{"id":549021,"date":"2022-08-31T04:00:58","date_gmt":"2022-08-31T04:00:58","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549021"},"modified":"2025-12-15T22:28:13","modified_gmt":"2025-12-15T22:28:13","slug":"maait-to-release-some-backed-up-goods-from-ports","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-release-some-backed-up-goods-from-ports\/","title":{"rendered":"Maait to release some backed-up goods from ports"},"content":{"rendered":"<section id=\"549023\" 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=\"549023\">\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\/31\/this-morning-are-some-egyptian-banks-finally-issuing-letters-of-credit-to-importers\/\">\r\n                            THIS MORNING: Are some Egyptian banks finally issuing letters of credit to importers?                        <\/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\/31\/this-morning-are-some-egyptian-banks-finally-issuing-letters-of-credit-to-importers\/\" 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/this-morning-are-some-egyptian-banks-finally-issuing-letters-of-credit-to-importers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549023\" class=\"content-area-description single-story post-549023 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-chimera-investments tag-climate tag-cop27 tag-egyptian-competition-authority tag-egyptian-competition-law tag-enterpriseam tag-g20 tag-indonesia tag-ma-watch tag-price-fixing tag-what-were-tracking-today tag-yasmine-fouad 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, wonderful people, and happy Wednesday to you all. <\/strong>It\u2019s yet another busy news day, but before you dive into today\u2019s issue, can we ask you to please <strong><a href=\"https:\/\/www.surveymonkey.com\/r\/QDMBYCT\">take our Fall Reader Survey?<\/a><\/strong><\/p><p><strong>Tell us how you\u2019re feeling about your business and the wider economy<\/strong> and we\u2019ll be back with the results just in time to give you a sense of what everyone else is thinking heading into budget season.<\/p><p><strong>How has 2022 been for your business? And how do you feel about what\u2019s left of the year? <\/strong>Are you investing? Do you plan to hire new staff (or make cuts to your existing staff) now or in 2023? What\u2019s the USD \/ EGP rate you expect to use for your 2023 budget? Where do you see your industry as a whole heading?<\/p><p><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/QDMBYCT\">Make your voice heard in our Fall Reader Survey.<\/a><\/strong> It won\u2019t take more than a few minutes to complete.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>WATCH THIS SPACE- You might finally be able to get your hands on L\/Cs as of <\/strong><strong>today: <\/strong>A number of banks have begun, as of yesterday, issuing letters of credit (L\/Cs) for importers after a five-month-long drought, <a href=\"https:\/\/www.asharqbusiness.com\/article\/41213\">Bloomberg Asharq<\/a> reported last night, citing five banking sources. The report came in tandem with the government\u2019s announcement of a basket of measures designed to release goods that have been stuck in ports due to a slowdown in opening L\/Cs imposed by the central bank to address a shortage of foreign currency. We have more on these measures in this morning\u2019s Economy section, below.<\/p><p><strong>A pleasant (non-)surprise:<\/strong> The government has been coordinating with the Central Bank of Egypt\u2019s (CBE) new governor, Hassan Abdalla, for over a week now over measures to release goods from ports.<\/p><p><strong>Among the banks offering L\/Cs:<\/strong> AAIB, QNB Alahli, Banque Misr, and National Bank of Egypt \u2014 though Asharq notes that the latter two state-owned banks are only guaranteeing lower-cost imports.<\/p><p><strong>Quick refresher:<\/strong> The CBE in March began 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. Over the past five months, importers have said they have been unable to access L\/Cs from their banks.<\/p><p><strong>The elephant in every room right now: The FX shortage. <\/strong>Measures to ease import restrictions are all music to industry players\u2019 ears, but none of this answers the question of how the government plans to bring greenbacks back into the country when imports are eased \u2014 and USD begins to leave the country.<\/p><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><strong>Egypt is attending G20 climate talks today:<\/strong> Environment Minister Yasmine Fouad is in Bali, Indonesia, for the <a href=\"https:\/\/g20.org\/events\/environment-and-climate-ministerial-meeting\/\">G20 Climate and Environment Ministerial Meeting<\/a>, the ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0348QJ7S9P5dmCdFmQ1AZhE44uuFTL5MpuEPK37tFcjSXdioyRq3Wa2oUkoPK31utUl\">said<\/a> yesterday. Fouad is representing Egypt at the gathering on behalf of Foreign Minister and COP27 President Sameh Shoukry, who is in Gabon attending Africa Climate Week.<\/p><p><strong>Speaking of which:<\/strong> <a href=\"https:\/\/www.un.org\/en\/climatechange\/2022-africa-climate-week\">Africa Climate Week<\/a> enters its third day in the Gabonese capital.<\/p><p><strong>Beltone Financial shareholders <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5ad2ca1-e887-4a1f-9c78-7e5678e23113\">will elect new board members<\/a><\/strong> following Chimera Investments\u2019 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40303139-6bd0-4c73-a30a-57bb74e74a45\">acquisition of a majority stake<\/a> in the firm. The company confirmed that it is planning to go ahead with a capital increase but only once it has formed a new board. The Abu Dhabi-based investment company purchased Orascom Financial\u2019s 56% stake in Beltone earlier this month and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44f91721-ade2-4520-8b3c-37c5c702c338\">appointed<\/a> former investment minister and Masar chairwoman Dalia Khorshid the following week.<\/p><p><strong>PSA #1- Y\u2019all know price fixing is against the law, right? <\/strong>The Egyptian Competition Authority (ECA) saw fit to remind people of the consequences of price fixing yesterday amid what it says are increasing reports of potentially manipulative price hikes.<\/p><p><strong>What are the consequences, again? <\/strong>Fine amounting to 12% of the revenues generated from the products, or, in the case that revenues are difficult to identify, a fine of up to EGP 500 mn.<\/p><p><strong>PSA #2- Today is the deadline to catch a 65% break off late payment fines for your taxes. <\/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>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Gorbachev dies, aged 91: <\/strong>Mikhail Gorbachev, the man responsible for dismantling the USSR and bringing an end to the Cold War, has died at age 91 from a \u201cserious and protracted disease,\u201d Russian news agencies cited hospital officials as saying. During his six years at the helm of the Communist Party, Gorbachev\u2019s liberalizing attempts to rescue the ailing Soviet economy resulted in the break-up of the union, the end of the Iron Curtain in Eastern Europe, and the reunification of Germany. (<a href=\"https:\/\/www.reuters.com\/world\/mikhail-gorbachev-who-ended-cold-war-dies-aged-92-agencies-2022-08-30\/\">Reuters<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-30\/mikhail-gorbachev-soviet-leader-who-ended-cold-war-dies-at-91?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/mikhail-gorbachev-dead-soviet-union-leader-reformer-11656704339?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/obituaries\/2022\/08\/30\/mikhail-gorbachev-soviet-leader-dies\/\">Washington Post<\/a> | <a href=\"https:\/\/www.ft.com\/content\/8a5b8585-60a6-4678-a7d8-ce7f7f9f1fb3\">Financial Times<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/08\/30\/world\/europe\/mikhail-gorbachev-dead.html\">New York Times<\/a> | <a href=\"https:\/\/www.cnn.com\/videos\/world\/2022\/08\/30\/mikhail-gorbachev-obit-vpx.cnn\">CNN<\/a> | <a href=\"https:\/\/www.theguardian.com\/world\/2022\/aug\/30\/mikhail-gorbachev-dies-soviet-leader-92\">The Guardian<\/a>)<\/p><p><strong>SIGN OF THE TIMES- Pakistan dodges default with IMF aid package<\/strong>: Pakistan and the IMF <a href=\"https:\/\/www.imf.org\/en\/News\/Articles\/2022\/08\/29\/pr22293-imf-executive-board-completes-reviews-of-extended-fund-facility-pakistan\">have agreed<\/a> a USD 1.1 bn bailout package, saving the South Asian country from defaulting on its debts as inflationary pressures driven by soaring energy prices deplete its foreign reserves.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE ROAD TO COP-<\/strong><\/p><p><strong>Mohieldin wants to see \u201clocalized\u201d climate investment maps + carbon markets in Africa: <\/strong>Egypt\u2019s climate czar, Mahmoud Mohieldin, took to the podium yesterday at Africa climate week in Gabon to spotlight some initiatives that could help move the climate agenda forward on the continent. These include: developing \u201clocalized\u201d investment maps to help finance climate projects that can have an immediate impact on local communities, and setting up local carbon markets to help reduce greenhouse gas emissions. \u201cNew promising ideas need to be projectized, and existing projects must be replicated and scaled up,\u201d he said.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>It\u2019s going to get easier for owners of overseas yachts to pitch up in Egypt:<\/strong> The Transport Ministry\u2019s <a href=\"https:\/\/www.facebook.com\/MinistryTransportation\/posts\/125172993113099\">digital platform for foreign yachts<\/a> will be up and running starting tomorrow, it said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid022D1V7wDRaTkdKWCp88eqq81cZwXtZFnsJQP6K5njybqxN1PKw7AehPZmSiRcr6Xhl\">statement<\/a>. The platform will act as a one-stop-shop for yacht owners to get the permits they need to come to Egypt and moor at marina\u2019s across the country. We have the full rundown on the state\u2019s efforts towards becoming a yacht tourism destination in our Hardhat <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8f68f98-9425-479a-aa62-d014669c4683\">here<\/a>.<\/p><p><strong>The Chemical and Fertilizers Export Council of the Trade and Industry Ministry is <\/strong><strong>organizing a trade mission to Kenya between 4-8 October<\/strong>, the council said in a <a href=\"https:\/\/www.facebook.com\/ChemicalFertilizersExportCouncil\/posts\/pfbid02Q1E3uFfcDp9Z8qKG3BaYnfaYAk3fnznC3gzrTsB5jkqi1o7c2WsA5yt8TQt6ncGTl\">statement<\/a> yesterday. Around 30 companies are set to take part in the mission, according to state news agency <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/3\/14\/474098\/Business\/Markets--Companies\/Egyptian-trade-mission-to-head-to-Kenya-in-October.aspx\">MENA<\/a>.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>We have coffee with Etisalat Egypt CEO Hazem Metwally to go deep on how the company is transforming from telco to \u201ctech-co.\u201d<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chimera-investments\/\">Chimera Investments<\/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\/egyptian-competition-authority\/\">Egyptian Competition Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egyptian-competition-law\/\">Egyptian Competition Law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/g20\/\">G20<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/indonesia\/\">Indonesia<\/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\/price-fixing\/\">price fixing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/yasmine-fouad\/\">Yasmine Fouad<\/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=\"549024\" 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=\"549024\">\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\/31\/light-at-the-end-of-the-tunnel\/\">\r\n                            Light at the end of the tunnel?                        <\/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\/31\/light-at-the-end-of-the-tunnel\/\" 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\/31\/light-at-the-end-of-the-tunnel\/')\">\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\/31\/light-at-the-end-of-the-tunnel\/\">\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=Light at the end of the tunnel?&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/light-at-the-end-of-the-tunnel\/\">\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\/31\/light-at-the-end-of-the-tunnel\/&title=Light at the end of the tunnel?\">\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=Light+at+the+end+of+the+tunnel%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Flight-at-the-end-of-the-tunnel%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\/31\/light-at-the-end-of-the-tunnel\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/444.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549025\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/light-at-the-end-of-the-tunnel\/444-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/444.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"444.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/444.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/444.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549024\" class=\"content-area-description single-story post-549024 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-customs tag-economy tag-enterpriseam tag-mohamed-maait tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Goods that have been piling up at Egypt\u2019s ports are expected to be released in the <\/strong><strong>\u201ccoming days\u201d<\/strong> as the government rolls out a basket of measures to clear shipments that have been held up at customs, the Finance Ministry <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02F8r1TTE1mDx1exCxtTi481PwWgfmX8ZrbnxuPJpvBAu51Yx2W47qeFr2AeanDkNWl\">statement<\/a>. The measures promise a measure of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f87bd35b-2c1a-4286-a5ab-628ba462b0c7\">much-anticipated<\/a> relief for importers \u2014 including manufacturers and retailers \u2014 who have been struggling to get their hands on raw materials and finished products as the nation struggles with a shortage of foreign currency.<\/p>\n<p><strong>Fast-tracked customs clearance + fine exemptions are coming:<\/strong> Importers who have finalized all their customs procedures, except for processing the Form 4 customs document, will be able to receive their shipments from customs, Finance Minister Mohamed Maait said. Importers and investors facing delays in finalizing their customs procedures because of paperwork will also be exempt from custom fines, Maait said. He didn\u2019t specify how long this exemption will remain in place, saying only in the statement that the measure is meant to alleviate cost burdens on importers that they would pass on in the final ticket price of their products.<\/p>\n<p><strong>Form 4?<\/strong> Once they pay all their customs fees and get a waybill, importers are required to file Form 4 with a bank to receive either a letter of credit (L\/C) or to finalize the process of documentary collection. Form 4 includes data on the importer and imported goods, including its origin and time of importation. It should also include all expenses related to the shipment, including value in FX, customs value, and the financing source. Banks then issue an L\/C based on Form 4.<\/p>\n<p><strong>Based on the new decision, importers will now be able to get a temporary statement from their bank that it is processing their Form 4<\/strong> to clear their goods at customs. The Customs Authority will then coordinate with banks directly to receive the L\/C at a later date.<\/p>\n<p><strong>What remains unclear: Where the FX to clear these goods from customs is going to come from.<\/strong> As we\u2019ve noted before, resolving the FX crisis is top of the priority list of the new central bank governor, Hassan Abdalla, who has been meeting this week with <a href=\"https:\/\/bit.ly\/3AvTd8F\">senior figures in the banking industry<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dae4c989-925c-4e8d-8569-47c697d76ff6\">the cabinet<\/a> as the state looks to ease the import crisis. But until Abdalla knows where a significant influx of greenbacks are coming from (a fresh IMF loan, a reversal of capital outflows, and \/ or new FDI commitments), unlikely will not be lifted entirely \u2014 <strong>expect the current measures to apply only to shipments presently stranded in customs.<\/strong><\/p>\n<p><strong>As for other goods that are still being held up:<\/strong> Shipping agencies will now be allowed to store imported goods pending customs clearance at the country\u2019s dry ports or warehouses outside customs ports. This would mean that importers avoid paying demurrage, which is charged by shipping agencies in USD for leaving containers at the port, Mohamed El Bahy, head of the Federation of Egyptian Industries (FEI)\u2019s customs and tax committee, told Enterprise. The shipping agencies would only issue delivery orders upon guarantees provided by customs on their dues, according to the statement.<\/p>\n<p><strong>Importers are also getting more time to process their shipments before they\u2019re deemed \u201cabandoned\u201d: <\/strong>Food shipments will now have four months and non-food products will have a six-month grace period before authorities deem them as \u201cabandoned\u201d goods. Since 2020, authorities <a href=\"https:\/\/tinyurl.com\/2p9ujrp9\">ha<\/a><a href=\"https:\/\/tinyurl.com\/2p9ujrp9\">ve imposed<\/a> a one-month time limit for food and non-food products to remain at customs before they are deemed abandoned. Abandoned goods are usually held by the state, and sold later at auctions.<\/p>\n<p><strong>When is all this happening?<\/strong> The Customs Authority will begin implementing most of the measures immediately, Maait said in a televised interview last night (<a href=\"https:\/\/www.youtube.com\/watch?v=fJAG5H9ns4I\">watch, runtime: 1:13:34<\/a>). The Central Bank of Egypt (CBE) has \u201cpromised\u201d to start using \u201cForm 4\u201d to release shipments \u201cwithin days,\u201d he said.<\/p>\n<p><strong>Industry reax: A good first step. <\/strong>Industry players we spoke with believe these measures are a step in the right direction, though obviously not enough on their own to resolve the crisis. \u201cThis is a good step that means we\u2019re back on track. Yet, this is still not enough. We want more from the CBE and finance, trade and industry ministries,\u201d El Adly said. \u201cWords need to be translated into action [on ground].\u201d Likewise, Emad El Qenawy, head of the importers division at the Federation of Egyptian Chambers of Commerce (FEDCOC), told Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=5mkYWu2IOyM\">watch, runtime: 7:31<\/a>) that the move will help to address shortages and stabilize prices, but that allowing documentary collection would be the best decision for the central bank to take.<\/p>\n<p><strong>In context:<\/strong> The new measures come amid a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f87bd35b-2c1a-4286-a5ab-628ba462b0c7\">wave of speculation<\/a> in the business community on how policymakers could streamline requirements to use L\/Cs for some categories of imports. The restrictions have been in place <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">since the spring<\/a> as the nation has struggled with a shortage of foreign currency. The restrictions have made it more difficult to obtain raw materials, leading to a \u201cparalysis\u201d in manufacturing, Bahaa El Adly, the head of the FEI\u2019s electrical appliances division, told Enterprise. Some factories have suspended operations altogether, others are seeing a near halt in production, while others have slashed production capacity.<\/p>\n<p><strong>Have you gotten your car yet?<\/strong> There are no more than 2.5k cars currently stuck in ports, FEDCOC member Ahmed Shiha told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=1v5x2UCE40E\">watch, runtime: 3:31<\/a>). Automotive players had said last week that nearly all the cars marooned in ports were released \u2014 though this was said to be just enough for the deliveries to the people that have already ordered their vehicles. Some 29k cars <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">were said to have been stuck<\/a> in ports as of May.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/customs\/\">customs<\/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\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"549026\" 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=\"549026\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/\">\r\n                            Everyone\u2019s talking about the EGP                        <\/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\/31\/everyones-talking-about-the-egp\/\" 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\/31\/everyones-talking-about-the-egp\/')\">\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\/31\/everyones-talking-about-the-egp\/\">\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=Everyone\u2019s talking about the EGP&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/\">\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\/31\/everyones-talking-about-the-egp\/&title=Everyone\u2019s talking about the EGP\">\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=Everyone%E2%80%99s+talking+about+the+EGP+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Feveryones-talking-about-the-egp%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\/31\/everyones-talking-about-the-egp\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/445.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549027\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/everyones-talking-about-the-egp\/445-jpg-16\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/445.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"445.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/445.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/445.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549026\" class=\"content-area-description single-story post-549026 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-arqaam-capital tag-central-bank-of-egypt tag-credit-suisse tag-economy tag-egp tag-enterpriseam tag-imf 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>EGP WATCH- Credit Suisse + Arqaam are the latest to comment on the fat<\/strong><strong>e of <\/strong><strong>the EGP:<\/strong> FX flexibility is \u201cdefinitely going to come\u201d if Egypt is to solve its external imbalances, Zeina Rizk, executive director of fixed income asset management for Arqaam Capital, told Bloomberg TV yesterday (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-08-30\/arqaam-s-rizk-we-remain-cautious-on-egypt\">watch, runtime 5:09<\/a>). The government will also likely face \u201cmore pressure on pressing forward with structural reform \u2026 improved governance,\u201d she added, as Egyptian officials <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/749b35e6-ac62-4dbd-8826-5b09c99fdfad\">continue talks<\/a> with the IMF for a fresh facility to help shore up the economy.<\/p>\n<p><strong>Credit Suisse\u2019s head of MENA research, Fahd Iqbal, also stressed the importance of FX flexibility <\/strong>as a \u201csustainable\u201d strategy for the currency in an interview with Bloomberg Asharq (<a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1564609013555265551\">watch, runtime: 3:40<\/a>). \u201cWe expect the IMF to provide a comprehensive program that posits significant reforms and provides significant support,\u201d Iqbal said, adding that one of the issues on which it could provide clarity is the currency. \u201cThe delay in talks with the IMF is a good sign that shows the fund is committed to and serious about supporting Egypt,\u201d he added.<\/p>\n<p><strong>Everyone wants to talk about Egypt:<\/strong> Iqbal and Rizk are the latest in a chorus of analysts to appear on Bloomberg to voice their thoughts on Egypt over the past two weeks as the business newswire <a href=\"https:\/\/www.bloomberg.com\/news\/audio\/2022-08-29\/em-weekly-podcast-why-egypt-is-latest-symbol-of-distress?sref=mmeFTDW1\">frames the country<\/a> as \u201cthe symbol of the distress gripping poorer nations.\u201d Bloomberg has also published a series of articles suggesting that Egypt is inching towards default \u2014 though <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0cf51a0-1c76-4199-9938-f5fce0c3bc7c\">there is by no means a consensus<\/a> among experts about how dangerous this moment could prove.<\/p>\n<p><strong>Positivity from the minister, but no mention of the currency:<\/strong> This comes following Finance Minister Mohamed Maait\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6423a792-1a96-4047-9b89-f930c8b91587\">Monday media blitz<\/a> which he used to try and steer the conversation on the economy in a more positive direction. The minister shared optimistic fiscal forecasts for the coming year and announced <a href=\"https:\/\/bit.ly\/3Q260Fp\">budget and debt targets agreed with the IMF<\/a>.<\/p>\n<p><strong>The consensus:<\/strong> Following the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78814fcd-281c-4700-8678-fec2fdd95fc6\">shock resignation of Tarek Amer<\/a> as central bank governor, the consensus among everyone and their mothers is that the EGP is destined to fall against the greenback in the coming weeks and months. The question now is whether the central bank\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">new governor, Hassan Abdalla<\/a>, will proceed with a gradual float or go the \u201cshock therapy\u201d route with a sudden devaluation.<\/p>\n<p><strong>Movements this week might be answering that question:<\/strong> The EGP weakened against the greenback again yesterday, slipping another 0.1% to 19.28. After remaining flat for most of the month, the currency has now fallen 0.4% since 21 August when Abdalla was appointed, and is down 22.2% since the devaluation in March.<\/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\/arqaam-capital\/\">Arqaam Capital<\/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\/credit-suisse\/\">Credit Suisse<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549028\" 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=\"549028\">\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\">Automotive<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/auto-sales-fall-again-in-july-stellantis-could-invest-in-its-local-auto-factories\/\">\r\n                            Auto sales fall again in July + Stellantis could invest in its local auto factories                        <\/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\/31\/auto-sales-fall-again-in-july-stellantis-could-invest-in-its-local-auto-factories\/\" 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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Passenger car sales dropped 50% y-o-y last month to 8.9k vehicles, according to figures provided by the Automotive Information Council (AMIC).<\/p>\n<p><strong>Bus and truck sales were also down: <\/strong>Some 1.3k buses and 2.6k trucks were sold in July \u2014 marking around a 30% y-o-y drop for both segments. Total vehicle sales dropped 46% y-o-y to 12.8k units.<\/p>\n<p><strong>ICYMI- The auto sector is in a jam:<\/strong> Passenger vehicle sales have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e741126-acb8-4223-897b-f46b574f9fa2\">since March<\/a> been marking steep y-o-y declines, with car sales dipping by <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14ddd079-0875-4a96-81ca-c94fa0e38f6b\">more than a third y-o-y in June<\/a>. The market has been rocked by new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">rules<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/14ddd079-0875-4a96-81ca-c94fa0e38f6b\">requiring importers to get letters of credit (L\/Cs)<\/a> that effectively limited imports to a handful of essential goods, leaving new cars and car parts stranded at ports and pushing a number of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3242bc1d-f416-47a6-a914-3ce472eb1c9f\">global car manufacturers<\/a> to suspend sales here. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">devaluation<\/a> of the EGP and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43fc629c-c572-49e8-9404-6b508e9b3248\">inflation<\/a> are also weighing on the sector.<\/p>\n<p><strong>Distributors are slowly releasing existing inventory to the market at higher prices <\/strong>to maximize margins amid supply constraints. And local assembly is struggling: Assembly lines are getting some allocation of FX to bring in kits (called \u201cCKD\u201d units in the industry) while already-build passenger cars remain effectively blocked from entering the country.<\/p>\n<p><strong>A light at the end of the tunnel? <\/strong>The government is rolling out measures to ease the logjam at ports, including a potential route for importers to bypass filing for L\/Cs. Catch the full story in our Economy section, above.<\/p>\n<p><strong>REMEMBER- You\u2019re entitled to a refund if your new car hasn\u2019t materialized. <\/strong>The consumer watchdog <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0ec541c-b791-48a1-987e-0736ddb39eff\">in May<\/a> ordered distributors to fully return down payments with 18% interest to anyone who had ordered vehicles before 12 April and wants a refund. Those who still want their vehicles have full price protection (that is, companies are forbidden from retrospectively hiking prices on cars ordered before 12 April due to inflation).<\/p>\n<p><strong>PLEASE, PLEASE ASSEMBLE THE NEW JEEP GRAND CHEROKEE IN EGYPT\u2026<\/strong><\/p>\n<p><strong>Stellantis is considering upping investments and expanding capacity at Arab<\/strong> <strong>American Vehicle Company (AAV) factories<\/strong>, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02u1iVxKUQqzJS3JYGeQFC9HCr2ocD9uLnyEoL2XS7BNwSX5dKrNbe1G9RS8zCjbidl\">a statement<\/a> yesterday. This comes under an MoU signed between the auto giant \u2014 a merger between Fiat Chrysler and Peugeot \u2014 and the General Authority for Investment and Freezones (GAFI) yesterday. AAV is a JV between Stellantis and the military-affiliated Arab Organization for Industrialization.<\/p>\n<p><strong>Stellantis likes the auto localization strategy:<\/strong> The automaker reiterated its interest in taking advantage of the government\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d85d54ff-5ca1-41bf-a2af-5e606e9c121a\">incentives for the auto sector<\/a>, having already <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f4534ea6-a5e2-4eb3-acfa-31b73f738925\">expressed<\/a> its interest in assembling electric vehicles in Egypt.<\/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\/arab-organization-for-industrialization\/\">Arab Organization for Industrialization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gafi\/\">GAFI<\/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\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/stellantis\/\">Stellantis<\/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=\"549030\" 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=\"549030\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/egypts-first-ever-panda-bond-issuance-could-take-place-before-the-end-of-the-year\/\">\r\n                            Egypt\u2019s first-ever Panda bond issuance could take place before the end of the year                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/egypts-first-ever-panda-bond-issuance-could-take-place-before-the-end-of-the-year\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/egypts-first-ever-panda-bond-issuance-could-take-place-before-the-end-of-the-year\/')\">\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\/31\/egypts-first-ever-panda-bond-issuance-could-take-place-before-the-end-of-the-year\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt\u2019s first-ever Panda bond issuance could take place before the end of the year&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/egypts-first-ever-panda-bond-issuance-could-take-place-before-the-end-of-the-year\/\">\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\/31\/egypts-first-ever-panda-bond-issuance-could-take-place-before-the-end-of-the-year\/&title=Egypt\u2019s first-ever Panda bond issuance could take place before the end of the year\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%E2%80%99s+first-ever+Panda+bond+issuance+could+take+place+before+the+end+of+the+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Fegypts-first-ever-panda-bond-issuance-could-take-place-before-the-end-of-the-year%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\/31\/egypts-first-ever-panda-bond-issuance-could-take-place-before-the-end-of-the-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549030\" class=\"content-area-description single-story post-549030 post type-post status-publish format-standard hentry category-debt-watch tag-ahmed-kouchouk tag-bonds tag-debt tag-debt-watch tag-enterpriseam tag-finance-ministry wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Maiden Panda bond sale coming this year?<\/strong> Egypt hopes to issue c.USD 500 mn of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c4bc259-7d58-436e-b5c6-614c15b0e534\">CNY-denominated bonds<\/a>(panda bonds) in China before the end of the year, Vice Minister of Finance Ahmed Kouchouk told Al Arabiya TV (<a href=\"https:\/\/bit.ly\/3TnbI7T\">watch, runtime: 8:34<\/a>). There\u2019s no \u201chard number\u201d on the size of the issuance, which will be determined by market conditions, Kouchouk said. <strong>We <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c4bc259-7d58-436e-b5c6-614c15b0e534\">broke the news<\/a><\/strong><strong> earlier this month that the Panda issuance could happen \u201csoon.\u201d<\/strong><\/p>\n<p><strong>How much does Egypt need to borrow this year?<\/strong> The government expected to need USD 5-6 bn in financing through the current fiscal year when it drafted the budget back in March, Kouchouk told the broadcaster. Bloomberg Asharq financial analyst Mohamed Adel, meanwhile, said yesterday that we\u2019ll need USD 9.6 bn to meet foreign debt repayments coming due between now and the end of the fiscal year in June (<a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1564588882183823361\">watch, runtime: 4:35<\/a>).<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ahmed-kouchouk\/\">Ahmed Kouchouk<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bonds\/\">Bonds<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549031\" 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=\"549031\">\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\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/\">\r\n                            Eni could establish 10 GW of solar and wind projects in Egypt, looks to boost gas exports to Europe                        <\/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\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/\" 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\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/')\">\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\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/\">\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=Eni could establish 10 GW of solar and wind projects in Egypt, looks to boost gas exports to Europe&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/\">\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\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/&title=Eni could establish 10 GW of solar and wind projects in Egypt, looks to boost gas exports to Europe\">\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=Eni+could+establish+10+GW+of+solar+and+wind+projects+in+Egypt%2C+looks+to+boost+gas+exports+to+Europe+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Feni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe%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\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/447.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549032\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/447-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/447.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"447.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/447.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/447.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549031\" class=\"content-area-description single-story post-549031 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-abdel-fattah-el-sisi tag-energy tag-eni tag-enterpriseam tag-eu tag-investment-watch tag-oil-and-gas tag-renewables 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>Eni to go big on Egypt\u2019s renewable energy sector?<\/strong> Eni could establish 10 GW of renewable energy projects in Egypt \u201cin the forthcoming years,\u201d the Italian energy giant said in <a href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2022\/08\/the-president-of-egypt-abdel-fattah-el-sisi-meets-eni-ceo-claudio-descalzi.html\">a statement<\/a> yesterday. The company\u2019s CEO, Claudio Descalzi, \u201cagreed on the opportunity to implement\u201d the solar and wind projects during a meeting with President Abdel Fattah El Sisi yesterday, the statement said, without disclosing further details.<\/p>\n<p><strong>Eni\u2019s footprint in Egypt\u2019s renewables space remains small:<\/strong> The company is <a href=\"https:\/\/www.eni.com\/en-IT\/media\/press-release\/2021\/07\/cs-eni-firma-accordo-produzione-idrogeno-egitto.html\">working on a feasibility study<\/a> for establishing a green hydrogen plant and agreed to work on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c09ce70f-8f26-4800-be0f-9a7ed57323b5\">a small-scale carbon capture pilot<\/a> project<\/p>\n<p><strong>Gas production and LNG exports were the key points of discussion<\/strong>, Eni said. Descalzi and El Sisi talked about \u201cleveraging existing LNG plants\u201d to boost exports to Europe and increasing gas production, it said.<\/p>\n<p><strong>The Italian oil major is already a key natural gas partner<\/strong>, producing around 60% of the country\u2019s gas and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">positioning itself to increase its role as key exporter of Egyptian gas<\/a> to Europe as the continent looks to replace Russian fossil fuels. Yesterday\u2019s meeting comes four months after the two sides <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3447a945-6e65-40df-be0e-8cb09f5d1167\">signed an agreement<\/a> to increase Egypt\u2019s gas exports to Europe, increase exploration efforts and raise production.<\/p>\n<p><strong>BACKGROUND- The Eni news comes as <\/strong><strong>Europe looks to lock in more of its energy needs from MENA after pulling back from Russia. <\/strong>Members of the European Union and the UK are looking to buy more electricity from North Africa and more natural gas from Egypt and Israel in a bid to lessen their reliance on Moscow now and in the long run. Morocco is pushing hard for a piece of that pie with a 10.5 GW solar and wind energy facility it hopes to have online by 2030, <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/52aefc63-82e3-42e3-8afc-960461fa5288\">we reported in this morning\u2019s edition of Enterprise Climate.<\/a><\/p>\n<p><strong>SIGN OF THE TIMES- Diesel deliveries from the Middle East to Europe are at their highest in three years<\/strong> as the continent prepares to wean itself off of Russian energy under a ban that\u2019s set to come into effect in February, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-30\/mideast-diesel-floods-europe-in-taster-of-trading-without-russia?srnd=premium-middle-east\">Bloomberg<\/a> reports.<\/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\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/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=\"549033\" 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=\"549033\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/could-the-alex-medical-acquisition-finally-go-through\/\">\r\n                            Could the Alex Medical acquisition finally go through?                        <\/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\/31\/could-the-alex-medical-acquisition-finally-go-through\/\" 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\/31\/could-the-alex-medical-acquisition-finally-go-through\/')\">\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\/31\/could-the-alex-medical-acquisition-finally-go-through\/\">\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=Could the Alex Medical acquisition finally go through?&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/could-the-alex-medical-acquisition-finally-go-through\/\">\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\/31\/could-the-alex-medical-acquisition-finally-go-through\/&title=Could the Alex Medical acquisition finally go through?\">\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=Could+the+Alex+Medical+acquisition+finally+go+through%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Fcould-the-alex-medical-acquisition-finally-go-through%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\/31\/could-the-alex-medical-acquisition-finally-go-through\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/448.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549034\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/could-the-alex-medical-acquisition-finally-go-through\/448-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/448.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"448.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/448.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/448.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549033\" class=\"content-area-description single-story post-549033 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-alexandria-medical-services tag-enterpriseam tag-financial-regulation-authority tag-healthcare tag-limevest tag-ma-watch tag-real-estate tag-tawasol-holdings 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>Alex Medical is back in play:<\/strong> The Financial Regulatory Authority (FRA) has approved a <a href=\"https:\/\/ent.news\/2022\/8\/FRA-Alex-Medical-2022-08-30-104811.jpg\">mandatory tender offer<\/a> (MTO) from the Tawasol Holdings-LimeVest consortium to purchase up to 74% of Alexandria Medical Services, bringing back to life a play for the healthcare provider that we\u2019d heard nothing on since last summer. We reached out to bookrunner Prime Holding yesterday, but hadn\u2019t heard back by the time of dispatch this morning.<\/p>\n<p><strong>Throwback: <\/strong>The Tawasol-LimeVest alliance\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c06421e-7c3e-41fe-9f7f-eb6fce2ba842\">last offer for Alex Medical<\/a> came in June last year, amid a bidding war for the healthcare provider that at its peak saw <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/db1dc8a7-f010-4c1e-a656-a4b11bb806fa\">eight companies and consortiums<\/a> signal their interest before it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad19be3f-8f1a-494f-933b-2462e348c032\">fizzled out<\/a> without a sale. Cleopatra Hospitals Group, the UAE\u2019s Global One Healthcare, Nile Misr, Seha Capital, and the Tawasol Holdings-LimeVest consortium never publicly counted themselves out of the running.<\/p>\n<p><strong>The offer: <\/strong>The consortium offered to pay EGP 47.67 a share for the stake, valuing Alex Medical at EGP 742.4 mn, according to <a href=\"https:\/\/ent.news\/2022\/8\/29-08-2022-%D8%A7%D9%84%D8%AD%D8%A7%D9%82%D9%89-%D8%A7%D9%84%D8%A7%D8%B3%D9%83%D9%86%D8%AF%D8%B1%D9%8A%D8%A9-%D9%86%D9%87%D8%A7%D8%A6%D9%89.pdf\">a statement (pdf)<\/a> filed to the FRA on Monday. The consortium\u2019s offer last year valued the company at the same amount (without adjusting for inflation), though the per-share price was higher \u2014 <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1b6ab888-b4a2-461f-8f92-eb8f37540eb9\">EGP 52 per share<\/a> \u2014 because Alex Medical has since executed a capital increase, issuing 1.3 mn additional shares, the statement reads. Tawasol already<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a108ea38-12e7-4974-9c7c-e191893d0399\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a108ea38-12e7-4974-9c7c-e191893d0399\">owns 26%<\/a> of Alex Medical, meaning the acquisition could give the consortium 100% ownership.<\/p>\n<p><strong>Who\u2019s selling? <\/strong>Abu Dhabi Commercial Bank (ADCB) wants to sell its 51.5% stake in the company that it acquired from NMC Healthcare\u2019s disgraced founder, BR Shetty. Another 9.8% is owned by an individual shareholder.<\/p>\n<p><strong>What\u2019s next? <\/strong>With the mandatory tender offer approved by the regulator, shareholders now have 20 working days \u2014 until 27 September \u2014 to weigh in.<\/p>\n<p><strong>Advisors<\/strong>: Prime Holding are the brokers on the offer and Zaki Hashem and Partners are acting as legal advisors for Tawasol Holdings-LimeVest on the transaction.<\/p>\n<p><strong>HELIOPOLIS HOUSING PARENT UPS STAKE IN MAADI DEVELOPER-<\/strong><\/p>\n<p><strong>Heliopolis Housing parent company Holding Company for Construction and <\/strong><strong>Development (HCCD) purchased 14.4% of Zahraa El Maadi Investment<\/strong> from Maadi for Development and Construction in a EGP 343.9 mn transaction, according to bourse disclosures (<a href=\"https:\/\/ent.news\/2022\/8\/Zahraa-EL-Maadi-1.pdf\">here, pdf<\/a> and <a href=\"https:\/\/ent.news\/2022\/8\/Zahraa-El-Maadi-2.pdf\">here, pdf<\/a>). HCCD now owns 22.7% of Zahraa El Maadi, after purchasing an 8.3% stake <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ba04bffd-50ad-4e42-8b96-db3a73019c1d\">last week<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-medical-services\/\">Alexandria Medical Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulation-authority\/\">Financial Regulation Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/limevest\/\">LimeVest<\/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\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tawasol-holdings\/\">Tawasol Holdings<\/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=\"549035\" 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=\"549035\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/549035\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549035\" class=\"content-area-description single-story post-549035 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\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=\"549036\" 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=\"549036\">\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\">Finance<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/\">\r\n                            Egypt\u2019s first Islamic microfinance license goes to Maksab                        <\/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\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/\" 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\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/')\">\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\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt\u2019s first Islamic microfinance license goes to Maksab&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/\">\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\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/&title=Egypt\u2019s first Islamic microfinance license goes to Maksab\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt%E2%80%99s+first+Islamic+microfinance+license+goes+to+Maksab+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Fegypts-first-islamic-microfinance-license-goes-to-maksab%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\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/450.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549037\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/egypts-first-islamic-microfinance-license-goes-to-maksab\/450-jpg-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/450.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"450.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/450.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/450.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549036\" class=\"content-area-description single-story post-549036 post type-post status-publish format-standard has-post-thumbnail hentry category-finance tag-enterpriseam tag-finance tag-financial-regulatory-authority tag-islamic-finance tag-maksab tag-microfinance tag-non-banking-financial-services wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Little known company aims to push into Islamic microfinance in Egypt:<\/strong> The Egyptian Microfinance Company (Maksab) has become the first local player to get a license from the Financial Regulatory Authority (FRA) to provide sharia-compliant microfinance. The move comes as part of the regulator\u2019s drive to increase financial inclusion by widening microfinance options to unbanked microbusinesses, the regulator\u2019s new chief, Mohamed Farid, said in <a href=\"https:\/\/ent.news\/2022\/8\/FRA-approves-Islamic-microfinancing-license.docx.pdf\">a statement (pdf)<\/a> yesterday.<\/p>\n<p><strong>Maksab who? <\/strong>We weren\u2019t able to find a digital footprint for the company, though it looks to be relatively newly formed and headed by Mohammed Hassan (<a href=\"https:\/\/www.linkedin.com\/in\/mohammed-hassan-a6982027\/\">LinkedIn<\/a>), former head of Islamic banking at Bank Audi Egypt (now FABMisr after its merger with First Abu Dhabi Bank). We reached out to Hassan yesterday but haven\u2019t heard back from him or his media team as of dispatch time.<\/p>\n<p><strong>More Islamic microfinancing options could be coming soon:<\/strong> Maksab\u2019s license is for a type of Islamic financing known as \u201cal wakala bil istithmar.\u201d The regulator is also looking into issuing licenses for sharia-compliant murabaha and musharaka financing for non-banking microfinance institutions, it said.<\/p>\n<p><strong>Nineteen companies now have licenses to offer microfinance services<\/strong>, the FRA said. Some 3.8 mn people received EGP 33.3 bn in microfinancing during the first seven months of 2022, 60% of them women, according to its figures.<\/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\/finance\/\">Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/islamic-finance\/\">Islamic finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/maksab\/\">Maksab<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/microfinance\/\">microfinance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/non-banking-financial-services\/\">non-banking financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549038\" 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=\"549038\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/administrative-prosecution-authority-administrative-control-authority-get-new-heads\/\">\r\n                            Administrative Prosecution Authority + Administrative Control Authority get new heads                        <\/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\/31\/administrative-prosecution-authority-administrative-control-authority-get-new-heads\/\" 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\/31\/administrative-prosecution-authority-administrative-control-authority-get-new-heads\/')\">\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\/31\/administrative-prosecution-authority-administrative-control-authority-get-new-heads\/\">\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=Administrative Prosecution Authority + Administrative Control Authority get new heads&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/administrative-prosecution-authority-administrative-control-authority-get-new-heads\/\">\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\/31\/administrative-prosecution-authority-administrative-control-authority-get-new-heads\/&title=Administrative Prosecution Authority + Administrative Control Authority get new heads\">\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=Administrative+Prosecution+Authority+%2B+Administrative+Control+Authority+get+new+heads+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Fadministrative-prosecution-authority-administrative-control-authority-get-new-heads%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\/31\/administrative-prosecution-authority-administrative-control-authority-get-new-heads\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549038\" class=\"content-area-description single-story post-549038 post type-post status-publish format-standard hentry category-moves tag-adly-abdel-fattah-gad tag-administrative-control-authority tag-amr-adel-ali-hosny tag-enterpriseam tag-military-production-ministry tag-moves tag-national-security wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>President Abdel Fattah El Sisi has appointed <strong>Adly Abdel Fattah Gad <\/strong>as the new <strong>head of the <\/strong><strong>Administrative Prosecution Authority<\/strong>, succeeding Ezzat Abu Zeid Sallam, effective 1 September, <a href=\"https:\/\/bit.ly\/3R9s6Yc\">Youm7<\/a> reports.<\/p>\n<p>El Sisi also appointed <strong>Amr Adel Ali Hosny<\/strong> as the new <strong>head of the Administrative <\/strong><strong>Control Authority<\/strong>, succeeding <strong>Hassan Abdel Shafy<\/strong>, who was appointed as a presidential advisor, according to two separate Ittihadiya statements (<a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02RcP5ztpGHDmwVqSh8e5GgNHAKNJkJTqaVNAnSoovyrcFa4j1g1US3eUX7hrBBe8tl\">here<\/a> and <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid0FSYCwWPfbDgmau67iBLKn4hapimDvkuZev2y3vwAtemLhVFsxAGmxeLWTMwwCt7Cl\">here<\/a>). Hosny had previously served as the deputy chairman of the authority.<\/p>\n<p><strong>Dina Abdel Monem<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/dina-abdel-monem-112b94115\/\">LinkedIn<\/a>) has been appointed <strong>chairwoman <\/strong>of military firm <strong>Shubra Engineering <\/strong><strong>Industries Company<\/strong>, according to a <a href=\"https:\/\/www.facebook.com\/MOMPEGYPT\/posts\/pfbid05cTjGM31fDK1CQKSP3VYzAKdbzC1YoKLqKuCJWJ9W81yu9SH55rB9mu44HwZMiafl\">ministry statement<\/a>. Abdel Moneim most recently served as a deputy at the ministry.<\/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\/adly-abdel-fattah-gad\/\">Adly Abdel Fattah Gad<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/administrative-control-authority\/\">Administrative Control Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amr-adel-ali-hosny\/\">Amr Adel Ali Hosny<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/military-production-ministry\/\">Military Production Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/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=\"549039\" 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=\"549039\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/549039\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549039\" class=\"content-area-description single-story post-549039 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\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=\"549040\" 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=\"549040\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/maait-extends-media-blitz-for-a-second-day\/\">\r\n                            Maait extends media blitz for a second day                        <\/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\/31\/maait-extends-media-blitz-for-a-second-day\/\" 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\/31\/maait-extends-media-blitz-for-a-second-day\/')\">\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\/31\/maait-extends-media-blitz-for-a-second-day\/\">\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=Maait extends media blitz for a second day&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/maait-extends-media-blitz-for-a-second-day\/\">\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\/31\/maait-extends-media-blitz-for-a-second-day\/&title=Maait extends media blitz for a second day\">\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=Maait+extends+media+blitz+for+a+second+day+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Fmaait-extends-media-blitz-for-a-second-day%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\/31\/maait-extends-media-blitz-for-a-second-day\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549040\" class=\"content-area-description single-story post-549040 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-central-bank-of-egypt tag-customs tag-economy tag-enterpriseam tag-last-nights-talk-shows tag-mohamed-maait tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>We tuned into another episode of Maait TV last night:<\/strong> Finance Minister Mohamed Maait joined Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=fJAG5H9ns4I\">watch, runtime: 1:13:34<\/a>) last night for a long, extensive interview to discuss the economy, the measures taken yesterday to release goods stuck in ports, and of course, fake news.<\/p>\n<p><strong>First thing\u2019s first, more targets:<\/strong> The minister was keen to repeat fiscal targets for the current year, reminding show host Ahmed Moussa that the ministry expects tax revenues to rise 23% this fiscal year to EGP 1.5 tn.<\/p>\n<p><strong>More importantly: Imports.<\/strong> Maait described the emergency measures taken yesterday to help ease the crisis in Egypt\u2019s ports, where goods have been trapped for the past five months due to import restrictions imposed by the central bank. We have more on all of this in the news well, above.<\/p>\n<p><strong>Questions remain on L\/Cs + currency:<\/strong> When pushed by Moussa on whether there will be exemptions or changes to import rules, Maait declined to comment and said that any changes are the responsibility of the central bank and the Trade Ministry.<\/p>\n<p><strong>Moussa also asked Maait whether or not the IMF had demanded we float the EGP.<\/strong> Maait sidestepped the question, saying: \u201cWe are stakeholders in the fund and we have the right to negotiate any proposals attached to potential programs the Fund offers\u2026 especially during challenging or exceptional conditions,\u201d he said.<\/p>\n<p><strong>FAKE NEWS WATCH-<\/strong> <strong>Maait doubled down on his critique of how the press is covering the economic crisis<\/strong>, claiming that the country is facing a \u201ctargeted wave\u201d of negative reporting on the economy. \u201cThese reports incite concerns and panic that could harm the country, its people, its stability and its future,\u201d he said.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/customs\/\">customs<\/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\/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\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/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=\"549041\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This 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role=\"list\" data-label=\"Slide %%d\"><\/div><\/div><\/div>\r\n        <\/div>\r\n<\/section> \r\n\r\n\n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549042\" 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=\"549042\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/tough-times-for-jasmine-farmers-pyramid-construction-theory\/\">\r\n                            Tough times for jasmine farmers + Pyramid construction theory                        <\/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\/31\/tough-times-for-jasmine-farmers-pyramid-construction-theory\/\" 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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conversation on Egypt in the foreign press morning:<\/strong> <a href=\"https:\/\/www.reuters.com\/world\/africa\/egypts-jasmine-farmers-struggle-through-economic-headwinds-2022-08-30\/\">Reuters<\/a> reports that jasmine farmers in Egypt are being hit by falling demand and supply chain disruptions and the <a href=\"https:\/\/www.nytimes.com\/2022\/08\/30\/science\/pyramids-nile-river-construction-egypt.html?searchResultPosition=1\">New York Times<\/a> covers the findings of a new study that seems to confirm the theory that the builders of the Pyramids transported the giant blocks along the Nile.<\/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\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549043\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549044\" 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=\"549044\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/\">\r\n                            Rate fears have US stocks down for third day straight                        <\/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       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<\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/rate-fears-have-us-stocks-down-for-third-day-straight\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549044\" class=\"content-area-description single-story post-549044 post type-post status-publish format-standard hentry category-planet-finance tag-elon-musk tag-energy tag-enterpriseam tag-equities tag-eu tag-financial-markets tag-oil-and-gas tag-planet-finance tag-twitter wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Wall Street indexes closed in the red for the third day running <\/strong>as markets continue to reel from the Federal Reserve\u2019s aggressive stance on interest rates. July\u2019s <a href=\"https:\/\/ent.news\/2022\/8\/jolts.pdf\">jobs report (pdf)<\/a> \u2014 which showed an ever-tightening labor market \u2014 only added fuel to the fire, pushing the S&amp;P 500 and the tech-heavy Nasdaq down 1.1% and 1.12%, respectively. The S&amp;P 500 has now seen almost half of its recent gains wiped out in the sell-off.<\/p><p><strong>Asian markets are mainly in the red this morning<\/strong> as recession fears and rising interest rates continue to weigh on stocks around the world. Futures contracts currently have US shares and come indexes in Europe staging a recovery rally today.<\/p><p><strong>Economic sentiment in Europe was worse than expected in August<\/strong>, despite an improved outlook among consumers, retail sales, and construction activity, according to the European Commission\u2019s monthly <a href=\"https:\/\/economy-finance.ec.europa.eu\/economic-forecast-and-surveys\/business-and-consumer-surveys\/latest-business-and-consumer-surveys_en\">economic sentiment index.<\/a> The index dropped to 97.6 points in August from 98.9 in July, which was below the 98.0 points predicted by analysts surveyed by <a href=\"https:\/\/www.reuters.com\/markets\/rates-bonds\/euro-zone-economic-sentiment-falls-more-than-expected-aug-2022-08-30\/\">Reuters<\/a>. The slump in sentiment comes as <a href=\"https:\/\/www.ft.com\/content\/afa84401-05c6-41f8-b8f6-2ded251178f8\">fears of a eurozone recession build<\/a>, with the continent facing a historic energy crisis triggered by the sanctions war with Russia.<\/p><p><strong>ALSO WORTH NOTING- <\/strong><strong>Elon Musk is trying to delay his legal showdown with Twitter to November<\/strong>, after his legal team cited <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5b465e7-378c-434e-a608-58596263888a\">claims made by a whistleblower<\/a> last week as a new justification for the termination of his USD 44 bn bid to take over the company. (<a href=\"https:\/\/www.reuters.com\/markets\/deals\/musk-asks-court-delay-twitter-trial-court-records-2022-08-30\/\">Reuters<\/a>)<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,132<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: -15.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.17<\/p>\n<\/td>\n<td>\n<p>Sell 19.28<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.20<\/p>\n<\/td>\n<td>\n<p>Sell 19.26<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>12,456<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +10.4%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,963<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +17.4%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,464<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +8.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,986<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -16.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,362<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -0.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,562<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: -17.1%)<\/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>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 100.06<\/p>\n<\/td>\n<td>\n<p>-4.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 9.04<\/p>\n<\/td>\n<td>\n<p>-3.2%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,736.30<\/p>\n<\/td>\n<td>\n<p>-0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,899<\/p>\n<\/td>\n<td>\n<p>-1.5% (YTD: -56.8%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 1.39 bn (38.6% above the 90-day average). Foreign investors were net sellers. The index is down 15.2% YTD.<\/p><p><strong>In the green: <\/strong>GB Auto (+6.2%), Palm Hills Development (+3.7%) and Abu Qir Fertilizers (+2.7%).<\/p><p><strong>In the red: <\/strong>Oriental Weavers (-3.2%), e-Finance (-2.5%) and Elsewedy Electric (-1.8%).<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elon-musk\/\">Elon Musk<\/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\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-markets\/\">Financial Markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/planet-finance\/\">Planet Finance<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/twitter\/\">Twitter<\/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=\"549045\" 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=\"549045\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/al-sadr-urges-calm-in-baghdad-following-clashes\/\">\r\n                            Al Sadr urges calm in Baghdad following clashes                        <\/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\/31\/al-sadr-urges-calm-in-baghdad-following-clashes\/\" 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\/31\/al-sadr-urges-calm-in-baghdad-following-clashes\/')\">\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\/31\/al-sadr-urges-calm-in-baghdad-following-clashes\/\">\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=Al Sadr urges calm in Baghdad following clashes&url=https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/al-sadr-urges-calm-in-baghdad-following-clashes\/\">\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\/31\/al-sadr-urges-calm-in-baghdad-following-clashes\/&title=Al Sadr urges calm in Baghdad following clashes\">\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=Al+Sadr+urges+calm+in+Baghdad+following+clashes+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F08%2F31%2Fal-sadr-urges-calm-in-baghdad-following-clashes%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\/31\/al-sadr-urges-calm-in-baghdad-following-clashes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549045\" class=\"content-area-description single-story post-549045 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-enterpriseam tag-imf tag-iran tag-iraq tag-pakistan wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The latest from Iraq: Iran reopens its borders as Al Sadr urges calm:<\/strong> Iran resumed flights to Iraq yesterday, hours after it sealed its borders with Iraq following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c7222ef6-a545-4456-8629-3a7dff1729f0\">deadly clashes<\/a> in the Iraqi capital, the state-run Islamic Republic News Agency (<a href=\"https:\/\/en.irna.ir\/news\/84873085\/Iranian-flights-to-Najaf-airport-back-to-normal\">IRNA<\/a>) reported. Supporters of Shia cleric Moqtada Al Sadr who stormed the presidential palace following his retirement on Monday began withdrawing from the streets upon his request yesterday after unrest left at least 15 people dead and 38 wounded, according to the <a href=\"https:\/\/apnews.com\/article\/middle-east-religion-iran-iraq-baghdad-0ed4c3378b0257091a7b1d70b9e3fb35\">Associated Press<\/a>. Flights from the UAE will remain suspended today.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/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\/iraq\/\">Iraq<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/pakistan\/\">Pakistan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"549046\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">13<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/coffee-with-hazem-metwally-ceo-of-etisalat-egypt\/\"> \r\n                            Coffee With: Hazem Metwally, CEO of Etisalat Egypt<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/coffee-with-hazem-metwally-ceo-of-etisalat-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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We have the arrival of 4G licenses back in 2016 (<a href=\"https:\/\/enterprise.press\/stories\/2016\/07\/13\/ntra-to-charge-telecoms-6-of-their-annual-revenues-in-fees-under-4g-framework-orange-egypt-objects-to-ntra-negotiating-on-telecom-egypts-behalf\/\">and the rough rollout of that<\/a>), the arrival of new players, and the<a href=\"https:\/\/enterprise.press\/hardhats\/egypts-ict-telecoms-sectors-keeping-us-functioning-lockdown\/\">immense pressure<\/a> placed on the sector and its infrastructure from the covid-19 pandemic. One company to have survived these topsy turvy moments was Etisalat Egypt \u2014 which officially rebranded <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c037fc9-3eb0-4aeb-b573-0fae9665a900\">in June<\/a> as etisalat by e&amp; \u2014 and it did it through innovation.<\/p>\n<p><strong>The company is no stranger to innovating in this market: <\/strong>After kick starting operations back in 2007, it became the first operator to provide high quality 3.5G services and was also the first to allow users to substitute their connection to 4G without needing to replace their sim cards.<\/p>\n<p><strong>The company then went digital with the My Etisalat app<\/strong>, which allows users to manage their accounts, check their balance, and recharge their credit. The company\u2019s rebranding now promises to see the company transform into a full technology company, with entertainment \u2014 and more importantly for the country \u2014 a strong push towards financial inclusion and fintech. These moves have seen it grow its user base to around 29 mn users and in the midst of a difficult year riddled with FX shortages, managed to achieve revenues of around USD 326 mn in 2Q2022, according to its <a href=\"https:\/\/eand.com\/en\/system\/com\/assets\/docs\/earning-release\/2022\/earning-releases-q2-2022.pdf\">earnings release (pdf)<\/a>.<\/p>\n<p><strong>Leading the charge is long-time industry veteran Hazem Metwally<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/hazemmetwally\/?originalSubdomain=eg\">Linkedin<\/a>). A true company man, Hazem joined Etisalat when it first entered Egypt in 2007 as its chief commercial officer, then served a three-year stint as its COO prior to his appointment as CEO back in 2015. Prior to joining the company, he was head of consumer marketing at Vodafone Egypt. It is perhaps not surprising that he was named African mobile telecom operator <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/62dfddba-3131-4b23-a40d-6ea438b5e0ea\">CEO of the year<\/a> at the 2021 Telecom Review Excellence Awards for leading the company towards becoming one of the biggest operators regionally and gaining in excess of over a mn subscribers.<\/p>\n<p><strong>We sat down with him at the company\u2019s HQ for a long conversation on where the company is going<\/strong> and how it is moving from just a pure telecoms play to a fully-fledged integrated technology platform.<\/p>\n<p><strong>Below, you can read in his own words Metwally\u2019s vision for the company\u2019s transformation:<\/strong><\/p>\n<p><strong>Our transition all started with the My Etisalat app:<\/strong> The starting point for us was allowing customers to manage their telecom usage and subscription and then we built from there. We wanted the customers to interact more with our digital services by managing their subscriptions and redeeming their points. Our transition from a telco to a \u201ctechco\u201d started from the mindset of how to empower the customer.<\/p>\n<p><strong>Traditional services and channels were just not cutting it:<\/strong> Call centers, while important, were not enough to provide the customers with the flexible empowerment they needed. Traditional telecoms also fell into several pitfalls that were overbearing for the customer. One example of that is how the industry overused SMS ads and messaging until it became less relevant to the consumer. As a telecoms operator, you are doing everything in big volumes, so a small mishandling of an SMS list could massively reverberate.<\/p>\n<p><strong>The transition is working because it is customer driven:<\/strong> And now with these new tools the load on our call centers keeps going down, which is a sign that we are empowering the customer more, and that ultimately, these changes are what the customer wants. We are obsessed with serving the customer, to the point of worrying about nitty gritty details such as the font on the app.<\/p>\n<p><strong>This is being reflected in adoption numbers: <\/strong>We knew the My Etisalat app was successful when we hit 100k subscribers per day back in 2017. Now we are at 2.5 mn subscribers per day \u2014 and that\u2019s the KPI that matters to me the most.<\/p>\n<p><strong>We weren\u2019t always on the forefront: <\/strong>For example, our e-wallet service took some time to get up and running. I\u2019ll be honest, one of our competitors was ahead of us and now we\u2019re playing catch up. But we\u2019ve been doubling the number of wallet users at a rate of a few times a year now. So now we are starting to see the needle moving and customers really adopting its usage.<\/p>\n<p><strong>What\u2019s next? We\u2019re looking at everything fintech:<\/strong> I think the market is still underserved with much of the population still unbanked.<\/p>\n<p><strong>On that front, we\u2019re looking to launch a microlending company, where we are a majority owner<\/strong> and are partnering with the government. The goal is to provide real financial services to underserved enterprises. It\u2019s a separate company from Etisalat Egypt \u2014 one with its own CEO and board \u2014 but one that can leverage our abilities as a major telecom operator and can integrate with our services. We have incorporated the company and are now applying for an NBFS license from the Financial Regulatory Authority, and we\u2019re hoping to launch the company by the end of the year.<\/p>\n<p><strong>Delivery is also something that we plan to include among our tech-enabled services.<\/strong> We just signed a partnership with Elmenus that will help expedite customers ordering food online through our platform. We took our cue from our parent company, which launched Smiles to bring delivery services in the UAE. That service came out of our in-house loyalty program, where customers redeem points for payoffs on the delivery end.<\/p>\n<p><strong>We also rebranded and revamped our music streaming service, Twist Music.<\/strong> It started life as Etisalat Music and we kept building the proposition and the technology stack for it. And now we are out with a completely different brand. It\u2019s available to everyone, not only Etisalat subscribers.<\/p>\n<p><strong>As for enterprise consumers: <\/strong>I think our enterprise ambitions remain largely unmet. But with time we have gained a disproportionate market share from what a typical third entrant might be getting. We\u2019ve managed to get in on providing services to gated communities, but we\u2019re also doing very interesting things with the Internet of Things.<\/p>\n<p><strong>We\u2019ve also been <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9fb917f4-3617-4634-baac-b54ccf2a9003\">awarded a tender<\/a><\/strong><strong> to provide smart city technology to the new administrative capital.<\/strong> This is the first time we are a massive system integrator for a project of that scale and magnitude and we\u2019re doing well.<\/p>\n<p><strong>I think when 5G comes, it\u2019s going to be a game changer<\/strong>, and a big win for the enterprise division. We are prepared for the arrival of 5G. Whenever it\u2019s ready we will be ready to jump ahead. In the meantime, we are building capability and investing in our in-house technologies.<\/p>\n<p><strong>What is all of this transformation leading up to? <\/strong>The vision we are working towards is a customer or enterprise that gets a suite of services through a consistent and repeated relationship with the telecom. Effectively, a one-stop shop for all services. That\u2019s the trend the sector is heading towards if it wants to stay relevant.<\/p>\n<p><strong>Is Etisalat looking to become a super app?<\/strong> I believe we have the right ingredients from the tech-side and the right attitude as far as our curiosity about the customer to make it happen.<\/p>\n<p><strong>Playing in a different ecosystem:<\/strong> One of the main challenges we face in that transition is that we are playing in a different ecosystem \u2014 one that\u2019s competing with the startups. Our workaround has simply been to both enable and engage tech startups. Enabling them through our infrastructure and engaging with them through partnerships that integrate their services through our platform. That\u2019s why creating smart partnerships is one of our strategic pillars.<\/p>\n<p><strong>Macro environment \u2014 especially FX \u2014 also poses a challenge: <\/strong>One of the big challenges to this transition is the FX rate (which gives me the highest anxiety). We have liabilities in USD to invest. So, any adverse change in the exchange rate hits our PNL significantly.<\/p>\n<p><strong>But over the past five years, we have significantly reduced our debt burden.<\/strong> And even though our contribution to the Etisalat group\u2019s consolidated revenues is 8%, our contribution to the overall EBITDA growth of the group is massive.<\/p>\n<p><strong>I am, frankly, more optimistic hearing the government narrative about the investments and their attitude towards the private sector. <\/strong>And for us, we believe that we are one of the big private sector players that can really be a platform to spur further investments. So I\u2019m definitely optimistic with where things are going on the policy front.<\/p>\n<p><strong>Playing the long game:<\/strong> The best hedge against macro turbulence is a long-term strategy that places the customers\u2019 needs and wants above all else and at the expense of any short-term gain in revenues. Ultimately, longevity in this industry will remain about long-term customer loyalty. It\u2019s fair to say that we\u2019ve traversed this and other difficult climates by slow and steady growth in the number of repeat customers over a long period of time.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Hassan Allam Construction will install <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2424f174-ce4f-41ad-9bf3-06f0e00d06b7\">irrigation infrastructure<\/a><\/strong> as part of the Toshka project to reclaim land for wheat farming.<\/li>\n<li><strong>An alliance of local and international companies could invest EGP 5.5 bn<\/strong> to build two new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6b49058d-1eb4-4cf5-8661-1050f05a1698\">logistics zones<\/a>.<\/li>\n<li><strong>Adly Mansour transit hub now has an <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/903a488b-4688-4b85-831d-0642d9fff750\">electric bus charging station<\/a><\/strong> courtesy of Elsewedy T&amp;D.<\/li>\n<\/ul>\n<p>(<strong>Editor\u2019s note: <\/strong>Etisalat Egypt advertisers in EnterprisePM.)<\/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\/cit\/\">CIT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/etisalat\/\">Etisalat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/internet-of-things\/\">internet of things<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/smart-cities\/\">smart cities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"549048\" 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\/31\/549048\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549048\" class=\"content-area-description single-story post-549048 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>29 August-2 September (Monday-Friday): <a href=\"https:\/\/www.un.org\/en\/climatechange\/2022-africa-climate-week\">Africa Climate Week<\/a>, Gabon.<\/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): <a href=\"https:\/\/g20.org\/events\/environment-and-climate-ministerial-meeting\/\">G20 Environment and Climate Ministerial Meeting<\/a>, Bali, Indonesia.<\/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: 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 (Thursday): Madbouly government set to introduce new <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02mjcJQGrQBXC7YRw2K16H5o2ih1iTaxmEC6bwS5F9wBrdDzjMMHepCu6cLiT82Euwl\">social protection measures<\/a>.<\/p>\n<p>1-2 September (Thursday-Friday): 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 a meeting to set the agenda for the dialogue and choose rapporteurs for the involved committees.<\/p>\n<p>4 September (Sunday): The government hosts public consultations on its state ownership policy document with electricity players.<\/p>\n<p>4 September (Sunday): Industrial Development Authority\u2019s <a href=\"http:\/\/www.ida.gov.eg\/webcenter\/portal\/oracle\/webcenter\/page\/scopedMD\/s83d58991_1ad6_4dce_99ea_30c57d0e8097\/Page9c4d4973_3702_4395_b290_aeefc30f57dc.jspx\">deadline<\/a> for companies interested in providing various services in the industrial zones in Qena and Sohag to submit a written expression of interest.<\/p>\n<p>5-8 September (Monday-Thursday): <a href=\"https:\/\/www.gastechevent.com\/\">Gastech 2022<\/a>, Milan, Italy.<\/p>\n<p>6 September (Tuesday): The government hosts public consultations on its state ownership policy document with building and construction players.<\/p>\n<p>6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Qubba Palace, Cairo.<\/p>\n<p>7-9 September (Wednesday-Friday): African Finance Ministers to <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid034TbdNfjuu5yHr2NAycih1ggLyA8CPUgnE4AB8MF3SD1Zpv5rTvBmitm7sb4GyiqDl\">meet in Cairo<\/a> to coordinate an African-led position during COP27.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>8 September (Thursday): The government hosts public consultations on its state ownership policy document with experts and think tanks.<\/p>\n<p>11 September (Sunday): The government hosts public consultations on its state ownership policy document with accommodation and food services players.<\/p>\n<p>13 September (Tuesday): The government hosts public consultations on its state ownership policy document with sports industry players.<\/p>\n<p>11-13 September (Sunday-Tuesday): <a href=\"https:\/\/ed-forum.org\/\">Environment and Development Forum (EDF)<\/a>, InterContinental City Stars, Cairo.<\/p>\n<p>14 September (Wednesday): Expedition Investments\u2019 MTO for Domty expires.<\/p>\n<p>15 September (Thursday): Deadline for B Investments to respond 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): <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02AWBp1x22cds9iyFD5BqLzZmAeuPYAjEMRAD1qh62r2UtFBKmTG79hZzaMXhwhuE9l\">Deadline to apply<\/a> for the fifth phase of the export subsidy program.<\/p>\n<p>15 September (Thursday): 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>28-29 September (Wednesday-Thursday): The sixth edition of <a href=\"https:\/\/www.events.fintechrobos.com\/\">Arab Pensions and Social Ins. Conference<\/a> in Sharm El Sheikh.<\/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>4-8 October (Tuesday-Saturday): The Chemical and Fertilizers Export Council of the Trade and Industry Ministry is organizing <a href=\"https:\/\/bit.ly\/3Q6Gkr7\">a trade mission to Kenya<\/a>.<\/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>15 October (Saturday): Cairo Metro will launch a global tender for maintenance work on the power stations and overhead catenary system of Line 1.<\/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\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":549022,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549021","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"e13e2c50-8eac-4d56-92ab-2efa6c95d3d0","teaser":"","photo_url":"https:\/\/ent.news\/2022\/8\/47.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Maait to release some backed-up goods from ports - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-release-some-backed-up-goods-from-ports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Maait to release some backed-up goods from ports\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-release-some-backed-up-goods-from-ports\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:28:13+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\/47.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-release-some-backed-up-goods-from-ports\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/maait-to-release-some-backed-up-goods-from-ports\/\",\"name\":\"Maait to release some backed-up goods from ports - 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