{"id":549059,"date":"2022-09-01T03:30:54","date_gmt":"2022-09-01T03:30:54","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549059"},"modified":"2025-12-15T22:29:03","modified_gmt":"2025-12-15T22:29:03","slug":"pakistan-and-sri-lanka-just-got-imf-facilities-are-we-next","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/pakistan-and-sri-lanka-just-got-imf-facilities-are-we-next\/","title":{"rendered":"Pakistan and Sri Lanka just got IMF facilities. Are we next?"},"content":{"rendered":"<section id=\"549061\" 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=\"549061\">\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\/09\/01\/this-morning-fresh-measures-to-ease-imports-crisis-could-be-on-their-way-the-social-safety-net-widens-today\/\">\r\n                            THIS MORNING: Fresh measures to ease imports crisis could be on their way + The social safety net widens today                        <\/a>\r\n                    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                                 <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549061\" class=\"content-area-description single-story post-549061 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-central-bank-of-egypt tag-cop27 tag-domty tag-enterpriseam tag-ever-given tag-imf tag-ma-watch tag-moustafa-madbouly tag-policy tag-social-welfare tag-suez-canal tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, wonderful people, and welcome to September. <\/strong>We hope those of you whose kids are not already back in school are able to enjoy what we think is effectively the last weekend of summer.<\/p><p><strong>We have a busy news well and an absolutely packed What We\u2019re Tracking Today for you<\/strong>, so read on, friends, and we\u2019ll get to the weekend soon enough.<\/p><p><strong>Oh, and before you do: A huge THANK YOU to all of you <\/strong>who have written in with kudos, comments and suggestions for Enterprise Climate. We\u2019ll get back to each and every one of you in the coming days. Writing to you folks each day is the highlight of our professional career. <img decoding=\"async\" draggable=\"false\" role=\"img\" class=\"emoji\" alt=\"?\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f642.svg\"><\/p><hr class=\"grey-line\"><p><strong>WATCH THIS SPACE #1- It looks like the<\/strong><strong> IMF has just concluded its second bailout in four <\/strong><strong>days: <\/strong>The IMF will today announce a preliminary agreement for an emergency loan to Sri Lanka, <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/exclusive-crisis-hit-sri-lanka-strikes-staff-level-pact-with-imf-loan-sources-2022-08-31\/\">Reuters<\/a> reported overnight, citing four sources it says are close to the talks. The sources didn\u2019t disclose the size of the program. Sri Lanka is facing its worst economic crisis in over seven decades and in July <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/748916dd-ce0d-4d6e-ae4c-364c028a6a8f\">defaulted on its debt<\/a> for the first time in its history.<\/p><p><strong>This comes just a few days after the Fund came to an agreement with Pakistan<\/strong> for a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5b72b5a-45c4-45aa-81c0-e35d4b7835a9\">USD<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5b72b5a-45c4-45aa-81c0-e35d4b7835a9\">1.1 bn loan package<\/a> to save the country from default.<\/p><p><strong>Are we next in line?<\/strong> We\u2019re still <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/749b35e6-ac62-4dbd-8826-5b09c99fdfad\">ironing out the final details<\/a> of our own IMF facility, which BNP Paribas is now predicting will be in the USD 3-5 bn ballpark and could be announced in September or October. We have the full rundown in this morning\u2019s Economy section, below.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-01\" class=\"content-anchor\"><\/a> <strong>WATCH THIS SPACE #2- More measures <\/strong><strong>to ease the import bottlenecks <\/strong><strong>could be imminent: <\/strong>The Central Bank of Egypt could announce today or tomorrow its own measures to tackle the crisis in Egypt\u2019s ports, where thousands of containers have been prevented from entering the country due to import restrictions introduced in March to address a shortage of foreign currency. This came from the head of the Customs Authority, El Shahat Ghatoury, who told Salet El Tahrir yesterday that the central bank could allow importers to pay open letters of guarantee in exchange for the immediate release of their shipments until they are able to retrieve a Form 4 to receive their letter of credit (L\/C) (<a href=\"https:\/\/www.youtube.com\/watch?v=SuxTwDQaVmM\">watch, runtime: 5:38<\/a>). This would give them a grace period of six months, he added. This came a day after the Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a08f97ff-7832-4927-8b82-efca8a3042a7\">announced a raft of emergency measures<\/a> to allow importers to clear shipments from the nation\u2019s ports.<\/p><p><strong>SPEAKING FOR ITSELF- Prime Minister Moustafa Madbouly is meeting daily with the new <\/strong><strong>central bank governor, Hassan Abdalla, to discuss economic policy<\/strong>, <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02cQ3gxSyJbEsFxmKNGxU5m9wedzGV3wX5udsMVkaGi59WY259KwtDWEZURjS4fmbWl\">cabinet said<\/a> yesterday, without giving anything else away. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">Abdalla\u2019s entry into the central bank<\/a> two weeks ago has brought with it speculation about a possible policy u-turn on the currency and the bank\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">Tarek Amer-era import rules<\/a>. A firm consensus of Egypt-watchers now expect the EGP to fall against the USD in one way or another while a number of senior government officials have in recent days telegraphed a possible relaxation of import restrictions that have prevented many importers from accessing letters of credit.<\/p><p><strong>Just as we were about to dig out those Ever Given memes\u2026<\/strong> A 252-meter-long Singapore-flagged oil tanker \u2014 Affinity V \u2014 was close to being renamed <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dadbd6d3-070d-4c92-a080-62ebf8ceced1\">Ever Givem II<\/a> yesterday after it ran aground in the Suez Canal and blocked traffic. Thankfully, the Suez Canal Authority and its fleet of tug boats <a href=\"https:\/\/www.facebook.com\/SuezCanalAuthorityEG\/posts\/pfbid02yasvqdcJmMYkurwSLcnCnnfWsC5NJ8WmSyXYN1KZXnWw4TEx6LXfWHUnb6hEVcF8l\">managed to release the vessel<\/a> after five hours, sparing us the ignominy of single-handedly halting global trade twice in two years. (<a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-suez-canal-bb44c6150e6458ac50065b3b57f863c3\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/ship-runs-aground-egypts-suez-canal-sources-2022-08-31\/\">Reuters<\/a> | <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-11166851\/Ship-runs-Suez-Canal-blocking-traffic-18-months-Green-stranded.html\">Daily Mail<\/a>)<\/p><div class=\"stand-out\"><strong>***<\/strong><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.\n<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>\n<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>\n<p>***<\/p>\n<\/div><p><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><a id=\"tldr-story-03\" class=\"content-anchor\"><\/a> <strong>The social safety net gets a bit wider today:<\/strong> Today another 900k families will be included in the Takaful and Karama program \u2014 and ration card holders will start to receive increased allowances for the next six months.<\/p><p><strong>Rations are rising by more than we thought:<\/strong> Each one-family ration card will now see an EGP 300 increase in credit rather than <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9ab18811-37ac-49ff-a508-4188cc7820cc\">EGP 100<\/a> as previously announced, state news agency <a href=\"https:\/\/www.mena.org.eg\/ar\/news\/dbcall\/table\/webnews\/id\/9749192\">MENA<\/a> reported yesterday.<\/p><p><strong>\u2026and the gov\u2019t will up its spend on bread subsidies: <\/strong>The government will Increase its allocations to the bread subsidy program by EGP 32 bn, bringing its total allocations to the program during the current fiscal year to EGP 87 bn. The measures come as the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f7f5d914-1be8-4dfe-93c8-767c06de3057\">steps up its support<\/a> to vulnerable people in response to the surging cost of living.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>M&amp;A WATCH- We\u2019re halfway through Expedition Investment\u2019s mandatory tender <\/strong><strong>offer for Domty<\/strong> and so far shareholders have so far agreed to sell 14.3% (40.46 mn) of their shares in the cheesemaker, <a href=\"https:\/\/bit.ly\/3AWaDLZ\">Al Borsa<\/a> reported yesterday. This accounts for nearly half of the shares eyed by Expedition, which is looking to acquire 34% of the company. Shareholders have <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b8e0399-0d6a-459b-8d8b-cb9062c57f3a\">until Wednesday, 14 September<\/a> to make a decision.<\/p><p><strong>FinMin doubles down on fiscal discipline:<\/strong> The Finance Ministry has concluded a review of ministerial \u201cprivate funds\u201d and will move to regulate them more closely starting in January 2023, Finance Minister Mohamed Maait said in a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0TtXY6aapt7e1NWpYuGFKGAjLmLdP5rMwwzrcZwLHxRm9jFESCyqsdno4pUfrAiLFl\">statement<\/a>. The move comes to improve management of public finances, Maait said, without giving any more details. President Abdel Fattah El Sisi in February <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/452ec282-ab56-42ab-a1b4-1b9ed9424e83\">ratified a bill<\/a> that provides for 5-15% of the annual surplus generated by private funds to be transferred to the state treasury, which is expected to raise EGP 2.5-3 bn for state revenues.<\/p><p><strong>SOUND SMART- \u201cPrivate funds\u201d are ministerial-level slush funds<\/strong> through which some ministers are able to generate and retain earnings from a range of activities and then use the funds to support programs of their choosing, effectively putting those funds outside the formal budget process.<\/p><p><strong>A new month begins<\/strong>, kicking off our monthly list of data points to keep your eye on:<\/p><ul>\n<li><strong>PMI data:<\/strong> Data measuring activity in Egypt\u2019s non-oil private sector will be released on Monday, 5 September.<\/li>\n<li><strong>Foreign reserves<\/strong> figures for August should be out during the first week of the month.<\/li>\n<li><strong>Inflation figures:<\/strong> Inflation data for August from CAPMAS will land on Saturday, 10 September. Expect the Central Bank of Egypt to follow up on Sunday, 11 September with its inflation report.<\/li>\n<li><strong>Interest rates:<\/strong> The Central Bank of Egypt\u2019s Monetary Policy Committee meets on Thursday, 22 September to review interest rates.<\/li>\n<\/ul><p class=\"web-image\"><a href=\"#\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Climate-Teaser-1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><strong>THE ROAD TO COP- <\/strong><\/p><p><a id=\"tldr-story-10\" class=\"content-anchor\"><\/a> <strong>Around 35k people have so far registered to participate in COP27 in Sharm El <\/strong><strong>Sheikh<\/strong>, Saber Othman, head of local organization <a href=\"https:\/\/www.ec4sdf.org\/\">Earth\u2019s Climate for Sustainable Development Foundation (EC4SDF)<\/a>, which is one of the observer NGOs for the summit, <a href=\"https:\/\/bit.ly\/3ctO74T\">told reporters<\/a> on Monday. Last year\u2019s COP26 summit in Glasgow was attended by <a href=\"https:\/\/www.un.org\/en\/climatechange\/cop26#:~:text=The%20UN%20Climate%20Change%20Conference,observers%20and%203.886%20media%20representatives.\">more than 40k people<\/a>.<\/p><p><strong>Plans to launch carbon credits in Egypt are alive and well: <\/strong>The Financial Regulatory Authority is holding consultations about plans to set up <a href=\"https:\/\/enterprise.press\/stories\/2018\/02\/21\/environment-ministry-to-launch-egypts-first-carbon-trade-exchange\/\">a local carbon market<\/a>, it said in <a href=\"https:\/\/ent.news\/2022\/8\/%D9%85%D8%B9%D8%AF-%D9%84%D9%84%D9%86%D8%B4%D8%B1-Carbon.pdf\">a statement<\/a> Wednesday. The idea of launching carbon credits in Egypt has been around for a few years and has been pushed by the Environment Ministry and the EGX under its former boss (and now head of the FRA) Mohamed Farid. In February the two sides <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b3d03fcd-ba57-45bf-ba43-8a81ee22d88f\">were said<\/a> to be preparing to present the plans to the cabinet but nothing has been heard since. <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8bccb1be-e366-491b-a328-369fd2b8c4e2\">Carbon credits<\/a> are tradable certificates designed give companies incentives to lower emissions.<\/p><p><strong>Gov\u2019t taps <\/strong><strong><a href=\"https:\/\/www.moharrampartners.com\/\">Moharram &amp; Partners<\/a><\/strong><strong> for COP consultations: <\/strong>Our friends at public policy firm Moharram &amp; Partners will be the government\u2019s partner for COP27 consultations, the firm said in a <a href=\"https:\/\/ent.news\/2022\/8\/MP-B2G-partner-at-Cop27-AR-amended.pdf\">statement (pdf)<\/a>. Moharram &amp; Partners will work to coordinate between the private and public sectors and support their green transformation efforts ahead of the November conference in Sharm El Sheikh.<\/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>MARKET WATCH- The Fed will resort to recession to kill inflation, Bloomberg <\/strong><strong>says:<\/strong> Federal Reserve Chairman Jerome Powell looks set to jettison hopes for a soft economic landing and will resort to intentionally provoking a recession in order to curb inflation, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-31\/powell-abandons-soft-landing-goal-as-he-seeks-growth-recession?sref=mmeFTDW1\">Bloomberg<\/a> writes. The Fed has up to now insisted that it is possible to raise interest rates and reduce inflation without damaging the economy. But with the labor market showing no signs of softening and supply-side inflationary pressures not going away, the business newswire has concluded that the central bank now feels it has no option but to trigger a so-called \u201cgrowth recession\u201d and kill demand.<\/p><p><strong>Meanwhile, over in Old Blighty:<\/strong> A British think tank <a href=\"https:\/\/www.resolutionfoundation.org\/press-releases\/new-pms-term-in-office-on-course-to-be-marked-by-deepest-living-standards-squeeze-in-a-century-and-three-million-more-people-in-absolute-poverty\/\">has warned<\/a> that people in the UK are set to face the biggest decline in living standards in a century unless the government comes up with radical solutions to address the series of crises engulfing the country, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-31\/uk-households-facing-biggest-living-standards-shock-in-a-century?sref=mmeFTDW1\">Bloomberg<\/a> reports. Mns of people are set to be pushed into poverty this winter by surging energy bills, while the country suffers the worst spike in inflation in the G7, with some economists expecting it to rise <a href=\"https:\/\/www.theguardian.com\/business\/2022\/aug\/30\/energy-prices-could-push-uk-inflation-to-near-post-war-record-says-goldman\">as high as 22%<\/a> next year. We have more on the latest batch of troubling figures coming from our neighbors to the north in this morning\u2019s Planet Finance, below.<\/p><p><strong>THE BIG STORY ABROAD- The Donald is back in the global press: <\/strong>The US Justice Department has accused former president Donald Trump of deliberately concealing classified documents from the FBI, and yesterday published photos of papers seized from his Florida estate in the raid last month. (<a href=\"https:\/\/www.reuters.com\/legal\/us-justice-dept-responds-trump-fbi-search-lawsuit-2022-08-31\/\">Reuters<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/08\/31\/us\/politics\/trump-mar-a-lago-documents.html\">NYT<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/donald-trumps-legal-team-faces-rising-stakes-from-obstruction-allegations-11661960766?mod=hp_lead_pos2\">WSJ<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/national-security\/2022\/08\/31\/trump-documents-removed-storage-room\/?itid=hp-top-table-main-t-2\">Washington Post<\/a> | <a href=\"https:\/\/www.independent.co.uk\/news\/world\/americas\/us-politics\/trump-news-today-fbi-raid-documents-truth-social-b2156257.html\">The Independent<\/a> | <a href=\"https:\/\/www.theguardian.com\/commentisfree\/2022\/aug\/31\/trump-legal-filings-liar-lackeys\">The Guardian<\/a>)<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The third Egypt- and UN-led regional climate roundtable takes place today in Santiago:<\/strong> The two-day event will see climate negotiators discuss climate finance with private- and public-sector stakeholders ahead of the COP27 summit in November.<\/p><p><strong>The German-Arab Chamber of Industry and Commerce will commemorate 70 years <\/strong><strong>of German-Egyptian business and economic ties<\/strong> with a <a href=\"https:\/\/ent.news\/2022\/8\/AHK-70th-Anniversary-01.pdf\">gala celebration<\/a> on 15 September.<\/p><p><strong>National dialogue agenda drops<\/strong>: The National Dialogue\u2019s board of trustees will hold a meeting on Saturday, 3 September to set the agenda for the dialogue and choose rapporteurs for the involved committees.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><div class=\"stand-out\">***<strong>WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE<\/strong> to help us build some very cool new things. Today, we run two daily publications, one regional publication, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications. <\/strong>We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of &gt;199k readers by telling stories that matter.<\/p>\n<p>We\u2019re looking for <strong>editors<\/strong> who want to run publications and teams, editors to help reporters craft stories, and talented <strong>reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to <\/strong><strong><a href=\"mailto:jobs@enterprisemea.com\">jobs@enterprisemea.com<\/a><\/strong><strong> and mention Patrick in your subject line.<\/strong><\/p>\n<p><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information<\/a>. It\u2019s worth it \u2014 trust us.<\/p>\n<p>***<\/p>\n<\/div><p><em>Correction: 3 September 2022<\/em><\/p><p><em>A previous version of this story incorrectly stated that the FRA was holding consultations to introduce a carbon offset tax.<\/em><\/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\/cop27\/\">COP27<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/domty\/\">Domty<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ever-given\/\">Ever Given<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/policy\/\">policy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-today\/\">What We&#039;re Tracking Today<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549062\" 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=\"549062\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/549062\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549062\" class=\"content-area-description single-story post-549062 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/2Cellos-Somabay1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p><strong>2CELLOS - LIVE AT SOMABAY: <\/strong>World-renowned and wildly popular cellist duo, 2CELLOS, are bringing the magic of music to Somabay on 18 November 2022. Get ready for an unforgettable night of captivating performances and electric energy. <a href=\"https:\/\/www.ticketsmarche.com\/tickets\/buy-tickets-2-cellos.html\">Book your ticket here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549063\" 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=\"549063\">\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\/09\/01\/bnp-paribas-thinks-were-getting-usd-3-5-bn-from-the-imf\/\">\r\n                            BNP Paribas thinks we\u2019re getting USD 3-5 bn from the IMF                        <\/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\/09\/01\/bnp-paribas-thinks-were-getting-usd-3-5-bn-from-the-imf\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The French bank in July said we would need <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19d96164-776b-492a-ad5a-a55d8ea4f6e2\">USD 10 bn or more<\/a> from the multilateral lender to plug our growing funding gap. Predictions of a mega-loan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec7aa48-f76a-4437-9a79-f8670efc25d6\">have been tempered<\/a> by officials including Finance Minister Mohamed Maait as well as by Tarek Amer when he was still governor. Maait says we\u2019re in talks for a \u201climited\u201d support package, but has not put a figure on how big that could be in monetary terms.<\/p>\n<p><strong>Talks with the IMF could conclude by September or October<\/strong>, when the IMF and the World Bank will hold their annual meetings, BNP MENA economist Mohamed Abdelmeguid wrote in the note. Talks with the Washington-based lender are in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/749b35e6-ac62-4dbd-8826-5b09c99fdfad\">the \u201cfinal stages,\u201d<\/a> Prime Minister Moustafa Madbouly said last week, without providing any other details.<\/p>\n<p><strong>Egypt needs USD 26.2 bn in the current fiscal year to fund debt repayments<\/strong> and cover our current account deficit, \u201cmarginally lower than in previous years, but comes up against the challenging backdrop of depleted central bank reserves and a large net foreign liability for commercial banks,\u201d Abdelmeguid wrote. BNP expects USD 11.2 bn to be covered by foreign direct investment inflows and another USD 6.3 bn from portfolio inflows, leaving a USD 8.7 bn funding gap in FY 2022-2023.<\/p>\n<p><strong>As was the case in 2016, we\u2019re going to need to line up funding from other sources <\/strong>if we want to unlock an IMF facility. Here\u2019s how BNP Paribas thinks it will play out in the coming weeks before an IMF facility is announced:<\/p>\n<ul>\n<li><strong>More development finance from non-IMF sources: <\/strong>BNP is predicting we\u2019ll see \u201ca number of loans, budget support programmes and trade credits to ease pressure on FX reserves.\u201d We could be knocking on the door of multilateral lenders including the World Bank, Islamic Development Bank, French Development Agency, and the African Development Bank for an additional USD 4 bn this fiscal year, BNP says.<\/li>\n<li><strong>More help from the GCC:<\/strong> \u201cWe also anticipate stepped up investment by Egypt\u2019s regional allies \u2014 namely the GCC \u2014 as part of the funding framework agreed with the IMF,\u201d the note reads. Qatar could be next to buy stakes in EGX-listed companies, the bank says, echoing recent <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/dae4c989-925c-4e8d-8569-47c697d76ff6\">murmurs<\/a> in local media. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\">Saudi<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">Emirati<\/a> wealth funds have invested bns of USD this year to buy stakes in big local names across the public and private sectors.<\/li>\n<li><strong>Moving FX reserves in the right direction:<\/strong> The IMF \u201cis likely to make its support conditional on an increase in central bank reserves,\u201d BNP writes. Foreign reserves <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b83f7b83-62a3-4572-8a67-2d8ca7599bd0\">slipped to USD 33.14 bn in July<\/a> and have declined by almost 20% since March, as the central bank intervenes to cover portfolio outflows, finance imports and meet debt repayments.<\/li>\n<\/ul>\n<p><strong>STRINGS <\/strong><strong>ATTACHED?-<\/strong><\/p>\n<p><strong>#1- BNP is joining the gradual deval gang: <\/strong>The bank is the latest in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d5ad2ca1-e887-4a1f-9c78-7e5678e23113\">string of market-watchers<\/a> to predict that new central bank governor Hassan Abdalla will gradually allow for more flexibility in the EGP exchange rate as the bank looks to address foreign portfolio outflows, rather than going for a 2016-style shock devaluation. The bank expects \u201cincreased flexibility\u201d after the agreement with the IMF goes through and sees the currency sliding to EGP 23-24 to the USD by the end of the year. \u201cIn our view, a freefloat is still a distant scenario,\u201d the note reads.<\/p>\n<p><strong>#2- Bread subsidy reform may not be off the negotiating table:<\/strong> \u201cBread subsidies have been untouched until now but are likely to be curtailed once the inflationary effects of the Ukrainian conflict start to subside,\u201d Abdelmeguid wrote.<\/p>\n<p><strong>#3- It\u2019ll need to sort out its privatization strategy:<\/strong> \u201cThe government will be expected to finalize a credible timeline for the acceleration of its privatization programme,\u201d the note reads. Since opening talks with the Fund this year, the government has put its privatization strategy higher up the agenda and has been holding consultations with stakeholders over its plans to increase private sector involvement in the economy. Privatization has been slow in recent years, with the government only offering secondary stakes in two state-owned firms since its launch in 2018.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/bnp-paribas\/\">BNP Paribas<\/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\/imf\/\">IMF<\/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\/moustafa-madbouly\/\">Moustafa Madbouly<\/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=\"549065\" 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=\"549065\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/alex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid\/\">\r\n                            Alex Medical taps advisors to assess the Tawasol Holdings-LimeVest consortium\u2019s acquisition bid                        <\/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\/09\/01\/alex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid\/\" 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\/09\/01\/alex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid\/')\">\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\/09\/01\/alex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid\/\">\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=Alex Medical taps advisors to assess the Tawasol Holdings-LimeVest consortium\u2019s acquisition bid&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/alex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid\/\">\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\/09\/01\/alex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid\/&title=Alex Medical taps advisors to assess the Tawasol Holdings-LimeVest consortium\u2019s acquisition bid\">\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=Alex+Medical+taps+advisors+to+assess+the+Tawasol+Holdings-LimeVest+consortium%E2%80%99s+acquisition+bid+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Falex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid%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\/09\/01\/alex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/93.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549066\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/alex-medical-taps-advisors-to-assess-the-tawasol-holdings-limevest-consortiums-acquisition-bid\/93-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/93.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"93.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/93.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/93.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549065\" class=\"content-area-description single-story post-549065 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-alexandria-medical-services tag-andersen tag-enterpriseam tag-healthcare tag-helmy-hamza-and-partners tag-limevest tag-ma-watch tag-tawasol-holdings wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>Alex Medical taps advisors to weigh in on acquisition bid:<\/strong> Alexandria Medical Services has appointed <a href=\"https:\/\/eg.andersen.com\/\">Andersen<\/a> as its financial advisor to study Tawasol Holdings and LimeVest\u2019s bid to acquire up to 74% of the company, it said in an <a href=\"https:\/\/ent.news\/2022\/8\/138977_090735.pdf\">EGX disclosure (pdf)<\/a> yesterday. The company also hired Helmy, Hamza and Partners (Baker McKenzie\u2019s Cairo office) as legal counsel on the issue.<\/p>\n<p><strong>Refresher: <\/strong>The Financial Regulatory Authority (FRA) this week approved the consortium\u2019s <a href=\"https:\/\/ent.news\/2022\/8\/FRA-Alex-Medical-2022-08-30-104811.jpg\">mandatory tender offer<\/a> (MTO) to purchase up to 74% of Alexandria Medical Services for EGP 47.67 a share. This is an adjustment from the alliance\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8c06421e-7c3e-41fe-9f7f-eb6fce2ba842\">last bid<\/a> in June last year, which offered to purchase shares at EGP 52 apiece, because Alex Medical has since executed a capital increase, issuing 1.3 mn additional shares. This came 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.<\/p>\n<p><strong>WATCH THIS SPACE- Shareholders have until 27 September to respond to the MTO.<\/strong> Alex Medical\u2019s board will release a statement clarifying what it thinks of the bid by 20 September, the disclosure said yesterday.<\/p>\n<p><strong>The word among analysts is that the offer price is \u201cfair,\u201d <\/strong>especially \u201cconsidering the decline in profits that Alex Medical saw in 1H 2022,\u201d <a href=\"https:\/\/bit.ly\/3BaJN45\">Al Mal<\/a> quotes Aly Adel, vice president at Beltone Financial, as saying. The company\u2019s net income more than halved to EGP 11.01 mn during the six-month period, according to its latest <a href=\"https:\/\/ent.news\/2022\/8\/5530323F-1978-4C6C-A5B8-343A132C48A1.pdf\">financials (pdf)<\/a>.<\/p>\n<p><strong>Buy-side advisors<\/strong><strong>:<\/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>DID SOMEONE SAY MICRO ACQUISITION?<\/strong><\/p>\n<p><strong><a href=\"http:\/\/www.rowadtourism.com\/\">Rowad Tourism<\/a><\/strong><strong> has upped its stake in ceramics manufacturer <\/strong><strong><a href=\"https:\/\/www.lecicoegypt.com\/\">Lecico Egypt<\/a><\/strong> to 3.92% from 2.24% in an EGP 13.76 mn transaction at EGP 10.24 per share. (<a href=\"https:\/\/ent.news\/2022\/8\/Rowad-Lecico.pdf\">Disclosure, pdf<\/a>)<\/p>\n<p><em>EDITOR\u2019S NOTE- This story was amended on 19 September, 2022 to clarify that Tawasol Holdings and LimeVest\u2019s most recent offer for Alex Medical adjusts the price to account for the company\u2019s capital increase, and is not a discount from its initial offer.<\/em><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/alexandria-medical-services\/\">Alexandria Medical Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/andersen\/\">Andersen<\/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\/helmy-hamza-and-partners\/\">Helmy Hamza and Partners<\/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\/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=\"549067\" 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=\"549067\">\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\">Cabinet watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/anything-for-our-first-green-hydrogen-plant\/\">\r\n                            Anything for our first green hydrogen plant                        <\/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\/09\/01\/anything-for-our-first-green-hydrogen-plant\/\" 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\/09\/01\/anything-for-our-first-green-hydrogen-plant\/')\">\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\/09\/01\/anything-for-our-first-green-hydrogen-plant\/\">\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=Anything for our first green hydrogen plant&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/anything-for-our-first-green-hydrogen-plant\/\">\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\/09\/01\/anything-for-our-first-green-hydrogen-plant\/&title=Anything for our first green hydrogen plant\">\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=Anything+for+our+first+green+hydrogen+plant+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Fanything-for-our-first-green-hydrogen-plant%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\/09\/01\/anything-for-our-first-green-hydrogen-plant\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/94.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549068\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/anything-for-our-first-green-hydrogen-plant\/94-jpg-12\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/94.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"94.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/94.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/94.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549067\" class=\"content-area-description single-story post-549067 post type-post status-publish format-standard has-post-thumbnail hentry category-cabinet-watch tag-cabinet-watch tag-enterpriseam tag-fertiglobe tag-green-hydrogen tag-orascom-construction tag-scatec tag-sovereign-fund-of-egypt wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Cabinet assigned land plots for the solar and wind plants that will power the country\u2019s first green<\/strong><strong> hydrogen plant<\/strong> in its weekly meeting on Wednesday, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02PRhTP2xoDMaiANCnYAViSAhQtyeDVSbABJ49EtEZSxDXVdJVy3Bx6T1Nm28rznjel\">statement<\/a>. The alliance behind the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">100-MW green hydrogen plant<\/a> being built in Ain Sokhna \u2014 Norway\u2019s Scatec, Nassef Sawiris-backed ammonia producer Fertiglobe and Orascom Construction \u2014 will receive land for a 70 MW solar plant in Benban and a 205 MW wind farm in the Gulf of Suez. The alliance will contract the plots from the New and Renewable Energy Authority (NREA) under the usufruct system, according to the statement.<\/p>\n<p><strong>The race to COP27:<\/strong> The government is hoping to get at least part of the green hydrogen facility up and running in time to showcase it at the COP27 summit in November and has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c951a22a-6c5e-4d8a-bc92-94fb0928d696\">promised the consortium<\/a> extra electricity from the grid, derived from renewable sources, to make it happen.<\/p>\n<p><strong>Many others are jostling to get in on Egypt\u2019s nascent green hydro industry: <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab5ebab-55a1-4a68-97a3-0f02e5b4e147\">Dozens of firms<\/a> have since pledged <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce61f67c-28db-4deb-a5d0-adb8f2b34a7f\">USD bns of investment<\/a> for green hydrogen and green fuel projects here. The latest round of MoUs came last week when seven regional and European firms <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab5ebab-55a1-4a68-97a3-0f02e5b4e147\">signed up<\/a> to explore building facilities with a combined annual capacity of 5.5 mn.<\/p>\n<p><strong>ALSO FROM THE CABINET MEETING- <\/strong><\/p>\n<ul>\n<li><strong>Investment for dummies: <\/strong>Cabinet asked all ministries to brush up on state guidance on how to contract with foreign investors, and will ask the National Training Academy to teach civil servants how to \u201chandle the contractual process professionally.\u201d<\/li>\n<li><strong>Siemens got the nod for a contract to improve energy efficiency<\/strong> in North Cairo, Alexandria, and the Delta as part of a project funded by the Japanese International Cooperation Agency.<\/li>\n<li><strong>More presidential pardons on the way? <\/strong>A number of unnamed prisoners could get an early release to mark Armed Forces Day on 6 October.<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cabinet-watch\/\">cabinet watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fertiglobe\/\">Fertiglobe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/green-hydrogen\/\">green hydrogen<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/scatec\/\">Scatec<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-fund-of-egypt\/\">Sovereign Fund of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549069\" 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=\"549069\">\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\">EARNINGS WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/\">\r\n                            Orascom Construction sees profitability improve q-o-q in 2Q 2022 as US margins improve; eyes new infrastructure and data center projects                        <\/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\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/\" 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\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/')\">\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\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/\">\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=Orascom Construction sees profitability improve q-o-q in 2Q 2022 as US margins improve; eyes new infrastructure and data center projects&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/\">\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\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/&title=Orascom Construction sees profitability improve q-o-q in 2Q 2022 as US margins improve; eyes new infrastructure and data center projects\">\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=Orascom+Construction+sees+profitability+improve+q-o-q+in+2Q+2022+as+US+margins+improve%3B+eyes+new+infrastructure+and+data+center+projects+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Forascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects%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\/09\/01\/orascom-construction-sees-profitability-improve-q-o-q-in-2q-2022-as-us-margins-improve-eyes-new-infrastructure-and-data-center-projects\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549069\" class=\"content-area-description single-story post-549069 post type-post status-publish format-standard hentry category-earnings-watch tag-besix tag-construction tag-earnings tag-earnings-watch tag-enterpriseam tag-orascom-construction wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Orascom Construction (OC) reported an 8% y-o-y rise in revenues to USD 934.9 mn in 2Q <\/strong><strong>2022<\/strong>, with net income of USD 20.8 mn (down 13% in a high-inflation environment), according to its latest <a href=\"https:\/\/ent.news\/2022\/8\/H1-2022-Results-Press-Release.pdf\">earnings release (pdf)<\/a>. Net income in the period was up nearly 60% over 1Q 2022, the company noted. OC\u2019s EBITDA margin came under pressure in the Middle East and Africa at the same time as the group\u2019s margins in the US improved substantially. The construction giant's net income eased 29% to USD 33.9 mn in the first six months of the year, while revenues were up 14% to USD 1.9 bn.<\/p>\n<p><strong>OC\u2019s consolidated backlog rose more than 10% to USD 6.5 bn<\/strong> <strong>in 1H 2022, <\/strong>with new awards jumping 32% y-o-y to USD 2.4 bn. Egypt accounted for 69% of the company\u2019s backlog, followed by the US (25%) and Saudi Arabia (2%). Standalone backlog at Besix, in which OC holds a 50% share, rose 15% y-o-y to reach EUR 4.9 bn by the end of 1H. OC\u2019s pro forma backlog including its 50% share in Besix rose 7% y-o-y to record USD 9 bn.<\/p>\n<p><strong>BESIX returns to profitability<\/strong><strong>:<\/strong> Belgium-based Besix recorded net income of USD 4.5 mn in 2Q 2022, bouncing back from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/148ce583-2219-400f-b8ad-5cf81f7c0dac\">losses of USD 11 mn<\/a> in the first quarter of the year.<\/p>\n<p><strong>In a challenging, high-inflation environment, OC is focused on \u201cproject execution, <\/strong><strong>controls, supply chain and collections,\u201d <\/strong>CEO Osama Bishai said, with the result being a quarter-on-quarter improvement in profitability as well as an improving net cash position as the group generated positive operating cashflows in 2Q 2022. The company\u2019s business development priorities include infrastructure projects and data centers.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/besix\/\">BESIX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/construction\/\">construction<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings\/\">earnings<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/earnings-watch\/\">earnings watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/orascom-construction\/\">Orascom Construction<\/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=\"549070\" 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=\"549070\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/beltone-elects-new-board-members-following-chimera-acquisition\/\">\r\n                            Beltone elects new board members following Chimera acquisition                        <\/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\/09\/01\/beltone-elects-new-board-members-following-chimera-acquisition\/\" 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\/09\/01\/beltone-elects-new-board-members-following-chimera-acquisition\/')\">\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\/09\/01\/beltone-elects-new-board-members-following-chimera-acquisition\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Beltone elects new board members following Chimera acquisition&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/beltone-elects-new-board-members-following-chimera-acquisition\/\">\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\/09\/01\/beltone-elects-new-board-members-following-chimera-acquisition\/&title=Beltone elects new board members following Chimera acquisition\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Beltone+elects+new+board+members+following+Chimera+acquisition+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Fbeltone-elects-new-board-members-following-chimera-acquisition%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\/09\/01\/beltone-elects-new-board-members-following-chimera-acquisition\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549070\" class=\"content-area-description single-story post-549070 post type-post status-publish format-standard hentry category-moves tag-andrea-mollica tag-beltone-financial tag-chimera-investments tag-dalia-khorshid tag-enterpriseam tag-financial-services tag-ma-watch tag-mirian-khalaf tag-moves tag-syed-shueb 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>Beltone Financial shareholders have elected four new board members<\/strong> as part of its restructuring of the board 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, according to an <a href=\"https:\/\/ent.news\/2022\/8\/%D8%A8%D9%84%D8%AA%D9%88%D9%86-%D8%AC%D9%85%D8%B9%D9%8A%D8%A9-31-8-2022.pdf\">EGX disclosure (pdf)<\/a>. For a period of three years, the board will now include:<\/p>\n<ul>\n<li><strong>Dalia Khorshid<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/dalia-khorshid\/\">LinkedIn<\/a>) as <strong>managing director<\/strong> and <strong>CEO<\/strong>. Khorshid is a former investment minister and the current Masar chairwoman, and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44f91721-ade2-4520-8b3c-37c5c702c338\">was appointed<\/a> to head Beltone by Chimera earlier this month;<\/li>\n<li><strong>Syed Shueb<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/syed-basar-shueb-uae\/\">LinkedIn<\/a>) as <strong>non-executive chairman<\/strong>. Shueb is the managing director of the UAE\u2019s International Holdings Company;<\/li>\n<li><strong>Andrea Mollica<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/andrea-mollica\/\">LinkedIn<\/a>) as a <strong>non-executive board member<\/strong>. Mollica is currently an investment manager at the UAE\u2019s Royal Group, which owns Chimera;<\/li>\n<li><strong>Mirian Khalaf<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/mirian-khalaf-massoud-9a55757\/\">LinkedIn<\/a>) as a non-executive board member. Khalaf is the head of private equity at Chimera.<\/li>\n<\/ul>\n<p><strong>Background: <\/strong>Abu Dhabi-based investment company Chimera Investments replaced Orascom Financial Holding as Beltone\u2019s controlling shareholder <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/40303139-6bd0-4c73-a30a-57bb74e74a45\">earlier this month<\/a> after purchasing its 56% stake at EGP 1.485 per share.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/andrea-mollica\/\">Andrea Mollica<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/beltone-financial\/\">Beltone Financial<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/chimera-investments\/\">Chimera Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dalia-khorshid\/\">Dalia Khorshid<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-services\/\">financial services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mirian-khalaf\/\">Mirian Khalaf<\/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\/syed-shueb\/\">Syed Shueb<\/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=\"549071\" 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=\"549071\">\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\">Kudos<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/egypts-top-law-firms-for-ma-ranked\/\">\r\n                            Egypt\u2019s top law firms for M&#038;A ranked                        <\/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\/09\/01\/egypts-top-law-firms-for-ma-ranked\/\" 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\/09\/01\/egypts-top-law-firms-for-ma-ranked\/')\">\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\/09\/01\/egypts-top-law-firms-for-ma-ranked\/\">\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 top law firms for M&#038;A ranked&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/egypts-top-law-firms-for-ma-ranked\/\">\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\/09\/01\/egypts-top-law-firms-for-ma-ranked\/&title=Egypt\u2019s top law firms for M&#038;A ranked\">\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+top+law+firms+for+M%26%23038%3BA+ranked+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Fegypts-top-law-firms-for-ma-ranked%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\/09\/01\/egypts-top-law-firms-for-ma-ranked\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549071\" class=\"content-area-description single-story post-549071 post type-post status-publish format-standard hentry category-kudos tag-al-kamel-law-firm tag-enterpriseam tag-kudos tag-law tag-matouk-bassiouny-hennawy tag-zaki-hashem-partners tag-zulficar-partners wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The IFLR1000 <\/strong><strong>is out<\/strong><strong> with its rankings of top law firms for M&A in Egypt.<\/strong> The rankings see firms grouped into four tiers plus \u201cother notable\u201d firms. More than 30 firms here in Omm El Donia made the list. In tier one are Al Kamel Law Firm, Helmy Hamza & Partners (Baker McKenzie\u2019s Cairo office) Matouk Bassiouny & Hennawy, Zaki Hashem & Partners, and Zulficar & Partners. You can <a href=\"https:\/\/www.iflr1000.com\/Jurisdiction\/Egypt\/Rankings\/135#rankings\">check out the list for yourself here<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-kamel-law-firm\/\">Al Kamel Law Firm<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/kudos\/\">KUDOS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/law\/\">law<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/matouk-bassiouny-hennawy\/\">Matouk Bassiouny &amp; Hennawy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zaki-hashem-partners\/\">Zaki Hashem &amp; Partners<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/zulficar-partners\/\">Zulficar &amp; Partners<\/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=\"549072\" 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=\"549072\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/549072\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549072\" class=\"content-area-description single-story post-549072 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/8\/Sodic-25_DESIGNS_1600x1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549073\" 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=\"549073\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">8<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/new-social-support-measures-higher-wheat-prices-for-local-farmers-next-year\/\">\r\n                            New social support measures + higher wheat prices for local farmers next 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\/09\/01\/new-social-support-measures-higher-wheat-prices-for-local-farmers-next-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\/09\/01\/new-social-support-measures-higher-wheat-prices-for-local-farmers-next-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\/09\/01\/new-social-support-measures-higher-wheat-prices-for-local-farmers-next-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=New social support measures + higher wheat prices for local farmers next year&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/new-social-support-measures-higher-wheat-prices-for-local-farmers-next-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\/09\/01\/new-social-support-measures-higher-wheat-prices-for-local-farmers-next-year\/&title=New social support measures + higher wheat prices for local farmers next 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=New+social+support+measures+%2B+higher+wheat+prices+for+local+farmers+next+year+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Fnew-social-support-measures-higher-wheat-prices-for-local-farmers-next-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\/09\/01\/new-social-support-measures-higher-wheat-prices-for-local-farmers-next-year\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549073\" class=\"content-area-description single-story post-549073 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-agriculture tag-commodities tag-enterpriseam tag-last-nights-talk-shows tag-nevine-el-qabbaj tag-social-welfare tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Making headlines on the airwaves last night: Yesterday\u2019s expansion of social protection measures an<\/strong><strong>nounced <\/strong>got coverage from Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=sIE_cRSjZa8\">watch, runtime: 8:42<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=hd65s-UzlIg\">watch, runtime: 3:12<\/a>). The increase in allocations to subsidy cards will cost the government an additional EGP 12 bn annually, Essam Khalil, head of the Free Egyptians Party, told Masaa DMC. Social Solidarity Minister Nevine El Qabbaj also phoned into Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=M1fJNqGGL_0\">watch, runtime: 3:47<\/a> | <a href=\"https:\/\/www.youtube.com\/watch?v=6rmy4oj4z3g\">3:51<\/a>) to give a rundown of the social security measures coming into effect as of today, as well as some stats on the Takaful and Karama social security program. We have more on the new measures in this morning\u2019s What We\u2019re Tracking Today section, above.<\/p>\n<p><strong>Also getting attention: The government\u2019s improved offer for local wheat next year <\/strong>got a lot of praise from agriculture players. Salet El Tahrir (<a href=\"https:\/\/www.youtube.com\/watch?v=alSkEhIXYuI\">watch, runtime: 4:15<\/a>), Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=CYs7JE5u7eM\">watch, runtime: 6:23<\/a>) and Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=Wa0OhgWsEoo\">watch, runtime: 6:27<\/a>) all had coverage. We have the details in Also on our Radar, below.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/nevine-el-qabbaj\/\">Nevine El Qabbaj<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/social-welfare\/\">social welfare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549074\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button svg.ugb-custom-icon :is(g, path, rect, polygon, ellipse){fill:#FFFFFF !important;}<\/style>\r\n                <div class=\"stk-block-carousel__content-wrapper\">\r\n                <div class=\"stk-row stk-inner-blocks stk-block-content stk-block-carousel__slider-wrapper stk-content-align stk-a38cfb2-column alignwide\">\r\n                <div class=\"stk-block-carousel__slider\" role=\"list\" 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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=\"549075\" 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=\"549075\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/the-foreign-press-is-taking-a-day-off\/\">\r\n                            The foreign press is taking a day off                        <\/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\/09\/01\/the-foreign-press-is-taking-a-day-off\/\" 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\/09\/01\/the-foreign-press-is-taking-a-day-off\/')\">\n                    Copy Link                <\/a>\n\n   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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/the-foreign-press-is-taking-a-day-off\/&title=The foreign press is taking a day off\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=The+foreign+press+is+taking+a+day+off+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Fthe-foreign-press-is-taking-a-day-off%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\/09\/01\/the-foreign-press-is-taking-a-day-off\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549075\" class=\"content-area-description single-story post-549075 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>It\u2019s another slow morning in the foreign press.<\/strong> Check back here next week.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549076\" 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=\"549076\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/selling-electricity-to-greece-plus-philip-morris-is-making-smokes-here-now-and-farmers-will-get-more-for-wheat\/\">\r\n                            Selling electricity to Greece. Plus: Philip Morris is making smokes here now and farmers will get more for wheat                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/selling-electricity-to-greece-plus-philip-morris-is-making-smokes-here-now-and-farmers-will-get-more-for-wheat\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/selling-electricity-to-greece-plus-philip-morris-is-making-smokes-here-now-and-farmers-will-get-more-for-wheat\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/selling-electricity-to-greece-plus-philip-morris-is-making-smokes-here-now-and-farmers-will-get-more-for-wheat\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Selling electricity to Greece. Plus: Philip Morris is making smokes here now and farmers will get more for wheat&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/selling-electricity-to-greece-plus-philip-morris-is-making-smokes-here-now-and-farmers-will-get-more-for-wheat\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/selling-electricity-to-greece-plus-philip-morris-is-making-smokes-here-now-and-farmers-will-get-more-for-wheat\/&title=Selling electricity to Greece. Plus: Philip Morris is making smokes here now and farmers will get more for wheat\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Selling+electricity+to+Greece.+Plus%3A+Philip+Morris+is+making+smokes+here+now+and+farmers+will+get+more+for+wheat+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Fselling-electricity-to-greece-plus-philip-morris-is-making-smokes-here-now-and-farmers-will-get-more-for-wheat%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/selling-electricity-to-greece-plus-philip-morris-is-making-smokes-here-now-and-farmers-will-get-more-for-wheat\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549076\" class=\"content-area-description single-story post-549076 post type-post status-publish format-standard hentry category-also-on-our-radar tag-agriculture tag-also-on-our-radar tag-arab-african-international-bank tag-banking tag-banque-du-caire tag-commodities tag-copelouzos tag-electricity tag-enterpriseam tag-fintech tag-greece tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>More energy cooperation with Greek partners? <\/strong>Electricity Minister Mohamed Shaker yesterday discussed expanding cooperation and investment with Greek energy and infrastructure giant <a href=\"https:\/\/www.copelouzos.gr\/en\/\">Copelouzos Group<\/a>, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02ZARZJGLVeoGWPxqeeJtNeY4gGqZ8S2mEuur7cbZet6fMiK9EQQy69xSfx9AgpiNKl\">cabinet statement<\/a>. Company head Dimitris Copelouzos expressed interest in implementing solar, wind, and electricity interconnection projects in the local market.<\/p>\n<p><strong>Copelouzos is a key player in a proposed electricity link between Egypt and G<\/strong><strong>reece:<\/strong> The Greek infrastructure investor is one half of the JV planning <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb41cd3c-8caa-4f64-8682-be3dbf55dd71\">the Greece-Egypt Interconnector (GREGY)<\/a>, a 3-GW electricity link that will allow Egypt to export electricity generated by renewable energy.<\/p>\n<p><strong>Egypt is pursuing closer energy and electricity ties with Greece<\/strong> (among other Mediterranean neighbors), including a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e5a67ed-560c-46b2-ba58-cdeb9da9ad9d\">potential gas pipeline<\/a> and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6e079557-f5dc-4dcc-9d7d-a3c6837afaf7\">USD 4 bn EuroAfrica project<\/a> to connect our grid with Greece and Cyprus later this decade.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Local farmers will get more for their wheat next year: <\/strong>The government will pay farmers an \u201cindicative price\u201d of EGP 1k per ardeb of wheat next season, a hike of nearly 15% from the EGP 865-885 per ardeb it paid this year, cabinet said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid037RJUgw4XiAForvawKGgYutf1kHQy9D1SURG1Me1nous2yL49S362JyW6gfm8dNwHl\">a statement<\/a> yesterday. Farmers had <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ee61f6b6-d6df-4fa9-b38b-2964b7f8589a\">called on the government<\/a> earlier this year to raise prices to EGP 1k to help the industry cope with inflation and meet production targets.<\/p>\n<p><strong>The government didn\u2019t hit its ambitious local wheat targets this year: <\/strong>The government procured around 4.2 mn tons of wheat from local farmers during this year\u2019s harvest, <a href=\"https:\/\/tinyurl.com\/2p9juc3t\">Al Mal<\/a> quotes Supply Minister Ali El Moselhy as telling reporters yesterday. This missed the ambitious <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1780502c-2520-475c-9bcd-8c75d1133ba6\">6 mn-ton target<\/a> set after spiking food prices forced it to increase its reliance on local production.<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Philip Morris\u2019 <strong>United Tobacco<\/strong> has begun producing cigarettes locally, after it <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cef56231-5a0a-4794-8d6a-78e88269eefc\">reached an agreement<\/a> with <strong>Eastern Company<\/strong> to become the country\u2019s second tobacco manufacturer earlier this year. (<a href=\"https:\/\/ent.news\/2022\/8\/PMM-Corporate-PRL-31-8-2022.pdf\">Statement, pdf<\/a>)<\/li>\n<li><strong>Civil lawsuits could go paperless: <\/strong>An MoU was signed between the justice and communications ministries to launch an electronic platform to file paperwork for civil proceedings, a<a href=\"https:\/\/tinyurl.com\/3yjhbrdt\">cabinet statement<\/a> read. The two ministries <a href=\"https:\/\/mcit.gov.eg\/en\/Media_Center\/Press_Room\/Press_Releases\/64830\">launched an e-litigation platform<\/a> for the economic courts in December.<\/li>\n<li><strong>It\u2019s going to get easier today for owners of overseas yachts to pitch up in Egypt: <\/strong>The Transport Ministry is launching its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8f68f98-9425-479a-aa62-d014669c4683\">one-stop-shop for yacht owners<\/a> to get the permits they need to come to Egypt and moor at marina\u2019s across the country.<\/li>\n<li><strong>Banque Du Caire<\/strong> and digital banking app <strong><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=io.telda.app&hl=en&gl=US\">Telda<\/a><\/strong> have launched their <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5278bdda-cceb-4f31-ad84-859714de6f64\">prepaid<\/a><\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5278bdda-cceb-4f31-ad84-859714de6f64\">cards<\/a><\/strong>, which can be used online and in-store, for money transfers, and for ATM withdrawals inside and outside Egypt. Customers can use the card without being banked. (<a href=\"https:\/\/ent.news\/2022\/8\/PR-Telda-x-Mastercard-prepaid-card-30.08.2022-Final-Eng.pdf\">Statement, pdf<\/a>)<\/li>\n<li>Saudi SME fintech player <strong><a href=\"https:\/\/geidea.net\/merchants\/en\/\">Geidea<\/a><\/strong> could invest <strong>USD 10 mn <\/strong>in Egypt by the end of 2022. (<a href=\"https:\/\/bit.ly\/3PX9l8M\">Al Mal<\/a>)<\/li>\n<li><strong>AAIB<\/strong> signed a <strong>EGP 200 mn agreement <\/strong>with the government\u2019s SME development agency to finance small projects with loans of up to EGP 5 mn. (<a href=\"https:\/\/bit.ly\/3e8Afxk\">Masrawy<\/a>)<\/li>\n<li>IT firm <strong><a href=\"https:\/\/www.facebook.com\/OrchidaSoft\/\">Orchida Soft<\/a><\/strong> is expanding its <strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99a6ca73-945a-43a8-9bb3-70e01e484a6c\">e-invoicing<\/a><\/strong><strong> services<\/strong> here and in Saudi Arabia. (<a href=\"https:\/\/ent.news\/2022\/8\/Orchida-Soft-is-expanding-its-implementation-of-e-Invoicing-in-Egypt-KSA.pdf\">Statement, pdf<\/a>).<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-du-caire\/\">Banque du Caire<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/copelouzos\/\">Copelouzos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/fintech\/\">Fintech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549077\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549078\" 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=\"549078\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/opec-cuts-oil-supply-forecast-for-this-year-and-the-next\/\">\r\n                            OPEC+ cuts oil supply forecast for this year and the next                        <\/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\/09\/01\/opec-cuts-oil-supply-forecast-for-this-year-and-the-next\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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The three-month slump in prices is the longest since the pandemic-era and breaks a months-long bull run in the global oil markets on the fallout from Russia\u2019s invasion of Ukraine and tighter supply. Brent crude futures fell 8.6% during the month, ending yesterday\u2019s trading session at USD 95 per barrel.<\/p><p><strong>What\u2019s the outlook on supply? <\/strong>OPEC+ has slashed in half its supply forecasts for this year as some of its members reduce production, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-31\/opec-panel-tightens-oil-market-outlook-for-this-year-and-next?sref=mmeFTDW1\">Bloomberg<\/a>. The alliance of oil producers now expects there to be a surplus of 400k barrels a day this year, and is forecasting a 300k bpd deficit next year after having previously predicted a 900k bpd surplus. The forecast will likely increase speculation that OPEC+ members could soon cut production to support prices, as the Saudi energy minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/603d3840-e574-4112-bdcd-8bb66fd6b1c6\">indicated<\/a> last week.<\/p><hr class=\"grey-line\"><p><strong>The terrible economic and market data continue to roll in from Europe, the UK and the <\/strong><strong>US:<\/strong><\/p><ul>\n<li><strong>Say hello to the world\u2019s newest emerging market:<\/strong> The GBP has suffered its biggest monthly fall since the Brexit vote in 2016 and is nearing record lows, while yields on government bonds saw their biggest monthly rise on record as investors head for the exits. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-31\/uk-markets-suffer-worst-august-in-years-and-rout-may-not-be-over?srnd=premium-uk&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/d1ff0b74-6d1f-4522-a0eb-8805b18f6f7d\">FT<\/a>)<\/li>\n<li><strong>If anything, it\u2019s worse in Europe:<\/strong> A Bloomberg index measuring corporate and investment-grade government bonds suffered its biggest monthly loss ever, losing 5.3% in August to Tuesday as fears about the energy crisis and rising interest rates grip the markets.. (<a href=\"https:\/\/www.ft.com\/content\/5e8c3680-bf33-4b6c-a7c0-a1b613560f79\">FT<\/a>)<\/li>\n<li><strong>Prices just keep on rising:<\/strong> Preliminary data out yesterday showed eurozone inflation hitting a new record high of 9.1% in August, while Goldman Sachs now expects UK inflation to hit 22% next year. (<a href=\"https:\/\/ec.europa.eu\/eurostat\/documents\/2995521\/14675409\/2-31082022-AP-EN.pdf\/e4217618-3fbe-4f54-2a3a-21c72be44c53\">Eurostat<\/a> | <a href=\"https:\/\/www.theguardian.com\/business\/2022\/aug\/30\/energy-prices-could-push-uk-inflation-to-near-post-war-record-says-goldman\">The Guardian<\/a>)<\/li>\n<li><strong>Equity volatility is back stateside:<\/strong> The turbulent end to August on Wall Street continued in earnest yesterday as all three major stock indexes extended their recent run of losses to a fourth day. US stocks reversed all the gains made earlier in August to end the month almost 4% in the red. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-08-30\/stocks-pressured-by-fed-path-china-taiwan-tension-markets-wrap?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,999<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -16.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (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-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.20<\/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>12,283<\/p>\n<\/td>\n<td>\n<p>-1.4% (YTD: +8.9%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,875<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +16.3%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,443<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +7.7%)<\/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>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,955<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -17.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,284<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,517<\/p>\n<\/td>\n<td>\n<p>-1.3% (YTD: -18.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 94.96<\/p>\n<\/td>\n<td>\n<p>-2.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 9.13<\/p>\n<\/td>\n<td>\n<p>+0.9%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,726.20<\/p>\n<\/td>\n<td>\n<p>-0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,245<\/p>\n<\/td>\n<td>\n<p>+2.0% (YTD: -56.3%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 1.3% at yesterday\u2019s close<\/strong> on turnover of EGP 1.49 bn (42.1% above the 90-day average). Foreign investors were net sellers. The index is down 16.3% YTD.<\/p><p><strong>In the green: <\/strong>Mopco (+7.4%), Palm Hills Development (+3.1%) and Sidi Kerir Petchem (+0.8%).<\/p><p><strong>In the red: <\/strong>Eastern Company (-6.1%), Madinet Nasr Housing (-3.6%) and CIB (-3.1%).<\/p><p><strong>It\u2019s red as far as the eye can see in Asia this morning. <\/strong>The Nikkei, Kospi and ASX are all down more than 1.5% while the Hang Seng is off almost 1% and shares in Shanghai have just clawed back earlier losses to rise 0.2%. Futures suggest major indexes in Western Europe, the US and Canada will follow suit at the opening bell later 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\/bonds\/\">Bonds<\/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\/inflation\/\">inflation<\/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\/opec\/\">OPEC<\/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\/uk\/\">UK<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549079\" 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=\"549079\">\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\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/israel-releases-palestinian-prisoner-following-ceasefire-agreement-with-egypt\/\">\r\n                            Israel releases Palestinian prisoner following ceasefire agreement with Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/israel-releases-palestinian-prisoner-following-ceasefire-agreement-with-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/israel-releases-palestinian-prisoner-following-ceasefire-agreement-with-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/israel-releases-palestinian-prisoner-following-ceasefire-agreement-with-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Israel releases Palestinian prisoner following ceasefire agreement with Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/israel-releases-palestinian-prisoner-following-ceasefire-agreement-with-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/israel-releases-palestinian-prisoner-following-ceasefire-agreement-with-egypt\/&title=Israel releases Palestinian prisoner following ceasefire agreement with Egypt\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Israel+releases+Palestinian+prisoner+following+ceasefire+agreement+with+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F01%2Fisrael-releases-palestinian-prisoner-following-ceasefire-agreement-with-egypt%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/israel-releases-palestinian-prisoner-following-ceasefire-agreement-with-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549079\" class=\"content-area-description single-story post-549079 post type-post status-publish format-standard hentry category-diplomacy tag-diplomacy tag-enterpriseam tag-israel tag-palestine wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Israel has agreed to release Palestinian prisoner Khalil Awawdeh, whose release <\/strong><strong>was lobbied for by Egypt<\/strong> when it brokered the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48dfbc3d-fe58-4af2-80d8-88cf48e86eec\">ceasefire<\/a> on Gaza earlier this month, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/palestinian-prisoner-suspends-hunger-strike-following-release-deal-2022-08-31\/\">Reuters<\/a> reports. This comes following recent reports in Israeli media of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/939dc6b6-1735-42da-b7bf-ac874621a360\">tensions between Israel and Egypt<\/a> over Israel\u2019s killing of three Palestinians in the West Bank following the ceasefire.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/israel\/\">Israel<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/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=\"549080\" 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=\"549080\">\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\">My Morning Routine<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/01\/my-morning-routine-hisham-el-nazer-google-egypt-country-director\/\">\r\n                            My Morning Routine: Hisham El Nazer, Google Egypt country director                        <\/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\/09\/01\/my-morning-routine-hisham-el-nazer-google-egypt-country-director\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking to us this week is Hisham El Nazer, Google Egypt country director and director of MENA startups and geo-expansion (<a href=\"https:\/\/www.linkedin.com\/in\/hisham-el-nazer-7594b4\/\">LinkedIn<\/a>). Edited excerpts from our conversation:<\/p>\n<p><strong>I like to introduce myself personally first, before professionally. <\/strong>I\u2019m married with three children, aged 11, nine, and almost two \u2014 the youngest keeps us on our toes. I\u2019m a US-Egyptian who was born and raised in New York for the first half of my life. My passion in life is traveling. Keeping fit and music are also a very big part of my life.<\/p>\n<p><strong>From a professional standpoint, I\u2019m currently the country director for Google in Egypt.<\/strong> I also manage startups for Google across the Middle East and Africa. I\u2019ve been working for about 25 years now, including five years with Google. Prior to that, I started my career in consumer goods, working for P&G, the Gillette Company, and Mars. I was based in Dubai for a number of years, and spent a year in London and Turkey as well.<\/p>\n<p><strong>I would say my role is divided into three parts.<\/strong> The first part is really the heart of what we\u2019re doing as Google, which is helping develop Egypt as a whole \u2014 helping everyday people in their everyday lives, and looking at how to maximize the number of people that are online and using the internet and using our products that can be helpful to them. We help businesses in Egypt by helping people get jobs and helping businesses get more servers. And we help the economy overall in creating value.<\/p>\n<p><strong>I also run a sales operation. <\/strong>That would be the second piece. And then the third bit would be developing people in my team, growing their careers and building their capabilities, and seeing them succeed. Their growth really is a success for everyone.<\/p>\n<p><strong>I\u2019m a very structured person. The very first thing I do when I get up is work out.<\/strong> I do that five days a week, religiously because it helps me maintain my focus through the day. Then I shower, have breakfast, and I watch the newsbeat on broadcast TV or online, just to know what\u2019s going on. Enterprise is literally the very first thing that I look at; I find it very informative, and I love how it\u2019s formatted to allow me to read headlines before diving into areas that I\u2019m more interested in. And then I prepare for my day through a quick review of my to-do list and my meeting lineup. I always prepare my plan for the day the evening before.<\/p>\n<p><strong>My workdays are usually jam-packed<\/strong>, often with meetings with my team, customers, people from other functions across Google regionally or globally. I also meet with many government officials \u2014 that\u2019s a big part of my role. I try to cap meetings at 30 minutes each.<\/p>\n<p><strong>Then I like to carve out focus time for myself. <\/strong>It\u2019s very hard to do that, but it\u2019s actually time where I can do a bit more thinking, planning, course correcting and actually getting desk work done.<\/p>\n<p><strong>The one constant in my day is planning and structure.<\/strong> I never stop planning and scheduling things to do and people to meet. I eat almost at the exact same time every day: My main meal of the day is at 12:30-1pm. I have two cups of coffee a day, one in the morning, one after lunch and that\u2019s it. I also prioritize my sleep \u2014 I need to get at least 6.5-7 hours to be at my best and avoid being cranky or losing focus. I\u2019ve always been organized and structured and it\u2019s an important trait for me to juggle my work and life outside of it.<\/p>\n<p><strong>I\u2019m a very big believer in work-life balance, and I do walk the walk.<\/strong> I like to be a role model for others on my team by working hard and playing hard. In my case, playing means making time for my family, including spending time with my kids every day after school, and staying connected to friends and family by phone. I believe you work to live, you don\u2019t live to work.<\/p>\n<p><strong>I make it a point to take vacations.<\/strong> Those are the times that you'll remember most in your life, and I try to do that at least twice a year.<\/p>\n<p><strong>When everybody goes to bed, I have my me-time where I wind down<\/strong> \u2014 I love watching a little bit of TV. I don\u2019t get that much time for it, but I try to carve out 30-45 minutes at the end of the day where I can try and take my mind off of everything.<\/p>\n<p><strong>I recently watched a couple of shows that I thought were fantastic:<\/strong> <a href=\"https:\/\/www.imdb.com\/title\/tt12005128\/\">WeCrashed<\/a>, which is the story of WeWork, and <a href=\"https:\/\/www.imdb.com\/title\/tt11173006\/\">Super Pumped<\/a> \u2014 the story of Uber. I\u2019m in the tech industry, so this is probably why they pertain to me.<\/p>\n<p><strong>A lot of people have read it, but I only recently read <\/strong><strong><a href=\"https:\/\/www.ynharari.com\/book\/sapiens-2\/\">Sapiens<\/a><\/strong><strong>.<\/strong> I really recommend it to anyone who hasn\u2019t read it yet; I think reading is very important in continuing to learn.<\/p>\n<p><strong>One thing I learned is that there are no shortcuts. <\/strong>Everybody wants to grow their careers and be as successful as they can be as quickly as possible, but I learned that patience is very important. It takes consistent hard work. It\u2019s not about the short term gains. It\u2019s a marathon and you have to put in that time, hard work and effort and look at the trajectory.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/google\/\">Google<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hisham-el-nazer\/\">Hisham El Nazer<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/my-morning-routine\/\">MY MORNING ROUTINE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549082\" 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\/09\/01\/549082\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549082\" class=\"content-area-description single-story post-549082 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>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><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>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 September (Monday): 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>5 September (Monday): OPEC+ meets to decide on production levels for October.<\/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 potential investments 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&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\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":549060,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549059","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"1aa235cd-5c2d-4921-81fb-2e6a9fbd9c08","teaser":"","photo_url":"https:\/\/ent.news\/2022\/9\/1.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>Pakistan and Sri Lanka just got IMF facilities. 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