{"id":549264,"date":"2022-09-11T04:00:37","date_gmt":"2022-09-11T04:00:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549264"},"modified":"2025-12-15T22:34:03","modified_gmt":"2025-12-15T22:34:03","slug":"meltdown-on-planet-startup-capiter-board-fires-founders-amid-allegations-of-financial-impropriety","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/meltdown-on-planet-startup-capiter-board-fires-founders-amid-allegations-of-financial-impropriety\/","title":{"rendered":"Meltdown on Planet Startup: Capiter board fires founders amid allegations of financial impropriety"},"content":{"rendered":"<section id=\"549266\" 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=\"549266\">\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\/11\/this-morning-meltdown-on-planet-startup-finmin-ends-fixed-customs-exchange-rate\/\">\r\n                            THIS MORNING: Meltdown on Planet Startup + FinMin ends fixed customs 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 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/this-morning-meltdown-on-planet-startup-finmin-ends-fixed-customs-exchange-rate\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549266\" class=\"content-area-description single-story post-549266 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-amcham tag-capiter tag-customs tag-economy tag-egp tag-enterpriseam tag-food-security tag-india tag-mahmoud-mohieldin tag-queen-elizabeth-ii tag-startups tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   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class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends, and welcome to a very busy Sunday in which the apparent <\/strong><strong>meltdown of Capiter is the only thing most people are talking about. <\/strong>The board of the high-profile B2B e-commerce startup said it had fired the company\u2019s two co-founders \u2014 who are also its CEO and COO \u2014 alleging the two brothers had failed to show up for meetings with representatives of the board.<\/p><p><strong>The news comes as Capiter\u2019s meltdown has been chronicled in near-real time <\/strong>through social media posts that have included allegations both conceivable and outlandish. <strong>Business failure is messy, but it doesn\u2019t mean that everyone is a crook<\/strong> (until proven otherwise).<\/p><p><strong>It is becoming a pile-on, and we\u2019d ask you to remember this: Building (or investing in, or <\/strong><strong>working at) <\/strong><strong>a new business is risky.<\/strong> All the more so if you\u2019re chasing scale, as the venture capital growth model demands. Businesses were failing long before VC investing was the \u201cthing.\u201d Consider the stats from the US of A: One in five new businesses fail in their first year. Half of all new businesses disappear from the face of the earth by year five. And about <strong>70% of businesses fail to make it to their 10th birthday.<\/strong> And that is in a country that has enough experience with entrepreneurism to have real small business funding products, experienced founders, and <em>meaningful <\/em>bankruptcy protection laws.<\/p><p>Presuming there has been no financial impropriety on the part of the Nouh brothers (a presumption we have to make until the contrary is proven): \u201c<strong>This would not even be a story in Silicon Valley \u2014 it would just be another Friday<\/strong>,\u201d venture investor Aly El Shalakany told us over the weekend.<\/p><p><strong>Capiter is the first high-profile Egyptian startup to publicly implode \u2014 it won\u2019t be the last. <\/strong>More companies will fail in the coming 6-12 months. Many of them are great businesses in the making, but will choke because of current market conditions in Egypt. Because they miss KPIs that would trigger new tranches of cash from VCs. And because funding for startups is drying up: VCs themselves have less money to invest because their limited partners are looking at much less risky assets. Others will fail because they were simply never good businesses to start with \u2014 companies with incompetent founders or dumb business models, for example.<\/p><p><strong>What should you do if you\u2019re running a startup now? First, don\u2019t panic. <\/strong>Second, think about what your staff, your investors, and your partners (suppliers and the like) need to hear. Write out a script for each, then have an all staff. Call all your investors. Reach out to your partners \u2014 in person if you can.<\/p><p><strong>Second, huddle with your core team and ask yourselves: What can we do to slash the <\/strong><strong>\u201cburn rate\u201d? <\/strong>Do we have a path to profitability? To becoming cashflow positive? It will mean growing much slower in the coming year \u2014 hell, it probably means getting smaller \u2014 but it will also mean you\u2019ll have a chance of reaching the other side, where you\u2019ll find yourself stronger (and with much less competition). <a href=\"https:\/\/enterprise.press\/whatsnexts\/startups-globally-urged-cut-spending-egyptian-startups\/\">We previously looked<\/a> at how local startups are tightening their belts by revisiting their growth trajectories, marketing activities and customer acquisition efforts.<\/p><p><strong>Lamees El Hadidi got it right last night: <\/strong>\u201cThis isn\u2019t the first company to collapse and won\u2019t be the last \u2026 especially in the current economic circumstances,\u201d adding that it would be a shame if others in the startup community were tarred as a result.<\/p><p><strong>The last word goes to serial founder <\/strong><strong><a href=\"https:\/\/twitter.com\/nagaty?lang=el\">Mohamed Nagaty<\/a><\/strong>, who says he thinks just 10-15% of startups survive. \u201cIt\u2019s okay for a company to collapse, and it\u2019s okay to see problems on the condition that this doesn\u2019t affect the entrepreneurship climate, which has brought in the USD equivalent of more than EGP 50 bn in the past 10 years,\u201d he told Amr Adib (<a href=\"https:\/\/www.youtube.com\/watch?v=EfhKrkNwT9A\">watch, runtime: 5:36<\/a>).<\/p><p><strong>^^ We have more in this morning\u2019s news well, below. <\/strong><\/p><hr class=\"grey-line\"><p><strong>Are we about to have an EEDC-ish gathering? <\/strong>Prime Minister Moustafa Madbouly will hold a meeting this week with the cabinet economic team, consultants and other experts, we\u2019re told. The PM is preparing for what state-owned Al Akhbar Al Youm says will be an economic conference at the end of this month.<\/p><p><strong>President Abdel Fattah El Sisi called for the economic conference last week<\/strong>, saying in a televised speech (<a href=\"https:\/\/www.youtube.com\/watch?v=nU0wFoJeaG4\">watch, runtime: 4:32<\/a>) that \u201cthere is a pressing need for an economic conference at which economic experts, business leaders, and investors can participate and exchange views. \u2026 I know that the National Dialogue has already formed a committee to discuss a host of economic issues, but I think we as a state are in need of a conference in which we can discuss pressing economic issues.\u201d<\/p><p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>MEANWHILE- There\u2019s no longer a fixed customs exchange rate<\/strong>, Finance Minister Mohamed Maait clarified to <a href=\"https:\/\/www.asharqbusiness.com\/article\/41515\">Bloomberg Asharq<\/a> last week after the Customs Authority announced that the USD would change hands at the border at EGP 19.31 from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f98aac81-039e-4fbd-800d-533cb4a17ccc\">EGP 18.65<\/a> in June. From now on, the customs USD price will fluctuate in line with the official exchange rate, the minister said, ending a six-month period of fixed rates <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d34fde27-bb5d-4393-8c4d-b149d636663d\">introduced following the devaluation of the EGP<\/a> in March.<\/p><p><strong>EGP WATCH-<\/strong> The EGP continued to slip on Thursday, hitting EGP 19.36 against the greenback from EGP 19.31 a day earlier. The currency has now fallen 22.7% against the USD since the devaluation in March.<\/p><hr class=\"grey-line\"><p><strong>HAPPENING THIS WEEK-<\/strong><\/p><p><strong>Our friend Dr. Mahmoud Mohieldin will join the good folks at AmCham<\/strong> for a luncheon tomorrow (Monday, 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. Non-members can <a href=\"https:\/\/www.amcham.org.eg\/events-activities\/events\/online-registration\/1444\">register to watch here<\/a>.<\/p><p><strong>Consoleya and Cairo Angels will host a business meet-up tomorrow<\/strong> focusing on Nigeria\u2019s tech ecosystem and how it compares with Egypt\u2019s startup scene. Tarek Shahin (CI Capital\u2019s chief investment officer), Biola Alabi Media CEO Biola Alabi, and Ibrahim Sagna (Afreximbank\u2019s global head of advisory and capital markets) and take part in a panel discussion moderated by Aly El Shalakany, CEO of the Cairo Angels Syndicate Fund.<\/p><p><strong>Domty deadline day:<\/strong> Shareholders in cheesemaker Domty have until Wednesday to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b8e0399-0d6a-459b-8d8b-cb9062c57f3a\">sell<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b8e0399-0d6a-459b-8d8b-cb9062c57f3a\">their shares<\/a> to Expedition Investments, as part of its mandatory tender offer for 34% of the company. Expedition sweetened the deal by upping its offer price by 10% last week, which we cover in more detail in this morning\u2019s news well, below.<\/p><p><strong>B Investments is going to have to make up its mind over TotalEnergies Egypt by <\/strong><strong>Thursday:<\/strong> The private equity player has the right to preempt <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b9feab20-0529-4fc8-b246-002709a00f77\">a bid<\/a> by Abu Dhabi energy giant Adnoc to acquire a 50% stake in the company, which expires on Thursday.<\/p><p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p><div class=\"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>SIGN OF THE TIMES- Food nationalism isn\u2019t over: <\/strong>India has imposed a 20% tax on various grades of rice exports, putting further pressure on countries in Asia and Africa already struggling with food insecurity caused by the war in Ukraine, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-08\/india-imposes-20-tax-on-some-rice-exports\">Bloomberg<\/a>.<\/p><p><strong>This isn\u2019t great news for Egypt<\/strong><strong>:<\/strong> India, which accounts for around 40% of the global rice trade, is one of Egypt\u2019s major rice suppliers and provided more than a quarter of the country\u2019s imports in 2020.<\/p><p><strong>IT\u2019S OFFICIAL- We\u2019re in talks with Saudi Arabia to host the 2030 World Cup<\/strong>. Egypt and Saudi Arabia are in discussions on mounting a joint bid for the tournament, Youth and Sports Ministry spokesman Mohamed Fawzy told local sports website <a href=\"https:\/\/bit.ly\/3eFMIZq\">FilGoal<\/a>, confirming a report by <a href=\"https:\/\/www.thetimes.co.uk\/article\/saudi-arabia-to-launch-2030-world-cup-bid-alongside-egypt-and-greece-cqwwnv9m7\">the UK Times<\/a> that was published after weeks of rumors in the local press. Fawzy made no mention of Greece, which was reported to be joining Egypt and Saudi Arabia in the bid.<\/p><p><strong>Things will look different the next time you visit the Giza Pyramids: <\/strong>The Tourism Ministry and Orascom Pyramids Entertainment \u2014 an Orascom Investment Holding subsidiary \u2014 have launched trial operations for the Giza Pyramids\u2019 new main entrance on Fayoum Road, along with seven visitors\u2019 centers, a restaurant complex, and an electric bus system, according to a cabinet <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02QgmM8gCLCvWo2grF7NyUj6hMM7HH5dvwbRCo9osSgoPBfrVixrqnEJTotwSPohyxl\">statement<\/a>. Some 1k electric cars and buses will offer tours on a trial basis, it read. The overhaul of the Pyramids Plateau area aims to boost tourism traffic to the pyramids to over 8 mn visitors annually. <strong>Check out our deep dive on the project <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/8a212826-13c4-4d98-a500-bf553abc89d4\">here<\/a><\/strong><strong>.<\/strong><\/p><hr class=\"grey-line\"><p><strong>THE BIG STORY ABROAD-<\/strong> <strong>Queen Elizabeth II \u2014 the UK\u2019s longest-serving <\/strong><strong>monarch <\/strong><strong>\u2014 died aged 96 on Thursday afternoon.<\/strong> The Queen saw 16 prime ministers come and go during her 70-year reign \u2014 during which time the country lost its empire, went through wars and economic crises, and both entered and left the EU. Her son, Charles, was officially proclaimed King Charles III yesterday, though his coronation ceremony is unlikely to happen before next year. The Queen\u2019s <a href=\"https:\/\/www.reuters.com\/world\/uk\/king-charles-be-proclaimed-monarch-historic-ceremony-2022-09-10\/\">state funeral<\/a> will be held on Monday, 19 September, at Westminster Abbey. It will also be a <a href=\"https:\/\/www.reuters.com\/world\/uk\/king-charles-approves-bank-holiday-day-state-funeral-2022-09-10\/\">bank holiday<\/a>. News of the Queen\u2019s death and reflections on her legacy have been everywhere in the global press for the past couple of days: <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-08\/live-updates-crowd-gathers-outside-buckingham-palace\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/d6de8846-a47b-4f3f-8aff-88bd439bd5ec\">FT<\/a> | <a href=\"https:\/\/www.bbc.com\/news\/uk-61585886\">BBC<\/a> | <a href=\"https:\/\/www.ap.org\/services\/live-and-location-services\/events\/queen-elizabeth-ii-dies\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/uk\/obituary-elizabeth-queen-who-moved-with-changing-world-2022-09-08\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/king-charles-iiis-reign-dawns-as-britain-mourns-loss-of-queen-elizabeth-ii-11662717437?mod=hp_trending_now_article_pos4\">WSJ<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/09\/10\/queen-elizabeth-death-king-charles-latest-updates\/?itid=hp-banner-high\">Washington Post<\/a> | <a href=\"https:\/\/time.com\/4619423\/queen-elizabeth-dies\/\">TIME<\/a> | <a href=\"https:\/\/www.theguardian.com\/uk-news\/live\/2022\/sep\/09\/queen-elizabeth-ii-death-king-charles-iii-funeral-mourning-coronation-latest-news-live-updates\">the Guardian<\/a>.<\/p><p><strong>President Abdel Fattah El Sisi offered his condolences to the UK in a <\/strong><strong><a href=\"https:\/\/twitter.com\/AlsisiOfficial\/status\/1567948327194591232?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1567948327194591232%7Ctwgr%5E93be026ecc643aeae4aa6f913059d0a868cd7e5a%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.egypttoday.com%2FArticle%2F1%2F118996%2FSisi-mourns-death-of-Queen-Elizabeth-II-asserts-resolve-to\">tweet<\/a><\/strong>, where he also expressed his confidence in King Charles\u2019 ability to \u201cfill the void\u201d left by the Queen\u2019s passing.<\/p><p><strong>Ukraine is making gains on the battlefield: <\/strong>A major Ukrainian offensive has caused thousands of Russian troops to withdraw from the Kharkiv region, with Russia confirming the retreat of its soldiers. (<a href=\"https:\/\/apnews.com\/article\/russia-ukraine-kyiv-world-news-kharkiv-e06b2aa723e826ed4105b5f32827f577?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_1\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-troops-raise-flag-over-railway-hub-advance-threatens-turn-into-rout-2022-09-10\/\">Reuters<\/a>)<\/p><hr class=\"grey-line\"><p><strong>** What\u2019s Next, our weekly deep dive into the trends and companies that are shaping the future of the business community, is on hiatus this week. <\/strong>Look for it to return next Sunday.<\/p>\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/amcham\/\">AmCham<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capiter\/\">Capiter<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/customs\/\">customs<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egp\/\">EGP<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/food-security\/\">food security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/india\/\">India<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mahmoud-mohieldin\/\">Mahmoud Mohieldin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/queen-elizabeth-ii\/\">Queen Elizabeth II<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"549267\" 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=\"549267\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/549267\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549267\" class=\"content-area-description single-story post-549267 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\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=\"549268\" 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=\"549268\">\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\">Startup watch<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiter-board-fires-ceo-coo-as-company-looks-set-to-become-first-casualty-of-slowdown-on-planet-startup\/\">\r\n                            Capiter board fires CEO, COO as company looks set to become first casualty of slowdown on Planet Startup                        <\/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\/11\/capiter-board-fires-ceo-coo-as-company-looks-set-to-become-first-casualty-of-slowdown-on-planet-startup\/\" 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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Capiter CFO Majid El Ghazouli (<a href=\"https:\/\/www.linkedin.com\/in\/majidelg\/\">LinkedIn<\/a>) will become interim CEO until \u201cthe Nouh brothers return and allay the concerns of employees, suppliers, creditors and stakeholders,\u201d the statement said.<\/p>\n<p><strong>Internal and external investigations are ongoing<\/strong>, the board said. Representatives of investors declined to speak further when we reached out, noting the ongoing investigations also involve \u201clegal authorities.\u201d<\/p>\n<p><strong>The board\u2019s action came as social media exploded with allegations of financial <\/strong><strong>impropriety<\/strong> (including embezzlement) at the high-profile company, which last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e159f8b4-f7ca-4e2a-bad4-b9c90de5eaf2\">raised USD 33 mn<\/a> from regional and global investors. The board said it moved after co-founders Mahmoud Nouh (CEO) and Ahmed Nouh (COO) failed to meet with representatives of the board and shareholders during the due diligence process for a potential merger. \u201cThis action follows the cofounders\u2019 inability to fulfill their fiduciary duties over the past week,\u201d it alleges.<\/p>\n<p><strong>It is clear Capiter has been struggling: <\/strong>LinkedIn posts by former Capiter employees suggest the company has been <a href=\"https:\/\/www.linkedin.com\/posts\/moushera_stop-business-ethics-activity-6950387981526392832-WzcZ\/?utm_source=linkedin_share&utm_medium=android_app&fbclid=IwAR2iD-FqUqYLXnNyWENgqj-sgmG1EeRMVzGdByCOSzKCTub21ebrhqzr6-I\">laying off staff<\/a> and has <a href=\"https:\/\/www.linkedin.com\/posts\/dina-helmy-ai_capiter-datascience-activity-6974069228697980928-afaC\/?utm_source=share&utm_medium=member_desktop&fbclid=IwAR2Ow8dWadwGWvu9xL3hOW0U_SHcXJXK9YG9vaxkjln8LlT1H4tQjjbSjhQ\">failed to pay salaries<\/a>. Neither of the Nouh brothers have been charged by authorities and none of the allegations have been proven in court.<\/p>\n<p><strong>CEO Mahmoud Nouh told us he denies<\/strong><strong> what he called \u201cthe false allegations\u201d<\/strong> that have been circulating on social media, adding, \u201cI haven\u2019t received any official notice from the board regarding us being removed from our positions yet.\u201d He declined to speak further until consulting with his legal counsel.<\/p>\n<p><strong>Mahmoud was more talkative last night, speaking for some 15 minutes with talk show <\/strong><strong>host Amr Adib <\/strong>on El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=KpSIaofqv_Y\">watch, runtime: 14:22<\/a>). Kelma Akhira\u2019s Lamees El Hadidi also had coverage (<a href=\"https:\/\/www.facebook.com\/watch\/?v=394663516166683\">watch, runtime: 10:53<\/a>), as did Hadith El Qahera (<a href=\"https:\/\/www.youtube.com\/watch?v=z01KtPyxaJ0\">watch, runtime: 5:27<\/a>).<\/p>\n<p><strong>\u201cUntil now, I\u2019m the company\u2019s chairman,\u201d Mahmoud told Adib.<\/strong> He blamed Capiter\u2019s challenges on headwinds arising from the Russian invasion of Ukraine, stopping short of unpacking the statement. He also said he and his brother have attended BoD meetings \u201cheld virtually\u201d from Dubai, dismissing suggestions that they stopped reporting to the board. <strong>\u201cAny spending <\/strong><strong>was made with the knowledge of the board,\u201d<\/strong> he added.<\/p>\n<p><strong>WHAT DOES CAPITER DO, ANYWAY? <\/strong><\/p>\n<p><strong>Refresher: <\/strong>Capiter caters to micro and small businesses in the food and beverage, FMCG and consumer electronics segments. It has a multi-headed business model: You can think of it as a marketplace in which businesses can order inventory, arrange delivery, and access buy-now-pay-later (BNPL) financing facilities through one app.<\/p>\n<p><strong>Who\u2019s invested?<\/strong> Quona Capital and MSA Capital led the USD 33 mn series \u2018A\u2019, with participation from Savola, Shorooq Partners, Foundation Ventures, Accion Venture Lab, and Derayah Ventures.<\/p>\n<p><strong>SO WHAT DOES THIS ALL MEAN?<\/strong><\/p>\n<p><strong>Cairo\u2019s tight-knit venture capital community has suspected for some time that Capiter <\/strong><strong>could face challenges <\/strong>as VC funding for startups slowed from the torrent we\u2019ve seen in recent years. \u201cThe tide is going out, and we\u2019re going to see who is wearing swimsuits and who isn\u2019t,\u201d said one, who is not a Capiter shareholder and who spoke on condition of anonymity.<\/p>\n<p><strong>\u201cWe got wind that Capiter was very aggressive in the market, which made them more <\/strong><strong>susceptible to suffer from a correction,\u201d<\/strong> Aly El Shalakany added. El Shalakany is CEO of the Cairo Angels Syndicate Fund (CASF) and also not an investor in Capiter.<\/p>\n<p><strong>What does \u201ccorrection\u201d mean in this context? <\/strong>For years, VCs and founders have been motivated by the same \u201cgrowth at all cost\u201d mentality that we\u2019ve seen in the global startup space. In practice, that means raise VC money like crazy and spend all you want \u2014 as long as you\u2019re acquiring more customers, often by using VC money to subsidize the product until you reach \u201cscale\u201d: The point at which the unit economics work out on each transaction.<\/p>\n<p><strong>The tide started to turn earlier this year as limited partners soured on venture capital <\/strong>amid fears of a global recession, rising inflation, and a risk-off that saw investors look to assets safer than highly illiquid startup shares. Globally, investments by VCs were down 15-20% in the five months of 2022, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/bba991e8-413d-4ca5-9d74-71a8095ff1c2\">we previously wrote<\/a>.<\/p>\n<p><strong>Here in Egypt, investors are in \u201cwait and see\u201d mode \u2014 and those with capital to deploy <\/strong><strong>are often sitting on the sidelines <\/strong>carefully looking for the best transaction they can find, a veteran venture capitalist tells us.<\/p>\n<p><strong>The result: Smart businesses went into cost-cutting mode<\/strong>, laying off employees and renegotiating terms with suppliers. Profitability and positive cashflows were suddenly the name of the game.<\/p>\n<p><strong>Not having the luxury to burn someone else\u2019s cash hits some startups more than others. <\/strong>\u201cThese FMCG plays try to motivate people to use your platform with subsidies, with incentives,\u201d El Shalakany explains. \u201cIf you\u2019re burning cash and subsidizing the customer below marginal cost, it becomes an unsustainable business model\u201d when venture and other funding stops coming in.<\/p>\n<p><strong>Who\u2019s most at risk? <\/strong>Businesses with exposure to FMCG and food delivery, he suggests. The VC veteran is more sanguine, noting that both startups and brick-and-mortar companies are suffering right now \u2014 and that those who make it through this bottleneck will be stronger on the other side (and have the advantage of much less competition).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/capiter\/\">Capiter<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startup-watch\/\">Startup watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549270\" 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=\"549270\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">Economy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/inflation-hits-highest-level-since-november-2018\/\">\r\n                            Inflation hits highest level since November 2018                        <\/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\/11\/inflation-hits-highest-level-since-november-2018\/\" 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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Urban consumer prices grew at a 14.6% y-o-y clip, compared with 13.6% in July, marking the highest recorded figure since November 2018 as the cost of living continued to rise on the back of the war in Ukraine and the weakening EGP.<\/p>\n<p><strong>Food and beverages were once again the culprits:<\/strong> Food and beverage prices \u2014 the biggest component of the basket used to measure inflation \u2014 rose 23.1% y-o-y in August, up from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/43fc629c-c572-49e8-9404-6b508e9b3248\">22.4%<\/a> the month prior. Transportation costs also rose 17.9% y-o-y, while housing, electricity, water, and fuel costs rose 5.6% y-o-y.<\/p>\n<p><strong>But monthly inflation slowed:<\/strong> Urban inflation rose 0.9% m-o-m in August \u2014 a slower pace from July when it rose 1.3%.<\/p>\n<p><strong>Core inflation continued to climb: <\/strong>Core inflation \u2014 which strips out volatile items such as food and fuel \u2014 climbed 16.7% from a year earlier, up from 15.6% in July, according to <a href=\"https:\/\/ent.news\/2022\/9\/CPI-Press-Release-August-2022.pdf\">central bank data (pdf)<\/a>.<\/p>\n<p><strong>Some analysts saw this coming:<\/strong> \u201cAugust figures came in close to our expectations of 14.7% y-o-y and 1.0% m-o-m,\u201d CI Capital Senior Economist Sara Saada told Enterprise.<\/p>\n<p><strong>We probably haven\u2019t peaked just ye<\/strong><strong>t:<\/strong> Inflation is \u201clikely to rise a little further\u201d through the end of the year and \u201cto peak at around 17%,\u201d Capital Economics MENA economist James Swanston wrote in a note on Thursday. Swanston expects the EGP to depreciate further in the months ahead, which will fuel inflation, he notes. Saada predicts headline inflation will \u201caccelerate to 18% in 4Q 2022 given the current FX directional trend.\u201d<\/p>\n<p><strong>Analysts and economists widely expect the EGP to weaken further<\/strong> <strong>against the USD in the coming weeks and months<\/strong> as the government tries to seal an agreement with the IMF for an emergency loan. The Fund is likely to want to see increased exchange rate flexibility before signing off on a new program. The currency has fallen 22.7% against the greenback since March.<\/p>\n<p><strong>There are signs that inflation could be slowing for producers:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/03f3644f-a7a1-4421-be66-e82e6ea593ce\">PMI data<\/a> out last week showed that input prices faced by the non-oil private sector slowed in August, though raw material and fuel prices continued to rise.<\/p>\n<p><strong>What this means for interest rates:<\/strong> A more flexible EGP could see the central bank resume its tightening cycle when it meets later this month. \u201cIf 2016\u2019s sharp currency movement which filtered through inflation is any indication for the future, we expect to see the central bank either front-loading or slow-pacing a hike in interest rates by 300 bps through the end of the year,\u201d Saada said.<\/p>\n<p><strong>Capital Economics expects less<\/strong> by way of interest rate hikes, penciling in a total increase of 150 bps until the end of 2022, which would bring the overnight deposit rate to 12.75%.<\/p>\n<p><strong>The CBE has hiked interest rates by 300 bps since March<\/strong> to tame inflation and curb outflows but kept rates <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/57cff412-8599-44b2-a913-0605ff8a9a14\">unchanged<\/a> in its previous two meetings, with the justification that deviations from its target of 7% (\u00b12) are \u201ctransitory.\u201d<\/p>\n<p><strong>Also taking note of the story:<\/strong> <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-08\/egypt-inflation-quickens-to-14-6-fastest-in-almost-four-years\">Bloomberg<\/a>.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/economy\/\">economy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/inflation\/\">inflation<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/interest-rates\/\">interest rates<\/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=\"549272\" 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=\"549272\">\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\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/\">\r\n                            Expedition Investments ups by 10% what it\u2019s willing to pay for Domty                        <\/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\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/\" 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\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/')\">\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\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/\">\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=Expedition Investments ups by 10% what it\u2019s willing to pay for Domty&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/\">\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\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/&title=Expedition Investments ups by 10% what it\u2019s willing to pay for Domty\">\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=Expedition+Investments+ups+by+10%25+what+it%E2%80%99s+willing+to+pay+for+Domty+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F11%2Fexpedition-investments-ups-by-10-what-its-willing-to-pay-for-domty%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\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/181.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549273\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/expedition-investments-ups-by-10-what-its-willing-to-pay-for-domty\/181-jpg-7\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/181.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"181.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/181.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/181.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549272\" class=\"content-area-description single-story post-549272 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-domty tag-enterpriseam tag-expedition-investments tag-financial-regulatory-authority tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Domty shareholders will get a little more for selling to Expedition Investments<\/strong><strong>:<\/strong> The Expedition Investments-led consortium bidding to acquire 34% of cheesemaker Domty has upped its offer by 10% on the heels of a fair value study that suggested the bid had undervalued the company. The consortium is now offering to purchase shares for EGP 5.50 apiece in the ongoing mandatory tender offer, up from EGP 5.00 before, the Financial Regulatory Authority said in <a href=\"https:\/\/ent.news\/2022\/9\/expedition-revised-domty-offer.pdf\">a disclosure (pdf)<\/a> on Thursday.<\/p>\n<p><strong>It\u2019s an adjustment, but it\u2019s still below the fair value assessment:<\/strong> The revised offer came a day after BDO valued the company\u2019\u2019s shares at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a0c1a35b-97e3-4128-b5bb-9c4f320a7f7f\">EGP 6.90 each<\/a> \u2014 38% higher than the price offered to shareholders. A week ago, the company was half-way to its target, with shareholders having agreed to sell 40.5 mn shares.<\/p>\n<p><strong>What happens now? <\/strong>Shareholders have until <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b8e0399-0d6a-459b-8d8b-cb9062c57f3a\">Wednesday<\/a> to sell their holdings to the consortium. It\u2019s unclear whether the board will now publicly respond to the offer or make a recommendation to the shareholders.<\/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\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-investments\/\">Expedition Investments<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/financial-regulatory-authority\/\">Financial Regulatory Authority<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"549274\" 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=\"549274\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/credit-agricole-acquires-a-4-8-stake-in-credit-agricole-egypt\/\">\r\n                            Credit Agricole acquires a 4.8% stake in Credit Agricole 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\/11\/credit-agricole-acquires-a-4-8-stake-in-credit-agricole-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\/11\/credit-agricole-acquires-a-4-8-stake-in-credit-agricole-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\/11\/credit-agricole-acquires-a-4-8-stake-in-credit-agricole-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=Credit Agricole acquires a 4.8% stake in Credit Agricole Egypt&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/credit-agricole-acquires-a-4-8-stake-in-credit-agricole-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\/11\/credit-agricole-acquires-a-4-8-stake-in-credit-agricole-egypt\/&title=Credit Agricole acquires a 4.8% stake in Credit Agricole 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=Credit+Agricole+acquires+a+4.8%25+stake+in+Credit+Agricole+Egypt+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F11%2Fcredit-agricole-acquires-a-4-8-stake-in-credit-agricole-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\/11\/credit-agricole-acquires-a-4-8-stake-in-credit-agricole-egypt\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/183.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549275\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/credit-agricole-acquires-a-4-8-stake-in-credit-agricole-egypt\/183-jpg-6\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/183.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"183.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/183.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/183.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549274\" class=\"content-area-description single-story post-549274 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-banking tag-credit-agricole tag-egx tag-enterpriseam tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Cr\u00e9dit Agricole Group acquired a 4.8% stake in Cr\u00e9dit Agricole Egypt <\/strong>on Thursday, it said in a <a href=\"https:\/\/ent.news\/2022\/9\/%D9%83%D8%B1%D9%8A%D8%AF%D9%89-%D8%A7%D8%AC%D8%B1%D9%8A%D9%83%D9%88%D9%84-%D8%A8%D9%8A%D8%A7%D9%86-%D8%A7%D9%86%D8%AC%D9%84%D9%8A%D8%B2%D9%89-8-9-2022.pdf\">disclosure (pdf)<\/a> to the bourse. The French lender purchased 60 mn shares of its EGX-listed subsidiary, taking its holdings to around 65.3%, it said.<\/p>\n<p><strong>The details: <\/strong>Bloomberg Asharq reported <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a704b1a8-82a5-40fa-85df-6c6b5f63382c\">last week<\/a> Cr\u00e9dit Agricole Egypt\u2019s shares were valued at EGP 6.23-EGP 7.00 apiece, bringing the total value of the transaction to EGP 374-420 mn. The bank did not reveal the price in the disclosure.<\/p>\n<p><strong>Market reax:<\/strong> Shares rose 4.0% to close at EGP 6.48 on Thursday.<\/p>\n<p><strong>Who owns the rest of Credit Agricole Egypt? <\/strong>Rolaco E.G.P Investments owned 6.59% before the transaction, while the remainder was held by unknown \u201cothers,\u201d according to the bank\u2019s <a href=\"https:\/\/www.ca-egypt.com\/en\/investor-relation\/company-structure\/shareholders-structure\/?bank_segment=personal-banking\">website<\/a>.<\/p>\n<p><strong>Advisors:<\/strong> Our friends at EFG Hermes acted as financial advisors and Zulficar & Partners provided legal counsel on the transaction.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/banking\/\">banking<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/credit-agricole\/\">Credit Agricole<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"549276\" 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=\"549276\">\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\">M&amp;A WATCH<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/cib-acquires-stakes-in-elsewedy-subsidiaries\/\">\r\n                            CIB acquires stakes in Elsewedy subsidiaries                        <\/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\/11\/cib-acquires-stakes-in-elsewedy-subsidiaries\/\" 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\/11\/cib-acquires-stakes-in-elsewedy-subsidiaries\/')\">\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\/11\/cib-acquires-stakes-in-elsewedy-subsidiaries\/\">\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=CIB acquires stakes in Elsewedy subsidiaries&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/cib-acquires-stakes-in-elsewedy-subsidiaries\/\">\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\/11\/cib-acquires-stakes-in-elsewedy-subsidiaries\/&title=CIB acquires stakes in Elsewedy subsidiaries\">\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=CIB+acquires+stakes+in+Elsewedy+subsidiaries+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F11%2Fcib-acquires-stakes-in-elsewedy-subsidiaries%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\/11\/cib-acquires-stakes-in-elsewedy-subsidiaries\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549276\" class=\"content-area-description single-story post-549276 post type-post status-publish format-standard hentry category-ma-watch tag-cib tag-elsewedy-electric tag-enterpriseam tag-ma-watch wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Egypt\u2019s largest private sector bank CIB has acquired a 15% stake in El Sewedy <\/strong><strong>Engineering Industries (SEI) <\/strong>through a capital increase, it said in <a href=\"https:\/\/www.cibeg.com\/ar\/newsroom\/news\/2022-9-8-cib-x-elsewedy\">a statement<\/a> Thursday. SEI will use the money to raise its stake in subsidiaries Arab Distribution & Marketing Corp and El Sewedy Illumination to 68.14% and 66.67% respectively, and \u201cfinance future expansion plans in regional and international markets,\u201d the bank said. CIB did not disclose the value of the transaction or specify SEI\u2019s current holdings.<\/p>\n<p><strong>Advisors:<\/strong> Ironwood Investments acted as financial advisor for SEI, while Talaat Law Firm was the company\u2019s legal advisor. Ernst & Young and Intercap Capital were CIB\u2019s financial advisors, while Matouk Bassiouny & Hennawy were counsel.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cib\/\">CIB<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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=\"549277\" 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=\"549277\">\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\">Suez Canal<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/suez-canal-sees-record-monthly-revenues-in-august\/\">\r\n                            Suez Canal sees record monthly revenues in August                        <\/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\/11\/suez-canal-sees-record-monthly-revenues-in-august\/\" 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\/11\/suez-canal-sees-record-monthly-revenues-in-august\/')\">\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\/11\/suez-canal-sees-record-monthly-revenues-in-august\/\">\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=Suez Canal sees record monthly revenues in August&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/suez-canal-sees-record-monthly-revenues-in-august\/\">\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\/11\/suez-canal-sees-record-monthly-revenues-in-august\/&title=Suez Canal sees record monthly revenues in August\">\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=Suez+Canal+sees+record+monthly+revenues+in+August+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F11%2Fsuez-canal-sees-record-monthly-revenues-in-august%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\/11\/suez-canal-sees-record-monthly-revenues-in-august\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549277\" class=\"content-area-description single-story post-549277 post type-post status-publish format-standard hentry category-suez-canal tag-enterpriseam tag-suez-canal wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Revenues at the Suez Canal hit an all-time high of USD 744.8 mn in August<\/strong>, the Suez Canal Authority <a href=\"https:\/\/www.facebook.com\/SuezCanalAuthorityEG\/posts\/pfbid02C2DdpmVHqAKGuo7bS8F4NtDN7u1b4vNn5zeMQJohBxZGypLatR4MtaLGohoZzpXtl\">said<\/a> on Thursday. This is 32% higher than August 2021.<\/p>\n<p><strong>Record tonnage + traffic:<\/strong> The large revenues came on the back of record tonnage and a record number of vessels transiting the canal. More than 2,120 ships transited the canal during the month, up 13% y-o-y. Tonnage increased 16% from August last year to 127.8 mn tons.<\/p>\n<p><strong>It\u2019s been a good run for the strategic waterway:<\/strong> Suez Canal revenues <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/68790dfb-4536-4c73-8fa8-c3ba49460fef\">hit a record high<\/a> of USD 7 bn in FY 2021-2022 thanks to a global surge in oil prices and freight rates, as well as the crisis in Ukraine making the canal more attractive than other routes.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/suez-canal\/\">Suez Canal<\/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=\"549278\" 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=\"549278\">\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\">Moves<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/former-investment-minister-ashraf-salman-chosen-to-head-united-media-services\/\">\r\n                            Former investment minister Ashraf Salman chosen to head United Media Services                        <\/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\/11\/former-investment-minister-ashraf-salman-chosen-to-head-united-media-services\/\" 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\/11\/former-investment-minister-ashraf-salman-chosen-to-head-united-media-services\/')\">\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\/11\/former-investment-minister-ashraf-salman-chosen-to-head-united-media-services\/\">\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=Former investment minister Ashraf Salman chosen to head United Media Services&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/former-investment-minister-ashraf-salman-chosen-to-head-united-media-services\/\">\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\/11\/former-investment-minister-ashraf-salman-chosen-to-head-united-media-services\/&title=Former investment minister Ashraf Salman chosen to head United Media Services\">\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=Former+investment+minister+Ashraf+Salman+chosen+to+head+United+Media+Services+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F11%2Fformer-investment-minister-ashraf-salman-chosen-to-head-united-media-services%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\/11\/former-investment-minister-ashraf-salman-chosen-to-head-united-media-services\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549278\" class=\"content-area-description single-story post-549278 post type-post status-publish format-standard hentry category-moves tag-ashraf-salman tag-enterpriseam tag-moves tag-united-media-services-company wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>United Media Services<\/strong><strong> appoints new CEO: <\/strong>Former Investment Minister Ashraf Salman (<a href=\"https:\/\/aurcapital.com\/senior-management\/h-e-ashraf-salman\/\">bio<\/a>) has been named chairman of state-owned media giant United Media Services, succeeding Hassan Abdalla, who was recently <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cc358ff9-00be-4503-bee9-00159279bfb6\">appointed to lead the Central Bank of Egypt<\/a>, according to <a href=\"https:\/\/bit.ly\/3quMiI0\">Al Mal<\/a>. Salman served as investment minister between 2014 and 2016 and is currently chairman and CEO of private equity firm <a href=\"https:\/\/aurcapital.com\/\">AUR Capital<\/a>.<\/p>\n<p><strong>New board at the French chamber of commerce: <\/strong>The French Chamber of Commerce and Industry in Egypt (CCIFE) elected a new board of directors, with <strong>Said Hanafi<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/said-hanafi-30a51457\/\">LinkedIn<\/a>), partner at MHR and Partners in association with White & Case LLP, as president, it said in <a href=\"https:\/\/www.facebook.com\/CCIFE.Main\/photos\/a.264534140661943\/1449608095487869\/\">a statement<\/a>. TotalEnergies EP Managing Director <strong>Romain de La Martini\u00e8re<\/strong> (<a href=\"https:\/\/www.linkedin.com\/in\/romain-de-la-martini%C3%A8re-0a8a80\/\">LinkedIn<\/a>) is co-president.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ashraf-salman\/\">Ashraf Salman<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/moves\/\">moves<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/united-media-services-company\/\">United Media Services Company<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549279\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"549279\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/549279\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549279\" class=\"content-area-description single-story post-549279 post type-post status-publish format-standard hentry category-uncategorized wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p class=\"web-image\"><a href=\"https:\/\/www.sodic.com\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/7\/Sodic-25_IDEAS_1600px.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549280\" 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=\"549280\">\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\/11\/capiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night\/\">\r\n                            Capiter\u2019s meltdown and the death of Queen Elizabeth II were the talk of the town last night                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Capiter\u2019s meltdown and the death of Queen Elizabeth II were the talk of the town last night&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night\/&title=Capiter\u2019s meltdown and the death of Queen Elizabeth II were the talk of the town last night\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Capiter%E2%80%99s+meltdown+and+the+death+of+Queen+Elizabeth+II+were+the+talk+of+the+town+last+night+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F11%2Fcapiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/11\/capiters-meltdown-and-the-death-of-queen-elizabeth-ii-were-the-talk-of-the-town-last-night\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549280\" class=\"content-area-description single-story post-549280 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-charles-iii tag-climate tag-climate-change tag-enterpriseam tag-last-nights-talk-shows tag-monarchy tag-queen-elizabeth-ii tag-renewable-energy wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The big story on the airwaves last night: <\/strong>The apparent meltdown of high-profile B2B e-commerce player Capiter. We have chapter and verse on that in this morning\u2019s news well and What We\u2019re Tracking Today (above).<\/p>\n<p><strong>Queen Elizabeth II\u2019s death and Charles III\u2019s proclamation as king got plenty of attention<\/strong> on the talk shows, with several talk shows interviewing Labour Party member Kaied Omar Ghiyatha. The family reunion that followed the Queen\u2019s death was the spotlight for El Hadidi, who described an image bringing together the two sons of King Charles III, Prince William and Prince Harry, and wives in a walkout among crowds as one that \u201cbrings joy\u201d amid sadness (<a href=\"https:\/\/www.youtube.com\/watch?v=OZKux9Pu6t4\">watch, runtime: 3:32<\/a>) The story\u2019s got a mention from Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=ezqEZfqa35Y\">watch, runtime: 11:36<\/a>), El Hekaya (<a href=\"https:\/\/www.youtube.com\/watch?v=OZKux9Pu6t4\">watch, runtime: 1:01<\/a>), Masaa DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=8Rgyqc6RuZE\">watch, runtime: 12:34<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=OZKux9Pu6t4\">watch, runtime: 4:26<\/a> ).<\/p>\n<p><strong>Amer meets Kerry: <\/strong>Yahduth Fi Masr\u2019s Sherif Amer sat down for a climate-focused interview with US climate envoy John Kerry (<a href=\"https:\/\/www.youtube.com\/watch?v=RX0wNcKCIKU\">watch, runtime: 24:59<\/a>), who <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6de6e137-c444-4227-8153-71e7742f4808\">visited Egypt last week<\/a> to participate in the Egypt-International Cooperation Forum (Egypt-ICF). \u201cIf politicians stand up and experts are going to stand up, both of them are going to say: this is an existential issue, meaning life or death. We need to behave like it\u2019s an existential issue,\u201d he said on the climate change crisis.<\/p>\n<p><strong>A climate milestone:<\/strong> Egypt\u2019s renewable energy production could surpass 10 GW next year, Electricity Minister Spokesman Ayman Hamza said on Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=DMXJG3lZZh8\">watch, runtime: 5:50<\/a>).<\/p>\n<p><strong>The National Dialogue was everywhere<\/strong> after the board of trustees yesterday finished choosing the rapporteurs for the process. Masa\u2019a DMC (<a href=\"https:\/\/www.youtube.com\/watch?v=v0Y6FebtMns\">watch, runtime: 12:23<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=hI7Aon-Jk-I\">watch, runtime: 11:58<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=O5vqscQ0NHU\">watch, runtime: 3:07<\/a>) all have coverage.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/charles-iii\/\">Charles III<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate-change\/\">climate change<\/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\/monarchy\/\">Monarchy<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/queen-elizabeth-ii\/\">Queen Elizabeth II<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/renewable-energy\/\">renewable energy<\/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=\"549281\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">      \r\n<section id=\"advertiser\" class=\"enterprise-adv issue-section\">\r\n    <div class=\"issue-section__content\" style=\"flex-direction: column;\">\r\n  \r\n                <h4 class=\"wp-block-heading has-text-align-center has-normal-font-size\">\r\n                <span class=\"has-primary-color stk-highlight\">This publication is proudly sponsored by<\/span><\/h4>\r\n                \r\n\r\n                \r\n                <div class=\"wp-block-stackable-carousel alignwide stk-block-carousel stk--is-slide stk--infinite-scroll stk--arrows-justify-space-between stk--arrows-align-center stk-block stk-a38cfb2 sponsor-slider-container mb-0\" data-slides-to-show=\"3\" data-block-id=\"a38cfb2\"><style>.stk-a38cfb2 {--slides-to-show:3 !important;}.stk-a38cfb2 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   \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\/11\/charges-against-mada-masr-journalists-dominates-the-conversation-on-egypt-in-the-international-press\/\">\r\n                            Charges against Mada Masr journalists dominates the conversation on Egypt in the international press                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li 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entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Leading the coverage on Egypt in the foreign press this morning:<\/strong> Prosecutors have charged the editor of Mada Masr, Lina Attalah, and three of its journalists with publishing false information. The four journalists \u2014 who also face charges of slander and defamation \u2014 were released on bail on Thursday. The story is everywhere from <a href=\"https:\/\/apnews.com\/article\/middle-east-africa-egypt-cairo-journalists-e451dd61c94701f7bcc367128f557ba9\">AP<\/a> and <a href=\"https:\/\/english.alarabiya.net\/News\/world\/2022\/09\/08\/Four-Egyptian-journalists-questioned-over-false-report-\">AFP<\/a> to the <a href=\"https:\/\/www.nytimes.com\/2022\/09\/07\/world\/africa\/egypt-journalists-charges.html\/\">New York Times<\/a>, the <a href=\"https:\/\/www.bbc.co.uk\/news\/world-middle-east-62832361\">BBC<\/a> and <a href=\"https:\/\/www.arabnews.com\/node\/2159016\/media\">Arab News<\/a>. The <a href=\"https:\/\/cpj.org\/2022\/09\/egyptian-authorities-summon-4-mada-masr-journalists-for-interrogation\/\">Committee to Protect Journalists<\/a> has taken note.<\/p>\n<p><strong>Also making headlines: <\/strong><\/p>\n<ul>\n<li><strong>Le rapatriement:<\/strong> <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/66222769-44dc-4bf4-b033-93a5c0c4ff78\">Criminal proceedings<\/a> brought against the former head of the Louvre for allegedly trafficking Egyptian artifacts and the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3791e7af-601b-4e47-b99e-96c80bf417ac\">recent repatriation<\/a> of looted objects to Egypt from the New York Met are getting attention. (<a href=\"https:\/\/www.axios.com\/2022\/09\/10\/when-antiquities-looters-get-caught\">Axios<\/a>)<\/li>\n<li><strong>New cities + the state:<\/strong> New cities including the new administrative capital aren\u2019t about solving Cairo\u2019s overcrowding issue, according to this video from Vox. (<a href=\"https:\/\/www.vox.com\/videos\/2022\/9\/7\/23341064\/egypt-government-capital-new-city-el-sisi\">Vox<\/a>)<\/li>\n<li><strong>Bookworm:<\/strong> An Egyptian book collector has turned his room into a library of around 15k books. (<a href=\"https:\/\/uk.news.yahoo.com\/egyptian-man-shows-off-collection-160954486.html\">Reuters<\/a>)<\/li>\n<li><strong>A yarn stretching back to 1979: <\/strong>Yasmine and Farida Khamis of Oriental Weavers tell the story of the USD 240 mn carpet company\u2019s success. (<a href=\"https:\/\/www.forbesmiddleeast.com\/industry\/business\/oriental-weavers-trendsetters\">Forbes Middle East<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ancient-egypt\/\">Ancient Egypt<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/history\/\">History<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/human-rights\/\">human rights<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/journalism\/\">journalism<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/new-administrative-capital\/\">new administrative capital<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/oriental-weavers\/\">Oriental Weavers<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/urban-development\/\">urban development<\/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=\"549283\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549284\" 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=\"549284\">\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\/11\/karmell-take-two-everything-is-set-for-the-national-dialogue-to-begin\/\">\r\n                            Karmell, take two + everything is set for the National Dialogue to begin                        <\/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\/11\/karmell-take-two-everything-is-set-for-the-national-dialogue-to-begin\/\" 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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It didn\u2019t announce a date for the start of the dialogue.<\/p>\n<p><strong>Al Ahly<\/strong> named Swiss manager <strong>Marcel Koller<\/strong> as its new coach, taking over from Portugal\u2019s Ricardo Soares, who was sacked last month after failing to improve performances following the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/086cedb9-e70b-4013-b04d-31f90838e63a\">departure of Pitso Mosimane<\/a>. (<a href=\"https:\/\/twitter.com\/AlAhlyEnglish\/status\/1568610686325989377\">Twitter<\/a>)<\/p>\n<p><strong>Other things we\u2019re keeping an eye on this morning:<\/strong><\/p>\n<ul>\n<li>Representatives of renewable energy developers <strong>Scatec <\/strong>and <strong>Fortescue Future <\/strong><strong>Industries<\/strong> (FFI) held talks with <strong>President Abdel Fattah El Sisi<\/strong> over the weekend. Scatec is working with Orascom Construction and Fertiglobe on <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3b3e6cad-637c-4ca8-afe6-94472fcc12d4\">Egypt\u2019s first green hydrogen plant<\/a> and FFI is <a href=\"https:\/\/ffi.com.au\/news\/fortescue-future-industries-studies-green-hydrogen-opportunities-in-the-arab-republic-of-egypt\/\">conducting feasibility studies<\/a> for a 9.2 GW green hydrogen facility. (<a href=\"https:\/\/bit.ly\/3RyuOGL\">Statement<\/a> | <a href=\"https:\/\/ffi.com.au\/news\/egyptian-president-meets-with-ffi-about-green-hydrogen-opportunities-ahead-of-cop26\/\">S<\/a><a href=\"https:\/\/ffi.com.au\/news\/egyptian-president-meets-with-ffi-about-green-hydrogen-opportunities-ahead-of-cop26\/\">tate<\/a><a href=\"https:\/\/ffi.com.au\/news\/egyptian-president-meets-with-ffi-about-green-hydrogen-opportunities-ahead-of-cop26\/\">ment<\/a>)<\/li>\n<li><strong>Pesticide imports<\/strong> will be exempt from the requirement to use <strong>letters of credit<\/strong> after the Agriculture Ministry approved categorizing pesticides as production inputs rather than final products, exempting them from the central bank\u2019s import restrictions. (<a href=\"https:\/\/bit.ly\/3xdyWUz\">Al Mal<\/a>)<\/li>\n<li>FMCG player<strong> Dabur Egypt<\/strong> will double its production capacity with<strong> a new factory <\/strong><strong>in Tenth of Ramadan City<\/strong>. The first phase is set to start operations in March 2023. (<a href=\"https:\/\/www.zawya.com\/en\/projects\/industry\/dabur-egypt-plans-to-open-first-phase-of-new-50-000-sqm-factory-in-q1-2023-gd9umnlz\">Zawya<\/a>)<\/li>\n<li><strong>The US Department of Defense<\/strong> plans to pay USD 83 mn to <strong>Egypt<\/strong> to reimburse it for border security operations along the Libyan border. (<a href=\"https:\/\/www.asharqbusiness.com\/article\/41532?s=09\">Bloomberg Asharq<\/a>)<\/li>\n<li>Authorities released 33 pre-trial detainees on Friday in the latest in a string of releases ahead of the <strong>National Dialogue<\/strong>. (<a href=\"https:\/\/www.facebook.com\/khouly1985\/posts\/pfbid02FQFUXKbeR2HTHK1diQpZQEDNvkpxJBFyEVaZdhqGFGFKKKFiSGWeqVd287tqjoiUl\">Statement<\/a>)<\/li>\n<\/ul>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/dabur-egypt\/\">Dabur Egypt<\/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\/ffi\/\">FFI<\/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\/investment-watch\/\">investment watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/l-cs\/\">L\/Cs<\/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\/renewables\/\">renewables<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/scatec\/\">Scatec<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sodic\/\">SODIC<\/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=\"549285\" 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=\"549285\">\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\/11\/record-rate-hike-in-the-eurozone\/\">\r\n                            Record rate hike in the eurozone                        <\/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\/11\/record-rate-hike-in-the-eurozone\/\" 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 bank raised its three key rates in a bid to \u201cdampen demand\u201d and \u201cguard against the risk of a persistent upward shift in inflation expectations,\u201d according to a <a href=\"https:\/\/www.ecb.europa.eu\/press\/pr\/date\/2022\/html\/ecb.mp220908~c1b6839378.en.html\">statement<\/a>. \u201cIf the data on our meeting-by-meeting exercise review suggests that we should take a high hike of our interest rates, we will do so,\u201d Christine Lagarde told reporters in Frankfurt, according to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-08\/ecb-intensifies-inflation-fight-with-historic-jumbo-rate-hike#xj4y7vzkg\">Bloomberg<\/a>. Lagarde suggested there could be three or four more rate hikes to tackle inflation, which the bank\u2019s monetary policy committee said was \u201cfar too high\u201d as it stands. Eurozone inflation hit a <a href=\"https:\/\/www.euronews.com\/2022\/08\/31\/eurozone-annual-inflation-hits-a-record-at-91-in-august#:~:text=Inflation%20in%20the%20eurozone%20hit,up%20from%208.9%25%20in%20July.\">record 9.1% in August<\/a>.<\/p><p><strong>Saudi logistics startup Trukker has closed a USD 100 mn series C round<\/strong> led by Bahrain-based asset manager Investcorp, with participation from investors including Abu Dhabi sovereign wealth fund Mubadala, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-07\/investcorp-mubadala-back-trukker-fundraise-ahead-of-planned-ipo?sref=mmeFTDW1\">Bloomberg<\/a> and <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/mideast-uber-like-service-trucks-trukker-raises-100m-series-c-funding-2022-09-07\/\">Reuters<\/a> reported last week. The firm will use the money to expand into new countries and deepen its footprint in existing markets.<\/p><p><strong>An IPO is in the works:<\/strong> This will be the final funding round before Trukker goes ahead with a planned listing, founder and CEO Gaurav Biswas told Bloomberg. The firm is looking at going public on several exchanges over the next two or three years, including the Saudi Tadawul, he said.<\/p><p><strong>ALSO IN PLANET FINANCE- <\/strong> <strong>Another crypto player is heading to Dubai: <\/strong>London-based crypto firm Blockchain.com is set to open an office in Dubai after it secured provisional approval to operate in the emirate. (<a href=\"https:\/\/www.reuters.com\/technology\/dubai-grants-provisional-approval-crypto-firm-blockchaincom-2022-09-09\/\">Reuters<\/a>)<\/p><table class=\"markets-table\">\n<tbody>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>EGX30 <\/strong><\/td>\n<td>10,265<\/td>\n<td>+0.3% (YTD: -14.1%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>USD (CBE)<\/strong><\/td>\n<td>Buy 19.26<\/td>\n<td>Sell 19.36<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>USD at CIB<\/strong><\/td>\n<td>Buy 19.28<\/td>\n<td>Sell 19.34<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>Interest rates CBE<\/strong><\/td>\n<td>11.25% deposit<\/td>\n<td>12.25% lending<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/negative.png?w=14&#038;ssl=1\" alt=\"Down\" ><\/td>\n<td><strong>Tadawul<\/strong><\/td>\n<td>11,834<\/td>\n<td>-0.3% (YTD: +4.9%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>ADX<\/strong><\/td>\n<td>9,796<\/td>\n<td>+0.1% (YTD: +15.4%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/10\/none.png?w=14&#038;ssl=1\" alt=\"None\" ><\/td>\n<td><strong>DFM<\/strong><\/td>\n<td>3,361<\/td>\n<td>0.0% (YTD: +5.2%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>S&amp;P 500<\/strong><\/td>\n<td>4,067<\/td>\n<td>+1.5% (YTD: -14.7%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>FTSE 100<\/strong><\/td>\n<td>7,351<\/td>\n<td>+1.2% (YTD: -0.5%)<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Euro Stoxx 50<\/strong><\/td>\n<td>3,570<\/td>\n<td>+1.6% (YTD: -17.0%)<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Brent crude<\/strong><\/td>\n<td>USD 92.84<\/td>\n<td>+4.1%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Natural gas <\/strong>(Nymex)<\/td>\n<td>USD 8.00<\/td>\n<td>+1.0%<\/td>\n<\/tr>\n<tr class=\"gray-table\">\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>Gold<\/strong><\/td>\n<td>USD 1,728.90<\/td>\n<td>+0.5%<\/td>\n<\/tr>\n<tr>\n<td><img data-recalc-dims=\"1\" decoding=\"async\" class=\"market-arrow\" src=\"https:\/\/i0.wp.com\/ent.news\/2020\/9\/positive.png?w=14&#038;ssl=1\" alt=\"Up\" ><\/td>\n<td><strong>BTC<\/strong><\/td>\n<td>USD 21,589<\/td>\n<td>+1.6% (YTD: -53.5%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.3% at Thursday\u2019s close<\/strong> on turnover of EGP 1.24 bn (26.9% above the 90-day average). Local investors were net buyers. The index is down 14.1% YTD.<\/p><p><strong>In the green: <\/strong>Juhayna (+4.1%), Credit Agricole Egypt (+4.0%) and Madinet Nasr Holding (+3.7%).<\/p><p><strong>In the red: <\/strong>AMOC (-1.7%), MOPCO (-1.5%) and Eastern Company (-1.5%).<\/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\/cryptocurrency\/\">cryptocurrency<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/dubai\/\">Dubai<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/eu\/\">EU<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/european-central-bank\/\">European Central Bank<\/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\/interest-rates\/\">interest rates<\/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\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/startups\/\">startups<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549286\" 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\/11\/549286\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549286\" class=\"content-area-description single-story post-549286 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>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>18 September (Sunday): Deadline to apply for investor funding under the Planning Ministry\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76aee85d-c85b-4487-8b4e-98a1424e956f\">Smart Green Governorates<\/a> initiative.<\/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>October: The CEO Women Conference<\/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\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":549265,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549264","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"3ac13f02-50fb-4e4d-bdb1-a3267b7102e5","teaser":"","photo_url":"https:\/\/ent.news\/2022\/9\/15.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>Meltdown on Planet Startup: Capiter board fires founders amid allegations of financial impropriety - 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\/meltdown-on-planet-startup-capiter-board-fires-founders-amid-allegations-of-financial-impropriety\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meltdown on Planet Startup: Capiter board fires founders amid allegations of financial impropriety\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/meltdown-on-planet-startup-capiter-board-fires-founders-amid-allegations-of-financial-impropriety\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:34:03+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\/15.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\/meltdown-on-planet-startup-capiter-board-fires-founders-amid-allegations-of-financial-impropriety\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/meltdown-on-planet-startup-capiter-board-fires-founders-amid-allegations-of-financial-impropriety\/\",\"name\":\"Meltdown on Planet Startup: Capiter board fires founders amid allegations of financial impropriety - 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