{"id":548736,"date":"2022-08-21T04:00:46","date_gmt":"2022-08-21T04:00:46","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=548736"},"modified":"2025-12-15T22:21:19","modified_gmt":"2025-12-15T22:21:19","slug":"cbe-holds-rates-steady-as-el-sisi-appoints-hassan-abdalla-as-caretaker-governor","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-holds-rates-steady-as-el-sisi-appoints-hassan-abdalla-as-caretaker-governor\/","title":{"rendered":"CBE holds rates steady as El Sisi appoints Hassan Abdalla as caretaker governor"},"content":{"rendered":"<section id=\"548738\" 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=\"548738\">\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\/21\/this-morning-introducing-our-newest-pillar-advertiser-a-lot-of-climate-events-are-taking-place-this-week\/\">\r\n                            THIS MORNING: Introducing our newest pillar advertiser; A lot of climate events are taking place this week                        <\/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\/21\/this-morning-introducing-our-newest-pillar-advertiser-a-lot-of-climate-events-are-taking-place-this-week\/\" 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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A lot of climate events are taking place this week\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=THIS+MORNING%3A+Introducing+our+newest+pillar+advertiser%3B+A+lot+of+climate+events+are+taking+place+this+week+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F21%2Fthis-morning-introducing-our-newest-pillar-advertiser-a-lot-of-climate-events-are-taking-place-this-week%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\/21\/this-morning-introducing-our-newest-pillar-advertiser-a-lot-of-climate-events-are-taking-place-this-week\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548738\" class=\"content-area-description single-story post-548738 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-climate tag-cop27 tag-covid-19 tag-education tag-enterpriseam tag-hsbc tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and welcome to the last full week of August \u2014 a month that has <\/strong><strong>emphatically not lived up to its reputation for being light on news.<\/strong> Last week\u2019s surprise changing of the guard at the Central Bank of Egypt, an unexpected cabinet shuffle, and Mohamed Farid\u2019s shifting over to run the Financial Regulatory Authority have shaken up the regulatory and policy landscapes at the same time as the government continues to line up investment from the GCC and pursue talks for an IMF assistance package. Throw in some M&amp;A news (not least the acquisition of Beltone by the UAE\u2019s Chimera) and \u2026 wow. What a month.<\/p><p><strong>***<\/strong><\/p><p><strong>We\u2019re kicking off the week with a bit of news of our own: We\u2019re absolutely delighted to <\/strong><strong>welcome HSBC Egypt as our new lead pillar advertiser <\/strong>here at EnterpriseAM. HSBC is the largest international bank in the nation \u2014 and has the largest presence in our region of any international bank.<\/p><p><strong>HSBC Egypt shares our values<\/strong>, whether that\u2019s its focus on business leaders just like you, its belief that business is an international affair, or its longstanding commitment to net zero and the wider conversation about environmental, social and governance (ESG) issues.<\/p><p><strong>As an institution, HSBC is deeply rooted in Egypt and the Middle East.<\/strong> Its origins in Egypt date to the late twentieth century. Today, it links businesses here to the Gulf, Europe, Asia, and North America. That\u2019s exactly what we aim to do every morning here at Enterprise: To go deep on business, finance, economics and policy in a country in which we all do business and invest \u2014 and to connect you to the international trends and news you need to know about. Whether you\u2019re working on business strategy in Zayed, pitching a US venture capitalist in Zamalek, boarding a plane for meetings in London, or want to know how an interest rate decision in the US will impact us here in Omm El Donia \u2014 that\u2019s where EnterpriseAM comes in.<\/p><p><strong>HSBC Egypt will be penning a column in EnterpriseAM every second Monday. <\/strong>The first, by the bank\u2019s Egypt vice-chair and CEO Todd Wilcox, will appear tomorrow. (We had the chance to sit down with Todd back in June \u2014 our <a href=\"https:\/\/enterprise.press\/2022\/06\/02\/182610\/\">\u201cCoffee with\u2026\u201d conversation is here<\/a> and definitely worth reading.)<\/p><p><strong>HSBC Egypt is also joining us for an exciting new product we\u2019re launching very soon. <\/strong>We\u2019ll have more for you on that in the days ahead \u2014 stay tuned.<\/p><p><strong>Our more than 200k readers enjoy Enterprise without charge every day <\/strong>thanks to the generosity of major corporations including HSBC Egypt, EFG Hermes, SODIC, Infinity, Somabay, Etisalat by e&amp;, PHD, Orascom Construction, CIRA, IDG, and Moharram &amp; Partners. Thank you, all of you, for making this possible.<\/p><p><strong>***<\/strong><\/p><hr class=\"grey-line\"><p><strong>PSA- Your morning commute is going to stay reasonable(ish) for an extra week<\/strong> after the Education Ministry <a href=\"https:\/\/tinyurl.com\/2p8atbac\">announced<\/a> that the new school year for public schools will start on 1 October instead of 24 September as previously announced. The ministry\u2019s international schools will begin the school year on 18 September, the statement said. Ministry-regulated private schools including MES, CES, Alsson, AIS are scheduled to open in early September. Embassy-affiliated and association-owned schools including NCBIS, BISC and the Lyc\u00e9e Fran\u00e7aid du Caire are all opening in the coming weeks.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>The Madbouly government will hold another three rounds of consultations on its <\/strong><strong>privatization strategy this week:<\/strong> Representatives from the power sector will meet with government officials today to discuss its privatization plans. A consultation with construction players will take place on Tuesday and water players are up on Thursday. The government is holding workshops and consultations with stakeholders from different industries every Sunday, Tuesday, and Thursday on its privatization plans. You can find more details on the schedule of the meetings <a href=\"http:\/\/eparticipation.idsc.gov.eg\/?fbclid=IwAR0roLUuQGFnSW2sa39MgFCj0jUqiG6_A-_Kya6SN4IhBJNhIqbHzMv5wdw\">here<\/a>.<\/p><p><strong>PSA-<\/strong> <strong>Students can apply to all government non-profit universities through the <\/strong><strong>online public university enrollment (tansik) <\/strong><strong><a href=\"https:\/\/www.tansik.egypt.gov.eg\/\">website<\/a><\/strong><strong> starting Tuesday, 23 August<\/strong>, the Higher Education Ministry said in <a href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/pfbid02bm22fDXCH4HAu2ioEmfRJyG7gSEUgzTAANfurgy9t13ywiQAYmyHPjh2ekSqmWpwl\">a statement<\/a> Friday. The deadline for applications is the following Tuesday, 30 August.<\/p><p class=\"web-image\"><a href=\"#\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Climate-Teaser-1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>SO MUCH COP-<\/strong><\/p><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a><strong> Get climate finance for your business from the UK government: <\/strong>As the clock ticks down to COP27, the <a href=\"https:\/\/www.linkedin.com\/company\/climate-finance-accelerator-cfa\/\">Climate Finance Accelerator<\/a> (CFA) is hosting a webinar tomorrow to introduce its plans to support low-carbon projects in Egypt. The CFA, backed by the UK government\u2019s <a href=\"https:\/\/www.gov.uk\/guidance\/international-climate-finance\">International Climate Finance<\/a> (ICF), is a four-year technical assistance program designed to \u201cdevelop a sustainable pipeline of bankable and investment-ready, low-carbon projects and identify suitable financing options.\u201d The webinar is aimed at investors and developers involved in low-carbon projects in Egypt and will discuss climate finance, the CFA\u2019s plans for Egypt, and the benefits of taking part in the program. <strong>The webinar takes place tomorrow <\/strong><strong>(Monday, 22 August)<\/strong> starting at 11:30am CLT. Register <a href=\"https:\/\/us02web.zoom.us\/meeting\/register\/tZModuqvqjojGdCUJ0JWguvtejfKjBZuwcYQ\">here<\/a>.<\/p><p><strong>ALSO HAPPENING TOMORROW-<\/strong> The launch event for the global ClimaTech Run competition for tech entrepreneurs, hosted by USAID-backed <a href=\"https:\/\/www.usaid.gov\/egypt\/economic-growth-and-trade\">Business Egypt<\/a>, takes place at Le Lac Du Caire at 5pm CLT.<\/p><p><strong>A delegation from the European Investment Bank delegation is visiting Egypt from 17-21 <\/strong>August to discuss the NWFE program with the International Cooperation Ministry, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02MUL9dLpG6EpHQSrZndJ2RDhSNyN2UxJk2WyRq49Ps7DoSDAKEf94TRRQbs7zptdml\">ministry statement<\/a>. <a href=\"https:\/\/www.youm7.com\/story\/2022\/7\/11\/%D9%85%D8%A7-%D9%87%D9%88-%D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC-%D9%86%D9%88%D9%81%D9%89-%D9%84%D8%AC%D8%B0%D8%A8-%D8%A7%D9%84%D8%AA%D9%85%D9%88%D9%8A%D9%84%D8%A7%D8%AA-%D9%88%D8%A7%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D9%84%D9%85%D8%B4%D8%B1%D9%88%D8%B9%D8%A7%D8%AA-%D8%A7%D9%84%D8%AA%D9%86%D9%85%D9%8A%D8%A9-%D8%A7%D9%84%D8%AE%D8%B6%D8%B1%D8%A7%D8%A1\/5833497\">Announced<\/a> by International Cooperation Minister Rania Al Mashat last month, NWFE is the mechanism by which the ministry will promote its pipeline of low-carbon projects to investors. The EIB delegation is meeting with officials from the international cooperation, agriculture, irrigation and housing ministries during its visit to discuss the details of the program.<\/p><p><strong>The second Egypt- and UN-led <\/strong><strong><a href=\"https:\/\/climatechampions.unfccc.int\/uns-global-climate-investor-roadshow-kicks-off-in-africa\/\">regional climate roundtable<\/a><\/strong><strong> takes place in Bangkok this <\/strong><strong>Thursday:<\/strong> The <a href=\"https:\/\/www.unescap.org\/events\/2022\/asia-pacific-forum-catalyzing-climate-finance-and-investment-flows-ramp-climate-action\">one-day event<\/a> will see climate negotiators from the Asia-Pacific region discuss climate finance with private- and public-sector stakeholders ahead of the COP27 summit in November. This is the second of five regional roundtables being organized by Egypt and the UN. The first took place in Ethiopia last month.<\/p><p><strong>Egypt\u2019s climate czar Dr. Mahmoud Mohieldin was back on the airwaves last night to talk <\/strong><strong>about COP27:<\/strong> In an interview with Al Hayah Al Youm, the UN climate change high level champion for Egypt and IMF executive director talked about Egypt\u2019s ambitions for the summit and how the government is preparing (<a href=\"https:\/\/www.youtube.com\/watch?v=QaEgJT0mBi0\">watch, runtime: 24:35<\/a>).<\/p><p><strong>LATER THIS WEEK-<\/strong><\/p><p><strong>Market watchers will be looking for clues on future Fed policy this Thursday<\/strong> when the big <a href=\"https:\/\/www.kansascityfed.org\/research\/jackson-hole-economic-symposium\/\">annual meet of central bankers at Jackson Hole<\/a>, Wyoming, starts.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD- <\/strong><\/p><p><strong>More than 20 people have been killed in an ongoing siege of a popular hotel in <\/strong><strong>Somalia\u2019s capital Mogadishu<\/strong>. Islamic militants reportedly linked to Al Qaeda stormed the Hayat hotel on Friday and security forces were still trying to retake the building on Saturday evening. Two officers said that 25 bodies were recovered from the hotel, and more than 50 have been injured. (<a href=\"https:\/\/www.reuters.com\/world\/africa\/least-12-killed-somalia-hotel-siege-intelligence-officer-says-2022-08-20\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-20\/at-least-16-dead-as-terrorist-group-storms-mogadishu-hotel?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/gunmen-storm-hotel-in-somali-capital-leave-20-dead-11661017058?mod=hp_lead_pos3\">Wall Street Journal<\/a> | <a href=\"https:\/\/apnews.com\/973890d612dd85ab816329dc189769b8\">Associated Press<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-africa-62608531\">BBC<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2022\/aug\/19\/casualties-reported-as-jihadist-group-seizes-hotel-in-somali-capital\">The Guardian<\/a>)<\/p><p><strong>COVID WATCH- We\u2019ve (almost) all had a first dose of a covid jab, and most of us <\/strong><strong>have had a second jab. <\/strong>Some 50 mn people \u2014 99.8% of those eligible for vaccination against covid-19 \u2014 have received a first jab, Health Minister Khaled Abdel Ghaffar <a href=\"https:\/\/web.facebook.com\/EgyptianCabinet\/posts\/pfbid0BiWqf1iHKHgEXLW2PsNJHe9wjKugRpJj8e1RSthPD2WP2C3qxJ1iDbo7sxFKA66ul?_rdc=1&amp;_rdr\">said<\/a> at a cabinet meeting last week. Around 78% of those eligible have received a second dose, he said. Booster rates are significantly less, with fewer than a third of those eligible (some 8 mn people) having taken the third shot.<\/p><p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/11\/Whats-Next-Vertical-Banner-En-1600-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>*** It\u2019s What\u2019s Next day:<\/strong> We have our weekly deep-dive into what makes and shapes pre-listed companies and startups in Egypt, the UAE and KSA, touching on investment trends, future sector insights and growth journeys.<\/p><p><strong>In today\u2019s issue: What\u2019s next for F&amp;B in Egypt? <\/strong>The Egyptian F&amp;B sector has been expanding rapidly in recent years, with market consolidation and the rate of new players entering the country gathering pace. But what\u2019s next?<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/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\/hsbc\/\">HSBC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548739\" 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=\"548739\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/548739\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548739\" class=\"content-area-description single-story post-548739 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='www.solasifestival.com'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/SolasiEnterpriseAssets-1600px.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n<p><strong>Solasi Wellbeing Festival at Somabay:<\/strong> Where wellbeing meets nature at this holistic yoga and healing festival set between mountains and sea. Solasi wellbeing festival is organized by Yes Yoga and Osana Family Wellness located in the beautiful Somabay. It is a place where yoga, movement, and holistic therapies meet play, relaxation, and music. Set in Somabay sunshine between the majestic mountains and the glittering sea, we are going to bring you sunrise yoga, sound healing, funky classes, morning runs, enlightening workshops, healing treatments, Tai Chi, meditation, kids\u2019 treasure hunts, locally sourced food and lots of dancing. We have everything you need to run away with us for four days from 21-24 September at a magical destination. Book your one-day or three-day passes at <a href=\"http:\/\/www.solasifestival.com\">solasifestival.com<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548740\" 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=\"548740\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/hassan-abdalla-is-the-new-acting-governor-of-the-central-bank-of-egypt\/\">\r\n                            Hassan Abdalla is the new acting governor of the Central Bank of Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/hassan-abdalla-is-the-new-acting-governor-of-the-central-bank-of-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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During a meeting on Thursday, El Sisi stressed to Abdalla that monetary policy should be responsive to global economic challenges, improve the country\u2019s investment climate, and help diversify its sources of foreign currency, according to state-owned breaking news website <a href=\"https:\/\/gate.ahram.org.eg\/News\/3644541.aspx\">Ahram Gate<\/a>.<\/p>\n<p><strong>Abdalla\u2019s appointment came on the heels of Tarek Amer\u2019s surprise resignation<\/strong><strong> on <\/strong><strong>Wednesday<\/strong>, one day before the central bank\u2019s interest rate meeting. No explanation was given for Amer\u2019s exit, but analysts have speculated that the move could signal a shift in exchange-rate policy. Amer\u2019s second and final term was due to expire in November 2023; the former governor was widely seen as managing the exchange rate within a narrow corridor.<\/p>\n<p><strong>It is unclear how long Abdalla will hold the position:<\/strong> Egypt\u2019s constitution allows the president to appoint a temporary caretaker to fill the position until the House of Representatives begins its next legislative session in the fall, at which time it would need to approve a nominee for a full four-year term.<\/p>\n<p><strong>WHO IS HASSAN ABDALLA?<\/strong><\/p>\n<p><strong>Abdalla is a veteran of the private-sector banking industry:<\/strong> He joined AAIB in 1982 and rose to become the multinational bank\u2019s vice chairman and managing director in 2002 \u2014 a position he held until he <a href=\"https:\/\/enterprise.press\/stories\/2018\/09\/09\/what-were-tracking-on-9-september-2018\/\">left the bank in 2018<\/a>, having positioned it as one of the nation\u2019s top private-sector banks. He\u2019s the founder and chairman of advisory and private equity firm <a href=\"https:\/\/www.pantherassociates.org\/\">Panther Associates<\/a> and has previously been a board member at the Central Bank of Egypt and EGX, the Institute of International Finance, the Communications Ministry\u2019s ITIDA, and several private and public sector companies in Egypt.<\/p>\n<p><strong>Abdalla aggressively positioned AAIB as among the private-sector \u201cinstitutions of choice\u201d for corporate Egypt<\/strong> with a strategy of pursuing syndicated loans, working capital facilities, and long-term finance to support capital expenditures. Abdalla grew the bank\u2019s international presence (including through its long-time UAE arm, which accounted for 20% of AAIB\u2019s net income in 2017, his last full year at the bank); moved into microfinance, leasing and mortgage finance; spun up an investment banking, corporate finance, securities brokerage and asset management units; and helped lead the early conversation here on sustainable finance.<\/p>\n<p><strong>He was a key figure in the 2005 merger of <\/strong><strong>Misr America International Bank and AAIB <\/strong>in a transaction worth around EGP 240 mn, according to local media reports. In 2015, Abdallah led the bank to <a href=\"https:\/\/www.google.com\/url?q=https:\/\/aaib.com\/financialSynopsis\/openPdf?file_id%3D100&sa=D&source=docs&ust=1661048163342138&usg=AOvVaw1AbaYAXV00TUrooD1rHUdC\">buy the portfolio<\/a> of Canada\u2019s Scotiabank in Egypt.<\/p>\n<p><strong>He is also a member of the academic world: <\/strong>Abdalla was a part-time professor of finance at AUC, from which he graduated with a BA and an MA. He is actively involved in the academic community, serving on the boards of both the ESLSCA Business School in Egypt and the strategic advisory board of AUC School of Business.<\/p>\n<p><strong>IN AT THE DEEP<\/strong><strong> END-<\/strong><\/p>\n<p><strong>Abdalla chaired Thursday\u2019s Monetary Policy Committee meeting<\/strong> just hours after his appointment. The committee left interest rates on hold (we have more details on the meeting below).<\/p>\n<p><strong>And attended a series of high-level meetings:<\/strong> Abdalla also held meetings with <a href=\"https:\/\/tinyurl.com\/bdeh83jp\">Prime Minister<\/a><a href=\"https:\/\/tinyurl.com\/bdeh83jp\">Moustafa Madbouly<\/a> and <a href=\"https:\/\/tinyurl.com\/bddvdzth\">IMF Executive Director Mahmoud Mohieldin<\/a> on Thursday to discuss economic policy and the current state of play with the IMF negotiations. Abdalla said the relationship between the central bank and government would be \u201ccharacterized by harmony\u201d to achieve the country\u2019s development goals, stressing \u201cfull cooperation and coordination\u201d between the two sides.<\/p>\n<p><strong>A tough road ahead:<\/strong> Abdalla leads the bank as policymakers face growing pressure on the currency and the economy. Heightened commodity prices have added bns of USD to the country\u2019s import bill and rising global interest rates as well as volatility in international financial markets have seen <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">USD 20 bn in portfolio flows<\/a> exit the country this year, putting pressure on the EGP, which has slipped almost 22% since March.<\/p>\n<p><strong>Abdalla\u2019s most pressing challenge: the EGP. <\/strong>Calls among global financial analysts for further devaluation <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-09\/only-way-is-down-for-egyptian-currency-and-question-is-how-much?sref=mmeFTDW1\">have grown louder<\/a> in recent days to dodge a balance of payments crisis, and markets are increasingly pricing in a further depreciation. Forward markets expect the currency to slide 10% over the next three months and 22% over the next year, according to Tellimer Research.<\/p>\n<p><strong>Freeing the currency is also looking like a prerequisite for an agreement with the IMF:<\/strong> Adopting a flexible exchange rate policy is likely one of the IMF\u2019s key demands before it agrees to extend another multi-bn USD loan to Egypt, for which the two sides have been in talks <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a4e3bad5-0ccb-44bf-8327-c3a52ba2bcf3\">since March<\/a>. The Fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c1d4faf-a5be-4238-a39f-fb90d897192a\">called on the government<\/a> to make \u201cdecisive\u201d fiscal and structural reforms to reduce its exposure to external shocks last month.<\/p>\n<p><strong>An agreement with the IMF is key:<\/strong> The series of policy tools deployed so far \u2060\u2014 allowing a limited fall in the currency, restricting imports, and attracting up to USD 22 bn in Gulf investment \u2060\u2014 have done little to ease the external pressures. A fresh program could provide bns of USD in additional funding and give extra assurances to investors by way of a structural reform program endorsed by the IMF. <strong>The question is how the Madbouly government would cope with the additional boost to inflation <\/strong>that would accompany a float.<\/p>\n<p><strong>The foreign press took note of Abdalla\u2019s appointment: <\/strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-18\/egypt-names-hassan-abdalla-as-acting-central-bank-governor\">Bloomberg<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/egypts-president-appoints-caretaker-central-bank-governor-2022-08-18\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-middle-east-africa-business-religion-eaf65fadc1bfd2e9516b085d44b84cd2\">Associated<\/a><a href=\"https:\/\/apnews.com\/article\/russia-ukraine-middle-east-africa-business-religion-eaf65fadc1bfd2e9516b085d44b84cd2\">Press<\/a> | <a href=\"https:\/\/www.thenationalnews.com\/business\/economy\/2022\/08\/18\/egypt-appoints-hassan-abdalla-interim-central-bank-governor\/\">The National<\/a>.<\/p>\n<p><strong>MEANWHILE- Gamal Negm isn\u2019t going anywhere:<\/strong> The CBE has denied reports of the resignation of the bank\u2019s Deputy Governor Gamal Negm, according to a statement sent to journalists. \u201cNegm continues to perform his duties as normal,\u201d it said. Negm, who has been a key figure at the bank for almost two decades, had been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78814fcd-281c-4700-8678-fec2fdd95fc6\">speculated<\/a> to be in the running for the top job after Amer stepped down.<\/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\/central-bank-of-egypt\/\">Central Bank of Egypt<\/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\/gamal-negm\/\">Gamal Negm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/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\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tarek-amer\/\">Tarek Amer<\/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=\"548742\" 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=\"548742\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/cbe-holds-rates-steady-following-amer-resignation\/\">\r\n                            CBE holds rates steady following Amer resignation                        <\/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\/21\/cbe-holds-rates-steady-following-amer-resignation\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The CBE left the overnight deposit rate at 11.25%, the overnight lending rate at 12.25%, and the main operation and disc. rates at 11.75%, it said in a <a href=\"https:\/\/ent.news\/2022\/8\/MPC-Press-release-August-18-2022.pdf\">statement<\/a><a href=\"https:\/\/ent.news\/2022\/8\/MPC-Press-release-August-18-2022.pdf\">(pdf)<\/a>.<\/p>\n<p><strong>Analysts had expected the central bank to raise rates:<\/strong> Analysts surveyed by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0daadbb-f618-4f6c-97d3-d28939ea5bd8\">Enterpris<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0daadbb-f618-4f6c-97d3-d28939ea5bd8\">e<\/a> and <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/egypts-central-bank-seen-hiking-rates-dampen-price-rises-2022-08-15\/\">Reuters<\/a> expected the central bank to hike rates in response to rising inflation, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43fc629c-c572-49e8-9404-6b508e9b3248\">hit a fresh three-year high<\/a> of 13.6% in July. Some market watchers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0daadbb-f618-4f6c-97d3-d28939ea5bd8\">changed their forecast<\/a> following Amer\u2019s resignation while others expected the central bank to press ahead.<\/p>\n<p><strong>The CBE didn\u2019t stray from its recent messaging on inflation:<\/strong> \u201cThe [Monetary Policy Committee] decided that keeping policy rates unchanged remains consistent with achieving price stability over the medium term,\u201d the CBE said in the statement. It reiterated that inflation above its target of 7% (\u00b1 2%) by the end of the year \u201cwill be temporarily tolerated.\u201d<\/p>\n<p><strong>A good thing for our public finances:<\/strong> \u201cThe rush to raise interest rates increases the cost to the economy, especially to public finances, which are already facing huge pressure,\u201d said Esraa Ahmed, economist at Al Ahly Pharos. What\u2019s more, raising interest rates is unlikely to bring foreign investors back to Egypt due to the rising returns on USD-denominated assets abroad and the current risks surrounding the EGP, she added.<\/p>\n<p><strong>Even as global pressures refuse to abate:<\/strong> The MPC reiterated its view that inflation is being imported into the local market as a result of global macroeconomic pressures resulting from the war in Ukraine and a tighter monetary environment. It also for the first time cited \u201cincreased geopolitical risk in South-East Asia\u201d as one reason for the global slowdown, in an apparent reference to the recent flare-up in US-China tensions.<\/p>\n<p><strong>One good sign: Global commodities prices are on the decline<\/strong> after peaking in the wake of Russia\u2019s invasion of Ukraine, the CBE said. Global food prices have fallen for four consecutive months and were helped last month with the breakthrough agreement between Ukraine and Russia to resume Ukrainian grain exports via the Black Sea. Oil prices have also fallen significantly and are now at pre-Ukraine war lows and edging towards USD 90 a barrel.<\/p>\n<p><strong>As focus shifts to the EGP, inflation may be allowed to go higher still:<\/strong> Abdalla\u2019s appointment has added fuel to speculation that the EGP will need to slide more against the greenback to manage growing external imbalances and attract foreign capital back to the country \u2014 which would lead to a further rise in inflation. Prime Securities\u2019 head of Research Amr El Alfy is among those calling for the new governor to give up tight control of the EGP and instead allow the currency to float against the greenback, <strong>suggesting that imported inflation is transitory and will likely fall back into single digits next year<\/strong>. A <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59629508-f337-48ec-b80c-092a43eecb30\">further hike in fuel prices<\/a> could also put further upwards pressure on prices.<\/p>\n<p><strong>This is the second consecutive meeting during which the bank decided to leave rates unchanged. <\/strong>The MPC has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a2b0a89-0a42-47b7-8172-cdf8ce1d8729\">hiked rates by 300 bps<\/a> since March, but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/83535286-8c60-4f96-abff-99018cbc0303\">chose to leave them unchanged<\/a> during its latest meeting in June, after inflation in May came in below expectations. The MPC said it will continue to assess the effects of its earlier hikes as it decides whether to resume its tightening cycle at its next meeting.<\/p>\n<p><strong>The E<\/strong><strong>GX respon<\/strong><strong>ded positively to the MPC\u2019s decision a<\/strong><strong>nd Abdalla\u2019s appointment:<\/strong> The benchmark EGX 30 closed Thursday up 0.35%, after rising 2.2% the day before following the announcement of Amer\u2019s departure.<\/p>\n<p><strong>The CBE will next meet to discuss rates on 22 September<\/strong>.<\/p>\n<p><strong>The news got attention internationally: <\/strong><a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/egypt-central-bank-keeps-interest-rates-unchanged-2022-08-18\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-18\/egypt-holds-rates-as-governor-s-shock-exit-turns-focus-to-pound?sref=mmeFTDW1\">Bloomberg<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/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=\"548744\" 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=\"548744\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/sczone-dp-world-sokhna-partner-up-for-new-logistics-service-zone\/\">\r\n                            SCZone, DP World Sokhna partner up for new logistics service zone                        <\/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\/21\/sczone-dp-world-sokhna-partner-up-for-new-logistics-service-zone\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The zone will create 600 jobs.<\/p>\n<p><strong>BACKGROUND:<\/strong> DP World said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2109d126-3d56-4e83-887b-c962bd51b6a7\">last year<\/a> it would invest USD 25-35 mn in improving logistics services and upping capacity at the Ain Sokhna seaport over a 2-3 year period, days after it completed a multi-mn USD expansion of the Red Sea port. The Emirati port giant has been investing in our ports alongside the UK government\u2019s development finance arm, as part of the pair\u2019s USD 1.7 bn platform to invest in African ports and logistics infrastructure.<\/p>\n<p><strong>IN OTHER INVESTMENT NEWS-<\/strong><\/p>\n<ul>\n<li><strong>Elaraby Group<\/strong> will start operations at a new plant in <strong>Nigeria<\/strong> by the end of 2023, a company representative confirmed to Enterprise, without disclosing the cost of the project or what the factory will produce. The company also plans to build an industrial complex in Quesna, Menoufia.<\/li>\n<li><strong>Iraqi edtech platform <\/strong><strong><a href=\"http:\/\/www.edobailana.com\/\">Eduba<\/a><\/strong> plans to invest USD 500k in Egypt in 2023, marking the first direct investment by Baghdad in Egypt\u2019s IT sector. (<a href=\"https:\/\/tinyurl.com\/mrxs9zje\">Al Mal<\/a>)<\/li>\n<li>Saudi software company <strong><a href=\"https:\/\/arabsea.com\/en\/\">Arab Sea Information Syste<\/a><\/strong><strong><a href=\"https:\/\/arabsea.com\/en\/\">ms<\/a><\/strong> will open a new office in Egypt after its board greenlit the move. (<a href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/tadawul\/home\/announcement-details\/!ut\/p\/z1\/jZBNT4NAEIZ_iweuzJS2QL1RQkWBrcpHYS_NoggkwBJKS-qvd4snE0HntpnnfebNAoUYaMMuZc76kjesEu-Eqkdiu6aNuuJgQHZovER7c-tZTuiocBgBRTH1xWaF7sMj0QRg2NEuCpaIK6D_yePEGPh3no7IXIMRmDsxb1iDzzpIRFFtsomigH_zGITsQ2JankWCIwm9rfUKibrRVIQnoHnF0-9PLfq-vZdQwp69s-FcSaIFaxqT9RAvpoA3XresufrXOuXCoik4okaTLvUcaJd9ZF3WyedOLG_50ygYhkHOOc-rTBYC4fklUvCTOPyThLYOYyyfi_by6WYHvV8nxt0XDEqTHg!!\/dz\/d5\/L0lHSkovd0RNQUZrQUVnQSEhLzROVkUvZW4!\/\">Disclosure<\/a>)<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dp-world\/\">DP World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dp-world-sokhna\/\">DP World Sokhna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mdc\/\">MDC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/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=\"548746\" 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=\"548746\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/zilla-capital-is-setting-up-an-activist-fund\/\">\r\n                            Zilla Capital is setting up an activist 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\/21\/zilla-capital-is-setting-up-an-activist-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\/21\/zilla-capital-is-setting-up-an-activist-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\/21\/zilla-capital-is-setting-up-an-activist-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=Zilla Capital is setting up an activist fund&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/zilla-capital-is-setting-up-an-activist-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\/21\/zilla-capital-is-setting-up-an-activist-fund\/&title=Zilla Capital is setting up an activist 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=Zilla+Capital+is+setting+up+an+activist+fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F21%2Fzilla-capital-is-setting-up-an-activist-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\/21\/zilla-capital-is-setting-up-an-activist-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/332.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548747\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/zilla-capital-is-setting-up-an-activist-fund\/332-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/332.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"332.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/332.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/332.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548746\" class=\"content-area-description single-story post-548746 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-egx tag-enterpriseam tag-zilla-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Investment firm <\/strong><strong><a href=\"https:\/\/www.zillacapital.com\/\">Zilla Capital<\/a><\/strong><strong> plans to launch an EGP 2 bn activist equity investment fund<\/strong> during the fourth quarter of this year, executive chairman and founding partner <a href=\"https:\/\/enterprise.press\/stories\/2019\/11\/07\/my-morning-routine-wael-ziada-founder-and-managing-partner-of-zilla-capital\/\">Wael Ziada<\/a> told <a href=\"https:\/\/bit.ly\/3puqCLC\">Al Mal<\/a> on Thursday.<\/p>\n<p><strong>SOUND SMART<\/strong><strong>- W<\/strong><strong>hat\u2019s an activist investor?<\/strong> Activist investors typically purchase minority stakes in public companies and attempt to change the way they\u2019re run, usually to maximize shareholder value. A recent example of this is Disney, which is <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4cdaf4c9-9d34-4ee9-9f54-291d7dbd24b6\">facing pressure<\/a> to restructure its board and spin off assets by hedge fund Third Point, which recently acquired a stake in the company.<\/p>\n<p><strong>What we know so far: <\/strong>The Zilla Activism Fund will purchase stakes of between 10% and 33% in six EGX-listed companies. Zilla is still deciding which sectors to invest in and plans to submit the relevant documents to the Financial Regulatory Authority for approval after the summer.<\/p>\n<p><strong>Zilla is buying the dip: <\/strong>The current market slowdown makes this a good time to scoop up shares at good prices, Ziada said. The EGX has staged a rally in recent weeks that pulled it out of a bear market for the first time since mid-June, but remains down some 16.3% on its recent peak in early January.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zilla-capital\/\">Zilla Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548748\" 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=\"548748\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/mohamed-idris-to-become-advisor-to-un-peacebuilding-fund\/\">\r\n                            Mohamed Idris to become advisor to UN Peacebuilding 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\/21\/mohamed-idris-to-become-advisor-to-un-peacebuilding-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\/21\/mohamed-idris-to-become-advisor-to-un-peacebuilding-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\/21\/mohamed-idris-to-become-advisor-to-un-peacebuilding-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=Mohamed Idris to become advisor to UN Peacebuilding Fund&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/mohamed-idris-to-become-advisor-to-un-peacebuilding-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\/21\/mohamed-idris-to-become-advisor-to-un-peacebuilding-fund\/&title=Mohamed Idris to become advisor to UN Peacebuilding 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=Mohamed+Idris+to+become+advisor+to+UN+Peacebuilding+Fund+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F21%2Fmohamed-idris-to-become-advisor-to-un-peacebuilding-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\/21\/mohamed-idris-to-become-advisor-to-un-peacebuilding-fund\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548748\" class=\"content-area-description single-story post-548748 post type-post status-publish format-standard hentry category-moves tag-diplomacy tag-enterpriseam tag-moves tag-peacebuilding-fund tag-un wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>UN Secretary-General <strong>Antonio Guterres<\/strong> has appointed Egypt\u2019s former permanent representative to the UN in New York, <strong>Mohamed Idris<\/strong>, as a <strong>member <\/strong>of <strong>the advisory group<\/strong> to the <strong><a href=\"https:\/\/www.un.org\/peacebuilding\/fund\">Peacebuilding Fund<\/a><\/strong>, according to a Foreign Ministry <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/pfbid02hU9HKhss6TbdqZrJaq5YFv5Xs2By3nitw416aoi28gPvWsrQq3Hsgdxejjx2gPUUl\">statement<\/a>. The role will see him provide advice on the fund\u2019s allocations, programming and policies.<\/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\/diplomacy\/\">DIPLOMACY<\/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\/peacebuilding-fund\/\">Peacebuilding Fund<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/un\/\">UN<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548749\" 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=\"548749\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/548749\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548749\" class=\"content-area-description single-story post-548749 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\/8\/Sodic-25_DESIGNS_1600x1600.jpg?ssl=1\" alt='enterprise'><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548750\" 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=\"548750\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/\">\r\n                            Abdalla at the CBE + a new industrial tender get attention on the airwaves                        <\/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\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/\" 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\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/')\">\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\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/\">\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=Abdalla at the CBE + a new industrial tender get attention on the airwaves&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/\">\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\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/&title=Abdalla at the CBE + a new industrial tender get attention on the airwaves\">\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=Abdalla+at+the+CBE+%2B+a+new+industrial+tender+get+attention+on+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F21%2Fabdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves%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\/21\/abdalla-at-the-cbe-a-new-industrial-tender-get-attention-on-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548750\" class=\"content-area-description single-story post-548750 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-agriculture tag-central-bank-of-egypt tag-electricity tag-enterpriseam tag-hassan-abdalla tag-industry tag-last-nights-talk-shows tag-trade-and-industry-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Hassan Abdalla\u2019s appointment as caretaker governor of the Central Bank of Egypt <\/strong><strong>got a lot of attention on the airwaves last night<\/strong>, with El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=L2RNnwjZLyI\">watch, runtime: 2:42<\/a>; <a href=\"https:\/\/www.youtube.com\/watch?v=gI-HmsT1uhA\">5:31<\/a>) and Sada El Balad (<a href=\"https:\/\/www.youtube.com\/watch?v=sHSjohCF-YU\">watch, runtime: 2:43<\/a>) both covering the news.<\/p>\n<p><strong>The key question: What happens to the EGP?<\/strong> \u201cAbdalla\u2019s priority will be to shift Egypt\u2019s economic policy from one pegged to a fixed EGP to a more flexible currency that is adaptable to supply and demand and market movements,\u201d economist Hany Genena told El Hekaya\u2019s Amr Adib, joining a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f4ba0d7-8458-48a8-af05-3a4d44fdbda3\">growing chorus of economists<\/a> calling for increased EGP flexibility. \u201cA stable FX rate requires severe austerity measures that do not complement Egypt\u2019s current economic agenda or plans for expansions and development,\u201d he said.<\/p>\n<p><strong>Also on Abdalla\u2019s agenda:<\/strong> The new governor will need to decide whether the CBE will continue offering loans at preferential rates to SMEs and tourism companies, a policy that the IMF is telling the government to end, Genena said. We have more on Abdalla\u2019s appointment in this morning\u2019s Moves section, above.<\/p>\n<p><strong>The new trade + industry minister is getting to work: <\/strong>The Trade and Industry Ministry is launching a tender for three industrial complexes comprising 1k units in Upper Egypt next week for micro, small and medium enterprises (MSMEs), head of the Industrial Development Authority (IDA) Mohamed El Zalat, told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=gVJv0IxiUpk\">watch, runtime: 5:07<\/a>). The ministry has slashed prices for the conditions booklet for companies bidding for the units by more than half to EGP 300-500, from EGP 2k previously, he said.<\/p>\n<p><strong>Hundreds of companies have obtained licenses for industrial land from the ministry <\/strong><strong>within 20 days or less <\/strong>since May, El Zalat said (<a href=\"https:\/\/www.youtube.com\/watch?v=GJ0G8GT8R1c\">watch, runtime: 6:19<\/a>). The ministry had taken over responsibility for issuing licenses in May to expedite procedures that normally forced companies to obtain at least 14 approvals before obtaining a license. Some 3-4k companies obtained building permits for their factories in 2021 and have already started operations, he said.<\/p>\n<p><strong>Remember:<\/strong> Ahmed Saleh <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d007eb5-d6f5-4502-a92d-da863dcbc6a3\">recently took over<\/a> as the country\u2019s trade and industry minister, replacing Nevine Gamea, who was criticized by MPs and investors during her time in office for the slow pace of industrial licensing and bureaucratic reform.<\/p>\n<p><strong>Also on the airwaves last night:<\/strong><\/p>\n<ul>\n<li><strong>Electricity Ministry denies tough measures for those who don\u2019t ration electricity:<\/strong> The government will not cut the power on those who do not abide by the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34592f12-233d-4901-ae0a-b210c9ca855e\">new measures<\/a> to reduce electricity consumption, Electricity Spokesperson Ayman Hamza said. (Ala Mas\u2019ouleety | <a href=\"https:\/\/www.youtube.com\/watch?v=gwOOg4gk5as\">watch, runtime: 15:16<\/a>)<\/li>\n<li><strong>President Abdel Fattah El Sisi followed up on the status of land reclamation <\/strong><strong>projects<\/strong>, including those in <a href=\"https:\/\/enterprise.press\/stories\/2017\/12\/20\/tatweer-misr-mostakbal-sign-cooperation-for-two-projects-worth-egp-33-bn\/\">New Delta<\/a>, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af1b5628-23bb-4b70-8569-973225e9fcf7\">Toshka<\/a> and Upper Egypt. (Al Hayah Al Youm | <a href=\"https:\/\/www.youtube.com\/watch?v=ichYOkA0CoA\">watch, runtime: 4:14<\/a>)<\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/trade-and-industry-ministry\/\">Trade and Industry Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548751\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button 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class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-xj2k4j3\" data-v=\"4\" data-block-id=\"xj2k4j3\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-xj2k4j3-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-xj2k4j3-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                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   <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/human-rights-the-imf-and-the-abu-sefein-church-fire-are-all-in-focus-in-the-foreign-press\/\">\r\n                            Human rights, the IMF and the Abu Sefein church fire are all in focus in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/human-rights-the-imf-and-the-abu-sefein-church-fire-are-all-in-focus-in-the-foreign-press\/&title=Human rights, the IMF and the Abu Sefein church fire are all in focus in the foreign press\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Human+rights%2C+the+IMF+and+the+Abu+Sefein+church+fire+are+all+in+focus+in+the+foreign+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F21%2Fhuman-rights-the-imf-and-the-abu-sefein-church-fire-are-all-in-focus-in-the-foreign-press%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/human-rights-the-imf-and-the-abu-sefein-church-fire-are-all-in-focus-in-the-foreign-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548752\" class=\"content-area-description single-story post-548752 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-alaa-abdel-fattah tag-archaeology tag-enterpriseam tag-human-rights tag-imf tag-national-security tag-us tag-zahi-hawass wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>There\u2019s a mishmash of news getting attention in the foreign press this morning:<\/strong> Human rights is back in the headlines after a family member of Alaa Abde Fattah told <a href=\"https:\/\/www.reuters.com\/world\/africa\/jailed-activist-alaa-abd-el-fattah-escalates-hunger-strike-egypt-family-seeks-2022-08-18\/\">Reuters<\/a> that the imprisoned activist has stepped up his hunger strike against his detention. Meanwhile, <a href=\"https:\/\/foreignpolicy.com\/2022\/08\/18\/congress-biden-duke-it-out-over-egypt-aid\/\">Foreign Policy<\/a> is out with a piece on a growing number of US lawmakers and <strong>human rights<\/strong> groups are stepping up pressure on the Biden administration to cut Egypt\u2019s USD 1.3 bn military subsidy for human rights reasons.<\/p>\n<p><strong>Elsewhere:<\/strong> <a href=\"https:\/\/www.al-monitor.com\/originals\/2022\/08\/deadly-church-fire-prompts-wide-scale-safety-inspections-egypt\">Al Monitor<\/a> reports that the government will launch a nationwide review of safety conditions of <strong>churches<\/strong> following the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b2d478a3-44cc-4349-becb-dc06962ca646\">deadly fire<\/a> at Abu Sefein church in Imbaba last week; <a href=\"https:\/\/reliefweb.int\/report\/egypt\/egypt-seeks-exceptional-treatment-imf\">Human Rights Watch<\/a> wants an IMF program to focus on governance reforms rather than <strong>eliminating subsidies<\/strong>; and Dr Zahi Hawass is launching a petition to bring the <strong>Rosetta Stone<\/strong> back to Egypt from the British Museum, according to <a href=\"https:\/\/www.thenationalnews.com\/world\/2022\/08\/19\/new-push-to-bring-rosetta-stone-back-to-egypt-amid-awakening-on-colonial-loot\/\">The National<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alaa-abdel-fattah\/\">Alaa Abdel Fattah<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/archaeology\/\">archaeology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zahi-hawass\/\">Zahi Hawass<\/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=\"548753\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548754\" 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=\"548754\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/toyota-wants-to-get-more-involved-in-egypts-low-carbon-energy-industries\/\">\r\n                            Toyota wants to get more involved in Egypt\u2019s low-carbon energy industries                        <\/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\/21\/toyota-wants-to-get-more-involved-in-egypts-low-carbon-energy-industries\/\" 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\/21\/toyota-wants-to-get-more-involved-in-egypts-low-carbon-energy-industries\/')\">\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\/21\/toyota-wants-to-get-more-involved-in-egypts-low-carbon-energy-industries\/\">\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=Toyota wants to get more involved in Egypt\u2019s low-carbon energy industries&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/toyota-wants-to-get-more-involved-in-egypts-low-carbon-energy-industries\/\">\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\/21\/toyota-wants-to-get-more-involved-in-egypts-low-carbon-energy-industries\/&title=Toyota wants to get more involved in Egypt\u2019s low-carbon energy industries\">\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=Toyota+wants+to+get+more+involved+in+Egypt%E2%80%99s+low-carbon+energy+industries+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F21%2Ftoyota-wants-to-get-more-involved-in-egypts-low-carbon-energy-industries%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\/21\/toyota-wants-to-get-more-involved-in-egypts-low-carbon-energy-industries\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548754\" class=\"content-area-description single-story post-548754 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-blue-ammonia tag-city-centre-alexandria tag-enterpriseam tag-green-hydrogen tag-hisham-amna tag-suez-canal-economic-zone tag-toyota-tsusho tag-warraq wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>SCZone, Toyota sign MoU on low-carbon projects: <\/strong>The Suez Canal Economic Zone (SCZone) and Japan\u2019s <a href=\"https:\/\/www.toyota-tsusho.com\/english\/\">Toyota Tsusho<\/a> signed an agreement to conduct feasibility studies for joint projects in low-carbon infrastructure, renewable energy, water, green and blue hydrogen, and blue and green ammonia, the SCZone <a href=\"https:\/\/tinyurl.com\/2p82a4wd\">said<\/a> Wednesday. Toyota last week <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ff5cab0d-d42b-4e3a-8b78-d76f3bae9d61\">presented to the Oil Ministry<\/a> the results of an initial six-month study into producing blue ammonia in Egypt.<\/p><p><strong>The government is making a fresh round of overdue subsidies payments to <\/strong><strong>exporters: <\/strong>Cabinet has given its approval to pay a total EGP 10 bn out to exporters in a fifth phase of its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a07e57d5-42b9-4637-9eb3-da04e571f92e\">program<\/a> to repay overdue subsidies, according to a <a href=\"https:\/\/tinyurl.com\/ywcd7eae\">statement<\/a>. Exporters can now request to be included in the scheme, with payments to be made on 1 October and 1 December, Maait said in a separate <a href=\"https:\/\/tinyurl.com\/6x9393vy\">statement<\/a>.<\/p><p><strong>Gov\u2019t defends Warraq redevelopment amid tensions:<\/strong> Housing Minister Assem Al Gazzar has denied that the government is forcibly evicting residents of Warraq Island after security forces and civilians clashed last week. In <a href=\"https:\/\/tinyurl.com\/yckwkhjd\">a statement<\/a> Thursday, the minister defended the government\u2019s plans to redevelop the island, claiming that land has only been purchased \u201cconsensually\u201d and that it has paid out EGP 6 bn in compensation to those evicted.<\/p><p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p><ul>\n<li><strong>Cabinet<\/strong> approved a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/736a249b-4301-4930-99e9-74b669ef90a6\">EUR<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/736a249b-4301-4930-99e9-74b669ef90a6\">250 mn<\/a> loan from the <strong>European Bank for Reconstruction and Development (EBRD)<\/strong> to finance <strong>Cairo Metro Line 2 upgrades<\/strong>. (<a href=\"https:\/\/web.facebook.com\/EgyptianCabinet\/posts\/pfbid02R5UC1UujdxpPku1edeFBguY2KeXgxP3YoR9q4U44Gp6sG9VK79cwDkDmgaLuggk4l?_rdc=1&amp;_rdr\">Statement<\/a>)<\/li>\n<li>Heliopolis Housing parent company <strong>Holding Company for Construction &amp; Development <\/strong>has acquired 8.3% of<strong> Zahraa El Maadi Investment <\/strong>for EGP 199.1 mn. (<a href=\"https:\/\/ent.news\/2022\/8\/Zahraa-el-maady.pdf\">Disclosure, pdf<\/a>)<\/li>\n<li>A <strong>fire <\/strong>broke out yesterday on the roof of <strong>City Centre Alexandria<\/strong>, and was later brought under control. No serious injuries were reported. (<a href=\"https:\/\/twitter.com\/no_itsmyturn\/status\/1560998210859962368\">Twitter<\/a> | <a href=\"https:\/\/ent.news\/2022\/8\/MAF-Media-Statement-City-Centre-Alexandria-Fire-20.8.22-EN.pdf\">statement, pdf<\/a>)<\/li>\n<li><strong>Local Development Minister Hisham Amna<\/strong> was discharged from hospital on Wednesday after receiving treatment for minor injuries sustained in a road accident on the Wadi Natrun-Alamein the day before. (<a href=\"https:\/\/bit.ly\/3wdBAsG\">Youm7<\/a>)<\/li>\n<\/ul>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/blue-ammonia\/\">blue ammonia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/city-centre-alexandria\/\">City Centre Alexandria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-amna\/\">Hisham Amna<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal-economic-zone\/\">Suez Canal Economic Zone<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/toyota-tsusho\/\">Toyota Tsusho<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/warraq\/\">Warraq<\/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=\"548755\" 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=\"548755\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/the-gulf-is-going-to-be-12-figures-better-off-by-2026\/\">\r\n                            The Gulf is going to be 12 figures better off by 2026                        <\/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\/21\/the-gulf-is-going-to-be-12-figures-better-off-by-2026\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The flood of revenues will further increase the financial power of the region\u2019s sovereign wealth funds \u2014 the Public Investment Fund, the Qatar Investment Authority, and Abu Dhabi\u2019s three funds among them \u2014 at a time when much of the rest of the world is facing recession and falling asset prices. Azour says that the region\u2019s oil exporters should use the new revenues to \u201cinvest in the future\u201d by developing their tech capabilities and transitioning to green energy.<\/p><hr class=\"grey-line\"><p><strong>Investors are growing wary of the summer rally + expect a volatile September: <\/strong>\u201cTraders at Goldman Sachs, Morgan Stanley and JPMorgan Chase have warned clients in recent days that the bounce in shares is not underpinned by confidence the surge can last,\u201d the <a href=\"https:\/\/www.ft.com\/content\/28492ea1-4355-476b-9a31-269f7a945289\">Financial Times writes<\/a>. US financial markets have rallied in recent weeks from one of their worst years on record as rising inflation and the war in Ukraine sent stocks and bonds tumbling.<\/p><p><strong>Wake us up when September ends: <\/strong>The month is known for its bad average return for the S&amp;P 500, with the index tending to fall around 1%. It is also the only month during which stocks drop more often than they rise, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-19\/rowdy-summer-stock-bulls-catching-the-scent-of-an-autumn-reaping?srnd=premium-middle-east&amp;sref=mmeFTDW1#xj4y7vzkg\">Bloomberg<\/a> writes.<\/p><p><strong>That rally stumbled on Friday<\/strong> when US stocks suffered their biggest daily loss since June after Fed officials renewed hardline comments on the need to fight inflation. The S&amp;P 500 saw its first weekly loss in five weeks after falling 1.3% on Friday while the Nasdaq lost 1.9%.<\/p><p><strong>ALSO IN PLANET FINANCE NEWS-<\/strong><\/p><ul>\n<li><strong>Noon to buy online fashion platform Namshi:<\/strong> E-commerce company <a href=\"https:\/\/www.noon.com\/egypt-en\/\">Noon<\/a> will acquire Emirati real estate developer Emaar\u2019s online fashion platform <a href=\"https:\/\/www.namshi.com\/\">Namshi<\/a> for USD 335.2 mn. (<a href=\"https:\/\/ent.news\/2022\/8\/EMAAR_BODRES_19_8_2022.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>More bad news for Europe\u2019s gas supply:<\/strong> The Nord Stream 1 pipeline will close for three days of unscheduled maintenance at the end of the month, state energy giant Gazprom said over the weekend. Moscow has already cut flows through the vital pipeline <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e50e36c9-26f9-4145-9994-49dc5d12b97b\">to just 20%<\/a> of capacity, blaming issues with turbines. (<a href=\"https:\/\/twitter.com\/GazpromEN\/status\/1560677160053944321?cxt=HHwWgsCl4fbm0agrAAAA\">Statement<\/a>)<\/li>\n<li><strong>Another ominous sign from China\u2019s tanking real estate market:<\/strong> China\u2019s largest developer Country Garden expects its earnings to have fallen as much as 70% during 1H 2022, amid an escalating crisis in the country\u2019s property market (<a href=\"https:\/\/www.ft.com\/content\/0b52834d-c4fb-497d-9ad0-68cf646536a8\">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>10,094<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -15.5%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.10<\/p>\n<\/td>\n<td>\n<p>Sell 19.18<\/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>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.12<\/p>\n<\/td>\n<td>\n<p>Sell 19.18<\/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>12,622<\/p>\n<\/td>\n<td>\n<p>-0.7% (YTD: +11.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,083<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +18.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,420<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +7.0%)<\/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>S&amp;P 5<\/strong><strong>0<\/strong><strong>0<\/strong><\/p>\n<\/td>\n<td>\n<p>4,228<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -11.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,550<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +2.3%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,730<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -13.2%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 96.72<\/p>\n<\/td>\n<td>\n<p>+0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 9.34<\/p>\n<\/td>\n<td>\n<p>+1.6%<\/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 1,762.90<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,147<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -54.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.4% at Thursday\u2019s close<\/strong> on turnover of EGP 1.28 bn (37.7% above the 90-day average). Foreign investors were net sellers. The index is down 15.5% YTD.<\/p><p><strong>In the green: <\/strong>Abu Qir Fertilizers (+4.4%), Ibnsina Pharma (+3.2%) and Mopco (+3.1%).<\/p><p><strong>In the red: <\/strong>Orascom Construction (-6.2%), Alexandria Containers (-3.2%) and GB Auto (-1.2%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/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\/namshi\/\">Namshi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/noon\/\">Noon<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/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=\"548756\" 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=\"548756\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/erdogan-wants-highest-level-of-relations-with-egypt\/\">\r\n                            Erdogan wants \u201chighest level\u201d of relations with Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/21\/erdogan-wants-highest-level-of-relations-with-egypt\/\" target=\"_blank\">\n                   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status-publish format-standard hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-politics tag-turkey wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Turkey wants warmer ties with Egypt: <\/strong>Turkey wants to take its ties with Egypt to \u201cthe highest level,\u201d Turkish President Recep Tayyip Erdogan said on Thursday, according to Turkish state news agency <a href=\"https:\/\/www.aa.com.tr\/en\/politics\/turkiye-ready-to-contribute-to-ending-russia-ukraine-war-through-diplomacy\/2664815\">Andalou<\/a><a href=\"https:\/\/www.aa.com.tr\/en\/politics\/turkiye-ready-to-contribute-to-ending-russia-ukraine-war-through-diplomacy\/2664815\">Agency<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/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\/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<div class=\"alignfull whats-next vertical-section wide-section wp-block-group issue-section\" id=\"548757\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\"\">\r\n                <figure 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href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/\">\r\n                            Read What's Next                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/digitization-is-key-to-the-fb-sector\/\">         \r\n                            Digitization is key to the F&#038;B sector<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/digitization-is-key-to-the-fb-sector\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/333.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" sizes=\"(max-width: 34.9rem) calc(100vw - 2rem), (max-width: 53rem) calc(8 * (100vw \/ 12)), (min-width: 53rem) calc(6 * (100vw \/ 12)), 100vw\" data-attachment-id=\"548758\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/whatsnext\/digitization-is-key-to-the-fb-sector\/333-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/333.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"333.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/333.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/333.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-548757\" class=\"content-area-description post-548757 whatsnext type-whatsnext status-publish has-post-thumbnail hentry tag-digitization tag-enterprise-whats-next tag-enterpriseam tag-food-and-beverage tag-startups wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>What\u2019s next for F&B in Egypt? <\/strong>The Egyptian F&B sector has been expanding rapidly, between welcoming new players into the market \u2014 Dubai-based foodtech startup GrubTech, which promised to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b20142a8-ef25-4ef8-949e-db7a283ade79\">invest USD 5 mn<\/a> over the next 12-18 months into its operations \u2014 and Egyptian-based food startups expanding through mergers and acquisitions, most recently grocery delivery startup <a href=\"https:\/\/appetito.com\/\">Appetito<\/a> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76a18ee3-ef5f-4ad9-a783-3c9e55ec0e1d\">acquiring Tunisian<\/a> startup <a href=\"https:\/\/www.lamma.city\/\">Lamma<\/a>.<\/p>\n<p><strong>Locally speaking, how big is the sector? <\/strong>Egypt has some 100k F&B players, distributed among 400k branches, <a href=\"https:\/\/www.grubtech.com\/\">GrubTech<\/a> country manager Osama Harfoush (<a href=\"https:\/\/eg.linkedin.com\/in\/osamaharfoush\">LinkedIn<\/a>) told Enterprise, adding that around 60% of those present in the market have between 1-3 branches. \u201cThere is a gap in data seeing that the data gathered only covers those operating in Cairo, Alexandria, Mansoura, Tanta, Zagazig and Port Said,\u201d Harfoush said. Only a mere 27k-30k restaurants are registered with the state and have tax IDs, significantly limiting the amount of players aggregators such as GrubTech can work with.<\/p>\n<p><strong>And it\u2019s still growing: <\/strong>\u201cI think it's definitely at a stage where it's growing tremendously and bringing in more and more new concepts and original concepts. Homegrown brands are flourishing, truly,\u201d <a href=\"https:\/\/www.oneorder.net\/\">OneOrder<\/a> co-founder Tamer Amer (<a href=\"https:\/\/eg.linkedin.com\/in\/tamer-amer-529668210?trk=public_post_share-update_actor-text\">LinkedIn<\/a>) said.<\/p>\n<p><strong>Where do they stand in terms of adopting tech trends? <\/strong>Around 60-70% of our 100k local players are adopting tech trends, but only 70% of them have systems in place that can probably integrate new tech into their operations, Harfoush said.<\/p>\n<p><strong>Today, restaurants can outsource everything:<\/strong> There are food aggregators to help a restaurant get orders, a delivery aggregator to deliver these orders and a supplier to help the kitchen secure its ingredients, Harfoush said, adding that this raises the need for a software that tracks all that simultaneously and helps the process of managing it.<\/p>\n<p><strong>But they need the tech to back it up and integrate it: <\/strong>The sector, both locally and globally, is moving towards adopting more digital trends into its operations, which requires restaurants to firstly be present digitally, and secondly build a cloud system or APIs to give them the ability to integrate with other systems or third parties, Harfoush explained. These steps will allow them to integrate new payment methods, enhance customer experience, implement better supply chain solutions and optimize their delivery process.<\/p>\n<p><strong>Emerging F&B tech trends can be witnessed in three main areas: supply chain, customer experience and delivery. <\/strong>Here\u2019s how it happens:<\/p>\n<p><strong>#1- Supply chain. <\/strong>Restaurants are forced to rent bigger spaces to allocate storage space due to weekly delivery schedules from traditional suppliers and the need to keep necessary inventory at hand. Supply chain solutions \u2014 like next-day delivery options \u2014 can help restaurants forgo storage when renting a commercial space, Amer said. \u201cNow they can [rent] smaller spaces, pay less in rent and not worry about the supply chain because they know they can make an order for next day delivery and expect it to be delivered on time.\u201d<\/p>\n<p><strong>#2- Customer experience. <\/strong>Tech can be used to enhance a customer\u2019s experience, either inside the restaurant, or when ordering delivery from the comfort of their couch. This can include interactive menus, WiFi, and targeted promotions to potential customers in the vicinity of the restaurant, our experts told us.<\/p>\n<p><strong>#3- Delivery. <\/strong>\u201cAlmost 80% of restaurants now offer delivery services,\u201d <a href=\"https:\/\/survv.com\/?fbclid=IwAR0CXkG-gS1dBGAnCTZexY2rJ-LiG2pihhV3k4qTk4IGQfX7B2TCFF-I9J0\">Survv<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9557d8d5-8cda-4792-8194-80b91b3a7bc8\">Takery<\/a> cofounder Ahmad Tawfik (<a href=\"https:\/\/www.linkedin.com\/in\/ahmad-tawfik-3b68847b\/\">LinkedIn<\/a>) told us. The F&B sector saw drastic changes due to the covid outbreak, which pushed customers towards digital food-ordering platforms, Tawfik said. A lot of brands now have their own delivery-friendly website and can simultaneously rely on third-party delivery apps including <a href=\"https:\/\/www.talabat.com\/egypt\">Talabat<\/a> and <a href=\"https:\/\/www.elmenus.com\/\">Elmenus<\/a>. \u201cDigitization has allowed for the constant monitoring of delivery couriers, giving restaurants an estimate as to when they should expect the courier to arrive so they can prepare the food accordingly,\u201d Harfoush said.<\/p>\n<p><strong>And the net is widening: F&B players have started looking at third-party logistics companies<\/strong>, such as <a href=\"https:\/\/survv.com\/?fbclid=IwAR0CXkG-gS1dBGAnCTZexY2rJ-LiG2pihhV3k4qTk4IGQfX7B2TCFF-I9J0\">Survv<\/a> and <a href=\"https:\/\/yallafelsekka.com\/\">Yalla Fel Sekka<\/a>, to help them offload delivery services. Integrating operations with delivery services like <a href=\"https:\/\/www.mylerz.com\/\">Mylerz<\/a> and <a href=\"https:\/\/bosta.co\/\">Bosta<\/a> has helped the company track and stay connected to the shipment while it\u2019s being delivered, cofounder of foodtech startup <a href=\"https:\/\/3attar.com\/ar\/\">3attar<\/a> Mohamed Ali told us (<a href=\"https:\/\/eg.linkedin.com\/in\/mohamed-ali-8bbaa895\">LinkedIn<\/a>).<\/p>\n<p><strong>Those two together provide restaurants with a pot of gold: data. <\/strong>The growth in the use of digital delivery platforms, for instance, has provided F&B players with more data about their consumer base, allowing restaurants to utilize their operations more efficiently and help them discover new customer habits, customer trends and create new products quicker, Tawfik added.<\/p>\n<p><strong>And it\u2019s making things cheaper: <\/strong>\u201c[The rise of tech use] is helping new small restaurants be digitized at a fraction of cost they would have paid if they had gone the traditional way,\u201d Amer added. With the establishment of tech companies such as One Order, which acts as a one-stop shop for restaurant produce and equipment, restaurants are saving a lot. \u201cAbout 6% of the restaurant revenue is wasted on sourcing supplies, not the actual supplies,\u201d he added.<\/p>\n<p><strong>The rise of tech was accompanied by the rise of cloud kitchens: <\/strong>Cloud kitchens \u2014 also known as professional cooking facilities without storefronts \u2014 are set up to prepare delivery-only meals for restaurants that may not have the capacity to prepare meals for both on-site and off-site orders. Cloud kitchens help restaurants regionally expand and start operating in new areas without worrying about the logistics of it all.<\/p>\n<p><strong>However, with this significant rise in tech, it becomes a challenge finding tech-literate employees<\/strong>, GrubTech\u2019s country manager told us, adding that restaurants have been making an effort to better equip their employees with the skills needed to adapt to the sector\u2019s tech transformation. \u201cWe, at GrubTech, offer employees training and onboarding workshops to help them understand how things work,\u201d Ali said, explaining that tech-based companies usually poach qualified employees from each other seeing that there are very few of them available.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top stories on future trends for the week:<\/strong><\/p>\n<ul>\n<li><strong>Abu Dhabi is jumping on disruptive tech investments in EMs:<\/strong> AI firm G42 and ADQ-backed Abu Dhabi Growth Fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2155c15a-9448-4a91-8cd7-7c1f0ef14df6\">are setting up a USD 10 bn fund<\/a> focused on investing in tech in emerging markets.<\/li>\n<li><strong>Groundbreaking <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/718864b9-168e-472d-ba03-5496ccf670e6\">new tech<\/a><\/strong><strong> in the pharma industry<\/strong> could make animal testing obsolete.<\/li>\n<li><strong>Swvl\u2019s revenues more than tripled in 2Q 2022 <\/strong>as the company\u2019s entry into new markets drove a surge in bookings, according to its latest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1d434ef6-458f-4052-b961-ec4449a6e149\">earnings release.<\/a> <\/li>\n<\/ul>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/digitization\/\">digitization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-and-beverage\/\">food and beverage<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"548759\" 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\/21\/548759\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548759\" class=\"content-area-description single-story post-548759 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>August: Sharm El Sheikh will host the African Sumo Championship.<\/p>\n<p>17-21 August (Wednesday-Sunday): Delegation from the European Investment Bank visits Egypt to discuss the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02MUL9dLpG6EpHQSrZndJ2RDhSNyN2UxJk2WyRq49Ps7DoSDAKEf94TRRQbs7zptdml\">Nawafi program<\/a> with the Ministry of International Cooperation.<\/p>\n<p>21 August (Sunday): The government hosts public consultations on its state ownership policy document with firms in the electricity sector.<\/p>\n<p>22 August (Monday): The Climate Finance Accelerator hosts a <a href=\"https:\/\/us02web.zoom.us\/meeting\/register\/tZModuqvqjojGdCUJ0JWguvtejfKjBZuwcYQ\">webinar<\/a> on climate finance in Egypt.<\/p>\n<p>22 August (Monday): ClimaTech Run 2022, Le Lac du Caire, Cairo.<\/p>\n<p>23 August (Tuesday): The government hosts public consultations on its state ownership policy document with firms in the construction sector.<\/p>\n<p>23 August (Tuesday): Window to apply for government non-profit universities via the online tansik (enrollment) <a href=\"http:\/\/www.tansik.egypt.gov.eg\">website<\/a> opens.<\/p>\n<p>25 August (Thursday): Second Egypt and UN-led regional climate roundtable ahead of COP27, Bangkok, Thailand.<\/p>\n<p>25 August (Thursday): The government hosts public consultations on its state ownership policy document with firms in the water sector.<\/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): Retail portion of Ghazl El Mahalla IPO ends.<\/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): Deadline for companies to file 2Q financial statements.<\/p>\n<p>30 August (Tuesday): Deadline to apply for government non-profit universities via the tansik (enrollment) <a href=\"http:\/\/www.tansik.egypt.gov.eg.\">website<\/a>.<\/p>\n<p>30 August (Tuesday): The government hosts public consultations on its state ownership policy document with timber merchants.<\/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>31 August (Wednesday): Submission deadline for fall 2022 cycle of EGBank\u2019s Mint Incubator.<\/p>\n<p>31 August (Wednesday): Beltone convenes its general assembly to restructure the board following the change of ownership.<\/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): <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ab18811-37ac-49ff-a508-4188cc7820cc\">Credit hikes<\/a> for ration card holders will come into effect.<\/p>\n<p>1 September: Madbouly government set to introduce new <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02mjcJQGrQBXC7YRw2K16H5o2ih1iTaxmEC6bwS5F9wBrdDzjMMHepCu6cLiT82Euwl\">social protection measures<\/a>.<\/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 Egypt and UN-led regional climate roundtable ahead of COP27, 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>4 September (Sunday): Industrial Development Authority\u2019s <a href=\"http:\/\/www.ida.gov.eg\/webcenter\/portal\/oracle\/webcenter\/page\/scopedMD\/s83d58991_1ad6_4dce_99ea_30c57d0e8097\/Page9c4d4973_3702_4395_b290_aeefc30f57dc.jspx\">deadline<\/a> for companies interested in providing various services in the industrial zones in Qena and Sohag to submit a written expression of interest.<\/p>\n<p>5-8 September (Monday-Thursday): <a href=\"https:\/\/www.gastechevent.com\/\">Gastech 2022<\/a>, Milan, Italy.<\/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 (Sunday-Tuesday): <a href=\"https:\/\/ed-forum.org\/\">Environment and Development Forum (EDF)<\/a>, InterContinental City Stars, Cairo.<\/p>\n<p>14 September (Wednesday): Expedition Investments\u2019 MTO for Domty expires.<\/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 Egypt and UN-led regional climate roundtable ahead of COP27, 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>19-22 September (Monday-Thursday): EFG Hermes One on One Conference, Dubai.<\/p>\n<p>20 September (Tuesday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, 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>22 September (Thursday): Deadline to submit prequalification applications for companies interested in submitting a proposal for sea water desalination projects<\/p>\n<p>25-27 September (Sunday-Tuesday) A delegation of executives at Egyptian real estate companies visit Saudi Arabia to present developers with investment opportunities in Egypt\u2019s real estate sector.<\/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>27-29 September (Tuesday-Thursday): <a href=\"https:\/\/invest-renewables.africa\/\">Africa Renewables Investment Summit<\/a> (ARIS), Cape Town, South Africa.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: House of Representatives reconvenes after summer recess<\/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): Start of 2022-2023 school year.<\/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>, Washington, DC.<\/p>\n<p>16-19 October (Sunday-Wednesday): <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week 2022<\/a>, Nile Ritz Carlton, Cairo.<\/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>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>December: Egypt to <a href=\"https:\/\/bit.ly\/3bVoWYy\">expand Sudan electricity link capacity<\/a> to 300 MW.<\/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>1 January (Sunday): Residential electricity bills are set to rise as per the government\u2019s <a href=\"https:\/\/ent.news\/2020\/6\/%D8%A7%D9%84%D9%85%D8%A4%D8%AA%D9%85%D8%B1-%D8%A7%D9%84%D8%B5%D8%AD%D9%81%D9%89-%D9%84%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%83%D9%87%D8%B1%D8%A8%D8%A7%D8%A1-%D9%84%D9%84%D8%AE%D9%85%D8%B3-%D8%B3%D9%86%D9%88%D8%A7%D8%AA-%D8%A7%D9%84%D9%82%D8%A7%D8%AF%D9%85%D8%A9-9-6-2020-1.pdf\">six-year roadmap (pdf)<\/a> to restructure electricity prices by 2025.<\/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>4Q2022: Raya Holding subsidiary Aman and Qalaa Holdings\u2019 Taqa Arabia to launch their fintech company.<\/p>\n<p>End of 2022: Decent Life first phase scheduled for completion.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p>1Q 2023: Adnoc Distribution\u2019s acquisition of 50% of TotalEnergies Egypt to close.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":548737,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-548736","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"66d37fcc-3208-48bc-b673-e42880bef46e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/8\/30.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>CBE holds rates steady as El Sisi appoints Hassan Abdalla as caretaker governor - 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\/cbe-holds-rates-steady-as-el-sisi-appoints-hassan-abdalla-as-caretaker-governor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBE holds rates steady as El Sisi appoints Hassan Abdalla as caretaker governor\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-holds-rates-steady-as-el-sisi-appoints-hassan-abdalla-as-caretaker-governor\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:21:19+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\/30.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\/cbe-holds-rates-steady-as-el-sisi-appoints-hassan-abdalla-as-caretaker-governor\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/cbe-holds-rates-steady-as-el-sisi-appoints-hassan-abdalla-as-caretaker-governor\/\",\"name\":\"CBE holds rates steady as El Sisi appoints Hassan Abdalla as caretaker governor - 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