{"id":549296,"date":"2022-09-12T04:00:17","date_gmt":"2022-09-12T04:00:17","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=issue&#038;p=549296"},"modified":"2025-12-15T22:34:51","modified_gmt":"2025-12-15T22:34:51","slug":"ebrd-to-help-egypt-wind-down-gas-fired-power-plants","status":"publish","type":"issue","link":"https:\/\/enterpriseam.com\/egypt\/issues\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/","title":{"rendered":"EBRD to help Egypt wind down gas-fired power plants"},"content":{"rendered":"<section id=\"549298\" 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=\"549298\">\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\/12\/this-morning-amcham-lunch-feat-dr-mahmoud-mohieldin-today\/\">\r\n                            THIS MORNING: AmCham lunch feat. Dr. Mahmoud Mohieldin today                        <\/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\/12\/this-morning-amcham-lunch-feat-dr-mahmoud-mohieldin-today\/\" 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\/12\/this-morning-amcham-lunch-feat-dr-mahmoud-mohieldin-today\/')\">\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\/12\/this-morning-amcham-lunch-feat-dr-mahmoud-mohieldin-today\/\">\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=THIS MORNING: AmCham lunch feat. Dr. Mahmoud Mohieldin today&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/this-morning-amcham-lunch-feat-dr-mahmoud-mohieldin-today\/\">\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\/12\/this-morning-amcham-lunch-feat-dr-mahmoud-mohieldin-today\/&title=THIS MORNING: AmCham lunch feat. Dr. Mahmoud Mohieldin today\">\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=THIS+MORNING%3A+AmCham+lunch+feat.+Dr.+Mahmoud+Mohieldin+today+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F12%2Fthis-morning-amcham-lunch-feat-dr-mahmoud-mohieldin-today%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\/12\/this-morning-amcham-lunch-feat-dr-mahmoud-mohieldin-today\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549298\" class=\"content-area-description single-story post-549298 post type-post status-publish format-standard hentry category-what-were-tracking-today tag-amcham tag-apple tag-economy tag-egp tag-enterpriseam tag-mahmoud-mohieldin tag-russia-ukraine-conflict tag-what-were-tracking-today wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<aside>\t\t\t<div\r\n\t\t\t\t\t\t\t\tclass=\"newspack-popup-container newspack-popup hidden  newspack-inline-popup  newspack-lightbox-no-border   \"\r\n\t\t\t\trole=\"button\"\r\n\t\t\t\ttabindex=\"0\"\r\n\t\t\t\tstyle=\"background-color:#FFFFFF;color:#000\"\r\n\t\t\t\tid=\"id_27645\"\r\n\t\t\t\tdata-segments=\"\"\r\n\t\t\t\tdata-frequency=\"0,0,0,month\"\r\n\t\t\t>\r\n\t\t\t\t\n<div class=\"wp-block-group has-light-gray-background-color has-background\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\"><div class=\"wp-block-group__inner-container is-layout-constrained wp-container-core-group-is-layout-ef38739e wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group is-content-justification-center is-nowrap is-layout-flex wp-container-core-group-is-layout-94bc23d7 wp-block-group-is-layout-flex\">\n<p class=\"f-graphik\" style=\"font-size:14px\">Together with<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27482.svg\" alt=\"\" class=\"wp-image-27482\"\/><\/figure>\n<\/div><\/div>\n<\/div><\/div>\n\t\t\t<\/div>\r\n\t\t<\/aside>\n<p><strong>Good morning, friends. We have a brisk, newsy issue for you this morning. <\/strong><\/p><p><a id=\"tldr-story-10\" class=\"content-anchor\"><\/a> <strong>THE BIG STORY HERE AT HOME remains the <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/899989a6-5cfd-4d45-8b01-8a0bdeb5cbb1\">crisis at Capiter<\/a><\/strong><strong>.<\/strong> The new parlor game: Trying to guess which high-profile startup is next.<\/p><p><strong>The story hasn\u2019t moved forward much since yesterday: <\/strong>Interim CEO Majid El Ghazouli told Al Hadath Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=RLiZzn87exY\">watch, runtime: 4:00<\/a>) last night that the board of directors hasn\u2019t taken a formal decision to liquidate the company. Dismissing the news of layoffs, he said Capiter is in the process of examining acquisition and investment offers by foreign investors who are still interested in the startup. Asked about the allegations of financial impropriety against the company\u2019s founders, Mahmoud and Ahmed Nouh, he said simply that \u201cthe law will take its own course.\u201d<\/p><p><strong>Keep it all in context: <\/strong>Yes, more than a handful of startups are suffering as venture capital funding slows down. Some won\u2019t make it. But that doesn\u2019t mean that all of their founders are crooks. Business failure is a messy thing \u2014 and a topic we (as a community) are not used to discussing in public. It\u2019s entirely possible for a business to fail without a founder absconding with funds. In fact, companies routinely fail despite the best efforts of execs <em>and of the boards that are ostensibly in place to keep those execs on the straight and narrow<\/em>.<\/p><p><a id=\"tldr-story-06\" class=\"content-anchor\"><\/a> <strong>EGP WATCH- The EGP continued yesterday its very slow crawl toward a new record low<\/strong>, slipping to EGP 19.39 from EGP 19.36 on Thursday. The currency has now fallen by 22.9% against the USD since the devaluation in March and is closing in on the 19.56 mark set in December 2016, when it overshot against the greenback following that fall\u2019s sharp devaluation.<\/p><p><strong>PSA- Apple\u2019s iOS 16 is out today. <\/strong>You can download it by going to Settings &gt; General &gt; Software Update if you\u2019re on an iPhone 8 or newer device. Among the <a href=\"https:\/\/www.apple.com\/eg\/ios\/ios-16\/\">new features<\/a> worth checking out are customizable lock screens (you can have more than one \u2014 with widgets, if you like), a new notifications experience on your lockscreen, the ability to edit or un-send iMessages (with caveats), and Passkeys (a cross-platform technology that promises to do away with passwords). You can check out <a href=\"https:\/\/www.apple.com\/eg\/ios\/ios-16\/\">iOS 16\u2019s full set of features here<\/a>.<\/p><p><strong>HAPPENING TODAY-<\/strong><\/p><p><strong>Our friend Dr. Mahmoud Mohieldin will join the good folks at AmCham<\/strong> for a luncheon 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 are hosting a business meet-up <\/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>HAPPENING THIS WEEK-<\/strong><\/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 their<\/a><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9b8e0399-0d6a-459b-8d8b-cb9062c57f3a\">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>THE BIG STORY ABROAD-<\/strong><\/p><p><strong>Ukraine builds on recent battlefield gains:<\/strong> Ukraine is continuing to push Russian troops back in Kharkiv province, the country\u2019s army chief said yesterday.<\/p><p><strong>And Moscow responds:<\/strong> Russia struck power stations and other civilian infrastructure in response to the Ukrainian counteroffensive.<\/p><p><strong>The latest from Ukraine is on all the front pages this morning:<\/strong> <a href=\"https:\/\/apnews.com\/article\/russia-ukraine-zelenskyy-kyiv-kharkiv-77988f0d236f26025159709918f78181?utm_source=homepage&amp;utm_medium=TopNews&amp;utm_campaign=position_1\">AP<\/a> | <a href=\"https:\/\/www.reuters.com\/world\/europe\/ukraine-forces-advance-north-after-fall-russian-stronghold-2022-09-11\/\">Reuters<\/a> | <a href=\"https:\/\/www.wsj.com\/articles\/ukraine-claims-fresh-gains-against-russian-forces-in-countrys-east-11662893011?mod=hp_lead_pos1\">WSJ<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-11\/ukraine-s-kharkiv-offensive-pushes-on-as-russian-forces-retreat?srnd=premium-middle-east&amp;sref=mmeFTDW1\">Bloomberg<\/a> | <a href=\"https:\/\/www.ft.com\/content\/84ff2893-9b20-40c8-b503-f8fd10c99eca\">FT<\/a> | <a href=\"https:\/\/www.nytimes.com\/2022\/09\/11\/world\/europe\/ukraine-kharkiv-russian-retreat.html\">NYT<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/09\/11\/kharkiv-liberated-retreat-izyum-russia\/?itid=hp-top-table-main\">Washington Post<\/a>.<\/p><p class=\"web-image\"><a href=\"#\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/Enterprise-Climate-Teaser-1600.jpg?ssl=1\" alt=\"enterprise\"><\/a><\/p><p><a id=\"tldr-story-05\" class=\"content-anchor\"><\/a> <strong>The <\/strong><strong><a href=\"https:\/\/egypticf-africanministers.com\/\">Egypt-International Cooperation Forum<\/a><\/strong><strong> (Egypt-ICF) wrapped on Friday. <\/strong>The three-day conference saw a slate of news on climate finance to the African continent: International Cooperation Minister Rania Al Mashat launched a guidebook to<\/p><p>COP27 climate finance efforts, the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6de6e137-c444-4227-8153-71e7742f4808\">EBRD pledged up to USD 1.3 bn<\/a> for local clean energy projects, and officials proposed ways to address spiraling green borrowing costs. For the details on everything that happened in the final two days of the conference, catch <a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/3453ad7d-55c9-4711-9d53-2da589b8fcfc\">this morning\u2019s edition of Enterprise Climate<\/a>.<\/p><p><strong>ICYMI-<\/strong><\/p><p><strong>Missed this week\u2019s Inside Industry? <\/strong>In our weekly vertical exploring all things industry and manufacturing, we looked at <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/76d0c79a-3ea6-4f57-b69a-6e9806a6c390\">how industrial stocks have been performing<\/a> on the EGX.<\/p><p class=\"web-image\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2019\/11\/CIRA-Blackboard-Banner-B.jpg?ssl=1\" alt=\"enterprise\"><\/p><p><strong>*** It\u2019s Blackboard day:<\/strong> We have our weekly look at the business of education in Egypt, from pre-K through the highest reaches of higher ed. Blackboard appears every Monday in Enterprise in the place of our traditional industry news roundups.<\/p><p><strong>In today\u2019s issue:<\/strong> We look at how education stocks have been performing on the EGX.<\/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\/apple\/\">Apple<\/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\/mahmoud-mohieldin\/\">Mahmoud Mohieldin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/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=\"549299\" 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=\"549299\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/549299\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549299\" class=\"content-area-description single-story post-549299 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=\"549300\" 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=\"549300\">\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\">Climate<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\">\r\n                            EBRD to help Egypt wind down gas-fired power plants                        <\/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\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\" 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\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/')\">\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\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\">\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=EBRD to help Egypt wind down gas-fired power plants&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\">\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\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/&title=EBRD to help Egypt wind down gas-fired power plants\">\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=EBRD+to+help+Egypt+wind+down+gas-fired+power+plants+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F12%2Febrd-to-help-egypt-wind-down-gas-fired-power-plants%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\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/189.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549301\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/189-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/189.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"189.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/189.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/189.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549300\" class=\"content-area-description single-story post-549300 post type-post status-publish format-standard has-post-thumbnail hentry category-climate tag-banque-misr tag-climate tag-ebrd tag-energy tag-enterpriseam tag-finance tag-renewables tag-smes wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>More details on EBRD clean energy funding<\/strong>: The European Bank for Reconstruction and Development (EBRD) will provide USD 300 mn in funding to Egypt to help it decommission 5 GW of gas-fired power plants from 2023, Heike Harmgart, the bank\u2019s managing director for the Southern and Eastern Mediterranean, told <a href=\"https:\/\/www.reuters.com\/business\/energy\/ebrd-help-fund-transition-gas-wind-power-egypt-2022-09-11\/\">Reuters<\/a>. The money will be spent on stabilizing the country\u2019s electricity grid, adding battery storage, upgrading local supply chains for renewables, and retraining workers, she said.<\/p>\n<p><strong>This is part of the bank\u2019s <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6de6e137-c444-4227-8153-71e7742f4808\">USD 1.3 bn funding pledge<\/a><\/strong><strong> announced last week<\/strong>, which includes USD 1 bn in financing for renewable energy projects. This would account for roughly one tenth of the private funding Egypt needs to add 10 GW of renewables capacity by 2028, Harmgart said.<\/p>\n<p><strong>ALSO FROM THE EBRD- <\/strong><\/p>\n<p><strong>Money for EVs in Egypt:<\/strong> The EBRD is also providing a EUR 10 mn loan to our friends at <a href=\"https:\/\/www.aboughalymotors.com\/\">Abou<\/a><a href=\"https:\/\/www.aboughalymotors.com\/\">Ghaly Motors<\/a> to fund the purchase of 250 electric vehicles for its taxi fleet, it said in a <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-and-donors-support-electric-transport-provider-in-egypt.html\">separate statement<\/a>. Around EUR 3 mn of that funding will come from the UK\u2019s Foreign, Commonwealth and Development Office. The company will use the money to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a981560e-6e8c-43be-b47a-759f9456d5d6\">electrify its London Cab fleet<\/a>, which are used to provide taxi services as well as airport transfers in Cairo, Sharm El Sheikh and Hurghada.<\/p>\n<p><strong>AND- Banque Misr green on-lending loan confirmed:<\/strong> The lender <a href=\"https:\/\/www.ebrd.com\/news\/2022\/ebrd-promotes-green-investments-in-egypts-small-businesses.html\">confirmed<\/a> last week that it would go ahead with the <strong>USD 100 mn loan<\/strong> to Egyptian state bank <strong>Banque Misr<\/strong> <a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/52966.html\">approved in<\/a><a href=\"https:\/\/www.ebrd.com\/work-with-us\/projects\/psd\/52966.html\">January<\/a>. The financing will be on-lent to local SMEs looking to invest in climate mitigation and adaptation technologies and services, the bank said.<\/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\/banque-misr\/\">Banque Misr<\/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\/ebrd\/\">EBRD<\/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\/finance\/\">Finance<\/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\/smes\/\">SMEs<\/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=\"549302\" 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=\"549302\">\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\">Capital markets<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/e-finance-to-buy-back-5-of-its-shares\/\">\r\n                            e-Finance to buy back 5% of its shares                        <\/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\/12\/e-finance-to-buy-back-5-of-its-shares\/\" 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\/12\/e-finance-to-buy-back-5-of-its-shares\/')\">\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\/12\/e-finance-to-buy-back-5-of-its-shares\/\">\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=e-Finance to buy back 5% of its shares&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/e-finance-to-buy-back-5-of-its-shares\/\">\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\/12\/e-finance-to-buy-back-5-of-its-shares\/&title=e-Finance to buy back 5% of its shares\">\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=e-Finance+to+buy+back+5%25+of+its+shares+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F12%2Fe-finance-to-buy-back-5-of-its-shares%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\/12\/e-finance-to-buy-back-5-of-its-shares\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/191.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"549303\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/e-finance-to-buy-back-5-of-its-shares\/191-jpg-8\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/191.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"191.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/191.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/191.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549302\" class=\"content-area-description single-story post-549302 post type-post status-publish format-standard has-post-thumbnail hentry category-capital-markets tag-capital-markets tag-e-finance tag-egx tag-enterpriseam tag-equities 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-02\"><\/a> <strong>e-Finance announces big share buyback program: <\/strong>EGX-listed fintech operator e-Finance will buy back 5% of its shares over the next nine months in a bid to support its share price and boost investor confidence, the company said in <a href=\"https:\/\/ent.news\/2022\/9\/e-finance_buybacks_EN.pdf\">an EGX disclosure (pdf)<\/a> posted on trading screens yesterday. The program could see the company purchase as many as 92.4 mn shares, costing it some EGP 1.46 bn at the current share price, according to our math.<\/p>\n<p><strong>e-Finance\u2019s shares have slid this year even as it delivers solid operational results:<\/strong> The company\u2019s share price has fallen 23.7% YTD, and has shed 14.2% over the past five weeks. The company\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4e740352-5c6a-4b63-a1b8-3480f62caa15\">net income doubled<\/a> y-o-y to EGP 279.3 mn in 2Q 2022 while its revenues rose 59% in the same period.<\/p>\n<p><strong>Traders cheered the buyback program:<\/strong> Shares rose as much as 3.4% during trading yesterday, before paring some gains to close at EGP 15.41, up 2.8% for the day.<\/p>\n<p><strong>The rationale:<\/strong> \u201cThe company\u2019s shares are currently trading at a level that does not reflect its real value, after the market suffered hits from the EGP devaluation and other global economic crises,\u201d a company official told Enterprise.<\/p>\n<p><strong>e-Finance could use the buyback program to bring in another long-term shareholder:<\/strong> The company will likely resell the shares in a block transaction to an investor within a year of completing the buyback program to avoid any negative impact on its share price, the official said.<\/p>\n<p><strong>The move comes a month after the Saudi wealth fund became the company\u2019s largest shareholder:<\/strong> The Public Investment Fund <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\">purchased last month a 25% stake<\/a> in the state-owned company in an EGP 7.5 bn transaction, becoming its single-biggest shareholder. State-owned enterprises collectively own 49.1% of the company\u2019s shares while the remainder are freefloat.<\/p>\n<p><strong>The EGX has seen tough times since the company made its <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/23beb734-9f6f-4c55-9143-7c6935ecf804\">EGP 5.8 bn market debut<\/a><\/strong><strong> in November 2021:<\/strong> Inflationary pressure, rising interest rates in western economies, and a downturn in global markets have all contributed to a steep decline in the EGX 30 this year as investors have exited stage right in a risk-off. The benchmark index <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ecae4630-3a1a-4c33-86bd-a4a28695feb6\">fell to its lowest level since November 2016<\/a> earlier this year, before paring losses in a recent rally. It is currently down 14.1% YTD.<\/p>\n<p><strong>e-Finance isn\u2019t the only company to repurchase shares:<\/strong> Edita also last month <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4fba9c8d-942d-43ab-b73d-0ecb00e9df6c\">announced plans<\/a> to repurchase 5% of its shares in August and September to shore up its share price, which is now up 14% YTD and 19.7% since the buyback announcement.<\/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\/capital-markets\/\">capital markets<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/e-finance\/\">e-finance<\/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\/equities\/\">equities<\/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=\"549304\" 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=\"549304\">\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\/12\/the-public-investment-what\/\">\r\n                            The Public Investment what?                        <\/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\/12\/the-public-investment-what\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li 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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/193.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/9\/193.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549304\" class=\"content-area-description single-story post-549304 post type-post status-publish format-standard has-post-thumbnail hentry category-ma-watch tag-amoc tag-enterpriseam tag-ma-watch tag-saudi-arabia tag-sovereign-wealth-funds 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>AMOC responds to PIF rumors: <\/strong>Alexandria Mineral Oil Company (AMOC) has not received any information on the Saudi sovereign wealth fund\u2019s reported intention to acquire a minority stake in the company, it said in <a href=\"https:\/\/ent.news\/2022\/9\/AMOC-PIF.pdf\">a disclosure (pdf)<\/a> yesterday in response to reports in the local press. <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=10092022&id=249c7753-c7fe-4444-91ba-6346d9c9ab94\">Al Shorouk<\/a> reported on Saturday that the Public Investment Fund (PIF) is interested in acquiring stakes in several leading EGX-listed petrochemical companies, including AMOC, under its pledge earlier this year to invest USD 10 bn in the country.<\/p>\n<p><strong>Market reax:<\/strong> AMOC was up 1.67% to EGP 4.30 at market close.<\/p>\n<p><strong>The PIF has been linked to many companies \u2014 but the fund has been tight-lipped:<\/strong> Anonymously sourced press reports have also linked <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ef0109-f72e-4b5c-a44d-005328a1c284\">Egyptalum<\/a> and Egyptian Media Production City (EMPC) to the PIF in recent weeks though none have been publicly confirmed by the parties involved, with the target companies either being tight-lipped, unclear or disregarding the news altogether.<\/p>\n<p><strong>Two transactions we are sure about:<\/strong> Sources have told us in recent weeks that the PIF is interested in purchasing shares in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c348db4f-7247-4ed9-a87a-4020be90920e\">Vodafone Egypt<\/a> and is in talks with the central bank to take over <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d7ef0109-f72e-4b5c-a44d-005328a1c284\">United Bank<\/a>.<\/p>\n<p><strong>The PIF has already made a handful of acquisitions:<\/strong> The fund acquired in August <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/316415e5-ccc3-42ca-b442-80dd3b8b2e16\">minority stakes<\/a> in four EGX-listed companies for USD 1.3 bn through its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/358b6591-3db7-4fa1-bb2f-de2e69e31cc8\">newly established Egypt investment arm<\/a>. The shares it took in e-Finance, Mopco, Abu Qir, and Alex Containers are the first of <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce28f2c9-69b3-4c78-b2ab-1eb5d194e101\">USD 10 bn pledged<\/a>by the fund earlier this year as part of Saudi efforts to support Egypt\u2019s external position, which has been rocked by soaring commodity prices as well as outflows from our debt market, and a weaker EGP. Abu Dhabi wealth fund ADQ led with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b4a11664-2159-45ba-ba2f-bf0d3dfd3978\">similar moves<\/a>, purchasing state-owned stakes in five companies for around USD 1.8 bn in April. There\u2019s talk that the Qatari sovereign fund is poised to <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/16d8e297-b643-4497-9e65-4ad4fef63817\">follow suit<\/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\/amoc\/\">AMOC<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ma-watch\/\">M&amp;A Watch<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/saudi-arabia\/\">Saudi Arabia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sovereign-wealth-funds\/\">Sovereign wealth funds<\/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=\"549306\" 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=\"549306\">\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\">Tourism<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/egypt-wants-to-triple-its-tourism-revenues-within-three-years\/\">\r\n                            Egypt wants to triple its tourism revenues within three years                        <\/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\/12\/egypt-wants-to-triple-its-tourism-revenues-within-three-years\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); 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Speaking during a tour of the COP27 venue in Sharm El Sheikh, the prime minister said the government is aiming to increase revenues to USD 30 bn a year, up from almost USD 9 bn last year (and USD 11-12 bn currently, he said), as it tries to help the sector recover from years of disruption.<\/p>\n<p><strong>Tourism is gradually recovering from its annus horribilis:<\/strong> Tourism \u2014 a vital source of foreign currency for Egypt \u2014 brought in USD 8.9 bn in revenues in 2021, according to central bank figures. This is more than double that of 2020 when the covid-19 pandemic caused revenues to plunge almost 70%, but still well below the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/18fd2904-574f-44f6-8a05-4fecfdae7531\">record high of USD 13 bn<\/a> in 2019.<\/p>\n<p><strong>Crisis? What crisis?<\/strong> The ambitious target suggests that the government doesn\u2019t see current (read: Russian-Ukrainian crisis) or future geopolitical crises having a huge impact on the sector. The Finance Ministry earlier this year came out with <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/84145217-2f94-4190-9c94-500c29b40bf1\">an optimistic forecast<\/a> for the first half of 2022 that suggested the market would move quickly past the loss of Ukrainian and Russian visitors, which before the war accounted for more than 30% of all tourist arrivals. Recent balance of payments figures showed that revenues <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d474ced-0d03-4d8c-bcf4-a5bdd19024ae\">fell 21%<\/a> q-o-q in 1Q 2022, with the central bank saying that the sector had been negatively impacted by the crisis.<\/p>\n<p><strong>The response:<\/strong> Egypt has been working overtime to attract visitors from other European markets to drive inbound traffic, with efforts also including luring tourists from little-tapped markets in Latin America and other markets, including the Gulf. In response to the war, the government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9010d841-548e-4784-a99c-0935c16891e7\">launched<\/a> an international promotional campaign \u2014 dubbed #FollowTheSun \u2014 in mid-March to better exploit profitable tourist markets in Europe and the US. It also <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0c8a045a-b44d-4a26-9ae7-d4663f8e552b\">widened the number<\/a>of people eligible to obtain a visa on arrival or a pre-arrival electronic visa under efforts to back the key sector.<\/p>\n<p><strong>The private sector is key: <\/strong>Madbouly stressed the importance of the private sector and the necessity of an implementation plan that includes the sectors\u2019 demands and targets to help achieve the USD 30 bn figure. He said he met earlier yesterday with several tourism investors, where he affirmed that the government would continue to support the sector like it had in the past years in light of multiple crises pressing the sector.<\/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\/moustafa-madbouly\/\">Moustafa Madbouly<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-conflict\/\">Russia-Ukraine conflict<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tourism\/\">tourism<\/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=\"549308\" 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=\"549308\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/549308\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549308\" class=\"content-area-description single-story post-549308 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=\"549309\" 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=\"549309\">\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\">LAST NIGHT\u2019S TALK SHOWS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/cop27-tourism-was-the-running-theme-on-last-nights-talk-shows\/\">\r\n                            COP27 + tourism was the running theme on last night\u2019s talk shows                        <\/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\/12\/cop27-tourism-was-the-running-theme-on-last-nights-talk-shows\/\" 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\/12\/cop27-tourism-was-the-running-theme-on-last-nights-talk-shows\/')\">\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\/12\/cop27-tourism-was-the-running-theme-on-last-nights-talk-shows\/\">\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=COP27 + tourism was the running theme on last night\u2019s talk shows&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/cop27-tourism-was-the-running-theme-on-last-nights-talk-shows\/\">\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\/12\/cop27-tourism-was-the-running-theme-on-last-nights-talk-shows\/&title=COP27 + tourism was the running theme on last night\u2019s talk shows\">\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=COP27+%2B+tourism+was+the+running+theme+on+last+night%E2%80%99s+talk+shows+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F12%2Fcop27-tourism-was-the-running-theme-on-last-nights-talk-shows%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\/12\/cop27-tourism-was-the-running-theme-on-last-nights-talk-shows\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549309\" class=\"content-area-description single-story post-549309 post type-post status-publish format-standard hentry category-last-nights-talk-shows tag-capiter tag-climate tag-cop27 tag-enterpriseam tag-last-nights-talk-shows tag-moustafa-madbouly tag-startups tag-tourism wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Preparations for November\u2019s COP27 summit got attention across the airwaves <\/strong><strong>last night<\/strong> after Prime Minister Moustafa Madbouly paid a two-day visit to Sharm El Sheikh to inspect the venues.<\/p>\n<p><strong>Sharm will soon be COP-ready: <\/strong>Most of the preparations for the summit will be finished by the end of this month, cabinet spokesman Nader Saad said on Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=9esXHx_ffNI\">watch, runtime: 4:18<\/a>). That includes the upgrades to the city\u2019s airport, which will now be able to handle larger passenger volumes, Sharm Governor Khaled Fouda told Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=0vGtsvSE1Fs\">watch, runtime: 18:49<\/a>). Meanwhile, the 18 EV charging stations being installed by our friends at Infinity will be up and running by the end of September, company spokesperson Hesham El Gamal told Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=i0nLglkPkUI\">watch, runtime: 2:56<\/a>).<\/p>\n<p><strong>Ticket prices for the Pyramids aren\u2019t getting more expensive \u2014 yet: <\/strong>Entry prices for the Giza Pyramids Plateau will remain unchanged until next 1 May, Secretary-General of the Supreme Council for Antiquities Mostafa Waziri told Kelma Akhira (<a href=\"https:\/\/www.youtube.com\/watch?v=LwctrZKT4bM\">watch, runtime: 4:39<\/a>). Ticket prices are currently set at EGP 200 for foreign visitors, and EGP 60 for nationals, with exemptions for some, he said.<\/p>\n<p><strong>On the subject of tourism:<\/strong> Madbouly\u2019s ambitious tourism revenue targets got coverage, with Deputy Tourism Minister Ghada Shalaby phoning in to El Hekaya to discuss the announcement (<a href=\"https:\/\/www.youtube.com\/watch?v=SyK7NpTuwXk\">watch, runtime: 7:53<\/a>). More on this in this morning\u2019s news well, above.<\/p>\n<p><strong>The National Dialogue <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c49a1f98-886d-415a-8e3c-78a1227861fc\">remained<\/a><\/strong> <strong>one of the most talked about topics last night<\/strong> after the board finished appointing rapporteurs to the committees on Saturday. Al Hadath Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=d9rm953908s\">watch, runtime: 7:37<\/a>), Al Hayah Al Youm (<a href=\"https:\/\/www.youtube.com\/watch?v=damh1AUr58A\">watch, runtime: 2:18<\/a>) and Ala Mas\u2019ouleety (<a href=\"https:\/\/www.youtube.com\/watch?v=j2Q-n4Dx8_c\">watch, runtime: 5:10<\/a>) all had 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\/capiter\/\">Capiter<\/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\" 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class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">7<\/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\/12\/not-a-lot-is-happening-in-the-foreign-press-this-morning-2\/\">\r\n                            Not a lot is happening in the foreign press this morning                        <\/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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                             <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549311\" class=\"content-area-description single-story post-549311 post type-post status-publish format-standard hentry category-egypt-in-the-news tag-enterpriseam wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>International journos are taking a day off Egypt:<\/strong> Check back tomorrow.<\/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=\"549312\" 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=\"549312\">\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\">Also on our Radar<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/egypt-repatriates-looted-artifacts-from-belgium\/\">\r\n                            Egypt repatriates looted artifacts from Belgium                        <\/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\/12\/egypt-repatriates-looted-artifacts-from-belgium\/\" 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\/12\/egypt-repatriates-looted-artifacts-from-belgium\/')\">\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\/12\/egypt-repatriates-looted-artifacts-from-belgium\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Egypt repatriates looted artifacts from Belgium&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/egypt-repatriates-looted-artifacts-from-belgium\/\">\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\/12\/egypt-repatriates-looted-artifacts-from-belgium\/&title=Egypt repatriates looted artifacts from Belgium\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Egypt+repatriates+looted+artifacts+from+Belgium+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F12%2Fegypt-repatriates-looted-artifacts-from-belgium%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\/12\/egypt-repatriates-looted-artifacts-from-belgium\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549312\" class=\"content-area-description single-story post-549312 post type-post status-publish format-standard hentry category-also-on-our-radar tag-agriculture tag-also-on-our-radar tag-elsewedy-electric tag-enterpriseam tag-finance-ministry tag-tax tag-tax-authority wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Belgium has returned two artifacts to Egypt that were smuggled illegally out of <\/strong><strong>the country,<\/strong> the Tourism Ministry said in <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0wu9GDzcguDCUjXdEWjCyEbGrGdoK9X1LEd1jx8vq6H68trVUq7k7rfADZvRnuUokl\">a statement<\/a> yesterday. The two statues, one of a wooden ushabti and another from the Old Kingdom period, were seized by Belgian authorities in 2016 from a gallery after its owner failed to provide documentation on its provenance.<\/p>\n<p><strong>FinMin wants to expedite tax appeals: <\/strong>The Finance Ministry will establish \u201cintegrated\u201d tax appeal committees responsible for settling disputes between the Tax Authority and medium and large taxpayers, according to a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0Fy8B61xAxyNMnmYVp9Eu1nVZDyroomkw2F9f3EGgseJLTJdU9wBBMgjvpEhyGno3l\">cabinet statement<\/a>. The committees will expedite settlements related to income tax, VAT, stamp duties, and development fees.<\/p>\n<p><strong>El Sewedy on board for Toshka reclamation:<\/strong> El Sewedy Electric for Trading and Distribution has been awarded EGP 2.2 bn worth of contracts as part of the project to reclaim land for wheat farming in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/af1b5628-23bb-4b70-8569-973225e9fcf7\">Toshka<\/a>, it said in an <a href=\"https:\/\/ent.news\/2022\/9\/El-Sewedy-Electric-English-11-09-2022.pdf\">EGX disclosure (pdf)<\/a>. The project includes the reclamation of 375k feddans and is set to be completed within a six-month period.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/agriculture\/\">agriculture<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/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\/elsewedy-electric\/\">Elsewedy Electric<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/finance-ministry\/\">Finance Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax\/\">tax<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/tax-authority\/\">Tax Authority<\/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=\"549313\" 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=\"549313\">\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\">PLANET FINANCE<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/are-we-looking-at-a-rebound-in-em-bonds-as-the-imf-pushes-ahead-with-bailouts\/\">\r\n                            Are we looking at a rebound in EM bonds as the IMF pushes ahead with bailouts?                        <\/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\/12\/are-we-looking-at-a-rebound-in-em-bonds-as-the-imf-pushes-ahead-with-bailouts\/\" 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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Egypt, Sri Lanka, Pakistan, Zambia and Chile have all either agreed new programs with the Fund or are close to agreeing terms, reversing the narrative from \u2018default-adjacent\u2019 to \u2018turnaround\u2019 and inspiring investors to cautiously return to local bonds.<\/p><p><strong>\u201cWe\u2019ve seen a rebound in emerging-market USD bonds<\/strong> as the IMF appears to be turning increasingly responsive to the difficulties faced by frontier emerging markets,\u201d Aninda Mitra, head of Asia macro and investment strategy at BNY Mellon Investment Management in Singapore said. \u201cThis is helping some investors turn more neutral on emerging markets from a very bearish view.\u201d<\/p><p><strong>But the IMF\u2019s got competition:<\/strong> Fresh data shows that China has made over USD 30 bn in discreet \u201cemergency loans\u201d in recent years to crisis-hit countries, leading the <a href=\"https:\/\/www.ft.com\/content\/f27a543b-7678-4130-9c05-db0492d9c240\">Financial Times<\/a> to pronounce Beijing \u201ca formidable competitor\u201d of the IMF. Data by AidData, a research lab at US-based public research university William &amp; Mary, named Pakistan, Sri Lanka and Argentina among the largest recipients of the Chinese aid, borrowing USD 32.8 bn between them since 2017.<\/p><p><strong>Egypt has also taken funding from China:<\/strong> Egypt, along with Kenya, Venezuela, Ecuador, Angola, Laos, Suriname, Belarus, Mongolia and Ukraine, have taken emergency loans from the Chinese, AidData said, without disclosing details for any of those countries.<\/p><p><strong>Unlike the IMF, there are no strings attached:<\/strong> \u201cBeijing has tried to keep these countries afloat by providing emergency loan after emergency loan without asking its borrowers to restore economic policy discipline or pursue debt relief through a co-ordinated restructuring process with all major creditors,\u201d said Bradley Parks, executive director of AidData.<\/p><hr class=\"grey-line\"><p><strong>Eyeing a bitter European winter, investors back out of equities: <\/strong>European stock funds have seen USD 83 bn in outflows over the past six months \u2014 some USD 3.4 bn of that during the last week alone, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-09-11\/an-83-billion-investor-stampede-shows-scale-of-europe-s-woes?srnd=premium-middle-east&amp;leadSource=uverify%20wall\">Bloomberg<\/a> reports, citing market tracking data acquired by Deutsche Bank. This comes as the region struggles with its <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/497be40f-7087-4035-9150-c2fd2934444b\">harshest energy crisis in decades<\/a> after Moscow all but turned off the gas taps amid war in Ukraine, further pressuring European markets already struggling with rising inflation, a strengthening USD, and fears of a global recession.<\/p><p><strong>Europe\u2019s main index is down only 14% YTD<\/strong>, outperforming global counterparts \u2014 but big investors think it has a long way to fall. \u201cWe\u2019ve expected a recession in Europe for months given the energy crunch, but we don\u2019t think equities have fully priced this in,\u201d Wie Li, BlackRock\u2019s global chief investment strategist, tells the business newswire.<\/p><div class=\"stock-ticker-panel\">\n<table class=\"table stock-ticker-table table-striped markets-table\">\n<tbody>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>10,356<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: -13.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.28<\/p>\n<\/td>\n<td>\n<p>Sell 19.39<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 19.31<\/p>\n<\/td>\n<td>\n<p>Sell 19.37<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,940<\/p>\n<\/td>\n<td>\n<p>+0.9% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,796<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +15.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-none\">\n<td class=\"td-list-none\">\n<p><svg class=\"e-icon e-TypeMarkets\"><use xlink:href=\"#e-TypeMarkets\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,361<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: +5.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&amp;P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,067<\/p>\n<\/td>\n<td>\n<p>+1.5% (YTD: -14.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,351<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: -0.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,570<\/p>\n<\/td>\n<td>\n<p>+1.6% (YTD: -17.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 92.84<\/p>\n<\/td>\n<td>\n<p>+4.1%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.00<\/p>\n<\/td>\n<td>\n<p>+1.0%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-up\">\n<td class=\"td-list-up\">\n<p><svg class=\"e-icon e-TypeMarkets11\"><use xlink:href=\"#e-TypeMarkets11\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,728.90<\/p>\n<\/td>\n<td>\n<p>+0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class=\"tr-row-down\">\n<td class=\"td-list-down\">\n<p><svg class=\"e-icon e-TypeMarkets1\"><use xlink:href=\"#e-TypeMarkets1\"><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 21,517<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -53.0%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><p><strong>THE CLOSING BELL-<\/strong><\/p><p><strong>The EGX30 rose 0.9% at yesterday\u2019s close<\/strong> on turnover of EGP 1.18 bn (22.7% above the 90-day average). Local investors were net buyers. The index is down 13.3% YTD.<\/p><p><strong>In the green: <\/strong>Orascom Construction (+3.6%), Elsewedy Electric (+3.6%) and Sidi Kerir Petrochemicals (+3.3%).<\/p><p><strong>In the red: <\/strong>MOPCO (-2.3%), Juhayna (-2.1%) and Egyptian Kuwaiti Holding-EGP (-1.7%).<\/p><p><strong>It\u2019s green as far as the eye can see this morning<\/strong>, with major indexes in Asia all looking good. Futures suggest shares in Western Europe, the US and Canada will all start the trading week in the green at the opening bell.<\/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\/china\/\">China<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/emerging-markets\/\">emerging markets<\/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\/imf\/\">IMF<\/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                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549314\" 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=\"549314\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">10<\/div>\r\n\r\n                    <p class=\"f-graphik\">Diplomacy<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/shoukry-holds-talks-with-indian-fm-un-horn-of-africa-envoy\/\">\r\n                            Shoukry holds talks with Indian FM + UN Horn of Africa envoy                        <\/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\/12\/shoukry-holds-talks-with-indian-fm-un-horn-of-africa-envoy\/\" 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\/12\/shoukry-holds-talks-with-indian-fm-un-horn-of-africa-envoy\/')\">\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\/12\/shoukry-holds-talks-with-indian-fm-un-horn-of-africa-envoy\/\">\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=Shoukry holds talks with Indian FM + UN Horn of Africa envoy&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/shoukry-holds-talks-with-indian-fm-un-horn-of-africa-envoy\/\">\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\/12\/shoukry-holds-talks-with-indian-fm-un-horn-of-africa-envoy\/&title=Shoukry holds talks with Indian FM + UN Horn of Africa envoy\">\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=Shoukry+holds+talks+with+Indian+FM+%2B+UN+Horn+of+Africa+envoy+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F12%2Fshoukry-holds-talks-with-indian-fm-un-horn-of-africa-envoy%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\/12\/shoukry-holds-talks-with-indian-fm-un-horn-of-africa-envoy\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549314\" class=\"content-area-description single-story post-549314 post type-post status-publish format-standard hentry category-diplomacy tag-defense-ministry tag-diplomacy tag-enterpriseam tag-gerd tag-india tag-michael-kurilla tag-mohammed-zaki tag-national-security tag-politics tag-sameh-shoukry tag-us wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Foreign Minister <\/strong><strong>Sameh Shoukry called for an agreement on the Grand Ethiopian Renaissance Dam<\/strong> (GERD) as soon as possible during talks with UN envoy for the Horn of Africa Hanna Tetteh. (<a href=\"https:\/\/bit.ly\/3d5Wxj3\">Foreign Ministry<\/a>)<\/p>\n<p><strong>Egypt-India talks:<\/strong> Shoukry also discussed bilateral ties and India\u2019s participation in the upcoming COP27 summit with his Indian counterpart, Subrahmanyam Jaishankar. (<a href=\"https:\/\/bit.ly\/3RJWgky\">Foreign Ministry<\/a>)<\/p>\n<p><strong>Defense Minister, Centcom chief meet: <\/strong>Defense Minister General Mohammed Zaki held talks with US Central Command General Michael Kurilla in Cairo. (<a href=\"https:\/\/bit.ly\/3eCY3JU\">Armed Forces<\/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\/defense-ministry\/\">Defense Ministry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/diplomacy\/\">DIPLOMACY<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/gerd\/\">GERD<\/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\/michael-kurilla\/\">Michael Kurilla<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohammed-zaki\/\">Mohammed Zaki<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/national-security\/\">national security<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/politics\/\">politics<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/sameh-shoukry\/\">Sameh Shoukry<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/us\/\">US<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"549315\" 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=\"549315\">\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\">AROUND THE WORLD<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/erdogan-sides-with-putin-on-ukraine-grain-pact-criticism\/\">\r\n                            Erdogan sides with Putin on Ukraine grain pact criticism                        <\/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\/12\/erdogan-sides-with-putin-on-ukraine-grain-pact-criticism\/\" 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\/12\/erdogan-sides-with-putin-on-ukraine-grain-pact-criticism\/')\">\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\/12\/erdogan-sides-with-putin-on-ukraine-grain-pact-criticism\/\">\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=Erdogan sides with Putin on Ukraine grain pact criticism&url=https:\/\/enterpriseam.com\/egypt\/2022\/09\/12\/erdogan-sides-with-putin-on-ukraine-grain-pact-criticism\/\">\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\/12\/erdogan-sides-with-putin-on-ukraine-grain-pact-criticism\/&title=Erdogan sides with Putin on Ukraine grain pact criticism\">\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=Erdogan+sides+with+Putin+on+Ukraine+grain+pact+criticism+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F09%2F12%2Ferdogan-sides-with-putin-on-ukraine-grain-pact-criticism%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\/12\/erdogan-sides-with-putin-on-ukraine-grain-pact-criticism\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549315\" class=\"content-area-description single-story post-549315 post type-post status-publish format-standard hentry category-around-the-world tag-around-the-world tag-commodities tag-enterpriseam tag-france tag-recep-tayyip-erdogan tag-russia tag-ukraine tag-vladimir-putin tag-wheat wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>There\u2019s good news and bad news on the global food crisis this morning:<\/strong><\/p>\n<p><strong>The bad news first: Is Erdogan having second thoughts on the Ukraine grain pact he <\/strong><strong>brokered? <\/strong>Turkish President Recep Tayyip Erdogan backed Russian counterpart Vladimir Putin\u2019s criticism of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/f1933af3-aebe-45a8-88cc-f95f09cc11fd\">landmark grain agreement<\/a> that Turkey brokered with the UN in July, <a href=\"https:\/\/www.ft.com\/content\/b6ac65bc-067d-4f08-b339-b95c6edfaf19#post-09ab0be7-dfd8-48bb-8159-7d15466a9060\">the Financial Times<\/a> reported Thursday. Erdogan said that Putin was \u201cright\u201d in saying that shipments of Ukrainian grain were mostly going to rich countries rather than poorer ones in greater need amid a global crisis in food supply.<\/p>\n<p><strong>Yes, but\u2026<\/strong> As of 8 September, less than half of shipments have gone to high-income nations, according to UN data cited by the salmon-colored paper. Some 28% of shipments were sent to lower-middle income nations, including Egypt, India, Iran and Sudan, Turkey and China had received 21% and 7% respectively, and 44% went to richer countries.<\/p>\n<p><strong>Market reax:<\/strong> Wheat futures spiked to their highest level since 12 July on Wednesday on fears that Putin could undo the agreement and block exports of Ukrainian grains.<\/p>\n<p><strong>The good news:<\/strong> France and Romania will sign an agreement today to increase exports of Ukrainian wheat to developing countries in the Mediterranean, <a href=\"https:\/\/www.reuters.com\/markets\/commodities\/france-agree-deal-with-romania-increase-ukraine-grain-exports-minister-2022-09-11\/\">Reuters<\/a> reported, citing statements by French Transport Minister Clement Beaune to France Inter radio. A draft agreement seen by the newswire sees France working to increase efficiency and capacity at several Romanian Black Sea ports, helping it to up its wheat exports.<\/p>\n<p><strong>Is Egypt on the list?<\/strong> The two countries have not named target countries though we think it\u2019s likely Egypt will be one of the beneficiaries of the agreement. It\u2019s in the area of interest, it\u2019s a food insecure country, and it\u2019s the world\u2019s biggest importer of wheat. Ukraine is also one of Egypt\u2019s most important suppliers and \u2014 together with Russia \u2014 accounted for about 80% of our wheat before the war.<\/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\/around-the-world\/\">Around the World<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/commodities\/\">commodities<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/france\/\">France<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recep-tayyip-erdogan\/\">Recep Tayyip Erdogan<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia\/\">Russia<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/ukraine\/\">Ukraine<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vladimir-putin\/\">Vladimir Putin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/wheat\/\">wheat<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<div class=\"alignfull vertical-section wide-section blackboard wp-block-group issue-section\" id=\"549316\">\r\n    <div class=\"issue-section__content\">\r\n        <div class=\"alignwide wp-block-columns\">\r\n            <div class=\"wp-block-column sidebar-vertical-info\" style=\"flex-basis:22.8%\">\r\n                <figure class=\"wp-block-image size-full\">\r\n                                            <img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27466.svg\" style=\"width:80%\" alt=\"\" >\r\n                                    <\/figure>\r\n                <p>\r\n                    Our weekly deep dive into education in Egypt, from K-12 to post-secondary.                <\/p>\r\n                <figure class=\"wp-block-image size-full mt-0 mb-0 img-white-bg\"><img decoding=\"async\" src=\"https:\/\/s3.amazonaws.com\/resources.inktankir.com\/internal\/27480.svg\" alt=\"\"><\/figure>\r\n                <p class=\"has-text-color has-link-color\">\r\n                    Published every Monday in EnterpriseAM.                <\/p>\r\n                <div class=\"wp-block-buttons mt-0\">\r\n                    <div class=\"wp-block-button\">\r\n                        <a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/enterpriseam.com\/egypt\/blackboard\/\">\r\n                            Read Blackboard                        <\/a>\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column issue-section\">\r\n                <div class=\"story-section\">\r\n                    <div class=\"issue-story-header text-center\">\r\n                        <div class=\"index-number\">11<\/div>\r\n\r\n                        \r\n                        <h3 class=\"story-title\"><a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/are-education-stocks-living-up-to-their-defensive-reputation\/\">\r\n                            Are education stocks living up to their \u201cdefensive\u201d reputation?<\/a>\r\n                        <\/h3>\r\n                        \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/blackboards\/are-education-stocks-living-up-to-their-defensive-reputation\/\" 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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When we last examined education shares<a href=\"https:\/\/enterprise.press\/blackboards\/sector-normally-defensive-education-industry-tracking-wider-market\/\">last quarter<\/a>, we found that they hadn\u2019t held on to their reputation, falling more or less the same rate as the wider market.<\/p>\n<p><strong>Education shares have shown mixed performance this year<\/strong>, with a couple moving in tandem with the wider market \u2014 the benchmark EGX30 is down 13.3% year-to-date. The sector then has two outliers: One has massively underperformed against the market, while the other has bucked the trend to outperform the market and its peers.<\/p>\n<p><strong>We have less than a handful of education stocks in Egypt:<\/strong> Industry leader CIRA operates K-12 schools Mavericks and Futures, as well as Badr University, and leads the sector with a market cap of around EGP 6.8 bn. Then there\u2019s CIRA subsidiary, Cairo for Educational Services (CAED), the Suez Canal Company for Technology Settling (SCTS), which owns and operates the Sixth of October University, and Taaleem Management Services, a higher education management company.<\/p>\n<p><strong>Let\u2019s take a look at how these stocks performed since the beginning of the year: <\/strong>For the purpose of this analysis, we\u2019ll look at education players\u2019 stocks on a YTD basis and from the beginning of the third quarter of their academic year (which runs from March-May) until now. While most of the companies fell on a YTD basis, they have been outperforming the EGX30 when looking at the five-month period beginning in 2Q 2022, according to market data.<\/p>\n<p><strong>The EGX30\u2019s YTD <\/strong><strong><a href=\"https:\/\/www.reuters.com\/markets\/quote\/.EGX30\/\">return<\/a><\/strong><strong> is -13.3%, while its return since March is -1.2%.<\/strong><\/p>\n<p><strong>Taaleem shares have fallen <\/strong><strong>c.30%<\/strong><strong> YTD and are flat 1 March <\/strong>(now changing hands at EGP 3.62 per share, TALM\u2019s stock has whipsawed between EGP 4.08 and EGP 2.80 per share in the period since 1 March)<strong>.<\/strong> SCTS \u2014 the sector\u2019s second-worst performing stock on a year-to-date basis \u2014 is down 13.6% YTD and is up 3.7% since 1 March. CIRA shares are down just 11% YTD, but the leading private sector education player\u2019s stocks have rallied nearly 9% since 1 March. The much more illiquid CAED once again bucked the trend, rising 17% YTD and 15.3% since 1 April to EGP 15.50.<\/p>\n<p><strong>How does this compare to their earnings?<\/strong><\/p>\n<ul>\n<li>CIRA\u2019s bottom line <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c02efa2c-44ac-48f8-821f-7974e289d4d8\">fell<\/a> 30% y-o-y to EGP 149.5 mn in 3Q 2021-2022 (which runs from March-May), despite revenues coming in slightly higher y-o-y at EGP 520.1 mn.<\/li>\n<li>SCTS\u2019 net income after minority interest plunged 52% y-o-y during the third quarter of the academic year to EGP 62.5 mn, while revenues inched up 3.9% y-o-y to EGP 298.7 mn, according to its<a href=\"https:\/\/static.mubasher.info\/File.Mix_Announcement_File\/6C660AAF-5BBA-4F31-B2AC-552239CBF8B9.pdf\">financials (pdf)<\/a>.<\/li>\n<li>CAED saw net income rise 5% y-o-y to EGP 10.8 mn on revenues of EGP 28.3 mn, up 13.3% y-o-y, its <a href=\"https:\/\/static.mubasher.info\/File.Mix_Announcement_File\/DA9D8F7E-F847-41E9-9C75-C552FE54EED6.pdf\">financials (pdf)<\/a> show.<\/li>\n<li>Taaleem <a href=\"https:\/\/ent.news\/2022\/9\/9M-21-22-Earnings-Release-Taaleem.pdf\">reported (pdf)<\/a> a 2% y-o-y drop in revenues during the quarter to EGP 263 mn, while net income in 3Q 2021-2022 rose 39% y-o-y to EGP 138 mn.<\/li>\n<\/ul>\n<p><strong>Unlike other sectors, there are hardly ever surprises with education earnings: <\/strong>\u201cRegardless of EGP devaluation or macroeconomic conditions, education will continue and revenue streams are clear,\u201d says Aly Adel, vice president of research at Beltone Financial. \u201cAs soon as the 1Q earnings are reported, investors have better visibility on the rest of the year\u2019s performance,\u201d Alaa Tolba, consumer sector head at CI Capital, told Enterprise. \u201cIt is only a matter of revenue recognition, as you now know the number of students, average tuition per student, and the budgeted costs for the year, with limited surprises,\u201d she said.<\/p>\n<p><strong>Devaluation, for example, has a minimal effect on the education sector.<\/strong> While currency fluctuations could affect margins if some employees get paid in foreign currency, education institutes would be able to offset that with an increase in tuition, explains Adel.<\/p>\n<p><strong>Sector dynamics and regulatory changes have a bigger impact than do macroeconomics: <\/strong>The ongoing shift in academic calendar, normalizing from previous covid-19 delays, had resulted in fewer (or more) academic days recognized y-o-y per quarter, which in turn, disrupted quarterly earnings, explains Tolba. The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6ecc7678-974f-47ec-b9ce-1f9a17c94073\">centralized admissions platform<\/a> that launched last year for private universities (which has <a href=\"https:\/\/enterprise.press\/blackboards\/tansik-style-application-system-private-unis-gets-scrapped\/\">since been scrapped<\/a>) and a mismatch between Thanaweya Amma\u2019s grade curve and faculties\u2019 minimum requirements had resulted in fewer students being accepted to their colleges of choice. \u201cThese kinds of regulatory changes are external factors that could affect a company\u2019s profitability, which could lead to a stock reacting negatively,\u201d said Tolba.<\/p>\n<p><strong>Expansions are likely to help push companies \u2014 and their share performance \u2014 upward:<\/strong> The two high-profile listed companies, CIRA and Taaleem, both have expansion plans that will likely serve their stock performance in the medium and long-term, Tolba said. \u201cWe see value in both companies, capitalizing on the growth story within the sector,\u201d she said, adding that there is huge demand in the country that is unmatched by the limited supply within the private space. \u201cThere\u2019s a need for expansion,\u201d she said.<\/p>\n<p><strong>Can education stocks keep their upward trend going?<\/strong> Share prices will likely continue their upward momentum, Adel expects, due to the improvement in general market sentiment, less economic uncertainty, and some foreign investors eyeing a return to the EGX. \u201cAll of this indicates that the momentum in the market can continue, and education can have the same uptrend,\u201d he said.<\/p>\n<hr class=\"grey-line\">\n<p><strong>Your top education stories for the week:<\/strong><\/p>\n<ul>\n<li><strong>Scotland\u2019s Queen Margaret University <\/strong>could be interested in <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7618d9e-9367-45ea-99cc-7b7e5e962273\">opening a branch<\/a> in the <strong>new capital. <\/strong><\/li>\n<li>The <strong>Higher Education Ministry<\/strong> and <strong>USAID<\/strong> are <a href=\"https:\/\/www.facebook.com\/MOHESREGYPT\/posts\/pfbid02WpFB2q8wjA8bkhMw36wSFBrF3QfdmNo9usFDBSfoKJsXbhS86kryx3QhNzGBuec9l\">establishing<\/a> a center for professional development and labor market studies.<\/li>\n<li>The <strong>Education Ministry<\/strong> inked a <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02PJPSFyzQc3EW3a9T79qHfosy2xKPmAP6wCFhHMJo4osFCUJzEJfxH1RfTytiyRCXl\">cooperation protocol<\/a> with the <strong>Arab Academy for Science, Technology and Maritime Transport<\/strong> to train students and faculty of the <strong>Dabaa nuclear technical school<\/strong>.<\/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\/cairo-for-educational-services\/\">Cairo for Educational Services<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/cira-education\/\">CIRA Education<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/education\/\">Education<\/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\/suez-canal-company-for-technology-settling\/\">Suez Canal Company for Technology Settling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/taaleem\/\">Taaleem<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n\r\n                    <\/div>\r\n                <\/div>\r\n            <\/div>\r\n            <div class=\"wp-block-column\" style=\"flex-basis:19.8%\"><\/div>\r\n        <\/div>\r\n    <\/div>\r\n<\/div>\n<section id=\"549318\" 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\/12\/549318\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-549318\" class=\"content-area-description single-story post-549318 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>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>13-15 September (Tuesday-Thursday): Hurghada will <a href=\"https:\/\/www.icao.int\/MID\/Pages\/2022\/Airport%20Master%20Seminar.aspx\">host the Regional Seminar on Airport Master Planning<\/a> organized by ICAO.<\/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":549297,"menu_order":0,"template":"","categories":[],"tags":[],"class_list":["post-549296","issue","type-issue","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"becab110-fda8-4abd-9ccb-3cb84986de0c","teaser":"","photo_url":"https:\/\/ent.news\/2022\/9\/17.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>EBRD to help Egypt wind down gas-fired power plants - 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\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EBRD to help Egypt wind down gas-fired power plants\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/issues\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T22:34:51+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\/17.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\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/issues\/ebrd-to-help-egypt-wind-down-gas-fired-power-plants\/\",\"name\":\"EBRD to help Egypt wind down gas-fired power plants - 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