{"id":548836,"date":"2022-08-24T04:00:15","date_gmt":"2022-08-24T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=548836"},"modified":"2025-12-15T22:23:50","modified_gmt":"2025-12-15T22:23:50","slug":"ezdehar-enters-egyptian-retail-sector-with-zahran-market-acquisition","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/ezdehar-enters-egyptian-retail-sector-with-zahran-market-acquisition\/","title":{"rendered":"Ezdehar enters Egyptian retail sector with Zahran Market acquisition"},"content":{"rendered":"<section id=\"548838\" 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=\"548838\">\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\/24\/this-morning-new-cbe-chief-to-meet-senior-bankers-today-high-inflation-across-the-world-could-be-with-us-to-stay\/\">\r\n                            THIS MORNING: New CBE chief to meet senior bankers today + High inflation across the world could be with us to stay                        <\/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\/24\/this-morning-new-cbe-chief-to-meet-senior-bankers-today-high-inflation-across-the-world-could-be-with-us-to-stay\/\" 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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Not a bad way to start looking toward the weekend\u2026<\/p><p><strong>WATCH THIS SPACE- CBE Governor Hassan Abdalla will reportedly meet with senior <\/strong><strong>bankers today<\/strong>, his first such meeting since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">being appointed acting chief last week<\/a>. Abdalla, a veteran banker and former chief of AAIB, was tapped last Thursday to run the bank after Tarek Amer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78814fcd-281c-4700-8678-fec2fdd95fc6\">stepped down unexpectedly<\/a> the day before.<\/p><p><strong>The two-day regional summit in New Alamein came to an end yesterday:<\/strong> We\u2019re not going to pretend we know much about what was discussed, given the lack of public messaging post-meeting. We have (a bit) more in Last Night\u2019s Talk Shows, below.<\/p><p><strong>HAPPENING TOMORROW-<\/strong><\/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 <\/strong><strong>tomorrow:<\/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>The big central bank meet at Jackson Hole starts tomorrow: <\/strong>Fed chairman Jerome Powell will deliver a speech on Friday and investors will be keeping a close eye for hints about how far the central bank could raise rates when it next meets in September.<\/p><hr class=\"grey-line\"><p><strong>WATCH THIS SPACE-<\/strong><\/p><p><strong>EGP WATCH- The EGP slipped another <\/strong><strong>0.1%<\/strong><strong> to 19.22 against the USD yesterday<\/strong>, leaving it down 21.8% since the devaluation in March. The currency has edged closer to record lows against the greenback this month as speculation increases that policymakers could choose to further devalue the currency. Tarek Amer\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78814fcd-281c-4700-8678-fec2fdd95fc6\">sudden resignation<\/a> added to the uncertainty in the markets, which are currently pricing in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">another 22% decline<\/a> over the next year.<\/p><p><strong>FOOD SECURITY- Ukrainian grain exports could reach two-thirds of their pre-war levels <\/strong><strong>in August: <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1933af3-aebe-45a8-88cc-f95f09cc11fd\">UN-brokered safe corridor<\/a> to export grain through Ukraine\u2019s Black Sea ports could boost the country\u2019s agricultural exports to 4 mn tons in August, up from 3 mn tons in July \u2014 though still short of the 6 mn tons it was shipping abroad before Russia\u2019s invasion, <a href=\"https:\/\/reut.rs\/3pE1cLP\">Reuters<\/a> reports, citing a Ukrainian agricultural official. The partial return of Ukrainian grain to the markets this month has helped loosen tight global commodities markets, easing inflationary pressures and assuaging some of the concern over brewing grain shortages across Africa and the Middle East. <strong>Ukraine and Russia accounted for the vast majority of grain exports to Egypt <\/strong>prior to Moscow\u2019s invasion.<\/p><p><strong>Our wheat stocks seem to be rising \u2014 and we\u2019re buying direct from Russia. <\/strong>The state had a <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypts-strategic-wheat-reserves-sufficient-until-end-this-year-supply-ministry-2022-06-08\/\">six-month<\/a> strategic reserve of wheat on hand in June, a figure that earlier this month had risen to <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/2\/472993\/Egypt\/Society\/Egypt%E2%80%99s-strategic-wheat-reserves-cover--months-Cab.aspx\">7.2 months<\/a>. We have <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypts-gasc-directly-buys-240000-t-russian-wheat-ministry-2022-08-23\/\">reportedly added an order<\/a> for 240k tons of Russian wheat this past Monday outside the usual tender system (more on that in the news well, below).<\/p><p><strong>PSA #1- Only e-invoices will be accepted as proof companies have paid VAT on <\/strong><strong>goods and services starting in April 2023<\/strong>, according to a FinMin <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02Qi4mHTuDCKZzDK3KXJUBw78Btp4FTYDJpMDbTW2GsFrscttBDrQpeAi5inZ169jFl?__cft__%5B0%5D=AZX2HyPnE1Fy2-TE7uqo8h67c5VsM5lzgky5DK0qfbIR_Whq6xOYLt3C-yYa2yx-HOSbEeTD2vEmTemTRcmfFfJ4aHb0yXPpPexOANu7fADf0j8I9fLUwPe2Yr-o4yNqvqb2smQ6mpsdn4SNron9g-ci8HKWXxzLhQZSzTg1-WXEpw&amp;__tn__=%2CO%2CP-R\">statement<\/a> out yesterday. All businesses will have joined the system by December this year, paving the way for the Tax Authority to fully phase out use of paper invoices, according to the statement.<\/p><p><strong>What e-invoicing system?<\/strong> The government is working to digitize all B2B and B2C invoices, a move designed to give the government greater oversight over tax and reduce the size of the informal economy. The Tax Authority launched a pilot in late 2020 and has been gradually extending the system since then. All B2B and B2C invoices across the country are expected to be fully automated by December.<\/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>This is exactly what Twitter didn\u2019t want to happen as it prepares for its court showdown <\/strong><strong>with Elon Musk:<\/strong> Twitter made headlines yesterday after its former security chief accused it of lying about its security problems and failing to protect user data. The whistleblower is the service\u2019s former chief of security (and prominent hacker), Peiter Zatko. He filed an 84-page complaint detailing the company\u2019s issues with privacy, digital and physical security, content moderation and bots \u2014 one of the key question marks raised by Tesla CEO Elon Musk before he tried to walk back from his USD 44 bn bid to take over the company. Twitter CEO Parag Agrawal responded to the accusations in an email to employees, saying that it is a \u201cfalse narrative that is riddled with inconsistencies and inaccuracies.\u201d The story is everywhere from <a href=\"https:\/\/www.reuters.com\/markets\/deals\/twitters-former-security-head-alleges-company-misled-regulators-about-security-2022-08-23\/\">Reuters<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-23\/read-twitter-ceo-agrawal-s-email-to-staff-about-whistle-blower?srnd=premium-middle-east\">Bloomberg<\/a> to the <a href=\"https:\/\/www.wsj.com\/articles\/twitters-ex-security-head-files-whistleblower-complaint-11661263009\">Wall Street Journal<\/a>, <a href=\"https:\/\/www.cnn.com\/2022\/08\/23\/tech\/twitter-whistleblower-peiter-zatko-security\/index.html\">CNN<\/a>, the <a href=\"https:\/\/www.bbc.com\/news\/technology-62633191\">BBC<\/a> and beyond.<\/p><p><strong>Also everywhere in the business press: The passing of famed b\u2019naire hedge fund manager Julia<\/strong><strong>n Robertson<\/strong> at age 90 due to heart complications. The American investor was known for his years at the helm of Tiger Management, which was ranked among the world\u2019s top hedge funds before it closed in 2000. He is also remembered by his legacy \u201cTiger Cubs\u201d \u2014 a string of prominent hedge fund managers who had earlier worked under his leadership. (<a href=\"https:\/\/www.reuters.com\/markets\/us\/billionaire-hedge-fund-manager-julian-robertson-dies-90-spokesman-2022-08-23\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/92b8ba60-131e-4adf-8b06-e5f52262f0e4\">Financial Times<\/a> | <a href=\"https:\/\/www.cnn.com\/2022\/08\/23\/investing\/julian-robertson-death\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-23\/julian-robertson-hedge-fund-guru-to-tiger-cubs-dies-at-90\">Bloomberg<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/08\/23\/billionaire-hedge-fund-manager-julian-robertson-dies-at-90.html\">CNBC<\/a>)<\/p><hr class=\"grey-line\"><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/zuckinthemetaverse-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>Are Facebook developers building the Metaverse on Windows 95?<\/strong> USD 10 bn spent and all it took was a selfie for some to start writing off Mark Zuckerberg\u2019s Metaverse pivot. The consensus among the tech Twitterati: Metaverse graphics make the 20-year-old Second Life look cutting edge. <a href=\"https:\/\/twitter.com\/MNateShyamalan\/status\/1560441724366995456\">Cue memes<\/a>.<\/p><hr class=\"grey-line\"><p><strong>THE LONG VIEW- <\/strong><\/p><p><strong>Is the era of low inflation well and truly behind us? <\/strong>Big-time bond investors think high inflation is here to stay no matter what central banks do as globalization goes into reverse, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-22\/pimco-capital-group-say-era-of-low-inflation-is-gone-for-good?srnd=premium-middle-east\">Bloomberg<\/a> writes. Rising interest rates around the world will help put a ceiling over soaring inflation rates but widening geopolitical fault lines, weakening global supply chains and rising wages will put the good old days of 2% inflation out of reach, they tell the business newswire. \u201cThe last 20 years of <a href=\"https:\/\/www.investopedia.com\/terms\/g\/great-moderation.asp\">the great moderation<\/a> \u2014 that\u2019s fully behind us now,\u201d said an economist at Pimco, one of the world\u2019s biggest bond traders.<\/p><p><strong>This means that the Fed could be raising rates for longer than the markets expect: <\/strong>\u201cThe view in the market that central banks will be in a position to cut rates in a number of countries will be challenged in due course,\u201d said Ivailo Vesselinov, chief strategist at Emso Asset Management.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>B Investments has just under a week to respond to Adnoc\u2019s bid for TotalEnergies Egypt:<\/strong> Private equity outfit B Investments has until next Monday, 29 August, to decide <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90e11ce3-4b65-4ebd-acea-5404f9a60c86\">whether or not it wants to preempt<\/a> Adnoc Distribution\u2019s bid to acquire 50% of TotalEnergies Egypt. Adnoc <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9feab20-0529-4fc8-b246-002709a00f77\">agreed last month<\/a> to buy the stake in a USD 203 mn transaction, which would see it acquire the entirety of B Investments\u2019 c.15.4% stake in the fuel distributor and a 34.6% stake from Total Energies Marketing Afrique.<\/p><p><strong>PSA <\/strong><strong>#2<\/strong><strong>- Climate tech entrepreneurs have one month to apply to the global <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2b863eb-488f-4cbc-9ca3-94b927d4f1f5\">ClimaTech Run<\/a><\/strong><strong> competition: <\/strong>Tech startups that address climate and environmental issues have until 22 September to <a href=\"https:\/\/climatechrun.com\/?fbclid=IwAR0fnMqC5PY-a7GTlm7SsFZoBXUiNGMTSRu7vkGJuUL_e8WUo-dyOJdIxZk\">apply for the competition<\/a>, which offers startups a top award of USD 100k and the chance to present their product at COP27, according to a<a href=\"https:\/\/bit.ly\/3ADjN0O\">cabinet statement<\/a>. The competition is hosted by USAID-backed <a href=\"https:\/\/www.usaid.gov\/egypt\/economic-growth-and-trade\">Business Egypt<\/a> and backed by the international cooperation, environment and communication ministries.<\/p><p><strong>PSA <\/strong><strong>#3<\/strong><strong>- Your deadline to catch a 65% break off late payment fines for your taxes is coming <\/strong><strong>up on 31 August<\/strong>. The waiver applies to late payment fees for customs tariffs, income, real estate, and sales taxes, VAT, and stamp duties among others. The remaining 35% of your due payments will need to be paid before next March.<\/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><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>As Egypt looks to capitalize on and regulate a burgeoning yacht tourism industry in the country, the Madbouly government greenlit the regulations managing yacht activity in domestic ports earlier this month. These regulations, coupled with a digitization push and our already-favorable geographic positioning, could help bring in a steady source of FX income by positioning Egypt as a global yacht tourism destination.<\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/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\/twitter\/\">Twitter<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"548839\" 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=\"548839\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/548839\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548839\" class=\"content-area-description single-story post-548839 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 data-recalc-dims=\"1\" decoding=\"async\" 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\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=\"548840\" 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=\"548840\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/ezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets\/\">\r\n                            Ezdehar gets into the supermarket business + Is Petronas looking to sell some Egypt assets?                        <\/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\/24\/ezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets\/\" 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\/24\/ezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets\/')\">\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\/24\/ezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets\/\">\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=Ezdehar gets into the supermarket business + Is Petronas looking to sell some Egypt assets?&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/ezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets\/\">\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\/24\/ezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets\/&title=Ezdehar gets into the supermarket business + Is Petronas looking to sell some Egypt assets?\">\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=Ezdehar+gets+into+the+supermarket+business+%2B+Is+Petronas+looking+to+sell+some+Egypt+assets%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F24%2Fezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets%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\/24\/ezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/367.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548841\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/ezdehar-gets-into-the-supermarket-business-is-petronas-looking-to-sell-some-egypt-assets\/367-jpg-9\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/367.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"367.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/367.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/367.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548840\" class=\"content-area-description single-story post-548840 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-africa tag-enterpriseam tag-ezdehar tag-ma-watch tag-oil-and-gas tag-private-equity tag-retail tag-upstream tag-zahran wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>It\u2019s another relatively busy morning for M&amp;A news<\/strong>, which remains one of the \u201cbig themes\u201d of 2022 as private equity outfit Ezdehar moves into retail and big oil player Petronas looks to potentially offload its upstream assets in Egypt.<\/p>\n<p><strong>UP FIRST- Private equity outfit Ezdehar Management has acquired a controlling 60% <\/strong><strong>stake in <\/strong><strong>reta<\/strong><strong>il supermarket chain <\/strong><strong><a href=\"https:\/\/www.facebook.com\/ZahranMarketEG\/\">Zahran Market<\/a><\/strong> through its Mid-Cap Fund II (EMF II), it said in <a href=\"https:\/\/ent.news\/2022\/8\/Ezdehar-Zahran-Market-Press-Release-EN.pdf\">a<\/a><a href=\"https:\/\/ent.news\/2022\/8\/Ezdehar-Zahran-Market-Press-Release-EN.pdf\">statement (pdf)<\/a> yesterday. The acquisition, which has yet to close, will see Ezdehar support the supermarket chain\u2019s expansion plans and develop its \u201cmanagement and systems,\u201d Ezdehar\u2019s managing director, Amir Mishriky, said.<\/p>\n<p><strong>Ezdehar didn\u2019t disclose the value of the <\/strong><strong>transaction<\/strong>, but has previous said the fund was looking to write tickets in the <a href=\"https:\/\/disclosures.ifc.org\/project-detail\/SII\/45422\/ezdehar-mid-cap-fund-ii-cooperatief-u-a-\">USD 5-30 mn<\/a> range. The fund, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9bffc39f-bc9a-4e00-b8fd-4a9518190a05\">reached a USD 168 mn first close<\/a> in February, targets companies in growth sectors such as consumer and retail, business services, education, healthcare, pharma, F&amp;B and manufacturing. It plans to purchase majority and minority stakes in 6-8 small to mid-cap companies.<\/p>\n<p><strong>What they bought:<\/strong> 35-year-old Zahran Market grew out of Alexandria and now has 16 branches in seven governorates. CEO Karim Zahran has opened eight new stores in the Delta region since 2016 and has \u201cambitious\u201d plans to expand across Egypt, the statement said.<\/p>\n<p><strong>LPs in the fund are a who\u2019s who of DFIs:<\/strong> The European Bank for Reconstruction and Development, the European Investment Bank, the International Finance Corporation, British International Investment, FMO, the Belgian Investment Company for Developing Countries and the Egyptian-American Enterprise Fund have all made commitments to the fund.<\/p>\n<p><strong>ADVISORS:<\/strong> Compass Capital was sell-side advisor to Zahran Market (making this the firm\u2019s <a href=\"https:\/\/ent.news\/2022\/8\/Compass-NR-Zahran-ENG-1.pdf\">fifth advisory transaction<\/a> in less than two years), while Matouk Bassiouny &amp; Hennawy provided legal counsel. PwC provided financial advice to Ezdehar and Adsero\u2013Raji Soliman &amp; Associates was legal counsel.<\/p>\n<p><em>CORRECTION- This story was amended on August 24, 2022 to correct Ezdehar Managing Director Amir Mishriky\u2019s name. The original version of the story misspelled Mishriky\u2019s first name as Amr.&nbsp;<\/em><\/p>\n<p><strong>IS PETRONAS SHOPPING ITS UPSTREAM ASSETS IN EGYPT?<\/strong><\/p>\n<p><strong>Petronas could sell its Egyptian upstream <\/strong><strong>assets<\/strong><strong> as it looks to offload part of its <\/strong><strong>African portfolio:<\/strong> Malaysian oil firm Petroliam Nasional Berhad (<a href=\"https:\/\/www.petronas.com\/\">Petronas<\/a>) is inviting bids for its upstream assets in Africa \u2014 including its local concessions \u2014 in a transaction that could be worth up to USD 3 bn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-23\/petronas-said-to-explore-3-billion-african-upstream-asset-sale?sref=mmeFTDW1\">Bloomberg<\/a> reports, citing sources it says has knowledge of the matter.<\/p>\n<p><strong>The details:<\/strong> The Malaysian state oil company has hired an advisor to gauge interest in its African upstream assets in Egypt, Chad, Gabon, Gambia, Senegal, and South Sudan. The assets could be sold in pieces and may interest other multinational energy firms or financial investors, the sources reportedly said. Petronas is also reportedly also considering sales of its downstream holdings across the continent.<\/p>\n<p><strong>The local assets that could be up for grabs: <\/strong>The company with its partner Shell owns Mediterranean upstream assets including the <a href=\"https:\/\/www.energyintel.com\/0000017b-a7db-de4c-a17b-e7db651f0000\">West Delta Deep Marine (WDDM) project<\/a> and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a15d1e88-c557-4195-98d8-6bb32f29cafb\">Al Fanar and North Sidi Gaber<\/a> gas concessions. On the downstream side, Petronas holds a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e5a67ed-560c-46b2-ba58-cdeb9da9ad9d\">35.5% stake<\/a> in the company that owns the Idku LNG plant, among other projects. The firm has reportedly been considering an exit from all its Egyptian assets since as early as March, according to a recent report by oil and gas newsletter <a href=\"https:\/\/www.mees.com\/2022\/3\/11\/oil-gas\/petronas-to-exit-egypt-lng-upstream-stakes-on-the-block\/7caad870-a151-11ec-bd5b-f1c455171519\">MEES<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/africa\/\">Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ezdehar\/\">Ezdehar<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/private-equity\/\">private equity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/retail\/\">retail<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/upstream\/\">upstream<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zahran\/\">Zahran<\/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=\"548842\" 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=\"548842\">\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\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/\">\r\n                            Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs                        <\/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\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/\" 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\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/')\">\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\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/\">\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=Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/\">\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\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/&title=Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs\">\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=Remittances+hit+all-time+high+in+FY2021-2022%2C+driven+by+high+oil+prices+and+CDs+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F24%2Fremittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds%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\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/369.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548843\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/369-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/369.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"369.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/369.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/369.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548842\" class=\"content-area-description single-story post-548842 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-world-bank wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Remittances hit a record high for the second year running in FY 2021-2022<\/strong>, rising 1.6% y-o-y to USD 31.9 bn, according to <a href=\"https:\/\/ent.news\/2022\/8\/Remittances-June-2022.doc.pdf\">central bank figures (pdf)<\/a> released yesterday. Inflows rose 2.5% y-o-y to a record USD 8.3 bn in the final quarter of the fiscal year (April-June) amid soaring oil prices.<\/p>\n<p><strong>Driving the inflows: <\/strong>Remittance inflows surged more than 40% m-o-m and 13% y-o-y to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d8333c14-37f1-4063-91f9-23559eccddbd\">USD 3.3 bn<\/a> in March, the same month that oil prices spiked following Russia\u2019s invasion of Ukraine and state-owned banks launched high-interest savings certificates in the aftermath of the EGP devaluation.<\/p>\n<p><strong>#1- Oil prices:<\/strong> Almost all of Egypt\u2019s remittances are sent by workers in the oil-rich Gulf and as such tend to be sensitive to fluctuations in global oil prices. GCC economies have been awash with oil revenues this year on the back of western sanctions on Russian oil, which have pushed the price of Brent above USD 100 a barrel for much of the past six months.<\/p>\n<p><strong>#2- High-interest<\/strong><strong> CDs could have played a part:<\/strong> The National Bank of Egypt (NBE) and Banque Misr launched their one-year, 18% certificates of deposit (CDs) in the third week of March, the day after the central bank devalued the EGP by 16%. Over the next 10 weeks, savers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ccbb6a41-06c6-4816-af30-0782f8606acd\">poured c. EGP 750 bn<\/a> into the savings certificates, with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/808a9726-b70c-4d22-87be-962a1baf1b57\">more than a third of this coming during the third week of March<\/a> alone. High-interest CDs have been supportive of remittance inflows in the past, such as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9026fa43-ed04-4d8d-bed4-2b429442b37b\">during the covid-19 pandemic<\/a> in 2020 and following the <a href=\"https:\/\/enterprise.press\/stories\/2016\/11\/04\/so-what-exactly-happened-yesterday\/\">EGP float<\/a> in 2016.<\/p>\n<p><strong>Remittances are a key source of hard currency for Egypt<\/strong>, and have grown more important this year as the spike in commodities prices, market volatility and rising interest rates have left the country hard up for foreign currency.<\/p>\n<p><strong>Inflows have grown robustly in recent years<\/strong> despite the pandemic and subsequent global economic challenges. Remittances reached a record high of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/508c54b6-673f-4f8b-9d30-841219cc42c2\">USD 31.4 bn<\/a> in FY 2020-2021, making Egypt the fifth-largest recipient of remittances in the world.<\/p>\n<p><strong>Can the trend continue? <\/strong>Remittance growth in 2021 came on the back of higher oil prices, remittance returns from expatriates in the Gulf, and healthy economic activity in Europe and the US, according to the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/404a58fe-2af7-42cf-b7f2-19510e036cf5\">World Bank<\/a>. With most developed economies staring down the barrel of a recession and commodities prices beginning to cool, some of those drivers may be dissipating.<\/p>\n<p><strong>The World Bank is optimistic: <\/strong>The lender expects inflows to grow at a faster pace in 2022, rising by 8% compared to 6.4% in 2021, according to its latest <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/404a58fe-2af7-42cf-b7f2-19510e036cf5\">forecast<\/a> in May. It says flows will pick up due to an \u201caltruistic response\u201d by emigrants to difficulties being faced at home, while economic growth abroad should continue to be supportive of remittances despite the expected slowdown.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/world-bank\/\">World Bank<\/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=\"548844\" 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=\"548844\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/adtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round\/\">\r\n                            Adtech startup ArabyAds closes USD 30 mn pre-Series B round                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/adtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/adtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/adtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Adtech startup ArabyAds closes USD 30 mn pre-Series B round&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/adtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/adtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round\/&title=Adtech startup ArabyAds closes USD 30 mn pre-Series B round\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Adtech+startup+ArabyAds+closes+USD+30+mn+pre-Series+B+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F24%2Fadtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/adtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/371.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548845\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/adtech-startup-arabyads-closes-usd-30-mn-pre-series-b-round\/371-jpg-50\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/371.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"371.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/371.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/371.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548844\" class=\"content-area-description single-story post-548844 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-africinvest tag-enterpriseam tag-startup-watch 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-03\"><\/a> <strong>Egypt-born adtech startup <\/strong><strong><a href=\"https:\/\/www.arabyads.com\/\">ArabyAds<\/a><\/strong><strong> secured USD 30 mn in a pre-Series B round<\/strong> from pan-African investment platform <a href=\"https:\/\/www.africinvest.com\/\">AfricInvest<\/a>, it said in a <a href=\"https:\/\/ent.news\/2022\/8\/Press-Release-ArabyAds-English-2.pdf\">press release (pdf)<\/a>. The company will use the funds to develop its tech and increase its head count, according to the statement.<\/p>\n<p><strong>About ArabyAds: <\/strong>Founded in 2013 by Mahmoud Fathy (<a href=\"https:\/\/www.linkedin.com\/in\/mahmoud-fathy-35153032\/\">LinkedIn<\/a>) and Mohammad Khartabil (<a href=\"https:\/\/www.linkedin.com\/in\/mkhartabil\/\">LinkedIn<\/a>), the Egypt-born company is currently headquartered in the UAE and has offices in Egypt, Tunisia and Jordan. ArabyAds offers online and in-app marketing and data insight tools in more than six countries, according to its website, and last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2d93972d-5cc5-4245-bdf7-8a425a607272\">acquired<\/a> influencer marketing agency <a href=\"https:\/\/www.dmenta.com\/\">Dmenta<\/a>, which also operates in Egypt.<\/p>\n<p><strong>This is the eighth investment by AfricInvest\u2019s <\/strong><strong><a href=\"https:\/\/www.eib.org\/en\/products\/equity\/funds\/mpef-iv\">Maghreb Private Equity Fund IV<\/a><\/strong>. The EUR 194 mn fund reached its final close in 2018 and targets North African SMEs operating in sectors including IT, healthcare, education, logistics, agribusiness, and services. It is backed by development finance institutions including the African Development Bank, the European Bank for Reconstruction and Development, and the <a href=\"https:\/\/www.eib.org\/en\/products\/equity\/funds\/mpef-iv\">European Investment Bank<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/africinvest\/\">AfricInvest<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548846\" 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=\"548846\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/\">\r\n                            Egypt just secured 240k tons of Russian wheat                        <\/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\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/\" 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\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/')\">\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\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt just secured 240k tons of Russian wheat&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/\">\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\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/&title=Egypt just secured 240k tons of Russian wheat\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+just+secured+240k+tons+of+Russian+wheat+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F24%2Fegypt-just-secured-240k-tons-of-russian-wheat%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\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/372.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548847\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/egypt-just-secured-240k-tons-of-russian-wheat\/372-jpg-20\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/372.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"372.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/372.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/372.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548846\" class=\"content-area-description single-story post-548846 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-gasc tag-russia tag-wheat 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-04\"><\/a> <strong>State grains buyer GASC has bought 240k tons of Russian wheat directly from <\/strong><strong>suppliers<\/strong> for delivery in September, October and November, the Supply Ministry said in a <a href=\"https:\/\/www.facebook.com\/msitgovegypt\/posts\/pfbid02KvEcs7VfGCUCqaruawYscK4YjmSGXYdsg5cPiKfvbAsfCKefWiiydcRTPdgv9WDsl\">statement<\/a> yesterday. The authority purchased six 40k-ton cargos of grain for USD 368 a ton on a cost and freight basis (CFR) via 180-day letters of credit, traders with knowledge of the matter told <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypts-gasc-directly-buys-240000-t-russian-wheat-ministry-2022-08-23\/\">Reuters<\/a>.<\/p>\n<p><strong>Prices are finally taking a breather:<\/strong> This would make the purchase 8% cheaper than the most recent purchase at the end of July, when GASC <a href=\"https:\/\/www.zawya.com\/en\/markets\/commodities\/egypts-gasc-buys-another-120-000-t-of-wheat-in-direct-talks-q59wfq3p\">bought 120k tons for USD 402.50<\/a> but still about 10% higher than government\u2019s forecast, which sees prices averaging USD 330 during FY 2022-2023. Prices per ton are now <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2b863eb-488f-4cbc-9ca3-94b927d4f1f5\">averaging USD 272<\/a> in global markets, as easing grain shortages and growing fears of recession in advanced economies cause prices to fall back from record highs in mid-May.<\/p>\n<p><strong>It\u2019s direct purchases as far as the eyes can see:<\/strong> Authorities are still in talks with suppliers over more direct wheat purchases, Reuters quoted sources in the know as saying. The authority was reportedly in direct talks with 14 wheat suppliers as of last month. The authority typically purchases wheat via tenders, but <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\">in May<\/a> the cabinet gave the go-ahead for it to buy directly from suppliers after a series of tenders were canceled due to high prices.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548848\" 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=\"548848\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/548848\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548848\" class=\"content-area-description single-story post-548848 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:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548849\" 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=\"548849\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/elsewedy-electric-reports-record-revenues-in-2q-2022\/\">\r\n                            Elsewedy Electric reports record revenues in 2Q 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/elsewedy-electric-reports-record-revenues-in-2q-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/elsewedy-electric-reports-record-revenues-in-2q-2022\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/elsewedy-electric-reports-record-revenues-in-2q-2022\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Elsewedy Electric reports record revenues in 2Q 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/elsewedy-electric-reports-record-revenues-in-2q-2022\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/elsewedy-electric-reports-record-revenues-in-2q-2022\/&title=Elsewedy Electric reports record revenues in 2Q 2022\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Elsewedy+Electric+reports+record+revenues+in+2Q+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F24%2Felsewedy-electric-reports-record-revenues-in-2q-2022%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/elsewedy-electric-reports-record-revenues-in-2q-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/375.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548850\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/elsewedy-electric-reports-record-revenues-in-2q-2022\/375-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/375.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"375.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/375.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/375.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548849\" class=\"content-area-description single-story post-548849 post type-post status-publish format-standard has-post-thumbnail hentry category-earnings-watch tag-earnings tag-earnings-watch tag-elsewedy-electric tag-enterpriseam tag-nbk-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Elsewedy Electric reporte<\/strong><strong>d record <\/strong><strong>revenues in <\/strong><strong>2Q<\/strong><strong> 2022<\/strong> thanks to price hikes and a weaker EGP, it said in its <a href=\"https:\/\/ent.news\/2022\/8\/Elsewedy-Electric-2Q2022.pdf\">earnings release (pdf)<\/a> yesterday. Revenues rose almost 50% to EGP 20.4 bn during the April-June quarter, driving a 27% increase in net income, which reached EGP 1.1 bn<\/p>\n<p><strong>Wire and cables + turnkey segments underpinning growth: <\/strong>Revenues from Elsewedy\u2019s wires and cables segment grew 48% y-o-y to reach EGP 9.7 bn in 2Q after it \u201csignificantly\u201d raised prices. The devaluation of the EGP also boosted overseas sales, it said. Turnkey project revenues rose 44% y-o-y to reach EGP 8.6 bn due to the company executing on a greater number of projects in Egypt and Tanzania. The two segments together contributed 90% of the company\u2019s revenues.<\/p>\n<p><strong>Elsewedy is future-proofing against global market turmoil:<\/strong> Inventory rose almost 50% to EGP 19.5 bn during the first six months of the year, as the company continues to build up its stock of raw materials to safeguard against global supply-chain disruptions. Elsewedy more than doubled its net debts to EGP 13.1 bn over 1H, in large part due to these contingency stockpiling efforts.<\/p>\n<hr class=\"grey-line\">\n<p><strong>The National Bank of Kuwait Egypt reported a 9% rise in net income to EGP 756.5 <\/strong><strong>mn in 1H 2022, <\/strong>according to a <a href=\"https:\/\/ent.news\/2022\/8\/101_NEWS_2022_E_2382022125459986-1.pdf\">disclosure (pdf)<\/a> to Boursa Kuwait. The bank\u2019s board recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/145d3218-b6ab-4f57-8a74-68367bae1bbb\">approved plans<\/a> to voluntarily delist its shares from the EGX.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/nbk-egypt\/\">NBK Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548851\" 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=\"548851\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/daniel-rubinstein-appointed-us-charge-daffaires-in-cairo\/\">\r\n                            Daniel Rubinstein appointed US charge d\u2019affaires in Cairo                        <\/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\/24\/daniel-rubinstein-appointed-us-charge-daffaires-in-cairo\/\" 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\/24\/daniel-rubinstein-appointed-us-charge-daffaires-in-cairo\/')\">\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\/24\/daniel-rubinstein-appointed-us-charge-daffaires-in-cairo\/\">\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=Daniel Rubinstein appointed US charge d\u2019affaires in Cairo&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/daniel-rubinstein-appointed-us-charge-daffaires-in-cairo\/\">\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\/24\/daniel-rubinstein-appointed-us-charge-daffaires-in-cairo\/&title=Daniel Rubinstein appointed US charge d\u2019affaires in Cairo\">\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=Daniel+Rubinstein+appointed+US+charge+d%E2%80%99affaires+in+Cairo+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F24%2Fdaniel-rubinstein-appointed-us-charge-daffaires-in-cairo%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\/24\/daniel-rubinstein-appointed-us-charge-daffaires-in-cairo\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548851\" class=\"content-area-description single-story post-548851 post type-post status-publish format-standard hentry category-moves tag-charge-daffaires tag-daniel-rubinstein tag-diplomacy tag-enterpriseam tag-moves tag-us 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-08\"><\/a> Former US ambassador to Tunisia <strong>Daniel Rubinstein<\/strong> (<a href=\"https:\/\/2009-2017.state.gov\/r\/pa\/ei\/biog\/248960.htm\">bio<\/a>) assumed his post yesterday as <strong><a href=\"https:\/\/eg.usembassy.gov\/embassy-consulate\/cairo\/dcm-2\/\">US<\/a><\/strong><strong><a href=\"https:\/\/eg.usembassy.gov\/embassy-consulate\/cairo\/dcm-2\/\">Charge d\u2019affaires in Egypt<\/a><\/strong>, according to the US embassy in Egypt\u2019s <a href=\"https:\/\/eg.usembassy.gov\/our-relationship\/dcm-2\/#:~:text=Daniel%20Rubinstein%20assumed%20responsibility%20as,Tunisia%20from%202015%20to%202019.\">website<\/a>. Rubinstein replaces Nicole Shampaine (<a href=\"https:\/\/eg.usembassy.gov\/embassy-consulate\/cairo\/deputy-chief-of-mission-nicole-shampaine\/#:~:text=Prior%20to%20joining%20Embassy%20Cairo,Organizations%20in%20Vienna%20(UNVIE)\">bio<\/a>), who held the position since 2020. A fluent Arabic speaker, Rubenstein was the American ambassador to Tunisia from 2015 to 2019, and has served as the US\u2019 Syria envoy, consul general in Jerusalem, and deputy chief of mission in Amman.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/charge-daffaires\/\">charge d\u2019affaires<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/daniel-rubinstein\/\">Daniel Rubinstein<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548852\" 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=\"548852\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/548852\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548852\" class=\"content-area-description single-story post-548852 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/Sodic-25_DESIGNS_1600x1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548853\" 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=\"548853\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/leading-the-conversation-on-the-airwaves-the-second-day-of-the-regional-summit-in-new-alamein\/\">\r\n                            Leading the conversation on the airwaves: The second day of the regional summit in New Alamein                        <\/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\/24\/leading-the-conversation-on-the-airwaves-the-second-day-of-the-regional-summit-in-new-alamein\/\" 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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Describing the event as a \u201cconsultative\u201d summit,\u201d the UAE\u2019s state news agency <a href=\"https:\/\/www.wam.ae\/en\/details\/1395303076904\">WAM<\/a> said only that the talks focused on \u201cfraternal relations, various aspects of cooperation, and joint work, especially in the economic and development partnership.\u201d <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0gD5sSHRComB5zmHGgKJQS3VKJFKDu34hZSwkmgts21H4fUb525yPuYDhNkdC9rAzl?__cft__[0]=AZV53zWeXnbtwkVd0A64NvnKEGblo8skXbtSI7guulJb2U4RgBi86GrxiWWhT7gBqy7pfCFxDgahD5BgSDPSnzaZLsyE0lOLzgPyT8wc1fAu-Jo7HH8XRCTOoyHEAiaoCi0Zy71k5t2nz_IgGpbQB_P9FyDMoXC3E8YofUlS6tLFfrLb75lCWOW1nYuNVxxBw5rdl2VJnq9XTPJlbhoDhdCU&__tn__=%2CO%2CP-R\">Ittihadiya\u2019s<\/a> said leaders discussed \u201ca number of regional and international issues\u201d at the \u201cfraternal\u201d meeting. The Iraqi government gave a bit more away ahead of the event, <a href=\"https:\/\/www.facebook.com\/GovernmentofIraq\/posts\/pfbid0jNmyKAt8KfSsMbPAsXuxhniJsj3C4KesUQjJ7dmGE3kTWTv68vyLTCmAsyFyDQyZl?__cft__[0]=AZWsRcOlBIl-hmc4nGR5VcqvdIksrnlT1zQ9TbFd44Y1rRElmUKvMbjRweNAWratMVTT245ROFAwf2l6rhhYFFpBEsXxIGbgEvbc9UJaRqeSsxzhClrH-iaCf6Ucw3oBnVu9hGTx7Lv6q0xjsg5awdKj3I6Wvvr4VIAYAUf4D-UiAfe_3cQIGTWoBYXsdM7Kba7RQBvsnVpc521rcmCJpl24&__tn__=%2CO%2CP-R\">saying<\/a> that talks would focus on energy, investment, industrial integration and regional security \u2014 and <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-iran-egypt-united-arab-emirates-b778c93557ee9ec162f819b0b9669697\">climate change<\/a>.<\/p>\n<p><strong>Only four?<\/strong> Iraqi Prime Minister Moustafa Al Kadhimi was supposed to stick around for the second day but had to fly home after protesters staged a sit-in in central Baghdad, a <a href=\"https:\/\/twitter.com\/IraqiPMO\/status\/1562007859516293120\">statement<\/a> by the PM \u2018s office on Twitter said.<\/p>\n<p><strong>The on-air and online message remained the same:<\/strong> The summit was a relaxed and informal gathering between a group of close allies. <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0gD5sSHRComB5zmHGgKJQS3VKJFKDu34hZSwkmgts21H4fUb525yPuYDhNkdC9rAzl?__cft__[0]=AZV53zWeXnbtwkVd0A64NvnKEGblo8skXbtSI7guulJb2U4RgBi86GrxiWWhT7gBqy7pfCFxDgahD5BgSDPSnzaZLsyE0lOLzgPyT8wc1fAu-Jo7HH8XRCTOoyHEAiaoCi0Zy71k5t2nz_IgGpbQB_P9FyDMoXC3E8YofUlS6tLFfrLb75lCWOW1nYuNVxxBw5rdl2VJnq9XTPJlbhoDhdCU&__tn__=%2CO%2CP-R\">Photos<\/a> and <a href=\"https:\/\/www.wam.ae\/en\/details\/1395303076904\">videos<\/a> of the meet captured the smiles and jokes between the four leaders, as well as the moratorium on ties. The talking heads also emphasized the casual nature of the meeting, which saw them touring New Alamein and exchanging opinions on a terrace at the New Alamein presidential palace.<\/p>\n<p><strong>The fourth-grade curriculum makes a comeback on the airwaves<\/strong>, with Ala Mas\u2019ouleety (<a href=\"https:\/\/www.facebook.com\/AhmedMoussaEG\/videos\/1510742149422177\">watch, runtime: 42:43<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=e_x54xAZ6Is\">watch, runtime: 0:33<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=92n-rID92tI\">watch, runtime: 1:22<\/a>) covering the Education Ministry\u2019s <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0n4jBxaeJ38chL5WumtaYqo3716cKBQ3yevfCfgFUVbbR3rRCPtK2nxV4SwntMu4Al\">announcement<\/a> that it is working on changes to the controversial curriculum ahead of the new 2022-2023 school year. Complaints surrounding the curriculum\u2019s difficulty were rife on social media <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44ab2919-1412-4aba-9066-8511932118e2\">last year<\/a>, with students and parents alike claiming the workload was too heavy and was too much to complete within a year.<\/p>\n<p><strong>Will the ministry slash the curriculum in half?<\/strong> The changes could include the curriculum being cut back by 50%, journalist Mahmoud Abdel Rahman told Ala Mas\u2019ouleety. The changes will be announced ahead of the new school year, which is scheduled to start on 1 October.<\/p>\n<p><strong>The move has already put newly appointed Education Minister Reda Hegazy in<\/strong><strong> people\u2019s <\/strong><strong>good books<\/strong> \u2014 if statements from Ala Mas\u2019ouleety\u2019s Ahmed Moussa, who <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44ab2919-1412-4aba-9066-8511932118e2\">led the conversation<\/a> on the issues facing students with the curriculum last year, are anything to go by. Hegazy was lauded for his prompt and proactive response to people\u2019s concerns by several specialists in the sector who spoke with Ala Mas\u2019ouleety\u2019s Ahmed Moussa.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/curriculum\/\">curriculum<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/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\/reda-hegazy\/\">Reda Hegazy<\/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=\"548855\" 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 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data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548856\" 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=\"548856\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/the-imbaba-church-fire-the-regional-summit-in-new-alamein-and-the-rosetta-stone-are-all-in-the-headlines-internationally\/\">\r\n                            The Imbaba church fire, the regional summit in New Alamein and the Rosetta stone are all in the headlines internationally                        <\/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\/24\/the-imbaba-church-fire-the-regional-summit-in-new-alamein-and-the-rosetta-stone-are-all-in-the-headlines-internationally\/\" 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=\"#\" 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summit in New Alamein and the Rosetta stone are all in the headlines internationally&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/the-imbaba-church-fire-the-regional-summit-in-new-alamein-and-the-rosetta-stone-are-all-in-the-headlines-internationally\/\">\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\/24\/the-imbaba-church-fire-the-regional-summit-in-new-alamein-and-the-rosetta-stone-are-all-in-the-headlines-internationally\/&title=The Imbaba church fire, the regional summit in New Alamein and the Rosetta stone are all in the headlines internationally\">\n                    LinkedIn                    <!-- <img decoding=\"async\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/the-imbaba-church-fire-the-regional-summit-in-new-alamein-and-the-rosetta-stone-are-all-in-the-headlines-internationally\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548856\" class=\"content-area-description single-story post-548856 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-diplomacy tag-enterpriseam tag-politics tag-uk tag-zahi-hawass wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s a mixed bag in the foreign press this morning:<\/strong> The <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-religion-egypt-feed7dd8f26203922b8adc3878f24920\">Associated Press<\/a> is back looking at the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b2d478a3-44cc-4349-becb-dc06962ca646\">Imbaba church fire<\/a> and reports that a single family lost six members in the tragic incident. <a href=\"https:\/\/www.timeout.com\/london\/news\/pressure-is-mounting-to-return-the-rosetta-stone-to-egypt-082322\">TimeOut<\/a> is the latest foreign site to cover former antiquities minister Zahi Hawass\u2019 campaign to get the British Museum to hand over the Rosetta Stone<\/p>\n<p>Meanwhile, <a href=\"https:\/\/themedialine.org\/top-stories\/saudi-arabias-absence-at-arab-summit-in-egypt-raises-questions\/\">the Media Line<\/a> asks whether <strong>Israel is the elephant in the room at the five-nation summit in New Alamein<\/strong>, suggesting that the country\u2019s involvement in our energy projects could be the reason behind Bahrain and the UAE \u2014 two of the few Arab countries that recognize Israel \u2014 joining the Egypt-Jordan-Iraq \u201c<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d2416ca1-5607-4ab6-a4be-259d78d29927\">minilateral partnership<\/a>.\u201d<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/uk\/\">UK<\/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=\"548857\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548858\" 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=\"548858\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/four-global-firms-in-the-running-to-build-anchorages-usd-2-bn-petchem-complex\/\">\r\n                            Four global firms in the running to build Anchorage\u2019s USD 2 bn petchem complex                        <\/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\/24\/four-global-firms-in-the-running-to-build-anchorages-usd-2-bn-petchem-complex\/\" 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=\"#\" 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complex&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/four-global-firms-in-the-running-to-build-anchorages-usd-2-bn-petchem-complex\/\">\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\/24\/four-global-firms-in-the-running-to-build-anchorages-usd-2-bn-petchem-complex\/&title=Four global firms in the running to build Anchorage\u2019s USD 2 bn petchem complex\">\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=Four+global+firms+in+the+running+to+build+Anchorage%E2%80%99s+USD+2+bn+petchem+complex+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F24%2Ffour-global-firms-in-the-running-to-build-anchorages-usd-2-bn-petchem-complex%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\/24\/four-global-firms-in-the-running-to-build-anchorages-usd-2-bn-petchem-complex\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548858\" class=\"content-area-description single-story post-548858 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-covid-19 tag-egx tag-enterpriseam tag-ffi tag-fortescue-future-industries tag-ipo-watch tag-littering tag-savola-foods tag-suez-canal-economic-zone tag-undp tag-usaid tag-vaccines wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Anchorage Investments has shortlisted four international firms to build its USD 2 <\/strong><strong>bn petrochemical complex in the Suez Canal Economic Zone (SCZone)<\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/8\/Tracked_Shortlisted-EPC-Press-Release-ENG-22.8.2022-1.docx.pdf\">company statement (pdf)<\/a>. Hyundai Engineering and Construction, Samsung Engineering, Technip Energies, and Technicas Reunidas made the final round of the tender launched in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6d887763-e504-4343-930a-a889f263fd7a\">mid-March<\/a> for the <a href=\"https:\/\/anchinv.com\/anchor-benitoite\/\">Anchor Benitoite<\/a> project. Anchorage didn\u2019t specify when it will announce its final choice of contractor.<\/p>\n<p><strong>Arab Developers Holding (ADH) has tapped Solid Capital <\/strong><strong>as a financial advisor ahead of the possible IPO of one of its subsidiaries<\/strong> according to <a href=\"https:\/\/ent.news\/2022\/8\/%D8%A7%D9%84%D9%85%D8%B7%D9%88%D8%B1%D9%88%D9%86-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8-21-08-2022.pdf\">a regulatory filing (pdf)<\/a> earlier this week. The developer <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/82b2dbb2-8502-4b3b-92d0-75fb888e662d\">formerly known as Porto Group<\/a> has been looking into a potential listing on the EGX since November, according to Amwal Al Ghad. Company representatives we reached out to for more information on the IPO plans did not respond by dispatch time this morning.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li><strong>Fortescue Future Industries<\/strong> will conduct feasibility studies on its proposed green hydrogen plant after signing an MoU with the <strong>Sovereign Fund of Egypt<\/strong>, the <strong>SCZone<\/strong>, the <strong>Egyptian Electricity Transmission Company<\/strong> and the <strong>New and Renewable Energy Authority<\/strong>. (<a href=\"https:\/\/ffi.com.au\/news\/fortescue-future-industries-studies-green-hydrogen-opportunities-in-the-arab-republic-of-egypt\/\">Statement<\/a>)<\/li>\n<li><strong>USAID <\/strong>is providing us with USD 9 mn in fresh financing to support <strong>Egypt\u2019s <\/strong><strong>covid-19 response<\/strong>, and to ensure that \u201cvaccines get to where they are needed most.\u201d (<a href=\"https:\/\/twitter.com\/USAIDEgypt\/status\/1561965107093147650\">Statement<\/a>)<\/li>\n<li>The <strong>UN Development Programme<\/strong> (UNDP) in Egypt signed an MoU with <strong>Savola Foods<\/strong> to help the latter plant climate-resilient crops like millet, quinoa and sorghum. (<a href=\"https:\/\/www.undp.org\/egypt\/press-releases\/undp-savola-foods-sign-mou-leverage-impact-investment-and-advance-sustainable-development-egypt\">Statement<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/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\/ffi\/\">FFI<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fortescue-future-industries\/\">Fortescue Future Industries<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/littering\/\">littering<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/savola-foods\/\">Savola Foods<\/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\/undp\/\">UNDP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/usaid\/\">USAID<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vaccines\/\">vaccines<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548859\" 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=\"548859\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/signs-of-recession-are-mounting\/\">\r\n                            Signs of recession are mounting                        <\/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\/24\/signs-of-recession-are-mounting\/\" 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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Flash PMI data brought to us by S&amp;P Global yesterday pointed to an alarming, downward trend in both the manufacturing and service sectors in the US, eurozone, Japan and UK, forcing us to change our in-house recession-o-meter from \u2018it\u2019s a possibility\u2019 to \u2018uh-oh.\u2019<\/p><p><strong>Here\u2019s the breakdown:<\/strong><\/p><ul>\n<li><strong>Manufacturing and service sector activity in the US fell at its fastest rate since <\/strong><strong>2020 in August<\/strong> as rising inflation and higher interest rates weighed on demand. \u201cGathering clouds\u201d were the choice words used by S&amp;P economist Sian Jones to describe the situation. (<a href=\"https:\/\/ent.news\/2022\/8\/060c0e13d7fe45bfa897a470dff44fbb.pdf\">PMI, pdf<\/a>)<\/li>\n<li><strong>Europe is headed for recession:<\/strong> Activity in the eurozone also contracted for the second month running amid rising living costs and supply constraints. \u201cThe euro-area composite PMI suggests the economy of the monetary union is sliding toward recession under the weight of soaring energy costs, and the worst still probably lies ahead,\u201d David Powell, senior euro-area economist at <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-23\/euro-zone-activity-shrinks-for-second-month-on-inflation-squeeze?sref=mmeFTDW1https:\/\/www.bloomberg.com\/news\/articles\/2022-08-23\/euro-zone-activity-shrinks-for-second-month-on-inflation-squeeze?sref=mmeFTDW1\">Bloomberg<\/a> said. (<a href=\"https:\/\/ent.news\/2022\/8\/Eurozone-PMI-August.pdf\">PMI, pdf<\/a>)<\/li>\n<li><strong>Activity in Japan's service sector also fell into <\/strong><strong><a href=\"https:\/\/www.pmi.spglobal.com\/Public\/Home\/PressRelease\/a612f840c9d346f28266358ea7ab5bd8?hsid=d0270295-4762-45be-8b7b-00ba992ac97b\">contraction territory<\/a><\/strong>, while manufacturing registered the lowest reading since January. (<a href=\"https:\/\/ent.news\/2022\/8\/a612f840c9d346f28266358ea7ab5bd8.pdf\">PMI, pdf<\/a>)<\/li>\n<li><strong>UK private sector activity grew at its slowest rate in 18 months in August<\/strong> as factories saw the largest fall in production since May 2020. (<a href=\"https:\/\/ent.news\/2022\/8\/UK-flash-PMI-August22.pdf\">PMI, pdf<\/a>)<\/li>\n<\/ul><p><strong>ALSO WORTH NOTING-<\/strong><\/p><ul>\n<li><strong>The EUR is back below parity:<\/strong> The EUR slid to a fresh two-decade low against the USD yesterday, reaching as low as EUR 0.99 amid a growing energy crisis in Europe and a red-hot greenback. (<a href=\"https:\/\/www.ft.com\/content\/36cbbecc-b8e0-4237-babe-c223b8e8542f#post-2b8ec701-94ab-41f9-94e7-f80b4214ac83\">Financia<\/a><a href=\"https:\/\/www.ft.com\/content\/36cbbecc-b8e0-4237-babe-c223b8e8542f#post-2b8ec701-94ab-41f9-94e7-f80b4214ac83\">l Tim<\/a><a href=\"https:\/\/www.ft.com\/content\/36cbbecc-b8e0-4237-babe-c223b8e8542f#post-2b8ec701-94ab-41f9-94e7-f80b4214ac83\">es<\/a>)<\/li>\n<li><strong>The Middle East\u2019s top aluminum producer saw net income more than triple <\/strong><strong>to an all time first-half high<\/strong>. Emirates Global Aluminium netted AED 5.9 bn (USD 1.6 bn) on the back of soaring metal prices. (<a href=\"https:\/\/media.ega.ae\/ega-delivers-adjusted-ebitda-of-21-billion-in-record-first-half-with-strong-operational-performance-throughout-value-chain-enabling-capitalisation-on-favourable-market-conditions\/\">Statement<\/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-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>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,138<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -15.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.11<\/p>\n<\/td>\n<td>\n<p>Sell 19.22<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.14<\/p>\n<\/td>\n<td>\n<p>Sell 19.20<\/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>12,421<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: +10.1%)<\/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>AD<\/strong><strong>X<\/strong><\/p>\n<\/td>\n<td>\n<p>10,019<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +18.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,393<\/p>\n<\/td>\n<td>\n<p>-0.5% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,129<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -13.4%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,488<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +1.4%)<\/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>3,653<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -15.0%)<\/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 100.18<\/p>\n<\/td>\n<td>\n<p>+3.8%<\/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>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 9.19<\/p>\n<\/td>\n<td>\n<p>-5.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,761.20<\/p>\n<\/td>\n<td>\n<p>+0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,485<\/p>\n<\/td>\n<td>\n<p>+1.8% (YTD: -53.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.72 bn (52.9% above the 90-day average). Local investors were net buyers. The index is down 15.2% YTD.<\/p><p><strong>In the green: <\/strong>Cleopatra Hospital (+3.2%), EFG-Hermes (+0.8%) and Housing &amp; Development Bank (+0.5%).<\/p><p><strong>In the red: <\/strong>TMG Holding (-4.6%), GB Auto (-4.1%) and Fawry (-3.4%).<\/p><p><strong>It\u2019s a downbeat open Asia this morning<\/strong>, with stocks in China, Japan and South Korea in the red. The recent pullback in US and European stocks is unlikely to stop today according to the futures markets, which have shares on Wall Street and across Europe falling at the opening bell.<\/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\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emirates-global-aluminium\/\">Emirates Global Aluminium<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/european-central-bank\/\">European Central Bank<\/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\/japan\/\">Japan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/metal\/\">metal<\/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\/pmi\/\">PMI<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"548860\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/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\/hardhats\/how-egypt-plans-to-become-a-global-yacht-tourism-destination\/\"> \r\n                            How Egypt plans to become a global yacht tourism destination<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- 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\r\n                    <div class=\"story__body\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-egypt-plans-to-become-a-global-yacht-tourism-destination\/\">\r\n                            <div class=\"photo photo--above\">\r\n                                <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/379.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=\"548861\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/how-egypt-plans-to-become-a-global-yacht-tourism-destination\/379-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/379.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"379.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/379.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/379.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                            <\/div>\r\n                        <\/a>\r\n                        \n<article id=\"post-548860\" class=\"content-area-description post-548860 hardhat type-hardhat status-publish has-post-thumbnail hentry tag-cyprus tag-enterprise-hardhat tag-enterpriseam tag-greece tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Egypt wants to position itself as an emerging yacht tourism magnet on the <\/strong><strong>global scale:<\/strong> As Egypt looks to capitalize on and regulate a burgeoning yacht tourism industry in the country, the Madbouly government greenlit the regulations managing yacht activity in domestic ports earlier this month. The regulations lay out everything from the permits required for yachts to enter and exit the country, the services that different government entities will provide, the requirements from yacht owners, and the docking fees they will be subject to in Egypt. With these regulations in place \u2014 and with the help of our favorable geographic positioning \u2014 yacht tourism could be well-placed to grow, our sources tell us.<\/p>\n<p><strong>The push to capitalize on this up-and-coming form of tourism makes good sense:<\/strong> Egypt has some 2.4k km of coastlines on the Mediterranean and Red seas, tourist resorts located near historical and tourist cities, as well as prime diving spots and popular marine sports.<\/p>\n<p><strong>The business case is also clear: Yacht tourism is a solid source of FX inflows, considering that it\u2019s wealthy individuals who own or have access to yachts. <\/strong>The daily spend of those visiting Egypt via yachts is 94% more than the average tourist, former tourism minister Khaled El Anany <a href=\"https:\/\/gate.ahram.org.eg\/News\/2885748.aspx\">previously said<\/a>. Globally, the size of the yacht tourism economy, excluding onshore spending, hovers around the <a href=\"https:\/\/sybass.org\/the-industry\/\">EUR 12 bn mark<\/a>.<\/p>\n<p><strong>The Mediterranean is a hotspot for yacht tourism: <\/strong>Half of global nautical tourism is concentrated in the Mediterranean alone, which draws in over 30k yachts a year, according to the <a href=\"https:\/\/bit.ly\/3QKDXM5\">State Information Service (SIS)<\/a>. European countries overlooking the Mediterranean are currently dominating the yacht tourism sector, attracting an annual USD 150 bn from the sector.<\/p>\n<p><strong>It\u2019s also particularly popular among our friends in the GCC:<\/strong> Yacht tourism provides a great window to double the tourism spending of those visiting from the Gulf, our sources in the tourism industry tell us.<\/p>\n<p><strong>There\u2019s also a sizable yacht tourism clientele here at home:<\/strong> There are currently around 1k luxury yachts flying the Egyptian flag in the Red Sea and Mediterranean, Ayman Nassef, marine unit insurer at the Suez Canal Ins. Company told us. That\u2019s in addition to yachts owned by Egyptians, but flying foreign flags. He added that the pandemic has little to no impact on the local purchase of yachts, seeing that those with the capacity to purchase yachts are extremely wealthy and their income wasn\u2019t affected by the pandemic.<\/p>\n<p><strong>The current lay of the (metaphorical) land: <\/strong>Egypt currently has 23 yacht marinas and berths. It is also home to the North Coast\u2019s 500-berth Porto Marina Resort, which overlooks the Mediterranean sea and can accommodate over 1.4k yachts. It is the first international yacht marina in the eastern part of North Africa. We also have Hurghada Marina, which can accommodate around 188 yachts at a time. Egypt is also home to the Taba Heights Marina, which can accommodate up to 50 yachts and provide them with maintenance services as well, and El Gouna\u2019s Abu Tig Marina and Sharm El Sheikh\u2019s Marina Naama.<\/p>\n<p><strong>How much are all these yachts going to be paying?<\/strong> The new regulations set daily docking fees at USD 4-14 per meter length of the yacht, with longer yachts paying more per meter. The fees are set for yachts ranging from 10 meters to 90 meters and above. The fees are fair and are on par with average docking fees in international marinas, Ain Sokhna\u2019s Wadi El Dom Marina Director Ihab Taher told Enterprise.<\/p>\n<p><strong>There\u2019s more marinas coming, too:<\/strong> In a bid to boost yacht tourism, the state is working to build more marinas, including: An international port in <a href=\"https:\/\/www.facebook.com\/permalink.php?story_fbid=581112512408133&id=153405978512124\">New Alamein<\/a>, a marina with the capacity to accommodate up to 333 yachts in El Galala, and the c.EGP 24 bn <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c1753a7f-d109-4ac1-b7c1-31071c834372\">Marassi Marina and Yacht Club<\/a>, courtesy of Emaar Misr, which is set to become the first international marina in the North Coast to accommodate over 260 yachts.<\/p>\n<p><strong>But it\u2019s not just about the physical infrastructure. The government is putting in place a <\/strong><strong><a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/125172993113099\">strategy to attract yacht tourism<\/a><\/strong> through a ministerial committee headed by Transport Minister Kamel El Wazir and Finance Minister Mohamed Maait. The strategy is set to work out how to raise the efficiency of yacht marinas and build more in the country\u2019s most prominent tourist attractions, based on a revised blueprint for the currently built marinas. The Transport Ministry\u2019s Maritime Transport Sector will be tasked with the application of the strategy and ensuring its sustainability and implementation.<\/p>\n<p><strong>A key pillar of the in-the-works strategy and the new regs: Streamlining procedures and introducing digitization.<\/strong> A complicated web of bureaucracy to receive permits is among the biggest complaints from the industry and yacht owners, which has been slowing down yacht tourism in Egypt, Taher told us. The Transport Ministry has introduced a <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/125172993113099\">digital platform for tourist yachts<\/a>, which will be the one-stop-shop for tourist yachts, managing, developing and issuing the necessary approvals and permits. \u201cThe platform currently allows yacht owners to obtain all the necessary approvals from the concerned authorities with ease,\u201d Taher said. The new regulations will also see the ministry issuing unified invoices through EGX-listed, state-owned fintech player e-Finance.<\/p>\n<p><strong>Making things easier will put us at a better advantage above regional competitors for yacht tourism<\/strong>, including Turkey and Greece, Taher anticipates.<\/p>\n<p><strong>But we could also join forces with these competitors for joint tourism programs<\/strong>, which could <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=09102021&id=8846e90b-7306-46ce-982e-cb07d6d85624\">help support our competitive position<\/a>, suggests Atef Abdel Latif, a member of the Tourism Investors Association in South Sinai and Marsa Alam. We\u2019re already friendly with eastern Mediterranean neighbors Greece and Cyprus and Egypt <a href=\"https:\/\/www.facebook.com\/tourismandantiq\/posts\/248033154024905\">recently discussed<\/a> cooperating on yacht tourism with these two countries. The state has also recently started operating flights between Red Sea resorts and Luxor, which could support these joint tourism programs, House Tourism and Civil Aviation Committee head Noura Ali suggests.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>We\u2019re adding 500k tons to our silo capacity:<\/strong> The Supply Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f009177-3ac7-4b61-9068-c3635b4d41b9\">is building<\/a> wheat silos in Toshka with the capacity to hold 500k tons of grain.<\/li>\n<li><strong>The Supply Ministry has <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f009177-3ac7-4b61-9068-c3635b4d41b9\">inked contracts<\/a><\/strong><strong> with private sector players to build three new commercial trading and logistics centers<\/strong> worth EGP 2.4 bn \u2014 one each in Dakahlia, Suez and Kafr El Sheikh governorates.<\/li>\n<li><strong>Telecom Egypt and Orange Jordan <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/92a24279-172f-4a51-aff0-9db2694f4fe6\">will launch<\/a><\/strong><strong> a terrestrial network<\/strong> that connects Iraq to Europe in 3Q 2022.<\/li>\n<li><strong>Rameda Pharma has opened a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/92a24279-172f-4a51-aff0-9db2694f4fe6\">wastewater treatment plant<\/a><\/strong> that is expected to halve its annual water consumption.<\/li>\n<li><strong>A new logistics zone in Sokhna:<\/strong> The Suez Canal Economic Zone\u2019s Main Development Company and DP World Sokhna have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48320146-4e27-40ca-af19-3dca8c1683b6\">signed an agreement<\/a> to build a USD 80 mn logistics zone at Sokhna Port.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cyprus\/\">Cyprus<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"548862\" 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\/24\/548862\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548862\" class=\"content-area-description single-story post-548862 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>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>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>1-3 September (Thursday-Saturday): The Union of Arab Banks is organizing a forum on money laundering and terrorism financing in Sharm El Sheikh.<\/p>\n<p>3 September (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>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\u201327 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p>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&amp;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 \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>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\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":548837,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-548836","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ede2cfb8-0afe-462d-b58b-6893862fec90","teaser":"","photo_url":"https:\/\/ent.news\/2022\/8\/37.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>Ezdehar enters Egyptian retail sector with Zahran Market acquisition - 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\/ezdehar-enters-egyptian-retail-sector-with-zahran-market-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ezdehar enters Egyptian retail sector with Zahran Market acquisition\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/ezdehar-enters-egyptian-retail-sector-with-zahran-market-acquisition\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:23:50+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\/37.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\/ezdehar-enters-egyptian-retail-sector-with-zahran-market-acquisition\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/ezdehar-enters-egyptian-retail-sector-with-zahran-market-acquisition\/\",\"name\":\"Ezdehar enters Egyptian retail sector with Zahran Market acquisition - 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