{"id":549191,"date":"2022-09-07T04:00:36","date_gmt":"2022-09-07T04:00:36","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549191"},"modified":"2025-12-15T22:32:25","modified_gmt":"2025-12-15T22:32:25","slug":"its-official-govt-is-on-board-with-a-flexible-exchange-rate-madbouly-promises-tax-breaks-for-high-value-industries","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/its-official-govt-is-on-board-with-a-flexible-exchange-rate-madbouly-promises-tax-breaks-for-high-value-industries\/","title":{"rendered":"It\u2019s official: Gov\u2019t is on board with a flexible exchange rate, Madbouly promises tax breaks for \u201chigh value\u201d industries"},"content":{"rendered":"<section id=\"549193\" 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=\"549193\">\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\/07\/this-morning-john-kerry-ebrd-chief-in-town-for-climate-talks\/\">\r\n                            THIS MORNING: John Kerry, EBRD chief in town for climate talks                        <\/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\/07\/this-morning-john-kerry-ebrd-chief-in-town-for-climate-talks\/\" 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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Separately, Prime Minister Moustafa Madbouly said his government will offer <strong>new tax breaks for high value industries<\/strong> \u2014 and added that the state isn\u2019t about to pull back from big infrastructure projects, saying they\u2019ll only cost more to execute further down the line.<\/p><p><strong>^^ We have all of this and more in this morning\u2019s news well and Last Night\u2019s Talk Shows<\/strong>, both below.<\/p><p><strong>*** You have just two days to tell us how you\u2019re feeling about your business<\/strong> and the wider economy. We\u2019ll have the results for mid-month \u2014 just in time to give you a sense of what everyone else is thinking heading into budget season. <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><strong>WHAT\u2019S HAPPENING TODAY-<\/strong><\/p><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>US climate envoy John Kerry will be in town <\/strong>for the <a href=\"https:\/\/egypticf-africanministers.com\/\">Egypt-International Cooperation<\/a><a href=\"https:\/\/egypticf-africanministers.com\/\">Forum<\/a><a href=\"https:\/\/egypticf-africanministers.com\/\">(Egypt-ICF)<\/a>, which runs today through Friday 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>Also in town to talk turkey: Odile Renaud-Basso, head of the European Bank for <\/strong><strong>Reconstruction and Development (EBRD)<\/strong>, who will meet with President Abdel Fattah El Sisi, Finance Minister Mohamed Maait and International Cooperation Minister Rania Al Mashat. Look for climate finance to be at the top of the agenda for the meetings alongside the practicalities of COP27.<\/p><p><strong>Speaking of climate: <\/strong>A two-day <strong><a href=\"https:\/\/ent.news\/2022\/9\/Water-Symposium-En.docx.pdf\">symposium on water solutions<\/a><\/strong>, wraps today in Alexandria. The event is being organized by AUC and our friends at USAID, and Alexandria University. You can <a href=\"https:\/\/s3.wp.wsu.edu\/uploads\/sites\/354\/2022\/08\/COE_SYMPOSIUM_AGENDA-26-7-2.pdf\">check out the agenda here (pdf)<\/a>.<\/p><p><strong>The four-day <\/strong><strong><a href=\"https:\/\/www.gattravelexpo.com\/\">Gate travel expo 2022<\/a><\/strong> kicks off today at El Qubba Palace.<\/p><p><strong>The US Federal Reserve will open its so-called <\/strong><strong><a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/beige-book-default.htm\">Beige Book<\/a><\/strong><strong> today<\/strong>, giving us insight into how the world\u2019s most important central bank is feeling about current economic conditions. Expect everyone and their mothers to be reading the tea leaves for what it means for interest rates when the Fed meets later this month.<\/p><hr class=\"grey-line\"><p><strong>Your high-end smokes are getting expensive:<\/strong> Philip Morris brands Marlboro, Merit and L&amp;M will cost EGP 1.00-3.00 more per pack starting today, according to a document seen by Enterprise. Packs of Merit will now sell for EGP 52.00, while all Marlboro will cost EGP 48.00. Packs of L&amp;M will rise to EGP 35.00.<\/p><p><strong>The hikes come a few days after Eastern Company <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/95ce197b-5c51-4f48-ad7b-f1c26a1c5801\">raised prices of key brands<\/a><\/strong> by up to EGP 2.00 per pack, citing rising raw material prices and the weakening EGP.<\/p><hr class=\"grey-line\"><p><strong>Apple will unveil its new iPhone, a new watch and probably new AirPods Pro <\/strong>at an event tonight. You can watch it on <a href=\"https:\/\/www.apple.com\/apple-events\/\">Apple\u2019s website<\/a> or <a href=\"https:\/\/www.youtube.com\/user\/apple\">stream it on Youtube<\/a> today at 7pm CLT.<\/p><p><strong>KUDOS- AUC instructor <\/strong><strong><a href=\"https:\/\/www.aucegypt.edu\/fac\/noor-naga\">Noor Naga<\/a><\/strong><strong> is a finalist for Canada\u2019s most prestigious literary <\/strong><strong>award. <\/strong>Naga made the Giller Prize long-list for <a href=\"https:\/\/www.cbc.ca\/books\/if-an-egyptian-cannot-speak-english-1.6573130\">If an Egyptian Cannot Speak English<\/a> (<a href=\"https:\/\/www.amazon.com\/If-Egyptian-Cannot-Speak-English-ebook\/dp\/B0951SQZSV\/ref=tmm_kin_swatch_0?_encoding=UTF8&amp;qid=&amp;sr=\">Amazon<\/a>). Set in the wake of the Arab Spring, the novel \u201ctraces the relationship between two people \u2014 a wealthy Egyptian American woman and an unemployed man from the village of Shobrakheit \u2014 who meet in a cafe in Cairo,\u201d <a href=\"https:\/\/www.cbc.ca\/books\/14-canadian-authors-longlisted-for-100k-scotiabank-giller-prize-1.6573339\">writes Canada\u2019s CBC<\/a>.<\/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- It\u2019s a mixed bag in the global front pages this morning:<\/strong><\/p><p><strong>#1- Europe is scrambling to avoid its \u201c<\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-06\/europe-s-lehman-warning-on-energy-prompts-flurry-of-cash-help?sref=mmeFTDW1\">energy-industry Lehman Brothers<\/a><\/strong><strong>\u201d moment<\/strong> ahead of a possible <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-06\/goldman-sees-2-trillion-surge-in-europe-energy-bills-by-2023?srnd=premium-europe&amp;sref=mmeFTDW1\">USD 2 tn increase<\/a> in energy bills. The EU is pushing for <a href=\"https:\/\/www.ft.com\/content\/49552516-0788-46a1-9c0a-d906fd8d6388\">caps on wholesale gas prices<\/a> and <a href=\"https:\/\/www.ft.com\/content\/f63c76a6-cbc1-48bc-b11b-c4a7bed5ea07\">national windfall taxes<\/a>, Italy is set to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-06\/italy-sets-plan-to-cut-gas-consumption-by-7-through-march?srnd=premium-europe&amp;sref=mmeFTDW1\">start rationing gas<\/a>, and reports suggest that new UK PM Liz Truss is reading a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-05\/truss-earmarks-130-billion-to-keep-uk-energy-bills-below-2-000?sref=mmeFTDW1\">GBP 130 bn bailout<\/a> for households and businesses.<\/p><p><strong>#2- The coronation of Truss as the UK\u2019s new prime minister<\/strong> is getting coverage from: <a href=\"https:\/\/www.reuters.com\/world\/uk\/liz-truss-replace-boris-johnson-british-pm-tuesday-2022-09-05\/\">Reuters<\/a> | <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-queen-elizabeth-ii-boris-johnson-inflation-economy-04ef887cf023d80606f7c6ccf2d5ac68?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_7\">AP<\/a> | <a href=\"https:\/\/www.ft.com\/content\/6cce0405-1c6a-49aa-b36a-dc4f8a8ca3db\">FT<\/a>.<\/p><p><strong>#3- In the US:<\/strong> The <a href=\"https:\/\/www.washingtonpost.com\/national-security\/2022\/09\/06\/trump-nuclear-documents\/?itid=hp-top-table-main\">Washington Post<\/a> reports that among the classified documents the FBI seized from Trump\u2019s Florida estate was information on the nuclear capabilities of foreign powers. Topping the front page of the <a href=\"https:\/\/www.nytimes.com\/live\/2022\/09\/06\/us\/weather-forecast-news-summer\">New York Times<\/a>: California\u2019s electricity grid is coming under pressure from soaring temperatures, leading officials to warn of blackouts if people don\u2019t turn down their ACs.<\/p><p><strong>ROAD TO COP27-<\/strong><\/p><p><strong>Our friend Dr. Mahmoud Mohieldin will join the good folks at AmCham for a luncheon next Monday<\/strong>, 12 September, from 1-4pm CLT. Dr. Mahmoud will by speaking in his capacity as <a href=\"https:\/\/unfccc.int\/news\/welcoming-the-7th-high-level-climate-action-champion#:~:text=UN%20Climate%20Change%20News%2C%2025,Change%20Conference%20COP26%20in%20Glasgow.\">UN climate change high-level champion for Egypt<\/a>. The special luncheon meeting at the Nile Ritz Carlton is open to AmCham members and their guests.<\/p><p><strong>The Gas Exporting Countries Forum (GECF) will hold a virtual <\/strong><strong>meeting next Thursday<\/strong>, 15 September, it said in a <a href=\"https:\/\/www.gecf.org\/events\/gecf-to-organise-coordination-meeting-drive-collective-solution-ahead-of-cop-27-\">statement<\/a>. The meeting will see all 19 members talk about climate change ahead of COP27.<\/p><p><strong>PSA- Green projects looking to secure investor funding have until 18 September <\/strong><strong>to apply for the Planning Ministry\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76aee85d-c85b-4487-8b4e-98a1424e956f\">Smart Green Governorates<\/a><\/strong>, which will map green projects nationwide, giving them a platform to raise investments at COP27, according to a <a href=\"https:\/\/www.facebook.com\/MPEDEGYPT\/posts\/pfbid0UUGzs5uzTpNLXwhmg8zZXvXyF7wTRJpvduBrXZKGousiRAXhdqJTdJqAP7YLeJ9dl\">ministry statement<\/a>. The ministry has so far received over 2k applications. An executive committee that includes Egypt climate czar Mahmoud Mohieldin will whittle the applicants down to a final list of 18 projects to be presented for funding at the November climate summit. You can apply <a href=\"https:\/\/www.sgg.eg\/Home\/SignUp_EgyGreenInnovation\">to make the cut here<\/a>.<\/p><p><strong>CIRCLE YOUR CALENDAR-<\/strong><\/p><p><strong>Consoleya and Cairo Angels will host a business meet-up on Monday, 12 September<\/strong> focusing on Nigeria\u2019s tech ecosystem and how it compares with Egypt\u2019s startup scene. Tarek Shahin (<strong>CI Capital<\/strong>\u2019s chief investment officer), <strong>Biola Alabi Media<\/strong> CEO Biola Alabi, and Ibrahim Sagna (<strong>Afreximbank<\/strong>\u2019s global head of advisory and capital markets) and take part in a panel discussion moderated by Aly El Shalakany, CEO of the <strong>Cairo Angels Syndicate Fund<\/strong>.<\/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>We\u2019re expecting some sort of announcement from the government on how it plans to <\/strong><strong>proceed with its privatization program<\/strong>, according to media comments Finance Minister Mohamed Maait gave last week. This came on the same day as Prime Minister Moustafa Madbouy met with the heads of the EGX and the Financial Regulatory Authority to discuss plans to sell stakes in state-owned enterprises on the bourse.<\/p><p><strong>Support measures coming for local commercial ships?<\/strong> Transport Minister Kamel El Wazir will hold a meeting this week with the maritime transport sector and private shipping companies to discuss ways to boost the commercial fleet, <a href=\"https:\/\/bit.ly\/3REHo6O\">Al Mal<\/a> reports, citing an unnamed source.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/1\/Web-view-01.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Hardhat day \u2014 your weekly briefing of all things infrastructure in Egypt:<\/strong> Enterprise\u2019s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.<\/p><p><strong>In today\u2019s issue: <\/strong>As part of its consultations on its state ownership policy document, the government held discussions late last month with electricity and gas utilities players to hear their thoughts. The broad sentiment is that the private sector wants more by way of incentives and public-private partnerships to reel in their investments, our sources tell us.<\/p><hr class=\"grey-line\"><div class=\"stand-out\">\n<p><strong>*** WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE<\/strong> to help us build some very cool new things. Today, we run two daily publications, one regional publication, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications.<\/strong> We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of &gt;199k readers by telling stories that matter.<\/p>\n<p>We\u2019re looking for editors who want to run publications and teams, editors to help reporters craft stories, and talented reporters. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to <\/strong><strong><a href=\"mailto:jobs@enterprisemea.com\">jobs@enterprisemea.com<\/a><\/strong><strong> and mention Patrick in your subject line.<\/strong><\/p>\n<p><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a> It\u2019s worth it \u2014 trust us.<\/p>\n<\/div>\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\/climate-change\/\">climate change<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ebrd\/\">EBRD<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"549194\" 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=\"549194\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/549194\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549194\" class=\"content-area-description single-story post-549194 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:\/\/somabay.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/SomabayEnduranceFestival-1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n<p>The Somabay Endurance Festival, organized by The TriFactory, returns this month for the fourth time. Featuring four different races that combine swimming, cycling, and running, as well as the 1K Kids Race (ages 5-10) and the 10K Race, the Somabay Endurance Festival has got something for everyone. Taking place from 29 September though 1 October, spots are running out for Egypt\u2019s favorite multi-sport event. To find out more and sign up, head to www.thetrifactory.com\/somabay.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549195\" 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=\"549195\">\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\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate\/\">\r\n                            It\u2019s official: Gov\u2019t is on board with a flexible exchange rate                        <\/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\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate\/\" 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\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate\/')\">\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\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate\/\">\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=It\u2019s official: Gov\u2019t is on board with a flexible exchange rate&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate\/\">\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\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate\/&title=It\u2019s official: Gov\u2019t is on board with a flexible exchange rate\">\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=It%E2%80%99s+official%3A+Gov%E2%80%99t+is+on+board+with+a+flexible+exchange+rate+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F07%2Fits-official-govt-is-on-board-with-a-flexible-exchange-rate%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\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/141.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549196\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/its-official-govt-is-on-board-with-a-flexible-exchange-rate\/141-jpg-5\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/141.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"141.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/141.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/141.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549195\" class=\"content-area-description single-story post-549195 post type-post status-publish format-standard has-post-thumbnail hentry category-economy tag-economy tag-egp tag-enterpriseam tag-hala-el-said tag-ipo-watch tag-state-privatization-program 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>\u201cWe as a government do agree that <\/strong><strong>a flexible exchange rate is definitely good for the <\/strong><strong>economy,\u201d<\/strong> Planning Minister Hala El Said told Bloomberg yesterday in a televised interview (<a href=\"https:\/\/www.bloomberg.com\/news\/videos\/2022-09-06\/minister-elsaid-on-egypt-s-economy-video\">watch, runtime: 6:40<\/a>). El Said also had news on the state privatization program, saying that the Sovereign Fund of Egypt has set up a pre-IPO arm to bring strategic investors onboard ahead of plans to list state-owned firms.<\/p>\n<p><strong>El Said\u2019s remarks will make the folks at the IMF happy: <\/strong>With talks now said to be in the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/749b35e6-ac62-4dbd-8826-5b09c99fdfad\">final stages<\/a>, the IMF has said a more flexible exchange rate is a key condition for agreeing to a new assistance package, while concrete steps towards selling stakes in state assets will likely also play a role.<\/p>\n<p><strong>The gov\u2019t is keeping the communication lines open on strategy: <\/strong>El Said also used the interview to highlight strong recent growth figures and moves to bolster FX inflows by upping exports and attracting foreign direct investment (FDI). She also highlighted the importance of continued strong remittance flows.<\/p>\n<p><strong>Everyone in cabinet is singing from the same hymnal:<\/strong> El Said hit many of the same points that Finance Minister Mohamed Maait covered last week in his <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6423a792-1a96-4047-9b89-f930c8b91587\">media blitz<\/a> on the Sisi administration\u2019s plans to see us through the current bottleneck.<\/p>\n<p><strong>A MORE FLEXIBLE EGP- <\/strong><\/p>\n<p><strong>El Said is the first government official to make a public statement saying cabinet supports allowing the EGP to move more freely against the greenback.<\/strong> Her remarks come after weeks of speculation that new central bank governor Hassan Abdalla will allow the currency to depreciate further against the USD to help secure an assistance package from the IMF, attract foreign capital, and break an import logjam.<\/p>\n<p><strong>The key question now: Will the float be sudden or gradual?<\/strong> With more EGX flexibility now seeming all but inevitable, market watchers are asking whether the pound will slide against the greenback at a<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59267664-f00a-4c2d-9867-7e8314890a5e\"><\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/59267664-f00a-4c2d-9867-7e8314890a5e\">slow pace<\/a> or whether we're in for a 2016-style shock devaluation. Either way, most market watchers are forecasting a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7f4ba0d7-8458-48a8-af05-3a4d44fdbda3\">double-digit depreciation<\/a> by the end of the year, with BNP Paribas forecasting the currency to settle at EGP 23-24 to the USD. One USD is currently changing hands at USD 19.29, with the pound having slipped more than 20% since the devaluation in March.<\/p>\n<p><strong>*** Where do you see the FX rate settling?<\/strong> <a href=\"https:\/\/www.surveymonkey.com\/r\/QDMBYCT\">Tell us in our Fall 2022 Reader Poll, which closes tomorrow.<\/a><\/p>\n<p><strong>OUR NEW PRE-IPO FUND-<\/strong><\/p>\n<p><strong>SMART POLICY- The gov\u2019t has set up a fund to place stakes in state-owned companies with strategic investors ahead of IPOs<\/strong><strong>:<\/strong> The Sovereign Fund of Egypt (SFE), which El Said chairs, earlier this week set up a pre-IPO fund to offer stakes in state-owned companies to \u201cstrategic investors and different sovereign wealth funds\u201d ahead of listing them on the bourse, El Said said. The government would then look to list the firms \u201cwhen the market is ready,\u201d El Said said.<\/p>\n<p><strong>Which companies are up for grabs?<\/strong> The new fund would look to acquire stakes in state-owned assets including those under the Public Enterprises Ministry, port and transport firms, and companies operating in the New Administrative Capital, a government source told Enterprise.<\/p>\n<p><strong>We knew this was coming:<\/strong> SFE head Ayman Soliman <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ad594bfd-50a6-46b2-a0f8-598df16b006a\">in June<\/a> said private stake sales would be the way forward for the state privatization program as volatile market conditions persist on the back of the war in Ukraine and volatility in global capital markets. Government officials have been keen to stress that the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/497be40f-7087-4035-9150-c2fd2934444b\">privatization program remains a priority<\/a> even as IPOs are pushed back.<\/p>\n<p><strong>IMF TALKS- <\/strong><\/p>\n<p><strong>Does BoA know something we don\u2019t? Analysts at Bank of America are still predicting the government to arrange a massive USD 15 bn, three-year facility<\/strong> with the IMF, Bloomberg <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-06\/egypt-government-sees-flexible-exchange-rate-as-good-for-economy-l7pske8b?sref=mmeFTDW1\">reports<\/a>, despite the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec7aa48-f76a-4437-9a79-f8670efc25d6\">insistence of senior officials here<\/a> that any loan package will be much more limited. In a fresh report, the bank says \u201ca large and ambitious IMF program is needed,\u201d adding that a larger loan would require a flexible exchange rate. Finance Minister Mohamed Maait said that USD 15 bn was \u201ctoo high\u201d and \u201ctotally inaccurate\u201d after Goldman Sachs predicted the same figure <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/1ec7aa48-f76a-4437-9a79-f8670efc25d6\">back in July<\/a>. BNP Paribas is expecting a <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/380a1ef9-5109-4c0a-8cf0-5ad2c80643d3\">USD 3-5 bn package<\/a>.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/hala-el-said\/\">Hala El Said<\/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\/state-privatization-program\/\">state privatization program<\/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=\"549197\" 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=\"549197\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/expeditions-offer-undervalues-cheese-maker-domty-by-38-fair-value-study-suggests\/\">\r\n                            Expedition\u2019s offer undervalues cheese maker Domty by 38%, fair value study suggests                        <\/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\/07\/expeditions-offer-undervalues-cheese-maker-domty-by-38-fair-value-study-suggests\/\" 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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Domty\u2019s board is yet to publicly respond to the offer or give a recommendation to the company\u2019s shareholders. It commissioned BDO last month to conduct a <a href=\"https:\/\/ent.news\/2022\/9\/BDO-Domty-Fair-Value-Study-6-9-22.pdf\">fair value study (pdf)<\/a>, one day before the MTO started.<\/p>\n<p><strong>That fair value study is now out:<\/strong> BDO published the <a href=\"https:\/\/ent.news\/2022\/9\/BDO-Domty-Fair-Value-Study-6-9-22.pdf\">report (pdf)<\/a> yesterday after it was reviewed by the Financial Regulatory Authority (FRA).<\/p>\n<p><strong>What happens now? <\/strong>It\u2019s unclear whether the board will now respond to the offer or make a recommendation to the shareholders. As of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/89bedb72-a77a-4753-9dca-7e09a070cf88\">last Thursday<\/a>, the consortium was almost halfway to its target, with shareholders agreeing to sell 40.5 mn shares.<\/p>\n<p><strong>REMEMBER- Domty\u2019s majority shareholders are among the investors bidding for the shares: <\/strong>The Damati family \u2014 which founded Domty and already control 56% of the company \u2014 are part of the consortium and also own minority stakes in Expedition. Expedition, a special purpose vehicle domiciled in Mauritius, is controlled by investors in Egypt and the Gulf. Success in the MTO would hand the consortium control of 90% of the company\u2019s shares.<\/p>\n<p><strong>Advisors:<\/strong> EFG Hermes is quarterbacking the transaction and Matouk Bassiouny & Hennawy is acting as counsel to Expedition.<\/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\/domty\/\">Domty<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/expedition-investment\/\">Expedition Investment<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549199\" 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=\"549199\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/idh-wants-to-renegotiate-terms-for-pakistani-diagnostics-player\/\">\r\n                            IDH wants to renegotiate terms for Pakistani diagnostics player                        <\/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\/07\/idh-wants-to-renegotiate-terms-for-pakistani-diagnostics-player\/\" 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 seller was UAE-based Evercare Group, a healthcare platform managed by global private equity firm <a href=\"https:\/\/www.tpg.com\/\">TPG<\/a> and backed by its <a href=\"https:\/\/therisefund.com\/\">Rise Fund<\/a>, which owns 100% of the Pakistani outfit through a special purpose vehicle. The transaction would have given IDH more than 80 labs across Pakistan.<\/p>\n<p><strong>The long-stop date for the acquisition had already expired: <\/strong>IDH told Evercare in late August that it was terminating the SPA after conditions precedent weren\u2019t met; the deadline for execution of the transaction had already been extended by three months, IDH said in disclosures to the <a href=\"https:\/\/ent.news\/2022\/9\/IDH-terminates-Islamabad-center-agreement.pdf\">EGX (pdf)<\/a> and the <a href=\"https:\/\/www.londonstockexchange.com\/news-article\/IDHC\/idc-termination-negotiations-ongoing\/15616171\">London Stock Exchange<\/a> yesterday.<\/p>\n<p><strong>IDH is still interested:<\/strong> The company is in ongoing talks with Evercare and is ready to sign a new share purchase agreement, it said in the filings. \u201cWe\u2019re not pulling the plug, we\u2019re renegotiating the terms in light of the recent developments in Pakistan,\u201d IR chief Nancy Fahmy told us yesterday, adding that IDH is still \u201cvery interested\u201d in the company.<\/p>\n<p><strong>A lot has changed in Pakistan in the past nine months:<\/strong> The removal of former prime minister Imran Khan has provoked a political crisis, economic headwinds have forced it <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/pakistan-finance-minister-imf-board-approves-release-over-11-bln-bailout-funds-2022-08-29\/\">to turn to the IMF<\/a> to avert debt default, and <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/flood-hit-pakistan-works-prevent-overflow-biggest-lake-2022-09-06\/\">devastating floods<\/a> have left a third of the country underwater.<\/p>\n<p><strong>Market reacts<\/strong><strong>: <\/strong>EGX-listed shares remained unchanged at EGP 16.50, while LSE-listed shares fell some 2.2% to USD 0.80.<\/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\/healthcare\/\">healthcare<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/integrated-diagnostics-holding\/\">Integrated Diagnostics Holding<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549201\" 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=\"549201\">\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\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/eni-could-invest-in-egypt-lng-projects\/\">\r\n                            Eni could invest in Egypt LNG projects                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/eni-could-invest-in-egypt-lng-projects\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Eni is already a key natural gas partner, producing around 60% of the country\u2019s gas. The company <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3447a945-6e65-40df-be0e-8cb09f5d1167\">signed in April<\/a> an agreement with EGAS to <strong>\u201cmaximize\u201d Egyptian LNG exports to Europe<\/strong> and boost Eni\u2019s gas production at home. The agreement came a month after the Italian firm pledged to bring more than 14 trn cubic feet of additional gas to the global market and mitigate Europe\u2019s energy crisis by \u201cleveraging established alliances with producing countries,\u201d including Egypt.<\/p>\n<p><strong>REMEMBER-<\/strong> Eni holds a 50% stake in the Damietta LNG plant, which has an annual production capacity of 5.2 mn tons. The plant was reopened last year following an eight-year hiatus, helping Egypt to achieve <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/videos\/market-movers-europe\/090522-opec-oil-production-cuts-eu-energy-ministers-intervention-nord-stream-gazprom-gas-suspended-norway-maintenance\">record export volumes<\/a> in 2021. Egypt\u2019s ambitions to become a regional energy hub have been advanced by Europe\u2019s attempts to wean itself off Russian fossil fuels, with Cairo signing a<a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/613a0e7e-2a74-4d1b-8b28-0c9660944559\">nine-year agreement in June<\/a> with Israel to increase gas exports to the EU through Egypt\u2019s LNG facilities.<\/p>\n<p><strong>Eni isn\u2019t the only one:<\/strong> Gas reserves in the East Mediterranean are the \u201cobvious place\u201d to help Europe kick its dependency on Russian gas, Chevron's vice president for midstream, Colin Parfitt, told <a href=\"https:\/\/www.spglobal.com\/commodityinsights\/en\/market-insights\/latest-news\/natural-gas\/090622-interview-chevron-eyes-us-east-mediterranean-as-key-to-lng-business-growth\">S&P Global<\/a> on the sidelines of the conference. <strong>\u201cTaking Israeli gas through LNG plants that are already built to get your gas to market seems sensible,\u201d<\/strong> he said, suggesting that floating LNG units could also be part of the solution. Chevron has a large footprint in the region after its 2020 acquisition of Noble Energy, which operates Israel\u2019s Leviathan and Tamar gas fields, and is developing Cyprus\u2019 Aphrodite field.<\/p>\n<p><strong>Chevron is also working with Egypt:<\/strong> EGAS <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a92b9645-ae04-4f9e-8dea-489b8ecef1e4\">signed an MoU<\/a> with the American company in July to work on developing infrastructure to transport gas from offshore fields to Egypt and increase exports. Oil Minister Tarek El Molla discussed LNG plans with the company\u2019s CEO, Mike Wirth, at the conference yesterday, according to <a href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02pdUm8rr5zdG6kbxMkmUTxATV3EZwoqRkHdaWATkbvThA9ubVey7QSbVh3KDZEwcyl?_rdc=2&_rdr\">a ministry statement<\/a>, without disclosing details.<\/p>\n<p><strong>MORE DETAILS ON GLOBELEQ\u2019S PROPOSED GREEN HYDROGEN PLANT-<\/strong><\/p>\n<p><strong>The green hydrogen plant proposed by Africa-focused independent power <\/strong><strong>producer Globeleq will be one of the largest facilities of its kind<\/strong> when it reaches its first phase of operations, according to new details on the project reported by Asian finance and ESG outlet <a href=\"https:\/\/www.theasset.com\/article\/47566\/globeleq-to-build-operate-green-hydrogen-facility-in-egypt\">The Asset<\/a>. The publication says that the pilot phase will use a 100 MW electrolyser, equalling the size of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">Scatec-Orascom Construction-Fertiglobe plant<\/a> which <a href=\"https:\/\/www.rechargenews.com\/energy-transition\/worlds-largest-green-hydrogen-project-with-100mw-electrolyser-set-to-be-built-in-egypt\/2-1-1104709\">was said<\/a> to be the world\u2019s largest green hydrogen plant when it was announced last year. When fully operational, the plant will feature 3.6 GW of electrolyzers powered by 9 GW of solar and wind power generation, the publication says.<\/p>\n<p><strong>Background:<\/strong> Globeleq <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4ab5ebab-55a1-4a68-97a3-0f02e5b4e147\">signed an MoU<\/a> late last month to establish the plant, which the Suez Canal Economic Zone said would produce 2 mn tons of green hydrogen once fully operational, with 55k tons produced during the trial phase. The plant is set to come online in 2026.<\/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\/chevron\/\">Chevron<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eni\/\">Eni<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/europe\/\">Europe<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/globeleq\/\">Globeleq<\/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\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549203\" 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=\"549203\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">6<\/div>\r\n\r\n                    <p class=\"f-graphik\">Energy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\">\r\n                            Capricorn cuts Egypt production forecasts on rig delays                        <\/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\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\" 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\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/')\">\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\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\">\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=Capricorn cuts Egypt production forecasts on rig delays&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\">\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\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/&title=Capricorn cuts Egypt production forecasts on rig delays\">\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=Capricorn+cuts+Egypt+production+forecasts+on+rig+delays+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F07%2Fcapricorn-cuts-egypt-production-forecasts-on-rig-delays%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\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549204\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/capricorn-cuts-egypt-production-forecasts-on-rig-delays\/149-jpg-4\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"149.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/149.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549203\" class=\"content-area-description single-story post-549203 post type-post status-publish format-standard has-post-thumbnail hentry category-energy tag-capricorn-energy tag-energy tag-enterpriseam tag-ma-watch tag-oil-and-gas tag-tullow wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Capricorn\u2019s entry to Egypt hasn\u2019t quite gone to plan:<\/strong> Capricorn Energy has lowered its full-year production forecasts in Egypt due to \u201clogistics and commissioning delays,\u201d the London-listed oil and gas company said in its latest <a href=\"https:\/\/ent.news\/2022\/9\/Capricorn-1H-2022-report.pdf\">earnings release (pdf)<\/a>. Issues bringing two rigs online mean that the company now expects to produce 33k-36k barrels of oil equivalent per day this year, down from its previous 37k-43k boe\/d estimate.<\/p>\n<p><strong>The company\u2019s also going to be spending less than planned:<\/strong> Capricorn expects to spend USD 100-105 mn on its Egypt exploration and production operations this year, down from its initial USD 120-135 mn forecast at the start of the year.<\/p>\n<p><strong>Capricorn is a relative newcomer to Egypt:<\/strong> Formerly known as Cairn, Capricorn entered Egypt for the first time in 2021 when it teamed up with local firm Cheiron to acquire Shell\u2019s Western Desert assets.<\/p>\n<p><strong>It might be about to cancel its engagement with Tullow:<\/strong> Capricorn is looking for alternatives to the contentious <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8243aacf-0536-4e50-9b1f-5d1e88971933\">plan to merge<\/a> with Tullow Oil, saying in the release that it is in talks with other undisclosed parties that have shown an interest. The merger has <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/91191b64-74c4-49d6-80dd-3260bd490ab2\">received backlash<\/a> from investors who argue that Tullow\u2019s offer undervalues Capricorn.<\/p>\n<p><strong>But it\u2019s not ruling anything out: <\/strong>Capricorn believes that a merger with Tullow can produce \u201csignificant long-term value for shareholders.\u201d<\/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\/capricorn-energy\/\">Capricorn Energy<\/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\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tullow\/\">Tullow<\/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=\"549205\" 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=\"549205\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/549205\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549205\" class=\"content-area-description single-story post-549205 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/whatsnext.enterprise.press\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2021\/12\/New-Banners-English-v2_1600-text-1.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549206\" 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=\"549206\">\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\">Commodities<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/ukrainian-wheat-shipment-gets-the-greenlight-to-head-for-egypt\/\">\r\n                            Ukrainian wheat shipment gets the greenlight to head for Egypt                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/ukrainian-wheat-shipment-gets-the-greenlight-to-head-for-egypt\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/ukrainian-wheat-shipment-gets-the-greenlight-to-head-for-egypt\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/ukrainian-wheat-shipment-gets-the-greenlight-to-head-for-egypt\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Ukrainian wheat shipment gets the greenlight to head for Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/ukrainian-wheat-shipment-gets-the-greenlight-to-head-for-egypt\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/ukrainian-wheat-shipment-gets-the-greenlight-to-head-for-egypt\/&title=Ukrainian wheat shipment gets the greenlight to head for 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=Ukrainian+wheat+shipment+gets+the+greenlight+to+head+for+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F07%2Fukrainian-wheat-shipment-gets-the-greenlight-to-head-for-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\/07\/ukrainian-wheat-shipment-gets-the-greenlight-to-head-for-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549206\" class=\"content-area-description single-story post-549206 post type-post status-publish format-standard hentry category-commodities tag-commodities tag-enterpriseam tag-russia tag-supply-ministry tag-ukraine tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Egypt might finally be getting hold of Ukrainian wheat it bought in December: <\/strong>Egypt has agreed to receive a new 63k-ton shipment of Ukrainian wheat, a move that could pave the way for the country to finally receive wheat bought prior to the Russia-Ukraine war, <a href=\"https:\/\/www.mena.org.eg\/ar\/news\/dbcall\/table\/textnews\/id\/9757867\">MENA<\/a> reported, citing statements from Supply Minister Ali El Moselhy.<\/p>\n<p><strong>This is likely a replacement shipment: <\/strong>Two people familiar with the matter told <a href=\"https:\/\/www.reuters.com\/article\/idUSKBN2Q718O\">Reuters<\/a> that Egypt has been in talks with the supplier for a replacement shipment amid continued delays releasing the vessel. One source said the shipment referred to by the minister is the replacement.<\/p>\n<p><strong>What\u2019s the hold-up?<\/strong> State grain buyer GASC purchased the wheat in a tender back in December, but the cargo has been trapped in Ukraine since Russia invaded the country in late February. The shipment has remained stuck even after Kyiv resumed wheat exports in July after Ukrainian authorities <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/df6c9f76-c51a-4b64-a1d9-c4f2100d0502\">detained the ship<\/a> on suspicion of the owner having Russian links. Ukrainian officials said last month that they are trying to expedite its release but the ship remains at port.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/supply-ministry\/\">Supply Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"549207\" 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=\"549207\">\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\">DEBT WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/three-local-banks-lend-tatweer-misr-egp-3-5-bn\/\">\r\n                            Three local banks lend Tatweer Misr EGP 3.5 bn                        <\/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\/07\/three-local-banks-lend-tatweer-misr-egp-3-5-bn\/\" 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\/07\/three-local-banks-lend-tatweer-misr-egp-3-5-bn\/')\">\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\/07\/three-local-banks-lend-tatweer-misr-egp-3-5-bn\/\">\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=Three local banks lend Tatweer Misr EGP 3.5 bn&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/three-local-banks-lend-tatweer-misr-egp-3-5-bn\/\">\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\/07\/three-local-banks-lend-tatweer-misr-egp-3-5-bn\/&title=Three local banks lend Tatweer Misr EGP 3.5 bn\">\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=Three+local+banks+lend+Tatweer+Misr+EGP+3.5+bn+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F07%2Fthree-local-banks-lend-tatweer-misr-egp-3-5-bn%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\/07\/three-local-banks-lend-tatweer-misr-egp-3-5-bn\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549207\" class=\"content-area-description single-story post-549207 post type-post status-publish format-standard hentry category-debt-watch tag-arab-african-international-bank tag-banque-misr tag-debt tag-debt-watch tag-enterpriseam tag-national-bank-of-egypt tag-real-estate tag-tatweer-misr wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Tatweer Misr has secured an EGP 3.5 bn financing agreement with the National <\/strong><strong>Bank of Egypt, AAIB, and Banque Misr<\/strong>, President and CEO Ahmed Shalaby told <a href=\"https:\/\/bit.ly\/3qhDvcw\">Hapi Journal<\/a>. The agreement will help finance the company\u2019s Il Monte Galala beachfront development in Ain Sokhna and its Bloomfields residential compound in New Cairo, our source said. Tatweer Misr has been in talks to secure the loan since <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ed9dfc6e-cb0e-447f-b22e-44d2bdef5f58\">November.<\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-african-international-bank\/\">Arab African International Bank<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banque-misr\/\">Banque Misr<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/\">debt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/debt-watch\/\">debt watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-bank-of-egypt\/\">National Bank of Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/real-estate\/\">real estate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tatweer-misr\/\">Tatweer Misr<\/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=\"549208\" 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=\"549208\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/549208\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549208\" class=\"content-area-description single-story post-549208 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_IDEAS_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549209\" 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=\"549209\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/madbouly-govt-to-offer-new-tax-breaks-for-high-value-industries-wont-change-course-on-expensive-national-projects-despite-economic-headwinds\/\">\r\n                            Madbouly: Gov\u2019t to offer new tax breaks for high-value industries + won\u2019t change course on expensive national projects despite economic headwinds                        <\/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\/07\/madbouly-govt-to-offer-new-tax-breaks-for-high-value-industries-wont-change-course-on-expensive-national-projects-despite-economic-headwinds\/\" 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 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<\/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\/07\/madbouly-govt-to-offer-new-tax-breaks-for-high-value-industries-wont-change-course-on-expensive-national-projects-despite-economic-headwinds\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549209\" class=\"content-area-description single-story post-549209 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-enterpriseam tag-industrial-development-authority tag-industry tag-investment-watch tag-last-nights-talk-shows tag-moustafa-madbouly tag-tax 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>It was a slow night on the airwaves, with the talking heads focusing on a speech <\/strong><strong>given by Prime Minister Moustafa Madbouly at Fayoum yesterday<\/strong> (<a href=\"https:\/\/www.youtube.com\/watch?v=VFXQTviSgKQ\">watch, runtime: 25:43<\/a>). The presser got coverage from Kelma Akhira, Masaa DMC, Al Hayah Al Youm, Ala Mas\u2019ouleety among others. Here are the highlights:<\/p>\n<p><strong>More tax breaks for high-value manufacturing: <\/strong>Cabinet is considering new incentives to attract investment in advanced industries including electric-vehicle assembly, Madbouly said. Under the plans, companies investing in target industries could see their tax bill slashed by 70%. The government is also considering amending the 2017 Investment Law to extend incentives set to expire in 2023 for an additional five years, he said.<\/p>\n<p><strong>The IDA is getting its act together on licensing:<\/strong> Some 20k industrial licenses have been issued by the Industrial Development Authority (IDA) since the introduction of a new system over the summer to speed up the licensing process, Madbouly said. The new system sees licenses issued within no more than 20 days.<\/p>\n<p><strong>No turning back on mega-projects:<\/strong> The PM insisted that the government has no choice but to continue on with expensive national projects in response to calls for their suspension amid soaring inflation and rising economic headwinds. \u201cWe\u2019re talking here about a state that is being built. If such projects are not implemented [in the current period], it will be implemented later at double the cost,\u201d he said.<\/p>\n<p><strong>The National Dialogue still got attention on the talk shows<\/strong>, with Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=7ZU2NmvUcpY\">watch,<\/a><a href=\"https:\/\/www.youtube.com\/watch?v=7ZU2NmvUcpY\">runtime: 10:30<\/a>) and Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=7ZU2NmvUcpY\">watch, runtime: 6:40<\/a>) both covering Monday\u2019s board meeting that selected several rapporteurs to the political, economic and social committees<\/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\/industrial-development-authority\/\">Industrial Development Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/industry\/\">industry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/last-nights-talk-shows\/\">LAST NIGHT\u2019S TALK SHOWS<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n  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src=\"https:\/\/ent.news\/internal\/110691.svg\" alt=\"\">\r\n                    <\/a>\r\n                    <span>Driving growth<\/span>\r\n                <\/div>\r\n            <\/div>\r\n            <\/div><\/div><\/div>\r\n        <\/div><div class=\"stk-block-carousel__buttons\"><button class=\"stk-block-carousel__button stk-block-carousel__button__prev\" aria-label=\"Previous slide\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"fas\" data-icon=\"chevron-left\" class=\"svg-inline--fa fa-chevron-left\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 320 512\" width=\"32\" height=\"32\"><path d=\"M34.52 239.03L228.87 44.69c9.37-9.37 24.57-9.37 33.94 0l22.67 22.67c9.36 9.36 9.37 24.52.04 33.9L131.49 256l154.02 154.75c9.34 9.38 9.32 24.54-.04 33.9l-22.67 22.67c-9.37 9.37-24.57 9.37-33.94 0L34.52 272.97c-9.37-9.37-9.37-24.57 0-33.94z\"><\/path><\/svg><\/button><button class=\"stk-block-carousel__button stk-block-carousel__button__next\" aria-label=\"Next 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         \"\r\n            id=\"549211\">\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\">EGYPT IN THE NEWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/a-quiet-morning-in-the-foreign-press-2\/\">\r\n                            A quiet morning in the foreign press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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          <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=A+quiet+morning+in+the+foreign+press+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F07%2Fa-quiet-morning-in-the-foreign-press-2%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\/07\/a-quiet-morning-in-the-foreign-press-2\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549211\" class=\"content-area-description single-story post-549211 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p>Slow doesn\u2019t begin to describe the amount of attention Egypt is getting internationally this morning. Not that we\u2019re complaining.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549212\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549213\" 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=\"549213\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">11<\/div>\r\n\r\n                    <p class=\"f-graphik\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/investors-have-a-week-to-get-their-money-back-from-ghazl-el-mahalla\/\">\r\n                            Investors have a week to get their money back from Ghazl El Mahalla                        <\/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\/07\/investors-have-a-week-to-get-their-money-back-from-ghazl-el-mahalla\/\" 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\/07\/investors-have-a-week-to-get-their-money-back-from-ghazl-el-mahalla\/')\">\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\/07\/investors-have-a-week-to-get-their-money-back-from-ghazl-el-mahalla\/\">\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=Investors have a week to get their money back from Ghazl El Mahalla&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/investors-have-a-week-to-get-their-money-back-from-ghazl-el-mahalla\/\">\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\/07\/investors-have-a-week-to-get-their-money-back-from-ghazl-el-mahalla\/&title=Investors have a week to get their money back from Ghazl El Mahalla\">\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=Investors+have+a+week+to+get+their+money+back+from+Ghazl+El+Mahalla+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F07%2Finvestors-have-a-week-to-get-their-money-back-from-ghazl-el-mahalla%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\/07\/investors-have-a-week-to-get-their-money-back-from-ghazl-el-mahalla\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549213\" class=\"content-area-description single-story post-549213 post type-post status-publish format-standard hentry category-also-on-our-radar tag-also-on-our-radar tag-enterpriseam tag-ghazl-el-mahalla tag-ipo-watch 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_408146\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408144.svg\" alt=\"\" class=\"wp-image-408144\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Would-be investors in Ghazl El Mahalla have a week to cancel their<\/strong> <strong>orders<\/strong> following the club\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8bf3e0e2-6738-4499-bbf6-9d58c11f317f\">failed IPO<\/a>, according to an <a href=\"https:\/\/ent.news\/2022\/9\/Ghazl-El-Mahalla-IPO-announcement-5-9-22.pdf\">EGX bulletin (pdf)<\/a>. The 500 retail investors who subscribed to the offering have the option to pull their money or remain on board as private shareholders until the club gives the IPO another shot. Just 18% of the 98 mn shares in the retail component were covered in a subscription period that lasted more than two months.<\/p><p><strong>Ghazl El Mahalla hasn\u2019t thrown in the towel just yet: <\/strong>The firm plans to wait until mid-2023 until trying again, Mohamed Maher, CEO of IPO bookrunner Prime Holdings, told us previously. \u201cWe may change our strategy next time and include a strategic investor,\u201d he said.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/also-on-our-radar\/\">ALSO ON OUR RADAR<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ghazl-el-mahalla\/\">Ghazl El Mahalla<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549214\" 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=\"549214\">\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\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/\">\r\n                            US equities are still holding up + Porsche looks set to IPO this fall                        <\/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\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/\" 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\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/')\">\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\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/\">\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=US equities are still holding up + Porsche looks set to IPO this fall&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/\">\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\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/&title=US equities are still holding up + Porsche looks set to IPO this fall\">\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=US+equities+are+still+holding+up+%2B+Porsche+looks+set+to+IPO+this+fall+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F07%2Fus-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall%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\/07\/us-equities-are-still-holding-up-porsche-looks-set-to-ipo-this-fall\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549214\" class=\"content-area-description single-story post-549214 post type-post status-publish format-standard hentry category-planet-finance tag-automotive tag-cryptocurrency tag-enterpriseam tag-equities tag-ernst-young tag-financial-markets tag-planet-finance tag-social-media tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_408150\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408151.svg\" alt=\"\" class=\"wp-image-408151\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><a class=\"content-anchor\" id=\"tldr-story-08\"><\/a> <strong>US equities are the best of a bad bunch amid global turmoil: <\/strong>Investors are still piling into US stocks despite their weak performance as they seek a safe haven from even rockier international markets, the <a href=\"https:\/\/www.wsj.com\/articles\/investors-are-pouring-into-u-s-stocks-to-avoid-greater-turbulence-overseas-11662421967?mod=hp_lead_pos2\">Wall Street Journal<\/a> reports. US equity-focused stock and mutual funds saw net inflows in four of the past six weeks, according to Refinitiv data cited by the WSJ. By contrast, investors have been pulling out of international stock funds for 20 consecutive weeks \u2014 the longest streak of outflows in almost three years. \u201cThe US looks the least challenged in a very challenging world,\u201d said Christopher Smart, chief global strategist at Barings.<\/p><p><strong>Porsche could go public in what could be one of the world\u2019s biggest IPOs this <\/strong><strong>year: <\/strong>Volkswagen plans to float a 25% stake in its iconic sports car brand Porsche on the Frankfurt exchange later this month or early October, the carmaker said in a <a href=\"https:\/\/newsroom.porsche.com\/en\/2022\/company\/porsche-ag-possible-initial-public-offering-listing-29627.html\">statement.<\/a> The IPO could value Porsche at some USD 60-85 bn, making it the the largest in Europe since 1999 and among the biggest in German history, <a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/porsche-ipo-plans-progressing-no-decision-yet-vw-cfo-2022-09-05\/\">Reuters<\/a> reports, citing data from Refinitiv. <strong>The Qatari sovereign fund could come onboard as a cornerstone investor<\/strong> and is eyeing a 4.99% stake, according to the newswire.<\/p><p><strong>Don\u2019t get too excited: <\/strong>The listing remains subject to market conditions \u2014 which haven\u2019t been too great recently. Sources close to the negotiations told Reuters the sale could be extended or pulled if investor interest is weak.<\/p><p><strong>ALSO IN PLANET FINANCE-<\/strong><\/p><ul>\n<li><strong>Accounting giant Ernst &amp; Young is expected to approve this week a <\/strong><strong>breakup plan<\/strong> splitting its auditing and consulting firms. (<a href=\"https:\/\/www.wsj.com\/articles\/ernst-young-leaders-expected-to-approve-plan-to-split-accounting-company-11662404933\">WSJ<\/a>)<\/li>\n<li><strong>Instagram handed large fine for privacy violations: <\/strong>Irish regulators have levied a record EUR 405 mn fine against Instagram over mishandling children\u2019s data. (<a href=\"https:\/\/www.wsj.com\/articles\/instagram-fined-402-million-in-eu-for-allegations-of-mishandling-childrens-data-11662398050\">WSJ<\/a>)<\/li>\n<\/ul><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,330<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: -13.6%)<\/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>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.18<\/p>\n<\/td>\n<td>\n<p>Sell 19.29<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at C<\/strong><strong>I<\/strong><strong>B<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.21<\/p>\n<\/td>\n<td>\n<p>Sell 19.27<\/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>11,995<\/p>\n<\/td>\n<td>\n<p>-0.9% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,663<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,396<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: +6.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,908<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: -18.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,300<\/p>\n<\/td>\n<td>\n<p>+0.2% (YTD: -1.1%)<\/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>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,500<\/p>\n<\/td>\n<td>\n<p>+0.3% (YTD: -1.86%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.91<\/p>\n<\/td>\n<td>\n<p>-3.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.15<\/p>\n<\/td>\n<td>\n<p>-7.3%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,712.90<\/p>\n<\/td>\n<td>\n<p>-0.6%<\/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 18,985<\/p>\n<\/td>\n<td>\n<p>-3.9% (YTD: -58.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 1.5% at yesterday\u2019s close<\/strong> on turnover of EGP 1.90 bn (53.6% above the 90-day average). Local investors were net buyers, with market chatter suggesting locals are positioning themselves in names they think will benefit what they hope is a market rally after the announcement of an IMF assistance package. The index is down 13.6% YTD.<\/p><p><strong>In the green: <\/strong>Fawry (+7.6%), Elsewedy Electric (+5.0%) and Heliopolis Housing (+4.0%).<\/p><p><strong>In the red: <\/strong>Eastern Company (-1.3%), Rameda (-1.1%) and Telecom Egypt (-1.0%).<\/p><p><strong>Asian markets are solidly in the red this morning<\/strong> with the singular exception of Shanghai, where shares are clinging to modest gains. <a href=\"https:\/\/www.cnbc.com\/2022\/09\/07\/asia-pacific-markets-ahead-of-fed-beige-book-release.html\">CNBC says<\/a> investors to our east are holding in place in anticipation of today\u2019s release of the so-called <a href=\"https:\/\/www.federalreserve.gov\/monetarypolicy\/beige-book-default.htm\">Beige Book<\/a> \u2014 the US Federal Reserve\u2019s summary of current economic conditions. Futures suggest shares in Europe, the US and Canada will all open in the red later today, with only Paris\u2019 CAC 40 bucking the trend.<\/p>\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/automotive\/\">automotive<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/equities\/\">equities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ernst-young\/\">Ernst &amp; Young<\/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\/social-media\/\">social media<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549215\" 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=\"549215\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">13<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/egypt-delegation-walks-out-of-arab-league-meeting-in-protest-of-libya-government\/\">\r\n                            Egypt delegation walks out of Arab League meeting in protest of Libya government                        <\/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\/07\/egypt-delegation-walks-out-of-arab-league-meeting-in-protest-of-libya-government\/\" 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\/07\/egypt-delegation-walks-out-of-arab-league-meeting-in-protest-of-libya-government\/')\">\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\/07\/egypt-delegation-walks-out-of-arab-league-meeting-in-protest-of-libya-government\/\">\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 delegation walks out of Arab League meeting in protest of Libya government&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/07\/egypt-delegation-walks-out-of-arab-league-meeting-in-protest-of-libya-government\/\">\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\/07\/egypt-delegation-walks-out-of-arab-league-meeting-in-protest-of-libya-government\/&title=Egypt delegation walks out of Arab League meeting in protest of Libya government\">\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+delegation+walks+out+of+Arab+League+meeting+in+protest+of+Libya+government+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F07%2Fegypt-delegation-walks-out-of-arab-league-meeting-in-protest-of-libya-government%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\/07\/egypt-delegation-walks-out-of-arab-league-meeting-in-protest-of-libya-government\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549215\" class=\"content-area-description single-story post-549215 post type-post status-publish format-standard hentry category-diplomacy tag-abdel-fattah-el-sisi tag-algeria tag-arab-league tag-diplomacy tag-enterpriseam tag-mahmoud-abbas tag-palestine tag-politics wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Drama at the Arab League:<\/strong> Egyptian diplomats led by Foreign Minister Sameh Shoukry walked out of an Arab League session chaired by the foreign minister of the Tripoli-based government in Libya, state-run <a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/1\/1234\/475536\/Egypt\/Foreign-Affairs\/UPDATED-Egypt-withdraws-from-th-session-of-Arab-Le.aspx\">Ahram Online<\/a> reports, citing statements by FM spokesman Ahmed Abu Zeid to MENA. Egypt backs the rival eastern administration led by Fathy Bashagha, who was appointed the country\u2019s prime minister by the House of Representatives following failed elections last year.<\/p>\n<p><strong>ALSO IN DIPLOMACY-<\/strong> President Abdel Fattah El Sisi held talks with his Palestinian counterpart <a href=\"https:\/\/bit.ly\/3cOTEmu\">Mahmoud Abbas<\/a> and Algerian Foreign Minister <a href=\"https:\/\/www.facebook.com\/Egy.Pres.Spokesman\/posts\/pfbid02NaSwDWhFEdFaMHoFkQhdMHqN9zxrVt7genZNbBQtXSHZUu5ZQnMNqqVSv6m28KYMl\">Ramtane Lamamra<\/a> yesterday. Statements from Ittihadiya were light on details.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/abdel-fattah-el-sisi\/\">Abdel Fattah El Sisi<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/algeria\/\">Algeria<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/arab-league\/\">Arab League<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-abbas\/\">Mahmoud Abbas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/palestine\/\">Palestine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull hardhat vertical-section wide-section wp-block-group issue-section\" id=\"549216\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27467.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep-dive into infrastructure in Egypt.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27479.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Wednesday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/hardhat\/\">\r\n                            Read Hardhat                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">13<\/div>\r\n    \r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/electric-and-gas-utilities-players-give-their-two-cents-on-the-states-privatization-plan\/\"> \r\n                            Electric and gas utilities players give their two cents on the state\u2019s privatization plan<\/a>\r\n                        <\/h3>\r\n    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/hardhats\/electric-and-gas-utilities-players-give-their-two-cents-on-the-states-privatization-plan\/\" 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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Stakeholders in the electric and gas utility industries gathered <a href=\"http:\/\/eparticipation.idsc.gov.eg\/calendarDetails\/78\">late last month<\/a> to share their thoughts on what the sector needs and to lay out recommendations on how to bring the private sector on board.<\/p>\n<p><strong>The takeaway: <\/strong>There is plenty of potential for private sector players to enter the sector \u2014 particularly in renewable energy, EV charging stations and green hydrogen \u2014 but most industry players agree the government should still have a hand in electricity distribution and pricing mechanisms that take socioeconomic conditions into account.<\/p>\n<p><strong>A refresher on the state\u2019s privatization drive:<\/strong> Every Sunday and Tuesday, workshops are held as part of a series of public consultations over the policy document \u2014 which lays out privatization plans on specific industries. These come as the government seeks to widen private sector involvement in the economy over the next three years, and aims to draw new investments worth some USD 40 bn over the next four by selling stakes in state-owned assets to local and international investors. You can refresh your memory of what went down with the <a href=\"https:\/\/enterprise.press\/industries\/pharma-players-want-revised-pricing-scheme-incentives-ramp-investments\/\">pharma industry<\/a>, <a href=\"https:\/\/enterprise.press\/industries\/fmcg-players-think-states-privatization-plans-merit-want-see-additional-clarity-changes\/\">FMCG players<\/a>, <a href=\"https:\/\/enterprise.press\/industries\/textiles-garment-manufacturers-weigh-privatization-plans\/\">textiles and garment manufacturers<\/a>, and the <a href=\"https:\/\/enterprise.press\/blackboards\/education-sector-thinks-governments-privatization-strategy\/\">education<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7149102f-bbfc-4752-b231-ac65456839b0\">higher education<\/a> industries in our previous coverage.<\/p>\n<p><strong>Some think the door is wide open to the private sector: <\/strong>Private sector electricity and gas utility companies \u2014 there are at least 56 of them in the country \u2014 are welcome to invest in the industry while the government regulates their activities, Nassim Youssef, a member of the engineering industries division at the <strong>Federation of Egyptian Industries (FEI)<\/strong> told Enterprise. There\u2019s a clear distinction between state-owned enterprises and private companies in terms of their operations, Youssef says, which is why we\u2019ve been seeing lots of private investment in the sector come in over the past couple of years.<\/p>\n<p><strong>But the private sector wants to see more incentives: <\/strong>When it comes to the production, transmission, and distribution of electricity, private sector players want to see more lucrative incentives offered from the government, Ahmed Megahed, a representative from <strong>MEG<\/strong> told us. This is especially important for those looking to get into solar power generation and EV battery manufacturing, Megahed said. We need a comprehensive system in place for the private sector to produce and distribute electricity, especially in renewable energy, <strong>Infinity<\/strong>\u2019s Hesham El Gamal told us.<\/p>\n<p><strong>Locally manufactured electrical equipment could be a good entry point for private sector players: <\/strong>Locally manufacturing electrical equipment \u2014 which includes things like electrical meters to e-payment services -\u2013 really needs more private investment, Hossam Afifi, president of <strong>North Cairo Electricity Distribution<\/strong>, tells us. This view is shared by other industry insiders like Sherif Zohair, head of the Egyptian Electric Utility & Consumer Protection Regulatory Agency (<strong>Egyptera<\/strong>), who noted that the Energy Act gave the private sector wider access to energy production and distribution, as well as building out network infrastructure such as manufacturing and setting up distribution cables.<\/p>\n<p><strong>New cities might also be a good place for the private sector to get involved:<\/strong> The private sector is also already involved in electricity production and distribution \u2014 especially in new cities and the new administrative capital, Zohair says. But there remains a wealth of potential avenues for the private sector to get involved in electricity distribution in new cities, Basma Amer, director of the electricity division at <strong>Encom Energy<\/strong> told us. Private sector players are capable of efficiently managing electricity distribution services in new urban areas, Amer adds. This kind of arrangement would support government efforts to provide stable electrical power to dense urban areas, she explained.<\/p>\n<p><strong>Bill collection could also be a sub-sector that private sector companies get into<\/strong>, <strong>Enjaz Energy<\/strong> Chairman Said Azzouz said.<\/p>\n<p><strong>The electricity distribution market is quite lucrative right now,<\/strong> Ahmed Nady, director of operations at <strong>Epower<\/strong>, told us. That\u2019s because private sector companies are currently capable of managing electricity and gas distribution for homes and vehicles, Mohamed Zakaria, vice president of <strong>Taqa Arabia<\/strong> explained.<\/p>\n<p><strong>So is supplying natural gas: <\/strong>Supplying natural gas to vehicles through extending stations\u2019 supply lines, building new stations or simply securing the rights to operate them are increasingly attractive areas of investment for private sector players, <strong>Gastec<\/strong> President Abdel Fattah Farahat tells us.<\/p>\n<p><strong>And there\u2019s room for state-owned enterprises and private companies to work together:<\/strong> Public-private partnerships in municipal natural gas distribution are already in play, <strong>Gasco<\/strong> president, Yasser Salah El Din, says, but government investment in natural gas distribution is still needed. The sentiment is shared by <strong>EGAS<\/strong> Vice President Ashraf Habib, who says that while private sector players are key partners in natural gas extraction and distribution as well as production of other gas derivatives, the government should maintain its role in transporting gas.<\/p>\n<p><strong>A PPP setup would be particularly beneficial from a cost and efficiency perspective:<\/strong> The costs of building out cable networks and electricity distribution companies are hefty \u2014 and often too big for private companies, <strong>Elsewedy Cables<\/strong> Vice President for Projects Ashraf Ahmed told us. It would therefore be a more efficient setup for the government to invest in the infrastructure and then bring in private sector companies through a PPP framework to increase the efficiency of the network. Private sector companies could also help remedy inefficiencies in the overall system by taking charge of electricity generation through a usufruct framework, Ahmed suggests.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top infrastructure stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>A bidding round for Borg El Arab dry port? <\/strong>A consortium led by Alpha Capital is reportedly among companies <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/39356d9f-2a75-4f1a-8b51-4282f2622a10\">planning to submit<\/a> an offer in October to establish, operate and manage the dry port at Borg El Arab at an investment cost of USD 180 mn.<\/li>\n<li><strong>It\u2019s going to get easier today for owners of overseas yachts to pitch up in Egypt:<\/strong> The Transport Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fef0998d-6737-4708-a4ed-777c791ea946\">is launching<\/a> its one-stop-shop for yacht owners to get the permits they need to come to Egypt and moor at marina\u2019s across the country.<\/li>\n<\/ul>\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\/energy\/\">energy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oil-and-gas\/\">oil and gas<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/public-private-partnership\/\">public-private partnership<\/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\/state-owned-enterprises\/\">state-owned enterprises<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"549218\" 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\/07\/549218\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549218\" class=\"content-area-description single-story post-549218 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>5-8 September (Monday-Thursday): <a href=\"https:\/\/www.gastechevent.com\/\">Gastech 2022<\/a>, Milan, Italy.<\/p>\n<p>6-9 September (Tuesday-Friday): <a href=\"https:\/\/www.gattravelexpo.com\/\">Gate Travel Expo 2022<\/a>, 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>10 September (Saturday): National Dialogue board meeting to name 30 rapporteurs and assistant rapporteurs for 15 political, social and economic subcommittees.<\/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>12 September (Monday): Consoleya will host a Business Meet-up by Cairo Angels, which will focus on Nigeria\u2019s tech ecosystem.<\/p>\n<p>12-13 September (Monday-Tuesday): Cityscape holds its <a href=\"https:\/\/www.cityscapeegypt.com\/en\/conference-zone\/Conference-Overview.html\">first pre-summit<\/a> ahead of the main annual exhibition.<\/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>15 September (Thursday): The <a href=\"https:\/\/hapijournal.com\/?p=204835\">deadline for receiving<\/a> offers for the renovation of the historic Grand Continental Hotel.<\/p>\n<p>15 September (Thursday): The first <a href=\"https:\/\/www.gecf.org\/events\/gecf-to-organise-coordination-meeting-drive-collective-solution-ahead-of-cop-27-\">Gas Exporting Countries Forum<\/a> Coordination Meeting in the Run-up to COP 27.<\/p>\n<p>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>19-22 September (Monday-Thursday): EFG Hermes One on One Conference, Dubai.<\/p>\n<p>20 September (Tuesday): Fifth Egypt and UN-led regional climate roundtable ahead of COP27, Geneva, Switzerland.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>22 September (Thursday): Deadline to submit prequalification applications for companies interested in submitting a proposal for sea water desalination projects<\/p>\n<p>25-27 September (Sunday-Tuesday) A delegation of executives at Egyptian real estate companies visit Saudi Arabia to present developers with potential investments in Egypt\u2019s real estate sector.<\/p>\n<p>26\u201327 September (Monday-Tuesday): The <a href=\"https:\/\/www.awieforum.org\/\">Africa Women Innovation and Entrepreneurship Forum (AWIEF)<\/a> at the Cairo Marriott Hotel.<\/p>\n<p>27-29 September (Tuesday-Thursday): <a href=\"https:\/\/invest-renewables.africa\/\">Africa Renewables Investment Summit<\/a> (ARIS), Cape Town, South Africa.<\/p>\n<p>28-29 September (Wednesday-Thursday): The sixth edition of <a href=\"https:\/\/www.events.fintechrobos.com\/\">Arab Pensions and Social Ins. Conference<\/a> in Sharm El Sheikh.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: House of Representatives reconvenes after summer recess<\/p>\n<p>October: Air Sphinx, EgyptAir\u2019s low-cost subsidiary to <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=25062022&id=06c1fc4b-9551-4f6c-a782-70bdec4b30f0\">commence operations<\/a>.<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 October (Saturday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>1 October (Saturday): Start of 2022-2023 school year.<\/p>\n<p>1 October (Saturday): 2022- 2023 academic year begins for public universities.<\/p>\n<p>4-8 October (Tuesday-Saturday): The Chemical and Fertilizers Export Council of the Trade and Industry Ministry is organizing <a href=\"https:\/\/bit.ly\/3Q6Gkr7\">a trade mission to Kenya<\/a>.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>10-16 October (Monday-Sunday): <a href=\"https:\/\/www.imf.org\/en\/About\/Factsheets\/Annual-Spring-Meetings\">World Bank and IMF annual meetings<\/a>, Washington, DC.<\/p>\n<p>15 October (Saturday): Cairo Metro will launch a global tender for maintenance work on the power stations and overhead catenary system of Line 1.<\/p>\n<p>16-19 October (Sunday-Wednesday): <a href=\"https:\/\/www.cairowaterweek.eg\/\">Cairo Water Week 2022<\/a>, Nile Ritz Carlton, Cairo.<\/p>\n<p>18-20 October (Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October-14 November: 3Q2022 earnings season.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Arab League annual summit, Algiers, Algeria.<\/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 \u2013 15 May: 1Q2023 earnings season.<\/p>\n<p><strong>MAY 2023<\/strong><\/p>\n<p>1 May (Monday): Labor Day.<\/p>\n<p>4 May (Thursday) National holiday in observance of Labor Day (TBC).<\/p>\n<p>22-26 May (Monday-Friday): Egypt <a href=\"https:\/\/www.afdb.org\/en\/news-and-events\/press-releases\/african-development-bank-group-concludes-annual-meetings-governors-endorse-banks-vision-next-10-years-51974#:~:text=The%20new%20Board%20of%20Governors,from%2022%2D26%20May%202023.\">will host<\/a> the African Development Bank (AfDB) annual meetings in Sharm El Sheikh.<\/p>\n<p><strong>JUNE 2023<\/strong><\/p>\n<p>19-21 June (Monday-Wednesday) Egypt Infrastructure and Water Expo <a href=\"https:\/\/ent.news\/2022\/9\/Announcement__EGYPT_INFRASTRUCTURE_AND_WATER_EXPO_LAUNCHES_JUNE_2023.pdf\">debuts<\/a> at the Egypt International Exhibition Center.<\/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\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":549192,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549191","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"ba433e4c-8f66-4408-955f-34262eb61299","teaser":"","photo_url":"https:\/\/ent.news\/2022\/9\/11.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>It\u2019s official: Gov\u2019t is on board with a flexible exchange rate, Madbouly promises tax breaks for \u201chigh value\u201d industries - 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\/its-official-govt-is-on-board-with-a-flexible-exchange-rate-madbouly-promises-tax-breaks-for-high-value-industries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It\u2019s official: Gov\u2019t is on board with a flexible exchange rate, Madbouly promises tax breaks for \u201chigh value\u201d industries\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/its-official-govt-is-on-board-with-a-flexible-exchange-rate-madbouly-promises-tax-breaks-for-high-value-industries\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:32:25+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\/11.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\/its-official-govt-is-on-board-with-a-flexible-exchange-rate-madbouly-promises-tax-breaks-for-high-value-industries\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/its-official-govt-is-on-board-with-a-flexible-exchange-rate-madbouly-promises-tax-breaks-for-high-value-industries\/\",\"name\":\"It\u2019s official: Gov\u2019t is on board with a flexible exchange rate, Madbouly promises tax breaks for \u201chigh value\u201d industries - 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