\/td>\n<td>\n<p>-0.4%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 23,281<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: -49.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.0% at yesterday\u2019s close<\/strong> on turnover of EGP 440.15 mn (45.7% below the 90-day average). Foreign investors were net sellers. The index is down 20.2% YTD.<\/p><p><strong>In the green: <\/strong>Fawry (+4.1%), e-Finance (+4.0%) and Rameda (+3.3%).<\/p><p><strong>In the red: <\/strong>Eastern Company (-2.6%), EKH-EGP (-1.9%) and AMOC (-0.5%).<\/p><p><strong>Almost all Asian markets are in the green this morning<\/strong> as investors react to yesterday\u2019s rally on Wall Street, fuelled by increasing optimism that the Federal Reserve will be able to engineer a soft landing for the economy that avoids higher interest rates causing a recession. The rally looks set to continue in western markets today with US and European stock futures pointing to early gains when markets open later this morning.<\/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\/emerging-markets\/\">emerging markets<\/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\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/turkey\/\">Turkey<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548360\" 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=\"548360\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/uae-says-gerd-solution-in-reach-calls-for-return-to-african-union-talks\/\">\r\n                            UAE says GERD solution \u201cin reach\u201d, calls for return to African Union talks                        <\/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\/04\/uae-says-gerd-solution-in-reach-calls-for-return-to-african-union-talks\/\" 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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Together with Sudan, Cairo has called for new mediators to be brought in to help find an agreement, an idea dismissed by Ethiopia, which wants to continue with the AU-led process. Other global powers, including the US, EU and the UN Security Council, have also insisted that the three countries should continue with the AU.<\/p>\n<p><strong>Has Egypt changed its tune?<\/strong> \u201cThe UAE \u2026 welcomes the commitment of the three countries to the AU-led negotiations, and encourages them to continue negotiating in good faith,\u201d the statement read. Egypt hasn\u2019t publicly come out in favor of returning to AU-led negotiations, and a new round of talks has not been announced.<\/p>\n<p><strong>The UAE\u2019s intervention comes amid a flare-up in tensions between Egypt and Ethiopia<\/strong>, provoked by Addis Ababa\u2019s recent decision to continue filling the reservoir for the third year running. Egypt last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57cbd6ed-97a8-4500-b6c0-90f4fb102b8a\">protested the move<\/a> at the UN Security Council and accused Ethiopia of breaking international law.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/african-union\/\">African Union<\/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\/ethiopia\/\">Ethiopia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sudan\/\">Sudan<\/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=\"548362\" 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=\"548362\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/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\/04\/gazprom-doesnt-look-like-its-about-to-increase-gas-flows-to-germany\/\">\r\n                            Gazprom doesn\u2019t look like it\u2019s about to increase gas flows to Germany                        <\/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\/04\/gazprom-doesnt-look-like-its-about-to-increase-gas-flows-to-germany\/\" 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\/04\/gazprom-doesnt-look-like-its-about-to-increase-gas-flows-to-germany\/')\">\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\/04\/gazprom-doesnt-look-like-its-about-to-increase-gas-flows-to-germany\/\">\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=Gazprom doesn\u2019t look like it\u2019s about to increase gas flows to Germany&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/04\/gazprom-doesnt-look-like-its-about-to-increase-gas-flows-to-germany\/\">\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\/04\/gazprom-doesnt-look-like-its-about-to-increase-gas-flows-to-germany\/&title=Gazprom doesn\u2019t look like it\u2019s about to increase gas flows to Germany\">\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=Gazprom+doesn%E2%80%99t+look+like+it%E2%80%99s+about+to+increase+gas+flows+to+Germany+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F04%2Fgazprom-doesnt-look-like-its-about-to-increase-gas-flows-to-germany%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\/04\/gazprom-doesnt-look-like-its-about-to-increase-gas-flows-to-germany\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548362\" class=\"content-area-description single-story post-548362 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-energy tag-enterpriseam tag-gazprom tag-germany tag-oil-and-gas tag-russia wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Germany accuses Russia of stalling the return of normal gas flows to the country: <\/strong>The malfunctioning turbine that Russia has blamed for its reduced flows to Germany through its key Nord Stream 1 pipeline has been serviced in Canada and is now stranded in Germany, with German Chancellor Olaf Scholz saying yesterday there was no reason for Moscow to hold up its return. Gazprom has blamed sanctions for the disruption and yesterday said that delivery was \u201cimpossible,\u201d raising fears that the company will not increase flows as winter approaches. <a href=\"https:\/\/www.reuters.com\/business\/energy\/the-turbine-works-germanys-scholz-points-finger-russia-energy-row-2022-08-03\/\">Reuters<\/a> and the <a href=\"https:\/\/www.ft.com\/content\/d926a768-f976-4bee-823c-0f255afb7087\">Financial Times<\/a> have more.<\/p>\n<p><strong>Gazprom cut gas flows through the Nord Stream 1 pipeline to just 20% of capacity last month<\/strong>, sparking fears of recession for the German economy and an intensifying energy crisis across Europe. Gazprom has blamed technical issues for the cuts but EU officials have claimed that the cuts are politically motivated.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/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\/gazprom\/\">Gazprom<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/germany\/\">Germany<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548363\" 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\/04\/548363\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548363\" class=\"content-area-description single-story post-548363 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>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>27 August (Saturday): The National Dialogue board of trustees holds its fifth meeting, which will set the agenda for the dialogue and choose rapporteurs for the involved committees.<\/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>31 August (Wednesday): Deadline for qualifying companies to <a href=\"\">submit offers<\/a>to manage and operate a soon-to-be-established state company for EV charging stations.<\/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>September: Egypt will <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/457255719778187\">host the second edition<\/a>of the Egypt-International Cooperation Forum (ICF).<\/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&ndash;27 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 October (Saturday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>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>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/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 &ndash; 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\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":548339,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-548338","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"5a44260f-550e-473c-b393-44d16159cce3","teaser":"","photo_url":"https:\/\/ent.news\/2022\/8\/6.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>Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease? - 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\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:11:44+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\/6.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\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/non-oil-business-activity-continues-to-fall-in-july-but-is-inflation-beginning-to-ease\/\",\"name\":\"Non-oil business activity continues to fall in July \u2014 but is inflation beginning to ease? 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