{"id":549093,"date":"2022-09-04T08:42:56","date_gmt":"2022-09-04T08:42:56","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549093"},"modified":"2025-12-15T22:29:54","modified_gmt":"2025-12-15T22:29:54","slug":"of-fx-privatization-and-green-investment","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/of-fx-privatization-and-green-investment\/","title":{"rendered":"Of FX, privatization and green investment\u2026"},"content":{"rendered":"<section id=\"549095\" 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=\"549095\">\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\/04\/this-morning-new-details-on-state-privatization-program-this-week-green-hydrogen-regs-are-in-the-works\/\">\r\n                            THIS MORNING: New details on state privatization program this week + Green hydrogen regs are in the works                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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tag-politics tag-russia tag-state-privatization-program tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and welcome to the first full week of September. <\/strong>With just a month left in 3Q, the themes this morning are pretty typical of the year to date: The foreign exchange crunch, investment in green energy ahead of COP 27, and the fate of the privatization program. It\u2019s the trifecta of 2022.<\/p><p><strong>Before we get started: <\/strong>Happy labor (labour) day to all of our readers in the United States and Canada. We hope you\u2019re enjoying the last weekend of summer.<\/p><p><strong>And an apology: <\/strong>We\u2019re sorry to have missed our customary 6am CLT deadline this morning. We\u2019ve resolved the technical glitch for email and are working to fix it on web. We expect to be on time tomorrow. Sorry, folks\u2026<\/p><p><strong>***<\/strong><\/p><p><strong>Tell us how you\u2019re feeling about your business and the wider economy<\/strong> and we\u2019ll be back with the results just in time to give you a sense of what everyone else is thinking heading into budget season.<\/p><p><strong>How has 2022 been for your business? And how do you feel about what\u2019s left of the year? <\/strong>Are you investing? Do you plan to hire new staff (or make cuts to your existing staff) now or in 2023? What\u2019s the USD \/ EGP rate you expect to use for your 2023 budget? Where do you see your industry as a whole heading?<\/p><p><strong><a href=\"https:\/\/www.surveymonkey.com\/r\/QDMBYCT\">Make your voice heard in our Fall Reader Survey.<\/a><\/strong> It won\u2019t take more than a few minutes to complete.<\/p><p>***<\/p><p><a id=\"tldr-story-02\" class=\"content-anchor\"><\/a> <strong>WATCH THIS SPACE #1- The privatization programme is still a \u201cpriority\u201d: <\/strong>That was the key messaging <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0vwstjrgcuiuXtL6LUUWTjUsUYbfMhRs5qerMc81VkwDbErm3x5bv2NwwMqCyJJ38l\">coming from the government<\/a> following a meeting between Prime Minister Moustafa Madbouly and the heads of the EGX and Financial Regulatory Authority on Thursday to discuss the government\u2019s plans to divest stakes in companies it owns. In an interview with <a href=\"https:\/\/bit.ly\/3QeqGdE\">Bloomberg Asharq<\/a> on Thursday, Finance Minister Mohamed Maait said that the government would announce more details about its privatization plans this week but offered no further details.<\/p><p><strong>The privatization programme has been hit by yet more delays this year<\/strong> due to the market turbulence at home and abroad, which has caused state-owned Banque du Caire and privately held Aman to postpone their plans to debut on the EGX. The privatization program also includes plans to divest assets through direct sales to strategic partners, while other companies (such as military-owned filling station chain Wataniya and bottled water maker Safi) could see stakes sold to strategics ahead of offerings of equity on the EGX.<\/p><p><strong>Clarity on plans to sell state assets will likely be important to the IMF: <\/strong>With talks now in the crunch phase after Sri Lanka and Pakistan lined up facilities last week, Fund officials will likely want to see clarity on privatization as one of the conditions to granting another loan to Egypt. Since launching back in 2018, the current iteration of the state\u2019s stake sale program has seen only the IPO of payments giant e-Finance and the sale of secondary stakes in Eastern Company and Abu Qir Fertilizers.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-04\" class=\"content-anchor\"><\/a> <strong>WATCH THIS SPACE #2- Some of Egypt\u2019s biggest climate projects could be in line for <\/strong><strong>financing from the US, the EU + international lenders: <\/strong>Climate projects in Egypt\u2019s energy, food and water sectors \u2014 some of which were <a href=\"https:\/\/enterprise.press\/greeneconomys\/climate-finance-roadshow-begins-ahead-cop27\/\">recently shortlisted<\/a> during climate finance roundtables \u2014 will receive backing from the US, the European UNion and other international lenders, according to an Environment Ministry <a href=\"https:\/\/www.facebook.com\/EGY.Environment\/posts\/pfbid035yYFpRjo1Vth5EntND2qPNdgD5Gu8xfPVojGKE1UcrzLWiUp8cfD5bDdB68xuT6Al\">statement<\/a>. The projects were shortlisted as part of our <a href=\"https:\/\/www.sis.gov.eg\/Story\/169930\/Egypt-aspires-to-present-success-story-in-COP27?lang=en-us\">Nexus of Water, Food and Energy (NWFE) program<\/a>, which aims to connect national projects with climate financing. International Cooperation Minister Rania Al Mashat and Electricity Minister Mohamed Shaker discussed in a meeting yesterday energy projects listed under NWFE, according to a<a href=\"https:\/\/tinyurl.com\/2p868nhs\">statement<\/a> by the ministry.<\/p><p><strong>The climate finance agreements with our American and European friends will be announced during COP27<\/strong> in November, Environment Minister Yasmine Fouad said on Thursday during a sit-down with US climate envoy John Kerry on the sidelines of the G20\u2019s climate-focused meeting in Indonesia. <strong>The European Bank of Reconstruction and Development (EBRD) and other unnamed donors could pitch in to a USD 10 bn project to replace 17 fossil-fuel fired power plants<\/strong> with solar and wind power, Fouad said. We\u2019ll have to wait until COP for the full details.<\/p><hr class=\"grey-line\"><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>WATCH THIS SPACE #3- Green hydrogen regs are coming: <\/strong>The Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egyptera) plans to announce a regulatory framework governing investments in green hydrogen projects next month, <a href=\"https:\/\/alborsaanews.com\/2022\/09\/03\/1573478\">Al Borsa<\/a> reported yesterday, citing unnamed sources. Officials have held talks with an unnamed foreign advisory firm to help draft regs and model contracts that would be signed with prospective investors.<\/p><p><strong>REMEMBER- <\/strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab5ebab-55a1-4a68-97a3-0f02e5b4e147\">Dozens of firms<\/a> have 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 more than 5.5 mn tons.<\/p><p><strong>The big question: <\/strong>How many of these MoUs get turned into contracts. Egypt is positioning itself as the region\u2019s premier energy hub, and Europe is more energy-hungry than ever. But with the United States about to offer producer subsidies and rising interest rates set to drive up investment costs\u2026<\/p><p><strong>** CORRECTION-<\/strong> We incorrectly reported last week that the Financial Regulatory Authority was holding consultations to introduce a carbon offset tax. The statement released by the regulator actually refers to the long-standing plans to set up a local carbon market, allowing companies to buy and sell carbon credits. We have since corrected the story <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89bedb72-a77a-4753-9dca-7e09a070cf88\">on our website<\/a>.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>Some companies are about to get a three-year real holiday from real estate taxes: <\/strong>Small and micro-sized businesses as well as companies in some 19 strategic industries involved in national projects will pay zero real estate taxes for the next three years, after cabinet ratified the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b659bf47-13ed-4fb8-90c4-848497e49ad9\">measure<\/a>, according to the Official Gazette last week. The tax break is retroactive to the start of this year. The measure was first announced as part of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">EGP 130 bn economic support package<\/a> unveiled by the Madbouly government in the spring and is expected to cost the government some EGP 3.75 bn.<\/p><p><strong>HAPPENING TOMORROW- <\/strong><\/p><p><strong>PMI data:<\/strong> S&amp;P Global will publish August\u2019s data measuring activity in Egypt\u2019s non-oil private sector. The contraction in the private sector continued apace <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/592ef015-c7d0-4128-a446-982e576e7eeb\">in July<\/a> as high inflation weighed on output and demand.<\/p><p><strong>The board overseeing the National Dialogue will hold its next meeting<\/strong>, choosing rapporteurs for all of the committees and subcommittees of the social, political and economic tracks. It will also work on topics of discussion for the dialogue.<\/p><p><strong>Palestinian President Mahmoud Abbas will be in Cairo ahead of an Egyptian-Palestinian <\/strong><strong>summit on Tuesday<\/strong>, the country\u2019s foreign ministry said in a <a href=\"http:\/\/www.mofa.pna.ps\/ps\/ps109222?fbclid=IwAR1udMnK1Do2HwO-xw6MR2X4xYrWJCM0XG-B2gyfoEv702O6PLZhRMscDyg\">statement<\/a>. The two sides will discuss the situation in Palestine and the possibility of releasing Palestinian prisoners in Israeli custody. Egypt played a key role in brokering last month\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48dfbc3d-fe58-4af2-80d8-88cf48e86eec\">ceasefire<\/a> following clashes between Israel and Gaza militants.<\/p><p><strong>OPEC+ meets to set output policy amid a wave of uncertainty in the markets<\/strong> that has resulted in the longest streak of monthly drops in crude prices since the pandemic, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-03\/opec-faces-output-dilemma-as-darkening-economy-unsettles-market?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports. Most analysts and traders surveyed by the business newswire expect the oil cartel to keep output steady. Brent crude futures are currently trading at around USD 93 a barrel \u2014 down nearly a quarter on their June peak.<\/p><div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br>\n        <\/h4>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/p><\/div>\n<\/div>\n<\/div><p><strong>THE BIG STORY ABROAD- <\/strong><\/p><p><strong>Energy war between Russia and Western countries escalates: <\/strong>Russia\u2019s state-owned firm Gazprom has indefinitely suspended gas flows through the key Nord Stream 1 pipeline to Europe, hours after G7 nations said they would proceed with plans to <a href=\"https:\/\/www.ft.com\/content\/81e74eb3-c191-4391-8e0a-35a93dc8d971\">impose a price cap<\/a> on Russian oil exports. The pipeline was under maintenance for a \u201ctechnical failure\u201d and was set to become operational yesterday before Gazprom <a href=\"https:\/\/twitter.com\/GazpromEN\/status\/1565759390782742529\/photo\/1\">said<\/a> it would not turn the taps back on because of an oil leak. The energy crisis in Europe has been hitting headlines since Gazprom cut capacity on Nord Stream 1 to just 20% of its normal capacity, triggering an unprecedented surge in gas prices on the continent. The story is everywhere \u2014 on both sides of the pond and in both the business and the mainstream press: <a href=\"https:\/\/www.reuters.com\/business\/energy\/russia-scraps-gas-pipeline-reopening-stoking-european-fears-2022-09-02\/\">Reuters<\/a> | <a href=\"https:\/\/www.ft.com\/content\/5867c175-df16-4c8b-9b7a-a868a19d0138\">FT<\/a> | <a href=\"https:\/\/www.dw.com\/en\/nord-stream-1-russias-gazprom-announces-indefinite-shutdown-of-pipeline\/a-63006660\">DW<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/world-europe-62766867\">BBC<\/a> | <a href=\"https:\/\/www.cnn.com\/2022\/09\/02\/energy\/nord-stream-1-pipeline-turned-off\/index.html\">CNN<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-germany-07245e4ceae0c0de233d426308827765\">AP<\/a>.<\/p><p><strong>Also getting attention:<\/strong><\/p><ul>\n<li><strong>Farewell, Gorby:<\/strong> Thousands of Russians said farewell to the last Soviet president, Mikhail Gorbachev, whose funeral was held in Moscow yesterday following <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e5b72b5a-45c4-45aa-81c0-e35d4b7835a9\">his death last week<\/a> at the age of 91. Unsurprisingly, the event is being framed in the global media by the current war in Ukraine, with much of the Western press disapprovingly noting that President Vladimir Putin didn\u2019t show up to the funeral. (<a href=\"https:\/\/www.reuters.com\/world\/russia-bury-gorbachev-darling-west-with-shrug-2022-09-02\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-putin-mikhail-gorbachev-soviet-union-5d4fa7856a597b7ff912021ab206164f?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_5\">AP<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/09\/03\/world\/europe\/mikhail-gorbachev-russia-funeral.html\">NYT<\/a>)<\/li>\n<li><strong>Houston, we had another problem: <\/strong>NASA was <a href=\"https:\/\/twitter.com\/NASA\/status\/1566083321502830594\">forced to call off the launch<\/a> of its Artemis I rocket for a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0ea7ac47-d4be-44b8-a4a2-d7421d3bc90c\">second time in a week<\/a> due to technical issues. (<a href=\"https:\/\/www.reuters.com\/lifestyle\/science\/nasa-ready-second-attempt-artemis-lunar-launch-2022-09-03\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/astronomy-space-launches-exploration-science-9a89bb77af17be3e3b5891a0b224ac69?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_1\">AP<\/a> | <a href=\"https:\/\/edition.cnn.com\/2022\/09\/03\/world\/nasa-artemis-1-saturday-launch-scn\/index.html\">CNN<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-03\/nasa-delays-artemis-launch-due-to-hydrogen-leak?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/nasa-tries-again-to-launch-artemis-i-moon-mission-11662202531\">WSJ<\/a>)<\/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 COP27-<\/strong><\/p><p><strong>US climate envoy John Kerry will be in town later this week<\/strong> for the <a href=\"https:\/\/egypticf-africanministers.com\/\">Egypt-International<\/a><a href=\"https:\/\/egypticf-africanministers.com\/\">Cooperation Forum (Egypt-ICF)<\/a>, which runs 7-9 September at Almasa Convention Center in the new administrative capital. The three-day event will bring together global policymakers, ministers, development partners and other participants ahead of COP27 to discuss climate action and green transition, food security, and others with a focus on Africa. <a href=\"https:\/\/egypticf-africanministers.com\/wp-content\/uploads\/2022\/09\/Egypt-ICF-2022-Agenda-September-2-1.pdf\">Check the full agenda here (pdf).<\/a><\/p><p><strong>Kerry will \u201ccontinue ongoing discussions with government and private sector <\/strong><strong>counterparts<\/strong> on accelerating global climate cooperation ahead of the COP27,\u201d according to a <a href=\"https:\/\/www.state.gov\/special-presidential-envoy-for-climate-kerrys-travel-to-egypt-united-kingdom\/\">statement<\/a> from the State Department. He will then head to Glasgow to \u201cengage business and NGO leaders on efforts to enhance global climate action and accelerate the clean energy transition.\u201d<\/p><p><strong>Watch this- <\/strong>As the clock ticks down towards the all-important COP27 climate conference, Narrative PR is hosting a series of web talks with the organizers, leaders and policymakers shaping the agenda in Sharm El Sheikh this November. In its latest talk (<a href=\"https:\/\/www.youtube.com\/watch?v=wplgeznnupk\">watch, runtime: 9:28<\/a>), <a href=\"http:\/\/www.econsultarch.com\/\">Econsult<\/a> CEO and UNFCCC <a href=\"https:\/\/climatechampions.unfccc.int\/global-ambassadors\/\">climate champion<\/a> Sarah El Battouty and International Fine Arts Foundation for Development head Randa Fouad talk about the intersection between art and sustainability.<\/p><p><strong>We\u2019ve already heard from<\/strong> Environment Minister Yasmine Fouad on the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16d8e297-b643-4497-9e65-4ad4fef63817\">themes and the physical setup<\/a> of the summit and how COP27 gives Egypt a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d025d019-a77f-4489-862f-27ecdf9d5c27\">chance to move<\/a> forward on partnerships in critical industries. UN climate envoy and IMF executive director Mahmoud Mohieldin also spoke about climate financing and Egypt\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d0ab7545-fd1e-4916-b5b8-543ef4194d0c\">massive renewable energy potential<\/a>.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>The German-Arab Chamber of Industry and Commerce will commemorate 70 years<\/strong> of German-Egyptian business and economic ties with a <a href=\"https:\/\/ent.news\/2022\/8\/AHK-70th-Anniversary-01.pdf\">gala celebration<\/a> on 15 September.<\/p><p><strong>Our monthly list of data points<\/strong> to keep your eye on over the next few days and weeks:<\/p><ul>\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><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p><strong>** What\u2019s Next, our weekly deep dive into the trends and companies that are shaping the future of the business community, is on hiatus this week. <\/strong>Look for it to return next Sunday.<\/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\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/development-finance\/\">development finance<\/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\/eu\/\">EU<\/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\/ipo-watch\/\">IPO 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\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-privatization-program\/\">state privatization program<\/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=\"549096\" 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=\"549096\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/549096\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549096\" class=\"content-area-description single-story post-549096 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 decoding=\"async\" data-recalc-dims=\"1\" 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=\"549097\" 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=\"549097\">\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\/04\/a-measure-of-relief-coming-for-importers\/\">\r\n                            A measure of relief coming for importers?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/a-measure-of-relief-coming-for-importers\/\" 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\/04\/a-measure-of-relief-coming-for-importers\/')\">\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\/04\/a-measure-of-relief-coming-for-importers\/\">\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=A measure of relief coming for importers?&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/a-measure-of-relief-coming-for-importers\/\">\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\/04\/a-measure-of-relief-coming-for-importers\/&title=A measure of relief coming for importers?\">\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=A+measure+of+relief+coming+for+importers%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fa-measure-of-relief-coming-for-importers%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\/04\/a-measure-of-relief-coming-for-importers\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/106.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549098\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/a-measure-of-relief-coming-for-importers\/106-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/106.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"106.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/106.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/106.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549097\" class=\"content-area-description single-story post-549097 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-central-bank-of-egypt tag-economy tag-enterpriseam tag-hassan-abdalla tag-trade wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>CBE, Trade Ministry mull fresh relief for importers:<\/strong> The Central Bank of Egypt and Trade and Industry Ministry could allow importers who are not able to retrieve a Form 4 customs document to pay six-month open letters of guarantee in exchange for the immediate release of their shipments, two unnamed governmental sources told <a href=\"https:\/\/www.asharqbusiness.com\/article\/41271\">Bloomberg Asharq<\/a>. The people said that the two sides are currently discussing the move, which would be the latest in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a08f97ff-7832-4927-8b82-efca8a3042a7\">a series of measures<\/a> designed to ease pressure on importers brought on by the central bank\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1237459-2827-438d-96c3-8fe7a8dce26e\">import restrictions<\/a> introduced earlier this year to keep foreign currency in the country.<\/p>\n<p><strong>Form 4?<\/strong> Form 4 is an important customs document importers submit to banks to release their goods. The paper represents a pledge to pay, allowing the bank to provide either a letter of credit (L\/C) or to finalize the process of documentary collection.<\/p>\n<p><strong>What this would mean for importers:<\/strong> Should the central bank and the Trade Ministry reach an agreement, goods still stuck in Egypt\u2019s ports will be released with banks required to provide FX to pay for the shipments within six months, the business newswire said. Clearing the ports will likely take between two and three months, Alaa Ezz, secretary-general of Federation of Egyptian Chambers of Commerce (FEDCOC), told Kelma Akhira\u2019s Lamees El Hadidi last night (<a href=\"https:\/\/www.youtube.com\/watch?v=ipc-sBhDnfg\">watch, runtime: 6:52<\/a>). <strong>The question then becomes: Where will the FX come from as ports are emptied?<\/strong><\/p>\n<p><strong>The government announced a <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a08f97ff-7832-4927-8b82-efca8a3042a7\">series of emergency measures<\/a><\/strong><strong> last week<\/strong> designed to clear thousands of shipments that have been stuck at ports due to the restrictions, including speeding up customs clearance and waiving certain fines. This came amid <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f87bd35b-2c1a-4286-a5ab-628ba462b0c7\">speculation<\/a> in the business community that the policymakers could move to make it easier for companies to access L\/Cs and reintroduce documentary collection for some categories of imports.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/central-bank-of-egypt\/\">Central Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hassan-abdalla\/\">Hassan Abdalla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/trade\/\">trade<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549099\" 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=\"549099\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/egypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming\/\">\r\n                            Egypt + Greece plot 9.5 GW renewables project. Plus: Private sector solar tender coming?                        <\/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\/04\/egypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming\/\" 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\/04\/egypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming\/')\">\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\/04\/egypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming\/\">\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 + Greece plot 9.5 GW renewables project. Plus: Private sector solar tender coming?&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/egypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming\/\">\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\/04\/egypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming\/&title=Egypt + Greece plot 9.5 GW renewables project. Plus: Private sector solar tender coming?\">\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+%2B+Greece+plot+9.5+GW+renewables+project.+Plus%3A+Private+sector+solar+tender+coming%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fegypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming%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\/04\/egypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/107.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549100\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/egypt-greece-plot-9-5-gw-renewables-project-plus-private-sector-solar-tender-coming\/107-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/107.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"107.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/107.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/107.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549099\" class=\"content-area-description single-story post-549099 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-electricity tag-electricity-ministry tag-energy tag-enterpriseam tag-greece tag-new-and-renewable-energy-authority tag-public-private-partnership tag-renewables wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Egypt and Greece are working on a plan to add<\/strong><strong> 9.5 GW <\/strong><strong>of renewable <\/strong><strong>power generation capacity in Egypt for export to Greece<\/strong>, according to an <a href=\"https:\/\/www.facebook.com\/photo\/?fbid=638415500980515&set=a.324472705708131\">Ittihadiya<\/a> statement Thursday. The electricity would be generated by wind and solar plants and would be shipped across the Mediterranean via subsea cables, the statement said.<\/p>\n<p><strong>There\u2019s a lot we don\u2019t know:<\/strong> The statement was light on details, including who\u2019s participating in the wind and solar plants, the cost of the project, and where the money will come from. That suggests the two sides have reached a political agreement that is now being fleshed out by technical and commercial experts on each side. Possibly the biggest unanswered question is where the energy will go: The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb41cd3c-8caa-4f64-8682-be3dbf55dd71\">3 GW Greece-Egypt Interconnector<\/a> (GREGY) and the <a href=\"https:\/\/enterprise.press\/stories\/2019\/05\/23\/egypt-signs-framework-agreement-with-cyprus-greece-power-linkage\/\">2 GW EuroAfrica Interconnector<\/a> will not have the transmission capacity to handle 9.5 GW, raising the prospect that additional infrastructure will need to be built.<\/p>\n<p><strong>Both sides want this asap:<\/strong> This came during a meeting between President Abdel Fattah El Sisi and the CEO of Greek infrastructure investor <a href=\"https:\/\/www.copelouzos.gr\/en\/\">Copelouzos Group<\/a> last week, during which the president called on the two sides to accelerate work on the project. Copelouzos CEO Dimitris Copelouzos said he was looking into implementing the projects in Egypt amid \u201congoing challenges faced by Europe in the energy field.\u201d<\/p>\n<p><strong>Copelouzos is a key player in the GREGY project:<\/strong> Work on GREGY has accelerated in recent months as the EU steps up its search for new energy supplies following Russia\u2019s invasion of Ukraine. Renewable energy player Elica \u2014 a 50\/50 joint venture between Copelouzos and Samaras Group \u2014 is applying to the EU for funding, with the European Investment Bank and a number of Greek banks possibly contributing money to the EUR 3.5 bn project.<\/p>\n<p><strong>We\u2019ve been energy BFFs with Greece for a while:<\/strong> Egypt is looking into forging closer energy and electricity relations with Greece and other neighboring countries in the region, including a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5e5a67ed-560c-46b2-ba58-cdeb9da9ad9d\">potential gas pipeline<\/a> and the USD 4 bn EuroAfrica project to connect our grid with Greece and Cyprus later this decade.<\/p>\n<p><strong>PRIVATE SECTOR COULD BE OFFERED 300 MW OF SOLAR PROJECTS-<\/strong><\/p>\n<p><strong>The Electricity Ministry plans to tender <\/strong><strong>six solar projects<\/strong><strong> in Aswan Governorate to <\/strong><strong>local and international private sector firms in 4Q 2022, <\/strong><a href=\"https:\/\/bit.ly\/3cFrZnV\">Al Mal<\/a> reports, citing unidentified sources.<\/p>\n<p><strong>The details: <\/strong>The New and Renewable Energy Authority (NREA) is reportedly offering six plots of land to private sector partners under 25-year build, own, operate (BOO) contracts, according to the newspaper. The total investment costs are estimated at upwards of EGP 5 bn and the plants are set to produce a combined 300 MW of energy each year.<\/p>\n<p><strong>What we don\u2019t know:<\/strong> Whether this means the government is looking to expand the 1.65 GW Benban park in Aswan, which was completed in 2019, to help it meet ambitious new <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8e159042-29f4-48a3-8499-809e5f8c53a8\">renewables targets<\/a>. The Benban park has made us a regional leader on solar, generating 1.9 GW of electricity annually \u2014 but we currently only have around <a href=\"https:\/\/enterprise.press\/greeneconomys\/biggest-wind-solar-power-region-changing\/\">900 MW of fresh capacity<\/a> currently set to come online by the end of the decade. That could soon change, as the electricity and environment ministries seek USD 10 bn in investments to decommission 17 \u201cinefficient\u201d fossil-fuel power plants and replace them with solar and wind power ahead of <a href=\"https:\/\/enterprise.press\/greeneconomys\/climate-finance-roadshow-begins-ahead-cop27\/\">COP27<\/a> in November. The government is looking to have renewable energy account for <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/46eb0c0b-2e62-47e0-8423-05c5359f3275\">42%<\/a> of our energy mix by 2030.<\/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\/electricity\/\">electricity<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/electricity-ministry\/\">Electricity Ministry<\/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\/greece\/\">Greece<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-and-renewable-energy-authority\/\">New and Renewable Energy Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-private-partnership\/\">public-private partnership<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549101\" 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=\"549101\">\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\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/\">\r\n                            The return of foreign money rests on outcome of IMF talks, devaluation plans, Bloomberg says                        <\/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\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/\" 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\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/')\">\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\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/\">\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=The return of foreign money rests on outcome of IMF talks, devaluation plans, Bloomberg says&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/\">\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\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/&title=The return of foreign money rests on outcome of IMF talks, devaluation plans, Bloomberg says\">\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+return+of+foreign+money+rests+on+outcome+of+IMF+talks%2C+devaluation+plans%2C+Bloomberg+says+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fthe-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says%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\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/108.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549102\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/the-return-of-foreign-money-rests-on-outcome-of-imf-talks-devaluation-plans-bloomberg-says\/108-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/108.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"108.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/108.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/108.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549101\" class=\"content-area-description single-story post-549101 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-debt tag-devaluation tag-economy tag-egp tag-enterpriseam tag-imf wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>Still more from Bloomberg on our FX challenges: <\/strong>Protracted negotiations with the IMF over a new loan and risk of further devaluation are putting more pressure on the local debt market, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-02\/egypt-devaluation-risk-imf-wait-are-dealbreakers-to-bond-buyers\">Bloomberg<\/a> writes \u2014 it\u2019s the latest in a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f0cf51a0-1c76-4199-9938-f5fce0c3bc7c\">long string of stories<\/a> from the business information service (and on its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a004dd3d-5d6b-4374-930c-b695e6cd8fe2\">satellite channel<\/a>) on the our current FX situation. Sales of EGP-denominated bonds are down y-o-y in 8M 2022 and local debt is among the six worst performers globally this quarter, Bloomberg says.<\/p>\n<p><strong>The pressure on local debt \u201c<\/strong><strong>likely accelerates [Egypt\u2019s] need to agree a new funding program with the IMF,\u201d<\/strong> Bloomberg quotes Paul Greer as saying. Gree is a London-based money manager at Fidelity International who is underweight on the EGP and EGP-denominated debt. Talks with the IMF have stretched for more than five months but are currently 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 recently. BNP Paribas is forecasting that negotiations <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d90b8258-1e39-4bfd-9e85-a6dfce6cc9d6\">could conclude<\/a> by September or October.<\/p>\n<p><strong>Short-term deval pain for long-term portfolio gains:<\/strong> Further devaluation will push inflation higher, the business newswire says, but could be the only way to bring back investors in the long run. \u201cAnother 20% devaluation combined with a further 300-to-400-basis-point rate hikes and clarity on the policy outlook would get me interested in the local trade again,\u201d said Gordon G. Bowers, a London-based analyst at Columbia Threadneedle Investments. Egypt\u2019s real interest rate \u2014 once the highest in the world \u2014 has fallen to -2.35% on the back of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43fc629c-c572-49e8-9404-6b508e9b3248\">years-high inflation<\/a>, at a time when major economies are leading a global monetary tightening cycle that has pushed rates higher elsewhere.<\/p>\n<p><strong>The deval speculation continues:<\/strong> Since Hassan Abdalla was appointed governor of the central bank following Tarek Amer\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/78814fcd-281c-4700-8678-fec2fdd95fc6\">surprise resignation,<\/a> speculation has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/01172b08-339e-4a91-9a68-7cbd18e210b8\">been rife<\/a> that the CBE will allow the local currency to depreciate gradually over the coming weeks and months, rather than going for a 2016-style shock devaluation. Whether it comes fast or slow, most market watchers are forecasting a double-digit depreciation by the end of the year, with BNP Paribas forecasting the currency to settle at EGP 23-24 to the USD. The currency is currently trading at EGP 19.26 to the greenback, having slipped more than 20% since the devaluation in March.<\/p>\n<p><strong>Dates to watch: <\/strong>Inflation data for August will be out at the start of next week. The figures will inform the central bank when it meets on 22 September to decide whether to raise interest rates once again, having already<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7a2b0a89-0a42-47b7-8172-cdf8ce1d8729\">hiked rates by 300 bps<\/a> since March in an attempt to check price hikes.<\/p>\n<p><strong>REMEMBER- Government officials have made it clear that Egypt plans to cut its reliance on hot money<\/strong> in favor of foreign direct investment (FDI) and export growth. Gulf states have pledged more than <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">USD 22 bn<\/a> in fresh investment and central bank deposits in a bid to support our economy through the global rough patch, and the government is pushing ahead with plans to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">attract USD 40 bn<\/a> in private investment by selling off state-owned assets over the next four years. We\u2019re also rationing electricity in a bid to collect more hard currency through natural gas exports.<\/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\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/devaluation\/\">devaluation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/imf\/\">IMF<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549103\" 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=\"549103\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/another-russian-wheat-shipment-secured\/\">\r\n                            Another Russian wheat shipment secured                        <\/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\/04\/another-russian-wheat-shipment-secured\/\" 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\/04\/another-russian-wheat-shipment-secured\/')\">\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\/04\/another-russian-wheat-shipment-secured\/\">\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=Another Russian wheat shipment secured&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/another-russian-wheat-shipment-secured\/\">\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\/04\/another-russian-wheat-shipment-secured\/&title=Another Russian wheat shipment secured\">\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=Another+Russian+wheat+shipment+secured+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fanother-russian-wheat-shipment-secured%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\/04\/another-russian-wheat-shipment-secured\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/109.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549104\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/another-russian-wheat-shipment-secured\/109-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/109.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"109.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/109.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/109.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549103\" class=\"content-area-description single-story post-549103 post type-post status-publish format-standard has-post-thumbnail hentry category-commodities tag-commodities tag-enterpriseam tag-gasc tag-russia tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>State grain buyer GASC has secured 120k tons of Russian wheat <\/strong>directly from suppliers for delivery in November at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5270b1a1-b0dd-4f34-a800-e38cf93b6c55\">USD 340 per ton<\/a>, traders told <a href=\"https:\/\/www.agricensus.com\/Article\/Egypt-s-GASC-buys-another-120k-mt-of-Russian-wheat-in-private-deal-24289.html\">Agricensus<\/a>. The buy marks GASC\u2019s second direct purchase from Russia in as many weeks, as the state appears to pivot away from public tenders after war in Ukraine stirred up volatility in the global wheat markets.<\/p>\n<p><strong>Have tenders been put out to pasture?<\/strong> The authority has so far secured 2.85 mn tons of wheat on the international markets for the current fiscal year \u2014 with some 55% purchased through direct tenders, according to Agricensus data. GASC had historically procured its wheat through international tenders, but cabinet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9d6fa0f0-2d5b-4ae8-b764-8e19398f26ac\">in May<\/a> gave the authority the go-ahead to purchase wheat directly as it looked to diversify supply amid a tight market. We\u2019ve gone <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b942fd02-9eaa-4563-87e3-f3b7b635eb0b\">three months now<\/a> without a successful tender, after the last tender in mid-July was <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d278241a-bb02-4e38-a1b6-c6f9e9e2bee5\">canceled<\/a> due to higher-than-expected prices.<\/p>\n<p><strong>Private purchases offer upsides: <\/strong>In volatile times for the global wheat markets, private purchases offer \u201cbetter prices and conditions compared to when there are global tenders,\u201d Supply Minister Ali El Moselhy told <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/egypt-shifts-wheat-tenders-direct-deals-amid-ukraine-uncertainty-2022-09-01\/\">Reuters<\/a> at a press conference last week. Direct purchases mean the government can be lighter on its feet, buying in smaller quantities when the price is right and without disclosing what it paid, traders and consultants told the newswire. \u201cAny time prices are falling suppliers can offer that lower price to GASC, without having to wait for the tender day,\u201d one trader was cited as saying.<\/p>\n<p><strong>The grain markets are cooling: <\/strong>This latest purchase was some 7.6% cheaper per ton than our most recent direct purchase toward the end of August, when <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/5270b1a1-b0dd-4f34-a800-e38cf93b6c55\">GASC bought 240k tons of Russian wheat<\/a> \u2014 and 23% cheaper than our canceled July tender. After spiking as high as USD 429 per ton in May on the back of the war in Ukraine, Paris wheat futures for December are now trading at USD 318 a ton. The drop is in part thanks to a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1933af3-aebe-45a8-88cc-f95f09cc11fd\">UN-negotiated amnesty<\/a> for grain cargoes amid Moscow\u2019s blockade of Ukrainian ports.<\/p>\n<p><strong>On the domestic front: <\/strong>The government procured <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fef0998d-6737-4708-a4ed-777c791ea946\">around 4.2 mn tons<\/a> of wheat from local farmers during this year\u2019s harvest, which wrapped up in August, missing 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 the state to increase its reliance on local production.<\/p>\n<p><strong>RICE PRODUCTION TO FALL THIS YEAR-<\/strong><\/p>\n<p><strong>Local rice production is expected to fall to 4<\/strong><strong>.5 mn tons<\/strong><strong> this season<\/strong> from <a href=\"https:\/\/www.youm7.com\/story\/2021\/8\/9\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AD%D9%82%D9%82-%D8%A7%D9%84%D8%A7%D9%83%D8%AA%D9%81%D8%A7%D8%A1-%D8%A7%D9%84%D8%B0%D8%A7%D8%AA%D9%89-%D9%85%D9%86-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%A7%D9%84%D8%A3%D8%B1%D8%B2-%D8%A8%D9%86%D8%B3%D8%A8%D8%A9-79-%D8%A7%D8%B9%D8%B1%D9%81\/5417238\">4.8 mn<\/a><a href=\"https:\/\/www.youm7.com\/story\/2021\/8\/9\/%D9%85%D8%B5%D8%B1-%D8%AA%D8%AD%D9%82%D9%82-%D8%A7%D9%84%D8%A7%D9%83%D8%AA%D9%81%D8%A7%D8%A1-%D8%A7%D9%84%D8%B0%D8%A7%D8%AA%D9%89-%D9%85%D9%86-%D8%A5%D9%86%D8%AA%D8%A7%D8%AC-%D8%A7%D9%84%D8%A3%D8%B1%D8%B2-%D8%A8%D9%86%D8%B3%D8%A8%D8%A9-79-%D8%A7%D8%B9%D8%B1%D9%81\/5417238\">tons last year<\/a> amid planting restrictions aimed at conserving water, according to <a href=\"https:\/\/twitter.com\/AsharqBusiness\/status\/1565803123226152963\">Bloomberg Asharq<\/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\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gasc\/\">GASC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549105\" 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=\"549105\">\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\">Manufacturing<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/holy-smokes\/\">\r\n                            Holy smokes                        <\/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\/04\/holy-smokes\/\" 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\/04\/holy-smokes\/')\">\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\/04\/holy-smokes\/\">\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=Holy smokes&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/holy-smokes\/\">\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\/04\/holy-smokes\/&title=Holy smokes\">\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=Holy+smokes+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fholy-smokes%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\/04\/holy-smokes\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549105\" class=\"content-area-description single-story post-549105 post type-post status-publish format-standard hentry category-manufacturing tag-eastern-company tag-enterpriseam tag-manufacturing tag-united-company wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Shifting producer dynamics are shaking up the normally staid cigarette industry <\/strong>on this early September morning.<\/p>\n<p><strong>Eastern Company reportedly plans to raise prices of key brands by as much as EGP<\/strong> <strong>1.50-2.00 per pack today<\/strong>, according to <a href=\"https:\/\/www.asharqbusiness.com\/article\/41359\">Bloomberg Asharq<\/a>. The maker of Cleopatra and other popular brands last <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7e9f4df4-51e0-46ba-bb1d-cb7930da4958\">hiked prices<\/a> barely six months ago, when it moved to charge EGP 0.50 to EGP 1.00 more per pack at the koushk.<\/p>\n<p><strong>Blame rising raw material prices and the FX situation<\/strong>, Eastern chief Hany Aman told the news service. The company has been <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/56f6db98-2f7f-4022-b306-80ac97a256eb\">hit with<\/a> supply chain snags and rising production costs.<\/p>\n<p><strong>Retailers had expected Eastern to go for even larger price hikes<\/strong>, and Ibrahim Embaby, the head of the Federation of Egyptian Industries\u2019 cigarettes division, said he believes the price of foreign tobacco brands will rise in the coming months.<\/p>\n<p><strong>MEANWHILE- Eastern appears set to wind down production of Philip Morris brands<\/strong> <strong>Marlboro, Merit and L&M<\/strong>, according to a report in <a href=\"https:\/\/bit.ly\/3TIOnxC\">Al Mal<\/a>. The newspaper reports that United Tobacco Company, a unit of Philip Morris, will begin making the international brands after Eastern finishes its current stock of raw materials.<\/p>\n<p><strong>Background: <\/strong>United was the only bidder last year for the nation\u2019s second license to make tobacco products. Eastern <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0959c415-48e7-4770-a114-3aed25887651\">said in May<\/a> of this year that it was acquiring a 24% stake in United as provided for under the terms of the tender for the license, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cef56231-5a0a-4794-8d6a-78e88269eefc\">effectively ended<\/a> EGX-listed Eastern\u2019s absolute monopoly on the manufacturing of cigarettes. Eastern will have two seats on United\u2019s board. Aman told El Hekaya last night (El Hekaya | <a href=\"https:\/\/www.youtube.com\/watch?v=s5DXKXUSeFk\">watch, runtime: 6:11<\/a>) that no \u201csovereign entity\u201d owns a stake in United.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eastern-company\/\">Eastern Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/manufacturing\/\">Manufacturing<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-company\/\">United Company<\/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=\"549106\" 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=\"549106\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/edtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion\/\">\r\n                            Edtech Emonovo raises undisclosed bridge round + Shezlong, SubsBase plan expansion                        <\/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\/04\/edtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion\/\" 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\/04\/edtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion\/')\">\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\/04\/edtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Edtech Emonovo raises undisclosed bridge round + Shezlong, SubsBase plan expansion&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/edtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion\/\">\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\/04\/edtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion\/&title=Edtech Emonovo raises undisclosed bridge round + Shezlong, SubsBase plan expansion\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Edtech+Emonovo+raises+undisclosed+bridge+round+%2B+Shezlong%2C+SubsBase+plan+expansion+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fedtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion%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\/04\/edtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/111.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549107\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/edtech-emonovo-raises-undisclosed-bridge-round-shezlong-subsbase-plan-expansion\/111-jpg-3\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/111.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"111.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/111.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/111.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549106\" class=\"content-area-description single-story post-549106 post type-post status-publish format-standard has-post-thumbnail hentry category-startup-watch tag-edtech tag-emonovo tag-enterpriseam tag-shezlong tag-south-africa tag-startup-watch tag-startups tag-subsbase wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>We\u2019ve got a bunch of startup news for you this morning: <\/strong>Local edtech firm Emonovo has raised a fresh bridge round, and two Egyptian startups \u2014 mental health startup Shezlong and subscription management platform SubsBase \u2014 are heading to South Africa.<\/p>\n<p><strong>First up: Edtech <\/strong><strong><a href=\"https:\/\/www.emonovo.com\/en\/\">Emonovo<\/a><\/strong><strong> has <\/strong><strong>raised a bridge round<\/strong> led by a number of regional and international angel investors and <a href=\"https:\/\/www.flat6labs.com\/\">Flat6Labs<\/a>, the company announced in <a href=\"https:\/\/www.emonovo.com\/en\/blog\/mena-edtech-platform-emonovo-formerly-marj3-raises-bridge-investment-round-from-strategic-angel-investors-and-flat6labs\">a statement<\/a> on Friday. The company did not disclose the size of the round.<\/p>\n<p><strong>About Emonovo: <\/strong>Known as Marj3 until a rebrand earlier this year, the startup helps match MENA students with universities worldwide. \u201cThe company currently works on helping students with the entire application process, starting from finding the right university\u2026[to] accommodation, flights and pre-arrival preparations,\u201d co-founder and CEO Sami Al Ahmad (<a href=\"https:\/\/www.linkedin.com\/in\/samialahmad\/\">LinkedIn<\/a>) told Enterprise. Founded in 2016 by Al Ahmad, Abdo Samy (<a href=\"https:\/\/www.linkedin.com\/in\/abdallahsamy\/\">LinkedIn<\/a>), and Ahmed Elgebaly (<a href=\"https:\/\/www.linkedin.com\/in\/ahmedelgebaly\/\">LinkedIn<\/a>), Emonovo has now secured three rounds of funding, including a six-figure USD <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bc8e30f4-7233-4b0a-8506-eeb0c345dee8\">seed round<\/a> led by US-based VC firm Expert Dojo and a pre-seed round from Flat6Labs.<\/p>\n<p><strong>The company will use the funds to develop its tech<\/strong>, onboard more universities and students to its matching service, and boost its recent rebrand and operations, the company said. \u201cWe [also] want to introduce an easy apply option, where students can use a single application to apply to all their desired universities,\u201d Al Ahmad said.<\/p>\n<p><strong>SHEZLONG SETS UP SHOP IN SOUTH AFRICA-<\/strong><\/p>\n<p><strong>Egyptian mental health startup Shezlong has <\/strong><strong>launched its new platform Upright in South Africa<\/strong> as part of its international expansion plan, according to a <a href=\"https:\/\/ent.news\/2022\/9\/Shezlong-South-Africa-Sept-2022.pdf\">press release (pdf)<\/a>. Upright will act as an extension of Shezlong to offer mental healthcare services, including e-mental healthcare, to help those underserved by South Africa's healthcare system.<\/p>\n<p><strong>Why South Africa? <\/strong>Because of the size of its market as well as the similarities between Egyptian and South African culture, Shezlong CEO Mohamed Alaa told us. An added bonus is that South Africa has the same time zone as us, which will help the startup manage its operations in the country, he said.<\/p>\n<p><strong>Plans in South Africa and beyond:<\/strong> The startup hopes to see Upright hit at least 50k sessions by the end of 2023, Alaa said. \u201cOur vision is to become the leading online mental healthcare provider in Africa,\u201d he said. \u201cWe are currently working on expanding to two other African countries by 1Q 2023 at the latest,\u201d he added. The company is also working to expand into the GCC, he said, without disclosing further details.<\/p>\n<p><strong>More money on the horizon:<\/strong> The company is working on a series A round that could be in the seven-figure USD range, Alaa said. The startup has raised USD 1 mn in investments so far, along with an undisclosed bridge round in late 2021, he added. Investors who have provided Shezlong with financing include Asia Africa Investment Consulting, angel fund HIMangel, and investor Mohamed El Khamissy.<\/p>\n<p><strong>SUBSBASE LOOKS TO SOUTH AFRICA & BEYOND-<\/strong><\/p>\n<p><strong>Egyptian subscription management <\/strong><strong>platform <\/strong><strong><a href=\"https:\/\/subsbase.com\/\">SubsBase<\/a><\/strong><strong> plans to expand into Nigeria and South Africa in the last quarter of the year<\/strong>, co-founder Sherif Aziz reportedly told <a href=\"https:\/\/tinyurl.com\/3d3mzuxw\">Al Mal<\/a>. The company also plans to expand into Saudi Arabia in early 2023, marking the second market in the Gulf for the platform which also operates in the UAE.<\/p>\n<p><strong>New funding round coming:<\/strong> SubsBase is in talks with an unnamed venture capital fund to close a new funding round in mid-2023, Aziz said. SubsBase<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48f6adee-7ae1-451c-9a61-a979b8697151\">raised last month<\/a> USD 2.4 mn in a seed round led by Global Ventures, with the funding directed towards product innovation and development, recruiting talent and increasing the company\u2019s regional presence.<\/p>\n<p><strong>** Aziz was recently featured in Founder of the Week in EnterprisePM:<\/strong> You can read the interview <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b0ac4911-4636-49a6-a6a8-23185ac2bfc7\">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\/edtech\/\">edtech<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emonovo\/\">Emonovo<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/shezlong\/\">Shezlong<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/south-africa\/\">South Africa<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/subsbase\/\">SubsBase<\/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=\"549108\" 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=\"549108\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/efg-hermes-dominates-the-brokerage-league-table-again\/\">\r\n                            EFG Hermes dominates the brokerage league table, again                        <\/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\/04\/efg-hermes-dominates-the-brokerage-league-table-again\/\" 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\/04\/efg-hermes-dominates-the-brokerage-league-table-again\/')\">\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\/04\/efg-hermes-dominates-the-brokerage-league-table-again\/\">\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=EFG Hermes dominates the brokerage league table, again&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/efg-hermes-dominates-the-brokerage-league-table-again\/\">\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\/04\/efg-hermes-dominates-the-brokerage-league-table-again\/&title=EFG Hermes dominates the brokerage league table, again\">\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=EFG+Hermes+dominates+the+brokerage+league+table%2C+again+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fefg-hermes-dominates-the-brokerage-league-table-again%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\/04\/efg-hermes-dominates-the-brokerage-league-table-again\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549108\" class=\"content-area-description single-story post-549108 post type-post status-publish format-standard hentry category-capital-markets tag-al-ahly-pharos tag-capital-markets tag-ci-capital tag-efg-hermes tag-egx tag-enterpriseam tag-mubasher-capital-holding wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>EFG Hermes once again topped the EGX\u2019s brokerage league table in August<\/strong>, with a market share of 28.2%, according to figures from <a href=\"https:\/\/ent.news\/2022\/9\/BrokerageTable_Aug-2022_ENG.pdf\">the EGX (pdf)<\/a>. Rounding out the top five were Al Ahly Pharos (19.7%), CI Capital (6.6%), Beltone (2.9%), and Mubasher (2.5%). EFG has held the top spot every month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/289cc91b-729c-479c-b510-0bb9468832c1\">bar one<\/a> so far this year.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/al-ahly-pharos\/\">Al Ahly Pharos<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/efg-hermes\/\">EFG Hermes<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mubasher-capital-holding\/\">Mubasher Capital Holding<\/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=\"549109\" 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=\"549109\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">9<\/div>\r\n\r\n                    <p class=\"f-graphik\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/ci-capital-appoints-head-of-corporate-access-and-research-distribution\/\">\r\n                            CI Capital appoints head of corporate access and research distribution                        <\/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\/04\/ci-capital-appoints-head-of-corporate-access-and-research-distribution\/\" 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\/04\/ci-capital-appoints-head-of-corporate-access-and-research-distribution\/')\">\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\/04\/ci-capital-appoints-head-of-corporate-access-and-research-distribution\/\">\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=CI Capital appoints head of corporate access and research distribution&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/ci-capital-appoints-head-of-corporate-access-and-research-distribution\/\">\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\/04\/ci-capital-appoints-head-of-corporate-access-and-research-distribution\/&title=CI Capital appoints head of corporate access and research distribution\">\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=CI+Capital+appoints+head+of+corporate+access+and+research+distribution+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fci-capital-appoints-head-of-corporate-access-and-research-distribution%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\/04\/ci-capital-appoints-head-of-corporate-access-and-research-distribution\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549109\" class=\"content-area-description single-story post-549109 post type-post status-publish format-standard hentry category-moves tag-amr-amin tag-ci-capital tag-elevate-capital tag-enterpriseam tag-moves wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Amr Amin<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/amradelamin\/\">LinkedIn<\/a>) has been appointed <strong>head of corporate access and research <\/strong><strong>distribution<\/strong> at <strong>CI Capital<\/strong>, according to a <a href=\"https:\/\/www.linkedin.com\/feed\/update\/urn:li:activity:6970991762790068224\/\">LinkedIn post<\/a>. Amin will work with CI Capital\u2019s research team to \u201cfacilitate even greater investor access and exposure to corporates and vice versa.\u201d Amin, who has over 10 years of sell-side equity research experience and over five years of experience in corporate communications, joins the firm after heading communications and investor relations at Elevate Capital. He also held posts at Beltone Financial and HC Securities and Investment.<\/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\/amr-amin\/\">Amr Amin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ci-capital\/\">CI Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elevate-capital\/\">Elevate Capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549110\" 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=\"549110\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/549110\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549110\" class=\"content-area-description single-story post-549110 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class='web-image'><a href='https:\/\/www.sodic.com\/'><img decoding=\"async\" data-recalc-dims=\"1\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_IDEAS_1600px.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=\"549111\" 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=\"549111\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/the-economy-dominated-proceedings-on-the-airwaves-last-night\/\">\r\n                            The economy dominated proceedings on the airwaves last night                        <\/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\/04\/the-economy-dominated-proceedings-on-the-airwaves-last-night\/\" 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\/04\/the-economy-dominated-proceedings-on-the-airwaves-last-night\/')\">\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\/04\/the-economy-dominated-proceedings-on-the-airwaves-last-night\/\">\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=The economy dominated proceedings on the airwaves last night&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/the-economy-dominated-proceedings-on-the-airwaves-last-night\/\">\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\/04\/the-economy-dominated-proceedings-on-the-airwaves-last-night\/&title=The economy dominated proceedings on the airwaves last night\">\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+economy+dominated+proceedings+on+the+airwaves+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Fthe-economy-dominated-proceedings-on-the-airwaves-last-night%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\/04\/the-economy-dominated-proceedings-on-the-airwaves-last-night\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549111\" class=\"content-area-description single-story post-549111 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-economy tag-enterpriseam tag-imf tag-last-nights-talk-shows tag-social-welfare wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Lamees El Hadidi and Amr Adib returned to our screens yesterday<\/strong> to serve up a night dominated by the economy.<\/p>\n<p><strong>The IMF\u2019s loan conditions got a mention on Kelma Akhira<\/strong>, where Lamees El Hadidi was singing from the same hymn sheet <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6423a792-1a96-4047-9b89-f930c8b91587\">as Finance Minister Mohamed Maait<\/a>, telling the viewers that the IMF was not demanding bread subsidy reform or cutbacks to social security (<a href=\"https:\/\/www.youtube.com\/watch?v=ETvg_2IbQE0\">watch, runtime: 3:54<\/a>). She said the IMF wants to see low-interest loan initiatives handled by the Finance Ministry instead of the central bank and the state handling debt better to alleviate burden on the budget. The queen of late night talk also highlighted the IMF\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4c1d4faf-a5be-4238-a39f-fb90d897192a\">message in July<\/a> on the necessity of a more flexible exchange rate, reducing the state\u2019s involvement in the economy and boosting private sector development.<\/p>\n<p><strong>Nothing to see here, folks:<\/strong> Meanwhile, Ahmed Moussa and economist Medhat Nafea on Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=Icq6eftfkUA\">w<\/a><a href=\"https:\/\/www.youtube.com\/watch?v=Icq6eftfkUA\">atch, runtime: 6<\/a><a href=\"https:\/\/www.youtube.com\/watch?v=Icq6eftfkUA\">:32<\/a>) and economic researcher Mohamed Shadi on Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=u90r10ZLzxQ\">watch, runtime: 3:51<\/a>) tried their best to convince the country that everything is fine and well with the economy, emphasizing GDP growth and the stable unemployment rate. Meanwhile, Alaa Ezz, secretary-general of Federation of Egyptian Chambers of Commerce (FEDCOC), told El Hadidi that falling international commodity prices will begin to feed through to the Egyptian economy in the next two or three months (<a href=\"https:\/\/www.youtube.com\/watch?v=xUiruBc_f2Y\">watch, runtime: 14:38<\/a>).<\/p>\n<p><strong>New social protections:<\/strong> The expanded <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89bedb72-a77a-4753-9dca-7e09a070cf88\">social safety net<\/a> that was introduced 1 September to protect vulnerable people against price shocks got a mention on El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=wmM15O0znys\">watch, runtime: 2:48<\/a>) and Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=kI5w9bYkv_Q\">watch, runtime: 1:52<\/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 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class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 .stk-block-carousel__button{background:#00000099 !important;fill:#FFFFFF !important;border-radius:4px !important;}.stk-a38cfb2 .stk-block-carousel__button 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class=\"wp-block-stackable-column stk-block-column stk-column stk-block stk-4r10yua\" data-v=\"4\" data-block-id=\"4r10yua\"><div class=\"stk-column-wrapper stk-block-column__content stk-container stk-4r10yua-container stk--no-background stk--no-padding\"><div class=\"stk-block-content stk-inner-blocks stk-4r10yua-inner-blocks\">\r\n            <div class=\"issue-sponsor-slide\">\r\n                <img data-recalc-dims=\"1\" decoding=\"async\" draggable=\"false\" src=\"https:\/\/i0.wp.com\/ent.news\/internal\/240926.jpg?ssl=1\">\r\n                <div class=\"overlay\"><\/div>\r\n                <div class=\"content\">\r\n                    <a draggable=\"false\" href=\"https:\/\/www.qalaaholdings.com\/\" target=\"_blank\" class=\"logo\" rel=\"noopener\">\r\n                        <img decoding=\"async\" draggable=\"false\" src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                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   <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/looted-egyptian-artifacts-taken-from-the-new-york-met-are-being-returned-to-egypt\/\">\r\n                            Looted Egyptian artifacts taken from the New York Met are being returned to 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 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href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/looted-egyptian-artifacts-taken-from-the-new-york-met-are-being-returned-to-egypt\/&title=Looted Egyptian artifacts taken from the New York Met are being returned to 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=Looted+Egyptian+artifacts+taken+from+the+New+York+Met+are+being+returned+to+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F04%2Flooted-egyptian-artifacts-taken-from-the-new-york-met-are-being-returned-to-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\/04\/looted-egyptian-artifacts-taken-from-the-new-york-met-are-being-returned-to-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549113\" class=\"content-area-description single-story post-549113 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-economy tag-energy tag-enterpriseam tag-environment tag-north-coast tag-renewables tag-taha-hussein wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>News on US investigators seizing a dozen looted artifacts worth over USD 13 mn from<\/strong> <strong>the New York Metropolitan Museum of Art leads the conversation in the international press this morning<\/strong>, with coverage from <a href=\"https:\/\/www.nytimes.com\/2022\/09\/02\/arts\/design\/met-museum-looting.html\">the New York Times<\/a>, <a href=\"https:\/\/edition.cnn.com\/style\/article\/met-museum-artifacts-seized-new-york-looting\/index.html\">CNN<\/a>and <a href=\"https:\/\/www.independent.co.uk\/news\/world\/americas\/met-museum-looted-art-new-york-b2158733.html\">The Independent<\/a>. The 27 artifacts, which also include 21 from Italy and six from Egypt, will be repatriated to their countries of origin in official ceremonies next week, according to the Manhattan district attorney\u2019s office.<\/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\/economy\/\">economy<\/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\/environment\/\">environment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/north-coast\/\">north coast<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taha-hussein\/\">Taha Hussein<\/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=\"549114\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549115\" 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=\"549115\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">12<\/div>\r\n\r\n                    <p class=\"f-graphik\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/04\/us-stocks-fall-suffer-another-week-of-losses-on-rate-fears\/\">\r\n                            US stocks fall suffer another week of losses on rate fears                        <\/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\/04\/us-stocks-fall-suffer-another-week-of-losses-on-rate-fears\/\" 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 S&amp;P 500 declined 1.1% on Friday, taking its weekly loss to 3.3%, while the Nasdaq also fell 3.3% after losing 1.4% during the final session of the week. US stocks have been on their worst run of form since mid-June in recent days after Federal Reserve officials indicated they would not soften their stance on rising interest rates until inflation has fallen back significantly. <a href=\"https:\/\/www.ft.com\/content\/842880b3-ef7b-4afb-8f46-ceb60f44601a\">The Financial Times<\/a> and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-01\/asia-stocks-set-for-cautious-open-amid-dollar-jump-markets-wrap?sref=mmeFTDW1\">Bloomberg<\/a> have more.<\/p><p><strong>Aramco\u2019s VC arm to ramp up investing this year:<\/strong> As part of the push to diversify the Saudi economy, Aramco's venture capital arm Wa\u2019ed is looking to invest around USD 100 mn this year, CEO Fahad Alidi told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-01\/aramco-vc-fund-turns-to-global-investments-in-saudi-startup-push?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a>, after investing about USD 50 mn across the previous nine years. Some 11 investments are already in the pipeline for the VC\u2019s USD 200 mn fund in 2H 2022, he added. The company will reportedly diversify beyond fintech and e-commerce to fields like deeptech, space tech, the metaverse, and sustainability. In its first international venture, Wa\u2019ed has made a USD 13 mn series A investment in Luxembourg-based satellite operator OQ Technology.<\/p><p><strong>Russia\u2019s big problem: How to slow a surging RUB.<\/strong> Moscow is mulling buying as much as USD 70 bn-worth of CNY and other \u201cfriendly\u201d currencies this year as part of a plan to slow the surge of the RUB on the back of an influx of earnings from sales of oil and gas, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-01\/russia-mulls-buying-70-billion-in-yuan-friendly-currencies?srnd=premium-middle-east#xj4y7vzkg\">Bloomberg<\/a> reports, citing government documents it has seen. The rallying currency is undermining the competitiveness of Moscow\u2019s exports and widening its trade deficit, leading officials to discuss snapping up CNY now before selling the holdings to fund investment in the long term, the business newswire says. Half of the Kremlin's USD 640 bn FX reserves have been frozen due to sanctions.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,937<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: -16.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.18<\/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>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>12,143<\/p>\n<\/td>\n<td>\n<p>-1.2% (YTD: +7.6%)<\/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>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,755<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: +14.9%)<\/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>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,394<\/p>\n<\/td>\n<td>\n<p>-0.6% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,924<\/p>\n<\/td>\n<td>\n<p>-1.1% (YTD: -17.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,281<\/p>\n<\/td>\n<td>\n<p>+1.9% (YTD: -1.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,544<\/p>\n<\/td>\n<td>\n<p>+2.5% (YTD: -17.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 93.02<\/p>\n<\/td>\n<td>\n<p>+0.7%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.79<\/p>\n<\/td>\n<td>\n<p>-5.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,722.60<\/p>\n<\/td>\n<td>\n<p>+0.8%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 19,807<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: -57.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 fell 0.6% at Thursday\u2019s close<\/strong> on turnover of EGP 1.04 bn (16.4% above the 90-day average). Foreign investors were net sellers. The index is down 16.8% YTD.<\/p><p><strong>In the green: <\/strong>Eastern Company (+2.6%), e-Finance (+2.1%) and Sidi Kerir Petrochemicals (+1.2%).<\/p><p><strong>In the red: <\/strong>Mopco (-5.2%), Palm Hills Development (-4.0%) and Cleopatra Hospitals (-3.2%).<\/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\/aramco\/\">Aramco<\/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\/financial-markets\/\">Financial Markets<\/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\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/venture-capital\/\">venture capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549116\" 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\/04\/549116\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549116\" class=\"content-area-description single-story post-549116 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>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>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>6-9 September (Tuesday-Friday): Gate Travel Expo 2022, El Qubba Palace, Cairo.<\/p>\n<p>7-9 September (Wednesday-Friday): Second edition of <a href=\"https:\/\/egypticf-africanministers.com\/\">Egypt-ICF<\/a>at Almasa Convention Center at the New Administrative Capital + African<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid034TbdNfjuu5yHr2NAycih1ggLyA8CPUgnE4AB8MF3SD1Zpv5rTvBmitm7sb4GyiqDl\">Finance Ministers meeting<\/a> to coordinate an African-led position during COP27.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/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): <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&ndash;27 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p>27-29 September (Tuesday-Thursday): <a href=\"https:\/\/invest-renewables.africa\/\">Africa Renewables Investment Summit<\/a> (ARIS), Cape Town, South Africa.<\/p>\n<p>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>24 January-6 February: The 54th Cairo International Book Fair, Egypt International Exhibition Center<\/p>\n<p>25 January (Wednesday): 25 January revolution anniversary \/ Police Day.<\/p>\n<p>26 January (Thursday): National holiday in observance of 25 January revolution anniversary \/ Police Day.<\/p>\n<p><strong>FEBRUARY 2023<\/strong><\/p>\n<p>11 February (Saturday): Second semester of 2022-2023 academic year begins for public universities.<\/p>\n<p>13-15 February (Monday-Wednesday): The <a href=\"https:\/\/www.egyps.com\/\">Egypt Petroleum Show (Egyps)<\/a>, Egypt International Exhibition Center, Cairo.<\/p>\n<p><strong>MARCH 2023<\/strong><\/p>\n<p>March: 4Q2022 earnings season.<\/p>\n<p>23 March (Wednesday) \u2014 First day of Ramadan (TBC). Maghreb will be at 6:08pm CLT.<\/p>\n<p><strong>APRIL 2023<\/strong><\/p>\n<p>17 April (Monday): Sham El Nessim.<\/p>\n<p>22 April (Saturday): Eid El Fitr (TBC).<\/p>\n<p>25 April (Tuesday): Sinai Liberation Day.<\/p>\n<p>27 April (Thursday): National holiday in observance of Sinai Liberation Day (TBC).<\/p>\n<p>Late April &ndash; 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>28 June-2 July (Wednesday-Sunday): Eid El Adha (TBC).<\/p>\n<p>30 June (Friday): June 30 Revolution Day.<\/p>\n<p><strong>JULY 2023<\/strong><\/p>\n<p>18 July (Tuesday): Islamic New Year.<\/p>\n<p>20 July (Thursday): National holiday in observance of Islamic New Year (TBC).<\/p>\n<p>23 July (Sunday): Revolution Day.<\/p>\n<p>27 July (Thursday): National holiday in observance of Revolution Day.<\/p>\n<p>Late July-14 August: 2Q2023 earnings season.<\/p>\n<p><strong>SEPTEMBER 2023<\/strong><\/p>\n<p>26 September (Tuesday): Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p>28 September (Thursday): National holiday in observance of Prophet Muhammad\u2019s birthday (TBC).<\/p>\n<p><strong>OCTOBER 2023<\/strong><\/p>\n<p>6 October (Friday): Armed Forces Day.<\/p>\n<p>Late October-14 November: 3Q2023 earnings season.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>2H 2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H 2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H 2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q 2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>3Q 2022: Swvl to close <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">acquisition of<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Urbvan<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/53e17b15-78b9-421a-81f5-9d3d5ee0227d\">Mobility<\/a>.<\/p>\n<p>4Q 2022: Infinity + Africa Finance Corporation to close acquisition of Lekela Power.<\/p>\n<p>4Q 2022: Electricity Ministry to tender six solar projects in Aswan Governorate.<\/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":549094,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549093","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"d617ec05-7c14-47c8-9b80-179d212b9dff","teaser":"","photo_url":"https:\/\/ent.news\/2022\/9\/4.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>Of FX, privatization and green investment\u2026 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/issues\/of-fx-privatization-and-green-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Of FX, privatization and green investment\u2026\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/of-fx-privatization-and-green-investment\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:29:54+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/4.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/issues\/of-fx-privatization-and-green-investment\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/of-fx-privatization-and-green-investment\/\",\"name\":\"Of FX, privatization and green investment\u2026 - 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