{"id":548874,"date":"2022-08-25T04:00:15","date_gmt":"2022-08-25T04:00:15","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=548874"},"modified":"2025-12-15T22:24:49","modified_gmt":"2025-12-15T22:24:49","slug":"the-rumor-mill-the-central-bank-could-be-about-to-ease-import-restrictions","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/the-rumor-mill-the-central-bank-could-be-about-to-ease-import-restrictions\/","title":{"rendered":"The rumor mill: The central bank could be about to ease import restrictions"},"content":{"rendered":"<section id=\"548876\" 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=\"548876\">\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\/25\/this-morning-abdallas-first-week-as-cbe-governor-egypts-second-regional-climate-roundtable-takes-place-today\/\">\r\n                            THIS MORNING: Abdalla's first week as CBE governor + Egypt's second regional climate roundtable takes place today                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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<\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548876\" class=\"content-area-description single-story post-548876 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-apple tag-climate tag-cop27 tag-enterpriseam tag-interest-rates tag-renewables tag-state-privatization-program tag-tunisia tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and happy FRIDAY to you all. <\/strong>The banking sector and our ongoing FX crunch are the big story here at home as we prepare to slide into one of the final weekends of summer.<\/p><p><strong>Central Bank of Egypt Governor Hassan Abdalla closed out his first full week on the job <\/strong><strong>yesterday<\/strong>, holding a meeting with senior bankers. The gathering was more about sending the right message (essentially, \u201cWe\u2019re all in the same boat, so let\u2019s work together\u201d) rather than to go deep on the current macro challenges, including the FX crunch, though the availability of foreign exchange featured prominently in the sit-down.<\/p><p><strong>Abdalla also appointed two veteran private-sector bankers as top advisors<\/strong>, including former CIB Chairman and MD Hisham Ezz Al Arab.<\/p><p><strong>The story is getting prominent coverage in the domestic press<\/strong> (<a href=\"https:\/\/hapijournal.com\/?p=203572\">here<\/a> and <a href=\"https:\/\/bit.ly\/3wvlnPL\">here<\/a>) and featured prominently on last night\u2019s talk shows.<\/p><p><strong>MEANWHILE- For importers, hope springs eternal: <\/strong>Abdalla\u2019s meeting with bank bosses, an unconfirmed report about an banks conducting an \u201cinventory\u201d of FX needs for the coming 9 months, and a government statement have stoked expectations that import restrictions could be eased. We think the story is overblown.<\/p><p>^^ We have more detail and analysis on all of this in this morning\u2019s news well, below.<\/p><hr class=\"grey-line\"><p><strong>WHAT\u2019S HAPPENING TODAY- <\/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> 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 Madbouly government will hold consultations with stakeholders in the water sector <\/strong><strong>on its privatization strategy.<\/strong> The government is holding workshops and consultations with stakeholders from different industries every Sunday, Tuesday, and Thursday on its privatization plans. You can find more details on the schedule of the meetings <a href=\"http:\/\/eparticipation.idsc.gov.eg\/?fbclid=IwAR0roLUuQGFnSW2sa39MgFCj0jUqiG6_A-_Kya6SN4IhBJNhIqbHzMv5wdw\">here<\/a>.<\/p><p><strong>The big central bank meet at Jackson Hole starts:<\/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. Shares in Europe and the US ended a recent run of losses yesterday, ending yesterday\u2019s trading session marginally in the green ahead of Powell\u2019s speed.<\/p><p><strong>Asian markets are mainly in the green this morning <\/strong>and futures suggest shares in Europe and the US will see early gains later today.<\/p><p class=\"web-image\"><a href=\"#\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Climate-Teaser-1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>THE BIG STORY ABROAD- On the front pages of the global press this morning:<\/strong><\/p><p><strong>#1- Biden\u2019s latest play to salvage the midterms is everywhere in the US media this <\/strong><strong>morning<\/strong> after the president yesterday pledged to forgive up to USD 20k in student debt for tens of mns of Americans. (<a href=\"https:\/\/www.wsj.com\/articles\/biden-to-announce-student-loan-forgiveness-plan-11661331600?mod=hp_lead_pos1\">Wall Street Journal<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-24\/biden-set-to-freeze-student-loan-repayments-for-four-more-months\">Bloomberg<\/a> | | <a href=\"https:\/\/www.reuters.com\/world\/us\/biden-expected-cancel-student-loans-millions-us-borrowers-wednesday-2022-08-24\/\">Reuters<\/a> | <a href=\"https:\/\/www.cnbc.com\/2022\/08\/24\/biden-student-loan-forgiveness-new-proposal-cuts-payments-in-half.html\">CNBC<\/a> | <a href=\"https:\/\/www.ft.com\/content\/1e78e730-c7d8-4041-95ce-b682755bc2ef\">Financial Times<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/08\/24\/business\/student-loan-debt-relief-inflation.html\">New York Times<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/education\/2022\/08\/24\/biden-student-loan-cancellation\/?itid=hp-top-table-main\">Washington Post<\/a>)<\/p><p><strong>#2- Ukraine latest:<\/strong> The war in Ukraine has been elevated back to the front pages this morning as the global press marks the 31st anniversary of Ukrainian independence. A Russian missile strike in Eastern Ukraine left 22 dead and dozens wounded yesterday. (<a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-girds-more-violence-independence-day-wars-six-month-mark-2022-08-23\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/ukraine-marks-subdued-independence-day-with-charred-russian-vehicles-11661339352?mod=hp_lead_pos7\">WSJ<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/08\/24\/world\/ukraine-russia-war-news\">NY Times<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-europe-62666188\">BBC<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-kyiv-moscow-3507728aeaf8ebfc68a1cdbd3aa8c30e\">AP<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2022\/aug\/24\/at-least-15-killed-in-russian-strike-on-rail-station-on-ukraines-independence-day\">The Guardian<\/a>)<\/p><table class=\"subscribe-button\" style=\"border-spacing: 0; border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" border=\"0\" width=\"98%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 20px; padding-top: 20px; border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" align=\"center\">\n<table style=\"border-spacing: 0; border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td style=\"border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" align=\"center\">\n<table style=\"width: 220px; border-spacing: 0; border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0;\" border=\"0\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td class=\"button1\" style=\"border-collapse: collapse; mso-table-lspace: 0; mso-table-rspace: 0; background-color: #299a0b; -moz-border-radius: 4px; -webkit-border-radius: 4px; border-radius: 4px; word-break: break-word; word-wrap: break-word;\" align=\"center\"><a style=\"display: block; font-family: Arial, sans-serif; font-size: 14px; color: #ffffff; font-weight: bold; line-height: 16px; text-decoration: none; text-align: center; background-color: #299a0b; background-image: none; background-repeat: repeat; background-position: top left; background-attachment: scroll; -moz-border-radius: 4px; -webkit-border-radius: 4px; border-radius: 4px; padding: 10px; border: 1px solid #299a0b;\" href=\"https:\/\/enterprise.press\/subscribe\/\">Subscribe to Enterprise<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>iSHEEP, Assemble: The launch event for the iPhone 14 will take place on 7 <\/strong><strong>September at 1pm ET (or 7pm CLT)<\/strong>, Apple announced in invitations to journalists yesterday, according to <a href=\"https:\/\/www.theverge.com\/2022\/8\/24\/23310522\/apple-iphone-14-event-announcement-date-time-september-2022\">the Verge<\/a>. You can catch the event on livestream <a href=\"https:\/\/ent.news\/2022\/8\/CarlosGonzalezCEMEX1600px.jpg\">here<\/a>.<\/p><p><strong>PSA #1- 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<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a2b863eb-488f-4cbc-9ca3-94b927d4f1f5\">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 #2- Your deadline to catch a 65% break off late payment fines for your taxes is coming up <\/strong><strong>next Wednesday, 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>FURTHER DOWN THE ROAD- Egypt and Tunisia could sign an MoU to cooperate <\/strong><strong>on solar power projects in the next two months<\/strong>, when a Tunisian delegation is expected to visit Egypt, <a href=\"https:\/\/bit.ly\/3CyC0hl\">Al Borsa<\/a> quotes sources in the know as saying.<\/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>\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\/apple\/\">Apple<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tunisia\/\">Tunisia<\/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=\"548877\" 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=\"548877\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/548877\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548877\" class=\"content-area-description single-story post-548877 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.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/2Cellos-Somabay1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p><strong>2CELLOS - LIVE AT SOMABAY: <\/strong>World-renowned and wildly popular cellist duo, 2CELLOS, are bringing the magic of music to Somabay on the 18th of November 2022. Get ready for an unforgettable night of captivating performances and electric energy. <a href=\"https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\">Book your ticket here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548878\" 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=\"548878\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">2<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/is-the-central-bank-about-to-ease-import-restrictions\/\">\r\n                            Is the central bank about to ease import restrictions?                        <\/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\/25\/is-the-central-bank-about-to-ease-import-restrictions\/\" 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\/25\/is-the-central-bank-about-to-ease-import-restrictions\/')\">\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\/25\/is-the-central-bank-about-to-ease-import-restrictions\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Is the central bank about to ease import restrictions?&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/is-the-central-bank-about-to-ease-import-restrictions\/\">\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\/25\/is-the-central-bank-about-to-ease-import-restrictions\/&title=Is the central bank about to ease import restrictions?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Is+the+central+bank+about+to+ease+import+restrictions%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fis-the-central-bank-about-to-ease-import-restrictions%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\/25\/is-the-central-bank-about-to-ease-import-restrictions\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/387.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548879\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/is-the-central-bank-about-to-ease-import-restrictions\/387-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/387.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"387.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/387.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/387.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548878\" class=\"content-area-description single-story post-548878 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-hassan-abdalla tag-policy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Meetings held yesterday by Central Bank Governor Hassan Abdalla and key <\/strong><strong>cabinet members have stoked expectations in some corners that they may be looking for ways to ease import restrictions<\/strong> that have hobbled everyone from manufacturers to retailers. The restrictions have been in place since spring as the nation has struggled with a shortage of foreign currency. Business leaders we spoke with yesterday are hopeful that Abdalla could review import <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">rules brought in<\/a> by his predecessor Tarek Amer in March \u2014 and they would very much like to be invited to a sit-down with the new CBE boss, who has now been on the job for just one week.<\/p>\n<p><strong>What\u2019s prompting the optimism? <\/strong>Four data points \u2014 and a healthy dose of wishful thinking:<\/p>\n<ul>\n<li><strong>Abdalla <\/strong><strong><a href=\"https:\/\/bit.ly\/3AG6FIi\">met yesterday<\/a><\/strong><strong> with senior figures in the banking community<\/strong> and has reportedly named as advisors two veteran bankers, including our friend Hisham Ezz Al Arab and Mohamed Naguib. Naturally enough, the FX crunch was a feature of the talks.<\/li>\n<li><strong>Reading a lot into a government statement: <\/strong>Newly-appointed Trade and Industry Minister Ahmed Samir <a href=\"https:\/\/bit.ly\/3chxfOq\">told<\/a> Prime Minister Moustafa Madbouly yesterday that officials are working on measures to expedite the import of raw materials and spare parts via documentary collection rather than L\/Cs.<\/li>\n<li><strong>The usual workings of government: <\/strong>Ala Mas\u2019ouleety\u2019s Ahmed Moussa, whose rehabilitation as a source of information on government policy is nothing less than remarkable, said last night (<a href=\"https:\/\/www.youtube.com\/watch?v=ZOaVmMwORdw\">watch, runtime: 3:21<\/a>) that Abdalla, Samir and Finance Minister Mohamed Maait have been talking about how to facility the release of goods stuck in customs warehouses thanks to the restrictions.<\/li>\n<li><strong>An unconfirmed report in <\/strong><strong><a href=\"https:\/\/www.asharqbusiness.com\/article\/41001\">Bloomberg Asharq<\/a><\/strong>, which says the central bank has asked banks to provide it with estimates of their manufacturing clients\u2019 hard currency needs through the end of the current fiscal year in June 2023.<\/li>\n<\/ul>\n<p><strong>What\u2019s the business community hoping for? <\/strong>Speculation among importers and others we spoke with is that the inventory-taking Bloomberg Asharq reported could pave the way for the CBE to loosen rules requiring importers <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">to use (L\/Cs)<\/a> to purchase non-essential goods, instead of the previous system of documentary collection \u2014 a move that has made it almost impossible for companies to import goods in a number of sectors.<\/p>\n<p><strong>Why you should keep your expectations in check:<\/strong><\/p>\n<ul>\n<li>Abdalla\u2019s appointment of Ezz Al Arab and Naguib as advisors was classy and brings trusted private-sector players into the loop \u2014 but it\u2019s one move in a long game of chess, not a sign that a solution to import restrictions is imminent.<\/li>\n<li>Many importers have since May been able to use documentary collection to bring in production inputs and spare parts, when they <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab68cacf-c20e-42a2-ac2d-702444d802ba\">got an exemption to the L\/C<\/a> rules. Samir\u2019s advocacy for importers is an important sign he gets the nature of the problem, but it won\u2019t make greenbacks appear overnight.<\/li>\n<li>Cabinet officials have been talking about the FX crunch <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ab68cacf-c20e-42a2-ac2d-702444d802ba\">directly with the central bank<\/a> since May.<\/li>\n<li>As the regulator, the CBE already has the data it needs to estimate run rates through next year.<\/li>\n<\/ul>\n<p><strong>Oh, and there\u2019s the small matter of where the greenbacks would come from when \/ if <\/strong><strong>restrictions are eased. <\/strong>Solving the FX crisis is at the top of Abdalla\u2019s agenda \u2014 we think it\u2019s highly unlikely he would do anything more than ease restrictions for a very limited subset of critical imports until he knows where he\u2019s getting firepower from \u2014 whether that\u2019s more FDI from our allies in the Gulf, a fresh IMF loan, or both \u2014 as part of a wider plan to let the currency ease against the USD.<\/p>\n<p><strong>What are importers hoping for? <\/strong><\/p>\n<ul>\n<li><strong>They want a sit-down with Abdalla<\/strong>, Mohamed Rostom, first secretary at FEDCOC\u2019s importers division, told us.<\/li>\n<li><strong>They want to widen the number of industries that can use the documentary <\/strong><strong>collection exemption<\/strong> for the import of raw materials and spare parts. \u201cAll raw materials required in industries should be exempted from L\/Cs , including industrial equipment and others,\u201d Mohamed El Bahi, a spokesperson for the Federation of Egyptian Chambers of Commerce (FEDCOC), told us. Not all industries have been able to access the exemption, importers confirmed to Enterprise.<\/li>\n<li><strong>They would like consumer goods to be exempt from the L\/C requirement, too<\/strong>, according to Rostom, who said: \u201cStocks of consumer goods are diminishing amid continued supply hurdles and a loss of confidence by foreign suppliers in local firms because of blurry payment mechanisms,\u201d he said.<\/li>\n<li><strong>And they want to be able to source FX from foreign exchange bureaus<\/strong> given the challenges they have sourcing greenbacks from banks, FEDCOC officials said. (Wait \u2026 haven\u2019t we been down that road before?)<\/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\/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\/hassan-abdalla\/\">Hassan Abdalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/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=\"548880\" 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=\"548880\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/cbe-governor-hassan-abdalla-appoints-banking-veterans-hisham-ezz-al-arab-mohamed-naguib-as-advisors\/\">\r\n                            CBE governor Hassan Abdalla appoints banking veterans Hisham Ezz Al Arab + Mohamed Naguib as advisors                        <\/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\/25\/cbe-governor-hassan-abdalla-appoints-banking-veterans-hisham-ezz-al-arab-mohamed-naguib-as-advisors\/\" 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\/25\/cbe-governor-hassan-abdalla-appoints-banking-veterans-hisham-ezz-al-arab-mohamed-naguib-as-advisors\/')\">\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\/25\/cbe-governor-hassan-abdalla-appoints-banking-veterans-hisham-ezz-al-arab-mohamed-naguib-as-advisors\/\">\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=CBE governor Hassan Abdalla appoints banking veterans Hisham Ezz Al Arab + Mohamed Naguib as advisors&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/cbe-governor-hassan-abdalla-appoints-banking-veterans-hisham-ezz-al-arab-mohamed-naguib-as-advisors\/\">\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\/25\/cbe-governor-hassan-abdalla-appoints-banking-veterans-hisham-ezz-al-arab-mohamed-naguib-as-advisors\/&title=CBE governor Hassan Abdalla appoints banking veterans Hisham Ezz Al Arab + Mohamed Naguib as advisors\">\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=CBE+governor+Hassan+Abdalla+appoints+banking+veterans+Hisham+Ezz+Al+Arab+%2B+Mohamed+Naguib+as+advisors+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fcbe-governor-hassan-abdalla-appoints-banking-veterans-hisham-ezz-al-arab-mohamed-naguib-as-advisors%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\/25\/cbe-governor-hassan-abdalla-appoints-banking-veterans-hisham-ezz-al-arab-mohamed-naguib-as-advisors\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548880\" class=\"content-area-description single-story post-548880 post type-post status-publish format-standard hentry category-moves tag-banking tag-central-bank-of-egypt tag-enterpriseam tag-hassan-abdalla tag-hisham-ezz-al-arab tag-mohamed-naguib tag-moves 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>Hisham Ezz Al Arab, Mohamed Naguib are advising the new CBE <\/strong><strong>governor:<\/strong> Central Bank of Egypt (CBE) Acting Governor Hassan Abdalla has appointed banking industry veterans Hisham Ezz Al Arab (<a href=\"https:\/\/www.linkedin.com\/in\/hisham-ezz-al-arab-4510714b\/\">LinkedIn<\/a>) and Mohamed Naguib (<a href=\"https:\/\/www.linkedin.com\/in\/mohamed-naguib-abdel-meguid-mba-cpa-2801a644\/\">LinkedIn<\/a>) as his advisors, <a href=\"https:\/\/www.youm7.com\/story\/2022\/8\/24\/%D8%AA%D8%B9%D9%8A%D9%8A%D9%86-%D9%87%D8%B4%D8%A7%D9%85-%D8%B9%D8%B2-%D8%A7%D9%84%D8%B9%D8%B1%D8%A8-%D9%88%D9%85%D8%AD%D9%85%D8%AF-%D9%86%D8%AC%D9%8A%D8%A8-%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1%D9%8A%D9%86-%D9%84%D9%85%D8%AD%D8%A7%D9%81%D8%B8-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%89\/5882393\">local media<\/a> are reporting. The decision came during Abdalla\u2019s meeting with senior bankers yesterday. Ezz Al Arab <a href=\"https:\/\/www.facebook.com\/hisham.ezzalarab\/posts\/pfbid033rnLKojuSt7oya4KoZuQmYxLE9z2noaJdkKgxxbnc7hpXz4PwByfc9VVPyF6Sntyl\">acknowledged the news<\/a> on social media, writing: \u201cMay God grant us success in this task, and I am sure, God willing, of success despite the challenges.\u201d<\/p>\n<p><strong>About Ezz Al Arab: <\/strong>The former chairman and managing director of leading private-sector bank CIB, Ezz Al Arab was one of the names floated for the top position at the CBE following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78814fcd-281c-4700-8678-fec2fdd95fc6\">Tarek Amer\u2019s resignation<\/a> last week. The industry veteran led CIB to its position as Egypt\u2019s leading home-grown bank in everything from profitability to sustainability. Ezz Al Arab had previously spent a little under two years as managing director at Deutsche Bank, seven years as managing director at JPMorgan, and more than three years as assistant vice president at Merrill Lynch. Last year, he founded <a href=\"https:\/\/heaadvisory.com\/\">HE Advisory<\/a>, where he continues to serve as managing partner.<\/p>\n<p><strong>About Naguib<\/strong><strong>:<\/strong> Naguib has served on the boards of a number of banks and corporations \u2014 including Incolease, GB Auto and Banque Misr \u2014 in Egypt throughout his nearly 40 years of experience in banking, leasing and credit. He was chairman and managing director of SAIB Bank between 2011 and 2018, after serving as vice chairman and head of the credit and investment committee at Banque Misr. He was also the general manager of credit and marketing at Misr International (MIBank) for over 20 years.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-ezz-al-arab\/\">Hisham Ezz Al Arab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-naguib\/\">Mohamed Naguib<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548881\" 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=\"548881\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/\">\r\n                            B Investments now has until mid-Sept to mull Adnoc\u2019s bid for TotalEnergies Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=B Investments now has until mid-Sept to mull Adnoc\u2019s bid for TotalEnergies Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/&title=B Investments now has until mid-Sept to mull Adnoc\u2019s bid for TotalEnergies Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=B+Investments+now+has+until+mid-Sept+to+mull+Adnoc%E2%80%99s+bid+for+TotalEnergies+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fb-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/389.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548882\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/b-investments-now-has-until-mid-sept-to-mull-adnocs-bid-for-totalenergies-egypt\/389-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/389.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"389.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/389.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/389.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548881\" class=\"content-area-description single-story post-548881 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-adnoc tag-b-investments tag-enterpriseam tag-ma-watch tag-totalenergies tag-uae wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Filing error gives B Investments more time to respond to Adnoc\u2019s bid for <\/strong><strong>TotalEnergies Egypt:<\/strong> B Investments has been granted an extension until 15 September to decide whether it will preempt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9feab20-0529-4fc8-b246-002709a00f77\">Adnoc\u2019s bid<\/a> to acquire 50% of TotalEnergies Egypt, the company said in an <a href=\"https:\/\/ent.news\/2022\/8\/B-Investments-24-8-22.pdf\">EGX<\/a><a href=\"https:\/\/ent.news\/2022\/8\/B-Investments-24-8-22.pdf\">disclosure (pdf)<\/a> yesterday. The private equity firm was originally set to respond to the offer by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/90e11ce3-4b65-4ebd-acea-5404f9a60c86\">29 August<\/a>, but the deadline was extended due to a \u201cminor miscalculation in the number of shares\u201d listed as up for sale in paperwork that TotalEnergies sent to B Investments, the disclosure read.<\/p>\n<p><strong>REFRESHER- Adnoc\u2019s distribution arm <\/strong><strong>last month <\/strong><strong>agreed<\/strong><strong> to acquire 50% of TotalEnergies Egypt<\/strong> for up to USD 203 mn \u2014 including the 15.4% stake currently held by B Investments, which is the only minority shareholder in the fuel distributor. Total Energies Marketing Afrique (TEMA), which holds the 84.6% majority stake, would sell 34.6% to Adnoc, handing the two companies 50-50 ownership.<\/p>\n<p><strong>B Investments has the right of first refusal<\/strong>, allowing it to pre-empt Adnoc\u2019s bid and buy the 34.6% stake that TEMA plans to sell to the Emirati firm. Alternatively, B Investments can allow the transaction with Adnoc to go ahead and exit TotalEnergies entirely.<\/p>\n<p><strong>The board is \u201cstill studying the bid\u201d <\/strong>and will meet to make a final call before the 15 September deadline, IR head Omar El Labban told Enterprise. The investment committee has already met once to discuss the bid and is still studying all its options.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/adnoc\/\">ADNOC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/b-investments\/\">B Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/totalenergies\/\">TotalEnergies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/uae\/\">UAE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548883\" 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=\"548883\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/\">\r\n                            Pachin taps Al Ahly Pharos to advise on takeover bids                        <\/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\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/\" 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\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/')\">\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\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/\">\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=Pachin taps Al Ahly Pharos to advise on takeover bids&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/\">\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\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/&title=Pachin taps Al Ahly Pharos to advise on takeover bids\">\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=Pachin+taps+Al+Ahly+Pharos+to+advise+on+takeover+bids+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fpachin-taps-al-ahly-pharos-to-advise-on-takeover-bids%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\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/391.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548884\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/pachin-taps-al-ahly-pharos-to-advise-on-takeover-bids\/391-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/391.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"391.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/391.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/391.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548883\" class=\"content-area-description single-story post-548883 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-al-ahly-pharos tag-chemical-industries-holding-company tag-enterpriseam tag-ma-watch tag-saybad tag-sipes 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>Paint and Chemical Industries (Pachin) has <\/strong><strong>tapped <\/strong><strong>Al Ahly Pharos<\/strong> <strong> to advise it <\/strong>as it mulls multiple takeover bids, the EGX-listed paint company said in an <a href=\"https:\/\/ent.news\/2022\/8\/Pachin-tapped-Al-Ahly-Pharos.pdf\">EGX disclosure (pdf)<\/a> yesterday. Pachin appointed the firm to \u201cdifferentiate between bids submitted and negotiate the highest possible value for the share price,\u201d it said.<\/p>\n<p><strong>Who\u2019s offering what: <\/strong>In its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/be287146-06a6-49f7-ae25-8f66565abb88\">latest bid<\/a>, Saybad Industrial Investment offered to pay EGP 16.50-18.75 per share for up to 100% of the company, valuing it as much as EGP 450 mn. This was a revised offer in response to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/754fb02f-43c8-47ad-88aa-ae065c7c0a7e\">a rival bid<\/a> from Universal Building Materials and Chemicals (Sipes) which said it would purchase up to all of the company\u2019s shares at EGP 17.50-18.50.<\/p>\n<p><strong>Pachin wants more: <\/strong>Pachin\u2019s largest shareholder, Chemical Industries Holding Company (CIHC), wants to conduct its own fair value study because the offers \u201cdo not reflect the fair value\u201d of Pachin, Chairman Emad El Din Mostafa <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a44be27f-03a3-4465-bb9b-c25e993ceaaf\">told us earlier this week<\/a>.<\/p>\n<p><strong>Advisors: <\/strong>Adsero\u2013Raji Soliman & Associates is the firm\u2019s legal advisor. CIHC is also looking to appoint investment bankers.<\/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\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chemical-industries-holding-company\/\">Chemical Industries Holding Company<\/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\/saybad\/\">Saybad<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sipes\/\">Sipes<\/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=\"548885\" 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=\"548885\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/israeli-natgas-exports-surge-in-1h-2022\/\">\r\n                            Israeli natgas exports surge in 1H 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\/25\/israeli-natgas-exports-surge-in-1h-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\/25\/israeli-natgas-exports-surge-in-1h-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\/25\/israeli-natgas-exports-surge-in-1h-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=Israeli natgas exports surge in 1H 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/israeli-natgas-exports-surge-in-1h-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\/25\/israeli-natgas-exports-surge-in-1h-2022\/&title=Israeli natgas exports surge in 1H 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=Israeli+natgas+exports+surge+in+1H+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fisraeli-natgas-exports-surge-in-1h-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\/25\/israeli-natgas-exports-surge-in-1h-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/392.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548886\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/israeli-natgas-exports-surge-in-1h-2022\/392-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/392.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"392.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/392.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/392.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548885\" class=\"content-area-description single-story post-548885 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-eastern-mediterranean tag-energy tag-enterpriseam tag-europe tag-israel tag-oil-and-gas 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-05\"><\/a> <strong>All the more gas for us to liquefy:<\/strong> Israeli natgas exports surged 35% y-o-y in the first six months of the year as production increased at its two biggest fields in the eastern Mediterranean, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-24\/israel-eyes-gas-exports-to-europe-as-production-surges-by-22#xj4y7vzkg\">Bloomberg<\/a>reports. Israel exported some 4.59 bn cubic meters (bcm) during the period as production surged 22% to 10.85 bcm, according to the country\u2019s energy ministry.<\/p>\n<p><strong>A lot of this extra gas would have come our way:<\/strong> The ministry did not provide details on where the gas was exported, but Egypt is likely to have been the main recipient, being the biggest purchaser of Israeli gas. Currently, Egypt and Jordan are the only two countries that Israel exports gas to directly.<\/p>\n<p><strong>There are big plans to send more of this gas across the Med:<\/strong> This comes as Israel and Egypt forge closer ties with Europe, which is suffering a historic energy crisis triggered by western sanctions on Russia. Under <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">an agreement<\/a> signed in June, the EU will increase its imports of Israeli gas, which will be sent to Egypt, liquefied and shipped across the Mediterranean as LNG. The higher production volumes this year would help Israel boost sales to Europe under the new agreement, Energy Minister Karine Elharrar said.<\/p>\n<p><strong>The caveats:<\/strong> Details of the agreement are yet to be worked out, including where the money will come from to build the vital infrastructure and how long it might take. The MoU didn\u2019t contain any commitments regarding export volumes.<\/p>\n<p><strong>More where that came from: <\/strong>Production will rise further once drilling begins at the disputed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cf5c1738-0dc3-477c-9754-849635e63ae0\">Karish gas field<\/a> in the eastern Mediterranean, Elharrar said. Karish owner Energean expects production to start at the end of September.<\/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\/eastern-mediterranean\/\">Eastern Mediterranean<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548887\" 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=\"548887\">\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\">Transport<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/hyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro\/\">\r\n                            Hyundai Rotem signs USD 656 mn agreement to locally produce rolling stock for the Cairo Metro                        <\/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\/25\/hyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro\/\" 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\/25\/hyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro\/')\">\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\/25\/hyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro\/\">\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=Hyundai Rotem signs USD 656 mn agreement to locally produce rolling stock for the Cairo Metro&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/hyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro\/\">\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\/25\/hyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro\/&title=Hyundai Rotem signs USD 656 mn agreement to locally produce rolling stock for the Cairo Metro\">\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=Hyundai+Rotem+signs+USD+656+mn+agreement+to+locally+produce+rolling+stock+for+the+Cairo+Metro+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fhyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro%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\/25\/hyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/393.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548888\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/hyundai-rotem-signs-usd-656-mn-agreement-to-locally-produce-rolling-stock-for-the-cairo-metro\/393-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/393.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"393.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/393.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/393.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548887\" class=\"content-area-description single-story post-548887 post type-post status-publish format-standard has-post-thumbnail hentry category-transport tag-enterpriseam tag-hyundai-rotem tag-national-egyptian-railway-industries-company tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Hyundai <\/strong><strong>Rotem has signed a USD 656 mn contract to locally produce rolling <\/strong><strong>stock for the Cairo metro<\/strong>, the Transport Ministry said in <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/pfbid02mnEiZE4N6eDmJec4BUXXMSdjehMysYj8jRQooMrWrKVdkM18HWXG8rpdL4jiZtDMl\">a statement<\/a> yesterday. Under the agreement, the South Korean railway equipment manufacturer will produce 40 trains comprising 320 carriages for Metro lines 2 and 3 alongside the National Egyptian Railway Industries Company (NERIC). The firm will also provide maintenance services for eight years, the ministry said.<\/p>\n<p><strong>This has been in the works for more than a year:<\/strong> Hyundai Rotem <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1a3b99d8-b931-4dac-a35c-96a82d0d3b0a\">signed an initial MoU<\/a> with NERIC in May 2021 and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a59711e-961d-4304-9ac3-b76ecef25fbc\">a framework agreement<\/a> six months later.<\/p>\n<p><strong>Hyundai Rotem is no stranger to the Metro:<\/strong> The company has supplied 48 trains for all three of Cairo\u2019s metro lines in the past, the statement said.<\/p>\n<p><strong>This is part of Project Localize: <\/strong>The agreement comes as part of the government\u2019s plans to localize the railcar manufacturing industry. Under the contract, 30% of the components used will be sourced from local suppliers, the ministry said. The government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1a3b99d8-b931-4dac-a35c-96a82d0d3b0a\">plans<\/a> to reach a 25% local component quota for the nation\u2019s railway system over the next two years as part of a six-year plan signed off by Ittihadiya. The strategy would see the local component quota at 50% after four years and 75% at the end of the six-year period.<\/p>\n<p><strong>Refresher:<\/strong> NERIC was set up in late 2020 as a JV between the Sovereign Fund of Egypt, the Suez Canal Economic Zone, the Transport Ministry, East Port Said Development, Hassan Allam, Samcrete, and Orascom Construction. The company was established as part of a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b53954d2-8ae2-4eb9-b5c3-ef082e747867\">state-led bid<\/a> to localize the rail industry and specializes in producing and refurbishing rolling stock. Hyundai Rotem partnered with the JV last year to help transfer technology to Egypt, manufacture railway cars, signaling systems, and control and driving equipment, in addition to providing railway engineering services.<\/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\/hyundai-rotem\/\">Hyundai Rotem<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-egyptian-railway-industries-company\/\">National Egyptian Railway Industries Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548889\" 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=\"548889\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/edtech-startup-obm-lands-usd-six-figure-investment-from-edventures\/\">\r\n                            Edtech startup OBM lands USD six-figure investment from EdVentures                        <\/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\/25\/edtech-startup-obm-lands-usd-six-figure-investment-from-edventures\/\" 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\/25\/edtech-startup-obm-lands-usd-six-figure-investment-from-edventures\/')\">\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\/25\/edtech-startup-obm-lands-usd-six-figure-investment-from-edventures\/\">\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=Edtech startup OBM lands USD six-figure investment from EdVentures&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/edtech-startup-obm-lands-usd-six-figure-investment-from-edventures\/\">\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\/25\/edtech-startup-obm-lands-usd-six-figure-investment-from-edventures\/&title=Edtech startup OBM lands USD six-figure investment from EdVentures\">\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=Edtech+startup+OBM+lands+USD+six-figure+investment+from+EdVentures+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fedtech-startup-obm-lands-usd-six-figure-investment-from-edventures%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\/25\/edtech-startup-obm-lands-usd-six-figure-investment-from-edventures\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/395.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"548890\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/edtech-startup-obm-lands-usd-six-figure-investment-from-edventures\/395-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/395.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"395.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/395.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/395.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548889\" class=\"content-area-description single-story post-548889 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-education tag-edventures tag-enterpriseam tag-startup-watch tag-startups tag-venture-capital wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Student career advising startup <\/strong><strong><a href=\"https:\/\/www.obmeg.com\/index\">OBM Education<\/a><\/strong><strong> has secured a six-figure USD <\/strong><strong>investment from <\/strong><strong><a href=\"https:\/\/nmedventures.com\/\">EdVentures<\/a><\/strong>, according to a <a href=\"https:\/\/ent.news\/2022\/8\/OBM-raises-a-second-round-of-investment-from-EdVentures.docx.pdf\">company statement (pdf)<\/a> by the edtech-focused VC. The company will use the funds to develop its new app, <a href=\"https:\/\/www.obmeg.com\/product\/taleb\">Taleb<\/a>, which will provide career advice to students from the ages of 12 to 19, founder and CEO Omar El Barbary told Enterprise.<\/p>\n<p><strong>This is the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/427a49a8-c3f2-4f5f-8822-c27a2dc2936c\">second round<\/a><\/strong><strong> of funding OBM has received from EdVentures this year<\/strong>, after it snagged an undisclosed sum from the VC in January.<\/p>\n<p><strong>About OBM:<\/strong> Founded in 2020 by Omar El Barbary (<a href=\"https:\/\/www.linkedin.com\/in\/obarbary\/\">LinkedIn<\/a>) and Ezz El Din Farag (<a href=\"https:\/\/www.linkedin.com\/in\/ezzfarag\/\">LinkedIn<\/a>), OBM provides career advising, mentoring, and training programs to middle- and high-schoolers through summits and programs. They have 900k beneficiaries and have hosted 82 programs and events, according to their website.<\/p>\n<p><strong>Where the money\u2019s going:<\/strong> The app, which will be launched early September, will act as a \u201cone-stop shop\u201d for high school students seeking college and career advice, El Barbary tells us. The app will include career and major placement assessments, educational videos, and an online advisory center with advisors from 70 different majors, he explained. It will also include an online shop where students can buy and sell student resources like books and stationery supplies, he added.<\/p>\n<p><strong>The startup is targeting 80k downloads for its app by the end of the year<\/strong>, El Barbary says. Next year, it plans to tap additional financing and expand to Saudi Arabia, he added.<\/p>\n<p><strong>EDVENTURES HAS THREE MORE INVESTMENTS IN THE PIPELINE-<\/strong><\/p>\n<p><strong>The VC outfit is set to finalize two more investments in the region over the next two months<\/strong>, and will invest in a third firm outside of the MENA region by the end of the year, EdVentures General Manager Maged Harby tells Enterprise. The VC has increased its average ticket size to USD 500k from USD 300k this year and could invest up to USD 1 mn for select projects, he added.<\/p>\n<p><strong>EdVentures portfolio <\/strong>includes <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/93d91f6b-9241-4be0-8e47-4e8c8a6dfa0c\">online training provider Sprints<\/a> as well as <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b29c8c7c-cb1b-4536-b132-4a0b9edcd20b\">Akhdar, Career180, OTO Courses, and iSchool<\/a>. Harby says the firm focuses on \u201cstartups that address untapped subsectors in the education industry.\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\/education\/\">Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/edventures\/\">EdVentures<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548891\" 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=\"548891\">\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\">Investment Watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/savola-to-invest-egp-1-bn-in-egyptian-belgian-company\/\">\r\n                            Savola to invest EGP 1 bn in Egyptian Belgian Company                        <\/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\/25\/savola-to-invest-egp-1-bn-in-egyptian-belgian-company\/\" 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\/25\/savola-to-invest-egp-1-bn-in-egyptian-belgian-company\/')\">\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\/25\/savola-to-invest-egp-1-bn-in-egyptian-belgian-company\/\">\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=Savola to invest EGP 1 bn in Egyptian Belgian Company&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/savola-to-invest-egp-1-bn-in-egyptian-belgian-company\/\">\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\/25\/savola-to-invest-egp-1-bn-in-egyptian-belgian-company\/&title=Savola to invest EGP 1 bn in Egyptian Belgian Company\">\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=Savola+to+invest+EGP+1+bn+in+Egyptian+Belgian+Company+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fsavola-to-invest-egp-1-bn-in-egyptian-belgian-company%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\/25\/savola-to-invest-egp-1-bn-in-egyptian-belgian-company\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548891\" class=\"content-area-description single-story post-548891 post type-post status-publish format-standard hentry category-investment-watch tag-egyptian-belgian-company-for-industrial-investments tag-enterpriseam tag-inflation tag-investment-watch tag-saudi-arabia tag-savola 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> <strong>Saudi food conglomerate Savola plans to invest over EGP 1 bn in the Egyptian <\/strong><strong>Belgian Company <\/strong>to increase production, CEO Sameh Hassan told CNBC Arabia (<a href=\"https:\/\/bit.ly\/3PGWCqI\">watch, runtime: 3:06<\/a>). The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a7db77de-8131-4034-a751-9cfa05b11aaa\">acquired<\/a> the maker of Ole-branded baked goods for EGP 622.4 mn in June.<\/p>\n<p><strong>Savola has hiked prices aggressively since taking over:<\/strong> Savola has raised prices by 30-35% since it acquired the company in response to soaring local inflation and the devaluation of the EGP, Hassan said. Savola also recently acquired another snack food factory in Egypt, which will come online next year, he said.<\/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\/egyptian-belgian-company-for-industrial-investments\/\">Egyptian Belgian Company for Industrial Investments<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/savola\/\">Savola<\/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=\"548892\" 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=\"548892\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/beltone-financial-turns-a-loss-in-2q-2022\/\">\r\n                            Beltone Financial turns a loss 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\/25\/beltone-financial-turns-a-loss-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\/25\/beltone-financial-turns-a-loss-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\/25\/beltone-financial-turns-a-loss-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=Beltone Financial turns a loss in 2Q 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/beltone-financial-turns-a-loss-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\/25\/beltone-financial-turns-a-loss-in-2q-2022\/&title=Beltone Financial turns a loss 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=Beltone+Financial+turns+a+loss+in+2Q+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fbeltone-financial-turns-a-loss-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\/25\/beltone-financial-turns-a-loss-in-2q-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548892\" class=\"content-area-description single-story post-548892 post type-post status-publish format-standard hentry category-earnings-watch tag-beltone-financial tag-earnings tag-earnings-watch tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Beltone Financial returned to the red in 2Q 2022<\/strong>, recording EGP 109.4 mn in net losses after making a EGP 4.7 mn profit in the same period last year, according to its <a href=\"https:\/\/ent.news\/2022\/8\/consolidated.pdf\">consolidated financials (pdf)<\/a>. Revenues were down 1% to EGP 82.7 mn during the April-June quarter despite interest income rising by a third due revenues from fees and commissions sliding 34%.<\/p>\n<p><strong>REMEMBER- Beltone is under new management: <\/strong>Chimera Investments replaced Orascom Financial Holding as Beltone\u2019s controlling shareholder <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40303139-6bd0-4c73-a30a-57bb74e74a45\">earlier this month<\/a> after purchasing its 56% stake at EGP 1.485 per share. CEO Ibrahim Karam was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44f91721-ade2-4520-8b3c-37c5c702c338\">replaced by former investment minister and Masar chairwoman Dalia Khorshid<\/a> the following week.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beltone-financial\/\">Beltone Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548893\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"548893\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/548893\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548893\" class=\"content-area-description single-story post-548893 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/Sodic-25_DESIGNS_1600x1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548894\" 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=\"548894\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/import-restrictions-privatization-were-the-topics-du-jour-on-the-airwaves\/\">\r\n                            Import restrictions + privatization were the topics du jour on the airwaves                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/import-restrictions-privatization-were-the-topics-du-jour-on-the-airwaves\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/import-restrictions-privatization-were-the-topics-du-jour-on-the-airwaves\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/import-restrictions-privatization-were-the-topics-du-jour-on-the-airwaves\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Import restrictions + privatization were the topics du jour on the airwaves&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/import-restrictions-privatization-were-the-topics-du-jour-on-the-airwaves\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/import-restrictions-privatization-were-the-topics-du-jour-on-the-airwaves\/&title=Import restrictions + privatization were the topics du jour on the airwaves\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Import+restrictions+%2B+privatization+were+the+topics+du+jour+on+the+airwaves+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fimport-restrictions-privatization-were-the-topics-du-jour-on-the-airwaves%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/import-restrictions-privatization-were-the-topics-du-jour-on-the-airwaves\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548894\" class=\"content-area-description single-story post-548894 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-central-bank-of-egypt tag-electricity tag-enterpriseam tag-hassan-abdalla tag-ipo-watch tag-last-nights-talk-shows tag-state-privatization-program tag-trade-and-industry-ministry tag-transport-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It was an econ-finance heavy night on the airwaves yesterday:<\/strong> Rumors that the Central Bank of Egypt could be about to reverse course on controversial import restrictions introduced in March got attention on the talk shows last night. We have more on this in this morning\u2019s news well, above.<\/p>\n<p><strong>The Sisi administration\u2019s privatization strategy featured <\/strong>on Ala Mas\u2019ouleety following <a href=\"https:\/\/bit.ly\/3Cqx7a9\">reports<\/a> that a government committee is studying the potential IPOs of ports and other assets owned by the Transport Ministry (<a href=\"https:\/\/www.youtube.com\/watch?v=RyJTK80VGo8\">watch, runtime: 5:01<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=_KnqNvyLYEo\">7:49<\/a>). The committee will reportedly present within two months a proposal for privatizing select assets; it is reportedly headed by Prime Minister Moustafa Madbouly\u2019s economic advisor, Gihan Saleh, and will also include representatives from various ministries, the Sovereign Fund of Egypt (SFE) and GAFI. Plans to merge seven of Egypt\u2019s biggest ports under one entity and list it on the EGX were first <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">announced<\/a> by Madbouly as part of sweeping privatization plans that will see the government attract USD 40 bn in investments over the next four years.<\/p>\n<p><strong>Listing isn\u2019t the same thing as selling, says Moussa:<\/strong> In a long monologue railing against critics of privatization, Ala Mas\u2019ouleety\u2019s Ahmed Moussa denied that listing shares in state-owned companies is the same thing as \u201cselling\u201d assets and explained the benefits of leveraging foreign companies\u2019 investments and management experience while still retaining ownership of some companies in \u201cstrategic\u201d sectors. The IPOs of state-owned firms could bring in much-needed liquidity to the markets, and could also invite Egyptians to invest in companies through the bourse and feel a sense of ownership in state-owned assets, Rania Yacoub, board member at the EGX, told him, while reiterating his comments on the difference between selling state assets and partnering with the private sector to help operate and manage them.<\/p>\n<p><strong>The appointment of Hassan Abdalla\u2019s new advisors, <\/strong>banking industry veterans Hisham Ezz Al Arab and Mohamed Naguib, also featured on Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=zhxVmGiEImY\">watch, runtime: 3:25<\/a>).<\/p>\n<p><strong>Thousands of people didn\u2019t get the memo about electricity rationing:<\/strong> Some 26.6k buildings and businesses have been slapped with fines of up to EGP 4k after failing to abide by the recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/34592f12-233d-4901-ae0a-b210c9ca855e\">measures<\/a> to cut electricity use, local development ministry spokesperson Khaled Qassem told Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=O2WvKp7lBA0\">watch, runtime: 19:32<\/a>). The government has so far managed to save about 22-25% of the electricity that goes towards roadlights, and 11% of what goes to store front signs, Qassem added.<\/p>\n<p><strong>Some 250-300 companies have taken out conditions booklets <\/strong>for a tender for three industrial complexes comprising 1k units in Upper Egypt for micro, small and medium enterprises (MSMEs), head of the Industrial Development Authority (IDA) Mohamed El Zalat, told Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=BzyPJMRwvLw\">watch, runtime: 9:50<\/a>). The ministry had slashed prices for the booklets for companies bidding for the units by more than half to EGP 300-500, from EGP 2k previously.<\/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\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ipo-watch\/\">IPO watch<\/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\/state-privatization-program\/\">state privatization program<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade-and-industry-ministry\/\">Trade and Industry Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport-ministry\/\">Transport Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n            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with nature<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        \r\n            <div class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-83tg4s5\" data-v=\"4\" data-block-id=\"83tg4s5\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-83tg4s5-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-83tg4s5-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next 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         \"\r\n            id=\"548896\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/tensions-between-egypt-and-israel-are-back-in-the-israeli-press\/\">\r\n                            Tensions between Egypt and israel are back in the Israeli press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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Israeli press\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Tensions+between+Egypt+and+israel+are+back+in+the+Israeli+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Ftensions-between-egypt-and-israel-are-back-in-the-israeli-press%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/tensions-between-egypt-and-israel-are-back-in-the-israeli-press\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548896\" class=\"content-area-description single-story post-548896 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-cop27 tag-diplomacy tag-enterpriseam tag-gender tag-israel tag-politics tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s still all about Egyptian-Israeli relations in the foreign press:<\/strong> Tension in our relations with our neighbors to the east \u2014 and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48dfbc3d-fe58-4af2-80d8-88cf48e86eec\">ceasefire<\/a> Egypt brokered earlier this month between Palestinian militants and Israel \u2014 is still everywhere in the Israeli press. The silence of the Egyptian media on the tensions could be a sign that Cairo doesn\u2019t intend to escalate matters but Israel needs to \u201ctread carefully\u201d in how it manages its relations with one of its closest regional partners, Zvi Bar'el writes for <a href=\"https:\/\/www.haaretz.com\/israel-news\/2022-08-24\/ty-article\/.premium\/egypt-shrugs-off-israel-tensions-but-jerusalem-should-tread-lightly\/00000182-ce7a-d5fa-af96-df7a14320000\">Haaretz<\/a>. Meanwhile, the <a href=\"https:\/\/www.jpost.com\/arab-israeli-conflict\/article-715522\">Jerusalem Post<\/a> is out with a piece looking at what\u2019s behind the recent flare-up in tensions.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Positive coverage in the global travel press:<\/strong> <a href=\"https:\/\/edition.cnn.com\/travel\/article\/best-places-fall-travel-2022\/index.html\">CNN Travel<\/a> lists Egypt as one of the 12 \u201ccool places\u201d to go for the fall and <a href=\"https:\/\/www.cntraveler.com\/story\/egypts-must-see-architectural-marvels\">Conde Nast Traveler<\/a> features the country as one of the best places to go to discover \u201carchitectural marvels\u201d beyond the famed Giza Pyramids.<\/li>\n<li><strong>COP is off limits to some civil society groups:<\/strong> Some Egyptian NGOs say they are being excluded from the COP27 summit through the registration process because they are critical of the government. (<a href=\"https:\/\/www.theguardian.com\/environment\/2022\/aug\/24\/egyptian-ngos-complain-of-being-shut-out-of-cop27-climate-summit\">The Guardian<\/a>)<\/li>\n<li><strong>Gender violence:<\/strong> The murders of a number of women in the past few months raises concerns about the extent of gender-based violence and the lack of sufficient legal protection for women in the country. (<a href=\"https:\/\/www.reuters.com\/world\/middle-east\/fatal-stabbings-highlight-violence-against-women-egypt-2022-08-24\/\">Reuters<\/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\/cop27\/\">COP27<\/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\/gender\/\">gender<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/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\/tourism\/\">tourism<\/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=\"548897\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548898\" 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=\"548898\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/adly-mansour-transit-hub-now-has-an-electric-bus-charging-station\/\">\r\n                            Adly Mansour transit hub now has an electric bus charging station                        <\/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\/25\/adly-mansour-transit-hub-now-has-an-electric-bus-charging-station\/\" 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\/25\/adly-mansour-transit-hub-now-has-an-electric-bus-charging-station\/')\">\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\/25\/adly-mansour-transit-hub-now-has-an-electric-bus-charging-station\/\">\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=Adly Mansour transit hub now has an electric bus charging station&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/adly-mansour-transit-hub-now-has-an-electric-bus-charging-station\/\">\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\/25\/adly-mansour-transit-hub-now-has-an-electric-bus-charging-station\/&title=Adly Mansour transit hub now has an electric bus charging station\">\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=Adly+Mansour+transit+hub+now+has+an+electric+bus+charging+station+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fadly-mansour-transit-hub-now-has-an-electric-bus-charging-station%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\/25\/adly-mansour-transit-hub-now-has-an-electric-bus-charging-station\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548898\" class=\"content-area-description single-story post-548898 post type-post status-publish format-standard hentry category-also-on-our-radar tag-adly-mansour-transit-hub tag-also-on-our-radar tag-elsewedy-electric tag-enterpriseam tag-evs tag-fertilizers tag-industry tag-infrastructure tag-transport wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Elsewedy launches electric bus charging at the Adly Mansour transit hub: <\/strong>Elsewedy Transport &amp; Distribution has started operating electric bus charging facilities at Adly Mansour station, it said in <a href=\"https:\/\/ent.news\/2022\/8\/V2_Edited-En_Final-PRL-Charging-Units.docx.pdf\">a statement (pdf)<\/a> yesterday. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40d18b27-5b81-4c55-a728-4768f13b5ee9\">transit hub<\/a> connects five different modes of transport: Cairo Metro Line 3, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4897f8bd-57f2-46fc-a2e4-96238319c265\">the newly-launched light railway<\/a>, a railway station, SuperJet bus station, and the under-construction <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c48aedde-b2c6-4e40-b86f-3900beb3698f\">Bus Rapid Transit (BRT)<\/a> system.<\/p>\n<p><strong>Elsewedy T&amp;D is also working on the electric bus charging station in Sharm El Sheikh<\/strong> as part of preparations for the COP 27 summit in November.<\/p>\n<p><strong>Aswan could get a massive EGP 20 bn fertilizer industrial complex<\/strong>: Aswan Governor Ashraf Attia presented a EGP 20 bn project to build the governorate\u2019s largest fertilizer industrial complex during a meeting with Singaporean firm IVL Dhunseri Polyester and the heads of Misr Phosphate, according to a <a href=\"https:\/\/www.facebook.com\/aswan.gov.eg\/posts\/pfbid0jpfCUSPpBpaYLQikVt3CZjxYM4kTudjzmG1cXA461J2xhmRUykSn1WSV5F7Y4axSl\">statement<\/a>.<\/p>\n<p><strong>US-based, MENA-focused developer <\/strong><strong><a href=\"https:\/\/www.gvgrp.com\/about-gvg\/\">Global Ventures<\/a><\/strong> (not the VC outfit by the same name) wants to attract a number of <strong>Chicago real estate <\/strong><strong>investors <\/strong>to help develop a series of residential, administrative and commercial projects in the new capital, New Alamein and other new cities, <a href=\"https:\/\/tinyurl.com\/2p9a8s7u\">Al Mal<\/a> reports. Global Ventures is part of the US-UAE consortium in charge of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a6a6594a-17e9-439f-923c-fa00803a7e7f\">the Mogamma redevelopment project<\/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\/adly-mansour-transit-hub\/\">Adly Mansour transit hub<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/evs\/\">EVs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertilizers\/\">fertilizers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/infrastructure\/\">infrastructure<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/transport\/\">transport<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548899\" 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=\"548899\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">14<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/reserves-in-emerging-markets-are-falling-at-the-quickest-rate-since-2008\/\">\r\n                            Reserves in emerging markets are falling at the quickest rate since 2008                        <\/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\/25\/reserves-in-emerging-markets-are-falling-at-the-quickest-rate-since-2008\/\" 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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Rising commodities prices on the back of war in Ukraine, aggressive rate hikes by the US Federal Reserve, and global inflationary pressures are making it increasingly difficult for developing countries to sustain spending on key imports like food and fuel and service their foreign debt. Sri Lankan USD reserves have almost run dry after the countries in May <a href=\"https:\/\/www.bbc.com\/news\/business-61505842\">defaulted on its bonds<\/a> for the first time in its history \u2014 and countries including Pakistan, Turkey, and Ghana could face similar crises, the WSJ says.<\/p><p><strong>FX reserves will be a key challenge for the CBE: <\/strong>Egypt\u2019s foreign reserves have<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b83f7b83-62a3-4572-8a67-2d8ca7599bd0\">declined by almost 20%<\/a> since March, slipping to USD 33.14 bn in July, as the fallout from the war in Ukraine and rising interest rates force the central bank to intervene to cover portfolio outflows, finance imports and meet debt repayments. Bringing hard currency back into the country will be a priority for new acting Central Bank of Egypt (CBE) governor <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">Hassan Abdalla<\/a>, with speculation growing that the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f4ba0d7-8458-48a8-af05-3a4d44fdbda3\">EGP may need to be allowed to depreciate further<\/a> against the USD to dodge a balance of payments crisis.<\/p><hr class=\"grey-line\"><p><strong>All those celebrating falling food and energy prices might want to put the cork <\/strong><strong>back in the champagne bottle<\/strong>, according to Invesco, which is predicting commodities to give us a \u201crude awakening\u201d and rise again in the fall. Fears of recession and an easing of supply problems have seen global food and energy prices fall back from record highs in recent weeks, and the market expects the trend to continue.<\/p><p><strong>Not so fast:<\/strong> Not only will the US Strategic Petroleum Reserve\u2019s releases \u2014 which have played a major role in calming markets over the past few months \u2014 end in October, but the Russia-Ukraine war will threaten Ukraine\u2019s winter harvest, droughts are expected to squeeze crops in the US, and a historic energy crisis in Europe will further disrupt other markets, Jason Bloom, head of fixed income and alternatives product strategy at Invesco, tells <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-24\/invesco-says-oil-food-will-spike-this-fall-in-rude-awakening?srnd=premium-middle-east\">Bloomberg<\/a>.<\/p><p><strong>Add an unexpected cut to oil production to that list:<\/strong> It\u2019s looking more likely that OPEC+ could cut production soon, with at least six more cartel members backing <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/603d3840-e574-4112-bdcd-8bb66fd6b1c6\">comments<\/a> made by the Saudi energy minister this week who said that producers could soon reduce supply to address \u201cextreme\u201d price volatility in the markets, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-24\/opec-nations-line-up-behind-saudi-call-to-act-if-necessary?srnd=premium-middle-east\">Bloomberg<\/a> reports. Iraq, Algeria, Kuwait, Equatorial Guinea and Venezuela have all expressed support to Saudi Arabia\u2019s stance on the \u201cdisconnect\u201d between physical and paper barrels.<\/p><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>10,105<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -15.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.12<\/p>\n<\/td>\n<td>\n<p>Sell 19.23<\/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>U<\/strong><strong>SD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.15<\/p>\n<\/td>\n<td>\n<p>Sell 19.21<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,444<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: +10.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,002<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +17.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,422<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: +7.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,141<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -13.1%)<\/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>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,472<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +1.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,667<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: -14.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 101.73<\/p>\n<\/td>\n<td>\n<p>+1.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 9.33<\/p>\n<\/td>\n<td>\n<p>+1.5%<\/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>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,761.50<\/p>\n<\/td>\n<td>\n<p>0.0%<\/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>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,635<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: -53.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 1.32 bn (37.6% above the 90-day average). Foreign investors were net sellers. The index is down 15.4% YTD.<\/p><p><strong>In the green: <\/strong>Rameda (+2.9%), Housing &amp; Development Bank (+1.8%) and Alexandria Containers (+1.5%).<\/p><p><strong>In the red: <\/strong>Palm Hills Development (-2.1%), Heliopolis Housing (-2.0%) and Sidi Kerir Petchem (-1.9%).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/currencies\/\">currencies<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/foreign-reserves\/\">foreign reserves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"548900\" 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=\"548900\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">15<\/div>\r\n\r\n                    <p class=\"f-graphik\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/did-the-us-just-kill-hopes-of-saving-the-iran-nuclear-deal\/\">\r\n                            Did the US just kill hopes of saving the Iran nuclear deal?                        <\/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\/25\/did-the-us-just-kill-hopes-of-saving-the-iran-nuclear-deal\/\" 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\/25\/did-the-us-just-kill-hopes-of-saving-the-iran-nuclear-deal\/')\">\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\/25\/did-the-us-just-kill-hopes-of-saving-the-iran-nuclear-deal\/\">\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=Did the US just kill hopes of saving the Iran nuclear deal?&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/did-the-us-just-kill-hopes-of-saving-the-iran-nuclear-deal\/\">\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\/25\/did-the-us-just-kill-hopes-of-saving-the-iran-nuclear-deal\/&title=Did the US just kill hopes of saving the Iran nuclear deal?\">\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=Did+the+US+just+kill+hopes+of+saving+the+Iran+nuclear+deal%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F25%2Fdid-the-us-just-kill-hopes-of-saving-the-iran-nuclear-deal%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\/25\/did-the-us-just-kill-hopes-of-saving-the-iran-nuclear-deal\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548900\" class=\"content-area-description single-story post-548900 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-iran tag-politics tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Has the US rejected Iran\u2019s demands for the nuclear pact? <\/strong>The US has finally given its reply to the EU\u2019s proposal to save the Iran nuclear pact and if this report in <a href=\"https:\/\/bit.ly\/3dU7ILP\">Al Arabiya<\/a> is correct, it\u2019s not good news. The Saudi broadcaster reported yesterday that Washington rejected all of the conditions put forward by Iran in its response to the EU\u2019s draft text, and told it to stop restricting international inspections of its nuclear facilities. There was relative optimism that the two sides could reach an agreement a few days ago when <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/iran-says-us-procrastinating-nuclear-talks-2022-08-22\/\">the EU described<\/a> Iran\u2019s response to its proposal as \u201creasonable.\u201d<\/p>\n<p><strong>Adding to the tensions:<\/strong> The US bombed Iran-backed fighters in Syria yesterday, earning it<a href=\"https:\/\/en.mfa.gov.ir\/portal\/newsview\/691091\"><\/a><a href=\"https:\/\/en.mfa.gov.ir\/portal\/newsview\/691091\">\u201cstrong condemnation\u201d<\/a> from Iran \u2014 though the country denied having any links to groups in areas the US targeted.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/iran\/\">Iran<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <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=\"548901\" 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=\"548901\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">16<\/div>\r\n\r\n                    <p class=\"f-graphik\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/25\/my-morning-routine-carlos-gonzalez-ceo-of-cemex-egypt-and-uae\/\">\r\n                            My Morning Routine: Carlos Gonzalez, CEO of CEMEX Egypt and UAE                        <\/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\/25\/my-morning-routine-carlos-gonzalez-ceo-of-cemex-egypt-and-uae\/\" 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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Speaking to us this week is Carlos Gonzalez (<a href=\"https:\/\/www.linkedin.com\/in\/ceglzg\/\">LinkedIn<\/a>), CEO of CEMEX Egypt and UAE. Edited excerpts from our conversation:<\/p>\n<p><strong>My name is Carlos Gonzalez and I'm currently the CEO of <\/strong><strong><a href=\"https:\/\/www.cemex.com.eg\/\">CEMEX<\/a><\/strong><strong>in Egypt and the United Arab Emirates. <\/strong>I\u2019m from Mexico so I was born and raised in a third world country. As a young kid, I dreamed of exploring the world and I\u2019ve been lucky enough to work in seven different countries in different roles ranging from consultant to engineer to managerial positions.<\/p>\n<p><strong>I\u2019m in charge of the company\u2019s business in the UAE and in Egypt.<\/strong> CEMEX is a construction materials company, so we have around eight or nine different businesses, between ready mix aggregates, all aspects of construction, materials and services. Our revenue between the two countries is around EGP 400 mn a year and we employ around 5k people.<\/p>\n<p><strong>I\u2019ve been living in Egypt for the past five years.<\/strong> There are many things that I find beautiful about the country. Believe it or not, I really appreciate the weather here and how we get to experience all four seasons. Egyptian culture and family values are very similar to Mexican culture, which makes me feel at home. Egypt and Mexico are also the only two countries in the world that have pyramids, so that\u2019s something else they have in common.<\/p>\n<p><strong>In my opinion, a CEO has three main roles.<\/strong> They set the strategic intent, monitor performance and allocate resources necessary to reach optimal performance. Continuing to innovate is imperative. We\u2019re doing that by finding new ways of decarbonizing our operations and becoming more profitable in the process. I\u2019m also focused on becoming a better manager and making sure that our teams are growing along with the company.<\/p>\n<p><strong>I usually wake up at 7am and I try to exercise first thing in the morning around three to four times a week.<\/strong> I usually run and do a little bit of cardio and some strength training here and there. I then have a cup of tea and read the news which helps me prepare for my day. I read Enterprise, the Financial Times, the Guardian and a Mexican newspaper called El Norte to keep up with the news back home.<\/p>\n<p><strong>Twitter is the only social media platform I use.<\/strong> I don't think it's as distracting as other platforms that can be too time consuming and addictive. I find it to be informative and I enjoy reading different points of view. I usually head to the office at 9am and begin answering emails and phone calls on my way.<\/p>\n<p><strong>I try to keep the amount of time I spend in meetings in a day to a minimum.<\/strong> I find communicating through WhatsApps and walk-ins more efficient than scheduling formal meetings for everything. I try to look at things from the top and just dive into things that require my attention rather than scheduling meetings for every single topic.<\/p>\n<p><strong>There are two main challenges that the cement industry is facing in Egypt today.<\/strong> The most pressing issue was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2e27cbd3-7611-4e73-933a-e78c7a5292dc\">the oversupply issue<\/a>. It was really killing the industry and the only way we could\u2019ve gotten through that was through government intervention. I\u2019m very thankful that the government stepped in to make sure that the industry is generating a certain level of profitability and hopefully the industry can get back on its feet.<\/p>\n<p><strong>But on a much bigger scale, decarbonization is the major issue we should be tackling \u2014 and not just in the cement industry.<\/strong> As recently as a few years ago, climate change seemed like it was a far-off problem, especially to the western world and we\u2019re all now beginning to face the consequences of putting off addressing the issue.<\/p>\n<p><strong>CEMEX reduced 30% of its emissions in a matter of three years by decreasing its use of fossil fuels and by using a combination of different technologies.<\/strong> The technology was there, we just had to utilize it and invest in it. We have plans to further reduce our emissions in the years ahead.<\/p>\n<p><strong>People constantly ask why a cement company has a football team. <\/strong>CEMEX\u2019s football team has been around since the company was government-owned. There were a couple of years when we didn't have a team but we kept our football academy going. We ended up with really good players, but no team. Some players went on to play for other teams but four years ago we joined the fourth division. We then started to put some money into the team as a marketing investment because it would get the company\u2019s name out there and the team eventually made it to the second division, where we are now. The football story shows the youth that if you work hard you can really succeed, which is consistent with how we operate as a company.<\/p>\n<p><strong>The best piece of advice I received was from my mother. <\/strong>As a kid when things weren\u2019t going my way I\u2019d look for excuses to justify it, but my mom would tell me that I know better and shouldn\u2019t fool myself \u2014 that\u2019s always resonated with me. Early on in my career, I was experiencing a lot of setbacks and one of my managers told me when the going gets tough the tough get going and that\u2019s also something that I keep in mind. Good times will come and tough times will come. You just have to be consistent and keep doing it.<\/p>\n<p><strong>A colleague of mine recommended that I watch the movie <\/strong><strong><a href=\"https:\/\/www.imdb.com\/title\/tt0074896\/\">The Message<\/a><\/strong>, which gave me more very interesting background on the beginnings of Islam. It\u2019s also nice that a Mexican actor (Anthony Quinn) stars in the movie. I also recently watched <a href=\"https:\/\/www.imdb.com\/title\/tt1745960\/\">Top Gun: Maverick<\/a> and really enjoyed that \u2014 it\u2019s impressive what Tom Cruise can pull off at 60.<\/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\/carlos-gonzalez\/\">Carlos Gonzalez<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cemex\/\">CEMEX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/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=\"548903\" 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\/25\/548903\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-548903\" class=\"content-area-description single-story post-548903 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 (Wednesday): Deadline for B Investments to response to Adnoc\u2019s bid for TotalEnergies Egypt.<\/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":548875,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-548874","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"c5fbc703-73f0-43fe-a218-d2ea5d957f86","teaser":"","photo_url":"https:\/\/ent.news\/2022\/8\/39.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>The rumor mill: The central bank could be about to ease import restrictions - 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\/the-rumor-mill-the-central-bank-could-be-about-to-ease-import-restrictions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The rumor mill: The central bank could be about to ease import restrictions\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/the-rumor-mill-the-central-bank-could-be-about-to-ease-import-restrictions\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:24:49+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\/39.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\/the-rumor-mill-the-central-bank-could-be-about-to-ease-import-restrictions\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/the-rumor-mill-the-central-bank-could-be-about-to-ease-import-restrictions\/\",\"name\":\"The rumor mill: The central bank could be about to ease import restrictions - 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